Visa Inc. (V) Q2 FY2026 Financial Statements: Net revenue $11.23B, Net income $6.02B
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PeriodQ3 FY2026Q2 FY2026
Archived record for Q2 FY2026. The current period is Q3 FY2026.
Published
Visa reported $11.23 billion in net revenue for Q2 FY2026, the quarter ended March 31, 2026, up 17.1% from a year earlier, and net income of $6.02 billion, up 31.5%, or $3.14 per diluted class A share. Profit grew faster than the top line largely because the litigation provision fell to $329.00 million from $1.00 billion a year earlier, a charge tied to Visa's interchange antitrust cases rather than to the payments business itself. Visa processed 66,086,000,000 transactions during the quarter, up 9.0%.
| Metric | Amount | vs. year ago |
|---|---|---|
| Net revenue | $11,230,000,000 | up 17.1% |
| Net income | $6,021,000,000 | up 31.5% |
| Diluted EPS | $3.14 | up 35.3% |
| Processed transactions | 66,086,000,000 | up 9.0% |
| Litigation provision | $329,000,000 | down 67.1% |
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) |
| Schema rationale | Visa is a payments network, not a manufacturer or lender. Its income statement presents four gross revenue categories, service, data processing, international transaction and other revenue, reduced by client incentives to arrive at net revenue, then a single block of operating expenses. There is no cost of revenue and therefore no gross profit line, so a standard revenue/cost-of-goods/gross-profit template would be misleading. Operating margin is reported instead. Payments volume and processed transactions are included because the filings identify them as the primary drivers of service revenue and data processing revenue respectively. |
| 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 |
| Fiscal year end | September 30 |
V annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| 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 b1 and b2 | 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 |
| Visa processed transactions | 257,545,000,000 | 233,758,000,000 | 212,579,000,000 |
| 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 Q2 (three months ended March 31, 2026) | FY2025 Q2 (three months ended March 31, 2025), prior-year comparative | FY2026 Q1 (three months ended December 31, 2025) | |
|---|---|---|---|
| Label | FY2026 Q2 (three months ended March 31, 2026) | FY2025 Q2 (three months ended March 31, 2025), prior-year comparative | FY2026 Q1 (three months ended December 31, 2025) |
| Fiscal year | 2026 | 2025 | 2026 |
| Fiscal quarter | 2 | 2 | 1 |
| Period type | three_months | three_months | three_months |
| Period start | 2026-01-01 | 2025-01-01 | 2025-10-01 |
| Period end | 2026-03-31 | 2025-03-31 | 2025-12-31 |
| Source accession | 0001403161-26-000079 | 0001403161-26-000079 | 0001403161-26-000044 |
| Income statement | |||
| Service revenue | 4,981,000,000 | 4,399,000,000 | |
| Data processing revenue | 5,543,000,000 | 4,701,000,000 | |
| International transaction revenue | 3,631,000,000 | 3,291,000,000 | |
| Other revenue | 1,320,000,000 | 937,000,000 | |
| Client incentives | -4,245,000,000 | -3,734,000,000 | |
| Net revenue | 11,230,000,000 | 9,594,000,000 | 10,901,000,000 |
| Net revenue US | 4,319,000,000 | 3,811,000,000 | |
| Net revenue international | 6,911,000,000 | 5,783,000,000 | |
| Operating expenses | |||
| Personnel | 1,841,000,000 | 1,657,000,000 | 1,764,000,000 |
| Marketing | 545,000,000 | 381,000,000 | 410,000,000 |
| Network and processing | 260,000,000 | 224,000,000 | 233,000,000 |
| Professional fees | 238,000,000 | 173,000,000 | 208,000,000 |
| Depreciation and amortization | 333,000,000 | 305,000,000 | 326,000,000 |
| General and administrative | 450,000,000 | 419,000,000 | 515,000,000 |
| Litigation provision | 329,000,000 | 1,000,000,000 | 708,000,000 |
| Total operating expenses | 3,996,000,000 | 4,159,000,000 | 4,164,000,000 |
| Operating income | 7,234,000,000 | 5,435,000,000 | 6,737,000,000 |
| Operating margin % | 64.4% | 56.6% | 61.8% |
| Interest expense | -178,000,000 | -158,000,000 | -194,000,000 |
| Investment income expense and other | 118,000,000 | 161,000,000 | 183,000,000 |
| Total non operating income expense | -60,000,000 | 3,000,000 | -11,000,000 |
| Income before income taxes | 7,174,000,000 | 5,438,000,000 | 6,726,000,000 |
| Income tax provision | 1,153,000,000 | 861,000,000 | 873,000,000 |
| Effective tax rate % | 16.1% | 15.8% | 13.0% |
| Net income | 6,021,000,000 | 4,577,000,000 | 5,853,000,000 |
| Net margin % | 53.6% | 47.7% | 53.7% |
| Basic EPS class a | 3.15 | 2.32 | 3.03 |
| Basic weighted average shares class a | 1,674,000,000 | 1,721,000,000 | 1,687,000,000 |
| Diluted EPS class a | 3.14 | 2.32 | 3.03 |
| Diluted weighted average shares class a as converted | 1,916,000,000 | 1,974,000,000 | 1,933,000,000 |
| Balance sheet | |||
| Cash and cash equivalents | 12,404,000,000 | ||
| Restricted cash equivalents US litigation escrow | 665,000,000 | ||
| Investment securities current | 1,509,000,000 | ||
| Settlement receivable | 2,136,000,000 | ||
| Accounts receivable | 3,405,000,000 | ||
| Customer collateral asset | 4,292,000,000 | ||
| Client incentives current asset | 2,473,000,000 | ||
| Prepaid expenses and other current assets | 4,741,000,000 | ||
| Total current assets | 31,625,000,000 | ||
| Investment securities noncurrent | 308,000,000 | ||
| Client incentives noncurrent asset | 5,514,000,000 | ||
| Property equipment and technology net | 4,778,000,000 | ||
| Goodwill | 20,891,000,000 | ||
| Intangible assets net | 27,750,000,000 | ||
| Other assets | 4,183,000,000 | ||
| Total assets | 95,049,000,000 | ||
| Accounts payable | 557,000,000 | ||
| Settlement payable | 3,048,000,000 | ||
| Customer collateral liability | 4,292,000,000 | ||
| Accrued compensation and benefits | 1,392,000,000 | ||
| Client incentives current liability | 11,577,000,000 | ||
| Accrued liabilities | 5,670,000,000 | ||
| Current maturities of debt | 1,559,000,000 | ||
| Accrued litigation | 981,000,000 | ||
| Total current liabilities | 29,076,000,000 | ||
| Long term debt | 22,417,000,000 | ||
| Deferred tax liabilities | 5,893,000,000 | ||
| Other liabilities | 2,002,000,000 | ||
| Total liabilities | 59,388,000,000 | ||
| Total debt carrying value | 23,976,000,000 | ||
| Cash and investment securities | 14,221,000,000 | ||
| Preferred stock | 528,000,000 | ||
| Additional paid in capital | 22,033,000,000 | ||
| Accumulated income | 13,122,000,000 | ||
| Right to recover for covered losses | -44,000,000 | ||
| Total accumulated other comprehensive income loss | 22,000,000 | ||
| Total equity | 35,661,000,000 | ||
| Shares outstanding class a | 1,660,000,000 | ||
| Shares outstanding class b1 and b2 | 125,000,000 | ||
| Shares outstanding class c | 9,000,000 | ||
| Cash flow | n/a | n/a | n/a |
| Cash flow note | The 10-Q presents cash flows only for the six months ended March 31, 2026; see the six-month period below. | ||
| Operating metrics | |||
| Total nominal payments volume | 3,868,000,000,000 | 3,525,000,000,000 | |
| Total nominal volume | 4,526,000,000,000 | 4,155,000,000,000 | |
| Cash volume | 658,000,000,000 | 630,000,000,000 | |
| Volume period | three months ended December 31, 2025 | three months ended December 31, 2024 | |
| Visa processed transactions | 66,086,000,000 | 60,651,000,000 | |
| Value added services revenue approx | 3,300,000,000 | 2,600,000,000 | |
| Shareholder returns | |||
| Shares repurchased open market | 25,000,000 | 13,000,000 | |
| Average repurchase cost per share | 320.66 | 340.26 | |
| Repurchases of class a common stock per equity statement | -7,894,000,000 | -4,473,000,000 | |
| Dividends declared and paid | -1,286,000,000 | -1,164,000,000 | |
| Dividends declared per class a share | 0.67 | 0.59 | |
| Source note | Figures are from the fiscal first-quarter 2026 earnings press release furnished with the Form 8-K filed January 29, 2026 (accession 0001403161-26-000044). They tie to the FY2026 Q2 10-Q, whose six-month column less its three-month column produces the same net revenue, operating income and net income. | ||
V year-to-date income statement and cash flow
| FY2026 first half (six months ended March 31, 2026) | |
|---|---|
| Label | FY2026 first half (six months ended March 31, 2026) |
| Fiscal year | 2026 |
| Period type | six_months |
| Period start | 2025-10-01 |
| Period end | 2026-03-31 |
| Source accession | 0001403161-26-000079 |
| Income statement | |
| Service revenue | 9,741,000,000 |
| Data processing revenue | 11,087,000,000 |
| International transaction revenue | 7,283,000,000 |
| Other revenue | 2,534,000,000 |
| Client incentives | -8,514,000,000 |
| Net revenue | 22,131,000,000 |
| Net revenue US | 8,482,000,000 |
| Net revenue international | 13,649,000,000 |
| Operating expenses | |
| Personnel | 3,605,000,000 |
| Marketing | 955,000,000 |
| Network and processing | 493,000,000 |
| Professional fees | 446,000,000 |
| Depreciation and amortization | 659,000,000 |
| General and administrative | 965,000,000 |
| Litigation provision | 1,037,000,000 |
| Total operating expenses | 8,160,000,000 |
| Operating income | 13,971,000,000 |
| Operating margin % | 63.1% |
| Interest expense | -372,000,000 |
| Investment income expense and other | 301,000,000 |
| Total non operating income expense | -71,000,000 |
| Income before income taxes | 13,900,000,000 |
| Income tax provision | 2,026,000,000 |
| Effective tax rate % | 14.6% |
| Net income | 11,874,000,000 |
| Net margin % | 53.7% |
| Basic EPS class a | 6.18 |
| Basic weighted average shares class a | 1,681,000,000 |
| Diluted EPS class a | 6.17 |
| Diluted weighted average shares class a as converted | 1,924,000,000 |
| Balance sheet | |
| Cash and cash equivalents | 12,404,000,000 |
| Restricted cash equivalents US litigation escrow | 665,000,000 |
| Investment securities current | 1,509,000,000 |
| Settlement receivable | 2,136,000,000 |
| Accounts receivable | 3,405,000,000 |
| Customer collateral asset | 4,292,000,000 |
| Client incentives current asset | 2,473,000,000 |
| Prepaid expenses and other current assets | 4,741,000,000 |
| Total current assets | 31,625,000,000 |
| Investment securities noncurrent | 308,000,000 |
| Client incentives noncurrent asset | 5,514,000,000 |
| Property equipment and technology net | 4,778,000,000 |
| Goodwill | 20,891,000,000 |
| Intangible assets net | 27,750,000,000 |
| Other assets | 4,183,000,000 |
| Total assets | 95,049,000,000 |
| Accounts payable | 557,000,000 |
| Settlement payable | 3,048,000,000 |
| Customer collateral liability | 4,292,000,000 |
| Accrued compensation and benefits | 1,392,000,000 |
| Client incentives current liability | 11,577,000,000 |
| Accrued liabilities | 5,670,000,000 |
| Current maturities of debt | 1,559,000,000 |
| Accrued litigation | 981,000,000 |
| Total current liabilities | 29,076,000,000 |
| Long term debt | 22,417,000,000 |
| Deferred tax liabilities | 5,893,000,000 |
| Other liabilities | 2,002,000,000 |
| Total liabilities | 59,388,000,000 |
| Total debt carrying value | 23,976,000,000 |
| Cash and investment securities | 14,221,000,000 |
| Preferred stock | 528,000,000 |
| Additional paid in capital | 22,033,000,000 |
| Accumulated income | 13,122,000,000 |
| Right to recover for covered losses | -44,000,000 |
| Total accumulated other comprehensive income loss | 22,000,000 |
| Total equity | 35,661,000,000 |
| Shares outstanding class a | 1,660,000,000 |
| Shares outstanding class b1 and b2 | 125,000,000 |
| Shares outstanding class c | 9,000,000 |
| Cash flow | |
| Net income | 11,874,000,000 |
| Client incentives addback | 8,514,000,000 |
| Share based compensation | 506,000,000 |
| Depreciation and amortization | 659,000,000 |
| Deferred income taxes | 18,000,000 |
| Net cash provided by operating activities | 9,788,000,000 |
| Purchases of property equipment and technology | -761,000,000 |
| Free cash flow | 9,027,000,000 |
| Purchases of investment securities | -50,000,000 |
| Proceeds from maturities and sales of investment securities | 1,025,000,000 |
| Acquisitions net of cash acquired | -705,000,000 |
| Other investing activities net | -26,000,000 |
| Net cash provided by used in investing activities | -517,000,000 |
| Repurchases of class a common stock | -11,625,000,000 |
| Repayments of debt | -4,000,000,000 |
| Proceeds from issuance of senior notes | 2,995,000,000 |
| Dividends paid | -2,579,000,000 |
| Proceeds from stock issued under equity plans | 133,000,000 |
| Taxes paid related to stock issued under equity plans | -268,000,000 |
| Other financing activities | -52,000,000 |
| Net cash provided by used in financing activities | -15,396,000,000 |
| Dividends declared per class a share | 1.34 |
| Operating metrics | |
| Total nominal payments volume | 7,601,000,000,000 |
| Total nominal volume | 8,904,000,000,000 |
| Cash volume | 1,303,000,000,000 |
| Volume period | six months ended December 31, 2025 |
| Visa processed transactions | 135,485,000,000 |
| Value added services revenue approx | 6,500,000,000 |
| Shareholder returns | |
| Shares repurchased open market | 36,000,000 |
| Average repurchase cost per share | 327.29 |
| Repurchases of class a common stock per equity statement | -11,659,000,000 |
| Dividends declared and paid | -2,579,000,000 |
| Dividends declared per class a share | 1.34 |
| Prior year comparative | |
| Label | FY2025 first half (six months ended March 31, 2025), prior-year comparative |
| Fiscal year | 2025 |
| Period type | six_months |
| Period start | 2024-10-01 |
| Period end | 2025-03-31 |
| Source accession | 0001403161-26-000079 |
| Income statement | |
| Service revenue | 8,607,000,000 |
| Data processing revenue | 9,446,000,000 |
| International transaction revenue | 6,733,000,000 |
| Other revenue | 1,849,000,000 |
| Client incentives | -7,531,000,000 |
| Net revenue | 19,104,000,000 |
| Net revenue US | 7,549,000,000 |
| Net revenue international | 11,555,000,000 |
| Operating expenses | |
| Personnel | 3,470,000,000 |
| Marketing | 687,000,000 |
| Network and processing | 431,000,000 |
| Professional fees | 316,000,000 |
| Depreciation and amortization | 587,000,000 |
| General and administrative | 900,000,000 |
| Litigation provision | 1,044,000,000 |
| Total operating expenses | 7,435,000,000 |
| Operating income | 11,669,000,000 |
| Operating margin % | 61.1% |
| Interest expense | -340,000,000 |
| Investment income expense and other | 309,000,000 |
| Total non operating income expense | -31,000,000 |
| Income before income taxes | 11,638,000,000 |
| Income tax provision | 1,942,000,000 |
| Effective tax rate % | 16.7% |
| Net income | 9,696,000,000 |
| Net margin % | 50.8% |
| Basic EPS class a | 4.9 |
| Basic weighted average shares class a | 1,725,000,000 |
| Diluted EPS class a | 4.9 |
| Diluted weighted average shares class a as converted | 1,979,000,000 |
| Balance sheet | n/a |
| Cash flow | |
| Net income | 9,696,000,000 |
| Client incentives addback | 7,531,000,000 |
| Share based compensation | 483,000,000 |
| Depreciation and amortization | 587,000,000 |
| Deferred income taxes | -86,000,000 |
| Net cash provided by operating activities | 10,091,000,000 |
| Purchases of property equipment and technology | -672,000,000 |
| Free cash flow | 9,419,000,000 |
| Purchases of investment securities | 0 |
| Proceeds from maturities and sales of investment securities | 2,268,000,000 |
| Acquisitions net of cash acquired | -887,000,000 |
| Other investing activities net | -49,000,000 |
| Net cash provided by used in investing activities | 660,000,000 |
| Repurchases of class a common stock | -8,607,000,000 |
| Repayments of debt | 0 |
| Proceeds from issuance of senior notes | 0 |
| Dividends paid | -2,334,000,000 |
| Proceeds from stock issued under equity plans | 246,000,000 |
| Taxes paid related to stock issued under equity plans | -242,000,000 |
| Other financing activities | -198,000,000 |
| Net cash provided by used in financing activities | -11,135,000,000 |
| Dividends declared per class a share | 1.18 |
| Operating metrics | |
| Total nominal payments volume | 6,934,000,000,000 |
| Total nominal volume | 8,193,000,000,000 |
| Cash volume | 1,259,000,000,000 |
| Volume period | six months ended December 31, 2024 |
| Visa processed transactions | 124,448,000,000 |
| Value added services revenue approx | 5,000,000,000 |
| Shareholder returns | |
| Shares repurchased open market | 26,000,000 |
| Average repurchase cost per share | 320.47 |
| Repurchases of class a common stock per equity statement | -8,413,000,000 |
| Dividends declared and paid | -2,334,000,000 |
| Dividends declared per class a share | 1.18 |
V trailing twelve month income statement and cash flow
| Trailing twelve months ended March 31, 2026 | |
|---|---|
| Label | Trailing twelve months ended March 31, 2026 |
| Period start | 2025-04-01 |
| Period end | 2026-03-31 |
| Derivation | Fiscal 2025 full year (FY2025 10-K, accession 0001403161-25-000089) less the six months ended March 31, 2025 plus the six months ended March 31, 2026 (both from the FY2026 Q2 10-Q, accession 0001403161-26-000079). |
| Net revenue | 43,027,000,000 |
| Operating income | 26,296,000,000 |
| Operating margin % | 61.1% |
| Net income | 22,236,000,000 |
| Net margin % | 51.7% |
| Net cash provided by operating activities | 22,756,000,000 |
| Purchases of property equipment and technology | -1,571,000,000 |
| Free cash flow | 21,185,000,000 |
| Dividends paid | -4,879,000,000 |
| Repurchases of class a common stock | -21,334,000,000 |
| Diluted EPS class a approx | 11.47 |
| Visa processed transactions | 268,582,000,000 |
| Note | A rolled-forward twelve-month view built by arithmetic from the periods the two filings present; the trailing diluted earnings per share is the sum of rounded per-share figures and is therefore approximate. |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | None. Visa reports in U.S. dollars, so no currency conversion was applied. The company does hold Euro-denominated senior notes; the dollar carrying values shown are the ones the filings report. |
| Note | No stock splits occurred over the periods covered, so no per-share history was restated. |
Share class structure
| Value | |
|---|---|
| Description | Visa has class A common stock (the listed shares) plus class B-1, class B-2 and class C common stock and series A, B and C preferred stock, all convertible into class A on stated ratios. Earnings per share is presented separately for each class. The class A diluted weighted-average share count reported here is the as-converted figure the filings show alongside class A diluted earnings per share, so net income divided by class A diluted earnings per share reproduces it. |
| Shares outstanding 10k cover as of 2025-10-30 | |
| Class a | 1,687,629,770 |
| Class b1 | 4,835,384 |
| Class b2 | 120,338,948 |
| Class c | 8,938,707 |
| Source accession | 0001403161-25-000089 |
| Shares outstanding 10q cover as of 2026-04-21 | |
| Class a | 1,659,709,932 |
| Class b1 | 4,835,384 |
| Class b2 | 120,338,948 |
| Class c | 8,880,326 |
| Source accession | 0001403161-26-000079 |
V debt and borrowings
| Value | |
|---|---|
| 2025-09-30 | |
| Principal outstanding | 25,392,000,000 |
| Unamortized discounts and issuance costs | -171,000,000 |
| Hedge accounting fair value adjustments | -50,000,000 |
| Total carrying value | 25,171,000,000 |
| Current maturities | 5,569,000,000 |
| Long term debt | 19,602,000,000 |
| Estimated fair value | 23,300,000,000 |
| Source accession | 0001403161-25-000089 |
| 2024-09-30 | |
| Principal outstanding | 21,111,000,000 |
| Unamortized discounts and issuance costs | -142,000,000 |
| Hedge accounting fair value adjustments | -133,000,000 |
| Total carrying value | 20,836,000,000 |
| Current maturities | 0 |
| Long term debt | 20,836,000,000 |
| Estimated fair value | 19,200,000,000 |
| Source accession | 0001403161-25-000089 |
| 2026-03-31 | |
| Principal outstanding | 24,261,000,000 |
| Unamortized discounts and issuance costs | -172,000,000 |
| Hedge accounting fair value adjustments | -113,000,000 |
| Total carrying value | 23,976,000,000 |
| Current maturities | 1,559,000,000 |
| Long term debt | 22,417,000,000 |
| Estimated fair value | n/a |
| Source accession | 0001403161-26-000079 |
| Note | All debt is unsecured senior notes. In May 2025 Visa issued Euro-denominated senior notes totalling EUR 3.5 billion (about $3.9 billion) with 3- to 19-year maturities; in February 2026 it issued $3.0 billion of U.S. dollar senior notes with 3- to 10-year maturities. A $4.0 billion 3.15% note matured and was repaid in December 2025. |
Notes
- All figures are drawn from the FY2025 Form 10-K (accession 0001403161-25-000089, fiscal year ended September 30, 2025) and the FY2026 second-quarter Form 10-Q (accession 0001403161-26-000079, quarter ended March 31, 2026), except the fiscal 2026 first quarter, which comes from the earnings press release furnished with the Form 8-K filed January 29, 2026 (accession 0001403161-26-000044).
- Visa's fiscal year ends September 30. Fiscal 2026 second quarter therefore covers the three months ended March 31, 2026.
- 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 of the four common share classes. The class A diluted weighted-average share count is the as-converted total (1,966 million for fiscal 2025, 1,916 million for the fiscal 2026 second quarter), which is materially 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.
- 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.
- 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 in the debt note.
- 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, fiscal 2025 service revenue rests on the twelve months of payments volume 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 and $0.59 in fiscal 2025, and $0.67 a quarter in fiscal 2026. Holders of the other common and preferred classes receive the equivalent on an as-converted basis.
- The trailing-twelve-month block is arithmetic built from the periods the two filings present, not a figure either filing reports on its face.
- Every figure above was read from the filings themselves. Where checked, the SEC's XBRL company facts agreed with the filings on net revenue, operating income, net income, total assets, cash and operating cash flow for each period reported here. One quirk worth naming for anyone working from the structured data: the generic Revenues concept in Visa's XBRL data stops at fiscal 2020, because the company has since tagged net revenue under the revenue-from-contracts-with-customers concept instead; reading the Revenues concept alone would make Visa's revenue appear to end in 2020.
- The most recent Form 8-K, filed July 15, 2026, concerns an amendment to Visa's bylaws and contains no financial results. Fiscal 2026 third-quarter results (quarter ended June 30, 2026) had not been filed as of the latest filing covered here, so the fiscal 2026 second quarter is the most recent reported period.
Uncertainties
- The fiscal 2026 first-quarter figures come from an earnings press release furnished on Form 8-K rather than from a Form 10-Q. They agree exactly with the fiscal 2026 second-quarter 10-Q where the two overlap (the 10-Q's six-month column less its three-month column gives the same $10,901 million of net revenue, $6,737 million of operating income and $5,853 million of net income), but press-release presentation can differ in detail from a filed quarterly report.
- The trailing-twelve-month diluted earnings per share of about $11.47 is the sum of rounded per-period figures and is approximate; the underlying trailing net income and share counts are exact.
- Value-added services revenue is disclosed by Visa only to one decimal place in billions ($10.9 billion in fiscal 2025, $3.3 billion in the fiscal 2026 second quarter), 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.
- The estimated fair value of debt is disclosed only at fiscal year ends ($23.3 billion at September 30, 2025 and $19.2 billion at September 30, 2024); no fair value is shown for March 31, 2026, so that entry is left empty.
- Litigation provisions swing sharply between periods ($2,562 million in fiscal 2025 against $462 million in fiscal 2024, and $329 million in the fiscal 2026 second quarter against $1,000 million a year earlier) and are management estimates that can be revised. Fiscal 2025 operating margin of 60.0% versus 65.7% in fiscal 2024 is largely explained by that swing.
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 | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-03-31 |
| Form | 10-Q |
| Accession | 0001403161-26-000079 |
| Fiscal year end | 0930 |
| Source | facts |
FAQ · Visa financial statements
How much revenue did Visa report in Q2 FY2026?
Visa reported $11.23 billion in net revenue for Q2 FY2026, the quarter ended March 31, 2026. That is up 17.1% from $9.59 billion in the same quarter a year earlier.
How much did Visa earn in Q2 FY2026?
Visa earned $6.02 billion in net income for Q2 FY2026, the quarter ended March 31, 2026, up 31.5% from $4.58 billion a year earlier. Diluted class A earnings per share were $3.14, up 35.3% from $2.32.
Why did Visa's profit grow faster than its revenue in Q2 FY2026?
Visa's net income was up 31.5% in Q2 FY2026 while net revenue was up 17.1%, and much of that gap is the litigation provision, which fell to $329.00 million from $1.00 billion a year earlier. That provision covers Visa's interchange antitrust cases and does not move with payments volume, so a lighter charge lifts reported profit without a matching change in the underlying business.
How many transactions did Visa process in Q2 FY2026?
Visa processed 66,086,000,000 transactions in Q2 FY2026, the quarter ended March 31, 2026. That is up 9.0% from 60,651,000,000 in the same quarter 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.
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How this page was built
This page was built from three 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 six 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.