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Visa (NYSE: V) Q3 2026 revenue up 14% as earnings rise

Filing Impact
(High)
Filing Sentiment
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Visa Inc. reported fiscal third quarter 2026 results for the period ended June 30, 2026. Net revenue was $11.6 billion, up 14% year over year, driven by double-digit growth in payments volume, cross-border activity and processed transactions. GAAP net income was $5.6 billion and earnings per share were $2.97, increases of 7% and 10%, respectively. On a non-GAAP basis, net income was $6.3 billion and EPS was $3.32, up 8% and 11%.

Revenue growth reflected service revenue of $4.9 billion, data processing revenue of $6.0 billion, international transaction revenue of $3.9 billion and other revenue of $1.5 billion, partly offset by $4.7 billion of client incentives. GAAP operating expenses rose 19% to $4.8 billion, including $563 million of severance, a $237 million litigation provision for the interchange multidistrict litigation, and $78 million of amortization and acquisition-related costs; excluding these and other items, non-GAAP operating expenses increased 17%.

Key business drivers on a constant-dollar basis included 10% growth in payments volume, 12% growth in cross-border volume excluding intra-Europe, and 10% growth in processed transactions to 71.7 billion. The board declared a quarterly cash dividend of $0.670 per share of class A common stock, payable September 1, 2026, and the company repurchased about 14.5 million class A shares for $4.9 billion during the quarter, leaving $28.4 billion authorized for future buybacks. Cash, cash equivalents and investment securities totaled $13.9 billion at June 30, 2026.

Positive

  • Net revenue rose 14% to $11.6 billion in fiscal Q3 2026, supported by double-digit growth in payments volume, cross-border activity and processed transactions.
  • GAAP EPS increased 10% to $2.97 and non-GAAP EPS 11% to $3.32, reflecting solid profitability despite higher operating expenses and special items.
  • Capital returns were $6.2 billion through share repurchases and dividends in the quarter, including buybacks of approximately 14.5 million class A shares for $4.9 billion.

Negative

  • None.

Filing Explained

$250 million in escrow is disclosed as insulating class A holders from certain litigation liability and reducing class B shares for EPS purposes.

This Form 8-K reports specified material events; here, it discloses that Visa's eligible class B-1 and class B-2 exchange offer settled on May 12, 2026, and that the company deposited $250 million into a U.S. litigation escrow on June 25, 2026.

The escrow was established under Visa's U.S. retrospective responsibility plan to insulate the company and class A common stockholders from financial liability for certain litigation cases; Visa says the deposit also reduced the as-converted class B share counts for earnings-per-share purposes.

Participating eligible class B holders exchanged their shares for a combination of class B-3 common stock, class C common stock and, where applicable, cash for fractional shares.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 8.01 Other Events Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net revenue $11.6 billion Fiscal third quarter 2026 net revenue, up 14% year over year
GAAP net income $5.6 billion Q3 2026 GAAP net income, a 7% increase from prior year
GAAP diluted EPS $2.97 Q3 2026 diluted earnings per share, up 10% year over year
Non-GAAP diluted EPS $3.32 Q3 2026 non-GAAP diluted EPS, up 11% year over year
Payments volume growth 10% Year-over-year increase in payments volume in constant dollars for the three months ended June 30, 2026
Processed transactions 71.7 billion Total processed transactions in Q3 2026, a 10% year-over-year increase
Share repurchases $4.9 billion Amount spent repurchasing approximately 14.5 million class A shares in the quarter ended June 30, 2026
Quarterly dividend $0.670 per share Cash dividend on class A common stock payable September 1, 2026 to holders of record August 11, 2026
constant-dollar basis financial
"Net revenue of $11.6B, an increase of 14%, or 13% on a constant-dollar basis"
Adjusting financial figures to a fixed year’s dollar value so they reflect real purchasing power rather than nominal amounts. This removes the effect of inflation, letting investors compare revenue, costs, or returns from different years as if prices had not changed — like measuring heights with the same ruler — so you can tell whether a company truly grew or just benefited from rising prices.
client incentives financial
"Client incentives were $4.7 billion, up 18% over the prior year"
litigation escrow account regulatory
"Visa deposited $250 million into its litigation escrow account"
U.S. retrospective responsibility plan regulatory
"previously established under the Company’s U.S. retrospective responsibility plan"
non-GAAP financial measures financial
"We use non-GAAP financial measures of our performance"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Net revenue $11.6 billion 14% year-over-year
GAAP net income $5.6 billion 7% year-over-year
GAAP diluted EPS $2.97 10% year-over-year
Non-GAAP diluted EPS $3.32 11% year-over-year

AI-generated analysis. How Rhea-AI works. Not financial advice.

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FAQ

What were Visa (V) net revenue and growth in fiscal Q3 2026?
Visa reported net revenue of $11.6 billion in fiscal Q3 2026, an increase of 14% year over year, driven by higher payments volume, cross-border volume and processed transactions on a constant-dollar basis.

How did Visa (V) earnings per share perform in fiscal Q3 2026?
GAAP diluted EPS was $2.97, up 10% year over year, while non-GAAP diluted EPS was $3.32, up 11%, reflecting strong underlying profitability after excluding severance, litigation, tax and other adjustment items.

What were the key volume drivers for Visa (V) in fiscal Q3 2026?
On a constant-dollar basis, Visa saw 10% growth in payments volume, 12% growth in cross-border volume excluding intra-Europe, 13% total cross-border growth, and 10% growth in processed transactions to 71.7 billion in the quarter.

How much did Visa (V) return to shareholders in fiscal Q3 2026?
Visa returned $6.2 billion to shareholders through share repurchases and dividends, including repurchases of about 14.5 million class A shares for $4.9 billion and a declared quarterly dividend of $0.670 per share.

What dividend did Visa (V) declare with these Q3 2026 results?
The board declared a quarterly cash dividend of $0.670 per share of class A common stock, payable on September 1, 2026, to shareholders of record as of August 11, 2026.

How did Visa (V) operating expenses change in fiscal Q3 2026?
GAAP operating expenses were $4.8 billion, up 19% year over year, including $563 million of severance, a $237 million litigation provision, and $78 million of amortization and acquisition-related costs; non-GAAP operating expenses increased 17%.

What was Visa (V) cash and investment position at June 30, 2026?
At June 30, 2026, Visa held $13.9 billion in cash, cash equivalents and investment securities, providing substantial financial resources alongside significant ongoing share repurchases and dividend payments.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
  
FORM 8-K
 
CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): July 28, 2026
 logoa14.gif 
VISA INC.
(Exact name of Registrant as Specified in Its Charter)
 
     
Delaware 001-33977 26-0267673
(State or Other Jurisdiction
of Incorporation)		 (Commission File Number) (IRS Employer
Identification No.)
   
P.O. Box 8999 
San Francisco,
California 94128-8999
(Address of Principal Executive Offices)(Zip Code)

Registrant’s Telephone Number, Including Area Code: (650) 432-3200

N/A
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading symbolName of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareVNew York Stock Exchange
2.250% Senior Notes due 2028V28New York Stock Exchange
2.000% Senior Notes due 2029V29New York Stock Exchange
3.125% Senior Notes due 2033V33New York Stock Exchange
2.375% Senior Notes due 2034V34New York Stock Exchange
3.500% Senior Notes due 2037V37New York Stock Exchange
3.875% Senior Notes due 2044V44New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐


If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02    Results of Operations and Financial Condition.
    On July 28, 2026, Visa Inc. (the "Company") issued an earnings release announcing financial results for the Company's fiscal third quarter ended June 30, 2026.
    A copy of the earnings release is attached hereto as Exhibit 99.1. All information in the earnings release is furnished but not filed.
    On July 28, 2026, the Company will host a conference call to discuss its fiscal third quarter ended June 30, 2026 financial results.

Item 8.01    Other Events.
    On July 28, 2026, the Company’s board of directors declared a quarterly cash dividend in the amount of $0.670 per share of class A common stock (determined in the case of all other outstanding common and preferred stock on an as-converted basis), payable on September 1, 2026, to all holders of record as of August 11, 2026.

Item 9.01    Financial Statements and Exhibits.
(d) Exhibits

   
Exhibit
Number		Description
99.1
Earnings Release of Visa Inc., dated July 28, 2026
104Cover Page Interactive Data File (formatted as Inline XBRL)



SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
     
  VISA INC.
  
Date:
July 28, 2026
 By: 
/s/ Chris Suh
    
Chris Suh
Chief Financial Officer


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Visa Reports Fiscal Third Quarter 2026 Results
San Francisco, CA, July 28, 2026 – Visa (NYSE: V)
•GAAP net income of $5.6B or $2.97 per share and non-GAAP net income of $6.3B or $3.32 per share
•Net revenue of $11.6B, an increase of 14%, or 13% on a constant-dollar basis
•Growth in payments volume, cross-border volume and processed transactions was strong
•Share repurchases and dividends of $6.2B

Income Statement Summary
In billions, except percentages and per share data.
% change is calculated over the comparable prior-year period.		Q3 2026
Ryan McInerney, Chief Executive Officer, Visa, commented on the results:
USD% Change
Net Revenue
$11.614%


"Visa delivered a strong fiscal third quarter, with net revenue up 14% year-over-year, GAAP EPS up 10% and non-GAAP EPS up 11%. Consumer and business spending remains resilient, and our strategy continues to deliver strong performance across consumer payments, commercial and money movement solutions and value-added services. As the leading hyperscaler of payments globally, we are designing, building and shipping products at an increased velocity, positioning Visa, our clients and the ecosystem to capture the opportunities ahead and drive growth."
GAAP Net Income
$5.67%
GAAP Earnings Per Share
$2.9710%
Non-GAAP Net Income(1)
$6.38%
Non-GAAP Earnings Per Share(1)
$3.3211%
(1) Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented.
Key Business Drivers
YoY increase / (decrease), volume in constant dollarsQ3 2026
Payments Volume10%
Cross-Border Volume Excluding Intra-Europe(2)
12%
Cross-Border Volume Total13%
Processed Transactions10%
(2) Cross-border volume excluding transactions within Europe.


Fiscal Third Quarter 2026 — Financial Highlights
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GAAP net income in the fiscal third quarter was $5.6 billion or $2.97 per share, an increase of 7% and 10%, respectively, over prior year’s results. Current year's results included special items of $563 million for severance costs, $237 million for a litigation provision associated with the interchange multidistrict litigation ("MDL") case and $18 million for a deferred tax benefit recognized due to a change in the U.S. taxation of certain foreign earnings. Current year's results also included $9 million of net losses from equity investments and $78 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year's results included a special item of $615 million for a litigation provision associated with the MDL case and other legal matters, $35 million of net losses from equity investments and $73 million from the amortization of acquired intangible assets and acquisition-related costs. Excluding these items and related tax impacts, non-GAAP net income for the quarter was $6.3 billion or $3.32 per share, increases of 8% and 11%, respectively, over prior year’s results (refer to Non-GAAP Financial Measures for further details). GAAP earnings per share increase was approximately 9% on a constant-dollar basis, which excludes the impact of foreign currency fluctuations against the U.S. dollar. Non-GAAP earnings per share growth was approximately 11% on a constant-dollar basis. All references to earnings per share assume fully diluted class A share count.
Net revenue in the fiscal third quarter was $11.6 billion, an increase of 14%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenue increased 13% on a constant-dollar basis.
Payments volume for the three months ended March 31, 2026, on which fiscal third quarter service revenue is recognized, increased 9% over the prior year on a constant-dollar basis.
Payments volume for the three months ended June 30, 2026 increased 10% over the prior year on a constant-dollar basis.
Cross-border volume excluding transactions within Europe, which drives our international transaction revenue, for the three months ended June 30, 2026, increased 12% on a constant-dollar basis over the prior year. Total cross-border volume on a constant-dollar basis increased 13% over the prior year.
Total processed transactions, which represent transactions processed by Visa, for the three months ended June 30, 2026, were 71.7 billion, a 10% increase over the prior year.
Fiscal third quarter service revenue was $4.9 billion, an increase of 14% over the prior year, and is recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenue rose 17% over the prior year to $6.0 billion. International transaction revenue grew 6% over the prior year to $3.9 billion. Other revenue of $1.5 billion rose 45% over the prior year. Client incentives were $4.7 billion, up 18% over the prior year.
GAAP operating expenses were $4.8 billion for the fiscal third quarter, a 19% increase over the prior year's results, primarily driven by an increase in personnel expenses. GAAP operating expenses included the special items as well as the amortization of acquired intangible assets and acquisition-related costs in the current and prior year. Excluding these items, non-GAAP operating expenses increased 17% over the prior year, primarily driven by increases in marketing and personnel expenses.
GAAP non-operating expense was $44 million for the fiscal third quarter, including $9 million of net equity investment losses. Excluding this item, non-GAAP non-operating expense was $35 million.
GAAP effective income tax rate was 17.6% for the quarter ended June 30, 2026. Excluding the special item related to the deferred tax benefit and the related tax impacts from the non-GAAP items, the non-GAAP effective income tax rate was 18.4% for the quarter ended June 30, 2026.
Cash, cash equivalents and investment securities were $13.9 billion at June 30, 2026.
The weighted-average number of diluted shares of class A common stock outstanding was 1.90 billion for the quarter ended June 30, 2026.

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2

Other Notable Items
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On May 12, 2026, Visa settled its previously announced exchange offer for class B-1 common stock and class B-2 common stock (together, "eligible class B common stock"). The exchange offer allowed each participating holder of eligible class B common stock to exchange their shares of eligible class B common stock for a combination of Visa's class B-3 common stock, Visa's class C common stock and, where applicable, cash in lieu of fractional shares.
On June 25, 2026, Visa deposited $250 million into its litigation escrow account, which was previously established under the Company’s U.S. retrospective responsibility plan to insulate the Company and class A common stockholders from financial liability for certain litigation cases. This deposit has the same economic effect on earnings per share as repurchasing the Company's class A common stock as it reduced each of the as-converted class B-1 common stock, class B-2 common stock and class B-3 common stock share counts at a volume-weighted average price of $333.42.
During the three months ended June 30, 2026, Visa repurchased approximately 14.5 million shares of class A common stock at an average cost of $330.71 per share for $4.9 billion. The Company had $28.4 billion of remaining authorized funds for share repurchases as of June 30, 2026.
On July 28, 2026, the board of directors declared a quarterly cash dividend of $0.670 per share of class A common stock (determined in the case of all other outstanding common and preferred stock on an as-converted basis) payable on September 1, 2026, to all holders of record as of August 11, 2026.
Fiscal Third Quarter 2026 Earnings Results Call Details
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Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information and operational performance data, is available on the Visa Investor Relations website at investor.visa.com.

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3

Forward-Looking Statements
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This document contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth, anticipated timing and benefits of our acquisitions, and financial outlook. Forward-looking statements generally are identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “outlook,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict.
Actual results or outcomes, or the timing of our results or outcomes, could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to:
•impact of complex and evolving global regulations;
•increased scrutiny and regulation of the global payments industry;
•impact of government-imposed obligations and/or restrictions on international payments systems;
•impact of laws and regulations regarding the handling of personal data, including laws and regulations related to privacy, cybersecurity and AI;
•impact of tax examinations or disputes, or changes in tax laws;
•outcome of litigation or investigations;
•intense competition in our industry;
•dependence on our client and seller base, which may be costly to win, retain and develop;
•continued push to lower acceptance costs and challenge industry practices;
•dependence on relationships with financial institutions, acquirers, processors, sellers, payment facilitators, ecommerce platforms, fintechs and other third parties;
•our inability to maintain and enhance our brand;
•impact of global economic, political, market, health and social events or conditions;
•our ability to adjust to evolving corporate responsibility and sustainability matters and related regulations;
•exposure to significant risk of loss or reduction of liquidity due to our indemnification obligation to fund settlement losses of our clients;
•failure to anticipate, adapt to, or keep pace with, new technologies in the payments industry;
•a disruption, failure or breach of our networks or systems, including as a result of cyber incidents or attacks;
•our inability to achieve the anticipated benefits of our acquisitions, joint ventures or strategic investments;
•our inability to attract, hire and retain a highly qualified workforce, including key management;
•the conversions of our class B-1, B-2, B-3 and class C common stock or series A, B and C preferred stock into shares of class A common stock would result in voting dilution to, and could adversely impact the market price of, our existing class A common stock;
•differing interests between holders of our class B-1, B-2, B-3 and C common stock and series A, B and C preferred stock compared to our class A common stock concerning certain significant transactions; and
•other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2025, and any subsequent reports on Forms 10-Q and 8-K.
Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.
About Visa
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Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
Contacts
Investor Relations
Jennifer Como, 650-432-7644
InvestorRelations@visa.com
Media Relations
Fletcher Cook, 650-432-2990
Press@visa.com

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4

Fiscal Third Quarter 2026 — Financial Summary
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INCOME STATEMENT SUMMARY
Three Months Ended
June 30, 2026		YoY Change
(in millions, except percentages and per share data)
GAAP
Revenue
Service revenue$4,922 14%
Data processing revenue6,042 17%
International transaction revenue3,853 6%
Other revenue1,496 45%
Client incentives(4,680)18%
Net revenue$11,633 14%
Total operating expenses$4,756 19%
Non-operating income (expense)(44)(128%)
Effective income tax rate17.6%1 ppt
Net income$5,628 7%
Earnings per share$2.97 10%
Non-GAAP(1)
Total operating expenses$3,878 17%
Non-operating income (expense)(35)(119%)
Effective income tax rate18.4%1 ppt
Net income$6,296 8%
Earnings per share$3.32 11%
(1) Refer to Non-GAAP Financial Measures for further details.
KEY BUSINESS DRIVERS
YoY Change
ConstantNominal
Payments volume10%11%
Cross-border volume excluding intra-Europe(2)
12%14%
Cross-border volume total13%15%
Processed transactions10%10%
(2) Cross-border volume excluding transactions within Europe.

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5

Visa Consolidated Balance Sheets (unaudited)
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June 30,
2026		September 30,
2025
(in millions, except per share data)
Assets
Cash and cash equivalents$12,359 $17,164 
Restricted cash equivalents—U.S. litigation escrow888 2,990 
Investment securities1,433 1,833 
Settlement receivable2,400 4,191 
Accounts receivable3,527 3,126 
Customer collateral4,310 3,625 
Current portion of client incentives2,523 2,158 
Prepaid expenses and other current assets3,562 2,679 
Total current assets31,002 37,766 
Investment securities150 999 
Client incentives5,884 5,157 
Property, equipment and technology, net4,858 4,236 
Goodwill20,825 19,879 
Intangible assets, net27,532 27,646 
Other assets4,339 3,944 
Total assets$94,590 $99,627 
Liabilities
Accounts payable$553 $555 
Settlement payable3,277 4,568 
Customer collateral4,310 3,625 
Accrued compensation and benefits2,219 1,863 
Client incentives11,429 10,369 
Accrued liabilities5,409 5,466 
Current maturities of debt2,996 5,569 
Accrued litigation1,274 3,033 
Total current liabilities31,467 35,048 
Long-term debt20,862 19,602 
Deferred tax liabilities5,219 5,549 
Other liabilities1,864 1,519 
Total liabilities59,412 61,718 
Equity
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of June 30, 2026 and September 30, 2025
514 745 
Common stock, $0.0001 par value:
Class A common stock, 1,702 and 1,691 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively
— — 
Class B-1, B-2 and B-3 total common stock, 63 and 125 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively
— — 
Class C common stock, 18 and 9 shares issued and outstanding as of June 30, 2026 and September 30, 2025, respectively
— — 
Right to recover for covered losses(111)(124)
Additional paid-in capital22,168 21,934 
Accumulated income12,753 15,106 
Accumulated other comprehensive income (loss):
Investment securities2 12 
Defined benefit pension and other postretirement plans(25)(32)
Derivative instruments(129)(307)
Foreign currency translation adjustments6 575 
Total accumulated other comprehensive income (loss)(146)248 
Total equity35,178 37,909 
Total liabilities and equity$94,590 $99,627 

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6

Visa Consolidated Statements of Operations (unaudited)
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Three Months Ended
June 30,		Nine Months Ended
June 30,
2026202520262025
(in millions, except per share data)
Net revenue$11,633 $10,172 $33,764 $29,276 
Operating Expenses
Personnel 2,458 1,749 6,063 5,219 
Marketing 649 421 1,604 1,108 
Network and processing 280 224 773 655 
Professional fees 246 187 692 503 
Depreciation and amortization 367 317 1,026 904 
General and administrative 503 482 1,468 1,382 
Litigation provision253 615 1,290 1,659 
Total operating expenses 4,756 3,995 12,916 11,430 
Operating income 6,877 6,177 20,848 17,846 
Non-operating Income (Expense)
Interest expense(194)(39)(566)(379)
Investment income (expense) and other 150 195 451 504 
Total non-operating income (expense)(44)156 (115)125 
Income before income taxes 6,833 6,333 20,733 17,971 
Income tax provision1,205 1,061 3,231 3,003 
Net income $5,628 $5,272 $17,502 $14,968 
Basic Earnings Per Share
Class A common stock$2.97 $2.69 $9.15 $7.60 
Class B-1 common stock$4.59 $4.21 $14.18 $11.88 
Class B-2 common stock$4.47 $4.13 $13.85 $11.70 
Class B-3 common stock(1)
$4.47 $— $13.77 $— 
Class C common stock$11.87 $10.78 $36.58 $30.39 
Basic Weighted-average Shares Outstanding
Class A common stock1,673 1,709 1,678 1,720 
Class B-1 common stock3 5 4 5 
Class B-2 common stock53 120 98 120 
Class B-3 common stock(1)
34 — 11 — 
Class C common stock18 9 12 9 
Diluted Earnings Per Share
Class A common stock$2.97 $2.69 $9.14 $7.59 
Class B-1 common stock$4.59 $4.20 $14.17 $11.87 
Class B-2 common stock$4.47 $4.13 $13.83 $11.69 
Class B-3 common stock(1)
$4.47 $— $13.76 $— 
Class C common stock$11.86 $10.77 $36.55 $30.35 
Diluted Weighted-average Shares Outstanding
Class A common stock1,898 1,959 1,916 1,973 
Class B-1 common stock3 5 4 5 
Class B-2 common stock53 120 98 120 
Class B-3 common stock(1)
34 — 11 — 
Class C common stock18 9 12 9 
(1) No shares of class B-3 common stock were outstanding prior to the class B-1 and B-2 common stock exchange offer.

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Visa Consolidated Statements of Cash Flows (unaudited)
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Nine Months Ended
June 30,
20262025
(in millions)
Operating Activities
Net income$17,502 $14,968 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives13,194 11,503 
Share-based compensation728 706 
Depreciation and amortization1,026 904 
Deferred income taxes(638)347 
VE territory covered losses(108)(22)
(Gains) losses on equity investments, net31 133 
Other16 70 
Change in operating assets and liabilities:
Settlement receivable1,761 (211)
Accounts receivable(368)(334)
Client incentives(13,121)(11,253)
Other assets(832)(18)
Accounts payable(28)(14)
Settlement payable(1,436)619 
Accrued and other liabilities373 (1,199)
Accrued litigation(1,758)622 
Net cash provided by (used in) operating activities16,342 16,821 
Investing Activities
Purchases of property, equipment and technology(1,178)(1,093)
Purchases of investment securities(50)— 
Proceeds from maturities and sales of investment securities1,280 2,468 
Acquisitions, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired(705)(887)
Purchases of other investments(97)(41)
Other investing activities(5)(43)
Net cash provided by (used in) investing activities(755)404 
Financing Activities
Repurchases of class A common stock(16,430)(13,389)
Repayments of senior notes(5,565)— 
Dividends paid(3,852)(3,488)
Proceeds from issuance of senior notes2,995 3,924 
Net proceeds from issuance (repayments) of commercial paper1,496 — 
Proceeds from stock issued under equity plans204 341 
Taxes paid related to stock issued under equity plans(272)(254)
Other financing activities(116)(97)
Net cash provided by (used in) financing activities(21,540)(12,963)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
(266)416 
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
(6,219)4,678 
Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period
24,987 19,763 
Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period
$18,768 $24,441 
Supplemental Disclosure
Cash paid for income taxes, net(1)
$4,887 $3,587 
Interest payments on debt$600 $539 
Accruals related to purchases of property, equipment and technology$125 $51 
(1) For the nine months ended June 30, 2026 and 2025, the amount includes cash paid for federal transferable tax credits of $1.8 billion and $1.3 billion, respectively.
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Visa Quarterly Results of Operations (unaudited)
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Fiscal 2026 Quarter EndedFiscal 2025 Quarter Ended
June 30,
2026		March 31,
2026		December 31,
2025		September 30,
2025		June 30,
2025
(in millions)
Net revenue$11,633 $11,230 $10,901 $10,724 $10,172 
Operating Expenses
Personnel2,458 1,841 1,764 1,742 1,749 
Marketing649 545 410 576 421 
Network and processing280 260 233 239 224 
Professional fees246 238 208 256 187 
Depreciation and amortization367 333 326 316 317 
General and administrative503 450 515 544 482 
Litigation provision253 329 708 903 615 
Total operating expenses4,756 3,996 4,164 4,576 3,995 
Operating income6,877 7,234 6,737 6,148 6,177 
Non-operating Income (Expense)
Interest expense(194)(178)(194)(210)(39)
Investment income (expense) and other150 118 183 285 195 
Total non-operating income (expense)(44)(60)(11)75 156 
Income before income taxes6,833 7,174 6,726 6,223 6,333 
Income tax provision1,205 1,153 873 1,133 1,061 
Net income$5,628 $6,021 $5,853 $5,090 $5,272 

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Visa Non-GAAP Financial Measures (unaudited)
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We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. Constant-dollar financial measures are calculated by using a fixed current year U.S. dollar/foreign currency exchange rate for each local currency for the current and prior year periods, which eliminates the impact of foreign currency transactions in measuring financial performance. We consider non-GAAP measures useful to investors because they provide greater transparency into management’s view and assessment of our ongoing operating performance. Non-GAAP financial measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP.
We exclude the following from our GAAP financial results to arrive at our non-GAAP financial results:
•Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business.
•Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as technology and customer relationships acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount to facilitate an evaluation of our current operating performance and comparison to our past operating performance.
•Acquisition-related costs. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. These costs also include retention equity and deferred compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business.
•Litigation provision. Litigation provision includes significant accruals related to certain legal matters that are not covered by the U.S. retrospective responsibility plan or the Europe retrospective responsibility plan (uncovered legal matters) and additional accruals associated with the interchange multidistrict litigation which are covered by the U.S. retrospective responsibility plan (U.S. covered litigation). Litigation provision associated with these matters can vary significantly based on the facts and circumstances related to each matter and do not correlate to the underlying performance of our business. For the three and nine months ended June 30, 2026 and 2025, we have excluded these amounts to facilitate a comparison to our past operating performance.
•Deferred tax benefit. For the three and nine months ended June 30, 2026, we recorded a deferred tax benefit within income tax provision due to a change in the U.S. taxation of certain foreign earnings. We have excluded this one-time non-cash benefit as it is not representative of our ongoing operations.
•Severance costs. For the three and nine months ended June 30, 2026, and nine months ended June 30, 2025, we recorded severance costs within personnel expense resulting from actions taken to drive operational efficiencies and reinvest in high-growth opportunities. These costs have been excluded as they are not representative of our ongoing operations.
•Lease consolidation costs. For the nine months ended June 30, 2025, we recorded a charge within general and administrative expense associated with the consolidation of certain leased office spaces. We have excluded this amount as it does not reflect the underlying performance of our business.
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Visa Non-GAAP Financial Measures (unaudited) - continued
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The following tables reconcile our GAAP to non-GAAP financial measures included in this release:
Three Months Ended June 30, 2026
Operating
Expenses		Non-
operating
Income
(Expense)
Income
Tax
Provision(1)
Effective
Income
Tax Rate(2)
Net
Income
Diluted
Earnings Per Share(2)
(in millions, except percentages and per share data)
GAAP$4,756 $(44)$1,205 17.6%$5,628 $2.97 
(Gains) losses on equity investments, net— 9 2 7 — 
Amortization of acquired intangible assets(64)— 20 44 0.02 
Acquisition-related costs(14)— — 14 0.01 
Litigation provision(237)— 54 183 0.10 
Deferred tax benefit— — 18 (18)(0.01)
Severance costs(563)— 125 438 0.23 
Non-GAAP$3,878 $(35)$1,424 18.4%$6,296 $3.32 
Nine Months Ended June 30, 2026
Operating
Expenses		Non-
operating
Income
(Expense)
Income
Tax
Provision(1)
Effective
Income
Tax Rate(2)
Net
Income
Diluted
Earnings Per Share(2)
(in millions, except percentages and per share data)
GAAP$12,916 $(115)$3,231 15.6%$17,502 $9.14 
(Gains) losses on equity investments, net— 31 7 24 0.01 
Amortization of acquired intangible assets(168)— 47 121 0.06 
Acquisition-related costs(62)— 7 55 0.03 
Litigation provision(1,255)— 282 973 0.51 
Deferred tax benefit— — 351 (351)(0.18)
Severance costs(563)— 125 438 0.23 
Non-GAAP$10,868 $(84)$4,050 17.8%$18,762 $9.79 
Three Months Ended June 30, 2025
Operating
Expenses		Non-
operating
Income
(Expense)
Income
Tax
Provision(1)
Effective
Income
Tax Rate(2)
Net
Income
Diluted
Earnings Per Share(2)
(in millions, except percentages and per share data)
GAAP$3,995 $156 $1,061 16.7%$5,272 $2.69 
(Gains) losses on equity investments, net— 35 7 28 0.01 
Amortization of acquired intangible assets(54)— 14 40 0.02 
Acquisition-related costs(19)— 1 18 0.01 
Litigation provision(615)— 139 476 0.24 
Non-GAAP$3,307 $191 $1,222 17.3%$5,834 $2.98 

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Visa Non-GAAP Financial Measures (unaudited) - continued
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Nine Months Ended June 30, 2025
Operating
Expenses		Non-
operating
Income
(Expense)
Income
Tax
Provision(1)
Effective
Income
Tax Rate(2)
Net
Income
Diluted
Earnings Per Share(2)
(in millions, except percentages and per share data)
GAAP$11,430 $125 $3,003 16.7%$14,968 $7.59 
(Gains) losses on equity investments, net— 133 29 104 0.05 
Amortization of acquired intangible assets(164)— 41 123 0.06 
Acquisition-related costs(85)— 6 79 0.04 
Severance costs(213)— 45 168 0.08 
Lease consolidation costs(39)— 9 30 0.02 
Litigation provision(1,634)— 367 1,267 0.64 
Non-GAAP$9,295 $258 $3,500 17.3%$16,739 $8.49 
(1)Determined by applying applicable tax rates.
(2)Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.

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12

Source: View Original Filing on SEC EDGAR

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