Visa Inc. · NYSE:V
Visa — Q4 2026 Earnings Presentation
23 slides from Visa's earnings presentation, Oct 27, 2026
Slide 1: Fiscal Fourth Quarter 2026 Financial Results
Fiscal Fourth Quarter 2026 Financial Results October 27, 2026 ©2026 Visa. All rights reserved.
Slide 2: Fiscal Fourth Quarter 2026 Results
Fiscal Fourth Quarter 2026 Results Diluted Class A Net Operating Effective Income Common Stock YoY increase / (decrease) except for Effective Income Tax Rate Revenue Expenses Tax Rate Earnings Per Share GAAP Nominal-Dollar Basis 13% 7% 18.5% 22% Non-GAAP Nominal-Dollar Basis(1) 13% 12% 18.4% 17% For
Slide 3: Fiscal Fourth Quarter 2026 Results and Other Highlights
Fiscal Fourth Quarter 2026 Results and Other Highlights • Fiscal fourth quarter growth in payments volume, cross-border volume and processed transactions remained strong • Share repurchases and dividends of $5.2B for fiscal fourth quarter • The board of directors increased Visa's quarterly cash divi
Slide 4: Operational Performance Metrics through October 21, 2026
Operational Performance Metrics through October 21, 2026 2026 U.S. Payments Volume Growth 2026 Processed Transactions Growth Total Credit Debit 14% 14% 12% 12% 10% 10% 8% 8% 6% 6% Jul Aug Sep Oct Jul Aug Sep Oct 1 - 21 1 - 21 2026 Cross-Border Volume Growth Total Total (ex. Intra-EU) CP + CNP Travel
Slide 5: Total Payments Volume Growth
Total Payments Volume Growth Q3 FY2026 Q4 FY2026 11% 11% 10% 10% 9% 9% Nominal Credit Debit Total 10% 10% 10% 10% 9% 9% Constant Credit Debit Total Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on
Slide 6: Payments Volume Growth: U.S. and International
Payments Volume Growth: U.S. and International Q3 FY2026 Q4 FY2026 U.S. International Visa 13% 11% 11% 11% 11% 11% 10% 10% 10% 10% 10% 10% 9% 9% 9% 9% 9% 7% Nominal Credit Debit Total Credit Debit Total Credit Debit Total 11% 11% 10% 10% 10% 10% 10% 10% 10% 10% 10% 9% 9% 9% 9% 9% 9% 8% Constant Cred
Slide 7: Transactions and Cross-Border Volume Results
Transactions and Cross-Border Volume Results Q4 FY2026 Transactions Cross-Border Volume 14% 14% 13% 10% 9% 8% Total Payments Processed Total Total Constant Nominal Constant (excluding (1) Transaction Count (in millions) Intra-Europe) (1) Cross-border volume excluding transactions within Europe. Cred
Slide 8: Total Cards (in billions)
Total Cards (in billions) 2025 2026 Q3 FY2026 Credit Debit Total 8% 5% 6% 5.2 4.9 3.6 3.4 1.5 1.6 Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics. Fiscal Fourth Quarter 2026 Financia
Slide 9: Operational Performance Data Footnote
Operational Performance Data Footnote Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent operating data. Service revenue continues to be recognized primarily based on payments volume in the prior quarter. Total
Slide 10: Revenue Results
Revenue Results Q4 FY2026 40% 21% 16% 14% 13% 8% Service Data International Other Client Net Revenue Processing Transaction Revenue Incentives Revenue Revenue Revenue Reported Nominal USD (in millions) $5,255 $6,245 $4,115 $1,647 ($5,123) $12,139 Note: The chart results are calculated over the compa
Slide 11: Operating Expenses Results
Operating Expenses Results Q4 FY2026 52% 23% 26% 22% 19% 7% 7% (47%) Network and Professional Depreciation and General and Litigation Total Personnel Marketing Operating Processing Fees Amortization Administrative Provision Expenses Reported Nominal USD (in millions) $1,871 $711 $293 $322 $377 $829
Slide 12: Free Cash Flow and Capital Returns
Free Cash Flow and Capital Returns Cash, cash equivalents and investment securities were $14.2 billion as of September 30, 2026. (in millions) Calculation of Free Cash Flow Q4 2026 Full-Year 2026 Net cash provided by operating activities $7,386 $23,728 Less: capital expenditures (493) (1,671) Free c
Slide 13: Other Notable Items
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 regulator
Slide 14: Financial Outlook for Fiscal First Quarter and Fiscal Full-Year 2027
Financial Outlook for Fiscal First Quarter and Fiscal Full-Year 2027 Q1 2027 Full-Year 2027 YoY increase / (decrease) on a Non-GAAP Adjusted Constant-Dollar Basis(1) Net Revenue Growth Low-double-digit Low-double-digit Operating Expense Growth Low-double-digit Low-double-digit Low-double-digit to Di
Slide 15: Appendix
Appendix ©2026 Visa. All rights reserved.
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures We present our results and our financial outlook on a non-GAAP basis, which exclude certain items that 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. We
Slide 17: Non-GAAP Financial Measures - continued
Non-GAAP Financial Measures - continued • Deferred tax benefit (expense). 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 oper
Slide 18: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Three Months Ended September 30, 2026 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Expenses (Expense) Provision(1) Tax Rate(2) Income Per Share(2) (in millions, except percentages and per share data) GAAP $ 4,87
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Measures - continued
Reconciliation of GAAP to Non-GAAP Financial Measures - continued Three Months Ended September 30, 2026 Network Depreciation General Total and Professional and and Litigation Operating YoY Personnel Marketing Processing Fees Amortization Administrative Provision Expenses Change (in millions, except
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Measures - continued
Reconciliation of GAAP to Non-GAAP Financial Measures - continued Three Months Ended December 31, 2025 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Expenses (Expense) Provision(1) Tax Rate(2) Income Per Share(2) (in millions, except percentages and per share data)
Slide 21: Reconciliation of Fiscal First Quarter 2027 Financial Outlook
Reconciliation of Fiscal First Quarter 2027 Financial Outlook Diluted Class A Common Stock Net Revenue Growth(1) Operating Expense Growth Earnings Per Share Growth YoY increase / (decrease) GAAP Nominal-Dollar Basis High-end of low-double-digit (High-single-digit) High-teens Non-GAAP Adjustments(2),
Slide 22: Reconciliation of Fiscal Full-Year 2027 Financial Outlook
Reconciliation of Fiscal Full-Year 2027 Financial Outlook Annual Diluted Class A Common Annual Net Revenue Growth(1) Annual Operating Expense Growth Stock Earnings Per Share Growth YoY increase / (decrease) GAAP Nominal-Dollar Basis Low-double-digit (Mid-single-digit) Low-twenties Non-GAAP Adjustmen
Slide 23: Forward-Looking Statements
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 benefit