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Business Segment Information
 9 Months Ended
Sep. 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 September 30, 2025
Revenues:
Processing and services revenue$2,274 $1,999 
Product revenue312 334 
Reportable segment revenue$2,586 $2,333 $4,919 
Corporate and Other revenue (1)
344 
Total Company revenue$5,263 
Expenses:
Personnel expenses (2)
352 498 
Direct costs (3)
886 200 
Depreciation and amortization expense111 128 
Other operating expense (4)
120 162 
Allocations from Corporate and Other (5)
155 354 
Reportable segment operating income$962 $991 $1,953 
Corporate and Other operating loss (6)
(517)
Interest expense, net(422)
Other expense, net (7)
(50)
Income before income taxes and income (loss) from investments in unconsolidated affiliates$964 
Reportable Segments
(In millions)MerchantFinancialTotal
Three Months Ended September 30, 2024
Revenues:
Processing and services revenue$2,198 $2,036 
Product revenue271 376 
Reportable segment revenue$2,469 $2,412 $4,881 
Corporate and Other revenue (1)
334 
Total Company revenue$5,215 
Expenses:
Personnel expenses (2)
325 496 
Direct costs (3)
792 191 
Depreciation and amortization expense92 118 
Other operating expense (4)
172 96 
Allocations from Corporate and Other (5)
157 368 
Reportable segment operating income$931 $1,143 $2,074 
Corporate and Other operating loss (6)
(472)
Interest expense, net(326)
Other expense, net (7)
(5)
Income before income taxes and income (loss) from investments in unconsolidated affiliates$1,271 
Reportable Segments
(In millions)MerchantFinancialTotal
Nine Months Ended September 30, 2025
Revenues:
Processing and services revenue$6,612 $6,010 
Product revenue990 1,292 
Reportable segment revenue$7,602 $7,302 $14,904 
Corporate and Other revenue (1)
1,005 
Total Company revenue$15,909 
Expenses:
Personnel expenses (2)
1,031 1,500 
Direct costs (3)
2,606 608 
Depreciation and amortization expense320 377 
Other operating expense (4)
470 338 
Allocations from Corporate and Other (5)
489 1,096 
Reportable segment operating income$2,686 $3,383 $6,069 
Corporate and Other operating loss (6)
(1,542)
Interest expense, net(1,118)
Other expense, net (7)
(107)
Income before income taxes and income (loss) from investments in unconsolidated affiliates$3,302 
Reportable Segments
(In millions)MerchantFinancialTotal
Nine Months Ended September 30, 2024
Revenues:
Processing and services revenue$6,340 $6,024 
Product revenue792 1,052 
Reportable segment revenue$7,132 $7,076 $14,208 
Corporate and Other revenue (1)
997 
Total Company revenue$15,205 
Expenses:
Personnel expenses (2)
1,013 1,466 
Direct costs (3)
2,325 556 
Depreciation and amortization expense272 348 
Other operating expense (4)
469 306 
Allocations from Corporate and Other (5)
471 1,156 
Reportable segment operating income$2,582 $3,244 $5,826 
Corporate and Other operating loss (6)
(1,615)
Interest expense, net(872)
Other expense, net (7)
(17)
Income before income taxes and income (loss) from investments in unconsolidated affiliates$3,322 
(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, residual payments to channel partners and other reselling costs.
(4)Includes data processing, facility, and marketing costs that are directly charged to the reportable segments. Includes in the Merchant
segment a gain of $89 million related to the distribution of certain merchant contracts for the redemption of a minority partner’s membership interest in the third quarter and first nine months of 2025 (see Note 11).
(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
September 30,		Nine Months Ended
September 30,
(In millions)2025202420252024
Depreciation and amortization:
Merchant (1)
$128 $114 $367 $320 
Financial (1)
169 160 504 470 
Corporate and Other (2)
503 515 1,521 1,580 
Total Company$800 $789 $2,392 $2,370 
Capital expenditures, including capitalized software and other intangibles:
Merchant$167 $147 $412 $404 
Financial181 153 493 456 
Corporate and Other159 102 416 310 
Total Company$507 $402 $1,321 $1,170 
(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.