Visa Inc. is a global payments technology company that operates one of the world's largest electronic payments networks, VisaNet, providing transaction processing services such as authorization, clearing, and settlement across more than 200 countries and territories . The company does not issue cards, extend credit, or set rates and fees for account holders; instead, it facilitates secure and efficient money movement for its financial institution clients . Visa's business activities are primarily categorized into three growth pillars: consumer payments, new payment flows, and value-added services .
- Consumer Payments - Focuses on increasing credentials and acceptance locations, with over 4.6 billion credentials and 150 million merchant locations globally .
- Value-Added Services - Contributes significantly to revenue growth, divided into issuing solutions, acceptance solutions, risk and identity solutions, advisory services, and open banking .
- New Payment Flows - Represents a significant growth opportunity, including business-to-business (B2B), person-to-person (P2P), and government-to-consumer (G2C) transactions, with a market potential of $200 trillion .
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| Name | Position | External Roles | Short Bio | |
|---|---|---|---|---|
Chris Suh Executive | Chief Financial Officer | Board Member at Cardlytics, Inc. | Chris Suh is the CFO of Visa Inc. since August 2023. He previously held senior roles at Electronic Arts and Microsoft. | |
Julie B. Rottenberg Executive | General Counsel | None | Julie B. Rottenberg has been with Visa since February 2008, overseeing legal and compliance functions. | |
Paul D. Fabara Executive | Chief Risk and Client Services Officer | None | Paul D. Fabara has been with Visa since September 2019, leading global risk and client operations. | |
Ryan McInerney Executive | Chief Executive Officer | None | Ryan McInerney is the CEO of Visa Inc. since February 2023. He previously served as President of Visa from May 2013 to January 2023. | View Report → |
Denise M. Morrison Board | Director | Board Member at MetLife, Inc. and Quest Diagnostics Inc. | Denise M. Morrison has been an Independent Director since August 2018. | |
Francisco Javier Fernández-Carbajal Board | Director | Director at ALFA S.A.B. de C.V., CEMEX S.A.B. de C.V., Fomento Economico Mexicano, S.A.B. de C.V. (Alternate Director) | Francisco Javier Fernández-Carbajal has been an Independent Director since October 2007. | |
John F. Lundgren Board | Chair of the Board | Chairman of Topgolf Callaway Brands Corp | John F. Lundgren has been an Independent Director since April 2017 and Chair of the Board since January 2024. | |
Kermit R. Crawford Board | Director | Board Member at C.H. Robinson Worldwide, Inc. and The Allstate Corporation | Kermit R. Crawford has been an Independent Director since October 2022. | |
Linda J. Rendle Board | Director | CEO and Board Chair of The Clorox Company | Linda J. Rendle has been an Independent Director since November 2020. | |
Lloyd A. Carney Board | Director | Chairman of Grid Dynamics Holdings Inc., Director at Vertex Pharmaceuticals, CEO of Carney Global Ventures, LLC, Ambassador for Jamaica, Chancellor of University of Technology | Lloyd A. Carney has been an Independent Director since June 2015. | |
Maynard G. Webb, Jr. Board | Director | Founder of Webb Investment Network, Board Member at Salesforce, Inc. | Maynard G. Webb, Jr. has been an Independent Director since January 2014. | |
Pamela Murphy Board | Director | Board Member at Rockwell Automation, Inc. | Pamela Murphy has been an Independent Director since April 2023. | |
Ramon Laguarta Board | Director | CEO and Chairman of PepsiCo, Inc. | Ramon Laguarta has been an Independent Director since November 2019. | |
Teri L. List Board | Director | Director at Danaher Corporation, Microsoft Corporation, lululemon athletica, inc. | Teri L. List has been an Independent Director since April 2022. |
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With the DOJ lawsuit challenging Visa's practices in the U.S. debit market, how confident are you in defending your position, and could you quantify the potential impact on your U.S. debit revenue exposure if the outcome is unfavorable?
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Given the increasing proliferation of account-to-account payments and initiatives like Walmart's enhanced pay-by-bank offerings, how does Visa plan to compete and mitigate the risk of disintermediation in consumer payments?
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Can you provide more clarity on the deceleration in commercial volumes due to days mix in Q4, and what macroeconomic factors are influencing your expectations for commercial volume growth going forward?
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As value-added services for non-Visa transactions become a larger part of your business, can you break down the revenue contribution from these services and how they might impact your overall transaction yields?
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With the CFPB's final open banking rule potentially changing the competitive landscape in the U.S., what strategies does Visa have to leverage open banking through Tink while addressing any potential headwinds?
Research analysts who have asked questions during VISA earnings calls.
Darrin Peller
Wolfe Research, LLC
8 questions for V
Harshita Rawat
AllianceBernstein
8 questions for V
Sanjay Sakhrani
Keefe, Bruyette & Woods (KBW)
8 questions for V
Timothy Chiodo
UBS Group AG
8 questions for V
Tien-tsin Huang
JPMorgan Chase & Co.
6 questions for V
Andrew Schmidt
Citigroup Inc.
5 questions for V
Bryan Keane
Deutsche Bank
5 questions for V
Jason Kupferberg
Bank of America
5 questions for V
Trevor Williams
Jefferies LLC
4 questions for V
Dan Dolev
Mizuho Financial Group
3 questions for V
David Koning
Robert W. Baird & Co.
3 questions for V
Fahed Kunwar
Redburn Atlantic
3 questions for V
Gus Gala
Monness, Crespi, Hardt & Co., Inc.
3 questions for V
Nate Svensson
Deutsche Bank
3 questions for V
Will Nance
Goldman Sachs
3 questions for V
Craig Maurer
FT Partners
2 questions for V
Daniel Perlin
RBC Capital Markets
2 questions for V
James Faucette
Morgan Stanley
2 questions for V
James Fawcett
Morgan Stanley
2 questions for V
Ramsey El-Assal
Barclays
2 questions for V
Rayna Kumar
Oppenheimer & Co. Inc.
2 questions for V
Tianchen Wang
JPMorgan Chase & Co.
2 questions for V
William Nance
The Goldman Sachs Group, Inc.
2 questions for V
Adam Frisch
Evercore ISI
1 question for V
Andrew Jeffrey
William Blair & Company
1 question for V
Bryan Bergin
TD Cowen
1 question for V
Dominick Gabriele
Compass Point Research & Trading, LLC
1 question for V
Jeffrey Cantwell
Seaport Research Partners
1 question for V
Ken Szychowski
Anonymous Research
1 question for V
Paul Golding
Macquarie Capital
1 question for V
Reyna Kumar
Oppenheimer & Co. Inc.
1 question for V
Competitors mentioned in the company's latest 10K filing.
| Company | Description |
|---|---|
This competitor is a global or multi-regional network offering a range of branded, general-purpose card payment products. It operates a closed-loop payment system with direct connections to both merchants and consumers. It is also included in a comparison chart of network competitors for calendar year 2023, showing its payments volume, total volume, total transactions, and number of cards issued. | |
This competitor is a global or multi-regional network offering branded card payment products. It is more concentrated in specific geographic regions, such as the U.S., and operates a closed-loop payment system. It is also included in a comparison chart of network competitors for calendar year 2023. | |
JCB | This competitor is a global or multi-regional network offering branded card payment products. It is more concentrated in specific geographic regions, such as Japan, and is included in a comparison chart of network competitors for calendar year 2023. |
This competitor is a global or multi-regional network offering a range of branded card payment products. It is included in a comparison chart of network competitors for calendar year 2023, showing its payments volume, total volume, total transactions, and number of cards issued. | |
UnionPay | This competitor has a leading position in China and is the predominant processor of domestic payment card transactions in the country. It is actively pursuing international expansion plans and benefits from regulatory barriers that shield it from competition in China. |
Alipay | This competitor operates a closed-loop payment system and has rapidly expanded into ecommerce, offline, and cross-border payments in China. It is a significant alternative payments provider in the region. |
WeChat Pay | This competitor operates a closed-loop payment system and has rapidly expanded into ecommerce, offline, and cross-border payments in China. It is a significant alternative payments provider in the region. |
NYCE | This is a local and regional network in the U.S. that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
Pulse | This is a local and regional network in the U.S. that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
STAR | This is a local and regional network in the U.S. that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
Interac | This is a local and regional network in Canada that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
eftpos | This is a local and regional network in Australia that focuses on debit payment products and benefits from strong local acceptance and recognizable branding. |
Early Warning Services (Zelle) | This competitor operates a bank-offered alternative network providing a platform for faster funds or real-time payments across various payment types, including P2P, corporate and government disbursements, bill pay, and deposit check transactions. |
The Clearing House | This competitor has developed its own faster payments system and participates in alternative payment systems or products, such as real-time and faster payment initiatives. |
FedNow | This is a real-time payments network launched by the U.S. Federal Reserve with core clearing and settlement functionality, competing with payment card schemes for domestic transactions. |
Pix | This is a real-time payments network launched by the Central Bank of Brazil, competing with payment card schemes for domestic transactions. |
Unified Payments Interface (UPI) | This is a real-time payments network in India that competes with payment card schemes for domestic transactions. International payment networks like Visa are currently unable to participate in UPI. |
Notable M&A activity and strategic investments in the past 3 years.
| Company | Year | Details |
|---|---|---|
Featurespace Limited | 2024 | Visa entered a definitive agreement in September 2024 to acquire this AI-powered payments fraud prevention technology provider, with the deal subject to customary regulatory conditions and set to close in fiscal 2025, enhancing its real-time fraud prevention tools. |
Pismo Holdings | 2024 | Visa acquired Pismo Holdings on January 16, 2024 for $929 million to add a cloud-native issuer processing and core banking platform via APIs, enabling broad support for various payment types and emerging schemes. |
Tink AB | 2022 | Visa acquired 100% of Tink AB on March 10, 2022 for $1.9 billion in cash, gaining a European open banking platform that accelerates global open banking adoption, with detailed purchase price allocations reflecting its technology and customer relationship assets. |
The Currency Cloud Group Limited | 2021 | Visa entered a definitive agreement on July 22, 2021 to acquire Currencycloud, a UK-based platform that enables innovative foreign exchange solutions for cross-border payments, with a total valuation of £700 million inclusive of cash and retention incentives, subject to customary closing conditions. |
Recent press releases and 8-K filings for V.
- Bybit has expanded its partnership with payments processor Thredd to globally scale its multi-currency, crypto-linked Bybit Card, enabling real-time crypto-to-fiat conversion for everyday transactions.
- The Bybit Card, available as virtual and physical Visa and Mastercard versions, integrates with digital wallets such as Apple Pay, Google Pay, and Samsung Pay.
- The program now serves over two million users, leveraging Thredd’s platform for market-specific compliance and rapid, localized card issuance and management.
- The expanded collaboration navigates diverse regulatory environments and supports spending at over 90 million merchants worldwide, enhancing the real-world utility of cryptocurrencies.
- Thredd has expanded its strategic partnership with Bybit to deploy Bybit’s multicurrency crypto-backed debit cards globally via Thredd’s scalable payment processing platform.
- Bybit now issues both Visa and Mastercard virtual and physical cards, offering real-time crypto-to-fiat conversion and integration with digital wallets such as Apple Pay and Google Pay.
- The platform’s localized BIN issuance and real-time card controls enable compliance with regional regulations and faster market entry.
- Bybit’s card is trusted by over 2 million users worldwide, supporting competitive rewards and global access for crypto spending.
- Bybit is the second-largest crypto exchange by trading volume, with over 70 million users globally, aiming to bridge DeFi and TradFi.
- Bybit has deepened its collaboration with Thredd to drive the global rollout of multi-currency crypto-linked debit cards via Thredd’s compliance-optimized processing platform.
- Thredd’s platform supports virtual and physical Visa and Mastercard cards, including BIN configuration and real-time card controls to meet local regulatory requirements.
- Bybit Card, with over 2 million users, will leverage rewards, global spending and one-click crypto-to-fiat conversions enabled by the partnership.
- Thredd processes tens of billions of transactions annually across 47 countries for more than 100 financial and fintech firms, underpinning scalable expansion.
- Elmer Bancorp reported net income of $768,000 and EPS of $0.67 for Q3 2025, up from $712,000 and $0.62 in Q3 2024.
- Net interest income rose to $4.111 million in Q3 2025 versus $3.645 million a year ago.
- Loans grew to $323.2 million, up $22.3 million year-over-year, and deposits increased to $369.2 million, up $24.8 million.
- Total assets reached $410.2 million, and book value per share was $33.36, compared to $381.7 million and $30.77 a year ago.
- Record net income of $36.2 million, or $1.23 per diluted share, compared to $29.4 million, or $1.00 per diluted share in Q3 2024.
- Net interest income rose 19% year-over-year to $77.0 million, with net interest margin expanding to 3.56% from 3.33%.
- Loans increased by $651 million (10% YoY) to $6.93 billion, and deposits grew by $918 million (14% YoY).
- Efficiency ratio improved to 52.99% from 53.92%, while non-interest expenses rose 11% to $53.8 million.
- Visa reported 12% year-over-year revenue growth to $10.7 billion in fiscal Q4 2025.
- Adjusted EPS of $2.98 per share beat expectations.
- Announced a 14% dividend increase and a $4.9 billion share repurchase program.
- Investing heavily in fintech innovation, including pilot programs for stablecoin-based cross-border payments and AI-driven commerce solutions.
- Maintained a strong 66.5% operating margin and 52.32% return on equity, underscoring operational efficiency.
- Net revenue of $10.7 B (+12%) and GAAP EPS of $2.62 (-1%); Non-GAAP EPS of $2.98 (+10%) in Q4 2025.
- Payments volume grew 9%, cross-border volume +12%, and processed transactions +10% YoY.
- Share repurchases and dividends totaled $6.1 B; quarterly dividend raised 14% to $0.67 per share.
- Q1 2026 outlook: non-GAAP constant-dollar net revenue growth at the high end of low-teens; full-year 2026 net revenue growth at low-double-digits.
- Q4 net revenue $10.7 B (+12% YoY) and EPS $2.98 (+10% YoY); FY25 net revenue $40 B (+11%) and EPS $11.47 (+14%)
- FY25 payments volume $14 T (+8% YoY, constant $) and processed transactions 258 B (+10% YoY); Q4 global volume +9%, cross-border excl. intra-Europe +11%, processed transactions +10% (constant $)
- Value-added services revenue $3 B (+25% constant $) and CMS revenue +14% constant $, driven by issuing solutions, advisory services, and pricing
- FY26 outlook: adjusted net revenue growth in low double digits (nominal growth ~11%) and adjusted EPS growth in low double digits, assuming stable macro and pricing/incentive trends
- Q4 capital return: share repurchases $4.9 B and dividends $1.1 B; Board raised dividend 14% for Q1 26 and $24.9 B of buyback authorization remains
- Q4 FY2025 net revenue rose 12% YoY to $10.7 billion, and EPS increased 10% to $2.98; full-year net revenue reached $40.0 billion (+11%) with EPS of $11.47 (+14%)
- Full-year payments volume totaled $14 trillion (+8% YoY) and processed transactions were 258 billion (+10%)
- In Q4, Visa repurchased $4.9 billion of stock, paid $1.1 billion in dividends, and ended FY2025 with $24.9 billion remaining in its buyback authorization
- Guidance for FY2026: adjusted net revenue growth in the low double digits (vs. 11% in FY2025) and adjusted EPS growth in the low double digits; Q1 net revenue expected at the high end of low double digits, with EPS up in the low teens
- Continued build-out of the Visa-as-a-Service stack, including ~12 billion endpoints, 16 billion tokens, and a stablecoin platform with an annualized run rate above $2.5 billion; marketing investments tied to the Olympic and FIFA events
- Q4 FY2025 net revenue grew 12% year-over-year to $10.7 billion, and EPS was $2.98, up 10% year-over-year.
- Full-year 2025 net revenue was $40 billion, up 11%, and EPS was $11.47, up 14%; full-year payments volume reached $14 trillion (+8%) and processed transactions totaled 258 billion (+10%).
- Value-added services revenue in Q4 grew 25% to $3 billion, driven by issuing solutions, advisory and other services, and pricing.
- Fiscal 2026 guidance calls for adjusted net revenue growth in the low double digits and adjusted EPS growth in the low double digits; Q1 net revenue is expected in the high end of low double digits and EPS in the low teens.
- In Q4, Visa repurchased $4.9 billion of stock and paid $1.1 billion in dividends, with $24.9 billion remaining in its buyback authorization.