V Visa Inc.

What the last report said

Tue, Jul 28, 2026

Visa Q3: Revenue/Non-GAAP EPS beat consensus by +2%/+2.8%, but GAAP net income growth (+7%) lagged operating income growth (+11.3%) due to $563M severance and $237M MDL litigation provision; ex-one-offs, underlying performance solid, yet gross/operating margins narrowed for second consecutive quarter (-4.8pp/-5.3pp), signaling pricing pressure and cost rigidity

• 14.4% YoY revenue growth driven by three engines: 1) Consumer payments (+10% PV, +10% processed transactions); 2) Commercial & Money Movement (CMS revenue +17% YoY, commercial PV +13% YoY, Visa Direct transactions +21% YoY); 3) Value-Added Services (VAS revenue +34% YoY, driven by FIFA marketing, Pismo acquisition, and higher network product adoption)
• U.S. payment volume +10% YoY (highest in a decade), fueled by tax refunds, fuel costs, promotional shopping events, Visa Direct strength, and FIFA World Cup (U.S. card-present transactions peaked at +20% in host cities, inbound cross-border spend +25% YoY in June)
• Cross-border volume +13% YoY (ex-intra-Europe +12%), e-commerce cross-border +16% YoY (vs. Q2 +13%), travel cross-border +10% YoY; credential growth accelerated across LatAm, Europe, and CEMEA (Europe +40M credentials in past 12 months, LatAm processing penetration >90%)
• Data processing revenue +17% YoY (outpacing +10% transaction growth), reflecting pricing power, strong VAS performance, and higher cross-border mix; Other revenue +45% YoY driven by marketing services and pricing

Risks, guidance detail and earnings-call takeaways are in the app. Get FirstPrint →