Visa posts Q2 2026 revenue of $11.2B, EPS $3.14
Visa Inc. reported strong fiscal second quarter 2026 results.
Rhea-AI Filing Summary
Visa Inc. reported strong fiscal second quarter 2026 results. Net revenue was $11.2 billion, up 17% year over year, driven by higher payments volume, cross-border activity and processed transactions. GAAP net income was $6.0 billion, or $3.14 per diluted share, increases of 32% and 36%.
Excluding litigation, acquisition-related items and investment losses, non-GAAP net income was $6.3 billion and non-GAAP EPS was $3.31, up 17% and 20%. Payments volume rose 9% in constant dollars, total cross-border volume grew 12%, and processed transactions reached 66.1 billion, up 9%.
GAAP operating expenses fell 4% mainly due to a lower litigation provision, while non-GAAP operating expenses rose 17%, largely from higher personnel and marketing spend. Visa returned $9.2 billion through share repurchases and dividends, including buying about 25 million class A shares for $7.9 billion at an average price of $320.66.
The board authorized a new $20.0 billion multi-year share repurchase program and declared a quarterly cash dividend of $0.670 per share, payable June 1, 2026, to holders of record on May 12, 2026. Visa also issued $3.0 billion of senior notes, completed acquisitions of Prisma and Newpay in Argentina, deposited $125 million into a litigation escrow account and launched an exchange offer for its class B-1 and B-2 common stock.
Positive
- Strong earnings and revenue growth: Q2 2026 net revenue rose 17% to $11.2B, GAAP EPS increased 36% to $3.14, and non-GAAP EPS grew 20% to $3.31, supported by broad-based volume gains.
- Significant capital returns and new authorization: Share repurchases and dividends totaled $9.2B in the quarter, and the board approved a new $20.0B multi-year class A share repurchase program.
- Robust payments and cross-border trends: Payments volume grew 9%, total cross-border volume 12%, and processed transactions 9%, indicating healthy underlying transaction activity.
- Solid cash generation despite high payouts: Net cash from operating activities reached $9.8B in the first six months of fiscal 2026, supporting dividends, buybacks and strategic actions.
Negative
- None.
Insights
Visa delivers double-digit growth, expanding earnings and capital returns.
Visa generated Q2 2026 net revenue of $11.2B, up 17%, with GAAP EPS rising 36% to $3.14 and non-GAAP EPS up 20% to $3.31. Growth was supported by payments volume up 9%, total cross-border volume up 12%, and processed transactions of 66.1 billion, up 9%.
Profitability benefited from a lower litigation provision versus the prior year, pushing GAAP operating expenses down 4%, although underlying non-GAAP operating expenses rose 17% due to higher personnel and marketing costs. Cash generation remained robust, with net cash from operating activities of $9.8B in the first six months of fiscal 2026.
Capital allocation was aggressive: share repurchases and dividends totaled $9.2B in the quarter, including repurchasing about 25 million class A shares for $7.9B, and the board approved a new $20.0B multi-year buyback. New $3.0B senior notes and a $125M litigation escrow deposit, plus the Prisma and Newpay acquisitions in Argentina, highlight ongoing balance-sheet and strategic activity whose longer-term effects will be seen in subsequent periods.
8-K Event Classification
3 items: 2.02, 8.01, 9.01
3 items
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, or exhibit attachments filed with this report.
Key Figures
Net revenue: $11.2B
GAAP net income: $6.0B
GAAP diluted EPS: $3.14
+5 more
8 metrics
Net revenue
$11.2B
Fiscal Q2 2026, up 17% year over year
GAAP net income
$6.0B
Fiscal Q2 2026, up 32% year over year
GAAP diluted EPS
$3.14
Fiscal Q2 2026, up 36% year over year
Non-GAAP diluted EPS
$3.31
Fiscal Q2 2026, up 20% year over year
Share repurchases
$7.9B
About 25M class A shares in quarter at $320.66 average
New buyback authorization
$20.0B
New multi-year class A share repurchase program
Quarterly dividend
$0.670/share
Payable June 1, 2026 to holders of record May 12, 2026
Cash, cash equivalents and investment securities
$14.2B
Balance as of March 31, 2026
Key Terms
non-GAAP, constant-dollar basis, litigation provision, share repurchase program, +2 more
6 terms
non-GAAP financial
"Excluding these items and related tax impacts, non-GAAP net income for the quarter was $6.3 billion or $3.31 per share"
Non-GAAP refers to financial measures that companies use to show their earnings or performance without including certain expenses or income that are often added back to give a different picture. It matters because it can make a company's results look better or more favorable, but it may also hide important costs, so investors need to look at both GAAP (official rules) and non-GAAP numbers to get a full understanding.
constant-dollar basis financial
"Net revenue increased 16% 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.
litigation provision financial
"Current year's results included a special item of $311 million for a litigation provision associated with the interchange multidistrict litigation"
exchange offer financial
"Visa announced the commencement of an exchange offer for any and all outstanding shares of its class B-1 common stock and class B-2 common stock"
An exchange offer is a proposal where a company asks investors to swap existing securities, like bonds or shares, for new ones, often with different terms or maturity dates. It matters to investors because it can affect the value of their holdings and the company's financial strategy, potentially providing benefits like better interest rates or reduced debt.
U.S. retrospective responsibility plan financial
"litigation escrow account, which was previously established under the Company’s U.S. retrospective responsibility plan"
Earnings Snapshot
Net revenue: $11,230M
Fiscal Q2 2026
Net revenue
$11,230M
+17% YoY
GAAP net income
$6,021M
+32% YoY
GAAP diluted EPS
$3.14
+36% YoY
Non-GAAP net income
$6,342M
+17% YoY
Non-GAAP diluted EPS
$3.31
+20% YoY
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How did Visa (V) perform financially in its fiscal Q2 2026?
Visa reported strong fiscal Q2 2026 results, with net revenue of $11.2 billion, up 17% year over year, and GAAP net income of $6.0 billion. GAAP diluted earnings per share were $3.14, while non-GAAP diluted EPS reached $3.31, up 20%.
What were the key business drivers for Visa (V) in Q2 2026?
Visa’s growth was driven by higher transaction activity. Payments volume rose 9% in constant dollars, total cross-border volume increased 12%, and processed transactions reached 66.1 billion, up 9%. These trends supported the 17% increase in quarterly net revenue to $11.2 billion.
How did Visa’s operating expenses and litigation items impact Q2 2026 results?
GAAP operating expenses were $4.0 billion, down 4% year over year, primarily due to a lower litigation provision. The quarter included a $311 million litigation provision and other adjustments; excluding these, non-GAAP operating expenses increased 17%, mainly from higher personnel and marketing costs.
What balance sheet and financing moves did Visa (V) make in early 2026?
Visa issued $3.0 billion of fixed-rate senior notes with maturities between three and ten years and rates from 3.8% to 4.7%. It also deposited $125 million into a litigation escrow account and ended March 31, 2026 with $14.2 billion in cash, cash equivalents and investment securities.
What strategic acquisitions did Visa (V) complete in Argentina?
In February 2026, Visa acquired Prisma Medios de Pago S.A.U. and Newpay S.A.U. in Argentina. Prisma provides card issuer processing, while Newpay operates real-time payments, the Banelco ATM network and bill payment platform PagoMisCuentas, enhancing Visa’s presence in the country.
AI-generated analysis. How Rhea-AI works. Not financial advice.
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): April 28, 2026
(Exact name of Registrant as Specified in Its Charter)
| (State or Other Jurisdiction of Incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| (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 class | Trading symbol | Name of each exchange on which registered | ||||||||||||
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 April 28, 2026, Visa Inc. (the "Company") issued an earnings release announcing financial results for the Company's fiscal second quarter ended March 31, 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 April 28, 2026, the Company will host a conference call to discuss its fiscal second quarter ended March 31, 2026 financial results.
Item 8.01 Other Events.
On April 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 June 1, 2026, to all holders of record as of May 12, 2026.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
99.1 | Earnings Release of Visa Inc., dated April 28, 2026 | |||||||
| 104 | Cover 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: | April 28, 2026 | By: | /s/ Chris Suh | ||||||||||||||
Chris Suh Chief Financial Officer | |||||||||||||||||
 | ||
Visa Reports Fiscal Second Quarter 2026 Results | ||
San Francisco, CA, April 28, 2026 – Visa (NYSE: V) | ||
•GAAP net income of $6.0B or $3.14 per share and non-GAAP net income of $6.3B or $3.31 per share | ||
•Net revenue of $11.2B, an increase of 17%, or 16% on a constant-dollar basis | ||
•Growth in payments volume, cross-border volume and processed transactions was strong | ||
•Share repurchases and dividends of $9.2B | ||
•The board of directors authorized a new $20.0B multi-year share repurchase program | ||
| Income Statement Summary | ||||||||||||||
| In billions, except percentages and per share data. % change is calculated over the comparable prior-year period. | Q2 2026 | Ryan McInerney, Chief Executive Officer, Visa, commented on the results: | ||||||||||||
| USD | % Change | |||||||||||||
Net Revenue | $11.2 | 17% | "Visa’s second quarter net revenue growth of 17% was the highest since 2022, driving GAAP EPS up 36% and non-GAAP EPS up 20%. Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement solutions and value-added services. Throughout the quarter, we continued to enhance our Visa as a Service stack, including with agentic and stablecoin capabilities, to further strengthen our position as the leading hyperscaler of payments globally and drive growth for years to come." | |||||||||||
GAAP Net Income | $6.0 | 32% | ||||||||||||
GAAP Earnings Per Share | $3.14 | 36% | ||||||||||||
Non-GAAP Net Income(1) | $6.3 | 17% | ||||||||||||
Non-GAAP Earnings Per Share(1) | $3.31 | 20% | ||||||||||||
(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 dollars | Q2 2026 | |||||||||||||
| Payments Volume | 9% | |||||||||||||
Cross-Border Volume Excluding Intra-Europe(2) | 11% | |||||||||||||
| Cross-Border Volume Total | 12% | |||||||||||||
| Processed Transactions | 9% | |||||||||||||
(2) Cross-border volume excluding transactions within Europe. | ||||||||||||||
Fiscal Second Quarter 2026 — Financial Highlights
GAAP net income in the fiscal second quarter was $6.0 billion or $3.14 per share, an increase of 32% and 36%, respectively, over prior year’s results. Current year's results included a special item of $311 million for a litigation provision associated with the interchange multidistrict litigation ("MDL") case and other legal matters. Current year's results also included $15 million of net losses from equity investments and $86 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year's results included a special item of $992 million for a litigation provision associated with the MDL case, $23 million of net losses from equity investments and $96 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 $3.31 per share, increases of 17% and 20%, respectively, over prior year’s results (refer to Non-GAAP Financial Measures for further details). GAAP earnings per share increase was approximately 35% 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 20% on a constant-dollar basis. All references to earnings per share assume fully diluted class A share count. | ||
Net revenue in the fiscal second quarter was $11.2 billion, an increase of 17%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenue increased 16% on a constant-dollar basis. | ||
Payments volume for the three months ended December 31, 2025, on which fiscal second quarter service revenue is recognized, increased 8% over the prior year on a constant-dollar basis. | ||
Payments volume for the three months ended March 31, 2026 increased 9% 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 March 31, 2026, increased 11% on a constant-dollar basis over the prior year. Total cross-border volume on a constant-dollar basis increased 12% over the prior year. | ||
Total processed transactions, which represent transactions processed by Visa, for the three months ended March 31, 2026, were 66.1 billion, a 9% increase over the prior year. | ||
Fiscal second quarter service revenue was $5.0 billion, an increase of 13% 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 18% over the prior year to $5.5 billion. International transaction revenue grew 10% over the prior year to $3.6 billion. Other revenue of $1.3 billion rose 41% over the prior year. Client incentives were $4.2 billion, up 14% over the prior year. | ||
GAAP operating expenses were $4.0 billion for the fiscal second quarter, a 4% decrease over the prior year's results, primarily driven by a decrease in the litigation provision. 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 personnel and marketing expenses. | ||
GAAP non-operating expense was $60 million for the fiscal second quarter, including $15 million of net equity investment losses. Excluding this item, non-GAAP non-operating expense was $45 million. | ||
GAAP effective income tax rate was 16.1% for the quarter ended March 31, 2026. Excluding the related tax impacts from the non-GAAP items noted above, the non-GAAP effective income tax rate was 16.4% for the quarter ended March 31, 2026. | ||
Cash, cash equivalents and investment securities were $14.2 billion at March 31, 2026. | ||
The weighted-average number of diluted shares of class A common stock outstanding was 1.92 billion for the quarter ended March 31, 2026. | ||
 | ||
2 | ||
Other Notable Items
On February 12, 2026, Visa issued fixed-rate senior notes in an aggregate principal amount of $3.0 billion with maturities ranging between 3 and 10 years, and interest rates from 3.8% to 4.7%. The Company intends to use the net proceeds for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness. | ||
On February 26, 2026, Visa deposited $125 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 and class B-2 common stock share counts at a volume-weighted average price of $312.44. | ||
In February 2026, Visa announced and completed its acquisition of Prisma Medios de Pago S.A.U. ("Prisma") and Newpay S.A.U. ("Newpay") in Argentina. Prisma provides credit, debit and prepaid card issuer processing. Newpay is a multi-network infrastructure provider that operates real-time payments services, the Banelco ATM network and the bill payment platform PagoMisCuentas. This transaction strengthens Visa's commitment to advancing payment innovation and modernizing financial infrastructure across the country. The transaction is subject to review by the Argentine competition authority. | ||
On April 13, 2026, Visa announced the commencement of an exchange offer for any and all outstanding shares of its class B-1 common stock and class B-2 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. The class B-1 and class B-2 exchange offer will expire at one minute after 11:59 p.m. New York City time on May 8, 2026, unless extended or earlier terminated by Visa. | ||
During the three months ended March 31, 2026, Visa repurchased approximately 25 million shares of class A common stock at an average cost of $320.66 per share for $7.9 billion. The Company had $13.2 billion of remaining authorized funds for share repurchases as of March 31, 2026. | ||
In April 2026, the board of directors authorized a new $20.0 billion multi-year class A common stock share repurchase program. The board of directors also 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 June 1, 2026, to all holders of record as of May 12, 2026. | ||
Fiscal Second Quarter 2026 Earnings Results Call Details | ||
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
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, financial outlook, and the results and impact of the class B-1 and class B-2 exchange offer. 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 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 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
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 Second Quarter 2026 — Financial Summary
INCOME STATEMENT SUMMARY | |||||||||||
| Three Months Ended March 31, 2026 | YoY Change | ||||||||||
| (in millions, except percentages and per share data) | |||||||||||
| GAAP | |||||||||||
| Revenue | |||||||||||
| Service revenue | $ | 4,981 | 13 | % | |||||||
| Data processing revenue | 5,543 | 18 | % | ||||||||
| International transaction revenue | 3,631 | 10 | % | ||||||||
| Other revenue | 1,320 | 41 | % | ||||||||
| Client incentives | (4,245) | 14 | % | ||||||||
| Net revenue | $ | 11,230 | 17 | % | |||||||
| Total operating expenses | $ | 3,996 | (4 | %) | |||||||
| Non-operating income (expense) | (60) | NM | |||||||||
| Effective income tax rate | 16.1 | % | 0 ppt | ||||||||
| Net income | $ | 6,021 | 32 | % | |||||||
| Earnings per share | $ | 3.14 | 36 | % | |||||||
Non-GAAP(1) | |||||||||||
| Total operating expenses | $ | 3,599 | 17 | % | |||||||
| Non-operating income (expense) | (45) | (267 | %) | ||||||||
| Effective income tax rate | 16.4 | % | 0 ppt | ||||||||
| Net income | $ | 6,342 | 17 | % | |||||||
| Earnings per share | $ | 3.31 | 20 | % | |||||||
(1) Refer to Non-GAAP Financial Measures for further details. | |||||||||||
NM - Not Meaningful | |||||||||||
KEY BUSINESS DRIVERS | |||||||||||
| YoY Change | |||||||||||
| Constant | Nominal | ||||||||||
| Payments volume | 9% | 11% | |||||||||
Cross-border volume excluding intra-Europe(2) | 11% | 17% | |||||||||
| Cross-border volume total | 12% | 21% | |||||||||
| Processed transactions | 9% | 9% | |||||||||
(2) Cross-border volume excluding transactions within Europe. | |||||||||||
| ||
5 | ||
Visa Consolidated Balance Sheets (unaudited) | ||
| ||
| March 31, 2026 | September 30, 2025 | ||||||||||
| (in millions, except per share data) | |||||||||||
| Assets | |||||||||||
| Cash and cash equivalents | $ | 12,404 | $ | 17,164 | |||||||
| Restricted cash equivalents—U.S. litigation escrow | 665 | 2,990 | |||||||||
| Investment securities | 1,509 | 1,833 | |||||||||
| Settlement receivable | 2,136 | 4,191 | |||||||||
| Accounts receivable | 3,405 | 3,126 | |||||||||
| Customer collateral | 4,292 | 3,625 | |||||||||
| Current portion of client incentives | 2,473 | 2,158 | |||||||||
| Prepaid expenses and other current assets | 4,741 | 2,679 | |||||||||
| Total current assets | 31,625 | 37,766 | |||||||||
| Investment securities | 308 | 999 | |||||||||
| Client incentives | 5,514 | 5,157 | |||||||||
| Property, equipment and technology, net | 4,778 | 4,236 | |||||||||
| Goodwill | 20,891 | 19,879 | |||||||||
| Intangible assets, net | 27,750 | 27,646 | |||||||||
| Other assets | 4,183 | 3,944 | |||||||||
| Total assets | $ | 95,049 | $ | 99,627 | |||||||
| Liabilities | |||||||||||
| Accounts payable | $ | 557 | $ | 555 | |||||||
| Settlement payable | 3,048 | 4,568 | |||||||||
| Customer collateral | 4,292 | 3,625 | |||||||||
| Accrued compensation and benefits | 1,392 | 1,863 | |||||||||
| Client incentives | 11,577 | 10,369 | |||||||||
| Accrued liabilities | 5,670 | 5,466 | |||||||||
| Current maturities of debt | 1,559 | 5,569 | |||||||||
| Accrued litigation | 981 | 3,033 | |||||||||
| Total current liabilities | 29,076 | 35,048 | |||||||||
| Long-term debt | 22,417 | 19,602 | |||||||||
| Deferred tax liabilities | 5,893 | 5,549 | |||||||||
| Other liabilities | 2,002 | 1,519 | |||||||||
| Total liabilities | 59,388 | 61,718 | |||||||||
| Equity | |||||||||||
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of March 31, 2026 and September 30, 2025 | 528 | 745 | |||||||||
Common stock, $0.0001 par value: | |||||||||||
Class A common stock, 1,660 and 1,691 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively | — | — | |||||||||
Class B-1 and B-2 total common stock, 125 shares issued and outstanding as of March 31, 2026 and September 30, 2025 | — | — | |||||||||
Class C common stock, 9 shares issued and outstanding as of March 31, 2026 and September 30, 2025 | — | — | |||||||||
| Right to recover for covered losses | (44) | (124) | |||||||||
| Additional paid-in capital | 22,033 | 21,934 | |||||||||
| Accumulated income | 13,122 | 15,106 | |||||||||
| Accumulated other comprehensive income (loss): | |||||||||||
| Investment securities | 5 | 12 | |||||||||
| Defined benefit pension and other postretirement plans | (24) | (32) | |||||||||
| Derivative instruments | (162) | (307) | |||||||||
| Foreign currency translation adjustments | 203 | 575 | |||||||||
| Total accumulated other comprehensive income (loss) | 22 | 248 | |||||||||
| Total equity | 35,661 | 37,909 | |||||||||
| Total liabilities and equity | $ | 95,049 | $ | 99,627 | |||||||
| ||
6 | ||
| Visa Consolidated Statements of Operations (unaudited) | ||
| ||
| Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| (in millions, except per share data) | |||||||||||||||||||||||
| Net revenue | $ | 11,230 | $ | 9,594 | $ | 22,131 | $ | 19,104 | |||||||||||||||
| Operating Expenses | |||||||||||||||||||||||
| Personnel | 1,841 | 1,657 | 3,605 | 3,470 | |||||||||||||||||||
| Marketing | 545 | 381 | 955 | 687 | |||||||||||||||||||
| Network and processing | 260 | 224 | 493 | 431 | |||||||||||||||||||
| Professional fees | 238 | 173 | 446 | 316 | |||||||||||||||||||
| Depreciation and amortization | 333 | 305 | 659 | 587 | |||||||||||||||||||
| General and administrative | 450 | 419 | 965 | 900 | |||||||||||||||||||
| Litigation provision | 329 | 1,000 | 1,037 | 1,044 | |||||||||||||||||||
| Total operating expenses | 3,996 | 4,159 | 8,160 | 7,435 | |||||||||||||||||||
| Operating income | 7,234 | 5,435 | 13,971 | 11,669 | |||||||||||||||||||
| Non-operating Income (Expense) | |||||||||||||||||||||||
| Interest expense | (178) | (158) | (372) | (340) | |||||||||||||||||||
| Investment income (expense) and other | 118 | 161 | 301 | 309 | |||||||||||||||||||
| Total non-operating income (expense) | (60) | 3 | (71) | (31) | |||||||||||||||||||
| Income before income taxes | 7,174 | 5,438 | 13,900 | 11,638 | |||||||||||||||||||
| Income tax provision | 1,153 | 861 | 2,026 | 1,942 | |||||||||||||||||||
| Net income | $ | 6,021 | $ | 4,577 | $ | 11,874 | $ | 9,696 | |||||||||||||||
| Basic Earnings Per Share | |||||||||||||||||||||||
| Class A common stock | $ | 3.15 | $ | 2.32 | $ | 6.18 | $ | 4.90 | |||||||||||||||
| Class B-1 common stock | $ | 4.87 | $ | 3.63 | $ | 9.58 | $ | 7.68 | |||||||||||||||
| Class B-2 common stock | $ | 4.75 | $ | 3.58 | $ | 9.36 | $ | 7.57 | |||||||||||||||
| Class C common stock | $ | 12.58 | $ | 9.29 | $ | 24.71 | $ | 19.62 | |||||||||||||||
| Basic Weighted-average Shares Outstanding | |||||||||||||||||||||||
| Class A common stock | 1,674 | 1,721 | 1,681 | 1,725 | |||||||||||||||||||
| Class B-1 common stock | 5 | 5 | 5 | 5 | |||||||||||||||||||
| Class B-2 common stock | 120 | 120 | 120 | 120 | |||||||||||||||||||
| Class C common stock | 9 | 9 | 9 | 9 | |||||||||||||||||||
| Diluted Earnings Per Share | |||||||||||||||||||||||
| Class A common stock | $ | 3.14 | $ | 2.32 | $ | 6.17 | $ | 4.90 | |||||||||||||||
| Class B-1 common stock | $ | 4.87 | $ | 3.63 | $ | 9.57 | $ | 7.67 | |||||||||||||||
| Class B-2 common stock | $ | 4.74 | $ | 3.58 | $ | 9.35 | $ | 7.56 | |||||||||||||||
| Class C common stock | $ | 12.57 | $ | 9.27 | $ | 24.68 | $ | 19.59 | |||||||||||||||
| Diluted Weighted-average Shares Outstanding | |||||||||||||||||||||||
| Class A common stock | 1,916 | 1,974 | 1,924 | 1,979 | |||||||||||||||||||
| Class B-1 common stock | 5 | 5 | 5 | 5 | |||||||||||||||||||
| Class B-2 common stock | 120 | 120 | 120 | 120 | |||||||||||||||||||
| Class C common stock | 9 | 9 | 9 | 9 | |||||||||||||||||||
| ||
7 | ||
| Visa Consolidated Statements of Cash Flows (unaudited) | ||
| ||
| Six Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| (in millions) | |||||||||||
| Operating Activities | |||||||||||
| Net income | $ | 11,874 | $ | 9,696 | |||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
| Client incentives | 8,514 | 7,531 | |||||||||
| Share-based compensation | 506 | 483 | |||||||||
| Depreciation and amortization | 659 | 587 | |||||||||
| Deferred income taxes | 18 | (86) | |||||||||
| VE territory covered losses | (28) | (24) | |||||||||
| (Gains) losses on equity investments, net | 22 | 98 | |||||||||
| Other | 22 | 65 | |||||||||
| Change in operating assets and liabilities: | |||||||||||
| Settlement receivable | 2,038 | 132 | |||||||||
| Accounts receivable | (237) | (156) | |||||||||
| Client incentives | (7,762) | (7,190) | |||||||||
| Other assets | (1,851) | (400) | |||||||||
| Accounts payable | (25) | (45) | |||||||||
| Settlement payable | (1,696) | (155) | |||||||||
| Accrued and other liabilities | (214) | (796) | |||||||||
| Accrued litigation | (2,052) | 351 | |||||||||
| Net cash provided by (used in) operating activities | 9,788 | 10,091 | |||||||||
| Investing Activities | |||||||||||
| Purchases of property, equipment and technology | (761) | (672) | |||||||||
| Purchases of investment securities | (50) | — | |||||||||
| Proceeds from maturities and sales of investment securities | 1,025 | 2,268 | |||||||||
| Acquisitions, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired | (705) | (887) | |||||||||
| Purchases of other investments | (28) | (24) | |||||||||
| Other investing activities | 2 | (25) | |||||||||
| Net cash provided by (used in) investing activities | (517) | 660 | |||||||||
| Financing Activities | |||||||||||
| Repurchases of class A common stock | (11,625) | (8,607) | |||||||||
| Repayments of debt | (4,000) | — | |||||||||
| Dividends paid | (2,579) | (2,334) | |||||||||
| Proceeds from issuance of senior notes | 2,995 | — | |||||||||
| Proceeds from stock issued under equity plans | 133 | 246 | |||||||||
| Taxes paid related to stock issued under equity plans | (268) | (242) | |||||||||
| Other financing activities | (52) | (198) | |||||||||
| Net cash provided by (used in) financing activities | (15,396) | (11,135) | |||||||||
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (156) | (243) | |||||||||
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (6,281) | (627) | |||||||||
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 | $ | 18,706 | $ | 19,136 | |||||||
| Supplemental Disclosure | |||||||||||
Cash paid for income taxes, net(1) | $ | 3,984 | $ | 3,055 | |||||||
| Interest payments on debt | $ | 261 | $ | 261 | |||||||
| Accruals related to purchases of property, equipment and technology | $ | 125 | $ | 60 | |||||||
(1) For the six months ended March 31, 2026 and 2025, the amount includes cash paid for federal transferable tax credits of $1.8 billion and $1.3 billion, respectively. | |||||||||||
| ||
8 | ||
Visa Quarterly Results of Operations (unaudited) | ||
| ||
| Fiscal 2026 Quarter Ended | Fiscal 2025 Quarter Ended | ||||||||||||||||||||||||||||
| March 31, 2026 | December 31, 2025 | September 30, 2025 | June 30, 2025 | March 31, 2025 | |||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||
| Net revenue | $ | 11,230 | $ | 10,901 | $ | 10,724 | $ | 10,172 | $ | 9,594 | |||||||||||||||||||
| Operating Expenses | |||||||||||||||||||||||||||||
| Personnel | 1,841 | 1,764 | 1,742 | 1,749 | 1,657 | ||||||||||||||||||||||||
| Marketing | 545 | 410 | 576 | 421 | 381 | ||||||||||||||||||||||||
| Network and processing | 260 | 233 | 239 | 224 | 224 | ||||||||||||||||||||||||
| Professional fees | 238 | 208 | 256 | 187 | 173 | ||||||||||||||||||||||||
| Depreciation and amortization | 333 | 326 | 316 | 317 | 305 | ||||||||||||||||||||||||
| General and administrative | 450 | 515 | 544 | 482 | 419 | ||||||||||||||||||||||||
| Litigation provision | 329 | 708 | 903 | 615 | 1,000 | ||||||||||||||||||||||||
| Total operating expenses | 3,996 | 4,164 | 4,576 | 3,995 | 4,159 | ||||||||||||||||||||||||
| Operating income | 7,234 | 6,737 | 6,148 | 6,177 | 5,435 | ||||||||||||||||||||||||
| Non-operating Income (Expense) | |||||||||||||||||||||||||||||
| Interest expense | (178) | (194) | (210) | (39) | (158) | ||||||||||||||||||||||||
| Investment income (expense) and other | 118 | 183 | 285 | 195 | 161 | ||||||||||||||||||||||||
| Total non-operating income (expense) | (60) | (11) | 75 | 156 | 3 | ||||||||||||||||||||||||
| Income before income taxes | 7,174 | 6,726 | 6,223 | 6,333 | 5,438 | ||||||||||||||||||||||||
| Income tax provision | 1,153 | 873 | 1,133 | 1,061 | 861 | ||||||||||||||||||||||||
| Net income | $ | 6,021 | $ | 5,853 | $ | 5,090 | $ | 5,272 | $ | 4,577 | |||||||||||||||||||
| ||
9 | ||
| Visa Non-GAAP Financial Measures (unaudited) | ||
| ||
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 six months ended March 31, 2026 and 2025, we have excluded these amounts to facilitate a comparison to our past operating performance. | ||
•Deferred tax benefit. For the six months ended March 31, 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 six months ended March 31, 2025, we recorded severance costs within personnel expense to realign our organizational structure and focus on areas that will drive higher long-term growth. This broad-based optimization effort has been excluded as it is not representative of our ongoing operations. | ||
•Lease consolidation costs. For the six months ended March 31, 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. | ||
| ||
10 | ||
| Visa Non-GAAP Financial Measures (unaudited) - continued | ||
| ||
The following tables reconcile our GAAP to non-GAAP financial measures included in this release: | ||
| Three Months Ended March 31, 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 | $ | 3,996 | $ | (60) | $ | 1,153 | 16.1 | % | $ | 6,021 | $ | 3.14 | |||||||||||||||||||||||
| (Gains) losses on equity investments, net | — | 15 | 3 | 12 | 0.01 | ||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | (50) | — | 13 | 37 | 0.02 | ||||||||||||||||||||||||||||||
| Acquisition-related costs | (36) | — | 6 | 30 | 0.02 | ||||||||||||||||||||||||||||||
| Litigation provision | (311) | — | 69 | 242 | 0.13 | ||||||||||||||||||||||||||||||
| Non-GAAP | $ | 3,599 | $ | (45) | $ | 1,244 | 16.4 | % | $ | 6,342 | $ | 3.31 | |||||||||||||||||||||||
| Six Months Ended March 31, 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 | $ | 8,160 | $ | (71) | $ | 2,026 | 14.6 | % | $ | 11,874 | $ | 6.17 | |||||||||||||||||||||||
| (Gains) losses on equity investments, net | — | 22 | 5 | 17 | 0.01 | ||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | (104) | — | 27 | 77 | 0.04 | ||||||||||||||||||||||||||||||
| Acquisition-related costs | (48) | — | 7 | 41 | 0.02 | ||||||||||||||||||||||||||||||
| Litigation provision | (1,018) | — | 228 | 790 | 0.41 | ||||||||||||||||||||||||||||||
| Deferred tax benefit | — | — | 333 | (333) | (0.17) | ||||||||||||||||||||||||||||||
| Non-GAAP | $ | 6,990 | $ | (49) | $ | 2,626 | 17.4 | % | $ | 12,466 | $ | 6.48 | |||||||||||||||||||||||
| Three Months Ended March 31, 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 | $ | 4,159 | $ | 3 | $ | 861 | 15.8 | % | $ | 4,577 | $ | 2.32 | |||||||||||||||||||||||
| (Gains) losses on equity investments, net | — | 23 | 5 | 18 | 0.01 | ||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | (64) | — | 16 | 48 | 0.02 | ||||||||||||||||||||||||||||||
| Acquisition-related costs | (32) | — | 3 | 29 | 0.02 | ||||||||||||||||||||||||||||||
| Litigation provision | (992) | — | 222 | 770 | 0.39 | ||||||||||||||||||||||||||||||
| Non-GAAP | $ | 3,071 | $ | 26 | $ | 1,107 | 16.9 | % | $ | 5,442 | $ | 2.76 | |||||||||||||||||||||||
| ||
11 | ||
| Visa Non-GAAP Financial Measures (unaudited) - continued | ||
| ||
| Six Months Ended March 31, 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 | $ | 7,435 | $ | (31) | $ | 1,942 | 16.7 | % | $ | 9,696 | $ | 4.90 | |||||||||||||||||||||||
| (Gains) losses on equity investments, net | — | 98 | 22 | 76 | 0.04 | ||||||||||||||||||||||||||||||
| Amortization of acquired intangible assets | (110) | — | 27 | 83 | 0.04 | ||||||||||||||||||||||||||||||
| Acquisition-related costs | (66) | — | 5 | 61 | 0.03 | ||||||||||||||||||||||||||||||
| Severance costs | (213) | — | 45 | 168 | 0.08 | ||||||||||||||||||||||||||||||
| Lease consolidation costs | (39) | — | 9 | 30 | 0.02 | ||||||||||||||||||||||||||||||
| Litigation provision | (1,019) | — | 228 | 791 | 0.40 | ||||||||||||||||||||||||||||||
| Non-GAAP | $ | 5,988 | $ | 67 | $ | 2,278 | 17.3 | % | $ | 10,905 | $ | 5.51 | |||||||||||||||||||||||
(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. | ||
| ||
12 | ||