Fiserv (FISV) risk factors, FY2025 10-K

Fiserv's FY2025 10-K, filed Feb 19, 2026, lists 36 risk factors in 2 groups. Against the prior year's 32: 5 new, 1 dropped, 8 substantially reworded.

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Risk factors listed
362 groups
New this year
5vs 32 last year
Dropped
1since the prior 10-K
Substantially reworded
8of those kept
Section length
10k wordsItem 1A

What the changes say

  • Artificial intelligence now creates distinct accuracy, bias, third-party safeguard, litigation, and competitive risks across Fiserv’s products and operations.
  • One Fiserv, Clover, embedded finance, stablecoin, and other innovation investments add execution, regulatory, integration, demand, and return risks.
  • Variable-rate debt fell to $2.1 billion; a 1% rate increase would add approximately $21 million to annual interest expense.
  • International risks now expressly include regulatory changes, local market conditions, embargoes, and trade sanctions.

What changed since the prior 10-K

New

  • New

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

    AI-generated content, analyses, or recommendations could be inaccurate or biased, while inadequate third-party safeguards could create liability and reputational harm.

  • New

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

    The One Fiserv plan, including Clover, embedded finance, stablecoin, and AI initiatives, may require unexpected costs or fail to deliver expected benefits.

  • New

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

    Investments in embedded finance, stablecoin, and AI may face regulatory uncertainty, weak demand, integration problems, competition, or delayed and inadequate returns.

  • New

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

    Embedded finance exposes Fiserv to third-party performance, credit, consumer fraud, operational, and compliance risks ordinarily borne by financial institutions.

  • NewRegulatory and Compliance Risks

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

    Claims, securities and derivative complaints, governmental investigations, and disputes involving AI, new products, transactions, employees, or regulation could be costly and damaging.

Dropped

  • Dropped

    house. Further, our small merchant business clients may seek reduced fees due to pricing competition, their own financial condition or pressure from their customers

Reworded

  • 67% rewritten

    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

    Adds that competitors or third parties may adopt AI faster or more successfully, weakening Fiserv’s ability to compete.

    Was: 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, and our ability to grow may be limited

  • 62% rewritten

    If we are unable to renew contracts on favorable terms or if contracts are terminated prematurely, we could lose clients and our results of operations and financial condition may be adversely affected

    Removes the previously stated risk that larger clients might move services in-house, while retaining renewal, pricing, and service-reduction risks.

  • 57% rewrittenRegulatory and Compliance Risks

    An increase in interest rates may negatively impact our operating results and financial condition

    Variable-rate debt decreased from approximately $2.4 billion to $2.1 billion; a 1% rate increase is now quantified at approximately $21 million annually.

  • 41% rewrittenRegulatory and Compliance Risks

    Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets could negatively affect our results of operations

    Updates goodwill and intangible assets to approximately 60% of total assets at December 31, 2025 and clarifies impairment testing frequency.

    Was: Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets would negatively affect our results of operations

  • 41% rewrittenRegulatory and Compliance Risks

    The failure to attract and retain key personnel could have a material adverse effect on our business

    Recasts personnel consequences as delayed implementations, inability to develop products, and reduced ability to meet customer requirements.

  • 30% rewrittenOperational and Security Risks

    Our business is impacted by U.S. and global market and economic conditions

    Adds regulatory or policy changes and specifically lists embargoes, trade sanctions, and interest rates among economic risks.

  • 30% rewrittenOperational and Security Risks

    Our business may be adversely affected by geopolitical and other risks associated with operations outside of the U.S. and, as we continue to expand internationally, we may incur higher than anticipated costs and may become more susceptible to these risks

    Adds political or economic instability, regulatory or policy changes, and changing local market conditions to international operating risks.

  • 29% rewrittenOperational and Security Risks

    Potential tariffs or trade wars could increase the cost of our products, which could adversely impact the competitiveness of our products and our financial results

    Expands tariff exposure to products manufactured in the U.S. and exported abroad, and changes wording from manufacturing to procurement of hardware.

All 36 risk factors

Headings as the filing states them, in filing order.

Other

  1. 01We operate in a competitive business environment and may not be able to compete effectively
  2. 02If we fail to keep pace with technological change, including as a result of artificial intelligence, we could lose clients or have trouble attracting new clients67% rewritten
  3. 03We use artificial intelligence in our business, and challenges with properly managing its use could result in legal liability or reputational harmNew
  4. 04The One Fiserv action plan may not generate the benefits that we anticipateNew
  5. 05If we are unable to renew contracts on favorable terms or if contracts are terminated prematurely, we could lose clients and our results of operations and financial condition may be adversely affected62% rewritten
  6. 06Changes in card association and debit network fees or products could increase costs or otherwise limit our operations
  7. 07Our business depends, in part, on our merchant relationships and alliances, and if we are unable to maintain these relationships and alliances, our business may be adversely affected
  8. 08Consolidations in the banking and financial services industry could adversely affect our revenue by eliminating existing or potential clients and making us more dependent on fewer clients
  9. 09We make significant investments in emerging, innovative areas of financial services and technology that may not achieve expected returnsNew
  10. 10Our embedded finance business is an emerging product area that could expose us to liabilityNew

Operational and Security Risks

  1. 11Security incidents or other technological risks involving our systems and data, or those of our clients, partners or vendors, could expose us to liability or damage our reputation
  2. 12Operational failures and resulting interruptions in the availability of our products or services could harm our business and reputation
  3. 13Disruptions of operations of other participants in the global financial system could prevent us from delivering our products and services
  4. 14We rely on third parties to provide products and services and if we are unable to obtain such products or services in the future or if these third parties fail to perform these services adequately, our business may be materially and adversely affected
  5. 15We may experience software defects, development delays or installation difficulties, which would harm our business and reputation and expose us to potential liability
  6. 16Our business may be adversely affected by geopolitical and other risks associated with operations outside of the U.S. and, as we continue to expand internationally, we may incur higher than anticipated costs and may become more susceptible to these risks30% rewritten
  7. 17Our business is impacted by U.S. and global market and economic conditions30% rewritten
  8. 18Potential tariffs or trade wars could increase the cost of our products, which could adversely impact the competitiveness of our products and our financial results29% rewritten

Regulatory and Compliance Risks

  1. 19We have claims and lawsuits against us and have received governmental inquiries that may result in adverse outcomesNew
  2. 20If we or third parties with whom we partner or contract fail to comply with applicable laws and regulations, we could be subject to liability and our business could be harmed
  3. 21If we fail to comply with the applicable requirements of the payment card networks and Nacha, they could seek to fine us, suspend us or terminate our registrations, which could adversely affect our business
  4. 22A heightened regulatory environment in the financial services industry may have an adverse impact on our clients and our business
  5. 23Legislative or regulatory initiatives on cybersecurity and data privacy could adversely impact our business and financial results
  6. 24Failure to comply with state and federal antitrust requirements could adversely affect our business
  7. 25We may be sued for infringing the intellectual property rights of others
  8. 26Misappropriation of our intellectual property and proprietary rights could impair our competitive position
  9. 27Changes in tax laws and regulations could adversely affect our results of operations and cash flows from operations
  10. 28Unfavorable resolution of tax contingencies could adversely affect our results of operations and cash flows from operations
  11. 29The failure to attract and retain key personnel could have a material adverse effect on our business41% rewritten
  12. 30Losses due to chargebacks, refunds or returns could have a material adverse effect on our business, results of operations and financial condition
  13. 31Acquisitions subject us to risks, including assumption of unforeseen liabilities and difficulties in integrating operations
  14. 32We may be obligated to indemnify the purchasers of businesses pursuant to the terms of the relevant purchase and sale agreements
  15. 33Our balance sheet includes significant amounts of goodwill and intangible assets. The impairment of a significant portion of these assets could negatively affect our results of operations41% rewritten
  16. 34Existing or future leverage may harm our financial condition and results of operations
  17. 35An increase in interest rates may negatively impact our operating results and financial condition57% rewritten
  18. 36Our results of operations may be adversely affected by changes in foreign currency exchange rates

Other Fiserv 10-Ks

  • FY2024 10-K risk factors
    32 risks

    Fiserv faces intense competition and rapid technological changes, including artificial intelligence advancements, across its financial technology and payment systems markets.

    Filed Feb 20, 2025

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.