Fiscal Fourth Quarter 2026 — Financial Highlights

Visa Reports Fiscal Fourth Quarter and Full-Year 2026 Results

San Francisco, October 27, 2026 – Visa (NYSE: V)

Fiscal Fourth Quarter Results:

•GAAP net income of $6.0B or $3.19 per share and non-GAAP net income of $6.6B or $3.48 per share

•Net revenue of $12.1B, an increase of 13% on a nominal and constant-dollar basis

Fiscal Full-Year Results:

•GAAP net income of $23.5B or $12.32 per share and non-GAAP net income of $25.3B or $13.27 per share

•Net revenue of $45.9B, an increase of 15%, or 14% on a constant-dollar basis

Other Highlights:

•Fiscal fourth quarter growth in payments volume, cross-border volume and processed transactions remained strong

•Share repurchases and dividends of $5.2B and $25.6B for fiscal fourth quarter and full-year, respectively

•The board of directors increased Visa's quarterly cash dividend 16% to $0.780 per share

GAAP net income in the fiscal fourth quarter was $6.0 billion or $3.19 per share, an increase of 18% and 22%, respectively, over prior year’s results. Current year's results included special items of $469 million for a litigation provision associated with the interchange multidistrict litigation ("M

Net revenue in the fiscal fourth quarter was $12.1 billion, an increase of 13%, 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 June 30, 2026, on which fiscal fourth quarter service revenue is recognized, increased 10% over the prior year on a constant-dollar basis.

Payments volume for the three months ended September 30, 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 September 30, 2026, increased 14% on a constant-dollar basis over the prior year. Total cross-border volume on a constant-dollar basis increased 14% over the prior

Total processed transactions, which represent transactions processed by Visa, for the three months ended September 30, 2026, were 74.2 billion, a 10% increase over the prior year.

Fiscal fourth quarter service revenue was $5.3 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 16% over the prior year to $6.2

GAAP operating expenses were $4.9 billion for the fiscal fourth quarter, a 7% increase over the prior year's results, primarily driven by an increase in general and administrative expenses. GAAP operating expenses included the special items as well as the amortization of acquired intangible assets a

GAAP non-operating income was $98 million for the fiscal fourth quarter, including $155 million of net equity investment gains. Excluding this item, non-GAAP non-operating expense was $57 million.

GAAP effective income tax rate was 18.5% for the quarter ended September 30, 2026. Excluding the special item related to the deferred tax expense and the related tax impacts from the non-GAAP items, the non-GAAP effective income tax rate was 18.4% for the quarter ended September 30, 2026.

Cash, cash equivalents and investment securities were $14.2 billion at September 30, 2026.

The weighted-average number of diluted shares of class A common stock outstanding was 1.88 billion for the quarter ended September 30, 2026.

Fiscal Full-Year 2026 — Financial Highlights

GAAP net income in the fiscal full-year 2026 was $23.5 billion or $12.32 per share, an increase of 17% and 21%, respectively, over prior year’s results. Current year’s results included special items of $1.7 billion for a litigation provision associated with the MDL case and other legal matters, $563

Net revenue in the fiscal full-year 2026 was $45.9 billion, an increase of 15%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenue increased 14% on a constant-dollar basis.

Payments volume for the twelve months ended September 30, 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 twelve months ended September 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 prio

Total processed transactions, which represent transactions processed by Visa, for the twelve months ended September 30, 2026, were 281.3 billion, a 9% increase over the prior year.

Fiscal full-year 2026 service revenue was $19.9 billion, an increase of 14% over the prior year. Data processing revenue rose 17% over the prior year to $23.4 billion. International transaction revenue grew 8% over the prior year to $15.3 billion. Other revenue of $5.7 billion rose 40% over the prio

GAAP operating expenses were $17.8 billion for the fiscal full-year 2026, an 11% increase over the prior year's results, primarily driven by increases in personnel and marketing expenses. GAAP operating expenses included the special items as well as the amortization of acquired intangible assets and

GAAP non-operating expense was $17 million for the fiscal full-year 2026, including $124 million of net equity investment gains. Excluding this item, non-GAAP non-operating expense was $141 million.

GAAP effective income tax rate was 16.3% for the fiscal full-year 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 17.9% for the fiscal full-year ended September 30, 2026.

The weighted-average number of diluted shares of class A common stock outstanding was 1.91 billion for the fiscal full-year ended September 30, 2026.

Other Notable Items

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 exp

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 depos

During the three months ended September 30, 2026, Visa repurchased approximately 11 million shares of class A common stock at an average cost of $369.12 per share for $4.0 billion. In the twelve months ended September 30, 2026, Visa repurchased a total of approximately 61 million shares of class A c

On October 27, 2026, the board of directors declared an increase to Visa's quarterly cash dividend to $0.780 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 December 1, 2026, to all holders of record a

Fiscal Fourth Quarter and Full-Year 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

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

About Visa

Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, sellers, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure

Contacts Investor Relations Jennifer Como, 650-432-7644 InvestorRelations@visa.com Media Relations Fletcher Cook, 650-432-2990 Press@visa.com

Fiscal Fourth Quarter and Full-Year 2026 — Financial Summary

Visa Consolidated Balance Sheets (unaudited)

Visa Consolidated Statements of Operations (unaudited)

Visa Consolidated Statements of Cash Flows (unaudited)

Visa Quarterly Results of Operations (unaudited)

Visa Non-GAAP Financial Measures (unaudited)

We use non-GAAP financial measures of our performance which exclude certain items which 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. Constant-dollar financial measures are calcul

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 associ

•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 acquir

•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

•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 intercha

•Deferred tax benefit (expense). For the three and twelve months ended September 30, 2026, 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

•Severance costs. For the twelve months ended September 30, 2026 and 2025, 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

•Charitable contributions. For the three and twelve months ended September 30, 2026, 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.

•Lease consolidation costs. For the twelve months ended September 30, 2025, we recorded a charge within general and administrative expense associated with the consolidation of certain leased office spaces. We have excluded this amount as it does not reflect the underlying performance of our business

Visa Non-GAAP Financial Measures (unaudited) - continued

The following tables reconcile our GAAP to non-GAAP financial measures included in this release:

Visa Non-GAAP Financial Measures (unaudited) - continued

(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.