Slide 1: Fiscal Third Quarter 2025 Financial Results
Fiscal Third Quarter 2025 Financial Results July 29, 2025 ©2025 Visa. All rights reserved.
Slide 2: Fiscal Third Quarter 2025 Results
Fiscal Third 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 14% 35% 16.7% 12% Non-GAAP Nominal-Dollar Basis(1) 14% 13% 17.3% 23% For
Slide 3: Fiscal Third Quarter 2025 Results and Other Highlights
Fiscal Third Quarter 2025 Results and Other Highlights • Growth in payments volume, cross-border volume and processed transactions was strong • Share repurchases and dividends of $6.0B Income Statement Summary Q3 2025 In billions, except percentages and per share data. % change is calculated over th
Slide 4: Operational Performance Metrics through July 21, 2025
Operational Performance Metrics through July 21, 2025 2025 U.S. Payments Volume Growth 2025 Processed Transactions Growth Total Credit Debit 16% 12% 14% 10% 12% 8% 10% 6% 8% 4% 2% 6% 0% 4% Apr May Jun Jul Apr May Jun Jul 1 - 21 1 - 21 2025 Cross-Border Volume Growth Total Total (ex. Intra-EU) CP + C
Slide 5: Total Payments Volume Growth
Total Payments Volume Growth Q2 FY2025 Q3 FY2025 10% 9% 7% 7% 5% 4% Nominal Credit Debit Total 9% 9% 8% 8% 7% 6% 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 m
Slide 6: Payments Volume Growth: U.S. and International
Payments Volume Growth: U.S. and International Q2 FY2025 Q3 FY2025 U.S. International Visa 13% 11% 10% 9% 9% 7% 7% 7% 7% 7% 7% 6% 6% 5% 5% 5% 4% 3% Nominal Credit Debit Total Credit Debit Total Credit Debit Total 11% 11% 10% 9% 9% 9% 9% 8% 8% 8% 7% 7% 7% 7% 6% 6% 6% 5% Constant Credit Debit Total Cr
Slide 7: Transactions and Cross-Border Volume Results
Transactions and Cross-Border Volume Results Q3 FY2025 Transactions Cross-Border Volume 16% 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 (in billions)
Total Cards (in billions) 2024 2025 Q2 FY2025 Credit Debit Total 8% 6% 7% 4.8 4.5 3.4 3.2 1.3 1.4 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 2025 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 based on payments volume in the prior quarter. Total transactio
Slide 10: Revenue Results
Revenue Results Q3 FY2025 32% 15% 14% 14% 13% 9% Service Data International Other Client Net Revenue Processing Transaction Revenue Incentives Revenue Revenue Revenue Reported Nominal USD (in millions) $4,330 $5,153 $3,633 $1,028 ($3,972) $10,172 Note: The chart results are calculated over the compa
Slide 11: Operating Expenses Results
Operating Expenses Results Q3 FY2025 35% 26% 23% 20% 11% 11% 12% NM Network and Professional Depreciation and General and Litigation Total Personnel Marketing Operating Processing Fees Amortization Administrative Provision Expenses Reported Nominal USD (in millions) $1,749 $421 $224 $187 $317 $482 $
Slide 12: Free Cash Flow and Capital Returns
Free Cash Flow and Capital Returns Cash, cash equivalents and investment securities were $20.4 billion as of June 30, 2025. (in millions) Calculation of Free Cash Flow Q3 2025 Q3 2025 YTD Net cash provided by operating activities $6,730 $16,821 Less: capital expenditures (421) (1,093) Free cash flow
Slide 13: Other Notable Items
Other Notable Items • On May 15, 2025, Visa issued fixed-rate senior notes in an aggregate principal amount of €3.5 billion with maturities ranging between 3 and 19 years, and interest rates from 2.250% to 3.875%. The Company intends to use the net proceeds for general corporate purposes, which may
Slide 14: Financial Outlook for Fiscal Fourth Quarter and Full-Year 2025
Financial Outlook for Fiscal Fourth Quarter and Fiscal Full-Year 2025 Q4 2025 Full-Year 2025 YoY increase / (decrease) on a Non-GAAP Adjusted Constant-Dollar Basis(1) High-single-digit to Net Revenue Growth Low-double-digit low-double-digit High-single-digit to High-single-digit to Operating Expense
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 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 $ 3,995 $ 15
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended June 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 percen
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended September 30, 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)
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, 2024 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 Fourth Quarter 2025 Financial Outlook
Reconciliation of Fiscal Fourth Quarter 2025 Financial Outlook Diluted Class A Common Stock Net Revenue Growth(1) Operating Expense Growth Earnings Per Share Growth YoY increase / (decrease) High-single-digit to GAAP Nominal-Dollar Basis Low-double-digit High-single-digit low-double-digit Non-GAAP A
Slide 23: Reconciliation of Fiscal Full-Year 2025 Financial Outlook
Reconciliation of Fiscal Full-Year 2025 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 Low-twenties Mid-to high-single-digit Non-GAAP Adj
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