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Business Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Business Segment Information Business Segment Information
The Company’s operations are comprised of two reportable segments, the Merchant segment and the Financial segment. The businesses in the Merchant segment provide commerce-enabling products and services to companies of all sizes around the world. These products and services include merchant acquiring and digital commerce services; mobile payment services; security and fraud protection solutions; stored-value solutions; and pay-by-bank solutions. The business lines (operating segments) aggregated within the Merchant segment consist of the following:
•Small Business – provides products and services to small businesses and independent software vendors, including Clover®, the Company’s POS and business management platform for small business clients
•Enterprise – provides products and services to large businesses, including the Company’s integrated omnichannel operating system for enterprise clients
•Processing – provides products and services to financial institutions, joint ventures, and other third party resellers which have direct relationships with merchants
The Company distributes the products and services in the Merchant segment businesses through a variety of channels, including direct sales teams, strategic partnerships with agent sales forces, independent software vendors, financial institutions and other strategic partners in the form of joint venture alliances, revenue sharing alliances and referral agreements.
The businesses in the Financial segment provide products and services to financial institution, corporate and public sector clients across the world, enabling the processing of customer loan and deposit accounts, digital payments and card transactions. The business lines (operating segments) aggregated within the Financial segment consist of the following:
•Digital Payments – provides debit card processing services; debit network services; security and fraud protection products; bill payment; person-to-person payments; and account-to-account transfers
•Issuing – provides credit card processing services; prepaid card processing services; card production services; print services; government payment processing; and student loan processing
•Banking – provides customer loan and deposit account processing; digital banking; financial and risk management; professional services and consulting; and check processing

Corporate and Other supports the reportable segments described above, and consists of amortization of acquisition-related intangible assets, unallocated corporate expenses and other activities that are not considered when management evaluates
segment performance, such as gains or losses on sales of businesses, certain assets or investments; costs associated with acquisition and divestiture activity; certain services revenue associated with various dispositions; and postage reimbursements.
The Company’s Chief Executive Officer, who is also the Company’s CODM, assesses segment performance and makes strategic decisions on the allocation of resources. Additionally, the Company’s Chief Executive Officer provides oversight on business leadership and corporate strategy to the executive leadership team, who manages the day to day operations of the various business lines.
The CODM uses reportable segment operating income to evaluate segment performance and allocate resources, primarily during the annual budget and forecasting processes. The CODM regularly reviews variances between forecasted and actual results in assessing earnings, operational efficiency and growth performance, and allocating resources including personnel and capital allocations, to each reportable segment. There are no intersegment revenues contained within the respective reportable segment revenues.
Operating results for each reportable segment were as follows:
Reportable Segments
(In millions)MerchantFinancialTotal
Three Months Ended June 30, 2025
Revenues:
Processing and services revenue$2,285 $2,019 
Product revenue359 533 
Reportable segment revenue$2,644 $2,552 $5,196 
Corporate and Other revenue (1)
320 
Total Company revenue$5,516 
Expenses:
Personnel expenses (2)
349 504 
Direct costs (3)
897 219 
Depreciation and amortization expense113 127 
Other operating expense (4)
203 88 
Allocations from Corporate and Other (5)
168 370 
Reportable segment operating income$914 $1,244 $2,158 
Corporate and Other operating loss (6)
(462)
Interest expense, net(365)
Other expense, net (7)
(39)
Income before income taxes and loss from investments in unconsolidated affiliates$1,292 
Reportable Segments
(In millions)MerchantFinancialTotal
Three Months Ended June 30, 2024
Revenues:
Processing and services revenue$2,132 $2,003 
Product revenue278 376 
Reportable segment revenue$2,410 $2,379 $4,789 
Corporate and Other revenue (1)
318 
Total Company revenue$5,107 
Expenses:
Personnel expenses (2)
332 482 
Direct costs (3)
802 189 
Depreciation and amortization expense91 118 
Other operating expense (4)
146 103 
Allocations from Corporate and Other (5)
157 394 
Reportable segment operating income$882 $1,093 $1,975 
Corporate and Other operating loss (6)
(547)
Interest expense, net(285)
Other expense, net (7)
(5)
Income before income taxes and loss from investments in unconsolidated affiliates$1,138 
Reportable Segments
(In millions)MerchantFinancialTotal
Six Months Ended June 30, 2025
Revenues:
Processing and services revenue$4,338 $4,011 
Product revenue678 958 
Reportable segment revenue$5,016 $4,969 $9,985 
Corporate and Other revenue (1)
661 
Total Company revenue$10,646 
Expenses:
Personnel expenses (2)
679 1,002 
Direct costs (3)
1,720 408 
Depreciation and amortization expense209 249 
Other operating expense (4)
350 176 
Allocations from Corporate and Other (5)
334 742 
Reportable segment operating income$1,724 $2,392 $4,116 
Corporate and Other operating loss (6)
(1,025)
Interest expense, net(696)
Other expense, net (7)
(57)
Income before income taxes and loss from investments in unconsolidated affiliates$2,338 
Reportable Segments
(In millions)MerchantFinancialTotal
Six Months Ended June 30, 2024
Revenues:
Processing and services revenue$4,142 $3,988 
Product revenue521 676 
Reportable segment revenue$4,663 $4,664 $9,327 
Corporate and Other revenue (1)
663 
Total Company revenue$9,990 
Expenses:
Personnel expenses (2)
688 970 
Direct costs (3)
1,533 365 
Depreciation and amortization expense180 230 
Other operating expense (4)
297 210 
Allocations from Corporate and Other (5)
314 788 
Reportable segment operating income$1,651 $2,101 $3,752 
Corporate and Other operating loss (6)
(1,143)
Interest expense, net(546)
Other expense, net (7)
(12)
Income before income taxes and loss from investments in unconsolidated affiliates$2,051 
(1)Primarily includes postage reimbursements.
(2)Includes compensation and benefit costs of Company employees, as well as expenses paid to third parties for consulting and temporary help, net of capitalized software costs.
(3)Includes cost of goods sold, payments to distribution partners and other reselling costs.
(4)Includes data processing, facility, and marketing costs that are directly charged to the reportable segments.
(5)Represents centrally-managed costs, including sales, technology and administrative expenses, that are allocated to the reportable segments from Corporate and Other and are considered in the CODM’s evaluation of segment performance.
(6)Includes amortization of acquisition-related intangible assets; costs associated with acquisition and divestiture activity; unallocated corporate expenses; and gains or losses on sales of businesses.
(7)Includes foreign currency transaction gains and losses, gains or losses from a sale or change in fair value of investments in certain equity securities, and amounts related to debt guarantee arrangements of certain equity method investments.

Other significant items include:
Three Months Ended
June 30,		Six Months Ended
June 30,
(In millions)2025202420252024
Depreciation and amortization:
Merchant (1)
$127 $104 $239 $206 
Financial (1)
172 158 335 310 
Corporate and Other (2)
514 534 1,018 1,065 
Total Company$813 $796 $1,592 $1,581 
Capital expenditures, including capitalized software and other intangibles:
Merchant$150 $112 $245 $257 
Financial167 166 312 303 
Corporate and Other162 70 257 208 
Total Company$479 $348 $814 $768 
(1)Includes amortization associated with commissions, residual buyouts and deferred conversion costs included within personnel
expenses, direct costs and other operating expenses, respectively, in the segment operating results tables above.
(2)Primarily includes amortization of acquisition-related intangible assets, such as customer relationships, software/technology and trade names.
The Company does not evaluate the performance of or allocate resources to its reportable segments using asset data.