For more information contact:
For more information contact: Media Relations: Investor Relations: Melissa Moritz Walter Pritchard Vice President, External Senior Vice President, Investor Communications Relations Fiserv, Inc. Fiserv, Inc. melissa.moritz@fiserv.com walter.pritchard@fiserv.com
Company raises Project Elevate savings target to $1 billion, up from $500 million;
Company expects to repurchase $500 million of shares in the fourth quarter of 2026
– Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and financial services technology solutions, today reported financial results for the third quarter of 2026.
GAAP revenue for the company was $5.20 billion in the third quarter of 2026, a decrease of 1% compared to the third quarter of 2025. GAAP revenue decreased 3% in the Merchant Solutions segment and was flat in the Financial Solutions segment in the third quarter of 2026 compared to the prior year period. GAAP revenue for the company was $15.52 billion in the first nine months of 2026, a decrease of 2% compared to the first nine months of 2025. GAAP revenue decreased 1% in the Merchant Solutions segment and 4% in the Financial Solutions segment in the first nine months of 2026 compared to the prior year period. GAAP loss per share was $(11.17) in the third quarter and $(8.90) in the first nine months of 2026. The company recorded a non-cash goodwill impairment charge of $6.45 billion in the third quarter of 2026.
GAAP operating margin for the company, which includes the non-cash goodwill impairment charge recorded within Corporate and Other, was (105.7)% and (23.0)% in the third quarter and first nine months of 2026 compared to 27.3% and 28.5% in the third quarter and first nine months of 2025. GAAP operating margin in the Merchant Solutions segment was 28.7% and 28.4% in the third quarter and first nine months of 2026 compared to 37.2% and 35.3% in the prior year periods. GAAP operating margin in the Financial Solutions segment was 38.1% and 38.3% in the third quarter and first nine months of 2026 compared to 42.5% and 46.3% in the prior year periods. Net cash provided by operating activities was $3.09 billion in the first nine months of 2026 compared to $4.12 billion in the first nine months of 2025. 1
“Our team is executing with urgency, and we are seeing meaningful progress. Net attrition in banking is down more than 25 percent year to date, major client wins are now ramping, Clover continues to produce consistent underlying growth and our modern merchant platform is gaining momentum,” said Takis Georgakopoulos, Chief Executive Officer of Fiserv. “As we simplify and focus our organization with an AI-everywhere mindset, we have increasing confidence that we can drive greater efficiency while investing in innovation and delivering differentiated client value.”
• Adjusted revenue for the company was $4.85 billion in the third quarter and $14.49 billion in the first nine months of 2026, a decrease of 1% and 3% compared to the prior year periods.
• Organic revenue was flat in the third quarter of 2026, with a 2% decline in the Merchant Solutions segment and 2% growth in the Financial Solutions segment.
• Organic revenue decreased 3% in the first nine months of 2026, with a 2% decline in the Merchant Solutions segment and a 4% decline in the Financial Solutions segment.
• Adjusted earnings per share was $1.75 in the third quarter and $5.38 in the first nine months of 2026.
• Adjusted operating margin for the company was 31.2% and 30.9% in the third quarter and first nine months of 2026 compared to 37.0% and 38.2% in the third quarter and first nine months of 2025.
• Adjusted operating margin was 28.7% and 37.2% in the Merchant Solutions segment and 38.1% and 42.5% in the Financial Solutions segment in the third quarter of 2026 and 2025.
• Adjusted operating margin was 28.4% and 35.3% in the Merchant Solutions segment and 38.3% and 46.3% in the Financial Solutions segment in the first nine months of 2026 and 2025.
• Free cash flow was $2.04 billion in the first nine months of 2026 compared to $2.88 billion in the prior year period.
• In the third quarter, the company completed the previously announced sale of its student loan servicing business and the formation of its previously announced joint venture, MoneyPass Group, encompassing its MoneyPass Network, ATM Managed Services and Cash Intelligence businesses, of which it maintains a minority ownership interest.
• The company increased its projected savings under Project Elevate to $1 billion, up from its prior $500 million estimate, following a comprehensive portfolio review and identification of additional operational efficiencies.
• The company expects to repurchase $500 million of its common stock during the fourth quarter of 2026 under its existing share repurchase authorization.
Fiserv continues to expect organic revenue outlook of (1%) to 0% and adjusted earnings per share of $7.20 to $7.40 for 2026. 2
“Our third quarter performance was in line with our expectations, including a return to organic revenue growth in Financial Solutions,” said Paul Todd, Chief Financial Officer of Fiserv. “Our second-half initiatives are on track to support the revenue acceleration we expect in the fourth quarter, and we are reaffirming our full-year guidance. Our growing confidence also allows us to resume share repurchases earlier than anticipated, with $500 million planned in the fourth quarter.”
The company will discuss its third quarter 2026 results in a live webcast at 7 a.m. CT on Tuesday, November 3, 2026. The webcast, along with supplemental financial information, can be accessed on the investor relations section of the Fiserv website at investors.fiserv.com . A replay will be available approximately one hour after the conclusion of the live webcast.
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500™ company, is a global leader uniting commerce and finance. At the intersection of banking and commerce, the company powers sustained growth and innovation at scale for financial institutions and businesses worldwide across payments, account processing, digital banking, merchant acquiring, network services, e-commerce, and Clover ® , the all-in-one business management platform. Fiserv is a member of the S&P 500 ® Index and one of FORTUNE ® America’s Most Innovative Companies. Visit fiserv.com and follow on social media for more information and the latest company news.
In this news release, the company supplements its reporting of information determined in accordance with generally accepted accounting principles (“GAAP”), such as revenue, operating income (loss), operating margin, net income (loss) attributable to Fiserv, diluted earnings (loss) per share and net cash provided by operating activities, with “adjusted revenue,” “change in adjusted revenue,” “organic revenue,” “change in organic revenue,” “adjusted operating income,” “adjusted operating margin,” “adjusted net income,” “adjusted earnings per share,” and “free cash flow.” Management believes that adjustments for certain non-cash or other items and the exclusion of certain pass-through revenue and expenses should enhance shareholders’ ability to evaluate the company’s performance, as such measures provide additional insights into the factors and trends affecting its business. Therefore, the company excludes these items from its GAAP financial measures to calculate these unaudited non-GAAP measures. The corresponding reconciliations of these unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity, and limited visibility of the non-cash and other items described below that are excluded from the non-GAAP outlook measures. See page 16for additional information regarding the company’s forward-looking non-GAAP financial measures.
Examples of non-cash or other items may include, but are not limited to, certain non-cash impairment charges; non-cash intangible asset amortization expense associated with acquisitions; merger and integration costs; severance costs; certain transformation related expenses 3
associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets or investments; net gains associated with early debt extinguishments; and certain discrete tax items. The company excludes these items to more clearly focus on the factors management believes are pertinent to the company’s operations, and management uses this information to make operating decisions, including the allocation of resources to the company’s various businesses.
The company adjusts its non-GAAP results to exclude amortization of acquisition- related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation.
Management believes organic revenue is a useful measure because it presents revenue on a more comparable basis by excluding the effects of foreign currency fluctuations, acquisitions, dispositions and the company’s postage reimbursements. Management believes free cash flow is useful to measure the funds generated in a given period that are available for debt service requirements and strategic capital decisions. Management believes this supplemental information enhances shareholders’ ability to evaluate and understand the company’s core business performance.
These unaudited non-GAAP financial measures may not be comparable to similarly titled measures reported by other companies and should be considered in addition to, and not as a substitute for, revenue, operating income (loss), operating margin, net income (loss) attributable to Fiserv, diluted earnings (loss) per share and net cash provided by operating activities or any other amount determined in accordance withGAAP.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including statements regarding anticipated organic revenue and adjusted earnings per share and other statements regarding our future financial performance. Statements can generally be identified as forward-looking because they include words such as “believes,” “anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or words of similar meaning. Statements that describe the company’s future plans, outlook, objectives or goals are also forward-looking statements.
Forward-looking statements are subject to assumptions, risks and uncertainties that may cause actual results to differ materially from those contemplated by such forward-looking statements. The factors that could cause the company’s actual results to differ materially include, among others, the following: the company’s ability to compete effectively against new and existing competitors and to continue to introduce competitive new products and services on a timely, cost-effective basis; changes in customer demand for the company’s products and services; the ability of the company’s technology to keep pace with a rapidly evolving marketplace; the company’s 4
ability to successfully implement and achieve the expected benefits associated with its One Fiserv action plan; the success of the company’s merchant alliances, some of which are not controlled by the company; the impact of a security breach or operational failure on the company’s business, including disruptions caused by other participants in the global financial system; losses due to chargebacks, refunds or returns as a result of fraud or the failure of the company’s vendors and merchants to satisfy their obligations; changes in local, regional, national and international economic or political conditions, including those resulting from heightened inflation, rising interest rates, taxes, trade policies and tariffs, a recession, bank failures, or international hostilities, and the impact they may have on the company and its employees, clients, vendors, supply chain, operations and sales; the company’s ability to use artificial intelligence to improve its products and services and enhance its operations; the effect of proposed and enacted legislative and regulatory actions affecting the company or the financial services industry as a whole; the company’s ability to comply with government regulations and applicable card association and network rules; the protection and validity of intellectual property rights; the outcome of pending and future litigation and governmental proceedings; the company’s ability to successfully identify, complete and integrate acquisitions, and to realize the anticipated benefits associated with the same; the impact of the company’s growth strategies; the company’s ability to repurchase its common stock, including the expected amount, timing and funding of such repurchases; the company’s ability to attract and retain key personnel; adverse impacts from currency exchange rates or currency controls; changes in corporate tax and interest rates; the possibility that the company may be required to record non-cash goodwill impairment charges in future periods; and other factors included in “Risk Factors” in the company’s Annual Report on Form 10-K for the year ended December 31, 2025, and in other documents that the company files with the Securities and Exchange Commission, which are available at http://www.sec.gov. You should consider these factors carefully in evaluating forward-looking statements and are cautioned not to place undue reliance on such statements. The company assumes no obligation to update any forward-looking statements, which speak only as of the date of this news release. 5
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
1 Represents acquisition and related integration costs incurred in connection with acquisitions. Merger and integration costs include $20 million and $41 million of third-party professional service fees and $13 million and $39 million of retention awards in the third quarter and first nine months of 2026. Merger and integration costs include $7 million and $12 million of third-party professional service fees, as well as $14 million and $25 million related to legal and other settlements, in the third quarter and first nine months of 2025. 7
2 Represents costs associated with a multi-year transformation initiative focused on technology modernization, operational excellence and process reengineering enabled by artificial intelligence. This adjustment primarily includes technology infrastructure modernization costs of $80 million and $232 million; third-party consulting and advisory fees of $13 million and $74 million; and incremental compensation expense, primarily associated with retention cash awards and restricted stock units granted to certain employees, of $37 million and $126 million in the third quarter and first nine months of 2026, respectively.
3 Represents amortization of intangible assets acquired through acquisition, including customer relationships, software/technology and trade names. This adjustment does not exclude the amortization of other intangible assets such as contract costs (sales commissions and deferred conversion costs), capitalized and purchased software, financing costs and debt discounts. See additional information on page 15for an analysis of the company’s amortization expense.
4 Represents an aggregate net gain of $100 million in the third quarter of 2026 on the sale of a 51% controlling preferred financial interest in the company’s MoneyPass Network, ATM Managed Services and Cash Intelligence businesses, as well as on the sale of the company’s student loan servicing business. The third quarter of 2026 also includes an $85 million impairment and other charge, recorded within selling, general and administrative expenses in the consolidated statements of income (loss), associated with certain leased facilities. The first nine months of 2026 includes a net gain of $83 million on the sale- leaseback of certain facilities.
5 Represents the company’s share of amortization of acquisition-related intangible assets at its unconsolidated affiliates.
6 Represents a gain on early debt extinguishment in connection with the company’s cash tender offer in the second quarter of 2026 and open market repurchases in the second and third quarters of 2026 of a portion of its outstanding 5.150% senior notes due in March 2027 and 4.400% senior notes due in July 2049. This adjustment also includes the release of $4 million and $26 million, recorded within net interest expense in the consolidated statements of income (loss) in the third quarter and first nine months of 2026, of unamortized losses originally recorded in accumulated other comprehensive loss associated with treasury lock agreements that had been designated as a cash flow hedge of the extinguished debt.
7 The tax impact of the above adjustments is calculated using a tax rate of 19.5% in both the first nine months of 2026 and 2025, which approximates the company’s anticipated annual effective tax rates, exclusive of actual tax impacts of a $66 million net provision associated with the aggregate net gain on sale of businesses in the first nine months of 2026. See below for a description of the tax impact associated with the non-cash goodwill impairment charge.
8 Represents a non-cash goodwill impairment charge, net of a $50 million tax benefit related to the impairment of tax-deductible goodwill, recorded in the third quarter of 2026 as a result of a triggering event associated with sustained decreases in the company’s share price and market capitalization. Adjusted earnings per share also reflects the dilutive impact of potential common shares that were excluded from the calculation of GAAP diluted loss per share because their effect was anti-dilutive. This adjustment includes an impact of $0.04 and $0.02 for the third quarter and first nine months of 2026, respectively, from the inclusion of these potential common shares.
9 Represents incremental compensation expense associated with the transition of the company’s Chief Executive Officer (“CEO”) in 2025, comprised of $40 million of former CEO non-cash share-based compensation and related employer payroll taxes, and a $12 million cash replacement award paid to the company’s successor CEO appointed in 2025.
10 The Argentine government announced economic policy changes, including the removal of certain currency controls, resulting in a significant devaluation of the Argentine Peso on April 14, 2025. This adjustment represents the corresponding one-day foreign currency exchange loss from the remeasurement of the company’s Argentina subsidiary’s monetary assets and liabilities in Argentina’s highly inflationary economy. 8
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
1 For all periods presented in the Merchant and Financial segments, there were no adjustments to GAAP measures presented and thus the adjusted measures are equal to the reportable segment GAAP measures presented. 10
Nine Months Ended Cash flows from operating September 30, activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net income (loss) $ -4,736 $ 2,677 Adjustments to reconcile net income (loss) to net cash provided by operating activities: Goodwill impairment 6,452 — Depreciation and other 1,595 1,365 amortization Amortization of acquisition-related 923 993 intangible assets Amortization of financing costs and debt 36 34 discounts Share-based compensation 345 302 Deferred income taxes -312 -589 Net gain on disposition of businesses -191 -117 and other assets Net gain on early debt -156 — extinguishment (Income) loss from investments in -15 16 unconsolidated affiliates Originations of merchant cash advances, -157 — held for sale Proceeds from repayments and sales of merchant cash advances, 157 — originally classified as held for sale Distributions from unconsolidated 30 34 affiliates Non-cash foreign currency exchange 23 118 losses Other non-cash impairment 68 5 charges Other operating activities -9 -10 Changes in assets and liabilities, net of effects from acquisitions and dispositions:
Trade accounts receivable 186 -111 Prepaid expenses and other -220 -561 assets Contract costs -197 -179 Accounts payable and other -740 117 liabilities Contract liabilities 12 24 Net cash provided by operating 3,094 4,118 activities Cash flows from investing activities Capital expenditures, including capitalized software and other -1,438 -1,321 intangibles Proceeds from disposition of businesses 364 — and other assets, net of cash disposed Merchant cash advances, net 227 -614 Payments for acquisition of businesses, — -369 net of cash acquired Distributions from unconsolidated 23 17 affiliates Purchases of investments -28 -78 Proceeds from sale of 15 486 investments Other investing activities 5 -18 Net cash used in investing -832 -1,897 activities
Fiserv, Inc. Condensed Consolidated Statements of Cash Flows (cont.) (In millions, unaudited) Nine Months Ended Cash flows from financing September 30, activities 2026 2025 ────────────────────────────────────────────────────────────────────────────── Debt proceeds $ 3,101 $ 5,753 Debt repayments, including redemption -5,586 -3,352 and other costs Net borrowings from commercial paper and 419 1,169 short-term borrowings Payments of debt financing -3 -20 costs Proceeds from issuance of 30 53 treasury stock Purchases of treasury stock, including employee shares withheld for -395 -5,695 tax obligations Settlement activity, net -1,265 -74 Distributions paid to noncontrolling -2 -2 interests Payments to acquire noncontrolling — -436 interests of consolidated subsidiaries Payments of acquisition-related -6 — contingent consideration Settlement of derivative — 65 contracts Other financing activities 8 4 Net cash used in financing -3,699 -2,535 activities Effect of exchange rate changes on cash -39 86 and cash equivalents Net change in cash and cash -1,476 -228 equivalents Cash and cash equivalents, beginning 2,802 2,993 balance Cash and cash equivalents, ending $ 1,326 $ 2,765 balance
Fiserv, Inc. Condensed Consolidated Balance Sheets (In millions, unaudited) September 30, December 31, Assets 2026 2025 ────────────────────────────────────────────────────────────────────────────── Cash and cash equivalents $ 545 $ 798 Trade accounts receivable – 3,826 3,981 net Prepaid expenses and other current 3,030 3,396 assets Settlement assets 16,339 16,479 Total current assets 23,740 24,654 Property and equipment – 3,367 3,084 net Customer relationships – 4,274 5,093 net Other intangible assets – 5,190 5,068 net Goodwill 30,953 37,703 Contract costs – net 1,056 1,039 Investments in 1,122 1,046 unconsolidated affiliates Other long-term assets 2,885 2,446 Total assets $ 72,587 $ 80,133 Liabilities and Equity Accounts payable and other current $ 4,435 $ 5,307 liabilities Short-term and current maturities of 1,254 1,239 long-term debt Contract liabilities 751 865 Settlement obligations 16,339 16,479 Total current liabilities 22,779 23,890 Long-term debt 25,809 27,758 Deferred income taxes 1,434 1,478 Long-term contract 263 259 liabilities Other long-term liabilities 1,218 939 Total liabilities 51,503 54,324 Fiserv shareholders’ equity 21,060 25,792 Noncontrolling interests 24 17 Total equity 21,084 25,809 Total liabilities and $ 72,587 $ 80,133 equity
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
1 The change in organic revenue is measured as the change in adjusted revenue (see pages 9-10) for the current period excluding the impact of foreign currency fluctuations and revenue attributable to acquisitions and dispositions, divided by adjusted revenue from the prior period excluding revenue attributable to dispositions.
2 Currency impact is measured as the increase or decrease in adjusted revenue for the current period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods. 14
Nine Months Ended Free Cash Flow September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── Net cash provided by $ 3,094 $ 4,118 operating activities Capital -1,438 -1,321 expenditures Adjustments: Distributions paid to -2 -2 noncontrolling interests Distributions from unconsolidated affiliates included in 23 17 cash flows from investing activities Severance, merger and 199 119 integration payments One Fiserv transformation 251 1 program payments Tax payments -88 -23 on adjustments Other — -30 Free cash flow $ 2,039 $ 2,879
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
1 The company adjusts its non-GAAP results to exclude amortization of acquisition-related intangible assets as such amounts are inconsistent in amount and frequency and are significantly impacted by the timing and/or size of acquisitions. Management believes that the adjustment of acquisition-related intangible asset amortization supplements the GAAP information with a measure that can be used to assess the comparability of operating performance. Although the company excludes amortization from acquisition-related intangible assets from its non-GAAP expenses, management believes that it is important for investors to understand that such intangible assets were recorded as part of purchase accounting and contribute to revenue generation. Amortization of intangible assets that relate to past acquisitions will recur in future periods until such intangible assets have been fully amortized. Any future acquisitions may result in the amortization of additional intangible assets. 15
Reconciliations of unaudited non-GAAP financial measures to the most comparable GAAP measures are included in this news release, except for forward-looking measures where a reconciliation to the corresponding GAAP measures is not available due to the variability, complexity and limited visibility of these items that are excluded from the non-GAAP outlook measures. The company’s forward-looking non-GAAP financial measures for 2026, including organic revenue and adjusted earnings per share, are designed to enhance shareholders’ ability to evaluate the company’s performance by excluding certain items to focus on factors and trends affecting its business.
Organic Revenue - The company’s organic revenue outlook for 2026 excludes the impact of foreign currency fluctuations, acquisitions, dispositions and the impact of the company’s postage reimbursements. The currency impact is measured as the increase or decrease in the expected adjusted revenue for the period by applying prior period foreign currency exchange rates to present a constant currency comparison to prior periods.
Change 2026 GAAP Revenue -1.5%) - (0.5% Postage reimbursements 0% 2026 Adjusted revenue -1.5%) - (0.5% Currency impact 0% Acquisition adjustments -0.5% Disposition adjustments 1% 2026 Organic revenue (1%) - 0%
Adjusted Earnings Per Share - The company’s adjusted earnings per share outlook for 2026 excludes certain non-cash or other items such as certain non-cash impairment charges; non-cash intangible asset amortization expense associated with acquisitions; merger and integration costs; severance costs; certain transformation related expenses associated with the company’s One Fiserv action plan; gains or losses from the sale of businesses, certain assets and investments; net gains associated with early debt extinguishments; and certain discrete tax items.
The company estimates that amortization expense in 2026 with respect to acquired intangible assets will be relatively consistent with the amount incurred in 2025. Other adjustments to the company’s financial measures that were incurred for the three and nine months ended September 30, 2026 and 2025 are presented in this news release; however, they are not necessarily indicative of adjustments that may be incurred throughout the remainder of 2026 or beyond. Estimates of these impacts and adjustments on a forward-looking basis are not available due to the variability, complexity and limited visibility of these items. # # #
Full text with the tables
Exhibit 99.1
News Release
For more information contact:
Media Relations: Investor Relations:
Melissa Moritz Walter Pritchard
Vice President, External Senior Vice President, Investor
Communications Relations
Fiserv, Inc. Fiserv, Inc.
melissa.moritz@fiserv.com walter.pritchard@fiserv.com
For Immediate Release
Fiserv Reports Third Quarter 2026 Results
GAAP revenue decreased 1% and organic revenue was flat in the quarter;
GAAP EPS of $(11.17) and adjusted EPS of $1.75 in the quarter;
Company affirms 2026 organic revenue and adjusted EPS outlook;
Company raises Project Elevate savings target to $1 billion, up from $500
million;
Company expects to repurchase $500 million of shares in the fourth quarter of
2026
MILWAUKEE, November 3, 2026
– Fiserv, Inc. (NASDAQ: FISV), a leading global provider of payments and
financial services technology solutions, today reported financial results for
the third quarter of 2026.
Third Quarter 2026 GAAP Results
GAAP revenue for the company was $5.20 billion in the third quarter of 2026, a
decrease of 1% compared to the third quarter of 2025. GAAP revenue decreased 3%
in the Merchant Solutions segment and was flat in the Financial Solutions
segment in the third quarter of 2026 compared to the prior year period. GAAP
revenue for the company was $15.52 billion in the first nine months of 2026, a
decrease of 2% compared to the first nine months of 2025. GAAP revenue decreased
1% in the Merchant Solutions segment and 4% in the Financial Solutions segment
in the first nine months of 2026 compared to the prior year period. GAAP loss
per share was $(11.17) in the third quarter and $(8.90) in the first nine months
of 2026. The company recorded a non-cash goodwill impairment charge of $6.45
billion in the third quarter of 2026.
GAAP operating margin for the company, which includes the non-cash goodwill
impairment charge recorded within Corporate and Other, was (105.7)% and (23.0)%
in the third quarter and first nine months of 2026 compared to 27.3% and 28.5%
in the third quarter and first nine months of 2025. GAAP operating margin in the
Merchant Solutions segment was 28.7% and 28.4% in the third quarter and first
nine months of 2026 compared to 37.2% and 35.3% in the prior year periods. GAAP
operating margin in the Financial Solutions segment was 38.1% and 38.3% in the
third quarter and first nine months of 2026 compared to 42.5% and 46.3% in the
prior year periods. Net cash provided by operating activities was $3.09 billion
in the first nine months of 2026 compared to $4.12 billion in the first nine
months of 2025.
1
News Release
“Our team is executing with urgency, and we are seeing meaningful progress. Net
attrition in banking is down more than 25 percent year to date, major client
wins are now ramping, Clover continues to produce consistent underlying growth
and our modern merchant platform is gaining momentum,” said Takis
Georgakopoulos, Chief Executive Officer of Fiserv. “As we simplify and focus our
organization with an AI-everywhere mindset, we have increasing confidence that
we can drive greater efficiency while investing in innovation and delivering
differentiated client value.”
Third Quarter 2026 Non-GAAP Results and Additional Information
• Adjusted revenue for the company was $4.85 billion in the third quarter and
$14.49 billion in the first nine months of 2026, a decrease of 1% and 3%
compared to the prior year periods.
• Organic revenue was flat in the third quarter of 2026, with a 2% decline in
the Merchant Solutions segment and 2% growth in the Financial Solutions segment.
• Organic revenue decreased 3% in the first nine months of 2026, with a 2%
decline in the Merchant Solutions segment and a 4% decline in the Financial
Solutions segment.
• Adjusted earnings per share was $1.75 in the third quarter and $5.38 in the
first nine months of 2026.
• Adjusted operating margin for the company was 31.2% and 30.9% in the third
quarter and first nine months of 2026 compared to 37.0% and 38.2% in the third
quarter and first nine months of 2025.
• Adjusted operating margin was 28.7% and 37.2% in the Merchant Solutions
segment and 38.1% and 42.5% in the Financial Solutions segment in the third
quarter of 2026 and 2025.
• Adjusted operating margin was 28.4% and 35.3% in the Merchant Solutions
segment and 38.3% and 46.3% in the Financial Solutions segment in the first nine
months of 2026 and 2025.
• Free cash flow was $2.04 billion in the first nine months of 2026 compared to
$2.88 billion in the prior year period.
• In the third quarter, the company completed the previously announced sale of
its student loan servicing business and the formation of its previously
announced joint venture, MoneyPass Group, encompassing its MoneyPass Network,
ATM Managed Services and Cash Intelligence businesses, of which it maintains a
minority ownership interest.
• The company increased its projected savings under Project Elevate to $1
billion, up from its prior $500 million estimate, following a comprehensive
portfolio review and identification of additional operational efficiencies.
• The company expects to repurchase $500 million of its common stock during the
fourth quarter of 2026 under its existing share repurchase authorization.
Outlook for 2026
Fiserv continues to expect organic revenue outlook of (1%) to 0% and adjusted
earnings per share of $7.20 to $7.40 for 2026.
2
News Release
“Our third quarter performance was in line with our expectations, including a
return to organic revenue growth in Financial Solutions,” said Paul Todd, Chief
Financial Officer of Fiserv. “Our second-half initiatives are on track to
support the revenue acceleration we expect in the fourth quarter, and we are
reaffirming our full-year guidance. Our growing confidence also allows us to
resume share repurchases earlier than anticipated, with $500 million planned in
the fourth quarter.”
Earnings Conference Call
The company will discuss its third quarter 2026 results in a live webcast at 7
a.m. CT on Tuesday, November 3, 2026. The webcast, along with supplemental
financial information, can be accessed on the investor relations section of the
Fiserv website at investors.fiserv.com . A replay will be available
approximately one hour after the conclusion of the live webcast.
About Fiserv
Fiserv, Inc. (NASDAQ: FISV), a Fortune 500™ company, is a global leader uniting
commerce and finance. At the intersection of banking and commerce, the company
powers sustained growth and innovation at scale for financial institutions and
businesses worldwide across payments, account processing, digital banking,
merchant acquiring, network services, e-commerce, and Clover ® , the all-in-one
business management platform. Fiserv is a member of the S&P 500 ® Index and one
of FORTUNE ® America’s Most Innovative Companies. Visit fiserv.com and follow on
social media for more information and the latest company news.
Use of Non-GAAP Financial Measures
In this news release, the company supplements its reporting of information
determined in accordance with generally accepted accounting principles (“GAAP”),
such as revenue, operating income (loss), operating margin, net income (loss)
attributable to Fiserv, diluted earnings (loss) per share and net cash provided
by operating activities, with “adjusted revenue,” “change in adjusted revenue,”
“organic revenue,” “change in organic revenue,” “adjusted operating income,”
“adjusted operating margin,” “adjusted net income,” “adjusted earnings per
share,” and “free cash flow.” Management believes that adjustments for certain
non-cash or other items and the exclusion of certain pass-through revenue and
expenses should enhance shareholders’ ability to evaluate the company’s
performance, as such measures provide additional insights into the factors and
trends affecting its business. Therefore, the company excludes these items from
its GAAP financial measures to calculate these unaudited non-GAAP measures. The
corresponding reconciliations of these unaudited non-GAAP financial measures to
the most comparable GAAP measures are included in this news release, except for
forward-looking measures where a reconciliation to the corresponding GAAP
measures is not available due to the variability, complexity, and limited
visibility of the non-cash and other items described below that are excluded
from the non-GAAP outlook measures. See page 16for additional information
regarding the company’s forward-looking non-GAAP financial measures.
Examples of non-cash or other items may include, but are not limited to, certain
non-cash impairment charges; non-cash intangible asset amortization expense
associated with acquisitions; merger and integration costs; severance costs;
certain transformation related expenses
3
News Release
associated with the company’s One Fiserv action plan; gains or losses from the
sale of businesses, certain assets or investments; net gains associated with
early debt extinguishments; and certain discrete tax items. The company excludes
these items to more clearly focus on the factors management believes are
pertinent to the company’s operations, and management uses this information to
make operating decisions, including the allocation of resources to the company’s
various businesses.
The company adjusts its non-GAAP results to exclude amortization of acquisition-
related intangible assets as such amounts are inconsistent in amount and
frequency and are significantly impacted by the timing and/or size of
acquisitions. Management believes that the adjustment of acquisition-related
intangible asset amortization supplements GAAP information with a measure that
can be used to assess the comparability of operating performance. Although the
company excludes amortization from acquisition-related intangible assets from
its non-GAAP expenses, management believes that it is important for investors to
understand that such intangible assets were recorded as part of purchase
accounting and contribute to revenue generation.
Management believes organic revenue is a useful measure because it presents
revenue on a more comparable basis by excluding the effects of foreign currency
fluctuations, acquisitions, dispositions and the company’s postage
reimbursements. Management believes free cash flow is useful to measure the
funds generated in a given period that are available for debt service
requirements and strategic capital decisions. Management believes this
supplemental information enhances shareholders’ ability to evaluate and
understand the company’s core business performance.
These unaudited non-GAAP financial measures may not be comparable to similarly
titled measures reported by other companies and should be considered in addition
to, and not as a substitute for, revenue, operating income (loss), operating
margin, net income (loss) attributable to Fiserv, diluted earnings (loss) per
share and net cash provided by operating activities or any other amount
determined in accordance withGAAP.
Forward-Looking Statements
This news release contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995, including statements regarding
anticipated organic revenue and adjusted earnings per share and other statements
regarding our future financial performance. Statements can generally be
identified as forward-looking because they include words such as “believes,”
“anticipates,” “expects,” “could,” “should,” “confident,” “likely,” “plan,” or
words of similar meaning. Statements that describe the company’s future plans,
outlook, objectives or goals are also forward-looking statements.
Forward-looking statements are subject to assumptions, risks and uncertainties
that may cause actual results to differ materially from those contemplated by
such forward-looking statements. The factors that could cause the company’s
actual results to differ materially include, among others, the following: the
company’s ability to compete effectively against new and existing competitors
and to continue to introduce competitive new products and services on a timely,
cost-effective basis; changes in customer demand for the company’s products and
services; the ability of the company’s technology to keep pace with a rapidly
evolving marketplace; the company’s
4
News Release
ability to successfully implement and achieve the expected benefits associated
with its One Fiserv action plan; the success of the company’s merchant
alliances, some of which are not controlled by the company; the impact of a
security breach or operational failure on the company’s business, including
disruptions caused by other participants in the global financial system; losses
due to chargebacks, refunds or returns as a result of fraud or the failure of
the company’s vendors and merchants to satisfy their obligations; changes in
local, regional, national and international economic or political conditions,
including those resulting from heightened inflation, rising interest rates,
taxes, trade policies and tariffs, a recession, bank failures, or international
hostilities, and the impact they may have on the company and its employees,
clients, vendors, supply chain, operations and sales; the company’s ability to
use artificial intelligence to improve its products and services and enhance its
operations; the effect of proposed and enacted legislative and regulatory
actions affecting the company or the financial services industry as a whole; the
company’s ability to comply with government regulations and applicable card
association and network rules; the protection and validity of intellectual
property rights; the outcome of pending and future litigation and governmental
proceedings; the company’s ability to successfully identify, complete and
integrate acquisitions, and to realize the anticipated benefits associated with
the same; the impact of the company’s growth strategies; the company’s ability
to repurchase its common stock, including the expected amount, timing and
funding of such repurchases; the company’s ability to attract and retain key
personnel; adverse impacts from currency exchange rates or currency controls;
changes in corporate tax and interest rates; the possibility that the company
may be required to record non-cash goodwill impairment charges in future
periods; and other factors included in “Risk Factors” in the company’s Annual
Report on Form 10-K for the year ended December 31, 2025, and in other documents
that the company files with the Securities and Exchange Commission, which are
available at http://www.sec.gov. You should consider these factors carefully in
evaluating forward-looking statements and are cautioned not to place undue
reliance on such statements. The company assumes no obligation to update any
forward-looking statements, which speak only as of the date of this news
release.
5
News Release
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Earnings (loss) per share is calculated using actual, unrounded amounts.
6
News Release
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See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Earnings (loss) per share is calculated using actual, unrounded amounts.
1 Represents acquisition and related integration costs incurred in connection
with acquisitions. Merger and integration costs include $20 million and $41
million of third-party professional service fees and $13 million and $39 million
of retention awards in the third quarter and first nine months of 2026. Merger
and integration costs include $7 million and $12 million of third-party
professional service fees, as well as $14 million and $25 million related to
legal and other settlements, in the third quarter and first nine months of 2025.
7
News Release
2 Represents costs associated with a multi-year transformation initiative
focused on technology modernization, operational excellence and process
reengineering enabled by artificial intelligence. This adjustment primarily
includes technology infrastructure modernization costs of $80 million and $232
million; third-party consulting and advisory fees of $13 million and $74
million; and incremental compensation expense, primarily associated with
retention cash awards and restricted stock units granted to certain employees,
of $37 million and $126 million in the third quarter and first nine months of
2026, respectively.
3 Represents amortization of intangible assets acquired through acquisition,
including customer relationships, software/technology and trade names. This
adjustment does not exclude the amortization of other intangible assets such as
contract costs (sales commissions and deferred conversion costs), capitalized
and purchased software, financing costs and debt discounts. See additional
information on page 15for an analysis of the company’s amortization expense.
4 Represents an aggregate net gain of $100 million in the third quarter of 2026
on the sale of a 51% controlling preferred financial interest in the company’s
MoneyPass Network, ATM Managed Services and Cash Intelligence businesses, as
well as on the sale of the company’s student loan servicing business. The third
quarter of 2026 also includes an $85 million impairment and other charge,
recorded within selling, general and administrative expenses in the consolidated
statements of income (loss), associated with certain leased facilities. The
first nine months of 2026 includes a net gain of $83 million on the sale-
leaseback of certain facilities.
5 Represents the company’s share of amortization of acquisition-related
intangible assets at its unconsolidated affiliates.
6 Represents a gain on early debt extinguishment in connection with the
company’s cash tender offer in the second quarter of 2026 and open market
repurchases in the second and third quarters of 2026 of a portion of its
outstanding 5.150% senior notes due in March 2027 and 4.400% senior notes due in
July 2049. This adjustment also includes the release of $4 million and $26
million, recorded within net interest expense in the consolidated statements of
income (loss) in the third quarter and first nine months of 2026, of unamortized
losses originally recorded in accumulated other comprehensive loss associated
with treasury lock agreements that had been designated as a cash flow hedge of
the extinguished debt.
7 The tax impact of the above adjustments is calculated using a tax rate of
19.5% in both the first nine months of 2026 and 2025, which approximates the
company’s anticipated annual effective tax rates, exclusive of actual tax
impacts of a $66 million net provision associated with the aggregate net gain on
sale of businesses in the first nine months of 2026. See below for a description
of the tax impact associated with the non-cash goodwill impairment charge.
8 Represents a non-cash goodwill impairment charge, net of a $50 million tax
benefit related to the impairment of tax-deductible goodwill, recorded in the
third quarter of 2026 as a result of a triggering event associated with
sustained decreases in the company’s share price and market capitalization.
Adjusted earnings per share also reflects the dilutive impact of potential
common shares that were excluded from the calculation of GAAP diluted loss per
share because their effect was anti-dilutive. This adjustment includes an impact
of $0.04 and $0.02 for the third quarter and first nine months of 2026,
respectively, from the inclusion of these potential common shares.
9 Represents incremental compensation expense associated with the transition of
the company’s Chief Executive Officer (“CEO”) in 2025, comprised of $40 million
of former CEO non-cash share-based compensation and related employer payroll
taxes, and a $12 million cash replacement award paid to the company’s successor
CEO appointed in 2025.
10 The Argentine government announced economic policy changes, including the
removal of certain currency controls, resulting in a significant devaluation of
the Argentine Peso on April 14, 2025. This adjustment represents the
corresponding one-day foreign currency exchange loss from the remeasurement of
the company’s Argentina subsidiary’s monetary assets and liabilities in
Argentina’s highly inflationary economy.
8
News Release
F…
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by
S…
(… Th… Ni…
m… Mo… Mo…
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C… 30, 30, 2026 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
R… $ 5,… $ 5,… $ 15… $ 15…
A…
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9
News Release
Fi…
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and Sep… Sep…
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──────────────────────────────────────────────────────────────────────────────
Re… $ 344 $ 344 $ 1,0… $ 1,005
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See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
Operating margin percentages are calculated using actual, unrounded amounts.
1 For all periods presented in the Merchant and Financial segments, there were
no adjustments to GAAP measures presented and thus the adjusted measures are
equal to the reportable segment GAAP measures presented.
10
News Release
Fiserv, Inc.
Condensed Consolidated Statements of Cash Flows
(In millions, unaudited)
Nine Months Ended
Cash flows from operating September 30,
activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net income (loss) $ -4,736 $ 2,677
Adjustments to reconcile net
income
(loss) to net cash provided by
operating
activities:
Goodwill impairment 6,452 —
Depreciation and other 1,595 1,365
amortization
Amortization of
acquisition-related 923 993
intangible assets
Amortization of financing costs
and debt 36 34
discounts
Share-based compensation 345 302
Deferred income taxes -312 -589
Net gain on disposition of
businesses -191 -117
and other assets
Net gain on early debt -156 —
extinguishment
(Income) loss from investments
in -15 16
unconsolidated affiliates
Originations of merchant cash
advances, -157 —
held for sale
Proceeds from repayments and
sales of
merchant cash advances, 157 —
originally
classified as held for sale
Distributions from
unconsolidated 30 34
affiliates
Non-cash foreign currency
exchange 23 118
losses
Other non-cash impairment 68 5
charges
Other operating activities -9 -10
Changes in assets and
liabilities, net
of effects from acquisitions
and
dispositions:
Trade accounts receivable 186 -111
Prepaid expenses and other -220 -561
assets
Contract costs -197 -179
Accounts payable and other -740 117
liabilities
Contract liabilities 12 24
Net cash provided by operating 3,094 4,118
activities
Cash flows from investing
activities
Capital expenditures, including
capitalized software and other -1,438 -1,321
intangibles
Proceeds from disposition of
businesses 364 —
and other assets, net of cash
disposed
Merchant cash advances, net 227 -614
Payments for acquisition of
businesses, — -369
net of cash acquired
Distributions from
unconsolidated 23 17
affiliates
Purchases of investments -28 -78
Proceeds from sale of 15 486
investments
Other investing activities 5 -18
Net cash used in investing -832 -1,897
activities
11
News Release
Fiserv, Inc.
Condensed Consolidated
Statements of Cash Flows
(cont.)
(In millions, unaudited) Nine Months Ended
Cash flows from financing September 30,
activities 2026 2025
──────────────────────────────────────────────────────────────────────────────
Debt proceeds $ 3,101 $ 5,753
Debt repayments, including
redemption -5,586 -3,352
and other costs
Net borrowings from commercial
paper and 419 1,169
short-term borrowings
Payments of debt financing -3 -20
costs
Proceeds from issuance of 30 53
treasury stock
Purchases of treasury stock,
including
employee shares withheld for -395 -5,695
tax
obligations
Settlement activity, net -1,265 -74
Distributions paid to
noncontrolling -2 -2
interests
Payments to acquire
noncontrolling — -436
interests of consolidated
subsidiaries
Payments of acquisition-related -6 —
contingent consideration
Settlement of derivative — 65
contracts
Other financing activities 8 4
Net cash used in financing -3,699 -2,535
activities
Effect of exchange rate changes
on cash -39 86
and cash equivalents
Net change in cash and cash -1,476 -228
equivalents
Cash and cash equivalents,
beginning 2,802 2,993
balance
Cash and cash equivalents,
ending $ 1,326 $ 2,765
balance
12
News Release
Fiserv, Inc.
Condensed Consolidated
Balance Sheets
(In millions, unaudited) September 30, December 31,
Assets 2026 2025
──────────────────────────────────────────────────────────────────────────────
Cash and cash equivalents $ 545 $ 798
Trade accounts receivable – 3,826 3,981
net
Prepaid expenses and other
current 3,030 3,396
assets
Settlement assets 16,339 16,479
Total current assets 23,740 24,654
Property and equipment – 3,367 3,084
net
Customer relationships – 4,274 5,093
net
Other intangible assets – 5,190 5,068
net
Goodwill 30,953 37,703
Contract costs – net 1,056 1,039
Investments in 1,122 1,046
unconsolidated affiliates
Other long-term assets 2,885 2,446
Total assets $ 72,587 $ 80,133
Liabilities and Equity
Accounts payable and other
current $ 4,435 $ 5,307
liabilities
Short-term and current
maturities of 1,254 1,239
long-term debt
Contract liabilities 751 865
Settlement obligations 16,339 16,479
Total current liabilities 22,779 23,890
Long-term debt 25,809 27,758
Deferred income taxes 1,434 1,478
Long-term contract 263 259
liabilities
Other long-term liabilities 1,218 939
Total liabilities 51,503 54,324
Fiserv shareholders’ equity 21,060 25,792
Noncontrolling interests 24 17
Total equity 21,084 25,809
Total liabilities and $ 72,587 $ 80,133
equity
13
News Release
Fiserv, Inc.
Selected Non-GAAP Financial Measures and Additional Information
(In millions, unaudited)
… …
… …
… …
… …
… … … … … … …
──────────────────────────────────────────────────────────────────────────────
$ … $ … $
… …
… …
— —
$ … $ … $
$ … $ … $
… …
… …
$ … $ … $
$ … $ … $
4 …
… …
— —
$ … $ … $
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
The change in organic revenue is calculated using actual, unrounded amounts.
1 The change in organic revenue is measured as the change in adjusted revenue
(see pages 9-10) for the current period excluding the impact of foreign currency
fluctuations and revenue attributable to acquisitions and dispositions, divided
by adjusted revenue from the prior period excluding revenue attributable to
dispositions.
2 Currency impact is measured as the increase or decrease in adjusted revenue
for the current period by applying prior period foreign currency exchange rates
to present a constant currency comparison to prior periods.
14
News Release
Fiserv, Inc.
Selected Non-GAAP Financial Measures and Additional Information (cont.)
(In millions, unaudited)
Nine Months
Ended
Free Cash Flow September 30, 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net cash
provided by $ 3,094 $ 4,118
operating
activities
Capital -1,438 -1,321
expenditures
Adjustments:
Distributions
paid to -2 -2
noncontrolling
interests
Distributions
from
unconsolidated
affiliates
included in 23 17
cash flows
from
investing
activities
Severance,
merger and 199 119
integration
payments
One Fiserv
transformation 251 1
program
payments
Tax payments -88 -23
on adjustments
Other — -30
Free cash flow $ 2,039 $ 2,879
Thr… Nine
Mon… Mon…
To… End… End…
Am… Sep… Sep…
20… 30, 2025 2026 30, 2025
──────────────────────────────────────────────────────────────────────────────
Ac…
in… $ 297 $ 320 $ 923 $ 993
as…
Ca…
so…
and 222 192 651 556
ot…
in…
Pu… 57 49 162 152
so…
Fi…
co…
and 11 12 36 34
de…
di…
Sa… 29 29 87 87
co…
De…
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co…
To… $ 644 $ 630 $ 1,949 $ 1,9…
am…
See pages 3-4 for disclosures related to the use of non-GAAP financial measures.
1 The company adjusts its non-GAAP results to exclude amortization of
acquisition-related intangible assets as such amounts are inconsistent in amount
and frequency and are significantly impacted by the timing and/or size of
acquisitions. Management believes that the adjustment of acquisition-related
intangible asset amortization supplements the GAAP information with a measure
that can be used to assess the comparability of operating performance. Although
the company excludes amortization from acquisition-related intangible assets
from its non-GAAP expenses, management believes that it is important for
investors to understand that such intangible assets were recorded as part of
purchase accounting and contribute to revenue generation. Amortization of
intangible assets that relate to past acquisitions will recur in future periods
until such intangible assets have been fully amortized. Any future acquisitions
may result in the amortization of additional intangible assets.
15
News Release
Fiserv, Inc.
Full Year Forward-Looking Non-GAAP Financial Measures
Reconciliations of unaudited non-GAAP financial measures to the most comparable
GAAP measures are included in this news release, except for forward-looking
measures where a reconciliation to the corresponding GAAP measures is not
available due to the variability, complexity and limited visibility of these
items that are excluded from the non-GAAP outlook measures. The company’s
forward-looking non-GAAP financial measures for 2026, including organic revenue
and adjusted earnings per share, are designed to enhance shareholders’ ability
to evaluate the company’s performance by excluding certain items to focus on
factors and trends affecting its business.
Organic Revenue - The company’s organic revenue outlook for 2026 excludes the
impact of foreign currency fluctuations, acquisitions, dispositions and the
impact of the company’s postage reimbursements. The currency impact is measured
as the increase or decrease in the expected adjusted revenue for the period by
applying prior period foreign currency exchange rates to present a constant
currency comparison to prior periods.
Change
2026 GAAP Revenue -1.5%) - (0.5%
Postage reimbursements 0%
2026 Adjusted revenue -1.5%) - (0.5%
Currency impact 0%
Acquisition adjustments -0.5%
Disposition adjustments 1%
2026 Organic revenue (1%) - 0%
Adjusted Earnings Per Share - The company’s adjusted earnings per share outlook
for 2026 excludes certain non-cash or other items such as certain non-cash
impairment charges; non-cash intangible asset amortization expense associated
with acquisitions; merger and integration costs; severance costs; certain
transformation related expenses associated with the company’s One Fiserv action
plan; gains or losses from the sale of businesses, certain assets and
investments; net gains associated with early debt extinguishments; and certain
discrete tax items.
The company estimates that amortization expense in 2026 with respect to acquired
intangible assets will be relatively consistent with the amount incurred in
2025. Other adjustments to the company’s financial measures that were incurred
for the three and nine months ended September 30, 2026 and 2025 are presented in
this news release; however, they are not necessarily indicative of adjustments
that may be incurred throughout the remainder of 2026 or beyond. Estimates of
these impacts and adjustments on a forward-looking basis are not available due
to the variability, complexity and limited visibility of these items.
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