Visa Inc. · NYSE:V
Visa — Q4 2025 Earnings Presentation
24 slides from Visa's earnings presentation, Oct 28, 2025
Slide 1: Fiscal Fourth Quarter 2025 Financial Results
Fiscal Fourth Quarter 2025 Financial Results October 28, 2025 ©2025 Visa. All rights reserved.
Slide 2: Fiscal Fourth Quarter 2025 Results
Fiscal Fourth Quarter 2025 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 12% 40% 18.2% (1%) Non-GAAP Nominal-Dollar Basis(1) 12% 13% 18.8% 10% F
Slide 3: Fiscal Fourth Quarter 2025 Results and Other Highlights
Fiscal Fourth Quarter 2025 Results and Other Highlights • Fiscal fourth quarter growth in payments volume, cross-border volume and processed transactions remained strong • Share repurchases and dividends of $6.1B for fiscal fourth quarter • The board of directors increased Visa's quarterly cash divi
Slide 4: Operational Performance Metrics through October 21, 2025
Operational Performance Metrics through October 21, 2025 2025 U.S. Payments Volume Growth 2025 Processed Transactions Growth Total Credit Debit 14% 12% 12% 10% 8% 10% 6% 8% 4% 2% 6% Jul Aug Sep Oct Jul Aug Sep Oct 1 - 21 1 - 21 2025 Cross-Border Volume Growth Total Total (ex. Intra-EU) CP + CNP Trav
Slide 5: Total Payments Volume Growth
Total Payments Volume Growth Q3 FY2025 Q4 FY2025 10% 10% 9% 9% 9% 7% Nominal Credit Debit Total 9% 9% 9% 9% 8% 7% 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 these
Slide 6: Payments Volume Growth: U.S. and International
Payments Volume Growth: U.S. and International Q3 FY2025 Q4 FY2025 U.S. International Visa 13% 13% 11% 11% 10% 10% 10% 9% 9% 9% 9% 8% 8% 8% 7% 7% 7% 6% Nominal Credit Debit Total Credit Debit Total Credit Debit Total 11% 10% 10% 10% 10% 9% 9% 9% 9% 9% 8% 8% 8% 8% 7% 7% 7% 6% Constant Credit Debit To
Slide 7: Transactions and Cross-Border Volume Results
Transactions and Cross-Border Volume Results Q4 FY2025 Transactions Cross-Border Volume 17% 10% 12% 9% 11% 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
Total Cards (in billions) 2024 2025 Q3 FY2025 Credit Debit Total 9% 5% 6% 4.9 4.6 3.3 3.4 1.3 1.5 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 2025 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 FY2025 21% 17% 17% 12% 10% 10% Service Data International Other Client Net Revenue Processing Transaction Revenue Incentives Revenue Revenue Revenue Reported Nominal USD (in millions) $4,602 $5,394 $3,800 $1,176 ($4,248) $10,724 Note: The chart results are calculated over the comp
Slide 11: Operating Expenses Results
Operating Expenses Results Q4 FY2025 40% 33% 28% 15% 16% NM 8% 5% Network and Professional Depreciation and General and Litigation Total Personnel Marketing Operating Processing Fees Amortization Administrative Provision Expenses Reported Nominal USD (in millions) $1,742 $576 $239 $256 $316 $544 $90
Slide 12: Free Cash Flow and Capital Returns
Free Cash Flow and Capital Returns Cash, cash equivalents and investment securities were $20.0 billion as of September 30, 2025. (in millions) Calculation of Free Cash Flow Q4 2025 Full-Year 2025 Net cash provided by operating activities $6,238 $23,059 Less: capital expenditures (389) (1,482) Free c
Slide 13: Other Notable Items
Other Notable Items • At the closing of the acquisition of Visa Europe in June 2016, Visa issued convertible participating preferred stock to cover certain expenses incurred by Visa in defending and resolving multilateral interchange fee-related claims asserted in the UK and Europe. Visa is required
Slide 14: Financial Outlook for Fiscal First Quarter and Full-Year 2026
Financial Outlook for Fiscal First Quarter and Fiscal Full-Year 2026 Q1 2026 Full-Year 2026 YoY increase / (decrease) on a Non-GAAP Adjusted Constant-Dollar Basis(1) Net Revenue Growth High-end of low-double-digit Low-double-digit Operating Expense Growth Low-double-digit Low-double-digit Diluted Cl
Slide 15: Appendix
Appendix ©2025 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 • 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 additio
Slide 18: Reconciliation of GAAP to Non-GAAP Financial Results
Reconciliation of GAAP to Non-GAAP Financial Results Three Months Ended September 30, 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) GAAP $ 4,576
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended September 30, 2025 Network Depreciation General Total and Professional and and Litigation Operating YoY Personnel Marketing Processing Fees Amortization Administrative Provision Expenses Change (in millions, except p
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended December 31, 2024 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) G
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Twelve Months Ended September 30, 2025 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Per Expenses (Expense) Provision(1) Tax Rate(2) Income Share(2) (in millions, except percentages and per share data)
Slide 22: Reconciliation of Fiscal First Quarter 2026 Financial Outlook
Reconciliation of Fiscal First Quarter 2026 Financial Outlook Diluted Class A Common Stock Net Revenue Growth(1) Operating Expense Growth Earnings Per Share Growth YoY increase / (decrease) High-teens to GAAP Nominal-Dollar Basis High-end of low-double-digit Low-single-digit low-twenties Non-GAAP Ad
Slide 23: Reconciliation of Fiscal Full-Year 2026 Financial Outlook
Reconciliation of Fiscal Full-Year 2026 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 (High-single-digit) Low- to mid-twenties Non-GAAP
Slide 24: 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