Slide 1: Fiscal First Quarter 2026 Financial Results
Fiscal First Quarter 2026 Financial Results January 29, 2026 ©2026 Visa. All rights reserved.
Slide 2: Fiscal First Quarter 2026 Results
Fiscal First 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 15% 27% 13.0% 17% Non-GAAP Nominal-Dollar Basis(1) 15% 16% 18.4% 15% For
Slide 3: Fiscal First Quarter 2026 Results and Other Highlights
Fiscal First Quarter 2026 Results and Other Highlights • Growth in payments volume, cross-border volume and processed transactions was strong • Share repurchases and dividends of $5.1B Income Statement Summary Q1 2026 In billions, except percentages and per share data. % change is calculated over th
Slide 4: Operational Performance Metrics through January 21, 2026
Operational Performance Metrics through January 21, 2026 2025 - 2026 U.S. Payments Volume Growth 2025 - 2026 Processed Transactions Growth Total Credit Debit 14% 12% 12% 10% 8% 10% 6% 8% 4% 2% 6% Oct Nov Dec Jan Oct Nov Dec Jan 1 - 21 1 - 21 2025 - 2026 Cross-Border Volume Growth Total Total (ex. In
Slide 5: Total Payments Volume Growth
Total Payments Volume Growth Q4 FY2025 Q1 FY2026 11% 10% 10% 9% 9% 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 these
Slide 6: Payments Volume Growth: U.S. and International
Payments Volume Growth: U.S. and International Q4 FY2025 Q1 FY2026 U.S. International Visa 16% 13% 13% 11% 11% 10% 10% 10% 10% 9% 9% 9% 8% 8% 8% 7% 7% 6% Nominal Credit Debit Total Credit Debit Total Credit Debit Total 10% 10% 10% 10% 9% 9% 9% 9% 8% 8% 8% 8% 8% 8% 8% 7% 7% 6% Constant Credit Debit T
Slide 7: Transactions and Cross-Border Volume Results
Transactions and Cross-Border Volume Results Q1 FY2026 Transactions Cross-Border Volume 18% 9% 8% 8% 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) 2024 2025 Q4 FY2025 Credit Debit Total 10% 4% 6% 5.0 4.7 3.3 3.5 1.4 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 First 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 Q1 FY2026 33% 17% 15% 13% 12% 6% Service Data International Other Client Net Revenue Processing Transaction Revenue Incentives Revenue Revenue Revenue Reported Nominal USD (in millions) $4,760 $5,544 $3,652 $1,214 ($4,269) $10,901 Note: The chart results are calculated over the compa
Slide 11: Operating Expenses Results
Operating Expenses Results Q1 FY2026 46% 34% 27% 16% 12% 7% NM (3%) Network and Professional Depreciation and General and Litigation Total Personnel Marketing Operating Processing Fees Amortization Administrative Provision Expenses Reported Nominal USD (in millions) $1,764 $410 $233 $208 $326 $515 $
Slide 12: Free Cash Flow and Capital Returns
Free Cash Flow and Capital Returns Cash, cash equivalents and investment securities were $16.9 billion as of December 31, 2025. (in millions) Calculation of Free Cash Flow Q1 2026 Net cash provided by operating activities $6,780 Less: capital expenditures (378) Free cash flow(1) $6,402 (1) Free cash
Slide 13: Other Notable Items
Other Notable Items • On November 10, 2025, Visa entered into a superseding and amended settlement agreement to resolve the interchange multidistrict litigation injunctive relief class claims. The settlement is subject to approval by the court. • On December 23, 2025, Visa deposited $500 million int
Slide 14: Financial Outlook for Fiscal Second Quarter and Fiscal Full-Year 2026
Financial Outlook for Fiscal Second Quarter and Fiscal Full-Year 2026 Q2 2026 Full-Year 2026 YoY increase / (decrease) on a Non-GAAP Adjusted Constant-Dollar Basis(1) Net Revenue Growth Low-double-digit Low-double-digit Operating Expense Growth Mid-teens Low-double-digit Diluted Class A Common Stock
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 Results
Reconciliation of GAAP to Non-GAAP Financial Results 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) GAAP $ 4,164
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended December 31, 2025 Network Depreciation General Total and Professional and and Litigation Operating YoY Personnel Marketing Processing Fees Amortization Administrative Provision Expenses Change (in millions, except pe
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended March 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) GAAP
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 Second Quarter 2026 Financial Outlook
Reconciliation of Fiscal Second 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 (High-end of low-double-digit) Low-thirties Non-GAAP A
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 (Mid-single-digit) Mid-twenties Non-GAAP Adjustmen
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