VVisa Inc.

In particular, the adoption The deployment and use of agentic commerce, in which autonomous AI agents initiate may also present technical, operational and execute transactions on behalf of users, presents novel and complex regulatory, privacy and cybersecurity risks. Legal frameworks governing such autonomous agents remain nascent, with limited direct guidance specific to payments. compliance challenges. The interplay between payments regulations, data privacy laws and evolving AI regulations may create uncertainty around compliance obligations and potential liability exposure as more participants (including sellers, fintechs, AI developers and enablers) enter the agentic commerce ecosystem. The market is still assessing how regulators may apply existing consumer protection and other laws in the context of AI. For example, as agentic commerce solutions scale, we may see increased instances of erroneous or disputed payments, increased chargebacks and reputational harm. Furthermore, reliance on agentic AI introduces challenges in monitoring cross-border, prohibited or high-risk transactions, where conflicting regulatory requirements may apply. The fragmented regulatory landscape for emerging technologies such as AI and inconsistent requirements across legal frameworks may amplify difficulties in identifying, preventing or mitigating risk with a single global approach, potentially increasing our compliance costs or stratifying our ability to leverage certain data or technologies for innovation. For instance, the EU has adopted a comprehensive AI Act that establishes established harmonized rules across Europe, with key provisions for most high-risk AI systems taking effect in August 2026. Meanwhile, 2027. In the U.S., several U.S. states, including California, Colorado and Utah, states have adopted AI-specific frameworks or are considering applying existing consumer and data protection laws to regulate AI. Depending on how these different regulations are interpreted and enforced, they may limit the our ability to develop and deploy AI systems or significantly increase associated compliance costs. Our development and implementation The introduction of governance frameworks aimed at complying with emerging laws and regulations applicable new or modified data use cases involving confidential or personal information, including through AI-enabled technologies, may result in sensitive data being exposed to our AI and machine learning systems may not be successful unauthorized access, exfiltration or retention by third-party providers, replicated into weakly governed derivative stores, or transferred across jurisdictions in mitigating all of these emerging risks. ways that raise data

Income taxes. The Company accounts for income taxes using the asset and liability method. Deferred tax assets and liabilities are recognized to reflect the future tax consequences attributable to for temporary differences between the financial statement carrying amounts and the respective tax basis of existing assets and liabilities, and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured carryforwards using enacted tax laws and rates expected to be applied to taxable income in apply when the periods in which those temporary differences amounts are expected to be recovered realized or settled. In assessing whether deferred Deferred tax assets are realizable, management considers whether reduced by a valuation allowance when, based on available evidence, including qualifying tax planning strategies, it is more likely than not that some portion or all of the deferred tax assets will not be realized. A valuation allowance is recorded for the portions that are not expected to be realized based on the level of historical taxable income, projections of future taxable income over the periods in which the temporary differences are deductible, and qualifying tax planning strategies.

Dividends. Common stock repurchases. During fiscal 2025, 2026, we declared and paid $4.6 billion in dividends to holders repurchased shares of our common and preferred stock. On October 28, 2025, our board of directors declared a quarterly cash dividend of $0.67 per share of class A common stock (determined in the case open market for $20.5 billion. As of all other outstanding common and preferred stock on an as-converted basis). We expect to continue paying quarterly dividends in cash, September 30, 2026, our share repurchase programs had remaining authorized funds of $24.4 billion. Share repurchases will be executed at prices we deem appropriate subject to approval by the board of directors. various factors, including market conditions and our financial performance, and may be effected through accelerated share repurchase programs, open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. See Note 15—Stockholders’ Equity to our consolidated financial statements included in Item 8 of this report.

On June 17, 2020, the Supreme Court of the United Kingdom UK found that Visa’s UK domestic interchange before the introduction of the Interchange Fee Regulation (IFR) restricted competition, a case which was subsequently settled. On November 26, 2021, the UK Competition Appeal Tribunal (CAT) found that the question of whether domestic interchange fees are a restriction of competition after the introduction of the IFR, along with inter-regional and commercial interchange fees across all time periods, would need to be resolved at trial. The trial, a ruling that was subsequently affirmed by the UK Court of Appeal affirmed the CAT’s ruling, and in February and March 2024, the CAT held Appeal. Following a trial to consider whether certain interchange rates are a restriction of competition. In April 2025, the CAT completed a trial regarding the extent to which interchange fees were passed 2024 trial, on by acquirers and merchants. On June 25, 27, 2025, the CAT issued a decision finding that certain interchange rates restrict competition under UK competition law, and Visa which has sought permission from been appealed. Following a 2025 trial, on February 18, 2026, the UK Court of Appeal to appeal CAT issued a decision finding that decision. merchants, except in certain categories, did not pass on interchange. The decision is being appealed.