Slide 1: Fiscal Second Quarter 2026 Financial Results
Fiscal Second Quarter 2026 Financial Results April 28, 2026 ©2026 Visa. All rights reserved.
Slide 2: Fiscal Second Quarter 2026 Results
Fiscal Second 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 17% (4%) 16.1% 36% Non-GAAP Nominal-Dollar Basis(1) 17% 17% 16.4% 20% F
Slide 3: Fiscal Second Quarter 2026 Results and Other Highlights
Fiscal Second Quarter 2026 Results and Other Highlights • Growth in payments volume, cross-border volume and processed transactions was strong • Share repurchases and dividends of $9.2B • The board of directors authorized a new $20.0B multi-year share repurchase program Income Statement Summary Q2 2
Slide 4: Operational Performance Metrics through April 21, 2026
Operational Performance Metrics through April 21, 2026 2026 U.S. Payments Volume Growth 2026 Processed Transactions Growth Total Credit Debit 14% 12% 12% 10% 8% 10% 6% 8% 4% 2% 6% Jan Feb Mar Apr Jan Feb Mar Apr 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 Q1 FY2026 Q2 FY2026 12% 11% 11% 11% 10% 9% Nominal Credit Debit Total 9% 9% 9% 8% 8% 8% 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 the
Slide 6: Payments Volume Growth: U.S. and International
Payments Volume Growth: U.S. and International Q1 FY2026 Q2 FY2026 U.S. International Visa 18% 16% 15% 13% 12% 12% 11% 11% 11% 10% 10% 10% 9% 8% 7% 7% 7% 6% Nominal Credit Debit Total Credit Debit Total Credit Debit Total 11% 10% 10% 10% 9% 9% 9% 9% 9% 8% 8% 8% 8% 8% 7% 7% 7% 6% Constant Credit Debi
Slide 7: Transactions and Cross-Border Volume Results
Transactions and Cross-Border Volume Results Q2 FY2026 Transactions Cross-Border Volume 9% 8% 7% 21% 12% 11% Total Payments Processed Total Total Constant Nominal Constant (excluding (1) Transaction Count (in millions) Intra-Europe) (1) Cross-border volume excluding transactions within Europe. Credi
Slide 8: Total Cards (in billions)
Total Cards (in billions) 2025 2026 Q1 FY2026 Credit Debit Total 9% 4% 6% 5.1 4.8 3.4 3.5 1.4 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 Second 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 Q2 FY2026 41% 18% 17% 13% 14% 10% Service Data International Other Client Net Revenue Processing Transaction Revenue Incentives Revenue Revenue Revenue Reported Nominal USD (in millions) $4,981 $5,543 $3,631 $1,320 ($4,245) $11,230 Note: The chart results are calculated over the comp
Slide 11: Operating Expenses Results
Operating Expenses Results Q2 FY2026 44% 37% 16% 11% 9% 8% (4%) (67%) Network and Professional Depreciation and General and Litigation Total Personnel Marketing Operating Processing Fees Amortization Administrative Provision Expenses Reported Nominal USD (in millions) $1,841 $545 $260 $238 $333 $450
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 March 31, 2026. (in millions) Calculation of Free Cash Flow Q2 2026 Q2 2026 YTD Net cash provided by operating activities $3,008 $9,788 Less: capital expenditures (383) (761) Free cash flow(1
Slide 13: Other Notable Items
Other Notable Items • On February 12, 2026, Visa issued fixed-rate senior notes in an aggregate principal amount of $3.0 billion with maturities ranging between 3 and 10 years, and interest rates from 3.8% to 4.7%. The Company intends to use the net proceeds for general corporate purposes, which may
Slide 14: Financial Outlook for Fiscal Third Quarter and Fiscal Full-Year 2026
Financial Outlook for Fiscal Third Quarter and Fiscal Full-Year 2026 Q3 2026 Full-Year 2026 YoY increase / (decrease) on a Non-GAAP Adjusted Constant-Dollar Basis(1) Low-double-digit to Net Revenue Growth Low-double-digit low-teens Low-double-digit to Operating Expense Growth Low-teens low-teens Dil
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 March 31, 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 $ 3,996 $
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Measures - continued
Reconciliation of GAAP to Non-GAAP Financial Measures - continued Three Months Ended March 31, 2026 Network Depreciation General Total and Professional and and Litigation Operating YoY Personnel Marketing Processing Fees Amortization Administrative Provision Expenses Change (in millions, except perc
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Measures - continued
Reconciliation of GAAP to Non-GAAP Financial Measures - continued Three Months Ended June 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
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Measures - continued
Reconciliation of GAAP to Non-GAAP Financial Measures - 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 Third Quarter 2026 Financial Outlook
Reconciliation of Fiscal Third Quarter 2026 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 (Low-single-digit) High-teens Non-GAAP Adjustments(2),(
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-teens Low-single-digit Mid-twenties Non-GAAP Adjustments(2),(3)
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