Tianchen Wang

Tianchen Wang asked about Visa's operating expense (OpEx) investments, specifically why OpEx growth is projected to be in line with revenue, questioning if this reflects opportunistic spending or a structural aspect of scaling less mature layers of the service stack, and its implications for incremental margins.

Answer

Chris Suh, Visa's Chief Financial Officer, stated that Visa does not manage to a specific margin target but focuses on growing volumes, driving revenue across consumer payments, VAS, and CMS, and operating efficiently. He emphasized balancing investments for short, medium, and long-term returns, particularly in new opportunities like agentic commerce and stablecoins, to capture the massive addressable market and deliver compelling profit growth. Ryan McInerney, Visa's Chief Executive Officer, added his excitement about the company's opportunities and product pipeline.

Tianchen Wang inquired about Visa's operating expense (OpEx) growth aligning with revenue growth, seeking clarification on whether this reflects opportunistic spending or structural factors related to scaling less mature layers of the Visa-as-a-Service stack, and its implications for incremental margins.

Answer

CFO Chris Suh stated that Visa does not manage to a specific margin target but balances investments for short, medium, and long-term returns to drive strong growth at industry-leading margins. CEO Ryan McInerney expressed excitement about current opportunities and the product pipeline across the Visa-as-a-Service stack, emphasizing continued investment.