Visa – Q2 2026 Results

Visa Reports Fiscal Second Quarter 2026 Results

San Francisco, CA, April 28, 2026 – Visa (NYSE: V)

• GAAP net income of $6.0B or $3.14 per share and non-GAAP net income of $6.3B or $3.31 per share

• Net revenue of $11.2B, an increase of 17%, or 16% on a constant-dollar basis

• 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

Ryan McInerney, Chief Executive Officer, Visa, commented on the results:

“Visa’s second quarter net revenue growth of 17% was the highest since 2022, driving GAAP EPS up 36% and non-GAAP EPS up 20%. Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement solutions and value-added services. Throughout the quarter, we continued to enhance our Visa as a Service stack, including with agentic and stablecoin capabilities, to further strengthen our position as the leading hyperscaler of payments globally and drive growth for years to come.”

Income Statement Summary

In billions, except percentages and per share data.	Q2 2026
% change is calculated over the comparable prior-year period	USD	% Change
Net Revenue	$11.2	17%
GAAP Net Income	$6.0	32%
GAAP Earnings Per Share	$3.14	36%
Non-GAAP Net Income(1)	$6.3	17%
Non-GAAP Earnings Per Share(1)	$3.31	20%

⁽¹⁾ Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented.

Key Business Drivers

YoY increase / (decrease), volume in constant dollars	Q2 2026
Payments Volume	9%
Cross-Border Volume Excluding Intra-Europe	11%
Cross-Border Volume Total	12%
Processed Transactions	9%

⁽²⁾ Cross-border volume excluding transactions within Europe.

Fiscal Second Quarter 2026 — Financial Highlights

GAAP net income in the fiscal second quarter was $6.0 billion or $3.14 per share, an increase of 32% and 36%, respectively, over prior year’s results. Current year’s results included a special item of $311 million for a litigation provision associated with the interchange multidistrict litigation (“MDL”) case and other legal matters. Current year’s results also included $15 million of net losses from equity investments and $86 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year’s results included a special item of $992 million for a litigation provision associated with the MDL case, $23 million of net losses from equity investments and $96 million from the amortization of acquired intangible assets and acquisition-related costs. Excluding these items and related tax impacts, non-GAAP net income for the quarter was $6.3 billion or $3.31 per share, increases of 17% and 20%, respectively, over prior year’s results (refer to Non-GAAP Financial Measures for further details). GAAP earnings per share increase was approximately 35% on a constant-dollar basis, which excludes the impact of foreign currency fluctuations against the U.S. dollar. Non-GAAP earnings per share growth was approximately 20% on a constant-dollar basis. All references to earnings per share assume fully diluted class A share count.

Net revenue in the fiscal second quarter was $11.2 billion, an increase of 17%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenue increased 16% on a constant-dollar basis.

Payments volume for the three months ended December 31, 2025, on which fiscal second quarter service revenue is recognized, increased 8% over the prior year on a constant-dollar basis.

Payments volume for the three months ended March 31, 2026 increased 9% over the prior year on a constant-dollar basis.

Cross-border volume excluding transactions within Europe, which drives our international transaction revenue, for the three months ended March 31, 2026, increased 11% on a constant-dollar basis over the prior year. Total cross-border volume on a constant-dollar basis increased 12% over the prior year.

Total processed transactions, which represent transactions processed by Visa, for the three months ended March 31, 2026, were 66.1 billion, a 9% increase over the prior year.

Fiscal second quarter service revenue was $5.0 billion, an increase of 13% over the prior year, and is recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenue rose 18% over the prior year to $5.5 billion. International transaction revenue grew 10% over the prior year to $3.6 billion. Other revenue of $1.3 billion rose 41% over the prior year. Client incentives were $4.2 billion, up 14% over the prior year.

GAAP operating expenses were $4.0 billion for the fiscal second quarter, a 4% decrease over the prior year’s results, primarily driven by a decrease in the litigation provision. GAAP operating expenses included the special items as well as the amortization of acquired intangible assets and acquisition-related costs in the current and prior year. Excluding these items, non-GAAP operating expenses increased 17% over the prior year, primarily driven by increases in personnel and marketing expenses.

GAAP non-operating expense was $60 million for the fiscal second quarter, including $15 million of net equity investment losses. Excluding this item, non-GAAP non-operating expense was $45 million.

GAAP effective income tax rate was 16.1% for the quarter ended March 31, 2026. Excluding the related tax impacts from the non-GAAP items noted above, the non-GAAP effective income tax rate was 16.4% for the quarter ended March 31, 2026.

Cash, cash equivalents and investment securities were $14.2 billion at March 31, 2026.

The weighted-average number of diluted shares of class A common stock outstanding was 1.92 billion for the quarter ended March 31, 2026.

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 include, among other things, the refinancing of existing indebtedness.

On February 26, 2026, Visa deposited $125 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 and class B-2 common stock share counts at a volume-weighted average price of $312.44.

In February 2026, Visa announced and completed its acquisition of Prisma Medios de Pago S.A.U. (“Prisma”) and Newpay S.A.U. (“Newpay”) in Argentina. Prisma provides credit, debit and prepaid card issuer processing. Newpay is a multi-network infrastructure provider that operates real-time payments services, the Banelco ATM network and the bill payment platform PagoMisCuentas. This transaction strengthens Visa’s commitment to advancing payment innovation and modernizing financial infrastructure across the country. The transaction is subject to review by the Argentine competition authority.

On April 13, 2026, Visa announced the commencement of an exchange offer for any and all outstanding shares of its class B-1 common stock and class B-2 common stock for a combination of Visa’s class B-3 common stock, Visa’s class C common stock and, where applicable, cash in lieu of fractional shares. The class B-1 and class B-2 exchange offer will expire at one minute after 11:59 p.m. New York City time on May 8, 2026, unless extended or earlier terminated by Visa.

During the three months ended March 31, 2026, Visa repurchased approximately 25 million shares of class A common stock at an average cost of $320.66 per share for $7.9 billion. The Company had $13.2 billion of remaining authorized funds for share repurchases as of March 31, 2026.

In April 2026, the board of directors authorized a new $20.0 billion multi-year class A common stock share repurchase program. The board of directors also declared a quarterly cash dividend of $0.670 per share of class A common stock (determined in the case of all other outstanding common and preferred stock on an as-converted basis) payable on June 1, 2026, to all holders of record as of May 12, 2026.

Fiscal Second Quarter 2026 Earnings Results Call Details

Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information and operational performance data, is available on the Visa Investor Relations website at investor.visa.com

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 benefits of our acquisitions, financial outlook, and the results and impact of the class B-1 and class B-2 exchange offer. Forward-looking statements generally are identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “outlook,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict.

Actual results or outcomes, or the timing of our results or outcomes, could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to:

• impact of complex and evolving global regulations;

• increased scrutiny and regulation of the global payments industry;

• impact of government-imposed obligations and/or restrictions on international payments systems;

• impact of laws and regulations regarding the handling of personal data, including laws and regulations related to privacy, cybersecurity and AI;

• impact of tax examinations or disputes, or changes in tax laws;

• outcome of litigation or investigations;

• intense competition in our industry;

• dependence on our client and seller base, which may be costly to win, retain and develop;

• continued push to lower acceptance costs and challenge industry practices;

• dependence on relationships with financial institutions, acquirers, processors, sellers, payment facilitators, ecommerce platforms, fintechs and other third parties;

• our inability to maintain and enhance our brand;

• impact of global economic, political, market, health and social events or conditions;

• our ability to adjust to evolving corporate responsibility and sustainability matters and related regulations;

• exposure to significant risk of loss or reduction of liquidity due to our indemnification obligation to fund settlement losses of our clients;

• failure to anticipate, adapt to, or keep pace with, new technologies in the payments industry;

• a disruption, failure or breach of our networks or systems, including as a result of cyber incidents or attacks;

• our inability to achieve the anticipated benefits of our acquisitions, joint ventures or strategic investments;

• our inability to attract, hire and retain a highly qualified workforce, including key management;

• the conversions of our class B-1, B-2 and class C common stock or series A, B and C preferred stock into shares of class A common stock would result in voting dilution to, and could adversely impact the market price of, our existing class A common stock;

• differing interests between holders of our class B-1, B-2 and C common stock and series A, B and C preferred stock compared to our class A common stock concerning certain significant transactions; and

• other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2025, and any subsequent reports on Forms 10-Q and 8-K.

Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.