Visa Reports Fiscal Fourth Quarter and Full-Year 2026 Results
Visa Reports Fiscal Fourth Quarter and Full-Year 2026 Results San Francisco, October 27, 2026 – Visa (NYSE: V) ─────────────────────────────────────────────────────────────── Fiscal Fourth Quarter Results: •GAAP net income of $6.0B or $3.19 per share and non-GAAP net income of $6.6B or $3.48 per share •Net revenue of $12.1B, an increase of 13% on a nominal and constant-dollar basis Fiscal Full-Year Results: •GAAP net income of $23.5B or $12.32 per share and non-GAAP net income of $25.3B or $13.27 per share •Net revenue of $45.9B, an increase of 15%, or 14% on a constant-dollar basis Other Highlights: •Fiscal fourth quarter growth in payments volume, cross-border volume and processed transactions remained strong •Share repurchases and dividends of $5.2B and $25.6B for fiscal fourth quarter and full-year, respectively •The board of directors increased Visa's quarterly cash dividend 16% to $0.780 per share
Income Statement Summary In billions, except percentages and per share Ryan data. % change McInerney,Chi… is calculated Executive over the Officer, comparable Visa,commented prior-year on the period. Q4 2026 Full-Year 2026 results: ────────────────────────────────────────────────────────────────────────────── USD % Change USD % Change "Visa delivered a milestone year. We achieved record net revenue of $46 billion, up 15%, the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions. In 2026, we also demonstrated that whenever technology changes Net Revenue $12.1 13% $45.9 15% commerce, we move with it, we anticipate what’s next, and we enable its growth as the leading hyperscaler of payments globally. The foundation of all of this is trust, which Visa brings with our scale, our network and our products. As we look to 2027 and beyond, trust is the next growth vector for Visa.” GAAP Net $6.0 18% $23.5 17% Income GAAP Earnings $3.19 22% $12.32 21% Per Share Non-GAAP Net $6.6 13% $25.3 12% Income(1) Non-GAAP Earnings Per $3.48 17% $13.27 16% Share(1) (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 Q4 2026 Full-Year 2026 constant dollars Payments 9% 9% Volume Cross-Border Volume 14% 12% Excluding Intra-Europe(… Cross-Border 14% 13% Volume Total Processed 10% 9% Transactions (2)Cross-bord… volume excluding transactions within Europe.
GAAP net income in the fiscal fourth quarter was $6.0 billion or $3.19 per share, an increase of 18% and22%,respectively, over prior year’s results. Current year's results included special items of $469 million for a litigation provision associated with the interchange multidistrict litigation ("MDL") case, $282 million related to the donation of investments to the Visa Foundation, and $37 million for a deferred tax expense recognized due to a change in the U.S. taxation of certain foreign earnings. Current year's results also included $155 million of net gains from equity investments and $75 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year's results included a special item of $899 million for a litigation provision associated with the MDL case and other legal matters, $46 million of net gains from equity investments and $66 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 $6.6 billion or $3.48 per share, an increase of 13% and 17%, respectively, over prior year’s results (refer to Non-GAAP Financial Measures for further details). GAAP earnings per share growth was approximately 22% 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 17% ona constant-dollar basis. All references to earnings per share assume fully diluted class A share count. Net revenue in the fiscal fourth quarter was $12.1 billion, an increase of 13%, 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 June 30, 2026, on which fiscal fourth quarter service revenue is recognized, increased 10% over the prior year on a constant-dollar basis. Payments volume for the three months ended September 30, 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 September 30, 2026, increased 14% on a constant-dollar basis over the prior year. Total cross-border volume on a constant-dollar basis increased 14% over the prior year. Total processed transactions, which represent transactions processed by Visa, for the three months ended September 30, 2026, were 74.2 billion, a 10% increase over the prior year. Fiscal fourth quarter service revenue was $5.3 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 16% over the prior year to $6.2 billion. International transaction revenue grew 8% over the prior year to $4.1 billion. Other revenue of $1.6 billion rose 40% over the prior year. Client incentives were $5.1 billion, up 21% over the prior year. GAAP operating expenses were $4.9 billion for the fiscal fourth quarter, a 7% increase over the prior year's results, primarily driven by an increase in general and administrative 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 12% over the prior year, primarily driven by increases in marketing and personnel expenses. GAAP non-operating income was $98 million for the fiscal fourth quarter, including $155 million of net equity investment gains. Excluding this item, non-GAAP non-operating expense was $57 million. GAAP effective income tax rate was 18.5% for the quarter ended September 30, 2026. Excluding the special item related to the deferred tax expense and the related tax impacts from the non-GAAP items, the non-GAAP effective income tax rate was 18.4% for the quarter ended September 30, 2026. Cash, cash equivalents and investment securities were $14.2 billion at September 30, 2026. The weighted-average number of diluted shares of class A common stock outstanding was 1.88 billion for the quarter ended September 30, 2026.
GAAP net income in the fiscal full-year 2026 was $23.5 billion or $12.32 per share, an increase of 17% and 21%, respectively, over prior year’s results. Current year’s results included special items of $1.7 billion for a litigation provision associated with the MDL case and other legal matters, $563 million for severance costs, $314 million for a deferred tax benefit recognized due to a change in the U.S. taxation of certain foreign earnings, and $282 million related to the donation of investments to the Visa Foundation. Current year's results also included $124 million of net gains from equity investments and $305 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year’s results included special items of $2.5 billion for a litigation provision associated with the MDL case and other legal matters, $213 million for severance costs, and $39 million for lease consolidation costs. Prior year's results also included $87 million of net losses from equity investments and $315 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 year was $25.3 billion or $13.27 per share, an increase of 12% and 16%, respectively, over prior year’s results (refer to Non-GAAP Financial Measures for further details). GAAP earnings per share growth was approximately 20% 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 15% on a constant-dollar basis. All references to earnings per share assume fully diluted class A share count. Net revenue in the fiscal full-year 2026 was $45.9 billion, an increase of 15%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenue increased 14% on a constant-dollar basis. Payments volume for the twelve months ended September 30, 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 twelve months ended September 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 twelve months ended September 30, 2026, were 281.3 billion, a 9% increase over the prior year. Fiscal full-year 2026 service revenue was $19.9 billion, an increase of 14% over the prior year. Data processing revenue rose 17% over the prior year to $23.4 billion. International transaction revenue grew 8% over the prior year to $15.3 billion. Other revenue of $5.7 billion rose 40% over the prior year. Client incentives were $18.3 billion, up 16% over the prior year. GAAP operating expenses were $17.8 billion for the fiscal full-year 2026, an 11% increase over the prior year's results, primarily driven by increases in personnel and marketing 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 16% over the prior year, primarily driven by increases in personnel and marketing expenses. GAAP non-operating expense was $17 million for the fiscal full-year 2026, including $124 million of net equity investment gains. Excluding this item, non-GAAP non-operating expense was $141 million. GAAP effective income tax rate was 16.3% for the fiscal full-year 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 17.9% for the fiscal full-year ended September 30, 2026. The weighted-average number of diluted shares of class A common stock outstanding was 1.91 billion for the fiscal full-year ended September 30, 2026.
On August 3, 2026, Visa announced it signed a definitive agreement to acquire BioCatch, a leading provider of behavioral-first, multi-signal fraud intelligence, for $2.4 billion in cash. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close by the end of the fiscal second quarter of 2027. On September 18, 2026, Visa deposited $405 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 $366.81. During the three months ended September 30, 2026, Visa repurchased approximately 11 million shares of class A common stock at an average cost of $369.12 per share for $4.0 billion. In the twelve months ended September 30, 2026, Visa repurchased a total of approximately 61 million shares of class A common stock at an average cost of $335.49 per share for $20.5 billion. The Company had $24.4 billion of remaining authorized funds for share repurchases as of September 30, 2026. On October 27, 2026, the board of directors declared an increase to Visa's quarterly cash dividend to $0.780 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 December 1, 2026, to all holders of record as of November 10, 2026.
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) todayto discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast atinvestor.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 atinvestor.visa.com.
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 (class B) 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 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. ──────────────────────────────────────────────────────────────────────────────
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.
Investor RelationsJennifer Media RelationsFletcher Cook, Contacts Como, 650-432-7644 650-432-2990 InvestorRelations@visa.com Press@visa.com
September 30, September 30, 2026 2025 ────────────────────────────────────────────────────────────────────────────── -in millions, except per share data Assets Cash and cash $ 12,938 $ 17,164 equivalents Restricted cash equivalents—U.S. 628 2,990 litigation escrow Investment 1,145 1,833 securities Settlement 2,029 4,191 receivable Accounts 3,749 3,126 receivable Customer 4,349 3,625 collateral Current portion of 2,492 2,158 client incentives Prepaid expenses and other current 3,156 2,679 assets Total current 30,486 37,766 assets Investment 94 999 securities Client incentives 6,098 5,157 Property, equipment and 5,066 4,236 technology, net Goodwill 20,801 19,879 Intangible assets, 27,370 27,646 net Other assets 4,445 3,944 Total assets $ 94,360 $ 99,627 Liabilities Accounts payable $ 606 $ 555 Settlement payable 2,861 4,568 Customer 4,349 3,625 collateral Accrued compensation and 2,391 1,863 benefits Client incentives 12,150 10,369 Accrued 5,525 5,466 liabilities Current maturities 2,716 5,569 of debt Accrued litigation 990 3,033 Total current 31,588 35,048 liabilities Long-term debt 19,355 19,602 Deferred tax 5,184 5,549 liabilities Other liabilities 2,122 1,519 Total liabilities 58,249 61,718 Equity Preferred stock and additional paid in-capital, $0.0001 par value, 507 745 5 shares issued and outstanding as of September 30, 2026 and 2025 Common stock and additional paid in-capital, $0.0001 par value:
Class A common stock, 1,728 and 1,691 shares issued and — — outstanding as of September 30, 2026 and 2025, respectively Class B-1, B-2 and B-3 total common stock, 63 and 125 shares issued and — — outstanding as of September 30, 2026 and 2025, respectively Class C common stock, 9 shares issued and outstanding as — — of September 30, 2026 and 2025 Additional paid-in 22,343 21,934 capital Right to recover -119 -124 for covered losses Accumulated income 13,632 15,106 Accumulated other comprehensive income (loss): Available-for-sale 1 12 debt securities Defined benefit pension and other -27 -32 postretirement plans Cash flow hedges -135 -307 Foreign currency translation -91 575 adjustments Total accumulated other -252 248 comprehensive income (loss) Total equity 36,111 37,909 Total liabilities $ 94,360 $ 99,627 and equity
Twelve Months Ended September 30, 2026 Operating Activities (in millions) 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 23,504 $ 20,058 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Client incentives 18,317 15,751 Share-based compensation 928 897 Depreciation and 1,403 1,220 amortization Deferred income taxes -631 152 VE territory covered losses -116 -28 (Gains) losses on equity investments, -124 87 net Other 306 94 Change in operating assets and liabilities: Settlement receivable 2,115 374 Accounts receivable -587 -542 Client incentives -17,705 -15,314 Other assets -582 160 Accounts payable 1 67 Settlement payable -1,833 -847 Accrued and other 772 -373 liabilities Accrued litigation -2,040 1,303 Net cash provided by (used in) operating 23,728 23,059 activities Investing Activities Purchases of property, equipment and -1,671 -1,482 technology Purchases of investment -50 — securities Proceeds from maturities and sales of 1,565 3,024 investment securities Acquisitions, net of cash, cash equivalents, restricted -705 -887 cash and restricted cash equivalents acquired Purchases of other -158 -68 investments Other investing activities 25 121 Net cash provided by (used in) investing -994 708 activities Financing Activities Repurchases of class A -20,451 -18,316 common stock Dividends paid -5,112 -4,634 Proceeds from stock issued under equity 304 396 plans Taxes paid related to stock issued under -289 -281 equity plans Repayments of senior notes -5,565 — Proceeds from issuance of 2,995 3,924 senior notes Other financing activities -123 -52 Net cash provided by (used in) financing -28,241 -18,963 activities Effect of exchange rate changes on cash, cash equivalents, -362 420 restricted cash and restricted cash equivalents Increase (decrease) in cash, cash equivalents, restricted -5,869 5,224 cash and restricted cash equivalents Cash, cash equivalents, restricted cash and restricted cash 24,987 19,763 equivalents as of beginning of period Cash, cash equivalents, restricted cash and restricted cash $ 19,118 $ 24,987 equivalents as of end of period Supplemental Disclosure Cash paid for income taxes, $ 5,684 $ 4,541 net(1) Interest payments on debt $ 720 $ 587 Charitable contributions of investments $ 282 $ — to the Visa Foundation Accruals related to purchases of $ 187 $ 59 property, equipment and technology (1)For each of the twelve months ended September 30, 2026 and 2025, the amount includes cash paid for clean energy tax credits of $1.9 billion.
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 twelve months ended September 30, 2026 and 2025, we have excluded these amounts to facilitate a comparison to our past operating performance. •Deferred tax benefit (expense).For the three and twelve months ended September 30, 2026, we recorded a deferred tax adjustment 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 amount as it is not representative of our ongoing operations. •Severance costs.For the twelve months ended September 30, 2026 and 2025, we recorded severance costs within personnel expense resulting from actions taken to drive operational efficiencies and reinvest in high-growth opportunities. These amounts have been excluded as they are not representative of our ongoing operations. •Charitable contributions.For the three and twelve months ended September 30, 2026, we donated investments to the Visa Foundation and recognized non-cash general and administrative expenses. We have excluded these amounts as they do not reflect the underlying performance of our business. •Lease consolidation costs.For the twelve months ended September 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.
The following tables reconcile our GAAP to non-GAAP financial measures included in this release:
(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.
Full text with the tables
Visa Reports Fiscal Fourth Quarter and Full-Year 2026 Results
San Francisco, October 27, 2026 – Visa (NYSE: V)
───────────────────────────────────────────────────────────────
Fiscal Fourth Quarter Results:
•GAAP net income of $6.0B or $3.19 per share and
non-GAAP net income of $6.6B or $3.48 per share
•Net revenue of $12.1B, an increase of 13% on a
nominal and constant-dollar basis
Fiscal Full-Year Results:
•GAAP net income of $23.5B or $12.32 per share and
non-GAAP net income of $25.3B or $13.27 per share
•Net revenue of $45.9B, an increase of 15%, or 14%
on a constant-dollar basis
Other Highlights:
•Fiscal fourth quarter growth in payments volume,
cross-border volume and processed transactions
remained strong
•Share repurchases and dividends of $5.2B and
$25.6B for fiscal fourth quarter and full-year,
respectively
•The board of directors increased Visa's quarterly
cash dividend 16% to $0.780 per share
Income
Statement
Summary
In billions,
except
percentages
and per share Ryan
data. % change McInerney,Chi…
is calculated Executive
over the Officer,
comparable Visa,commented
prior-year on the
period. Q4 2026 Full-Year 2026 results:
──────────────────────────────────────────────────────────────────────────────
USD % Change USD % Change
"Visa
delivered a
milestone
year. We
achieved
record net
revenue of $46
billion, up
15%, the
strongest
growth in over
15 years
excluding the
post-pandemic
recovery and
acquisitions.
In 2026, we
also
demonstrated
that whenever
technology
changes
Net Revenue $12.1 13% $45.9 15% commerce, we
move with it,
we anticipate
what’s next,
and we enable
its growth as
the leading
hyperscaler of
payments
globally. The
foundation of
all of this is
trust, which
Visa brings
with our
scale, our
network and
our products.
As we look to
2027 and
beyond, trust
is the next
growth vector
for Visa.”
GAAP Net $6.0 18% $23.5 17%
Income
GAAP Earnings $3.19 22% $12.32 21%
Per Share
Non-GAAP Net $6.6 13% $25.3 12%
Income(1)
Non-GAAP
Earnings Per $3.48 17% $13.27 16%
Share(1)
(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 Q4 2026 Full-Year 2026
constant
dollars
Payments 9% 9%
Volume
Cross-Border
Volume 14% 12%
Excluding
Intra-Europe(…
Cross-Border 14% 13%
Volume Total
Processed 10% 9%
Transactions
(2)Cross-bord…
volume
excluding
transactions
within Europe.
Fiscal Fourth Quarter 2026 — Financial Highlights
GAAP net income in the fiscal fourth quarter was $6.0 billion or $3.19 per
share, an increase of 18% and22%,respectively, over prior year’s results.
Current year's results included special items of $469 million for a
litigation provision associated with the interchange multidistrict
litigation ("MDL") case, $282 million related to the donation of investments
to the Visa Foundation, and $37 million for a deferred tax expense
recognized due to a change in the U.S. taxation of certain foreign earnings.
Current year's results also included $155 million of net gains from equity
investments and $75 million from the amortization of acquired intangible
assets and acquisition-related costs. Prior year's results included a
special item of $899 million for a litigation provision associated with the
MDL case and other legal matters, $46 million of net gains from equity
investments and $66 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 $6.6 billion or $3.48 per
share, an increase of 13% and 17%, respectively, over prior year’s results
(refer to Non-GAAP Financial Measures for further details). GAAP earnings
per share growth was approximately 22% 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 17% ona
constant-dollar basis. All references to earnings per share assume fully
diluted class A share count.
Net revenue in the fiscal fourth quarter was $12.1 billion, an increase of
13%, 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 June 30, 2026, on which fiscal
fourth quarter service revenue is recognized, increased 10% over the prior
year on a constant-dollar basis.
Payments volume for the three months ended September 30, 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 September 30,
2026, increased 14% on a constant-dollar basis
over the prior year. Total cross-border volume on
a constant-dollar basis increased 14% over the
prior year.
Total processed transactions, which represent
transactions processed by Visa, for the three
months ended September 30, 2026, were 74.2
billion, a 10% increase over the prior year.
Fiscal fourth quarter service revenue was $5.3
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 16% over the prior year to
$6.2 billion. International transaction revenue
grew 8% over the prior year to $4.1 billion. Other
revenue of $1.6 billion rose 40% over the prior
year. Client incentives were $5.1 billion, up 21%
over the prior year.
GAAP operating expenses were $4.9 billion for the
fiscal fourth quarter, a 7% increase over the
prior year's results, primarily driven by an
increase in general and administrative 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 12% over the
prior year, primarily driven by increases in
marketing and personnel expenses.
GAAP non-operating income was $98 million for the
fiscal fourth quarter, including $155 million of
net equity investment gains. Excluding this item,
non-GAAP non-operating expense was $57 million.
GAAP effective income tax rate was 18.5% for the
quarter ended September 30, 2026. Excluding the
special item related to the deferred tax expense
and the related tax impacts from the non-GAAP
items, the non-GAAP effective income tax rate was
18.4% for the quarter ended September 30, 2026.
Cash, cash equivalents and investment securities
were $14.2 billion at September 30, 2026.
The weighted-average number of diluted shares of
class A common stock outstanding was 1.88 billion
for the quarter ended September 30, 2026.
2
Fiscal Full-Year 2026 — Financial Highlights
GAAP net income in the fiscal full-year 2026 was $23.5 billion or $12.32 per
share, an increase of 17% and 21%, respectively, over prior year’s results.
Current year’s results included special items of $1.7 billion for a
litigation provision associated with the MDL case and other legal matters,
$563 million for severance costs, $314 million for a deferred tax benefit
recognized due to a change in the U.S. taxation of certain foreign earnings,
and $282 million related to the donation of investments to the Visa
Foundation. Current year's results also included $124 million of net gains
from equity investments and $305 million from the amortization of acquired
intangible assets and acquisition-related costs. Prior year’s results
included special items of $2.5 billion for a litigation provision associated
with the MDL case and other legal matters, $213 million for severance costs,
and $39 million for lease consolidation costs. Prior year's results also
included $87 million of net losses from equity investments and $315 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 year was $25.3 billion or $13.27 per share, an increase of 12% and
16%, respectively, over prior year’s results (refer to Non-GAAP Financial
Measures for further details). GAAP earnings per share growth was
approximately 20% 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 15% on a constant-dollar basis. All
references to earnings per share assume fully diluted class A share count.
Net revenue in the fiscal full-year 2026 was $45.9 billion, an increase of
15%, driven by the year-over-year growth in payments volume, cross-border
volume and processed transactions. Net revenue increased 14% on a
constant-dollar basis.
Payments volume for the twelve months ended September 30, 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 twelve months ended September 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 twelve
months ended September 30, 2026, were 281.3
billion, a 9% increase over the prior year.
Fiscal full-year 2026 service revenue was $19.9
billion, an increase of 14% over the prior year.
Data processing revenue rose 17% over the prior
year to $23.4 billion. International transaction
revenue grew 8% over the prior year to $15.3
billion. Other revenue of $5.7 billion rose 40%
over the prior year. Client incentives were $18.3
billion, up 16% over the prior year.
GAAP operating expenses were $17.8 billion for the
fiscal full-year 2026, an 11% increase over the
prior year's results, primarily driven by
increases in personnel and marketing 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 16% over the
prior year, primarily driven by increases in
personnel and marketing expenses.
GAAP non-operating expense was $17 million for the
fiscal full-year 2026, including $124 million of
net equity investment gains. Excluding this item,
non-GAAP non-operating expense was $141 million.
GAAP effective income tax rate was 16.3% for the
fiscal full-year 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 17.9% for
the fiscal full-year ended September 30, 2026.
The weighted-average number of diluted shares of
class A common stock outstanding was 1.91 billion
for the fiscal full-year ended September 30, 2026.
3
Other Notable Items
On August 3, 2026, Visa announced it signed a
definitive agreement to acquire BioCatch, a
leading provider of behavioral-first, multi-signal
fraud intelligence, for $2.4 billion in cash. The
transaction is subject to customary closing
conditions, including applicable regulatory
approvals, and is expected to close by the end of
the fiscal second quarter of 2027.
On September 18, 2026, Visa deposited $405 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
$366.81.
During the three months ended September 30, 2026,
Visa repurchased approximately 11 million shares
of class A common stock at an average cost of
$369.12 per share for $4.0 billion. In the twelve
months ended September 30, 2026, Visa repurchased
a total of approximately 61 million shares of
class A common stock at an average cost of $335.49
per share for $20.5 billion. The Company had $24.4
billion of remaining authorized funds for share
repurchases as of September 30, 2026.
On October 27, 2026, the board of directors
declared an increase to Visa's quarterly cash
dividend to $0.780 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 December 1, 2026,
to all holders of record as of November 10, 2026.
Fiscal Fourth Quarter and Full-Year 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) todayto discuss the
financial results and business highlights. All
interested parties are invited to listen to the
live webcast atinvestor.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
atinvestor.visa.com.
4
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, 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 (class B) 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 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.
Investor RelationsJennifer Media RelationsFletcher Cook,
Contacts Como, 650-432-7644 650-432-2990
InvestorRelations@visa.com Press@visa.com
5
Fiscal Fourth Quarter and Full-Year 2026 — Financial Summary
Thr… Twe…
Mon… Mon…
End… End…
IN… Sep… Sep…
ST… 30, 30,
SU… 2026 2026
──────────────────────────────────────────────────────────────────────────────
USD YoY USD YoY
Cha… Cha…
-in
mil…
exc…
per…
and
per
sha…
data
GA…
Re…
Se… $ 5,2… 14 % $ 19,… 14 %
re…
Da…
pr… 6,2… 16 % 23,… 17 %
re…
In…
tr… 4,1… 8 % 15,… 8 %
re…
Ot… 1,6… 40 % 5,6… 40 %
re…
Cl… -5,… 21 % -18… 16 %
in…
Net $ 12,… 13 % $ 45,… 15 %
re…
To…
op… $ 4,8… 7 % $ 17,… 11 %
ex…
No…
in… 98 32 % -17 (108 %)
(e…
Ef…
in… 18.5 % 0 16.3 % -1
tax ppt ppt
ra…
Net $ 6,0… 18 % $ 23,… 17 %
in…
Ea…
per $ 3.19 22 % $ 12.… 21 %
sh…
No…
To…
op… $ 4,0… 12 % $ 14,… 16 %
ex…
No…
in… -57 (294 %) -141 (149 %)
(e…
Ef…
in… 18.4 % 0 17.9 % 0
tax ppt ppt
ra…
Net $ 6,5… 13 % $ 25,… 12 %
in…
Ea…
per $ 3.48 17 % $ 13.… 16 %
sh…
(1…
to
No…
Fi…
Me…
for
fu…
de…
KEY
BU…
DR…
Thr… Twe…
Mon… Mon…
End… End…
Sep… Sep…
30, 30,
2026 2026
YoY
in… Con… Nom… Con… Nom…
/
(d…
Pa… 9% 9% 9% 10%
vo…
Cr…
vo… 14% 14% 12% 15%
ex…
in…
Cr…
vo… 14% 13% 13% 16%
to…
Pr… 10% 10% 9% 9%
tr…
(2…
vo…
ex…
tr…
wi…
Eu…
6
Visa Consolidated Balance Sheets (unaudited)
September 30, September 30,
2026 2025
──────────────────────────────────────────────────────────────────────────────
-in millions,
except per share
data
Assets
Cash and cash $ 12,938 $ 17,164
equivalents
Restricted cash
equivalents—U.S. 628 2,990
litigation escrow
Investment 1,145 1,833
securities
Settlement 2,029 4,191
receivable
Accounts 3,749 3,126
receivable
Customer 4,349 3,625
collateral
Current portion of 2,492 2,158
client incentives
Prepaid expenses
and other current 3,156 2,679
assets
Total current 30,486 37,766
assets
Investment 94 999
securities
Client incentives 6,098 5,157
Property,
equipment and 5,066 4,236
technology, net
Goodwill 20,801 19,879
Intangible assets, 27,370 27,646
net
Other assets 4,445 3,944
Total assets $ 94,360 $ 99,627
Liabilities
Accounts payable $ 606 $ 555
Settlement payable 2,861 4,568
Customer 4,349 3,625
collateral
Accrued
compensation and 2,391 1,863
benefits
Client incentives 12,150 10,369
Accrued 5,525 5,466
liabilities
Current maturities 2,716 5,569
of debt
Accrued litigation 990 3,033
Total current 31,588 35,048
liabilities
Long-term debt 19,355 19,602
Deferred tax 5,184 5,549
liabilities
Other liabilities 2,122 1,519
Total liabilities 58,249 61,718
Equity
Preferred stock
and additional
paid
in-capital,
$0.0001 par value, 507 745
5 shares
issued and
outstanding as of
September
30, 2026 and 2025
Common stock and
additional paid
in-capital,
$0.0001 par value:
Class A common
stock, 1,728 and
1,691
shares issued and — —
outstanding as of
September 30, 2026
and 2025,
respectively
Class B-1, B-2 and
B-3 total common
stock, 63 and 125
shares issued and — —
outstanding as of
September 30, 2026
and
2025, respectively
Class C common
stock, 9 shares
issued
and outstanding as — —
of September 30,
2026
and 2025
Additional paid-in 22,343 21,934
capital
Right to recover -119 -124
for covered losses
Accumulated income 13,632 15,106
Accumulated other
comprehensive
income
(loss):
Available-for-sale 1 12
debt securities
Defined benefit
pension and other -27 -32
postretirement
plans
Cash flow hedges -135 -307
Foreign currency
translation -91 575
adjustments
Total accumulated
other -252 248
comprehensive
income (loss)
Total equity 36,111 37,909
Total liabilities $ 94,360 $ 99,627
and equity
7
Visa Consolidated Statements of Operations
(unaudited)
Three
Months
Ended
Septem…
30,
2026
(in Twelve
millio… Months
except Ended
per Septem…
share 30,
data) 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 12,139 $ 10,724 $ 45,903 $ 40,000
reven…
Opera…
Expen…
Perso… 1,871 1,742 7,934 6,961
Marke… 711 576 2,315 1,684
Netwo…
and 293 239 1,066 894
proce…
Profe… 322 256 1,014 759
fees
Depre…
and 377 316 1,403 1,220
amort…
Gener…
and 829 544 2,297 1,926
admin…
Litig… 474 903 1,764 2,562
provi…
Total
opera… 4,877 4,576 17,793 16,006
expen…
Opera… 7,262 6,148 28,110 23,994
income
Non-o…
Income
(Expe…
Inter… -192 -210 -758 -589
expen…
Inves…
income
(expe… 290 285 741 789
and
other
Total
non-o… 98 75 -17 200
income
(expe…
Income
before 7,360 6,223 28,093 24,194
income
taxes
Income
tax 1,358 1,133 4,589 4,136
provi…
Net $ 6,002 $ 5,090 $ 23,504 $ 20,058
income
Basic
Earni…
Per
Share
Class
A $ 3.19 $ 2.62 $ 12.34 $ 10.22
common
stock
Class
B-1 $ 4.93 $ 4.09 $ 19.12 $ 15.97
common
stock
Class
B-2 $ 4.79 $ 4.02 $ 18.68 $ 15.72
common
stock
Class
B-3 $ 4.77 $ — $ 18.48 $ —
common
stock…
Class
C $ 12.77 $ 10.48 $ 49.35 $ 40.87
common
stock
Basic
Weigh…
Shares
Outst…
Class
A 1,719 1,696 1,689 1,714
common
stock
Class
B-1 2 5 4 5
common
stock
Class
B-2 — 120 73 120
common
stock
Class
B-3 61 — 24 —
common
stock…
Class
C 13 9 12 9
common
stock
Dilut…
Earni…
Per
Share
Class
A $ 3.19 $ 2.62 $ 12.32 $ 10.20
common
stock
Class
B-1 $ 4.92 $ 4.08 $ 19.10 $ 15.95
common
stock
Class
B-2 $ 4.78 $ 4.01 $ 18.66 $ 15.70
common
stock
Class
B-3 $ 4.76 $ — $ 18.46 $ —
common
stock…
Class
C $ 12.76 $ 10.47 $ 49.30 $ 40.82
common
stock
Dilut…
Weigh…
Shares
Outst…
Class
A 1,882 1,945 1,907 1,966
common
stock
Class
B-1 2 5 4 5
common
stock
Class
B-2 — 120 73 120
common
stock
Class
B-3 61 — 24 —
common
stock…
Class
C 13 9 12 9
common
stock
(1)No
shares
of
class
B-3
common
stock
were
outst…
prior
to the
class
B-1
and
B-2
common
stock
excha…
offer
in
May
2026.
8
Visa Consolidated Statements of Cash Flows
(unaudited)
Twelve Months Ended
September 30,
2026
Operating Activities (in millions) 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 23,504 $ 20,058
Adjustments to reconcile
net income to
net cash provided by (used
in) operating
activities:
Client incentives 18,317 15,751
Share-based compensation 928 897
Depreciation and 1,403 1,220
amortization
Deferred income taxes -631 152
VE territory covered losses -116 -28
(Gains) losses on equity
investments, -124 87
net
Other 306 94
Change in operating assets
and
liabilities:
Settlement receivable 2,115 374
Accounts receivable -587 -542
Client incentives -17,705 -15,314
Other assets -582 160
Accounts payable 1 67
Settlement payable -1,833 -847
Accrued and other 772 -373
liabilities
Accrued litigation -2,040 1,303
Net cash provided by (used
in) operating 23,728 23,059
activities
Investing Activities
Purchases of property,
equipment and -1,671 -1,482
technology
Purchases of investment -50 —
securities
Proceeds from maturities
and sales of 1,565 3,024
investment securities
Acquisitions, net of cash,
cash
equivalents, restricted -705 -887
cash and
restricted cash equivalents
acquired
Purchases of other -158 -68
investments
Other investing activities 25 121
Net cash provided by (used
in) investing -994 708
activities
Financing Activities
Repurchases of class A -20,451 -18,316
common stock
Dividends paid -5,112 -4,634
Proceeds from stock issued
under equity 304 396
plans
Taxes paid related to stock
issued under -289 -281
equity plans
Repayments of senior notes -5,565 —
Proceeds from issuance of 2,995 3,924
senior notes
Other financing activities -123 -52
Net cash provided by (used
in) financing -28,241 -18,963
activities
Effect of exchange rate
changes on cash,
cash equivalents, -362 420
restricted cash and
restricted cash equivalents
Increase (decrease) in
cash, cash
equivalents, restricted -5,869 5,224
cash and
restricted cash equivalents
Cash, cash equivalents,
restricted cash
and restricted cash 24,987 19,763
equivalents as of
beginning of period
Cash, cash equivalents,
restricted cash
and restricted cash $ 19,118 $ 24,987
equivalents as of
end of period
Supplemental Disclosure
Cash paid for income taxes, $ 5,684 $ 4,541
net(1)
Interest payments on debt $ 720 $ 587
Charitable contributions of
investments $ 282 $ —
to the Visa Foundation
Accruals related to
purchases of $ 187 $ 59
property, equipment and
technology
(1)For each of the twelve
months ended
September 30, 2026 and
2025, the amount
includes cash paid for
clean energy tax
credits of $1.9 billion.
9
Visa Quarterly Results of Operations (unaudited)
Fisc… Fiscal
2026 Septe… June March Dece… 2025 Sept…
Quar… 30, 30, 31, 31, Quart… 30,
Ended 2026 2026 2026 2025 Ended 2025
──────────────────────────────────────────────────────────────────────────────
-in
mill…
Net $ 12,139 $ 11,6… $ 11,230 $ 10,9… $ 10,7…
reve…
Oper…
Expe…
Pers… 1,871 2,458 1,841 1,764 1,742
Mark… 711 649 545 410 576
Netw…
and 293 280 260 233 239
proc…
Prof… 322 246 238 208 256
fees
Depr…
and 377 367 333 326 316
amor…
Gene…
and 829 503 450 515 544
admi…
Liti… 474 253 329 708 903
prov…
Total
oper… 4,877 4,756 3,996 4,164 4,576
expe…
Oper… 7,262 6,877 7,234 6,737 6,148
inco…
Non-…
Inco…
(Exp…
Inte… -192 -194 -178 -194 -210
expe…
Inve…
inco…
(exp… 290 150 118 183 285
and
other
Total
non-… 98 -44 -60 -11 75
inco…
(exp…
Inco…
befo… 7,360 6,833 7,174 6,726 6,223
inco…
taxes
Inco…
tax 1,358 1,205 1,153 873 1,133
prov…
Net $ 6,002 $ 5,628 $ 6,021 $ 5,853 $ 5,090
inco…
10
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 twelve months ended September 30, 2026
and 2025, we have excluded these amounts to
facilitate a comparison to our past operating
performance.
•Deferred tax benefit (expense).For the three and
twelve months ended September 30, 2026, we
recorded a deferred tax adjustment 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 amount as it is not
representative of our ongoing operations.
•Severance costs.For the twelve months ended
September 30, 2026 and 2025, we recorded severance
costs within personnel expense resulting from
actions taken to drive operational efficiencies
and reinvest in high-growth opportunities. These
amounts have been excluded as they are not
representative of our ongoing operations.
•Charitable contributions.For the three and twelve
months ended September 30, 2026, we donated
investments to the Visa Foundation and recognized
non-cash general and administrative expenses. We
have excluded these amounts as they do not reflect
the underlying performance of our business.
•Lease consolidation costs.For the twelve months
ended September 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.
11
Visa Non-GAAP Financial Measures (unaudited) -
continued
The following tables reconcile our GAAP to
non-GAAP financial measures included in this
release:
Th…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
No… In… Ef… D…
Op… op… Tax In… Net E…
Ex… In… Pr… Tax In… P…
(E… Ra… S…
-in
mi…
ex…
pe…
and
per
sh…
da…
G… $ 4,… $ 98 $ 1,… 18… % $ 6,… $ 3.…
(…
l…
on — -1… -34 -1… -0…
e…
i…
n…
A…
of
a… -61 — 19 42 0.…
i…
a…
A… -14 — 2 12 0.…
c…
L… -4… — 104 365 0.…
p…
D…
t… — — -37 37 0.…
b…
(…
C… -2… — 67 215 0.…
c…
N… $ 4,… $ -57 $ 1,… 18… % $ 6,… $ 3.…
Tw…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
No… In… Ef… D…
Op… op… Tax In… Net E…
Ex… In… Pr… Tax In… P…
(E… Ra… S…
-in
mi…
ex…
pe…
and
per
sh…
da…
G… $ 17… $ -17 $ 4,… 16… % $ 23… $ 12…
(…
l…
on — -1… -27 -97 -0…
e…
i…
n…
A…
of
a… -2… — 66 163 0.…
i…
a…
A… -76 — 9 67 0.…
c…
L… -1… — 386 1,… 0.…
p…
D…
t… — — 314 -3… -0…
b…
(…
S… -5… — 125 438 0.…
c…
C… -2… — 67 215 0.…
c…
N… $ 14… $ -1… $ 5,… 17… % $ 25… $ 13…
Th…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
No… In… Ef… Di…
Op… op… Tax In… Net Ea…
Ex… In… Pr… Tax In… Per
(E… Ra… Sh…
-in
mi…
ex…
pe…
and
per
sh…
da…
G… $ 4,… $ 75 $ 1,… 18… % $ 5,… $ 2…
(…
l…
on — -46 -10 -36 -…
e…
i…
n…
A…
of
a… -54 — 13 41 0…
i…
a…
A… -12 — 1 11 0…
c…
L… -8… — 202 697 0…
p…
N… $ 3,… $ 29 $ 1,… 18… % $ 5,… $ 2…
12
Visa Non-GAAP Financial Measures (unaudited) -
continued
Tw…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
No… In… Ef… Di…
Op… op… Tax In… Net Ea…
Ex… In… Pr… Tax In… Per
(E… Ra… Sh…
-in
mi…
ex…
pe…
and
per
sh…
da…
G… $ 16… $ 200 $ 4,… 17… % $ 20… $ 1…
(…
l…
on — 87 19 68 0…
e…
i…
n…
A…
of
a… -2… — 54 164 0…
i…
a…
A… -97 — 7 90 0…
c…
S… -2… — 45 168 0…
c…
L…
c… -39 — 9 30 0…
c…
L… -2… — 569 1,… 1…
p…
N… $ 12… $ 287 $ 4,… 17… % $ 22… $ 1…
(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.
13