Visa Release Q3 2026 Results

Visa Reports Fiscal Third Quarter 2026 Results

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

• GAAP net income of $5.6B or $2.97 per share and non-GAAP net income of $6.3B or $3.32 per share

• Net revenue of $11.6B, an increase of 14%, or 13% on a constant-dollar basis

• Growth in payments volume, cross-border volume and processed transactions was strong

• Share repurchases and dividends of $6.2B

Income Statement Summary

In billions, except percentages and per share data.	Q3 2026
% change is calculated over the comparable prior-year period.	USD	% Change
Net Revenue	$11.6	14%
GAAP Net Income	$5.6	7%
GAAP Earnings Per Share	$2.97	10%
Non-GAAP Net Income1	$6.3	8%
Non-GAAP Earnings Per Share	$3.32	11%

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	Q3 2026
Payments Volume	10%
Cross-Border Volume Excluding Intra-Europe2	12%
Cross-Border Volume Total	13%
Processed Transactions	10%

² Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented.

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

“Visa delivered a strong fiscal third quarter, with net revenue up 14% year-over-year, GAAP EPS up 10% and non-GAAP EPS up 11%. Consumer and business spending remains resilient, and our strategy continues to deliver strong performance across consumer payments, commercial and money movement solutions and value-added services. As the leading hyperscaler of payments globally, we are designing, building and shipping products at an increased velocity, positioning Visa, our clients and the ecosystem to capture the opportunities ahead and drive growth.”

Fiscal Third Quarter 2026 — Financial Highlights

GAAP net income in the fiscal third quarter was $5.6 billion or $2.97 per share, an increase of 7% and 10%, respectively, over prior year’s results. Current year’s results included special items of $563 million for severance costs, $237 million for a litigation provision associated with the interchange multidistrict litigation (“MDL”) case and $18 million for a deferred tax benefit recognized due to a change in the U.S. taxation of certain foreign earnings. Current year’s results also included $9 million of net losses from equity investments and $78 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year’s results included a special item of $615 million for a litigation provision associated with the MDL case and other legal matters, $35 million of net losses from equity investments and $73 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 $3.32 per share, increases of 8% and 11%, respectively, over prior year’s results (refer to Non-GAAP Financial Measures for further details). GAAP earnings per share increase was approximately 9% 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 11% on a constant-dollar basis. All references to earnings per share assume fully diluted class A share count.

Net revenue in the fiscal third quarter was $11.6 billion, an increase of 14%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenue increased 13% on a constant-dollar basis.

Payments volume for the three months ended March 31, 2026, on which fiscal third quarter service revenue is recognized, increased 9% over the prior year on a constant-dollar basis.

Payments volume for the three months ended June 30, 2026 increased 10% 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 June 30, 2026, increased 12% on a constant-dollar basis over the prior year. Total cross-border volume on a constant-dollar basis increased 13% over the prior year.

Total processed transactions, which represent transactions processed by Visa, for the three months ended June 30, 2026, were 71.7 billion, a 10% increase over the prior year.

Fiscal third quarter service revenue was $4.9 billion, an increase of 14% 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 17% over the prior year to $6.0 billion. International transaction revenue grew 6% over the prior year to $3.9 billion. Other revenue of $1.5 billion rose 45% over the prior year. Client incentives were $4.7 billion, up 18% over the prior year.

GAAP operating expenses were $4.8 billion for the fiscal third quarter, a 19% increase over the prior year’s results, primarily driven by an increase in personnel expenses. 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 marketing and personnel expenses.

GAAP non-operating expense was $44 million for the fiscal third quarter, including $9 million of net equity investment losses. Excluding this item, non-GAAP non-operating expense was $35 million.

GAAP effective income tax rate was 17.6% for the quarter ended June 30, 2026. Excluding the special item related to the deferred tax benefit and the related tax impacts from the non-GAAP items, the non-GAAP effective income tax rate was 18.4% for the quarter ended June 30, 2026.

Cash, cash equivalents and investment securities were $13.9 billion at June 30, 2026.

The weighted-average number of diluted shares of class A common stock outstanding was 1.90 billion for the quarter ended June 30, 2026.

Other Notable Items

On May 12, 2026, Visa settled its previously announced exchange offer for class B-1 common stock and class B-2 common stock (together, “eligible class B common stock”). The exchange offer allowed each participating holder of eligible class B common stock to exchange their shares of eligible class B 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.

On June 25, 2026, Visa deposited $250 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 $333.42.

During the three months ended June 30, 2026, Visa repurchased approximately 14.5 million shares of class A common stock at an average cost of $330.71 per share for $4.9 billion. The Company had $28.4 billion of remaining authorized funds for share repurchases as of June 30, 2026.

On July 28, 2026, the board of directors 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 September 1, 2026, to all holders of record as of August 11, 2026.

Fiscal Third 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, and financial outlook. 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, B-3 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, B-3 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.