Published
{
"ticker": "V",
"cik": "0001403161",
"company": "Visa Inc.",
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"FY2025 10-K consolidated statements of operations": "(in millions, except per share data)",
"FY2025 10-K consolidated statements of cash flows": "(in millions)",
"FY2025 10-K net revenue components and geography tables": "(in millions, except percentages)",
"FY2025 10-K revenue disaggregation note (Note 3)": "(in millions)",
"FY2025 10-K nominal payments and cash volume table": "(in billions)",
"FY2025 10-K processed transactions table": "(in millions, except percentages)",
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"FY2026 Q3 10-Q consolidated statements of changes in equity": "(in millions, except per share data)",
"FY2026 Q3 10-Q consolidated statements of cash flows": "(in millions)",
"FY2026 Q3 10-Q revenue disaggregation note (Note 3)": "(in millions)",
"FY2026 Q3 10-Q debt note (Note 8)": "(in millions, except percentages)",
"FY2026 Q3 10-Q share repurchase table (Note 11)": "(in millions, except per share data)",
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"splits_applied": [],
"adr_ratio": null,
"fx": "None. Visa reports in U.S. dollars, so no currency translation was applied."
},
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"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 (\u20ac1.35 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 \u2014 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."
],
"headline": {
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"period_end_words": "June 30, 2026",
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{
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{
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"format": "eps",
"value": 2.97,
"text": "$2.97",
"exact": "$2.97",
"compact": "$2.97",
"abs": "$2.97",
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{
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"format": "usd",
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},
{
"label": "Operating margin",
"format": "pct",
"value": 59.1,
"text": "59.1%",
"exact": "59.1%",
"compact": "59.1%",
"abs": "59.1%",
"prior_value": 60.7,
"prior": "60.7%",
"priorabs": "60.7%",
"yoy": "down 1.6 points",
"source": {
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"index": 0,
"period_label": "FY2026 Q3 (three months ended June 30, 2026)",
"period_end": "2026-06-30",
"period_start": "2026-04-01",
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},
{
"label": "Processed transactions",
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"value": 71662000000,
"text": "71.66 billion",
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"prior_value": 65443000000,
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],
"summary": "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%.",
"qa": [
{
"q": "How much revenue did Visa report in Q3 FY2026?",
"a": "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."
},
{
"q": "How much profit did Visa make in Q3 FY2026?",
"a": "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."
},
{
"q": "Why did Visa's profit grow more slowly than its revenue?",
"a": "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."
},
{
"q": "How many transactions did Visa process in Q3 FY2026?",
"a": "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."
}
]
},
"company_details": {
"Name": "Visa Inc.",
"Ticker": "V",
"CIK": "0001403161",
"Exchange": "NYSE",
"State": "California",
"Incorporation": "Delaware",
"SIC": "7389",
"Office": "Trade & Services",
"Industry": "Services-Business Services, NEC"
},
"next_filing": {
"predicted_date": "2026-11-05",
"predicted_type": "10-K"
},
"fiscal_period": {
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"fiscal_period": "Q3",
"tag": "FY26Q3",
"period_end": "2026-06-30",
"form": "10-Q",
"accession": "0001403161-26-000104",
"fiscal_year_end": "0930",
"source": "derived"
}
}