October 27, 2026
©2026 Visa. All rights reserved.
YoY increase / (decrease) except for Effective Income Tax Rate | Net Revenue | Operating Expenses | Effective Income Tax Rate | Diluted Class A Common Stock Earnings Per Share |
GAAP Nominal-Dollar Basis | 13% | 7% | 18.5% | 22% |
Non-GAAP Nominal-Dollar Basis(1) | 13% | 12% | 18.4% | 17% |
Foreign Currency Impact(2) | ~0% | ~0.5% | N/A | ~0% |
Acquisition Impact(2) | (~1.0%) | (~2.0%) | (0.1%) | (~0.5%) |
Non-GAAP Adjusted Constant-Dollar Basis(1) | 12% | 11% | 18.3% | 16% |
(1) Refer to Non-GAAP Financial Measures within the appendix for further information on our non-GAAP adjustments. There were no non-GAAP adjustments made to net revenue.
(2) Foreign currency and acquisition impacts, if applicable, are rounded to the nearest half point, except for effective income tax rate.
Fiscal fourth quarter growth in payments volume, cross-border volume and processed transactions remained strong
Share repurchases and dividends of $5.2B for fiscal fourth quarter
The board of directors increased Visa's quarterly cash dividend 16% to $0.780 per share
In billions, except percentages and per share data. % change is calculated over the comparable prior-year period. | Q4 2026 | |
USD | % Change | |
Net Revenue | $12.1 | 13% | |
GAAP Net Income | $6.0 | 18% | |
GAAP Earnings Per Share | $3.19 | 22% | |
Non-GAAP Net Income(1) | $6.6 | 13% | |
Non-GAAP Earnings Per Share(1) | $3.48 | 17% | |
(1) Refer to Non-GAAP Financial Measures within the appendix for further information. Key Business Drivers | |||
YoY increase / (decrease), volume in constant dollars | Q4 2026 | ||
Payments Volume | 9% | ||
Cross-Border Volume Excluding Intra-Europe(2) | 14% | ||
Cross-Border Volume Total | 14% | ||
Processed Transactions | 10% | ||
(2) Cross-border volume excluding transactions within Europe. |
Jul
Aug
Oct
1 - 21
Debit
14%
14%
12%
Oct
1 - 21
10%
10%
8%
8%
Sep
Credit
Total
2026 Processed Transactions Growth
2026 U.S. Payments Volume Growth
12%
Jul Aug Sep
6%
6%
2026 Cross-Border Volume Growth
21%
Total Total (ex. Intra-EU)
CP + CNP Travel (ex. Intra-EU) CNP, Ex. Travel (ex. Intra-EU)
18%
15%
12%
Notes:
9%
Jul Aug Sep Oct 1 - 21
All figures shown on a constant-dollar basis and growth rates are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics.
CP denotes Card Present and CNP denotes Card Not Present.
10%
11%
9%
10%
11%
9%
NominalCredit Debit
Total
10% 9% 10% 10% 10% 9%
ConstantCredit Debit
Total
Payments Volume Growth: U.S. and InternationalQ3 FY2026
Q4 FY2026
NominalConstant
International
13%
10%
10%
11%
9%
7%
Credit
Debit
Total
9%
10% 10%
10%
8%
9%
Credit
Debit
Total
U.S. | |||||||||
11% | 11% | 10% | 10% | ||||||
9% | 9% | ||||||||
Credit 11% 11% | Debit | Total 10% 10% | |||||||
9% | 9% | ||||||||
Credit | Debit | Total | |||||||
Visa | |||||||||
10% | 11% 10% | 11% | |||||||
9% | 9% | ||||||||
Credit 10% 9% | Debit 10% 10% | Total 10% 9% | |||||||
Credit | Debit | Total | |||||||
13%
14% 14%
8%
9%
10%
Total Payments Processed
Transaction Count (in millions)
Total Nominal
Total Constant
Constant (excluding
(1)
Intra-Europe)
Credit | 33,273 | 33,059 | |
Debit | 59,849 | 56,173 | |
Total | 93,122 | 89,232 | 74,184 |
(1) Cross-border volume excluding transactions within Europe.
Total Cards (in billions) Q3 FY2026
2025 2026
Credit Debit Total
8% 5% 6%4.9
3.4
3.6
1.5
1.6
5.2
Operational Performance Data FootnoteCurrent 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 transactions represent payments and cash transactions as reported by Visa clients on their operating certificates. Processed transactions include payments and cash transactions, and represent transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa's networks.
Reported volume, transaction and card information may be updated to reflect revised client submissions or other adjustments. Prior-period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes and totals are calculated based on unrounded numbers. Constant-dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.
Revenue Results Q4 FY202640%
21%
14%
16%
13%
8%
Service Revenue
Data Processing Revenue
International Transaction Revenue
Other Revenue
Client Incentives
Net Revenue
Reported Nominal USD (in millions)
$5,255 $6,245 $4,115 $1,647 ($5,123) $12,139
Operating Expenses Results Q4 FY202652%
23%
22%
26%
19%
7%
7%
Processing
Personnel Marketing Network and
Reported Nominal USD (in millions)
Professional Fees
Depreciation and Amortization
General and Administrative
(47%)
Litigation Provision
Total Operating Expenses
$1,871 $711 $293 $322 $377 $829 $474 $4,877
Free Cash Flow and Capital Returns | |||
Cash, cash equivalents and investment securities were $14.2 billion as of September 30, 2026. | |||
(in millions) | |||
Calculation of Free Cash Flow | Q4 2026 | Full-Year 2026 | |
Net cash provided by operating activities | $7,386 | $23,728 | |
Less: capital expenditures | (493) | (1,671) | |
Free cash flow(1) | $6,893 | $22,057 | |
(1) Free cash flow is a non-GAAP measure. Free cash flow is cash provided by operating activities adjusted to reflect capital investments made in the business. We believe this presentation is useful to investors in evaluating our ability to generate cash from operations after investments in property, equipment and technology. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. | |||
(in millions) | |||
Returns to Shareholders | Q4 2026 | Full-Year 2026 | |
Share repurchases(2) | $3,978 | $20,515 | |
Dividends | $1,260 | $5,112 | |
(2) Share repurchases include applicable taxes. | |||
On August 3, 2026, Visa announced it signed a definitive agreement to acquire BioCatch, a leading provider of behavioral-first, multi-signal fraud intelligence, for $2.4 billion in cash. The transaction is subject to customary closing conditions, including applicable regulatory approvals, and is expected to close by the end of the fiscal second quarter of 2027.
On September 18, 2026, Visa deposited $405 million into its litigation escrow account, which was previously established under the Company's U.S. retrospective responsibility plan to insulate the Company and class A common stockholders from financial liability for certain litigation cases. This deposit has the same economic effect on earnings per share as repurchasing the Company's class A common stock as it reduced each of the as-converted class B-1 common stock, class B-2 common stock and class B-3 common stock share counts at a volume-weighted average price of $366.81.
YoY increase / (decrease) on a Non-GAAP Adjusted Constant-Dollar Basis(1)
Full-Year 2027
Q1 2027
Net Revenue Growth Low-double-digit Low-double-digit
low-teens
Operating Expense Growth Low-double-digit Low-double-digit Diluted Class A Common Stock Earnings Per Share Growth Low-end of mid-teens Low-double-digit to
(1) Refer to the appendix for further information and a reconciliation of GAAP to non-GAAP and non-GAAP adjusted constant-dollar outlook financial measures.
Appendix©2026 Visa. All rights reserved.
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 exclude the following from our GAAP financial results to arrive at our non-GAAP financial results:
Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business.
Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as technology and customer relationships acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount to facilitate an evaluation of our current operating performance and comparison to our past operating performance.
Acquisition-related costs. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. These costs also include retention equity and deferred compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business.
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 additional accruals associated with the interchange multidistrict litigation which are covered by the U.S. retrospective responsibility plan (U.S. covered litigation). Litigation provision associated with these matters can vary significantly based on the facts and circumstances related to each matter and do not correlate to the underlying performance of our business. We have excluded these amounts to facilitate a comparison to our past operating performance.
Deferred tax benefit (expense). We recorded a deferred tax adjustment within income tax provision due to a change in the U.S. taxation of certain foreign earnings. We have excluded this one-time non-cash amount as it is not representative of our ongoing operations.
Severance costs. We recorded severance costs within personnel expense resulting from actions taken to drive operational efficiencies and reinvest in high-growth opportunities. These amounts have been excluded as they are not representative of our ongoing operations.
Charitable contributions. We donated investments to the Visa Foundation and recognized non-cash general and administrative expenses. We have excluded these amounts as they do not reflect the underlying performance of our business.
We also present our results and financial outlook on a non-GAAP adjusted constant-dollar basis. Measures presented on an adjusted constant-dollar basis are non-GAAP financial measures that have been further adjusted to exclude the following:
Impact of foreign exchange rates. We calculate the impact by using a fixed current year U.S. dollar/foreign currency exchange rate for each local currency for the periods presented.
Impact of acquisitions. We exclude net revenue and expenses of the acquired entities that were not reflected in the full quarter of the previous year and the incremental interest expense or forgone interest income as a result of funding the acquisition through debt or cash, respectively, which management believes enhances the comparability of our results. These amounts will be adjusted until we lap the quarter that the entity was acquired in, at which time there will be comparable results within each reported period.
We consider non-GAAP measures useful to investors because they provide greater transparency into management's view and assessment of our ongoing and future operating performance. Non-GAAP financial measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP. See the next slides for the reconciliations of GAAP to non-GAAP and non-GAAP adjusted constant-dollar results and financial outlook.
See Free Cash Flow and Capital Returns slide for a discussion of free cash flow as a non-GAAP measure.
Three Months Ended September 30, 2026 | |||||
Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
(in millions, except percentages and per share data)
GAAP | $ | 4,877 | $ | 98 | $ | 1,358 | 18.5% | $ | 6,002 | $ | 3.19 |
(Gains) losses on equity investments, net | - | (155) | (34) | (121) | (0.06) | ||||||
Amortization of acquired intangible assets | (61) | - | 19 | 42 | 0.02 | ||||||
Acquisition-related costs | (14) | - | 2 | 12 | 0.01 | ||||||
Litigation provision | (469) | - | 104 | 365 | 0.19 | ||||||
Deferred tax benefit (expense) | - | - | (37) | 37 | 0.02 | ||||||
Charitable contributions | (282) | - | 67 | 215 | 0.11 | ||||||
Non-GAAP | $ | 4,051 | $ | (57) | $ | 1,479 | 18.4% | $ | 6,552 | $ | 3.48 |
Three Months Ended September 30, 2025 | |||||
Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
(in millions, except percentages and per share data)
GAAP | $ | 4,576 | $ | 75 | $ | 1,133 | 18.2% | $ | 5,090 | $ | 2.62 |
(Gains) losses on equity investments, net | - | (46) | (10) | (36) | (0.02) | ||||||
Amortization of acquired intangible assets | (54) | - | 13 | 41 | 0.02 | ||||||
Acquisition-related costs | (12) | - | 1 | 11 | 0.01 | ||||||
Litigation provision | (899) | - | 202 | 697 | 0.36 | ||||||
Non-GAAP | $ | 3,611 | $ | 29 | $ | 1,339 | 18.8% | $ | 5,803 | $ | 2.98 |
(1) Determined by applying applicable tax rates.
(2) Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.
Three Months Ended September 30, 2026 | ||||||||
Personnel | Marketing | Network and Processing | Professional Fees | Depreciation and Amortization | General and Administrative | Litigation Provision | Total Operating Expenses | YoY Change |
(in millions, except percentages)
GAAP | $ 1,871 | $ 711 | $ 293 | $ 322 | $ 377 | $ 829 | $ 474 | $ 4,877 | 7% |
Amortization of acquired intangible assets | - | - | - | - | (61) | - | - | (61) | |
Acquisition-related costs | (11) | - | - | (2) | (1) | - | - | (14) | |
Litigation provision | - | - | - | - | - | - | (469) | (469) | |
Charitable contributions | - | - | - | - | - | (282) | - | (282) | |
Non-GAAP | $ 1,860 | $ 711 | $ 293 | $ 320 | $ 315 | $ 547 | $ 5 | $ 4,051 | 12% |
Note: Percentage changes are calculated based on unrounded numbers.
Three Months Ended December 31, 2025 | |||||
Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
(in millions, except percentages and per share data)
GAAP | $ | 4,164 | $ | (11) | $ | 873 | 13.0% | $ | 5,853 | $ | 3.03 |
(Gains) losses on equity investments, net | - | 7 | 2 | 5 | - | ||||||
Amortization of acquired intangible assets | (54) | - | 14 | 40 | 0.02 | ||||||
Acquisition-related costs | (12) | - | 1 | 11 | 0.01 | ||||||
Litigation provision | (707) | - | 159 | 548 | 0.28 | ||||||
Deferred tax benefit (expense) | - | - | 333 | (333) | (0.17) | ||||||
Non-GAAP | $ | 3,391 | $ | (4) | $ | 1,382 | 18.4% | $ | 6,124 | $ | 3.17 |
Twelve Months Ended September 30, 2026 | |||||
Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
(in millions, except percentages and per share data)
GAAP | $ | 17,793 | $ | (17) | $ | 4,589 | 16.3% | $ | 23,504 | $ | 12.32 |
(Gains) losses on equity investments, net | - | (124) | (27) | (97) | (0.05) | ||||||
Amortization of acquired intangible assets | (229) | - | 66 | 163 | 0.09 | ||||||
Acquisition-related costs | (76) | - | 9 | 67 | 0.04 | ||||||
Litigation provision | (1,724) | - | 386 | 1,338 | 0.70 | ||||||
Deferred tax benefit (expense) | - | - | 314 | (314) | (0.16) | ||||||
Severance costs | (563) | - | 125 | 438 | 0.23 | ||||||
Charitable contributions | (282) | - | 67 | 215 | 0.11 | ||||||
Non-GAAP | $ | 14,919 | $ | (141) | $ | 5,529 | 17.9% | $ | 25,314 | $ | 13.27 |
(1) Determined by applying applicable tax rates.
(2) Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.