Visa Inc. (V) Q3 FY2026 Financial Statements: Net revenue $11.63B, Net income $5.63B
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PeriodQ3 FY2026Q2 FY2026
Published
Visa Inc. reported $11.63 billion in net revenue for Q3 FY2026, the quarter ended June 30, 2026, up 14.4% from a year earlier, and net income of $5.63 billion, up 6.8%. Earnings grew more slowly than the top line because operating expenses reached $4.76 billion, up 19.0%, as severance charges drove personnel costs sharply higher and campaigns tied to the FIFA World Cup lifted marketing spending, cutting operating margin to 59.1% from 60.7% a year earlier. Diluted earnings per class A share were $2.97, up 10.4%, ahead of the growth in net income because share repurchases shrank the share count, and Visa processed 71.66 billion transactions on its network in the quarter, up 9.5%.
| Metric | Amount | vs. year ago |
|---|---|---|
| Net revenue | $11,633,000,000 | up 14.4% |
| Net income | $5,628,000,000 | up 6.8% |
| Diluted EPS | $2.97 | up 10.4% |
| Operating expenses | $4,756,000,000 | up 19.0% |
| Operating margin | 59.1% | down 1.6 points |
| Processed transactions | 71,662,000,000 | up 9.5% |
About this file
| Ticker | V |
|---|---|
| CIK | 0001403161 |
| Company | Visa Inc. |
| Business type | payments_network |
| Schema template | payments network (gross revenue by category less client incentives; no cost of revenue line) |
| Reporting currency | USD |
| Converted to USD | no |
| Units | actual dollars (not millions); share counts are actual shares; per-share figures are actual dollars per share |
V annual income statement, balance sheet and cash flow
| FY2025 (fiscal year ended September 30, 2025) | FY2024 (fiscal year ended September 30, 2024) | FY2023 (fiscal year ended September 30, 2023) | |
|---|---|---|---|
| Label | FY2025 (fiscal year ended September 30, 2025) | FY2024 (fiscal year ended September 30, 2024) | FY2023 (fiscal year ended September 30, 2023) |
| Fiscal year | 2025 | 2024 | 2023 |
| Period type | fiscal_year | fiscal_year | fiscal_year |
| Period start | 2024-10-01 | 2023-10-01 | 2022-10-01 |
| Period end | 2025-09-30 | 2024-09-30 | 2023-09-30 |
| Source accession | 0001403161-25-000089 | 0001403161-25-000089 | 0001403161-25-000089 |
| Income statement | |||
| Service revenue | 17,539,000,000 | 16,114,000,000 | 14,826,000,000 |
| Data processing revenue | 19,993,000,000 | 17,714,000,000 | 16,007,000,000 |
| International transaction revenue | 14,166,000,000 | 12,665,000,000 | 11,638,000,000 |
| Other revenue | 4,053,000,000 | 3,197,000,000 | 2,479,000,000 |
| Client incentives | -15,751,000,000 | -13,764,000,000 | -12,297,000,000 |
| Net revenue | 40,000,000,000 | 35,926,000,000 | 32,653,000,000 |
| Net revenue US | 15,633,000,000 | 14,780,000,000 | 14,138,000,000 |
| Net revenue international | 24,367,000,000 | 21,146,000,000 | 18,515,000,000 |
| Operating expenses | |||
| Personnel | 6,961,000,000 | 6,264,000,000 | 5,831,000,000 |
| Marketing | 1,684,000,000 | 1,560,000,000 | 1,341,000,000 |
| Network and processing | 894,000,000 | 778,000,000 | 736,000,000 |
| Professional fees | 759,000,000 | 635,000,000 | 545,000,000 |
| Depreciation and amortization | 1,220,000,000 | 1,034,000,000 | 943,000,000 |
| General and administrative | 1,926,000,000 | 1,598,000,000 | 1,330,000,000 |
| Litigation provision | 2,562,000,000 | 462,000,000 | 927,000,000 |
| Total operating expenses | 16,006,000,000 | 12,331,000,000 | 11,653,000,000 |
| Operating income | 23,994,000,000 | 23,595,000,000 | 21,000,000,000 |
| Operating margin % | 60.0% | 65.7% | 64.3% |
| Interest expense | -589,000,000 | -641,000,000 | -644,000,000 |
| Investment income expense and other | 789,000,000 | 962,000,000 | 681,000,000 |
| Total non operating income expense | 200,000,000 | 321,000,000 | 37,000,000 |
| Income before income taxes | 24,194,000,000 | 23,916,000,000 | 21,037,000,000 |
| Income tax provision | 4,136,000,000 | 4,173,000,000 | 3,764,000,000 |
| Effective tax rate % | 17.1% | 17.4% | 17.9% |
| Net income | 20,058,000,000 | 19,743,000,000 | 17,273,000,000 |
| Net margin % | 50.1% | 55.0% | 52.9% |
| Basic EPS class a | 10.22 | 9.74 | 8.29 |
| Basic weighted average shares class a | 1,714,000,000 | 1,621,000,000 | 1,618,000,000 |
| Diluted EPS class a | 10.2 | 9.73 | 8.28 |
| Diluted weighted average shares class a as converted | 1,966,000,000 | 2,029,000,000 | 2,085,000,000 |
| Balance sheet | |||
| Cash and cash equivalents | 17,164,000,000 | 11,975,000,000 | |
| Restricted cash equivalents US litigation escrow | 2,990,000,000 | 3,089,000,000 | |
| Investment securities current | 1,833,000,000 | 3,200,000,000 | |
| Settlement receivable | 4,191,000,000 | 4,454,000,000 | |
| Accounts receivable | 3,126,000,000 | 2,561,000,000 | |
| Customer collateral asset | 3,625,000,000 | 3,524,000,000 | |
| Client incentives current asset | 2,158,000,000 | 1,918,000,000 | |
| Prepaid expenses and other current assets | 2,679,000,000 | 3,312,000,000 | |
| Total current assets | 37,766,000,000 | 34,033,000,000 | |
| Investment securities noncurrent | 999,000,000 | 2,545,000,000 | |
| Client incentives noncurrent asset | 5,157,000,000 | 4,628,000,000 | |
| Property equipment and technology net | 4,236,000,000 | 3,824,000,000 | |
| Goodwill | 19,879,000,000 | 18,941,000,000 | |
| Intangible assets net | 27,646,000,000 | 26,889,000,000 | |
| Other assets | 3,944,000,000 | 3,651,000,000 | |
| Total assets | 99,627,000,000 | 94,511,000,000 | |
| Accounts payable | 555,000,000 | 479,000,000 | |
| Settlement payable | 4,568,000,000 | 5,265,000,000 | |
| Customer collateral liability | 3,625,000,000 | 3,524,000,000 | |
| Accrued compensation and benefits | 1,863,000,000 | 1,538,000,000 | |
| Client incentives current liability | 10,369,000,000 | 9,075,000,000 | |
| Accrued liabilities | 5,466,000,000 | 4,909,000,000 | |
| Current maturities of debt | 5,569,000,000 | 0 | |
| Accrued litigation | 3,033,000,000 | 1,727,000,000 | |
| Total current liabilities | 35,048,000,000 | 26,517,000,000 | |
| Long term debt | 19,602,000,000 | 20,836,000,000 | |
| Deferred tax liabilities | 5,549,000,000 | 5,301,000,000 | |
| Other liabilities | 1,519,000,000 | 2,720,000,000 | |
| Total liabilities | 61,718,000,000 | 55,374,000,000 | |
| Total debt carrying value | 25,171,000,000 | 20,836,000,000 | |
| Cash and investment securities | 19,996,000,000 | 17,720,000,000 | |
| Preferred stock | 745,000,000 | 1,031,000,000 | |
| Additional paid in capital | 21,934,000,000 | 21,229,000,000 | |
| Accumulated income | 15,106,000,000 | 17,289,000,000 | |
| Right to recover for covered losses | -124,000,000 | -104,000,000 | |
| Total accumulated other comprehensive income loss | 248,000,000 | -308,000,000 | |
| Total equity | 37,909,000,000 | 39,137,000,000 | |
| Shares outstanding class a | 1,691,000,000 | 1,733,000,000 | |
| Shares outstanding class b total | 125,000,000 | 125,000,000 | |
| Shares outstanding class c | 9,000,000 | 10,000,000 | |
| Cash flow | |||
| Net income | 20,058,000,000 | 19,743,000,000 | 17,273,000,000 |
| Client incentives addback | 15,751,000,000 | 13,764,000,000 | 12,297,000,000 |
| Share based compensation | 897,000,000 | 850,000,000 | 765,000,000 |
| Depreciation and amortization | 1,220,000,000 | 1,034,000,000 | 943,000,000 |
| Deferred income taxes | 152,000,000 | -100,000,000 | -483,000,000 |
| Net cash provided by operating activities | 23,059,000,000 | 19,950,000,000 | 20,755,000,000 |
| Purchases of property equipment and technology | -1,482,000,000 | -1,257,000,000 | -1,059,000,000 |
| Free cash flow | 21,577,000,000 | 18,693,000,000 | 19,696,000,000 |
| Purchases of investment securities | 0 | -4,443,000,000 | -4,363,000,000 |
| Proceeds from maturities and sales of investment securities | 3,024,000,000 | 5,013,000,000 | 3,160,000,000 |
| Acquisitions net of cash acquired | -887,000,000 | -915,000,000 | 0 |
| Other investing activities net | 53,000,000 | -324,000,000 | 256,000,000 |
| Net cash provided by used in investing activities | 708,000,000 | -1,926,000,000 | -2,006,000,000 |
| Repurchases of class a common stock | -18,316,000,000 | -16,713,000,000 | -12,101,000,000 |
| Repayments of debt | 0 | 0 | -2,250,000,000 |
| Proceeds from issuance of senior notes | 3,924,000,000 | 0 | 0 |
| Dividends paid | -4,634,000,000 | -4,217,000,000 | -3,751,000,000 |
| Proceeds from stock issued under equity plans | 396,000,000 | 335,000,000 | 260,000,000 |
| Taxes paid related to stock issued under equity plans | -281,000,000 | -208,000,000 | -130,000,000 |
| Other financing activities | -52,000,000 | 170,000,000 | 200,000,000 |
| Net cash provided by used in financing activities | -18,963,000,000 | -20,633,000,000 | -17,772,000,000 |
| Dividends declared per class a share | 2.36 | 2.08 | 1.8 |
| Operating metrics | |||
| Total nominal payments volume | 13,894,000,000,000 | 12,988,000,000,000 | 12,088,000,000,000 |
| Total nominal volume | 16,383,000,000,000 | 15,490,000,000,000 | 14,547,000,000,000 |
| Cash volume | 2,489,000,000,000 | 2,502,000,000,000 | 2,459,000,000,000 |
| Payments and cash volume period | twelve months ended June 30, 2025 | twelve months ended June 30, 2024 | twelve months ended June 30, 2023 |
| Visa processed transactions | 257,545,000,000 | 233,758,000,000 | 212,579,000,000 |
| Processed transactions period | fiscal year ended September 30, 2025 | fiscal year ended September 30, 2024 | fiscal year ended September 30, 2023 |
| Value added services revenue approx | 10,900,000,000 | 8,800,000,000 | 7,200,000,000 |
| Balance sheet note | The FY2025 10-K balance sheet presents only September 30, 2025 and 2024, so no September 30, 2023 balance sheet is reported here. | ||
V quarterly income statement, balance sheet and cash flow
| FY2026 Q3 (three months ended June 30, 2026) | FY2025 Q3 (three months ended June 30, 2025), prior-year comparative | |
|---|---|---|
| Label | FY2026 Q3 (three months ended June 30, 2026) | FY2025 Q3 (three months ended June 30, 2025), prior-year comparative |
| Fiscal year | 2026 | 2025 |
| Fiscal quarter | 3 | 3 |
| Period type | three_months | three_months |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Source accession | 0001403161-26-000104 | 0001403161-26-000104 |
| Income statement | ||
| Service revenue | 4,922,000,000 | 4,330,000,000 |
| Data processing revenue | 6,042,000,000 | 5,153,000,000 |
| International transaction revenue | 3,853,000,000 | 3,633,000,000 |
| Other revenue | 1,496,000,000 | 1,028,000,000 |
| Client incentives | -4,680,000,000 | -3,972,000,000 |
| Net revenue | 11,633,000,000 | 10,172,000,000 |
| Net revenue US | 4,410,000,000 | 3,927,000,000 |
| Net revenue international | 7,223,000,000 | 6,245,000,000 |
| Operating expenses | ||
| Personnel | 2,458,000,000 | 1,749,000,000 |
| Marketing | 649,000,000 | 421,000,000 |
| Network and processing | 280,000,000 | 224,000,000 |
| Professional fees | 246,000,000 | 187,000,000 |
| Depreciation and amortization | 367,000,000 | 317,000,000 |
| General and administrative | 503,000,000 | 482,000,000 |
| Litigation provision | 253,000,000 | 615,000,000 |
| Total operating expenses | 4,756,000,000 | 3,995,000,000 |
| Operating income | 6,877,000,000 | 6,177,000,000 |
| Operating margin % | 59.1% | 60.7% |
| Interest expense | -194,000,000 | -39,000,000 |
| Investment income expense and other | 150,000,000 | 195,000,000 |
| Total non operating income expense | -44,000,000 | 156,000,000 |
| Income before income taxes | 6,833,000,000 | 6,333,000,000 |
| Income tax provision | 1,205,000,000 | 1,061,000,000 |
| Effective tax rate % | 17.6% | 16.8% |
| Net income | 5,628,000,000 | 5,272,000,000 |
| Net margin % | 48.4% | 51.8% |
| Basic EPS class a | 2.97 | 2.69 |
| Basic weighted average shares class a | 1,673,000,000 | 1,709,000,000 |
| Diluted EPS class a | 2.97 | 2.69 |
| Diluted weighted average shares class a as converted | 1,898,000,000 | 1,959,000,000 |
| Balance sheet | ||
| Cash and cash equivalents | 12,359,000,000 | |
| Restricted cash equivalents US litigation escrow | 888,000,000 | |
| Investment securities current | 1,433,000,000 | |
| Settlement receivable | 2,400,000,000 | |
| Accounts receivable | 3,527,000,000 | |
| Customer collateral asset | 4,310,000,000 | |
| Client incentives current asset | 2,523,000,000 | |
| Prepaid expenses and other current assets | 3,562,000,000 | |
| Total current assets | 31,002,000,000 | |
| Investment securities noncurrent | 150,000,000 | |
| Client incentives noncurrent asset | 5,884,000,000 | |
| Property equipment and technology net | 4,858,000,000 | |
| Goodwill | 20,825,000,000 | |
| Intangible assets net | 27,532,000,000 | |
| Other assets | 4,339,000,000 | |
| Total assets | 94,590,000,000 | |
| Accounts payable | 553,000,000 | |
| Settlement payable | 3,277,000,000 | |
| Customer collateral liability | 4,310,000,000 | |
| Accrued compensation and benefits | 2,219,000,000 | |
| Client incentives current liability | 11,429,000,000 | |
| Accrued liabilities | 5,409,000,000 | |
| Current maturities of debt | 2,996,000,000 | |
| Accrued litigation | 1,274,000,000 | |
| Total current liabilities | 31,467,000,000 | |
| Long term debt | 20,862,000,000 | |
| Deferred tax liabilities | 5,219,000,000 | |
| Other liabilities | 1,864,000,000 | |
| Total liabilities | 59,412,000,000 | |
| Total debt carrying value | 23,858,000,000 | |
| Commercial paper outstanding | 1,500,000,000 | |
| Cash and investment securities | 13,942,000,000 | |
| Preferred stock | 514,000,000 | |
| Additional paid in capital | 22,168,000,000 | |
| Accumulated income | 12,753,000,000 | |
| Right to recover for covered losses | -111,000,000 | |
| Total accumulated other comprehensive income loss | -146,000,000 | |
| Total equity | 35,178,000,000 | |
| Shares outstanding class a | 1,702,000,000 | |
| Shares outstanding class b total | 63,000,000 | |
| Shares outstanding class c | 18,000,000 | |
| Cash flow | n/a | n/a |
| Cash flow note | The 10-Q presents cash flows only for the nine months ended June 30, 2026, so no separate three-month cash flow statement is reported. See the nine-month figures in the year-to-date section. | The 10-Q presents cash flows only on a nine-month basis, so no three-month cash flow statement is reported for this quarter. |
| Operating metrics | ||
| Total nominal payments volume | 3,728,000,000,000 | 3,346,000,000,000 |
| Total nominal volume | 4,354,000,000,000 | 3,944,000,000,000 |
| Cash volume | 626,000,000,000 | 598,000,000,000 |
| Payments and cash volume period | three months ended March 31, 2026 | three months ended March 31, 2025 |
| Visa processed transactions | 71,662,000,000 | 65,443,000,000 |
| Processed transactions period | three months ended June 30, 2026 | three months ended June 30, 2025 |
| Value added services revenue approx | 3,800,000,000 | 2,800,000,000 |
| Shareholder returns | ||
| Shares repurchased open market | 14,000,000 | 14,000,000 |
| Average repurchase cost per share | 330.71 | 349.24 |
| Repurchases of class a common stock per equity statement | -4,878,000,000 | -4,828,000,000 |
| Dividends declared and paid | -1,273,000,000 | -1,154,000,000 |
| Dividends declared per class a share | 0.67 | 0.59 |
| Balance sheet note | The 10-Q presents balance sheets only as of June 30, 2026 and September 30, 2025, so no balance sheet as of June 30, 2025 is reported. The statement of changes in equity does show total equity of $38,664 million at June 30, 2025. | |
V year-to-date income statement and cash flow
| FY2026 first nine months (nine months ended June 30, 2026) | |
|---|---|
| Label | FY2026 first nine months (nine months ended June 30, 2026) |
| Fiscal year | 2026 |
| Period type | nine_months |
| Period start | 2025-10-01 |
| Period end | 2026-06-30 |
| Source accession | 0001403161-26-000104 |
| Income statement | |
| Service revenue | 14,663,000,000 |
| Data processing revenue | 17,129,000,000 |
| International transaction revenue | 11,136,000,000 |
| Other revenue | 4,030,000,000 |
| Client incentives | -13,194,000,000 |
| Net revenue | 33,764,000,000 |
| Net revenue US | 12,892,000,000 |
| Net revenue international | 20,872,000,000 |
| Operating expenses | |
| Personnel | 6,063,000,000 |
| Marketing | 1,604,000,000 |
| Network and processing | 773,000,000 |
| Professional fees | 692,000,000 |
| Depreciation and amortization | 1,026,000,000 |
| General and administrative | 1,468,000,000 |
| Litigation provision | 1,290,000,000 |
| Total operating expenses | 12,916,000,000 |
| Operating income | 20,848,000,000 |
| Operating margin % | 61.7% |
| Interest expense | -566,000,000 |
| Investment income expense and other | 451,000,000 |
| Total non operating income expense | -115,000,000 |
| Income before income taxes | 20,733,000,000 |
| Income tax provision | 3,231,000,000 |
| Effective tax rate % | 15.6% |
| Net income | 17,502,000,000 |
| Net margin % | 51.8% |
| Basic EPS class a | 9.15 |
| Basic weighted average shares class a | 1,678,000,000 |
| Diluted EPS class a | 9.14 |
| Diluted weighted average shares class a as converted | 1,916,000,000 |
| Cash flow | |
| Net income | 17,502,000,000 |
| Client incentives addback | 13,194,000,000 |
| Share based compensation | 728,000,000 |
| Depreciation and amortization | 1,026,000,000 |
| Deferred income taxes | -638,000,000 |
| Net cash provided by operating activities | 16,342,000,000 |
| Purchases of property equipment and technology | -1,178,000,000 |
| Free cash flow | 15,164,000,000 |
| Purchases of investment securities | -50,000,000 |
| Proceeds from maturities and sales of investment securities | 1,280,000,000 |
| Acquisitions net of cash acquired | -705,000,000 |
| Other investing activities net | -102,000,000 |
| Net cash provided by used in investing activities | -755,000,000 |
| Repurchases of class a common stock | -16,430,000,000 |
| Repayments of debt | -5,565,000,000 |
| Proceeds from issuance of senior notes | 2,995,000,000 |
| Net proceeds from commercial paper | 1,496,000,000 |
| Dividends paid | -3,852,000,000 |
| Proceeds from stock issued under equity plans | 204,000,000 |
| Taxes paid related to stock issued under equity plans | -272,000,000 |
| Other financing activities | -116,000,000 |
| Net cash provided by used in financing activities | -21,540,000,000 |
| Dividends declared per class a share | 2.01 |
| Operating metrics | |
| Total nominal payments volume | 11,330,000,000,000 |
| Total nominal volume | 13,259,000,000,000 |
| Cash volume | 1,929,000,000,000 |
| Payments and cash volume period | nine months ended March 31, 2026 |
| Visa processed transactions | 207,148,000,000 |
| Processed transactions period | nine months ended June 30, 2026 |
| Value added services revenue approx | 10,300,000,000 |
| Shareholder returns | |
| Shares repurchased open market | 50,000,000 |
| Average repurchase cost per share | 328.29 |
| Repurchases of class a common stock per equity statement | -16,537,000,000 |
| Dividends declared and paid | -3,852,000,000 |
| Dividends declared per class a share | 2.01 |
| Prior year comparative | |
| Label | FY2025 first nine months (nine months ended June 30, 2025) |
| Fiscal year | 2025 |
| Period type | nine_months |
| Period start | 2024-10-01 |
| Period end | 2025-06-30 |
| Source accession | 0001403161-26-000104 |
| Income statement | |
| Service revenue | 12,937,000,000 |
| Data processing revenue | 14,599,000,000 |
| International transaction revenue | 10,366,000,000 |
| Other revenue | 2,877,000,000 |
| Client incentives | -11,503,000,000 |
| Net revenue | 29,276,000,000 |
| Net revenue US | 11,476,000,000 |
| Net revenue international | 17,800,000,000 |
| Operating expenses | |
| Personnel | 5,219,000,000 |
| Marketing | 1,108,000,000 |
| Network and processing | 655,000,000 |
| Professional fees | 503,000,000 |
| Depreciation and amortization | 904,000,000 |
| General and administrative | 1,382,000,000 |
| Litigation provision | 1,659,000,000 |
| Total operating expenses | 11,430,000,000 |
| Operating income | 17,846,000,000 |
| Operating margin % | 61.0% |
| Interest expense | -379,000,000 |
| Investment income expense and other | 504,000,000 |
| Total non operating income expense | 125,000,000 |
| Income before income taxes | 17,971,000,000 |
| Income tax provision | 3,003,000,000 |
| Effective tax rate % | 16.7% |
| Net income | 14,968,000,000 |
| Net margin % | 51.1% |
| Basic EPS class a | 7.6 |
| Basic weighted average shares class a | 1,720,000,000 |
| Diluted EPS class a | 7.59 |
| Diluted weighted average shares class a as converted | 1,973,000,000 |
| Cash flow | |
| Net income | 14,968,000,000 |
| Client incentives addback | 11,503,000,000 |
| Share based compensation | 706,000,000 |
| Depreciation and amortization | 904,000,000 |
| Deferred income taxes | 347,000,000 |
| Net cash provided by operating activities | 16,821,000,000 |
| Purchases of property equipment and technology | -1,093,000,000 |
| Free cash flow | 15,728,000,000 |
| Purchases of investment securities | 0 |
| Proceeds from maturities and sales of investment securities | 2,468,000,000 |
| Acquisitions net of cash acquired | -887,000,000 |
| Other investing activities net | -84,000,000 |
| Net cash provided by used in investing activities | 404,000,000 |
| Repurchases of class a common stock | -13,389,000,000 |
| Repayments of debt | 0 |
| Proceeds from issuance of senior notes | 3,924,000,000 |
| Net proceeds from commercial paper | 0 |
| Dividends paid | -3,488,000,000 |
| Proceeds from stock issued under equity plans | 341,000,000 |
| Taxes paid related to stock issued under equity plans | -254,000,000 |
| Other financing activities | -97,000,000 |
| Net cash provided by used in financing activities | -12,963,000,000 |
| Dividends declared per class a share | 1.77 |
| Operating metrics | |
| Total nominal payments volume | 10,280,000,000,000 |
| Total nominal volume | 12,137,000,000,000 |
| Cash volume | 1,857,000,000,000 |
| Payments and cash volume period | nine months ended March 31, 2025 |
| Visa processed transactions | 189,891,000,000 |
| Processed transactions period | nine months ended June 30, 2025 |
| Value added services revenue approx | 7,800,000,000 |
| Shareholder returns | |
| Shares repurchased open market | 40,000,000 |
| Average repurchase cost per share | 330.39 |
| Repurchases of class a common stock per equity statement | -13,241,000,000 |
| Dividends declared and paid | -3,488,000,000 |
| Dividends declared per class a share | 1.77 |
V trailing twelve month income statement and cash flow
| Trailing twelve months ended June 30, 2026 | |
|---|---|
| Label | Trailing twelve months ended June 30, 2026 |
| Period type | trailing_twelve_months |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Source accession | 0001403161-26-000104 |
| Derived from | 0001403161-25-000089; 0001403161-26-000104 |
| Derivation | Fiscal 2025 as reported in the FY2025 Form 10-K, plus the nine months ended June 30, 2026, less the nine months ended June 30, 2025, both as reported in the Form 10-Q for the quarter ended June 30, 2026. Neither filing reports this twelve-month period on its face. |
| Income statement | |
| Service revenue | 19,265,000,000 |
| Data processing revenue | 22,523,000,000 |
| International transaction revenue | 14,936,000,000 |
| Other revenue | 5,206,000,000 |
| Client incentives | -17,442,000,000 |
| Net revenue | 44,488,000,000 |
| Net revenue US | 17,049,000,000 |
| Net revenue international | 27,439,000,000 |
| Operating expenses | |
| Personnel | 7,805,000,000 |
| Marketing | 2,180,000,000 |
| Network and processing | 1,012,000,000 |
| Professional fees | 948,000,000 |
| Depreciation and amortization | 1,342,000,000 |
| General and administrative | 2,012,000,000 |
| Litigation provision | 2,193,000,000 |
| Total operating expenses | 17,492,000,000 |
| Operating income | 26,996,000,000 |
| Operating margin % | 60.7% |
| Interest expense | -776,000,000 |
| Investment income expense and other | 736,000,000 |
| Total non operating income expense | -40,000,000 |
| Income before income taxes | 26,956,000,000 |
| Income tax provision | 4,364,000,000 |
| Effective tax rate % | 16.2% |
| Net income | 22,592,000,000 |
| Net margin % | 50.8% |
| Diluted EPS class a | 11.75 |
| Cash flow | |
| Net cash provided by operating activities | 22,580,000,000 |
| Purchases of property equipment and technology | -1,567,000,000 |
| Free cash flow | 21,013,000,000 |
| Dividends paid | -4,998,000,000 |
| Repurchases of class a common stock | -21,357,000,000 |
| Operating metrics | |
| Total nominal payments volume | 14,944,000,000,000 |
| Total nominal volume | 17,505,000,000,000 |
| Cash volume | 2,561,000,000,000 |
| Payments and cash volume period | twelve months ended March 31, 2026 |
| Visa processed transactions | 274,802,000,000 |
| Processed transactions period | twelve months ended June 30, 2026 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | None. Visa reports in U.S. dollars, so no currency translation was applied. |
Notes
- All figures are drawn from two filings: the FY2025 Form 10-K (accession 0001403161-25-000089, fiscal year ended September 30, 2025) and the Form 10-Q for the fiscal 2026 third quarter (accession 0001403161-26-000104, quarter ended June 30, 2026).
- Visa's fiscal year ends September 30. The fiscal 2026 third quarter therefore covers the three months ended June 30, 2026, and the fiscal 2026 year to date covers the nine months ended June 30, 2026.
- This record holds exactly the periods those two filings present on their face: fiscal 2025, 2024 and 2023 from the 10-K; the three months ended June 30, 2026 and the three months ended June 30, 2025 from the 10-Q; and the nine-month year-to-date columns the 10-Q prints alongside them. Earlier quarters of fiscal 2026 are not columns in either filing and are reported on their own pages.
- The nine-month columns are reported in a separate year-to-date section rather than among the quarters, because they are cumulative periods and not three-month periods.
- Figures in the filings are presented in millions and have been restated here in actual dollars. Payments and cash volume are presented in the filings in billions and are likewise restated in actual dollars; processed transaction counts are presented in millions and are restated as actual transactions.
- There is no cost of revenue or gross profit line. Client incentives paid to financial institution clients, sellers and other partners are a reduction of gross revenue, not an operating expense, so net revenue is already net of them. Client incentives are shown here as a negative figure inside the income statement for that reason.
- The client incentives line inside the cash flow statement is the non-cash add-back of incentives recognized in the period, and is offset lower down by the cash actually paid; it is not a second revenue reduction.
- The income statement shows earnings per share for each common share class. The class A diluted weighted-average share count is the as-converted total (1,898 million for the fiscal 2026 third quarter), which is larger than the class A shares outstanding on the filing cover because the class B and C shares and the preferred stock convert into class A.
- In May 2026 Visa completed an exchange offer in which it accepted 3 million class B-1 shares and 120 million class B-2 shares and issued 61 million shares of a new class B-3 common stock and 23 million class C shares. Balance sheet share counts for June 30, 2026 are therefore reported as a combined class B-1, B-2 and B-3 total, where earlier periods carry a class B-1 and B-2 total; the two are the same concept, the total of the class B shares outstanding.
- The FY2025 10-K balance sheet presents only September 30, 2025 and 2024, so no September 30, 2023 balance sheet is reported; the income statement and cash flow statement present three years and all three are reported.
- The 10-Q presents cash flows only for the nine months ended June 30, 2026 and 2025. No three-month cash flow statement is reported for either quarter, so the quarterly cash flow entries are left empty and the nine-month figures appear in the year-to-date section.
- Free cash flow is calculated as cash provided by operating activities less purchases of property, equipment and technology. Visa reports no separate capitalized-software line, so purchases of property, equipment and technology is the full capital expenditure figure.
- Total debt is stated at carrying value, which is the sum of current maturities of debt and long-term debt on the balance sheet and reconciles to the total carrying value of debt of $23,858 million in the debt note at June 30, 2026. That figure includes $1,500 million of commercial paper, a borrowing Visa had none of a year earlier.
- During the nine months ended June 30, 2026 Visa repaid $5,565 million of maturing senior notes (€1.35 billion of notes due June 2026 and $4.0 billion of notes due December 2025) and issued $3.0 billion of new fixed-rate senior notes in February 2026.
- In February 2026 Visa acquired Prisma Medios de Pago S.A.U. and Newpay S.A.U. in Argentina for total purchase consideration of $1.5 billion in cash, which is the main reason goodwill rose from $19,879 million at September 30, 2025 to $20,825 million at June 30, 2026.
- Payments volume is reported by Visa on a one-quarter lag relative to the revenue it drives: service revenue for a period is primarily assessed on the prior period's nominal payments volume. Each volume figure is therefore labelled with the period the filing actually measured it over, for example, third-quarter fiscal 2026 service revenue rests on nominal payments volume for the three months ended March 31, 2026, and the fiscal 2025 annual volume figures are measured over the twelve months ended June 30, 2025.
- Dividends declared per class A share are the quarterly rates disclosed in the statements of changes in equity: $0.45 a quarter in fiscal 2023, $0.52 in fiscal 2024, $0.59 in fiscal 2025 and $0.67 in fiscal 2026. Holders of the other common and preferred classes receive the equivalent on an as-converted basis. On July 28, 2026 the board declared a further quarterly dividend of $0.67 per class A share, payable September 1, 2026.
- The trailing-twelve-month section is arithmetic built from the periods the two filings present, not a figure either filing reports on its face.
- Fiscal 2025, 2024 and 2023 as presented in the FY2025 Form 10-K are unchanged from the figures Visa previously reported for those years; nothing was restated.
Uncertainties
- Interest expense in the three months ended June 30, 2025 is $39 million, against $194 million in the same quarter of fiscal 2026 and $566 million for the first nine months of fiscal 2026. The $39 million is what the 10-Q's income statement prints for that column; the filing gives no explanation of why that single quarter is so low, and it makes the year-over-year change in non-operating expense look larger than the underlying interest cost on the debt.
- The trailing-twelve-month diluted earnings per share of $11.75 is derived from rounded per-period figures (fiscal 2025 diluted earnings per share, less the nine months a year ago, plus the current nine months) and is approximate; the underlying trailing net income of $22,592 million is exact arithmetic on reported figures. A weighted-share calculation gives the same $11.75.
- Value-added services revenue is disclosed by Visa only to one decimal place in billions ($3.8 billion in the fiscal 2026 third quarter, $10.3 billion for the first nine months), so those entries carry that rounding. Visa also states that this revenue is recognised inside data processing, other and service revenue and is not a separate income statement line.
- Payments and cash volume are reported by Visa's financial institution clients subject to Visa's review, are rounded to the nearest billion in the filings, and Visa notes that previously presented volume information is occasionally updated. They are operating statistics rather than financial statement line items.
- No balance sheet as of June 30, 2025 is printed in either filing, so the prior-year quarter carries no balance sheet. The statement of changes in equity does report total equity of $38,664 million at that date.
- The estimated fair value of Visa's debt is disclosed at fiscal year ends but not restated on the face of the quarterly balance sheet, so no fair value of debt is reported for June 30, 2026; the $23,858 million shown is carrying value.
- Litigation provisions swing sharply between periods ($253 million in the fiscal 2026 third quarter against $615 million a year earlier, and $1,290 million for the first nine months against $1,659 million) and are management estimates that can be revised. Visa recorded $1.1 billion of additional interchange multidistrict litigation accruals in the first nine months of fiscal 2026 and deposited $875 million into the U.S. litigation escrow account.
- Operating margin in the fiscal 2026 third quarter of 59.1% is below the 60.7% of the year-ago quarter despite 14% net revenue growth, because operating expenses grew 19%, led by a 40% increase in personnel expense. The filing does not break that increase down further on the face of the statements.
Company details
| Value | |
|---|---|
| Name | Visa Inc. |
| Ticker | V |
| CIK | 0001403161 |
| Exchange | NYSE |
| State | California |
| Incorporation | Delaware |
| SIC | 7389 |
| Office | Trade & Services |
| Industry | Services-Business Services, NEC |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q3 |
| Tag | FY26Q3 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0001403161-26-000104 |
| Fiscal year end | 0930 |
| Source | derived |
FAQ · Visa financial statements
How much revenue did Visa report in Q3 FY2026?
Visa Inc. reported $11.63 billion in net revenue for Q3 FY2026, the quarter ended June 30, 2026. That is up 14.4% from $10.17 billion in the same quarter a year earlier, with growth coming from cross-border volume, payments volume and processed transactions, partly offset by higher client incentives.
How much profit did Visa make in Q3 FY2026?
Visa Inc. earned net income of $5.63 billion in Q3 FY2026, the quarter ended June 30, 2026, up 6.8% from $5.27 billion a year earlier. Diluted earnings per class A share were $2.97, up 10.4%, rising faster than net income because Visa kept buying back stock.
Why did Visa's profit grow more slowly than its revenue?
Visa's operating expenses climbed to $4.76 billion in Q3 FY2026, up 19.0% and well ahead of revenue growth, as severance charges from efficiency actions pushed personnel costs sharply higher and World Cup marketing raised campaign spending, while a lower litigation provision only partly offset those increases. Operating margin fell to 59.1% from 60.7% a year earlier, and higher interest expense reduced income further.
How many transactions did Visa process in Q3 FY2026?
Visa processed 71.66 billion transactions on its network in Q3 FY2026, the quarter ended June 30, 2026, up 9.5% from 65.44 billion a year earlier.
Where can I get Visa Inc. (V) financial data in machine-readable form?
Ticker Scout publishes Visa Inc.'s financial statements as JSON at https://tickerscout.ai/v/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/v/narrative.md and https://tickerscout.ai/v/events.md. Visa Inc.'s SEC CIK is 0001403161. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Visa Inc. (V) next file with the SEC?
Visa Inc. (V) is expected to file its next Form 10-K with the SEC on or around November 5, 2026. That date is a projection rather than a company-announced date: it is derived from Visa Inc.'s own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q3 FY2026, the period ended 2026-06-30, SEC accession 0001403161-26-000104.
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How this page was built
This page was built from two of Visa Inc.'s own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names eight such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Visa Inc.'s SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.