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Screener / SEC EDGAR /CIK 0000798354 /10-K filed Feb 19, 2026, compared with Feb 20, 2025 /Numbers from the XBRL of the 10-Ks
Nasdaq Financials · Business Services

Fiserv FISV

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The 10-K against last year's

130 changes: 26 added, 11 removed, 86 reworded, 7 quiet changes

10-K Feb 19, 2026 vs Feb 20, 2025
Risk Factors 15.8% of the text changed · 9,475 words now MD&A 24.8% of the text changed · 10,458 words now Legal Proceedings 55.6% of the text changed · 947 words now Accounting Policies 19.9% of the text changed · 5,115 words now

10-K 0000798354-26-000009 (Feb 19, 2026) vs 10-K 0000798354-25-000047 (Feb 20, 2025)

The paragraph that changed most in each section

The redline

Marked against last year's 10-K: cut words struck through, new words highlighted.

Risk Factors259 words changed in this paragraph; it is 32% similar to last year's version.
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. As a result, we are using, and expect to continue to expand our use of, artificial intelligence and machine learning in our product development processes, services and operations. Our The use of artificial intelligence technologies carries inherent 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. In addition, we could be exposed to liability as a result of any misuse of artificial intelligence and machine learning-technology by our personnel while carrying out company responsibilities. In addition, our competitors and other third parties may incorporate artificial intelligence into their products and offerings more quickly or more successfully than us, which could impair our ability to compete effectively and adversely affect our results of operations. If the content, analyses or recommendations that artificial intelligence applications assist in producing are or are alleged to be inaccurate, deficient or biased, our business, financial condition and results of operations may be adversely affected. Furthermore, the integration of third-party artificial intelligence models with our services relies on certain safeguards implemented by the third-party developers of the underlying artificial intelligence models, including those related to the accuracy, bias and other variables of the data, and these safeguards may be insufficient. Legislation and regulations governing the development or use of artificial intelligence have been implemented or are under consideration in the U.S. at the state and local level, as well as internationally. Such legislation and regulations may impose obligations related to our development, offering, and use of artificial intelligence and expose us to increased risk of regulatory enforcement and litigation. As a result, the ability to use artificial intelligence and machine learning may be constrained by current or future laws, regulatory or self-regulatory requirements.

Source: Item 1A, 10-K 0000798354-26-000009 vs Item 1A, 10-K 0000798354-25-000047

Accounting Policies226 words changed in this paragraph; it is 32% similar to last year's version.
The Company reviews property and equipment, ROU assets, intangible assets and its investments in unconsolidated affiliates for impairment whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The Company reviews capitalized software development costs for impairment at each reporting date. Recoverability In connection with the goodwill impairment assessment triggering event in the fourth quarter of property and equipment, lease ROU assets, capitalized software development costs and other intangible assets is assessed by comparing 2025 as described above, the carrying amount Company performed an additional test of the asset to either the undiscounted future cash flows expected to be generated by the asset or the net realizable value recoverability of the asset, depending on the type its aforementioned assets and determined no impairment as of asset. The Company assesses lease ROU assets that are exited in advance of the non-cancellable lease terms by comparing the carrying values of the lease ROU assets to the discounted cash flows from estimated sublease payments. The Company’s investments in unconsolidated affiliates are assessed by comparing the carrying amount of the investments to their estimated fair values and are impaired if any decline in fair value is determined to be other-than-temporary. Measurement of any impairment loss is based on estimated fair value. The estimated fair values of the Company’s investments in unconsolidated merchant alliances assume a continuation beyond the existing contractual term; however, a renewal of certain of the merchant alliance agreements beyond the current contractual term is not solely within the Company’s control. Additional information regarding the Company’s investments in unconsolidated affiliates is included in Note 8 to the consolidated financial statements. December 31, 2025.

Source: Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000798354-26-000009 vs Item 8, Note 1 – Summary of Significant Accounting Policies, 10-K 0000798354-25-000047

MD&A148 words changed in this paragraph; it is 50% similar to last year's version.
In August 2023, we May 2025, Fiserv Funding Unlimited Company, an indirect wholly owned subsidiary of Fiserv, Inc., completed the public offering and issuance of $2.0 €2.175 billion of senior notes, comprised of $700 €750 million aggregate principal amount of 5.375% 2.875% senior notes due in August June 2028 and $1.3 billion aggregate principal amount of 5.625% senior notes due in August 2033. In May 2023, we completed the public offering and issuance of 800 million Euros aggregate principal amount of 4.500% senior notes due in May 2031. In March 2023, we completed the public offering and issuance of $1.8 billion of senior notes, comprised of $900 (the “2028 notes”), €775 million aggregate principal amount of 5.450% 3.500% senior notes due in March 2028 June 2032 (the “2032 notes”) and $900 €650 million aggregate principal amount of 5.600% 4.000% senior notes due in March 2033. June 2036 (the “2036 notes”). Fiserv, Inc. has fully and unconditionally guaranteed these notes on a senior unsecured basis. We used the net proceeds from these this senior notes offerings offering for general corporate purposes, including the repayment of U.S. dollar a portion of our commercial paper notes, share repurchases, the repayment of the 0.375% Euro-denominated our 3.850% senior notes due in June 2025 and our 2.250% senior notes due in July 2023 and the repayment of the 3.800% senior notes in October 2023. 2025.

Source: Item 7, 10-K 0000798354-26-000009 vs Item 7, 10-K 0000798354-25-000047

Legal Proceedings20 words changed in this paragraph; it is 88% similar to last year's version.
The Company may indemnify its clients from certain costs resulting from claims of patent, copyright or trademark infringement associated with its clients’ use of the Company’s products or services. The Company may also warrant to clients that its products and services will operate in accordance with identified specifications. From time to time, in connection with sales of businesses, the Company agrees to indemnify the buyers of such businesses for liabilities associated with the businesses that are sold. Payments, net of recoveries, under such indemnification or warranty provisions were not material to the Company’s consolidated financial statements.

Source: Item 3, via Note 17 – Commitments and Contingencies, 10-K 0000798354-26-000009 vs Item 3, via Note 18 – Commitments and Contingencies, 10-K 0000798354-25-000047

Sentences and paragraphs added, removed or reworded

Every change, by type

Sentences and paragraphs of FISV's Risk Factors and MD&A, 10-K Feb 19, 2026 against 10-K Feb 20, 2025. Each links to the text at sec.gov.

All 130 Added 26Removed 11Reworded 86Quiet changes 7
RemovedRisk Factors
Our operations depend on receiving, storing, processing and transmitting sensitive information pertaining to our business, our employees, our clients and their customers. Under the card network rules, various federal, state and international laws, and client contracts, we are responsible for information provided to us by financial institutions, merchants, ISOs, third-party service
Read it in 10-K Feb 20, 2025 at sec.gov
RemovedRisk Factors
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 (“ACH”) network which transmit transaction data, process chargebacks and refunds, and perform clearing services in connection with our settlement activities. If,
Read it in 10-K Feb 20, 2025 at sec.gov
RemovedMD&A
On October 9, 2023, we acquired Skytef Solucões em Captura de Transações Ltda (“Skytef”), a distributor for ISV partners and merchants of our Electronic Funds Transfer payments software. Skytef is included within the Merchant segment and expands our distribution network and POS applications. On November 1, 2023, we acquired Sled S.A. (“Sled”), a provider of instant payment solutions. Sled is included within the Merchant segment and expands our direct payment service capabilities. We acquired these businesses in Latin America for an aggregate purchase price, including hold-backs, of $17 million.
Read it in 10-K Feb 20, 2025 at sec.gov
RemovedMD&A
On July 25, 2023, we sold our financial reconciliation business, which was reported within the Financial segment, for cash proceeds of $235 million. We recognized a pre-tax gain of $172 million on the sale during the year ended December 31, 2023.
Read it in 10-K Feb 20, 2025 at sec.gov
RemovedMD&A
We aspire to move money and information in a way that moves the world. Our purpose is to deliver superior value for our clients through leading technology, targeted innovation and excellence in everything we do. We are focused on driving growth and creating value by assembling a high-performing and diverse team; integrating our solutions; delivering operational excellence; allocating capital in a disciplined manner, including share repurchase and merger and acquisition activity; and investing for organic growth through innovation. Our long-term focus is to meet our financial commitments; continue to build high-quality revenue; deepen client relationships with an emphasis on digital solutions and value-added services; deliver innovation and integration enabling differentiated value for our clients; and generate integration value, including cost and revenue synergies from acquisitions.
Read it in 10-K Feb 20, 2025 at sec.gov
RemovedMD&A
Our focus on long-term client relationships and recurring, transaction-oriented products and services has reduced the impact that consolidation in the financial services industry has had on us. Rather than reducing the overall market, these consolidations transfer accounts among financial institutions. If a client loss occurs due to merger or acquisition, we typically receive a
Read it in 10-K Feb 20, 2025 at sec.gov
RemovedMD&A
contract termination fee based on the size of the client and how early in the contract term the contract is terminated. We believe that our sizable and diverse client base, combined with our value-added software and services-led model, and our position as a leading provider of non-discretionary, recurring revenue-based products and services, gives us a solid foundation for growth.
Read it in 10-K Feb 20, 2025 at sec.gov
Show the other 3
RemovedMD&A
The operations of our Argentina subsidiary have experienced higher interest rates and inflation relative to historical averages. The potential benefits of higher transitory revenue from above-average interest and inflation may be offset in whole or in part by, or may be less than, foreign currency exchange losses related to a significant devaluation of the Argentine Peso.
Read it in 10-K Feb 20, 2025 at sec.gov
RemovedMD&A
We repurchased $5.5 billion of our common stock during the year ended December 31, 2024. In August 2023, we repurchased 4.1 million shares of our common stock for $121.98 per share in a privately negotiated transaction with ValueAct Capital Master Fund, L.P. for an aggregate purchase price of $500 million. Including this transaction, we repurchased $4.7 billion of our common stock in 2023.
Read it in 10-K Feb 20, 2025 at sec.gov
RemovedMD&A
In 2024, we entered into definitive agreements to acquire CCV and Payfare, which are expected to close in the first quarter of 2025, for an estimated aggregate purchase price of $360 million.
Read it in 10-K Feb 20, 2025 at sec.gov

Sources

The two latest 10-Ks on EDGAR, section by section. Each change links to the text at sec.gov.

Also

New risk factors: paragraphs with nothing like them last year, quoted in full.

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