Fiserv (FISV) Risk Factor Changes

Certain of our borrowings, including borrowings under our revolving credit facility, foreign lines of credit and commercial paper programs, are at variable rates of interest.

At December 31, 2025, we had approximately $29 billion of debt.

Our balance sheet includes goodwill and intangible assets that represent approximately 60% of our total assets at December 31, 2025.

Our balance sheet includes significant amounts of goodwill and intangible assets.

We depend on the experience, skill and contributions of our senior management and other key employees.

The U.S.

requirements, we actively maintain an antitrust compliance program.

In addition, U.S.

In order to provide our transaction processing services, several of our subsidiaries are registered with Visa and Mastercard and other networks as members or service providers for member institutions.

A weakening in the economy or competition among retailers could force some retailers to close, resulting in exposure to potential credit losses and declines in transactions, and reduced earnings on transactions due to…

•our clients may decrease spending for value-added services, or may choose another provider with lower processing fees; and

•financial institutions may restrict credit lines to cardholders, increase interest rates or limit the issuance of new cards to mitigate cardholder defaults;

•emerging market economies tend to be more volatile than the more established markets we serve, and adverse economic trends, including high rates of inflation, may be more pronounced in such emerging markets;

•low levels of consumer and business confidence typically associated with recessionary environments and those markets experiencing relatively high inflation, taxes, tariffs, interest rates, and/or unemployment, may ca…

•inflation, trade policy and tariffs, embargoes and trade sanctions, taxes, foreign currency fluctuations, interest rates, declining economies, social unrest, natural disasters, public health crises, including the occ…

We currently offer merchant acquiring, processing and issuing services outside of the U.S.

We rely on third parties we do not control to provide us with products and services, including payment card networks, acquiring processors, payment card issuers, financial institutions and the Automated Clearing House…

Our operations depend on receiving, storing, processing and transmitting sensitive information pertaining to our business, our employees, our clients and their customers.

Failure to achieve favorable renewals of client contracts could negatively impact our business.

risks, and there can be no assurance that our use of artificial intelligence will enhance our products or services or achieve any improvements in innovation or efficiency.

The markets for our products and services are characterized by constant and rapid technological change, evolving industry standards, frequent introduction of new products and services, and increasing client expectations.

If we fail to keep pace with technological change, including as a result of artificial intelligence, we could lose clients or have trouble attracting new clients.

The U.S.

cannot fully predict the impact of recently proposed or enacted laws or regulations on our business or operations, but compliance may require us to modify our data processing practices and policies incurring costs and…

electronic benefits transactions, as well as the Payment Card Industry Data Security Standard enforced by the major card brands.

We rely on third parties we do not control to provide us with products and services, including payment card networks, acquiring processors, payment card issuers, financial institutions and the Automated Clearing House…

Our operations depend on receiving, storing, processing and transmitting sensitive information pertaining to our business, our employees, our clients and their customers.

house.

suffer reputational harm.

Through our merchant alliances, we hold an ownership interest in and have commercial relationships with competing merchant acquiring businesses while serving as an electronic processor for those businesses.

We are currently, and may in the future, be subject to claims, lawsuits and governmental inquiries arising from the operation of our business, including those related to new product releases, significant business tran…

We have claims and lawsuits against us and have received governmental inquiries that may result in adverse outcomes.

third-party services may be integrated with our own technology or services.

Our embedded finance business involves providing financial services to a merchant’s customers.

Our embedded finance business is an emerging product area that could expose us to liability.

Among the new services we intend to offer is custody for stablecoin reserves held under the GENIUS Act and other stablecoin regulations to help financial institutions retain funds associated with FIUSD stablecoin issu…

The costs associated with developing, integrating and deploying these product offerings may be higher than anticipated, and these product offerings may require significant additional investment.

We expect to continue to make significant investments in research, development, and marketing for new and existing products, services, and technologies, including embedded finance, stablecoin and artificial intelligen…

We make significant investments in emerging, innovative areas of financial services and technology that may not achieve expected returns.

In 2025, we announced a strategic plan, referred to as the One Fiserv action plan, that focuses on: operating with a client-first mindset to win new enterprise clients and grow average revenue per client; building the…

The One Fiserv action plan may not generate the benefits that we anticipate.

We believe that data, and the insights enabled by data, can be used to create or enhance the products and services that we offer to our clients.

We use artificial intelligence in our business, and challenges with properly managing its use could result in legal liability or reputational harm.