Slide 1: Fiscal Third Quarter 2026 Financial Results
Fiscal Third Quarter 2026 Financial Results July 28, 2026 ©2026 Visa. All rights reserved.
Slide 2: Fiscal Third Quarter 2026 Results
Fiscal Third 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 14% 19% 17.6% 10% Non-GAAP Nominal-Dollar Basis(1) 14% 17% 18.4% 11% For
Slide 3: Fiscal Third Quarter 2026 Results and Other Highlights
Fiscal Third Quarter 2026 Results and Other Highlights • Growth in payments volume, cross-border volume and processed transactions was strong • Share repurchases and dividends of $6.2B Income Statement Summary Q3 2026 In billions, except percentages and per share data. % change is calculated over th
Slide 4: Operational Performance Metrics through July 21, 2026
Operational Performance Metrics through July 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% Apr May Jun July Apr May Jun July 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 Q2 FY2026 Q3 FY2026 12% 11% 11% 11% 11% 10% Nominal Credit Debit Total 10% 10% 10% 9% 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 Q2 FY2026 Q3 FY2026 U.S. International Visa 18% 15% 13% 12% 12% 11% 11% 11% 11% 11% 11% 10% 10% 10% 10% 9% 8% 7% Nominal Credit Debit Total Credit Debit Total Credit Debit Total 11% 11% 10% 10% 10% 10% 10% 10% 10% 10% 9% 9% 9% 9% 9% 9% 8% 7% Constant Cr
Slide 7: Transactions and Cross-Border Volume Results
Transactions and Cross-Border Volume Results Q3 FY2026 Transactions Cross-Border Volume 15% 10% 13% 9% 12% 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 Q2 FY2026 Credit Debit Total 9% 7% 8% 5.2 4.8 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 Third Quarter 2026 Financial
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 Q3 FY2026 45% 17% 18% 14% 14% 6% Service Data International Other Client Net Revenue Processing Transaction Revenue Incentives Revenue Revenue Revenue Reported Nominal USD (in millions) $4,922 $6,042 $3,853 $1,496 ($4,680) $11,633 Note: The chart results are calculated over the compa
Slide 11: Operating Expenses Results
Operating Expenses Results Q3 FY2026 54% 40% 32% 25% 16% 19% 4% (59%) Network and Professional Depreciation and General and Litigation Total Personnel Marketing Operating Processing Fees Amortization Administrative Provision Expenses Reported Nominal USD (in millions) $2,458 $649 $280 $246 $367 $503
Slide 12: Free Cash Flow and Capital Returns
Free Cash Flow and Capital Returns Cash, cash equivalents and investment securities were $13.9 billion as of June 30, 2026. (in millions) Calculation of Free Cash Flow Q3 2026 Q3 2026 YTD Net cash provided by operating activities $6,554 $16,342 Less: capital expenditures (417) (1,178) Free cash flow
Slide 13: Other Notable Items
Other Notable Items • On May 12, 2026, Visa settled its previously announced exchange offer for class B-1 common stock and class B-2 common stock (together, "eligible class B common stock"). The exchange offer allowed each participating holder of eligible class B common stock to exchange their share
Slide 14: Financial Outlook for Fiscal Fourth Quarter and Fiscal Full-Year 2026
Financial Outlook for Fiscal Fourth Quarter and Fiscal Full-Year 2026 Q4 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-end of low-teens Operating Expense Growth Low-double-digit Low-end of low-teens D
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 • 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 Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Three Months Ended June 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 $ 4,756 $ (
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Measures - continued
Reconciliation of GAAP to Non-GAAP Financial Measures - continued Three Months Ended June 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 perce
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Measures - continued
Reconciliation of GAAP to Non-GAAP Financial Measures - continued 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)
Slide 21: Reconciliation of Fiscal Fourth Quarter 2026 Financial Outlook
Reconciliation of Fiscal Fourth Quarter 2026 Financial Outlook Diluted Class A Common Stock Net Revenue Growth(1) Operating Expense Growth Earnings Per Share Growth YoY increase / (decrease) Low-double-digit to (High-single-digit to High-twenties to GAAP Nominal-Dollar Basis low-teens low-double-dig
Slide 22: 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-end of mid-teens Mid-single-digit Low- to mid-twenties Non-GAAP
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