Create a comprehensive company primer for $V: business model overview, key value drivers, industry t

You're viewing a shared conversation.

Create a comprehensive company primer for $V: business model overview, key value drivers, industry trends and competitive positioning, recent developments and strategic initiatives, growth catalysts and potential risks, and debt analysis with financial health assessment. Include charts where helpful.

I'll create a comprehensive company primer for Visa. Let me organize this research systematically.

Todo write

Input

Verify Visa ticker and gather business model overview from 10-K
Get financial fundamentals: revenue, margins, profitability metrics over last 8 quarters
Get debt and financial health metrics: total debt, net debt, leverage ratios, cash position
Search for key value drivers and revenue breakdown by segment/geography
Search for industry trends and competitive positioning vs Mastercard, Amex, PayPal
Search for recent developments and strategic initiatives from earnings calls and 8-Ks
Search for growth catalysts and risk factors from recent filings
Get analyst estimates and forward outlook
Create visualizations for revenue trends, margins, and debt metrics
Compile comprehensive primer document with all findings

Output

Plan updated.

Find Visa ticker and company info

Input

sqlite3 /public/companies.sqlite "SELECT ticker, company_name, market_cap_mm_usd, industry_name, gics_code FROM companies WHERE ticker = 'V' OR company_name LIKE '%Visa%' LIMIT 5"

Output

stdout:
V|Visa Inc.|640149.970929|Financial Services|45102010
TV|Grupo Televisa, S.A.B.||Media|50201020

exit_code: 0

List documents

Input

{
  "tickers": [
    "V"
  ],
  "doc_types": [
    "10-K"
  ],
  "limit": 3
}

Output

Showing 1-3 of 12 total documents

Read market data skill for stock price and financial ratios

Read Visa's latest 10-K for business model overview

Input

{
  "document_id": 1,
  "description": "Read Visa's latest 10-K for business model overview"
}

Output

<chunk>
Citation: [1:0]
Ticker: V
Publication Date: 2025-11-06
Doc Type: 10-K
Period: FY 2025
<text>
UNITED STATES SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 10-K

☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the fiscal year ended September 30, 2025

OR

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission file number 001-33977

VISA INC.

(Exact name of Registrant as specified in its charter)
```csv
Delaware,Delaware,26-0267673
(State or other jurisdiction of incorporation or organization),(State or other jurisdiction of incorporation or organization),(IRS Employer Identification No.)
P.O. Box 8999,P.O. Box 8999,94128-8999
"San Francisco,",California,
(Address of principal executive offices),(Address of principal executive offices),(Zip Code)
```

(650) 432-3200

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
```csv
Title of each class,Trading symbol,Name of each exchange on which registered
"Class A Common Stock, par value $0.0001 per share",V,New York Stock Exchange
1.500% Senior Notes due 2026,V26,New York Stock Exchange
2.250% Senior Notes due 2028,V28,New York Stock Exchange
2.000% Senior Notes due 2029,V29,New York Stock Exchange
3.125% Senior Notes due 2033,V33,New York Stock Exchange
2.375% Senior Notes due 2034,V34,New York Stock Exchange
3.500% Senior Notes due 2037,V37,New York Stock Exchange
3.875% Senior Notes due 2044,V44,New York Stock Exchange
```

Securities registered pursuant to Section 12(g) of the Act:

Class B-1 common stock, par value $0.0001 per share

Class B-2 common stock, par value $0.0001 per share
</text>
</chunk>

<chunk>
Citation: [1:1]
Ticker: V
Publication Date: 2025-11-06
Doc Type: 10-K
Period: FY 2025
<text>
Class C common stock, par value $0.0001 per share

(Title of each class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes ☑ No ☐

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Act. Yes ☐ No ☑

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☑ No ☐

Indicate by check mark whether the registrant has submitted electronically, every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☑ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
```csv
Large accelerated filer ☑,Accelerated filer ☐
Non-accelerated filer ☐,Smaller reporting company ☐
,Emerging growth company ☐
```

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☑

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes ☐ No ☑

The aggregate market value of the registrant’s class A common stock, held by non-affiliates (using the New York Stock Exchange closing price as of March 31, 2025, the last business day of the registrant’s most recently completed second fiscal quarter) was approximately $601.1 billion. There is currently no established public trading market for the registrant’s class B-1, B-2 or class C common stock.

As of October 30, 2025, the registrant’s shares of common stock outstanding were as follows.
```csv
Class,Shares outstanding
Class A common stock,"1,687,629,770"
Class B-1 common stock,"4,835,384"
Class B-2 common stock,"120,338,948"
Class C common stock,"8,938,707"
```

DOCUMENTS INCORPORATED BY REFERENCE

Portions of the Registrant’s Proxy Statement for the 2026 Annual Meeting of Shareholders are incorporated herein by reference in Part III of this Annual Report on Form 10-K to the extent stated herein. Such Proxy Statement will be filed with the Securities and Exchange Commission within 120 days of the Registrant’s fiscal year ended September 30, 2025.
</text>
</chunk>

<chunk>
Citation: [1:2]
Ticker: V
Publication Date: 2025-11-06
Doc Type: 10-K
Period: FY 2025
<text>
TABLE OF CONTENTS
```csv
,,Page
PART I,,
Item 1,Business,4
Item 1A,Risk Factors,21
Item 1B,Unresolved Staff Comments,36
Item 1C,Cybersecurity,36
Item 2,Properties,38
Item 3,Legal Proceedings,38
Item 4,Mine Safety Disclosures,38
PART II,,
Item 5,"Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities",39
Item 6,[Reserved],39
Item 7,Management’s Discussion and Analysis of Financial Condition and Results of Operations,40
Item 7A,Quantitative and Qualitative Disclosures About Market Risk,53
Item 8,Financial Statements and Supplementary Data,55
Item 9,Changes in and Disagreements W ith Accountants on Accounting and Financial Disclosure s,108
Item 9A,Controls and Procedures,108
Item 9B,Other Information,108
Item 9C,Disclosure Regarding Foreign Jurisdictions that Prevent Inspections,109
PART III,,
Item 10,"Directors, Executive Officers and Corporate Governance",110
Item 11,Executive Compensation,110
Item 12,Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters,110
Item 13,"Certain Relationships and Related Transactions, and Director Independence",110
Item 14,Principal Account ant Fees and Services,110
PART IV,PART IV,
Item 15,Exhibits and Financial Statement Schedules,111
Item 16,Form 10-K Summary,111
```

Unless the context indicates otherwise, reference to Visa, we, us, our or the Company refers to Visa Inc. and its subsidiaries.

Visa and our other trademarks referenced in this report are Visa’s property. This report may contain additional trade names and trademarks of other companies. The use or display of other companies’ trade names or trademarks does not imply our endorsement or sponsorship of, or a relationship with, these companies.

2

Forward-Looking Statements

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, the impact on our future financial position, results of operations and cash flows; prospects, developments, strategies and growth of our business; anticipated expansion of our products in certain countries and territories; size and growth of the total addressable opportunities in consumer payments, commercial and money movement solutions and value-added services and our ability to capture such opportunities; industry developments; anticipated timing and benefits of our acquisitions; expectations regarding litigation matters, investigations and proceedings; timing and amount of stock repurchases; sufficiency of sources of liquidity and funding; effectiveness of our risk management programs; and expectations regarding the impact of recent accounting pronouncements on our consolidated financial statements. Forward-looking statements generally are identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking statements in Item 1, Item 1A, Item 7 and elsewhere in this report. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

3

PART I
</text>
</chunk>

<chunk>
Citation: [1:3]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
ITEM 1. Business
</text>
</chunk>

<chunk>
Citation: [1:4]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
OVERVIEW

Visa is one of the world’s leaders in digital payments. Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. Since Visa’s early days in 1958, we have been in the business of facilitating secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers in a structure we call the “four-party” model. Please see Our Core Business discussion below. As the payments ecosystem continues to evolve, we have broadened this model to include digital banks, digital wallets, a range of financial technology companies (fintechs), governments and non-governmental organizations (NGOs). We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories. Visa is committed to advancing innovation within the payment technology sector. Building upon our track record of industry leadership, including early adoption and integration of artificial intelligence (AI) models in payment systems, Visa continues to invest in the development and deployment of next-generation technologies, such as generative AI (GenAI), stablecoins and agentic commerce. During fiscal 2025, 329 billion payments and cash transactions with Visa’s brand were processed by Visa or other networks, equating to an average of 901 million transactions per day. Of the 329 billion total transactions, 258 billion were processed by Visa.

•We offer a wide range of Visa-branded payment products that our clients, including nearly 14,500 financial institutions, use to develop and offer payment solutions or services, including credit, debit, prepaid and cash access programs for individual, business and government account holders. During fiscal 2025, Visa’s total payments and cash volume was $17 trillion, and we had nearly 5 billion payment credentials, which are issued Visa card accounts, that were available to be used at more than 175 million merchant locations worldwide.(1)

•We take an open partnership approach and seek to provide value by enabling access to our global network through multiple integration methods, including programmatic access via application programming interfaces (APIs) and structured data exchange through our Model Context Protocol (MCP) server. We partner with traditional financial institutions and emerging fintech and AI companies to innovate and expand the payments ecosystem, enabling them to leverage our platform infrastructure to accelerate their business growth and market expansion.
</text>
</chunk>

<chunk>
Citation: [1:5]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
•We are using our componentized capabilities and global connectivity to power all types of payments and deliver services to all types of clients worldwide through our Visa as a Service stack, which has four layers: the foundation layer, the services layer, the solutions layer and the access layer. Our foundation layer comprises the network infrastructure that enables connections to approximately 12 billion cards, bank accounts and digital wallets with more than 175 million merchant locations across more than 200 countries and territories. Our services layer organizes core capabilities, including authentication, risk management and fraud detection, into discrete, reusable components that can be utilized individually or combined into solutions. These modular services are the building blocks of our comprehensive portfolio in our solutions layer, which are enhanced to create new features and capabilities for our clients. Finally, the access layer provides clients the entry point to these solutions via on-demand APIs, our MCP server that enables AI systems to interface with our Visa Intelligent Commerce APIs, and fully managed solutions. The Visa as a Service stack enables organizations of any size to access and scale Visa’s network capabilities globally.

•We are accelerating the migration to digital payments through our network of networks strategy. We aim to provide a single connection point so that Visa clients can enable money movement for businesses, governments and consumers, regardless of which network is used to start or complete the transaction. This model ultimately helps to unify a complex payments ecosystem. Visa’s network of networks approach creates opportunities by facilitating person-to-person (P2P), business-to-consumer (B2C), business-to-business (B2B) and government-to-consumer (G2C) payments, in addition to consumer-to-business (C2B) payments.

(1) Data provided to Visa by acquiring institutions and other third parties as of June 30, 2025.

4

•We provide value-added services to our clients, including Issuing Solutions, Acceptance Solutions, Risk and Security Solutions and Advisory and Other Services.

•We invest in and promote our brand to benefit our clients and partners through advertising, promotional and sponsorship initiatives with the International Olympic Committee, the International Paralympic Committee, the National Football League, the FIFA World Cup 2026TM and the Red Bull Formula One Teams (the Oracle Red Bull Racing Team and the Visa Cash App RB Formula One Team), among others. We also use these sponsorship assets to showcase our payment innovations.
</text>
</chunk>

<chunk>
Citation: [1:6]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
FISCAL 2025 KEY STATISTICS

(1)Please see Item 7 of this report for a reconciliation of our GAAP to non-GAAP financial results.

OUR CORE BUSINESS

In a typical Visa C2B payment transaction, the consumer purchases goods or services from a seller using a Visa card or payment product. The seller presents the transaction data to an acquirer, usually a bank or third-party processing firm that supports acceptance of Visa cards or payment products, for verification and processing. Through VisaNet, the acquirer presents the transaction data to Visa, which in turn sends the transaction data to the issuer to check the account holder’s account balance or credit line for authorization. After the transaction is authorized, the issuer posts the transaction to the consumer’s account and effectively pays the acquirer an amount equal to the value of the transaction, minus the interchange reimbursement fee (IRF). The acquirer pays the amount of the purchase, minus the merchant discount rate (MDR), to the seller.

Visa earns revenue by facilitating money movement across more than 200 countries and territories, among a global set of consumers, sellers, financial institutions and government entities, through innovative technologies.

5
</text>
</chunk>

<chunk>
Citation: [1:7]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Our net revenue in fiscal 2025 consisted of the following:
```csv
SERVICE REVENUE Earned for services provided in support of client usage of Visa’s payment services and value-added services related to certain Issuing Solutions,"OTHER REVENUE Consists mainly of value-added services primarily related to Advisory and Other Services and certain Issuing Solutions; license fees for use of the Visa brand or technology; and fees for account holder services, certification and licensing"
"DATA PROCESSING REVENUE Earned for authorization, clearing and settlement; value-added services primarily related to Acceptance Solutions, Risk and Security Solutions and certain Issuing Solutions; network access; and other maintenance and support services that facilitate transaction and information processing among our clients globally",
"CLIENT INCENTIVES Paid to financial institution clients, sellers and other business partners to grow payments volume; increase Visa product acceptance; encourage seller acceptance and use of Visa’s payment services; and drive innovation",
INTERNATIONAL TRANSACTION REVENUE Earned for cross-border transaction processing and currency conversion activities,
```

Please see Item 7 and Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8 of this report, which include disclosures on how we earn and recognize our revenue.

Visa provides payment processing for both non-Visa-branded and Visa-branded card transactions. In the context of non-Visa-branded card transactions, we facilitate payment processing by providing gateway routing services to other payment networks. At the client’s request, we may provide authorization, clearing or settlement services on our network before or after we route the transaction to the other payments network. In those instances, Visa may earn data processing revenue for the specific services provided. In the context of Visa-branded card transactions on our network, we provide authorization, clearing and settlement services and may earn service, data processing, international transaction or other revenue. Depending on applicable regulations, some payment processors may or may not use our network to process Visa-branded card transactions. If they use our network, we may earn service revenue and data processing revenue. If they do not use our network, we may earn only service revenue.

Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenue from or bear credit risk with respect to any of these activities. Interchange reimbursement fees reflect the value sellers receive from accepting our products and play a key role in balancing the costs and benefits that account holders and sellers derive from participating in our payments network. Generally, IRFs are paid by acquirers to issuers. We establish default IRFs that apply absent other established settlement terms. These default IRFs are set independently from the revenue we receive from issuers and acquirers. Our acquiring clients are responsible for soliciting sellers and for setting the fees they charge to sellers for the MDR. Visa sets fees to acquirers independently from any fees that acquirers may charge sellers. Therefore, the fees we receive from issuers and acquirers are not derived from IRFs or MDRs.

6
</text>
</chunk>

<chunk>
Citation: [1:8]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Visa’s strategy is to accelerate revenue growth through consumer payments (CP), commercial and money movement solutions (CMS) and value-added services (VAS), as well as fortify the key foundations of our business model. In CP, we are focused on strengthening our impact in card-based consumer payments and expanding our reach in non-card-based payments. In CMS, formerly known as new flows, we are driving and enabling further penetration of commercial payments and money movement. Finally, in VAS, we are delivering innovative services to deepen our partnerships with our clients.
</text>
</chunk>

<chunk>
Citation: [1:9]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
We seek to accelerate revenue growth through the following areas:

Consumer Payments

On an annual basis, we see more than $40 trillion(2) of addressable consumer spend, excluding Russia and China. Of this spend opportunity, we are pursuing an estimated more than $20 trillion annual opportunity in underserved consumer spend, spread across cash, check, legacy Automated Clearing House (ACH), account to account (A2A) payments and real time payments (RTP) or other less effective forms of digital payments.

We aim to grow CP by strengthening Visa’s impact in card-based consumer payments and expanding our reach in non-card-based payments. We are investing in Tap to Everything, token technology, cross-border capabilities, offerings to affluent consumers, consumer credit capabilities and other opportunities to drive our volume and expand the scope of our transactions and our payment credentials on top of which we can deliver a growing array of Visa services.

Core Products

Visa’s growth has been driven by the strength of our core products — credit, debit and prepaid.

(2) Visa analysis based on third-party studies for the period covering calendar year 2024.

7

Credit: Credit cards and digital payment credentials allow consumers and businesses to access credit to pay for goods and services. Credit cards are affiliated with programs operated by financial institution clients, co-brand partners, fintechs and affinity partners.

Debit: Debit cards and digital payment credentials allow consumers and small businesses to purchase goods and services using funds held in their deposit accounts. Debit cards enable account holders to transact in person, online or via mobile without cash or checks and without accessing a line of credit. The Visa/PLUS Global ATM network also provides debit, credit and prepaid account holders with cash access and other banking capabilities. Issuing and acquiring partnerships with both financial institutions and independent ATM operators enable these capabilities.

Prepaid: Prepaid cards and digital payment credentials draw from a designated balance funded by individuals, businesses or governments. Prepaid cards address many use cases and needs, including general purpose reloadable, payroll, government and corporate disbursements, healthcare, gifting and travel. Visa-branded prepaid cards also play an important part in financial inclusion, bringing payment solutions to those with limited or no access to traditional banking products.

Key Enablers

By enabling CP, we help our clients grow as digital commerce, new technologies and new participants continue to transform the payments ecosystem.
</text>
</chunk>

<chunk>
Citation: [1:10]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Tap to Everything

Since we introduced Tap to Pay technology 20 years ago, it has emerged as a preferred way to pay in the face-to-face environment. Tap to Pay adoption is growing and Tap to Pay has become the default way Visa cardholders pay, comprising 79% and 66% of all face-to-face transactions, globally and in the United States in fiscal 2025, respectively. In addition, we have activated more than 1,000 contactless public transport projects worldwide. We processed more than 2.4 billion contactless transactions on global transit systems in fiscal 2025, surpassing the number of transactions in 2024.

Building on the momentum of Tap to Pay, we continue to expand into new ‘Tap to Everything’ use cases. Our Tap to Phone capabilities, enabling any mobile device with near field communication capability to be converted to a payment acceptance terminal, has expanded. During fiscal 2025, we passed 20 million Tap to Phone transacting devices. In 2024, we launched our Tap to Add Card capability, enabling a consumer to add a payment credential to a digital wallet by tapping their card to their mobile device. This functionality is expanding and has more than 600 issuers participating globally, resulting in the service being live for more than 1.4 billion Visa credit and debit cards around the world. Tap to P2P, another ‘Tap to Everything’ use case, is a product that uses tokenization for security, incorporating Visa's Tap to Consumer Device and Software Development Kit (SDK) technology for contactless data transmission between devices and the convenience of Visa Direct's real time money movement for fund transfers. Finally, we are piloting our newest tap capability, Tap to Confirm, for issuers. In high-risk transaction types where an issuer might otherwise have declined the transaction, issuers can ask the consumer to tap to confirm the transaction, demonstrating that the consumer is in possession of the physical card.

Token Technology

We are adding identity-based authentication and other capabilities to our token technology to further drive preference for Visa payment types, including a solution for agentic commerce. Please see our Looking Ahead discussion below. Visa Token Service (VTS) brings trust to digital commerce innovation. As consumers increasingly rely on digital transactions, VTS is designed to enhance the digital ecosystem through improved authorization, reduced fraud and enhanced consumer experience. VTS helps protect digital transactions by replacing 16-digit Visa account numbers with a token that includes a surrogate account number, cryptographic information and other data to protect the underlying account information. This security technology can work for a variety of in-person or ecommerce payment transactions. As of September 30, 2025, Visa has provisioned more than 16 billion tokens.

In addition, the Visa Cloud Token Framework is a cloud-based security technology program that expands token use cases to mobile wallets, ecommerce platforms and Internet of Things devices, all while adding fraud mitigation functionality. We continue to build new capabilities, such as Visa Payment Passkey, which links the token to the consumer’s device passkey information, adding another layer of security to the payment experience. Building on these capabilities, we are progressing beyond earlier implementations like Click to Pay, which provides a simplified and more consistent ecommerce checkout experience by removing time-consuming key entry of personal

8

information and enabling consumer and transaction data to be passed securely between payments network participants.
</text>
</chunk>

<chunk>
Citation: [1:11]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Cross-Border

We are a preferred global payments network for cross-border travelers in key markets, differentiated by our risk management and fraud prevention capabilities, including tokenization, and our cross-border currency and settlement capabilities, which include foreign exchange solutions.

As our cross-border volume continues to grow year-over-year, we are investing in cross-border commerce through several strategic initiatives. These include expanding the scope and utility of our cross-border network, particularly in key travel corridors, where cash usage remains high, and increasing acceptance locations. We are also enhancing our value proposition in travel and ecommerce to drive consumer preference for Visa payment credentials and improving cross-border transaction performance and authorization rates. In addition, we are focused on improving the performance of cross-border portfolios and tapping into high-potential verticals with a significant mix of cross-border payments. We are also building more feature functionality with products like multi-currency payment credentials that allow travelers to hold and transact in multiple currencies seamlessly.

Offerings to Affluent Consumers

Visa is a global leader in affluent and premium co-branded programs, including our Infinite brand, which is designed to bring together benefits, experiences and product features to deliver a premium value proposition to our affluent cardholders. Our strength in this focus area is driven by core capabilities that align with the needs of affluent consumers, such as our global acceptance footprint, differentiated credit products, advanced fraud protection and dispute resolution services, brand equity and premium benefits.

We continue to invest in experiential benefits to better serve this consumer base, including music series, concierge services and access to premier hotels and restaurants, such as the Visa Dining Collection OpenTable Benefit. In addition, we leverage our portfolio of sponsorship assets to deliver unique experiences at events, including the Super Bowl, the Olympic and Paralympic Games, the FIFA World Cup 2026TM and through our partnership with Visa’s two Red Bull Formula One racing teams. These benefits enhance our premium value proposition and strengthen relationships with issuing partners.

Affluent consumers represent a highly attractive market opportunity within our CP business. This focus area demonstrates significantly higher spend per cardholder in cross-border, credit and ecommerce volumes, generating more revenue for Visa compared to the average Visa cardholder.

Powering Credit

We have built a strong reputation and brand around our credit products by offering robust security, advanced fraud mitigation and effective dispute management. Over time, we have introduced several innovations that differentiate our credit offerings and drive consumer preference for Visa. For example, we were a pioneer in dual-message technology, which enables real-time transaction authorization, a capability that only a few payments providers globally can provide.

Even with our strong foundation in credit, significant opportunity remains in international markets, where the penetration of card-linked credit products as a percentage of consumer spending is less than half that of the U.S. To address this, we continue to develop new products that provide greater control and insight to our issuing clients and their customers. For example, Visa Flex Credential allows consumers to use a single Visa payment credential to access and switch between multiple funding sources, like debit and credit. As of September 30, 2025, we have more than 20 signed clients in more than 20 countries across all regions.

9
</text>
</chunk>

<chunk>
Citation: [1:12]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Expanding Our Reach in Consumer Payments

We aim to capture value and drive yield from CP currently routed through A2A networks via two primary strategies. First, we are focused on capturing A2A payments through card-enabled payment flows. One example of our most recent innovations in this space is Visa Pay, which we launched in 2025, expanding digital payment access by connecting participating digital wallets to Visa’s network with digital credentials for payments globally. In certain regions, digital wallet providers, A2A schemes and banks can adopt Visa Pay by connecting to our APIs directly, enabling access to Visa’s global acceptance as a white-label solution within the user’s app. In addition, we are piloting these same functionalities through our full stack SDK. In the Central and Eastern Europe, Middle East and Africa markets, a stand-alone Visa Pay app enables banks to offer their customers the ability to set up a Visa account or payment credential and conduct payments at Visa acceptance locations.

Second, we leverage A2A networks to deliver Visa-branded A2A products, most notably through Tink, our open banking solution in regions, such as Europe and Latin America. Tink enables open banking and data exchange for A2A transactions. Since acquiring Tink in 2022, we have scaled our open banking payments network, reaching thousands of bank connections as of September 30, 2025. Please see our Advisory and Other Services discussion below. Visa is collaborating with our financial institution and fintech partners to bring Visa A2A to United Kingdom customers. In addition, as we expand the Visa as a Service stack, we are providing value-added services to local payment methods operating on A2A or RTP networks. Please see our Risk and Security Solutions discussion below.

Commercial & Money Movement Solutions

CMS is focused on driving digitization and improving the payments and money movement experience across all payment flows, beyond C2B, through our network of networks. These include P2P, B2C, B2B and G2C payments, which provide some of the largest payment opportunities in the world. Representing a total addressable opportunity of approximately $200 trillion(3) of payment flows annually, excluding Russia and China, this pillar of our business aims to make payments and money movement easier for businesses, consumers and governments, using both Visa’s global network and connectivity to other networks around the world.

We have two key objectives in this business area. The first objective is to address B2B payments flows from small businesses up to large enterprises and governments through our Visa Commercial Solutions, a card and virtual payments-led business. This part of the business focuses on addressing approximately $35 trillion of annual opportunity by converting small and medium business spend to our solutions; scaling our existing large and middle market use cases to more countries, corporates and partners; delivering product innovation and network flexibility, driving more B2B spend to cards and virtual payments, enabling new and emerging B2B verticals; and unlocking new commercial card acceptance with suppliers.

The second objective is to address money movement and a subset of B2B flows through Visa Direct. This part of the business focuses on growing our domestic business through our core P2P use case and penetrating new use cases, growing our cross-border flows through enhanced network capabilities; and deepening our relationships with existing clients through new use cases, corridors and services. Through our Visa Direct strategy, we are pursuing approximately $55 trillion of annual opportunity in P2P, B2C and G2C money movement flows and approximately $25 trillion of annual opportunity in B2B money movement flows.
</text>
</chunk>

<chunk>
Citation: [1:13]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Visa Commercial Solutions

As a long-time participant in the B2B ecosystem, we have been supporting small businesses, large and middle market companies, and governments with their payments needs. We continue to see opportunities for growth as businesses seek simple digital experiences, similar to those available to consumers. Visa offers a holistic suite of tailored solutions for businesses, providing payment, reconciliation and data to help manage working capital and drive efficiency, set spend controls, manage expenses and automate payment processes.

(3) Visa analysis based on third-party studies as of 2022.

10

Our portfolio of commercial payments solutions includes small business cards, corporate (travel) cards, purchasing cards, virtual cards and digital payment credentials. Businesses look to optimize processes and effectively manage working capital by utilizing our commercial payments solutions. To support small businesses we expanded the small business supplier matching webtool so that it is directly accessible to small- and medium-size businesses, enhancing their ability to use their payment credentials for business payments. For large business spend, we have been expanding our presence in specific commercial spend verticals, such as fleet and fuel, travel and agriculture. We have also extended our products and capabilities specifically for accounts receivable and accounts payable spend, through either embedded finance capabilities, or new solutions like our Accounts Receivable Manager virtual card automation solution in the U.S.

Visa Direct

We have the largest money movement platform in the world — by transactions, volumes and endpoints — through years of product innovation and acquisitions. Visa Direct began with cards, by taking our existing Visa network and allowing users to receive money to their bank accounts via their debit cards as an endpoint. We have also expanded our network of networks by adding connectivity to accounts through our acquisition of Earthport. Through further innovation, we added digital wallets.

We have strengthened our position in the money movement space through additional assets we have acquired and built, such as Currencycloud and YellowPepper, to create the Visa Direct platform. The Visa Direct platform facilitates domestic and cross-border money movement, enabling clients to collect, hold, convert and send funds across our network. Visa Direct enables P2P payments and A2A transfers, business and government payouts to individuals or small businesses, seller settlements and refunds, among other use cases, across more than 195 countries and territories. Visa Direct utilizes more than 90 domestic payment schemes and more than 60 card and wallet networks, with the potential to reach approximately 12 billion endpoints, through approximately 4 billion cards, bank accounts and digital wallets, respectively. In fiscal 2025, Visa Direct processed more than 12.5 billion transactions for more than 650 partners.

Through Visa+, we aim to provide simplified reach and delivery of funds through alias-linked accounts and wallets, giving flexibility and additional choices to consumers when receiving payments. Visa+ does not require users to have a Visa card; instead, it is based on an alias credential that is linked to their participating payment apps.
</text>
</chunk>

<chunk>
Citation: [1:14]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Value-Added Services

VAS represents approximately a $520 billion annual revenue opportunity(4) for us to diversify our revenue with products and solutions that help our clients and partners optimize their performance, differentiate their offerings and create better experiences for their consumers. Our comprehensive suite of value-added services spans four portfolios: Issuing Solutions, Acceptance Solutions, Risk and Security Solutions and Advisory and Other Services, which represent approximately $125 billion, $95 billion, $150 billion and $150 billion, respectively, of our overall $520 billion annual revenue opportunity in VAS.

Our VAS strategy, aimed at deepening our partnerships, has three areas of focus: (1) enhance Visa payments by making the Visa network easier to access, more attractive and more secure, increasing yield per transaction; (2) enable all payments by providing access and managing experiences for A2A, alternative payment methods and other card schemes; and (3) go beyond payments by helping clients optimize their payments businesses and achieve multiplier effects. We have made significant progress across each of these areas and offer more than 200 products and services as of September 30, 2025, many of which are designed to work together to deliver high-impact business outcomes.

(4) Visa analysis based on third-party studies as of 2024.

11
</text>
</chunk>

<chunk>
Citation: [1:15]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Issuing Solutions

The largest division under our Issuing Solutions business is our Cardholder Engagement solutions, which provide issuers with benefits including airport lounge access, dining reservations, shopping experiences, event tickets, seller offers and access to unique experiences with the goal of driving engagement and spend on Visa payment credentials. We provide a range of other services and digital solutions to issuers, such as account controls, digital issuance and branded consumer experiences. In addition, Visa offers loyalty and benefits solutions to issuers aimed at creating compelling and differentiated cardholder experiences, as well as Buy Now, Pay Later (BNPL) capabilities, which allow shoppers the flexibility to pay for a purchase in equal payments over a defined period of time. Visa is investing in installments as a payments strategy by offering Visa payment credentials and BNPL solutions to issuers and fintechs.

In Cardholder Experiences, we cover a wide variety of use cases enabling issuers to offer payment experiences to their consumers, which in turn can help drive higher engagement and spend on Visa payment credentials. Our digital enablement solutions help issuers build and deploy new functionalities to their account holders, such as our subscription manager solution that offers an issuer’s consumers enhanced visibility into card-on-file transactions and the ability to manage or discontinue recurring payments. In addition, our Smarter Stand-In Processing uses AI to authorize transactions on behalf of issuers in the event of system outages or maintenance, while our digital enablement solutions allow issuers to easily build and deploy new functionalities for their customers.

Our last two solutions are Issuer Processing and Core Banking, which are primarily delivered by our Visa DPS and Pismo platforms. Visa DPS is a large issuer processor of multi-network transactions, which also provides a wide range of value-added services, including fraud mitigation, dispute management, data analytics, campaign management, a suite of digital solutions and contact center services. Our capabilities in API-based issuer processing solutions, such as DPS Forward, allow our clients to create new payments use cases and provide them with modular capabilities for digital payments. Finally, Pismo’s technology platform provides core banking and card-issuer processing capabilities across credit, debit and prepaid payment credentials via cloud native APIs. It also provides core banking, support and connectivity for emerging payment frameworks and RTP networks for financial institution clients.
</text>
</chunk>

<chunk>
Citation: [1:16]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Acceptance Solutions

Visa Acceptance Solutions provide modular, value-added services in addition to the traditional gateway function of connecting sellers to payment processing, as well as secure, reliable services for sellers and acquirers that help reduce friction and drive acceptance. Our Network Products represent a suite of solutions designed to enhance Visa transactions for sellers and acquirers. For example, our account verification service checks for invalid or compromised payment credentials before a purchase to help prevent fraud. In addition, our Account Updater provides updated account information for sellers to help strengthen customer relationships and retention.

Using the Visa Acceptance Platform, acquirers, payment service providers, independent software vendors and sellers can improve the way their consumers engage and transact, while helping to mitigate fraud and lower operational costs. These solutions enable them to enhance, complement or supplement their existing payment services to adapt to changing business requirements. Built on a cloud-based architecture, our Acceptance Platform solutions such as Cybersource and Authorize.net provide new and enhanced omnichannel payment integrations with ecommerce platforms, enabling sellers and acquirers to provide tailored commerce experiences with seamlessly embedded payments tools. Token Management Service, another example, helps simplify network token adoption, offers access and management for seller and acquiring clients, provides a single integration point into major card networks and is used standalone or easily integrated into other payment solutions For more information, see the Token Technology discussion above.

12

Our Post-Purchase solutions include a network-agnostic solution from Verifi that enables sellers to prevent and resolve disputes on a single platform as well as dispute tools for issuers and acquirers like Visa Resolve Online.
</text>
</chunk>

<chunk>
Citation: [1:17]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Risk and Security Solutions

Visa’s Risk and Security Solutions offer risk detection and prevention solutions underpinned by real-time AI-driven scores. These solutions are increasingly becoming payment-type and card-network agnostic. We transform data into insights for near real-time decisions and facilitate account holder authentication to help financial institutions and seller clients prevent fraud and protect account holder data. Transaction Risk includes the Visa Protect suite of solutions with a range of products that empower financial institutions and sellers with tools that facilitate automation, simplify fraud prevention and enhance payment security, such as Visa Consumer Authentication Service, Visa Advanced Authorization and Visa Provisioning Intelligence. These offerings highlight our AI and machine learning capabilities. For example, Visa Consumer Authentication Service provides an AI-powered, real-time, network-agnostic risk score that enables clients to reduce fraud and false declines for intelligent authentication decisions. Visa Advanced Authorization uses machine learning algorithms to help identify fraud for Visa card payments and Visa Provisioning Intelligence is an AI-powered risk score designed to help prevent tokens from being fraudulently provisioned.

Visa also has products in the Visa Protect suite that are designed to reduce fraud across immediate A2A and ecommerce payments, as well as transactions both on and off Visa’s network. Visa Deep Authorization is an AI-powered transaction risk scoring solution tailored to better manage ecommerce payments, which strengthens the protection of Visa’s transactions through transaction risk scoring. Visa Protect for A2A Payments is our first fraud prevention solution built specifically for real-time non-card payments. Finally, Visa Risk Manager with network-agnostic Visa Advanced Authorization is a comprehensive AI-powered fraud risk management solution. Visa’s value-added fraud prevention tools layer on top of a suite of our network programs that protect the safety and integrity of the payment ecosystem, and help to prevent, detect and mitigate threats. In addition, Visa's Cybersource Decision Manager helps our seller and acquirer clients manage and reduce fraud in payments acceptance.

In Authentication solutions, we offer a range of authentication and transaction risk solutions to help acquirers and sellers identify customers and limit fraud across multiple payment methods and sales channels. Meanwhile, our Cybersecurity solutions provide risk mitigation against newer threats such as enumeration and device protection. For example, clients use the Visa Account Attack Intelligence Score to make more informed decisions around enumeration transaction blocking. In December 2024, we expanded our Risk and Security Solutions offerings by acquiring Featurespace, a developer of real-time behavioral analytics and AI-powered payments protection technology that helps prevent and mitigate payments fraud and financial crime risks.
</text>
</chunk>

<chunk>
Citation: [1:18]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Advisory and Other Services

Visa Advisory Services offers deep payments expertise through a global consulting practice, proprietary analytics models, data scientists and economists, marketing services and managed services to deliver insights for issuers, acquirers, sellers, fintechs and other partners that help them optimize business decisions and scale their operations. Operating as the payments consulting arm of Visa, Visa Consulting and Analytics (VCA) utilizes our payments expertise and economic intelligence to identify actionable insights, make recommendations and help implement solutions. VCA is comprised of specialized advisory practices such as strategy and commercial money movement, portfolio optimization, digital, AI, stablecoin, cybersecurity, risk and implementation support, which drive measurable outcomes for our clients. VCA Implementation Services embeds teams within client organizations to help execute key initiatives.

Visa Marketing Services offers a full suite of solutions that spans across the entire campaign lifecycle. This includes research, strategy, campaign design, execution and measurement. We bring customized solutions to Visa clients with unique activation opportunities with Visa’s sponsorships, and we utilize our data analytics and understanding of consumers’ transactional behavior to provide marketing solutions designed to deliver effective results, drive brand preference and influence consumer behavior. Our Data Solutions suite uses Visa transaction data to help clients analyze and improve performance across a range of areas, including consumer spend, peer benchmarking and fraud performance. For example, Visa Analytics Platform is a web-based, self-service analytics solution that provides customizable views of payments data and insights to a broad range of clients.

In addition, through our open banking platform, Tink, we continue to accelerate the development and adoption of open banking securely and at scale. Visa’s open banking capabilities range from data access use cases, such as account verification, balance check and personal finance management, to payment initiation capabilities, such as A2A transactions and seller payments. These capabilities can help our partner businesses deliver valuable services

13

to their customers. In fiscal 2025, we launched Visa A2A in the UK, an open system bringing standards, rules and a dispute management service to eligible banks and businesses, enabling them to provide consumers with a more streamlined bill payment experience. Key features include increased protection, more optionality by allowing consumers to pay directly from their bank accounts and enhanced controls over payment permissions.
</text>
</chunk>

<chunk>
Citation: [1:19]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Looking Ahead

As commerce evolves, so do buyer and seller preferences and to fulfill our purpose, we develop and deploy solutions that enable our expanding network of partners to meet and exceed the needs of their users as we build the future of payments across our three growth pillars. Two examples of this include our agentic commerce and stablecoin efforts.

Our token infrastructure enables expansion into emerging payments use cases, including autonomous and agentic commerce. Visa Intelligent Commerce is an innovative offering in this space that integrates Visa’s tokenization technology with authentication and predictive analytics, empowering partners to deploy secure, personalized commerce experiences. The platform comprises a suite of integrated APIs, including tokenized payment credentials with authentication for agent-driven transactions, AI-powered personalization services using Visa transaction insights to optimize search and commerce recommendations and intelligent payment processing with authenticated payment instructions and contextual signals. These capabilities are supported by a commercial partner program for platforms and developers, providing the tools and infrastructure to deploy AI-driven commerce solutions securely and at scale. Additionally, these APIs are accessible through our MCP server, connecting AI systems to Visa’s payment network infrastructure and Visa’s Trusted Agent Protocol, which enables safer agent-driven checkout by helping sellers verify agents and malicious bots, utilizing existing web infrastructure. In 2025, we deployed a pilot program that processed live agentic token transactions within the ecommerce and enterprise environments.

We see opportunity for stablecoins in two important areas: emerging markets where the local fiat currency is volatile and/or where consumers do not have easy or affordable access to U.S. dollars; and cross-border money movement, through both B2B payments and consumer remittances. We have provided both the on-ramp and off-ramp platform for buying and spending crypto assets and stablecoins through cards. Since 2020, Visa has facilitated the purchase of over $100 billion worth of crypto and stablecoin assets and we have facilitated the spend of more than $35 billion in crypto and stablecoin assets through crypto-linked Visa payment credentials. We are also developing cross-border money movement capabilities for P2P and B2B in certain emerging markets. As part of this initiative, we are building out a full stack stablecoin platform with integrations into leading stablecoin issuers and payment platforms across the world that enable Visa to access, redeem, convert and transfer stablecoins. We believe that these offerings have the potential to leverage the advantages of stablecoins, including enhancing the speed, cost efficiency and transparency of cross-border money movement as transactions can settle quickly seven days a week. We continue to expand our stablecoin settlement activities, enabling support for four stablecoins and four blockchains. This serves as an extension of our Visa treasury infrastructure, which already facilitates settlement in more than 25 traditional fiat currencies. As of September 30, 2025, stablecoin settlement volume surpassed a $2.5 billion annualized run rate. In addition, in September 2025, we announced a stablecoin prefunding pilot targeting banks, remitters and financial institutions seeking faster, more flexible ways to manage liquidity. Such clients will have the ability to pre-fund Visa Direct with stablecoins to cover payouts. We treat these stablecoins equivalent to funds on deposit available for payout in fiat currency. Lastly, we are enabling banks to issue and manage their own stablecoins through the Visa Tokenized Asset Platform.
</text>
</chunk>

<chunk>
Citation: [1:20]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
We are fortifying the key foundations of our business model, which consist of our brand, product innovation, platforms and security, government affairs, sales and service and talent and people, in order to execute our strategy and deliver our purpose.

14
</text>
</chunk>

<chunk>
Citation: [1:21]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Brand

Visa’s strong brand helps deliver added value to financial institutions, sellers and partners through compelling brand expressions, a wide range of products and services as well as innovative brand and marketing efforts. In line with our commitment to an expansive and diverse range of partnerships for the benefit of our stakeholders, Visa is a sponsor of top entertainment and sports events including the FIFA World Cup 2026TM, the Olympic and Paralympic Games and the Super Bowl.

Product Innovation

We are focused on our product innovation to build new capabilities and enhance our existing solutions. For companies that want to be in the money movement or payments business, they can build on top of the Visa as a Service stack in order to connect billions of buyers and sellers through secure and seamless digital payments. We believe this scale and reach will continue to drive innovative forms of commerce and support Visa’s long-term growth.

Platforms and Security

Our technology platforms form the backbone of what Visa does and provide security, reliability, uptime and operational excellence, all while fueling our product development and innovation. Visa’s leading technology platforms comprise software, hardware, data centers and a large telecommunications infrastructure. Visa’s four global data centers are a critical part of our global processing environment and have a high redundancy of network connectivity, power and cooling designed to provide continuous availability of systems.

Our in-depth, multi-layer security approach includes a formal program to devalue sensitive and/or personal data through various cryptographic means; embedded security in the software development lifecycle; identity and access management controls to protect against unauthorized access; and advanced cyber detection and response capabilities. We use information security tools that help keep our clients and consumers safe and invest significantly in our comprehensive approach to cybersecurity. We deploy information security technologies to protect data confidentiality, the integrity of our network and service availability and to strengthen our core cybersecurity capabilities to minimize risk. Our payments ecosystem risk and control team continually monitors threats to the payments ecosystem to help ensure attacks are detected and prevented efficiently and effectively through the pairing of our AI capabilities with our security experts.

Government Affairs

Our team of Government Affairs professionals engage with governments across the more than 200 countries and territories where Visa operates. Our Government Affairs team seeks to proactively influence the policy and regulatory landscape to expand our business and support Visa’s mission of uplifting everyone, everywhere, by being the best way to pay and be paid. The team plays a crucial role in creating opportunities to expand access to digital payments and shape public policy that empowers governments, businesses and individual consumers to succeed. Visa actively works with governments, officials, policymakers and stakeholders to shape the future of digital payments. We also leverage our country managers around the world who are deeply connected with the governments where we operate. Our engagement is as important as it has ever been, and we have a proven track record of partnering with governments to advance digitization of payments and shape regulatory policies. Through our work with governments, we foster innovation and find opportunities to drive digital transformation and further enable access to financial services.

Sales and Service

Our Sales and Service teams are the vital link between Visa and our clients, delivering innovative, data-driven solutions that enable secure digital commerce. As the first point of contact for our clients, our Sales and Service teams help our clients grow by providing services that anticipate and meet their needs and drive tangible business results.
</text>
</chunk>

<chunk>
Citation: [1:22]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Talent and People

Attracting, developing and advancing the best talent globally is critical to our continued success. This year, we grew our total workforce from approximately 31,600 in fiscal 2024 to approximately 34,100 employees in fiscal 2025, an increase of 8% year-over-year. As of September 30, 2025, our voluntary workforce turnover (rolling 12-month attrition) was approximately 6%. Visa employees are located in 86 countries and territories, with more than 60% located outside the U.S.

15

As Visa strives to achieve our purpose and our growth objectives, we have focused on enhancing our employees’ expertise across our business. We offer unique career pathways for employees and provide them with tools and support to build on their leadership impact and develop their careers. Along with our educational assistance program and Visa University learning pathways, employees are encouraged to broaden their knowledge and develop new skills by participating in leadership development programs (e.g., New to Visa People Leadership). Visa’s commitment to innovation and collaboration is reflected in how we equip employees with GenAI capabilities that can enhance content creation, productivity and business automation. At the heart of this effort is our internal GenAI hub that serves as an easy-to-access entry point to AI models, applications and developer tools available to Visa employees. The GenAI Hub brings together Visa’s chatbots, apps and internal platforms, enabling AI to be a driver of everyday decision making and problem solving. Additionally, Visa’s own AI assistant for employees connects knowledge across Visa’s systems and uses agentic AI to empower employees with fast self-service solutions. From its launch in March 2025 through the fiscal year ended September 30, 2025, it has been embraced by nearly 26,000 employees launching over 261,000 AI-powered chats to get answers, automate tasks and accelerate outcomes.

We are committed to providing benefits that support our employees. As part of our inclusive “whole person” approach to benefits, Visa offers a robust package of curated tools, resources and benefits for our employees. While programs vary by location, some of our financial benefits include retirement savings, employee stock purchase plan and financial well-being sessions and resources. We also expanded our mental health first aid training and continued to grow our peer-to-peer ambassador network to strengthen our well-being support and culture of community for employees in addition to our enhanced mental well-being benefits.

We are also dedicated to ensuring that employees feel valued in their day-to-day work. In recent years, Visa has prioritized and invested in employee recognition, which in turn drives engagement and innovation. Our UPLIFT program enables employees to recognize, appreciate and celebrate each other, no matter their role or level. In fiscal 2025, users with active participation in the UPLIFT platform as a percentage of all users remained strong at 76%.The UPLIFT program also drives Visa’s culture by grounding the recognition categories in our Visa Leadership Principles (VLPs), further reinforcing that at Visa, it is not only about what you achieve, but how you do it.
</text>
</chunk>

<chunk>
Citation: [1:23]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Based on our latest employee engagement survey, 85% of employees would recommend Visa as a great place to work. We strive to put our people first and continually seek ways to enhance our robust culture in which everyone upholds our VLPs, which are at the heart of everything we do. We conducted a digital campaign to integrate the VLPs in fresh, creative ways across the employee experience. We also launched tools to help leaders across all levels of the company communicate more openly and transparently, with actionable and practical tips that managers can incorporate day to day, especially when leading through change. We created a new digital People Leader Hub to engage people leaders on major initiatives and help them easily access resources and timely information.

We also invest in our internal channels to ensure that employees feel closely connected to one another and to our business at large. Viva Engage, our internal social network, is visited by 95% of employees at least once a month, with 89% reading six or more posts a month. This year we also modernized our corporate intranet to enable the integration of GenAI tools as well as content tailored to the individual user. For additional information regarding our human capital management, please see the section titled “People and Talent Management” in Visa’s 2025 Proxy Statement as well as our website at visa.com/crs, which includes our 2024 Consolidated EEO-1 Report and our 2024 Corporate Responsibility and Sustainability (CRS) Report. See Available Information below.
</text>
</chunk>

<chunk>
Citation: [1:24]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
MERGERS AND ACQUISITIONS, JOINT VENTURES AND STRATEGIC INVESTMENTS

Visa continually explores opportunities to augment our capabilities and provide meaningful value to our clients. Mergers and acquisitions, joint ventures and strategic investments complement our internal development and enhance our partnerships to align with Visa’s priorities. Visa applies a rigorous business analysis to our acquisitions, joint ventures and investments to ensure they will differentiate our network, provide value-added services and accelerate growth.

In fiscal 2024, we completed our acquisition of Pismo, a global cloud-native issuer processing and core banking platform with operations in Latin America, Asia Pacific and Europe, and we entered into a definitive agreement to acquire a majority interest in Prosa, a leading payments processor in Mexico. After closing, Prosa will continue to operate as an independent company. The Prosa acquisition is subject to customary closing conditions, including applicable regulatory approvals. In fiscal 2025, we completed our acquisition of Featurespace, a developer of real-time artificial intelligence payments protection technology that helps prevent and mitigate payments fraud and financial crime risks.

16

CORPORATE RESPONSIBILITY AND SUSTAINABILITY

Visa is committed to operating as a responsible, ethical, inclusive and sustainable company. As a trusted network and global leader in digital payments, Visa strives to join with clients, partners and other stakeholders to empower people, businesses and communities to thrive. Visa’s purpose is to uplift everyone, everywhere by being the best way to pay and be paid. While we work toward this goal, we are committed to managing the risks and opportunities that arise from environmental and social issues and providing strong executive and Board oversight of our overall strategy. Our 2024 CRS Report, as well as other CRS-related resources are available in the CRS Resources section of our corporate website at corporate.visa.com/en/about-visa/crs/resources.html. See Available Information below.

INTELLECTUAL PROPERTY

We own and manage the Visa brand, which stands for acceptance, security, convenience, speed and reliability. Our portfolio of Visa-owned trademarks is important to our business. Generally, trademark registrations are valid indefinitely as long as they are in use and/or maintained. We give our clients access to these assets through agreements with our issuers and acquirers, which authorize the use of our trademarks in connection with their participation in our payments network. Additionally, we own many patents and patent applications related to our business and continue to pursue patents in emerging technologies that may have applications in our business. We rely on a combination of patent, trademark, copyright and trade secret laws in the U.S. and other jurisdictions, as well as confidentiality procedures and contractual provisions, to protect our proprietary technology.
</text>
</chunk>

<chunk>
Citation: [1:25]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
COMPETITION

The global payments industry continues to undergo dynamic and rapid change. Existing and emerging competitors compete with Visa’s network and payment solutions for consumers and for participation by financial institutions and sellers. Technology and innovation are shifting consumer habits and driving growth opportunities in ecommerce, GenAI agent-based commerce, mobile payments, blockchain technology and digital currencies, including stablecoins. These advances are enabling new entrants, many of which depart from traditional network payment models. In certain countries, the evolving regulatory landscape is creating local networks or enabling additional processing competition.

We compete against all forms of payment. These include paper-based payments, primarily cash and checks, and all forms of electronic payments. Our electronic payment competitors principally include the ones listed below.

Global or Multi-regional Networks: These networks typically offer a range of branded, general purpose card payment products that consumers can use at millions of merchant locations around the world. Examples include American Express, Diners Club/Discover (now owned by Capital One), JCB, Mastercard and UnionPay. These competitors may be more concentrated in specific geographic regions, such as Discover in the U.S. and JCB in Japan, or have a leading position in certain countries, such as UnionPay in China. See Item 1A—Regulatory Risks—Government-imposed obligations and/or restrictions on international payments systems may prevent us from competing against providers in certain countries, including significant markets such as China and India. Based on available data, Visa is one of the largest retail electronic funds transfer networks used throughout the world.
</text>
</chunk>

<chunk>
Citation: [1:26]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
The following chart compares our network with certain network competitors for calendar year 2024(1):
```csv
,Visa,American Express,Diners Club / Discover,JCB,Mastercard
Payments Volume ($B),"13,433","1,750",253,319,"8,014"
Total Volume ($B) (2),"15,927","1,765",266,327,"9,757"
Total Transactions (B),311,12,4,7,204
Cards (M),"4,805",147,72,167,"3,146"
```

(1)American Express, Diners Club / Discover, JCB and Mastercard data sourced from The Nilson Report issue 1288 (June 2025). Includes all consumer, small business and commercial credit, debit and prepaid cards for Visa and Mastercard and includes all consumer, small business and commercial credit cards, including business from third-party issuers, for American Express, Diners Club / Discover, and JCB. JCB figures include other payment-related products and some figures are estimates. Mastercard excludes Maestro and Cirrus figures.

(2)Total volume is the sum of payments volume and cash volume. Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks.

Local and Regional Networks: Operated in many countries, these networks often have the support of government influence or mandate. In some cases, they are owned by financial institutions or payment processors.

17

These networks typically focus on debit payment products, and may have strong local acceptance and recognizable brands. Examples include NYCE, Pulse and STAR in the U.S.; Interac in Canada; and eftpos in Australia.

Alternative Payments Providers: These providers, such as closed commerce ecosystems, BNPL solutions and cryptocurrency platforms (including stablecoins), often have a primary focus of enabling payments through ecommerce and mobile channels; however, they are expanding or may expand their offerings to the physical point of sale. These companies may process payments using in-house account transfers between parties, electronic funds transfer networks like the ACH, global or local networks like Visa, or some combination of the foregoing. In some cases, these entities can be both a partner and a competitor to Visa.

RTP Networks: RTP networks have launched in at least 80 countries and continue to be driven by strong government sponsorship and regulatory initiatives to enable and drive adoption (e.g., FedNow in the U.S., PIX in Brazil and United Payments Interface (UPI) in India), increasing their position as an alternative to payment card schemes. These networks primarily focus on domestic transactions, with adoption varying by use cases and geographies. However, with linkages such as PayNow in Singapore and UPI in India, cross-border RTP networks are advancing and will compete with our cross-border business. RTP networks can compete with Visa on consumer payments and other payment flows (e.g., B2B and P2P) but can also be customers for value-added services, such as risk management.

Digital Wallet Providers: Digital wallet providers continue to expand payment capabilities in person and online for consumers and sellers and provide consumers with additional ways to pay. While digital wallets can help drive Visa volumes, they can also be funded by non-card payment options. Digital wallet providers who utilize RTP networks provide additional competition.

Payment Processors: Payment processors may perform processing services on third-party payments networks on behalf of issuers or acquirers. We compete with payment processors for the processing of Visa transactions. These processors may benefit from mandates requiring them to handle processing under local regulation. For example, as a result of the Interchange Fee Regulation (IFR) in Europe, we may face competition from other networks, processors and other third parties who could process Visa transactions directly with issuers and acquirers.
</text>
</chunk>

<chunk>
Citation: [1:27]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
CMS Providers: We compete with alternative solutions to our CMS (e.g., Visa Direct) such as ACH, RTP and wires. We compete with other global and local card networks for commercial card portfolios. Additionally, we may face competition from industry players who are experimenting with B2B blockchain payments, including stablecoins, which are gaining regulatory clarity, can operate globally 24/7, and have the capability to support cross-border transactions.

Value-Added Service Providers: We face competition from companies that provide alternatives to our value-added services. These include a wide range of players, such as technology companies, information services and consulting firms, governments and merchant services companies. The integration of technology like GenAI can create new and better offerings that compete with our value-added services, such as strengthened risk monitoring and managing digital identification. Regulatory initiatives could also lead to increased competition in these areas.

We believe our fundamental value proposition of security, convenience, speed and reliability as well as the number of payment credentials and our acceptance footprint help us to succeed. In addition, we understand the needs of the individual markets in which we operate and partner with local financial institutions, sellers, fintechs, governments, NGOs and business organizations to provide tailored and innovative solutions. We will continue to utilize our network of networks strategy to facilitate the movement of money. We believe Visa is well-positioned competitively due to our global brand, our broad set of payment products, CMS offerings and value-added services and our proven track record of processing payment transactions securely and reliably.
</text>
</chunk>

<chunk>
Citation: [1:28]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
GOVERNMENT REGULATION

As a global payments technology company, we are subject to complex and evolving global regulations in the various jurisdictions in which our products and services are used. The most significant government regulations that impact our business are discussed below. For further discussion of how global regulations may impact our business, see Item 1A—Regulatory Risks.

Anti-Corruption, Anti-Money Laundering, Anti-Terrorism and Sanctions: We are subject to anti-corruption laws and regulations, including the U.S. Foreign Corrupt Practices Act (FCPA), the UK Bribery Act and other laws that generally prohibit the making or offering of improper payments to foreign government officials and political

18

figures for the purpose of obtaining or retaining business or to gain an unfair business advantage. We are also subject to anti-money laundering and anti-terrorist financing laws and regulations, including the U.S. Bank Secrecy Act. In addition, we are subject to economic and trade sanctions programs administered by the Office of Foreign Assets Control (OFAC) in the U.S. Therefore, we do not permit financial institutions or other entities that are domiciled in countries or territories subject to comprehensive OFAC trade sanctions (currently, Cuba, Iran, North Korea, Crimea and the Donetsk People’s Republic and Luhansk People’s Republic regions of Ukraine), or that are included on OFAC’s list of Specially Designated Nationals and Blocked Persons, to issue or acquire Visa cards or engage in transactions using our products and services.

Government-imposed Market Participation Restrictions: Certain governments, including China, India, Indonesia, Thailand, Vietnam, and South Africa, have taken actions to promote domestic payments systems and/or certain issuers, payments networks or processors, by imposing regulations that favor domestic providers, impose local ownership requirements on processors, require data localization or mandate that domestic processing be done in that country.

Interchange Rates and Fees: An increasing number of jurisdictions around the world regulate or influence debit and credit interchange reimbursement rates in their regions. For example, the U.S. Dodd-Frank Wall Street Reform and Consumer Act (Dodd-Frank Act) limits interchange reimbursement rates for certain debit card transactions in the U.S.; the European Union (EU) Interchange Fee Regulation (IFR) limits interchange rates in the European Economic Area (EEA) (as discussed below); and the Reserve Bank of Australia (RBA) regulates average permissible levels of interchange.

Internet Transactions: Many jurisdictions have adopted regulations that require payments system participants to monitor, identify, filter, restrict or take other actions with regard to certain types of payment transactions on the Internet, such as gambling, digital currencies, the purchase of cigarettes or alcohol and other controversial transaction types.

Network Exclusivity and Routing: In the U.S., the Dodd-Frank Act limits network exclusivity and restrictions on seller routing choice for the debit and prepaid market segments. Other jurisdictions impose similar limitations, such as the IFR’s prohibition in Europe on restrictions that prevent multiple payment brands or functionality on the same card.

No-surcharge Rules: We have historically enforced rules that prohibit sellers from charging higher prices to consumers who pay using Visa products instead of other means. However, sellers’ ability to surcharge varies by geographic market as well as Visa product type, and continues to be impacted by litigation, regulation and legislation.
</text>
</chunk>

<chunk>
Citation: [1:29]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
Privacy, Data Use, AI and Cybersecurity: Aspects of our operations or business are subject to increasingly complex and fragmented data-related regulations, including with respect to privacy, data use, AI and cybersecurity, which impact the way we collect, use and handle data, operate our products and services and even impact our ability to offer a product or service. In addition, legislatures and regulators globally are proposing new laws or regulations on these topics that could require Visa to adopt more restrictive data collection and processing practices; expand cybersecurity requirements; limit cross-border data flows; impact the adoption of advanced AI systems; and impose increased obligations on companies handling personal data.

Supervisory Oversight of the Payments Industry: Visa is subject to financial sector oversight and regulation in substantially all of the jurisdictions in which we operate. In the U.S., for example, the Federal Banking Agencies (FBA) have supervisory oversight over Visa under applicable federal banking laws and policies as a technology service provider to U.S. financial institutions. The federal banking agencies comprising the FBA are the Federal Reserve Board, the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the National Credit Union Administration. Visa may also be separately examined by the Consumer Financial Protection Bureau (CFPB) as a service provider to the banks that issue Visa-branded consumer credit and debit card products. Central banks in other countries/regions, including Canada, Europe, India, Ukraine and the UK (as discussed below), have recognized or designated Visa as a retail payment system under various types of financial stability regulations. Visa is also subject to oversight by banking and financial sector authorities in other jurisdictions, such as Brazil and Hong Kong.

European and United Kingdom Regulations and Supervisory Oversight: Visa in Europe continues to be subject to complex and evolving regulation in the European Economic Area (EEA) and the UK.

19

There are several EU regulations that impact our business. As discussed above, the IFR regulates interchange rates within the EEA, requires Visa Europe to separate its payment card scheme activities from processing activities for accounting, organization and decision-making purposes within the EEA, and imposes limitations on network exclusivity and routing. National competent authorities in the EEA are responsible for monitoring and enforcing the IFR in their markets. We are also subject to regulations governing areas such as privacy and data protection, anti-bribery, anti-money laundering, anti-terrorism and sanctions. Other regulations in Europe, such as the second Payment Services Directive (PSD2), require, among other things, that our financial institution clients provide certain customer account access rights to emerging non-financial institution players. PSD2 also includes strong customer authentication requirements for certain transactions that could impose both operational complexity on Visa and impact consumer payment experiences. Visa Europe is also subject to supervisory oversight by the European Central Bank and certain competent authorities in Europe.
</text>
</chunk>

<chunk>
Citation: [1:30]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
In the UK, Visa Europe is designated as a Recognized Payment System, bringing it within the scope of the Bank of England’s supervisory powers and subjecting it to various requirements, including on issues such as governance and risk management designed to maintain the stability of the UK’s financial system. Visa Europe is also regulated by the UK’s Payment Systems Regulator (PSR), which has wide-ranging powers and authority to review our business practices, systems, rules and fees with respect to promoting competition and innovation in the UK, and ensuring payment systems take care of, and promote, the interests of service users. The PSR established a supervisory team to specifically oversee payment system operators like Visa in the aforementioned areas. Post-Brexit, the UK has adopted various European regulations, including regulations that impact the payments ecosystem, such as the IFR and PSD2. The PSR is responsible for monitoring Visa Europe’s compliance with the IFR as adopted in the UK.

Corporate Responsibility and Sustainability: Certain governments around the world are adopting laws and regulations pertaining to corporate responsibility and sustainability performance, transparency and reporting. Regulations may include mandated corporate reporting (e.g., Corporate Sustainability Reporting Directive) or in individual areas, such as mandated reporting on climate-related financial disclosures.

Additional Regulatory Developments: Various regulatory agencies across the world also continue to examine a wide variety of other issues, including mobile payment transactions, tokenization, access rights for non-financial institutions, money transfer services, identity theft, account management guidelines, disclosure rules, security and marketing that could affect our financial institution clients and our business. Furthermore, following the passage of PSD2 in Europe, several countries, including Australia, Brazil, Canada, Hong Kong and Mexico, are contemplating granting or have already granted various types of access rights to third-party processors, including access to consumer account data maintained by our financial institution clients. In October 2024, the CFPB in the U.S. issued a final rule on personal financial data rights that would provide consumers (and third parties authorized by consumers) with access to consumers’ financial data. While the regulatory status of the CFPB’s rule is uncertain, all these changes have the potential to change the competitive landscape, which would present new challenges and opportunities to our business.
</text>
</chunk>

<chunk>
Citation: [1:31]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
<text>
AVAILABLE INFORMATION

Our corporate website is corporate.visa.com. Our annual reports on Form 10-K, our quarterly reports on Form 10-Q, our current reports on Form 8-K, proxy statements and any amendments to those reports filed or furnished pursuant to the U.S. Securities Exchange Act of 1934 can be viewed at sec.gov and our investor relations website at investor.visa.com as soon as reasonably practicable after these materials are electronically filed with or furnished to the U.S. Securities and Exchange Commission (SEC). In addition, we routinely post financial and other information, which could be deemed to be material to investors, on our investor relations website. Information regarding our corporate responsibility and sustainability initiatives is also available on our website at corporate.visa.com/en/about-visa/crs/resources.html. The content of any of our websites referred to in this report is not incorporated by reference into this report or any other filings with the SEC.

20
</text>
</chunk>

<chunk>
Citation: [1:32]
Ticker: V
Publication Date: 2025-11-06
Section: Risk Factors
Doc Type: 10-K
Period: FY 2025
<text>
ITEM 1A. Risk Factors
</text>
</chunk>

<chunk>
Citation: [1:33]
Ticker: V
Publication Date: 2025-11-06
Section: Risk Factors
Doc Type: 10-K
Period: FY 2025
<text>
Regulatory Risks

We are subject to complex and evolving global regulations that could harm our business and financial results.

As a global payments technology company, we are subject to complex and evolving regulations that govern our operations. Such regulations may increase in quantity, complexity and scope in response to heightened geopolitical tensions. See Item 1—Government Regulation for more information on the most significant areas of regulation that affect our business. The impact of these regulations on us, our clients, and other third parties could limit our ability to enforce our payments system rules; require us to adopt new rules or change existing rules; affect our existing contractual arrangements; and increase our compliance costs. As discussed in more detail below, we may face differing rules and regulations in matters like interchange reimbursement rates, preferred routing, domestic processing and localization requirements, currency conversion, point-of-sale transaction rules and practices, privacy, data use and protection, licensing requirements and associated product technology. As a result, the Visa operating rules and our other contractual commitments may differ from country to country, state to state, or product to product. Complying with these and other regulations increases our costs and operational complexity, and reduces our revenue opportunities.

If widely varying regulations come into existence worldwide, we may have difficulty rapidly adjusting our products, services, fees and other important aspects of our business to comply with the regulations. Our compliance programs and policies are designed to support our compliance with a wide array of regulations and laws, such as regulations regarding anti-money laundering, anti-corruption, competition, money transfer services, privacy and sanctions, and we continually adjust our compliance programs as regulations evolve. However, we cannot guarantee that our practices will be deemed compliant by all applicable regulatory authorities. In the event our controls should fail or we are found to be out of compliance for other reasons, we could be subject to monetary damages, civil and criminal penalties, litigation, investigations and proceedings, and damage to our global brands and reputation.

Increased scrutiny and regulation of the global payments industry, including with respect to interchange reimbursement fees, merchant discount rates, operating rules, risk management protocols and other related practices, could harm our business.

Regulators around the world have been establishing or increasing their authority to regulate various aspects of the payments industry. See Item 1—Government Regulation for more information. In the U.S. and many other jurisdictions, we have historically set default IRFs. Even though we generally do not receive any revenue related to IRFs in a payment transaction (in the context of credit and debit transactions, those fees are paid by the acquirers to the issuers; the reverse is true for certain transactions like ATM transactions), IRFs are a factor on which we compete with other payments providers and are therefore an important determinant of the volume of transactions we process. Consequently, changes to these fees, whether voluntarily or by mandate, can substantially affect our overall payments volume and net revenue.

Interchange reimbursement fees, certain operating rules and related practices continue to be subject to increased government regulation globally, and regulatory authorities and central banks in a number of jurisdictions have reviewed or are reviewing these fees, rules and practices. For example:
</text>
</chunk>

<chunk>
Citation: [1:34]
Ticker: V
Publication Date: 2025-11-06
Section: Risk Factors
Doc Type: 10-K
Period: FY 2025
<text>
•Regulations adopted by the U.S. Federal Reserve cap the maximum U.S. debit interchange reimbursement rate received by large financial institutions at 21 cents plus 5 basis points per transaction, plus a possible fraud adjustment of 1 cent. Additionally, the Dodd-Frank Act limits issuers’ and payment networks’ ability to adopt network exclusivity and preferred routing in the debit and prepaid area, which also impacts our business. In response to seller requests, the Federal Reserve has recently taken actions to revisit its regulations that implement these aspects of the Dodd-Frank Act. For example, in October 2022, the Federal Reserve published a final rule effectively requiring issuers to ensure that at least two unaffiliated networks are available for routing ecommerce debit transactions by July 1, 2023. In October 2023, the Federal Reserve issued a proposal for comment that further lowers debit interchange rates, with a mechanism for automatic adjustment every two years. Finally, in August 2025, the District Court for the District of North Dakota ruled that the Federal Reserve exceeded its authority in implementing Regulation II, which sets debit card interchange fees. The court found the Federal Reserve improperly included various costs beyond what the Durbin Amendment allows, such as fraud losses, network fees and other fixed costs, when setting the debit interchange fee standard. As a result, the court vacated Regulation II’s debit interchange fee

21

standard. Subsequently, however, the District Court in Kentucky ruled that the Federal Reserve acted within its discretion in setting the debit interchange cap. If the District Court of North Dakota’s decision is affirmed on appeal and ultimately prevails, it could potentially result in the Federal Reserve setting a significantly lower interchange cap for relevant debit transactions in the U.S. Separately, there continues to be interest in regulation of credit interchange fees and routing practices by members of Congress and state legislators. It is possible that the Credit Card Competition Act may be reintroduced in Congress or attempted to be offered as an amendment to unrelated legislation. Previous versions of the legislation were introduced in 2022 and 2023, and required among other things, that large issuing banks offer a choice of at least two unaffiliated networks over which electronic credit transactions may be processed. Finally, some states have passed or are considering passing laws that regulate how interchange can be set and assessed. For example, in May 2024, Illinois passed a law that restricts the assessment of interchange on the state tax and gratuity portions of a transaction, and restricts financial institutions and payment networks, among others, from using payment transaction data for any purpose other than facilitating or processing a transaction. While the Illinois law remains subject to legal challenge, if such laws are allowed to go into effect, they may also impose significant technical and compliance burdens on our business.

•In Europe, the EU’s IFR places an effective cap on consumer credit and consumer debit interchange fees for both domestic and cross-border transactions within the European Economic Area of 30 basis points and 20 basis points, respectively. EU member states have the ability to further reduce these interchange levels within their territories. The European Commission has announced its intention to conduct another impact assessment of the IFR, which could result in even lower caps on interchange rates and the expansion of regulation to other types of products, services and fees.
</text>
</chunk>

<chunk>
Citation: [1:35]
Ticker: V
Publication Date: 2025-11-06
Section: Risk Factors
Doc Type: 10-K
Period: FY 2025
<text>
•Several countries in Latin America continue to explore regulatory measures against payments networks and have either adopted or are exploring interchange caps, including Argentina, Brazil, Chile and Costa Rica. In Asia Pacific, the Reserve Bank of Australia (RBA) which already regulates interchange, recently proposed reducing existing interchange caps on domestic credit and debit transactions and not allowing differential interchange treatment for consumer and commercial transactions. Similarly, in New Zealand, the Commerce Commission recently lowered existing caps on domestic credit transactions. Interchange is also regulated in certain countries in the Central and Eastern Europe, Middle East and Africa region, including the United Arab Emirates. Finally, many governments, including but not limited to governments in India, Costa Rica, and Turkey, are using regulation to further drive down MDR, which could negatively affect the economics of our transactions.

•While the focus of interchange and MDR regulation has primarily been on domestic rates, interest on cross-border rates has been growing. For example, we agreed to limit certain cross-border interchange rates in a settlement with the European Commission in 2019, which was extended through 2029. In 2020, Costa Rica became the first country to formally regulate cross-border interchange rates by regulation. In June 2022, the UK’s PSR initiated a market review focusing on post-Brexit increases in interchange rates for e-commerce transactions between the UK and Europe and is proposing to cap cross-border interchange on certain transactions in that geographic corridor. Most recently, in July 2025, New Zealand adopted interchange caps on cross-border transactions including commercial credit transactions. Australia has also proposed adopting caps for cross-border transactions. Cross-border MDR is also regulated in Costa Rica and Turkey.

•With increased lobbying by sellers and other industry participants, we are also beginning to see regulatory interest in network fees. For example, the UK’s PSR is conducting a market review into scheme and processing fees. In its interim report, the PSR indicated that it is reviewing possible remedies in the areas of governance, reporting and transparency, any of which, if adopted, could impose additional complexity and burdens on our business in the UK. Other regulators, for example, those in Australia, the EU, Chile and New Zealand have expressed an interest in network fees, including issues related to transparency. Finally, in 2024, the Greek Parliament limited acquirer fees for certain small ticket transactions in some seller categories for a period of three years.

•In addition, industry participants in some countries, including Argentina, Chile, Colombia, the Dominican Republic, Paraguay, Peru, South Africa and Turkey have sought intervention from competition regulators or filed claims relating to certain network rules, including Visa’s restrictions on cross-border acquiring. The Central Banks of Chile and the Dominican Republic recently enacted regulation that will permit cross-border acquiring for ecommerce transactions under certain conditions. Other countries, like Brazil, have adopted regulations that require us to seek government pre-approval for certain of our network rules, which could also impact the way we operate in those markets.

22

•Government regulations or pressure may also impact our rules and practices and require us to allow other payments networks to support Visa products or services, to have the other networks’ functionality or brand marks on our products, or to share our intellectual property with other networks. In addition, the EU’s requirement to separate scheme and processing adds costs and impacts the execution of our commercial, innovation and product strategies.
</text>
</chunk>

<chunk>
Citation: [1:36]
Ticker: V
Publication Date: 2025-11-06
Section: Risk Factors
Doc Type: 10-K
Period: FY 2025
<text>
•We are also subject to central bank oversight in a growing number of countries, including Brazil, India, the UK and within the EU. In several jurisdictions, we have been designated as a “systemically important payment system.” Some countries with existing oversight frameworks are looking to further enhance their regulatory powers, while regulators in other jurisdictions are considering or adopting approaches based on these regulatory principles. For example, in October 2023, VisaNet was designated as a prominent payment system in Canada. These types of designations generally result in oversight of authorization, clearing and settlement activities, including policies, procedures and requirements related to governance, client and seller access to our payment systems, reporting, cybersecurity, processing infrastructure, capital and/or credit risk management. We could also be required to adopt policies and practices designed to mitigate settlement and liquidity risks, including increased requirements to maintain sufficient levels of capital and financial resources locally, as well as localized risk management or governance.

•As innovations in payment technology have enabled us 

[Message truncated]

Revenue and profitability metrics for last 8 quarters

Input

{
  "ticker": "V",
  "metrics": [
    "Revenues",
    "Net Income - (IS)",
    "EBITDA",
    "EBITDA Margin %",
    "Net Income Margin %",
    "Gross Profit Margin %",
    "Operating Income",
    "Cash from Operations"
  ],
  "period_type": "quarter",
  "relative_periods": [
    0,
    -1,
    -2,
    -3,
    -4,
    -5,
    -6,
    -7
  ],
  "description": "Revenue and profitability metrics for last 8 quarters"
}

Output

{
  "ticker": "V",
  "currency": "USD",
  "data": {
    "Revenues": {
      "Q4 2025": {
        "value": 10724000000.0
      },
      "Q3 2025": {
        "value": 10172000000.0,
        "citation": "[4:10]"
      },
      "Q2 2025": {
        "value": 9594000000.0,
        "citation": "[5:10]"
      },
      "Q1 2025": {
        "value": 9510000000.0,
        "citation": "[6:28]"
      },
      "Q4 2024": {
        "value": 9617000000.0,
        "citation": "[7:11]"
      },
      "Q3 2024": {
        "value": 8900000000.0,
        "citation": "[8:10]"
      },
      "Q2 2024": {
        "value": 8775000000.0,
        "citation": "[9:10]"
      },
      "Q1 2024": {
        "value": 8634000000.0,
        "citation": "[10:29]"
      }
    },
    "Net Income - (IS)": {
      "Q4 2025": {
        "value": 5090000000.0,
        "citation": "[11:13]"
      },
      "Q3 2025": {
        "value": 5272000000.0,
        "citation": "[4:4]"
      },
      "Q2 2025": {
        "value": 4577000000.0,
        "citation": "[5:4]"
      },
      "Q1 2025": {
        "value": 5119000000.0,
        "citation": "[6:4]"
      },
      "Q4 2024": {
        "value": 5318000000.0,
        "citation": "[7:11]"
      },
      "Q3 2024": {
        "value": 4872000000.0,
        "citation": "[8:4]"
      },
      "Q2 2024": {
        "value": 4663000000.0,
        "citation": "[9:4]"
      },
      "Q1 2024": {
        "value": 4890000000.0,
        "citation": "[10:3]"
      }
    },
    "EBITDA": {
      "Q4 2025": {
        "value": 7367000000.0
      },
      "Q3 2025": {
        "value": 7109000000.0
      },
      "Q2 2025": {
        "value": 6740000000.0
      },
      "Q1 2025": {
        "value": 6812000000.0
      },
      "Q4 2024": {
        "value": 6633000000.0
      },
      "Q3 2024": {
        "value": 6097000000.0
      },
      "Q2 2024": {
        "value": 6090000000.0
      },
      "Q1 2024": {
        "value": 6210000000.0
      }
    },
    "EBITDA Margin %": {
      "Q4 2025": {
        "value": 68.6963
      },
      "Q3 2025": {
        "value": 69.8879
      },
      "Q2 2025": {
        "value": 70.2522
      },
      "Q1 2025": {
        "value": 71.6298
      },
      "Q4 2024": {
        "value": 68.9716
      },
      "Q3 2024": {
        "value": 68.5056
      },
      "Q2 2024": {
        "value": 69.4017
      },
      "Q1 2024": {
        "value": 71.9249
      }
    },
    "Net Income Margin %": {
      "Q4 2025": {
        "value": 47.4636
      },
      "Q3 2025": {
        "value": 51.8285
      },
      "Q2 2025": {
        "value": 47.7069
      },
      "Q1 2025": {
        "value": 53.8275
      },
      "Q4 2024": {
        "value": 55.2979
      },
      "Q3 2024": {
        "value": 54.7415
      },
      "Q2 2024": {
        "value": 53.1396
      },
      "Q1 2024": {
        "value": 56.6365
      }
    },
    "Gross Profit Margin %": {
      "Q4 2025": {
        "value": 97.7713
      },
      "Q3 2025": {
        "value": 97.7978
      },
      "Q2 2025": {
        "value": 97.6652
      },
      "Q1 2025": {
        "value": 97.8233
      },
      "Q4 2024": {
        "value": 97.8371
      },
      "Q3 2024": {
        "value": 97.7528
      },
      "Q2 2024": {
        "value": 97.8461
      },
      "Q1 2024": {
        "value": 97.9036
      }
    },
    "Operating Income": {
      "Q4 2025": {
        "value": 7051000000.0
      },
      "Q3 2025": {
        "value": 6792000000.0
      },
      "Q2 2025": {
        "value": 6435000000.0
      },
      "Q1 2025": {
        "value": 6530000000.0
      },
      "Q4 2024": {
        "value": 6359000000.0
      },
      "Q3 2024": {
        "value": 5833000000.0
      },
      "Q2 2024": {
        "value": 5841000000.0
      },
      "Q1 2024": {
        "value": 5963000000.0
      }
    },
    "Cash from Operations": {
      "Q4 2025": {
        "value": 6238000000.0
      },
      "Q3 2025": {
        "value": 6730000000.0
      },
      "Q2 2025": {
        "value": 4695000000.0,
        "citation": "[5:31]"
      },
      "Q1 2025": {
        "value": 5396000000.0,
        "citation": "[6:30]"
      },
      "Q4 2024": {
        "value": 6664000000.0
      },
      "Q3 2024": {
        "value": 5134000000.0
      },
      "Q2 2024": {
        "value": 4538000000.0
      },
      "Q1 2024": {
        "value": 3614000000.0,
        "citation": "[10:31]"
      }
    }
  },
  "periods": [
    "Q4 2025",
    "Q3 2025",
    "Q2 2025",
    "Q1 2025",
    "Q4 2024",
    "Q3 2024",
    "Q2 2024",
    "Q1 2024"
  ]
}

Debt and balance sheet metrics for last 8 quarters

Input

{
  "ticker": "V",
  "metrics": [
    "Total Debt",
    "Net Debt",
    "Total Equity",
    "Total Assets",
    "Cash And Equivalents",
    "Net Debt / EBITDA",
    "Total Debt/Equity",
    "Working Capital"
  ],
  "period_type": "quarter",
  "relative_periods": [
    0,
    -1,
    -2,
    -3,
    -4,
    -5,
    -6,
    -7
  ],
  "description": "Debt and balance sheet metrics for last 8 quarters"
}

Output

{
  "ticker": "V",
  "currency": "USD",
  "data": {
    "Total Debt": {
      "Q4 2025": {
        "value": 26084000000.0
      },
      "Q3 2025": {
        "value": 25138000000.0,
        "citation": "[4:16]"
      },
      "Q2 2025": {
        "value": 20762000000.0,
        "citation": "[5:16]"
      },
      "Q1 2025": {
        "value": 20609000000.0,
        "citation": "[6:13]"
      },
      "Q4 2024": {
        "value": 21671000000.0,
        "citation": "[2:128]"
      },
      "Q3 2024": {
        "value": 20602000000.0,
        "citation": "[8:16]"
      },
      "Q2 2024": {
        "value": 20603000000.0,
        "citation": "[9:15]"
      },
      "Q1 2024": {
        "value": 20703000000.0,
        "citation": "[10:13]"
      }
    },
    "Net Debt": {
      "Q4 2025": {
        "value": 7087000000.0
      },
      "Q3 2025": {
        "value": 5958000000.0
      },
      "Q2 2025": {
        "value": 7011000000.0
      },
      "Q1 2025": {
        "value": 6275000000.0
      },
      "Q4 2024": {
        "value": 6496000000.0
      },
      "Q3 2024": {
        "value": 3958000000.0
      },
      "Q2 2024": {
        "value": 2900000000.0
      },
      "Q1 2024": {
        "value": 2107000000.0
      }
    },
    "Total Equity": {
      "Q4 2025": {
        "value": 37909000000.0,
        "citation": "[1:95]"
      },
      "Q3 2025": {
        "value": 38664000000.0,
        "citation": "[4:4]"
      },
      "Q2 2025": {
        "value": 38030000000.0,
        "citation": "[5:2]"
      },
      "Q1 2025": {
        "value": 38296000000.0,
        "citation": "[6:2]"
      },
      "Q4 2024": {
        "value": 39137000000.0,
        "citation": "[2:85]"
      },
      "Q3 2024": {
        "value": 39729000000.0,
        "citation": "[8:2]"
      },
      "Q2 2024": {
        "value": 40485000000.0,
        "citation": "[9:4]"
      },
      "Q1 2024": {
        "value": 39733000000.0,
        "citation": "[10:2]"
      }
    },
    "Total Assets": {
      "Q4 2025": {
        "value": 99627000000.0,
        "citation": "[1:95]"
      },
      "Q3 2025": {
        "value": 100024000000.0,
        "citation": "[4:2]"
      },
      "Q2 2025": {
        "value": 92853000000.0,
        "citation": "[5:2]"
      },
      "Q1 2025": {
        "value": 91888000000.0,
        "citation": "[6:2]"
      },
      "Q4 2024": {
        "value": 94511000000.0,
        "citation": "[2:85]"
      },
      "Q3 2024": {
        "value": 91040000000.0,
        "citation": "[8:2]"
      },
      "Q2 2024": {
        "value": 92399000000.0,
        "citation": "[9:2]"
      },
      "Q1 2024": {
        "value": 91409000000.0,
        "citation": "[10:2]"
      }
    },
    "Cash And Equivalents": {
      "Q4 2025": {
        "value": 17164000000.0,
        "citation": "[1:95]"
      },
      "Q3 2025": {
        "value": 17092000000.0,
        "citation": "[4:2]"
      },
      "Q2 2025": {
        "value": 11734000000.0,
        "citation": "[5:2]"
      },
      "Q1 2025": {
        "value": 12367000000.0,
        "citation": "[6:2]"
      },
      "Q4 2024": {
        "value": 11975000000.0,
        "citation": "[2:85]"
      },
      "Q3 2024": {
        "value": 12947000000.0,
        "citation": "[8:2]"
      },
      "Q2 2024": {
        "value": 12993000000.0,
        "citation": "[9:2]"
      },
      "Q1 2024": {
        "value": 13591000000.0,
        "citation": "[10:2]"
      }
    },
    "Net Debt / EBITDA": {
      "Q4 2025": {
        "value": 0.238917
      },
      "Q3 2025": {
        "value": 0.209523
      },
      "Q2 2025": {
        "value": 0.260052
      },
      "Q1 2025": {
        "value": 0.230292
      },
      "Q4 2024": {
        "value": 0.243196
      },
      "Q3 2024": {
        "value": 0.162293
      },
      "Q2 2024": {
        "value": 0.119048
      },
      "Q1 2024": {
        "value": 0.084823
      }
    },
    "Total Debt/Equity": {
      "Q4 2025": {
        "value": 68.8068
      },
      "Q3 2025": {
        "value": 65.0165
      },
      "Q2 2025": {
        "value": 54.5937
      },
      "Q1 2025": {
        "value": 53.815
      },
      "Q4 2024": {
        "value": 55.3721
      },
      "Q3 2024": {
        "value": 51.8563
      },
      "Q2 2024": {
        "value": 50.8904
      },
      "Q1 2024": {
        "value": 52.1053
      }
    },
    "Working Capital": {
      "Q4 2025": {
        "value": 2718000000.0
      },
      "Q3 2025": {
        "value": 3971000000.0
      },
      "Q2 2025": {
        "value": 2553000000.0
      },
      "Q1 2025": {
        "value": 3531000000.0
      },
      "Q4 2024": {
        "value": 7516000000.0
      },
      "Q3 2024": {
        "value": 8427000000.0
      },
      "Q2 2024": {
        "value": 9332000000.0
      },
      "Q1 2024": {
        "value": 10098000000.0
      }
    }
  },
  "periods": [
    "Q4 2025",
    "Q3 2025",
    "Q2 2025",
    "Q1 2025",
    "Q4 2024",
    "Q3 2024",
    "Q2 2024",
    "Q1 2024"
  ]
}

Get current Visa stock price

Input

python /public/skills/market-data/scripts/fetch_quote.py --tickers V

Output

stdout:
Fetching quotes and aftermarket trades...

Tickers: 1

{
  "V": {
    "quote": {
      "name": "Visa Inc.",
      "price": 330.18,
      "changePercentage": -0.06356125,
      "change": -0.21,
      "volume": 3027944,
      "dayLow": 327.21,
      "dayHigh": 332.7999,
      "yearHigh": 375.51,
      "yearLow": 299,
      "marketCap": 640690792410,
      "priceAvg50": 339.6784,
      "priceAvg200": 345.4404,
      "exchange": "NYSE",
      "open": 331.45,
      "previousClose": 330.39,
      "timestamp": 1764702640
    }
  }
}

Full output saved to: /tmp/quotes_20251202_191045.json

exit_code: 0

Todo write

Input

Verify Visa ticker and gather business model overview from 10-K
Get financial fundamentals: revenue, margins, profitability metrics over last 8 quarters
Get debt and financial health metrics: total debt, net debt, leverage ratios, cash position
Search for key value drivers and revenue breakdown by segment/geography
Search for industry trends and competitive positioning vs Mastercard, Amex, PayPal
Search for recent developments and strategic initiatives from earnings calls and 8-Ks
Search for growth catalysts and risk factors from recent filings
Get analyst estimates and forward outlook
Create visualizations for revenue trends, margins, and debt metrics
Compile comprehensive primer document with all findings

Output

Plan updated.

Revenue breakdown by segment and geography

Input

+revenue breakdown +segment +service +data processing +international transaction geography --QDF=4

Output

[Total chunks returned: 8]

<chunk>
[Document ID: Index]: [1:112]
Ticker: V
Publication Date: 2025-11-06
Section: Financial Statements and Supplementary Data
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Note 2—Acquisitions

Fiscal 2025 Acquisition

In December 2024, Visa acquired Featurespace Limited, a developer of real-time artificial intelligence payments protection technology that helps prevent and mitigate payments fraud and financial crime risks, for a purchase consideration of $946 million. The Company allocated $152 million of the purchase consideration to technology, customer relationships, other net assets acquired and deferred tax liabilities and the remaining $794 million to goodwill.

Fiscal 2024 Acquisition

In January 2024, Visa acquired Pismo Holdings, a global cloud-native issuer processing and core banking platform, for a purchase consideration of $929 million. The Company allocated $139 million of the purchase consideration to technology, customer relationships, other net assets acquired and deferred tax liabilities and the remaining $790 million to goodwill.

Note 3—Revenue

The nature, amount, timing and uncertainty of the Company’s revenue and cash flows and how they are affected by economic factors are most appropriately depicted through the Company’s revenue categories and

72

geographical markets. The following tables disaggregate the Company’s net revenue by revenue category and by geography:
```csv
"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",
,2025,2024,2023
,(in millions),(in millions),(in millions)
Service revenue,"$ 17,539","$ 16,114","$ 14,826"
Data processing revenue,"19,993","17,714","16,007"
International transaction revenue,"14,166","12,665","11,638"
Other revenue,"4,053","3,197","2,479"
Client incentives,"(15,751)","(13,764)","(12,297)"
Net revenue,"$ 40,000","$ 35,926","$ 32,653"
```

```csv
,"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,"
,2025,2024,2023
,(in millions),(in millions),(in millions)
U.S.,"$ 15,633","$ 14,780","$ 14,138"
International,"24,367","21,146","18,515"
Net revenue,"$ 40,000","$ 35,926","$ 32,653"
```

For fiscal 2025, 2024, and 2023, revenue from value-added services was $10.9 billion, $8.8 billion and $7.2 billion, respectively. Revenue from Value-added Services is recognized within data processing, other and service revenue.

Remaining performance obligations are comprised of deferred revenue and contract revenue that will be invoiced and recognized as revenue in future periods primarily related to value-added services. As of September 30, 2025, the remaining performance obligations were $4.9 billion. The Company expects approximately half to be recognized as revenue in the next two years and the remaining thereafter. However, the amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenue could be recognized.
</chunk>

<chunk>
[Document ID: Index]: [1:78]
Ticker: V
Publication Date: 2025-11-06
Section: Management's Discussion and Analysis of Financial Condition and Results of Operations
Doc Type: 10-K
Period: FY 2025
Highlighted Text: The following table presents the components of our net revenue:
```csv
,"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",% Change (1),% Change (1)
,2025,2024,2023,2025 vs. 2024,2024 vs. 2023
,"(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)"
Service revenue,"$ 17,539","$ 16,114","$ 14,826",9 %,9 %
Data processing revenue,"19,993","17,714","16,007",13 %,11 %
International transaction revenue,"14,166","12,665","11,638",12 %,9 %
Other revenue,"4,053","3,197","2,479",27 %,29 %
Client incentives,"(15,751)","(13,764)","(12,297)",14 %,12 %
Net revenue,"$ 40,000","$ 35,926","$ 32,653",11 %,10 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

•Service revenue increased in fiscal 2025 over the prior year primarily due to growth in nominal payments volume of 7%, select pricing modifications and card benefits.

•Data processing revenue increased in fiscal 2025 over the prior year primarily due to growth in processed transactions of 10% and select pricing modifications.

•International transaction revenue increased in fiscal 2025 over the prior year primarily due to growth in nominal cross-border volume of 13%, excluding transactions within Europe, and higher volatility of a broad range of currencies, partially offset by business mix.

•Other revenue increased in fiscal 2025 over the prior year primarily due to growth in advisory and other services and select pricing modifications.

•Client incentives increased in fiscal 2025 over the prior year primarily due to growth in payments volume. The amount of client incentives we record in future periods will vary based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.

For fiscal 2025, 2024, and 2023, revenue from value-added services was $10.9 billion, $8.8 billion and $7.2 billion, respectively. Value-added services revenue in fiscal 2025 increased 24% over the prior year primarily due to growth in Issuing Solutions, Advisory and Other Services and Acceptance Solutions.

Operating Expenses
</chunk>

<chunk>
[Document ID: Index]: [1:7]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Our net revenue in fiscal 2025 consisted of the following:
```csv
SERVICE REVENUE Earned for services provided in support of client usage of Visa’s payment services and value-added services related to certain Issuing Solutions,"OTHER REVENUE Consists mainly of value-added services primarily related to Advisory and Other Services and certain Issuing Solutions; license fees for use of the Visa brand or technology; and fees for account holder services, certification and licensing"
"DATA PROCESSING REVENUE Earned for authorization, clearing and settlement; value-added services primarily related to Acceptance Solutions, Risk and Security Solutions and certain Issuing Solutions; network access; and other maintenance and support services that facilitate transaction and information processing among our clients globally",
"CLIENT INCENTIVES Paid to financial institution clients, sellers and other business partners to grow payments volume; increase Visa product acceptance; encourage seller acceptance and use of Visa’s payment services; and drive innovation",
INTERNATIONAL TRANSACTION REVENUE Earned for cross-border transaction processing and currency conversion activities,
```

Please see Item 7 and Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8 of this report, which include disclosures on how we earn and recognize our revenue.

Visa provides payment processing for both non-Visa-branded and Visa-branded card transactions. In the context of non-Visa-branded card transactions, we facilitate payment processing by providing gateway routing services to other payment networks. At the client’s request, we may provide authorization, clearing or settlement services on our network before or after we route the transaction to the other payments network. In those instances, Visa may earn data processing revenue for the specific services provided. In the context of Visa-branded card transactions on our network, we provide authorization, clearing and settlement services and may earn service, data processing, international transaction or other revenue. Depending on applicable regulations, some payment processors may or may not use our network to process Visa-branded card transactions. If they use our network, we may earn service revenue and data processing revenue. If they do not use our network, we may earn only service revenue.

Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products nor do we earn revenue from or bear credit risk with respect to any of these activities. Interchange reimbursement fees reflect the value sellers receive from accepting our products and play a key role in balancing the costs and benefits that account holders and sellers derive from participating in our payments network. Generally, IRFs are paid by acquirers to issuers. We establish default IRFs that apply absent other established settlement terms. These default IRFs are set independently from the revenue we receive from issuers and acquirers. Our acquiring clients are responsible for soliciting sellers and for setting the fees they charge to sellers for the MDR. Visa sets fees to acquirers independently from any fees that acquirers may charge sellers. Therefore, the fees we receive from issuers and acquirers are not derived from IRFs or MDRs.

6
</chunk>

<chunk>
[Document ID: Index]: [1:77]
Ticker: V
Publication Date: 2025-11-06
Section: Management's Discussion and Analysis of Financial Condition and Results of Operations
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Results of Operations

Net Revenue

Our net revenue is primarily generated from payments volume on Visa products for purchased goods and services, as well as the number of transactions processed on our network. See Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8 of this report for further discussion on the components of our net revenue.

The following table presents our net revenue earned in the U.S. and internationally:
```csv
,"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",% Change (1),% Change (1)
,2025,2024,2023,2025 vs. 2024,2024 vs. 2023
,"(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)"
U.S.,"$ 15,633","$ 14,780","$ 14,138",6 %,5 %
International,"24,367","21,146","18,515",15 %,14 %
Net revenue,"$ 40,000","$ 35,926","$ 32,653",11 %,10 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

45

Net revenue increased in fiscal 2025 over the prior year primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives.

Our net revenue is impacted by the overall strengthening or weakening of the U.S. dollar as payments volume and related revenue denominated in local currencies are converted to U.S. dollars. In fiscal 2025, exchange rate movements did not have a material impact on net revenue growth.
</chunk>

<chunk>
[Document ID: Index]: [1:70]
Ticker: V
Publication Date: 2025-11-06
Section: Management's Discussion and Analysis of Financial Condition and Results of Operations
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Financial overview. A summary of our GAAP and non-GAAP operating results is as follows:
```csv
"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",% Change (1),% Change (1)
2025,2025,2024,2023,2025 vs. 2024,2024 vs. 2023
"(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)"
Net revenue $,"40,000","$ 35,926","$ 32,653",11 %,10 %
Operating expenses $,"16,006","$ 12,331","$ 11,653",30 %,6 %
Net income $,"20,058","$ 19,743","$ 17,273",2 %,14 %
Diluted earnings per share $,10.20,$ 9.73,$ 8.28,5 %,17 %
Non-GAAP operating expenses (2) $,"12,906","$ 11,609","$ 10,481",11 %,11 %
Non-GAAP net income (2) $,"22,542","$ 20,389","$ 18,280",11 %,12 %
Non-GAAP diluted earnings per share (2) $,11.47,$ 10.05,$ 8.77,14 %,15 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

(2)For a full reconciliation of our GAAP to non-GAAP financial results, see tables in Non-GAAP financial results below.

Highlights for fiscal 2025. Net revenue increased 11% over the prior year, primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives. See Results of Operations—Net Revenue below for further discussion. Exchange rate movements did not have a material impact on net revenue growth.

GAAP operating expenses increased 30% over the prior year, primarily driven by higher litigation provision and personnel expenses. See Results of Operations—Operating Expenses below for further discussion. Exchange rate movements did not have a material impact on operating expenses growth.

Non-GAAP operating expenses increased 11% over the prior year, primarily driven by higher personnel, general and administrative, and depreciation and amortization expenses.

Release of preferred stock. In August 2025, we released $1.4 billion of the as-converted value from our series B and C preferred stock and issued 40,080 shares of series A preferred stock in connection with the ninth anniversary of the Visa Europe acquisition. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 15—Stockholders’ Equity to our consolidated financial statements included in Item 8 of this report.

40

Senior notes. In May 2025, we issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.5 billion ($3.9 billion), with maturities ranging between 3 and 19 years. See Note 10—Debt to our consolidated financial statements included in Item 8 of this report.

Acquisition. In December 2024, we acquired Featurespace Limited (Featurespace), a developer of real-time artificial intelligence payments protection technology that helps prevent and mitigate payments fraud and financial crime risks, for a purchase consideration of $946 million. See Note 2—Acquisitions to our consolidated financial statements included in Item 8 of this report.

Interchange multidistrict litigation. During fiscal 2025, we recorded additional accruals of $2.2 billion to address claims associated with the interchange multidistrict litigation. We also made additional deposits of $875 million into the U.S. litigation escrow account. The additional accruals related to the interchange multidistrict litigation could be higher or lower than deposits made into the U.S. litigation escrow account. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report.
</chunk>

<chunk>
[Document ID: Index]: [1:96]
Ticker: V
Publication Date: 2025-11-06
Section: Financial Statements and Supplementary Data
Doc Type: 10-K
Period: FY 2025
Highlighted Text: CONSOLIDATED STATEMENTS OF OPERATIONS
```csv
,"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,"
,2025,2024,2023
,"(in millions, except per share data)","(in millions, except per share data)","(in millions, except per share data)"
Net revenue,"$ 40,000","$ 35,926","$ 32,653"
Operating Expenses,,,
Personnel,"6,961","6,264","5,831"
Marketing,"1,684","1,560","1,341"
Network and processing,894,778,736
Professional fees,759,635,545
Depreciation and amortization,"1,220","1,034",943
General and administrative,"1,926","1,598","1,330"
Litigation provision,"2,562",462,927
Total operating expenses,"16,006","12,331","11,653"
Operating income,"23,994","23,595","21,000"
Non-operating Income (Expense),,,
Interest expense,(589),(641),(644)
Investment income (expense) and other,789,962,681
Total non-operating income (expense),200,321,37
Income before income taxes,"24,194","23,916","21,037"
Income tax provision,"4,136","4,173","3,764"
Net income,"$ 20,058","$ 19,743","$ 17,273"
Basic Earnings Per Share,,,
Class A common stock,$ 10.22,$ 9.74,$ 8.29
Class B-1 common stock,$ 15.97,$ 15.46,$ 13.26
Class B-2 common stock (1),$ 15.72,$ 15.45,$ —
Class C common stock,$ 40.87,$ 38.97,$ 33.17
Basic Weighted-average Shares Outstanding,,,
Class A common stock,"1,714","1,621","1,618"
Class B-1 common stock,5,148,245
Class B-2 common stock (1),120,49,—
Class C common stock,9,16,10
Diluted Earnings Per Share,,,
Class A common stock,$ 10.20,$ 9.73,$ 8.28
Class B-1 common stock,$ 15.95,$ 15.45,$ 13.24
Class B-2 common stock (1),$ 15.70,$ 15.43,$ —
Class C common stock,$ 40.82,$ 38.92,$ 33.13
Diluted Weighted-average Shares Outstanding,,,
Class A common stock,"1,966","2,029","2,085"
Class B-1 common stock,5,148,245
Class B-2 common stock (1),120,49,—
Class C common stock,9,16,10
```

(1)No shares of class B-2 common stock were outstanding prior to the class B-1 common stock exchange offer in May 2024. See Note 15—Stockholders’ Equity for further details.

See accompanying notes, which are an integral part of these consolidated financial statements.

60

VISA
</chunk>

<chunk>
[Document ID: Index]: [4:10]
Ticker: V
Publication Date: 2025-07-30
Doc Type: 10-Q
Period: Q3 2025
Highlighted Text: Note 3—Revenue

The nature, amount, timing and uncertainty of the Company’s revenue and cash flows and how they are affected by economic factors are most appropriately depicted through the Company’s revenue categories and geographical markets. The following tables disaggregate the Company’s net revenue by revenue category and by geography:
```csv
,"Three Months Ended June 30,","Three Months Ended June 30,","Nine Months Ended June 30,","Nine Months Ended June 30,"
,2025,2024,2025,2024
,(in millions),(in millions),(in millions),(in millions)
Service revenue,"$ 4,330","$ 3,967","$ 12,937","$ 11,915"
Data processing revenue,"5,153","4,489","14,599","13,104"
International transaction revenue,"3,633","3,194","10,366","9,197"
Other revenue,"1,028",780,"2,877","2,228"
Client incentives,"(3,972)","(3,530)","(11,503)","(10,135)"
Net revenue,"$ 10,172","$ 8,900","$ 29,276","$ 26,309"
```

```csv
,"Three Months Ended June 30,","Three Months Ended June 30,","Nine Months Ended June 30,","Nine Months Ended June 30,"
,2025,2024,2025,2024
,(in millions),(in millions),(in millions),(in millions)
U.S.,"$ 3,927","$ 3,621","$ 11,476","$ 10,909"
International,"6,245","5,279","17,800","15,400"
Net revenue,"$ 10,172","$ 8,900","$ 29,276","$ 26,309"
```

For the three months ended June 30, 2025 and 2024, revenue from value-added services was $2.8 billion and $2.2 billion, respectively. For the nine months ended June 30, 2025 and 2024, revenue from value-added services was $7.8 billion and $6.4 billion, respectively. Revenue from value-added services is recognized within data processing, other and service revenue.

Remaining performance obligations are comprised of deferred revenue and contract revenue that will be invoiced and recognized as revenue in future periods primarily related to value-added services. As of June 30, 2025, the remaining performance obligations were $4.7 billion. The Company expects approximately half to be recognized as revenue in the next two years and the remaining thereafter. However, the amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenue could be recognized.

12

Note 4—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents

The Company reconciles cash, cash equivalents, restricted cash and restricted cash equivalents reported on the consolidated balance sheets that aggregate to the beginning and ending balances shown in the consolidated statements of cash flows as follows:
```csv
,"June 30, 2025","September 30, 2024"
,(in millions),(in millions)
Cash and cash equivalents,"$ 17,092","$ 11,975"
Restricted cash and restricted cash equivalents:,,
U.S. litigation escrow,"2,696","3,089"
Customer collateral,"3,614","3,524"
Prepaid expenses and other current assets,"1,039","1,175"
"Cash, cash equivalents, restricted cash and restricted cash equivalents","$ 24,441","$ 19,763"
```

Note 5—U.S. and Europe Retrospective Responsibility Plans

U.S. Retrospective Responsibility Plan

Under the terms of the U.S. retrospective responsibility plan, the Company maintains an escrow account from which settlements of, or judgments in, certain litigation (U.S. covered litigation) are paid. The accrual related to the U.S. covered litigation could be either higher or lower than the U.S. litigation escrow account balance. See Note 13—Legal Matters.
</chunk>

<chunk>
[Document ID: Index]: [4:41]
Ticker: V
Publication Date: 2025-07-30
Section: Management's Discussion and Analysis of Financial Condition and Results of Operations
Doc Type: 10-Q
Period: Q3 2025
Highlighted Text: The following table presents the components of our net revenue:
```csv
,"Three Months Ended June 30,","Three Months Ended June 30,","Three Months Ended June 30,","Nine Months Ended June 30,","Nine Months Ended June 30,","Nine Months Ended June 30,"
,2025,2024,% Change (1),2025,2024,% Change (1)
,"(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)"
Service revenue,"$ 4,330","$ 3,967",9 %,"$ 12,937","$ 11,915",9 %
Data processing revenue,"5,153","4,489",15 %,"14,599","13,104",11 %
International transaction revenue,"3,633","3,194",14 %,"10,366","9,197",13 %
Other revenue,"1,028",780,32 %,"2,877","2,228",29 %
Client incentives,"(3,972)","(3,530)",13 %,"(11,503)","(10,135)",13 %
Net revenue,"$ 10,172","$ 8,900",14 %,"$ 29,276","$ 26,309",11 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

•Service revenue increased over the three and nine-month prior-year comparable periods primarily due to growth in nominal payments volume of 5% and 6%, respectively, select pricing modifications and card benefits.

•Data processing revenue increased over the three and nine-month prior-year comparable periods primarily due to growth in processed transactions of 10%. In addition, the increase over the three-month prior-year comparable period reflected the impact of select pricing modifications.

•International transaction revenue increased over the three and nine-month prior-year comparable periods primarily due to growth in nominal cross-border volumes of 13%, excluding transactions within Europe, and higher volatility of a broad range of currencies, partially offset by business mix.

•Other revenue increased over the three and nine-month prior-year comparable periods primarily due to growth in advisory and other services and select pricing modifications.

•Client incentives increased over the three and nine-month prior-year comparable periods primarily due to growth in payments volume. The amount of client incentives we record in future periods will vary based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.

For the three months ended June 30, 2025 and 2024, revenue from value-added services was $2.8 billion and $2.2 billion, respectively. For the nine months ended June 30, 2025 and 2024, revenue from value-added services was $7.8 billion and $6.4 billion, respectively. Value-added services revenue increased 28% and 22% over the three and nine-month prior-year comparable periods, respectively, primarily due to growth in advisory and other services, issuing solutions and acceptance solutions.

36

Operating Expenses
</chunk>

Payment volume trends and growth drivers

Input

+payment volume +transaction growth +cross-border +debit +credit trends --QDF=4

Output

[Total chunks returned: 8]

<chunk>
[Document ID: Index]: [1:70]
Ticker: V
Publication Date: 2025-11-06
Section: Management's Discussion and Analysis of Financial Condition and Results of Operations
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Financial overview. A summary of our GAAP and non-GAAP operating results is as follows:
```csv
"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",% Change (1),% Change (1)
2025,2025,2024,2023,2025 vs. 2024,2024 vs. 2023
"(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)","(in millions, except percentages and per share data)"
Net revenue $,"40,000","$ 35,926","$ 32,653",11 %,10 %
Operating expenses $,"16,006","$ 12,331","$ 11,653",30 %,6 %
Net income $,"20,058","$ 19,743","$ 17,273",2 %,14 %
Diluted earnings per share $,10.20,$ 9.73,$ 8.28,5 %,17 %
Non-GAAP operating expenses (2) $,"12,906","$ 11,609","$ 10,481",11 %,11 %
Non-GAAP net income (2) $,"22,542","$ 20,389","$ 18,280",11 %,12 %
Non-GAAP diluted earnings per share (2) $,11.47,$ 10.05,$ 8.77,14 %,15 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

(2)For a full reconciliation of our GAAP to non-GAAP financial results, see tables in Non-GAAP financial results below.

Highlights for fiscal 2025. Net revenue increased 11% over the prior year, primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives. See Results of Operations—Net Revenue below for further discussion. Exchange rate movements did not have a material impact on net revenue growth.

GAAP operating expenses increased 30% over the prior year, primarily driven by higher litigation provision and personnel expenses. See Results of Operations—Operating Expenses below for further discussion. Exchange rate movements did not have a material impact on operating expenses growth.

Non-GAAP operating expenses increased 11% over the prior year, primarily driven by higher personnel, general and administrative, and depreciation and amortization expenses.

Release of preferred stock. In August 2025, we released $1.4 billion of the as-converted value from our series B and C preferred stock and issued 40,080 shares of series A preferred stock in connection with the ninth anniversary of the Visa Europe acquisition. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 15—Stockholders’ Equity to our consolidated financial statements included in Item 8 of this report.

40

Senior notes. In May 2025, we issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.5 billion ($3.9 billion), with maturities ranging between 3 and 19 years. See Note 10—Debt to our consolidated financial statements included in Item 8 of this report.

Acquisition. In December 2024, we acquired Featurespace Limited (Featurespace), a developer of real-time artificial intelligence payments protection technology that helps prevent and mitigate payments fraud and financial crime risks, for a purchase consideration of $946 million. See Note 2—Acquisitions to our consolidated financial statements included in Item 8 of this report.

Interchange multidistrict litigation. During fiscal 2025, we recorded additional accruals of $2.2 billion to address claims associated with the interchange multidistrict litigation. We also made additional deposits of $875 million into the U.S. litigation escrow account. The additional accruals related to the interchange multidistrict litigation could be higher or lower than deposits made into the U.S. litigation escrow account. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report.
</chunk>

<chunk>
[Document ID: Index]: [1:77]
Ticker: V
Publication Date: 2025-11-06
Section: Management's Discussion and Analysis of Financial Condition and Results of Operations
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Results of Operations

Net Revenue

Our net revenue is primarily generated from payments volume on Visa products for purchased goods and services, as well as the number of transactions processed on our network. See Note 1—Summary of Significant Accounting Policies to our consolidated financial statements included in Item 8 of this report for further discussion on the components of our net revenue.

The following table presents our net revenue earned in the U.S. and internationally:
```csv
,"For the Years Ended September 30,","For the Years Ended September 30,","For the Years Ended September 30,",% Change (1),% Change (1)
,2025,2024,2023,2025 vs. 2024,2024 vs. 2023
,"(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)"
U.S.,"$ 15,633","$ 14,780","$ 14,138",6 %,5 %
International,"24,367","21,146","18,515",15 %,14 %
Net revenue,"$ 40,000","$ 35,926","$ 32,653",11 %,10 %
```

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

45

Net revenue increased in fiscal 2025 over the prior year primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives.

Our net revenue is impacted by the overall strengthening or weakening of the U.S. dollar as payments volume and related revenue denominated in local currencies are converted to U.S. dollars. In fiscal 2025, exchange rate movements did not have a material impact on net revenue growth.
</chunk>

<chunk>
[Document ID: Index]: [1:75]
Ticker: V
Publication Date: 2025-11-06
Section: Management's Discussion and Analysis of Financial Condition and Results of Operations
Doc Type: 10-K
Period: FY 2025
Highlighted Text: The following table presents nominal payments and cash volume:
```csv
,U.S.,U.S.,U.S.,International,International,International,Visa,Visa,Visa
,"Twelve Months Ended June 30, (1)","Twelve Months Ended June 30, (1)","Twelve Months Ended June 30, (1)","Twelve Months Ended June 30, (1)","Twelve Months Ended June 30, (1)","Twelve Months Ended June 30, (1)","Twelve Months Ended June 30, (1)","Twelve Months Ended June 30, (1)","Twelve Months Ended June 30, (1)"
,2025,2024,2023,2025,2024,2023,2025,2024,2023
,(in billions),(in billions),(in billions),(in billions),(in billions),(in billions),(in billions),(in billions),(in billions)
Nominal payments volume,,,,,,,,,
Consumer credit,"$ 2,491","$ 2,356","$ 2,230","$ 3,113","$ 2,958","$ 2,810","$ 5,604","$ 5,314","$ 5,040"
Consumer debit (2),"3,213","2,990","2,827","3,338","3,029","2,681","6,551","6,020","5,507"
Commercial (3),"1,084","1,042",988,655,613,553,"1,739","1,655","1,541"
Total nominal payments volume (4),"$ 6,788","$ 6,388","$ 6,045","$ 7,106","$ 6,600","$ 6,044","$ 13,894","$ 12,988","$ 12,088"
Cash volume (5),599,604,610,"1,891","1,898","1,849","2,489","2,502","2,459"
Total nominal volume (4)(6),"$ 7,387","$ 6,991","$ 6,654","$ 8,996","$ 8,499","$ 7,893","$ 16,383","$ 15,490","$ 14,547"
```

44

The following table presents the changes in nominal and constant payments and cash volume:
```csv
U.S.,U.S.,International,International,International,International,Visa,Visa,Visa,Visa
"Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)","Twelve Months Ended June 30, (1),(4)"
2025 vs. 2024,2024 vs. 2023,2025 vs. 2024,2025 vs. 2024,2024 vs. 2023,2024 vs. 2023,2025 vs. 2024,2025 vs. 2024,2024 vs. 2023,2024 vs. 2023
Nominal,Nominal,Nominal,Constant (7),Nominal,Constant (7),Nominal,Constant (7),Nominal,Constant (7)
Payments volume growth,,,,,,,,,
Consumer credit growth 6 %,6 %,5 %,8 %,5 %,8 %,5 %,7 %,5 %,7 %
Consumer debit growth (2) 7 %,6 %,10 %,12 %,13 %,12 %,9 %,10 %,9 %,9 %
Commercial growth (3) 4 %,5 %,7 %,10 %,11 %,13 %,5 %,6 %,7 %,8 %
Total payments volume growth 6 %,6 %,8 %,10 %,9 %,10 %,7 %,8 %,7 %,8 %
Cash volume growth (5) (1 %),(1 %),— %,3 %,3 %,3 %,(1 %),2 %,2 %,2 %
Total volume growth 6 %,5 %,6 %,8 %,8 %,9 %,6 %,7 %,6 %,7 %
```

(1)Service revenue in a given quarter is primarily assessed based on nominal payments volume in the prior quarter. Therefore, service revenue reported for the twelve months ended September 30, 2025, 2024 and 2023, was based on nominal payments volume reported by our financial institution clients for the twelve months ended June 30, 2025, 2024 and 2023, respectively. On occasion, previously presented volume information may be updated. Prior period updates are not material.

(2)Includes consumer prepaid volume and Interlink volume.

(3)Includes large, medium and small business credit and debit, as well as commercial prepaid volume.

(4)Figures in the table may not recalculate exactly due to rounding. Percentage changes and totals are calculated based on unrounded numbers.

(5)Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks.

(6)Total nominal volume is the sum of total nominal payments volume and cash volume. Total nominal volume is provided by our financial institution clients, subject to review by Visa.

(7)Growth on a constant-dollar basis excludes the impact of foreign currency fluctuations against the U.S. dollar.
</chunk>

<chunk>
[Document ID: Index]: [1:12]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Expanding Our Reach in Consumer Payments

We aim to capture value and drive yield from CP currently routed through A2A networks via two primary strategies. First, we are focused on capturing A2A payments through card-enabled payment flows. One example of our most recent innovations in this space is Visa Pay, which we launched in 2025, expanding digital payment access by connecting participating digital wallets to Visa’s network with digital credentials for payments globally. In certain regions, digital wallet providers, A2A schemes and banks can adopt Visa Pay by connecting to our APIs directly, enabling access to Visa’s global acceptance as a white-label solution within the user’s app. In addition, we are piloting these same functionalities through our full stack SDK. In the Central and Eastern Europe, Middle East and Africa markets, a stand-alone Visa Pay app enables banks to offer their customers the ability to set up a Visa account or payment credential and conduct payments at Visa acceptance locations.

Second, we leverage A2A networks to deliver Visa-branded A2A products, most notably through Tink, our open banking solution in regions, such as Europe and Latin America. Tink enables open banking and data exchange for A2A transactions. Since acquiring Tink in 2022, we have scaled our open banking payments network, reaching thousands of bank connections as of September 30, 2025. Please see our Advisory and Other Services discussion below. Visa is collaborating with our financial institution and fintech partners to bring Visa A2A to United Kingdom customers. In addition, as we expand the Visa as a Service stack, we are providing value-added services to local payment methods operating on A2A or RTP networks. Please see our Risk and Security Solutions discussion below.

Commercial & Money Movement Solutions

CMS is focused on driving digitization and improving the payments and money movement experience across all payment flows, beyond C2B, through our network of networks. These include P2P, B2C, B2B and G2C payments, which provide some of the largest payment opportunities in the world. Representing a total addressable opportunity of approximately $200 trillion(3) of payment flows annually, excluding Russia and China, this pillar of our business aims to make payments and money movement easier for businesses, consumers and governments, using both Visa’s global network and connectivity to other networks around the world.

We have two key objectives in this business area. The first objective is to address B2B payments flows from small businesses up to large enterprises and governments through our Visa Commercial Solutions, a card and virtual payments-led business. This part of the business focuses on addressing approximately $35 trillion of annual opportunity by converting small and medium business spend to our solutions; scaling our existing large and middle market use cases to more countries, corporates and partners; delivering product innovation and network flexibility, driving more B2B spend to cards and virtual payments, enabling new and emerging B2B verticals; and unlocking new commercial card acceptance with suppliers.

The second objective is to address money movement and a subset of B2B flows through Visa Direct. This part of the business focuses on growing our domestic business through our core P2P use case and penetrating new use cases, growing our cross-border flows through enhanced network capabilities; and deepening our relationships with existing clients through new use cases, corridors and services. Through our Visa Direct strategy, we are pursuing approximately $55 trillion of annual opportunity in P2P, B2C and G2C money movement flows and approximately $25 trillion of annual opportunity in B2B money movement flows.
</chunk>

<chunk>
[Document ID: Index]: [1:8]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Visa’s strategy is to accelerate revenue growth through consumer payments (CP), commercial and money movement solutions (CMS) and value-added services (VAS), as well as fortify the key foundations of our business model. In CP, we are focused on strengthening our impact in card-based consumer payments and expanding our reach in non-card-based payments. In CMS, formerly known as new flows, we are driving and enabling further penetration of commercial payments and money movement. Finally, in VAS, we are delivering innovative services to deepen our partnerships with our clients.
</chunk>

<chunk>
[Document ID: Index]: [16:7]
Ticker: V
Publication Date: 2025-07-29
Doc Type: earnings-call-transcript
Period: Q3 2025
Highlighted Text: **Chris Suh** (CFO, Visa):

Commercial and money movement solutions revenue grew 13% year over year in constant dollars. Commercial payments volume grew 7% year over year in constant dollars, accelerating slightly from Q2 adjusted for leap year, primarily due to the lapping of certain portfolio losses. Visa Direct transactions grew 25% year over year to 3,300,000,000 transactions with strength in both domestic and cross border P2P. Value added services revenue was $2,800,000,000 with growth accelerating to 26% year over year in constant dollars. This was driven by strength across all portfolios and pricing.

Operating expenses grew 13% higher than expected primarily due to a lower than expected FX benefit and higher than expected personnel expenses. Non operating income was $191,000,000 helped by investment income from higher cash balances. Our tax rate for the quarter was 17.3% in line with expectations. EPS was $2.98 up 23 over last year with minimal impacts from both exchange rates and acquisitions. During the quarter, we issued EUR 3,500,000,000.0 of fixed rate senior notes with maturities ranging between three and nineteen years and interest rates from 2.25% to 3.875.

In addition, we bought back approximately $4,800,000,000 in stock and distributed $1,200,000,000 in dividends to our stockholders. At the June, we had $29,800,000,000 remaining in our buyback authorization. Now let's move to what we've seen so far in Q4. Through July 21, U. S.

Payment volume was up 9%, with debit up 10% and credit up 9% year over year. Even when adjusting for lapping the weather and technology outages impacts from last July, we saw strong growth primarily due to the timing of July 4, the days mix impact I mentioned for June now helping July and the timing of promotional shopping events. Processed transactions grew 11% year over year. For constant dollar cross border volume, excluding transactions within Europe, total volume grew more than 10% year over year, with e commerce up 13% and travel up 9%. July total cross border volume growth accelerated more than a point from June as we saw improvement in both e commerce and travel, primarily due to strong retail spend in e commerce, the dollar strengthening versus certain currencies and the reversal of a few smaller factors that impacted June.

Now on to our expectations. Remember that adjusted basis is defined as non GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail. For Q4, when we take the latest trends for business drivers and volatility, as well as our current view of deal timing, our adjusted net revenue expectations are unchanged in the high single digits to low double digits. On a nominal basis, this puts Q4 net revenue growth generally in line with first half of FY 2025 nominal net revenue growth, which was about 10%.

Moving to adjusted operating expenses, which we expect to grow in the high single digits to low double digits. Non operating income in the fourth quarter is expected to be minimal. And our tax rate in the fourth quarter is expected to be between 18.519%. As a result, we expect adjusted fourth quarter EPS growth to be in the high single digits. For acquisition impacts, we expect a minimal benefit to net revenue growth and approximately 1.5 contribution to operating expense growth and an approximately zero five point headwind to EPS growth in the fourth quarter.

</chunk>

<chunk>
[Document ID: Index]: [1:26]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
Highlighted Text: The following chart compares our network with certain network competitors for calendar year 2024(1):
```csv
,Visa,American Express,Diners Club / Discover,JCB,Mastercard
Payments Volume ($B),"13,433","1,750",253,319,"8,014"
Total Volume ($B) (2),"15,927","1,765",266,327,"9,757"
Total Transactions (B),311,12,4,7,204
Cards (M),"4,805",147,72,167,"3,146"
```

(1)American Express, Diners Club / Discover, JCB and Mastercard data sourced from The Nilson Report issue 1288 (June 2025). Includes all consumer, small business and commercial credit, debit and prepaid cards for Visa and Mastercard and includes all consumer, small business and commercial credit cards, including business from third-party issuers, for American Express, Diners Club / Discover, and JCB. JCB figures include other payment-related products and some figures are estimates. Mastercard excludes Maestro and Cirrus figures.

(2)Total volume is the sum of payments volume and cash volume. Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks.

Local and Regional Networks: Operated in many countries, these networks often have the support of government influence or mandate. In some cases, they are owned by financial institutions or payment processors.

17

These networks typically focus on debit payment products, and may have strong local acceptance and recognizable brands. Examples include NYCE, Pulse and STAR in the U.S.; Interac in Canada; and eftpos in Australia.

Alternative Payments Providers: These providers, such as closed commerce ecosystems, BNPL solutions and cryptocurrency platforms (including stablecoins), often have a primary focus of enabling payments through ecommerce and mobile channels; however, they are expanding or may expand their offerings to the physical point of sale. These companies may process payments using in-house account transfers between parties, electronic funds transfer networks like the ACH, global or local networks like Visa, or some combination of the foregoing. In some cases, these entities can be both a partner and a competitor to Visa.

RTP Networks: RTP networks have launched in at least 80 countries and continue to be driven by strong government sponsorship and regulatory initiatives to enable and drive adoption (e.g., FedNow in the U.S., PIX in Brazil and United Payments Interface (UPI) in India), increasing their position as an alternative to payment card schemes. These networks primarily focus on domestic transactions, with adoption varying by use cases and geographies. However, with linkages such as PayNow in Singapore and UPI in India, cross-border RTP networks are advancing and will compete with our cross-border business. RTP networks can compete with Visa on consumer payments and other payment flows (e.g., B2B and P2P) but can also be customers for value-added services, such as risk management.

Digital Wallet Providers: Digital wallet providers continue to expand payment capabilities in person and online for consumers and sellers and provide consumers with additional ways to pay. While digital wallets can help drive Visa volumes, they can also be funded by non-card payment options. Digital wallet providers who utilize RTP networks provide additional competition.

Payment Processors: Payment processors may perform processing services on third-party payments networks on behalf of issuers or acquirers. We compete with payment processors for the processing of Visa transactions. These processors may benefit from mandates requiring them to handle processing under local regulation. For example, as a result of the Interchange Fee Regulation (IFR) in Europe, we may face competition from other networks, processors and other third parties who could process Visa transactions directly with issuers and acquirers.
</chunk>

<chunk>
[Document ID: Index]: [1:12]
Ticker: V
Publication Date: 2025-11-06
Section: Business
Doc Type: 10-K
Period: FY 2025
Highlighted Text: Expanding Our Reach in Consumer Payments

We aim to capture value and drive yield from CP currently routed through A2A networks via two primary strategies. First, we are focused on capturing A2A payments through card-enabled payment flows. One example of our most recent innovations in this space is Visa Pay, which we launched in 2025, expanding digital payment access by connecting participating digital wallets to Visa’s network with digital credentials for payments globally. In certain regions, digital wallet providers, A2A schemes and banks can adopt Visa Pay by connecting to our APIs directly, enabling access to Visa’s global acceptance as a white-label solution within the user’s app. In addition, we are piloting these same functionalities through our full stack SDK. In the Central and Eastern Europe, Middle East and Africa markets, a stand-alone Visa Pay app enables banks to offer their customers the ability to set up a Visa account or payment credential and conduct payments at Visa acceptance locations.

Second, we leverage A2A networks to deliver Visa-branded A2A products, most notably through Tink, our open banking solution in regions, such as Europe and Latin America. Tink enables open banking and data exchange for A2A transactions. Since acquiring Tink in 2022, we have scaled our open banking payments network, reaching thousands of bank connections as of September 30, 2025. Please see our Advisory and Other Services discussion below. Visa is collaborating with our financial institution and fintech partners to bring Visa A2A to United Kingdom customers. In addition, as we expand the Visa as a Service stack, we are providing value-added services to local payment methods operating on A2A or RTP networks. Please see our Risk and Security Solutions discussion below.

Commercial & Money Movement Solutions

CMS is focused on driving digitization and improving the payments and money movement experience across all payment flows, beyond C2B, through our network of networks. These include P2P, B2C, B2B and G2C payments, which provide some of the largest payment opportunities in the world. Representing a total addressable opportunity of approximately $200 trillion(3) of payment flows annually, excluding Russia and China, this pillar of our business aims to make payments and money movement easier for businesses, consumers and governments, using both Visa’s global network and connectivity to other networks around the world.

We have two key objectives in this business area. The first objective is to address B2B payments flows from small businesses up to large enterprises and governments through our Visa Commercial Solutions, a card and virtual payments-led business. This part of the business focuses on addressing approximately $35 trillion of annual opportunity by converting small and medium business spend to our solutions; scaling our existing large and middle market use cases to more countries, corporates and partners; delivering product innovation and network flexibility, driving more B2B spend to cards and virtual payments, enabling new and emerging B2B verticals; and unlocking new commercial card acceptance with suppliers.

The second objective is to address money movement and a subset of B2B flows through Visa Direct. This part of the business focuses on growing our domestic business through our core P2P use case and penetrating new use cases, growing our cross-border flows through enhanced network capabilities; and deepening our relationships with existing clients through new use cases, corridors and services. Through our Visa Direct strategy, we are pursuing approximately $55 trillion of annual opportunity in P2P, B2C and G2C money movement flows and approximately $25 trillion of annual opportunity in B2B money movement flows.
</chunk>

List documents

Input

{
  "tickers": [
    "V"
  ],
  "doc_types": [
    "earnings-call-transcript"
  ],
  "limit": 4
}

Output

Showing 1-4 of 89 total documents

Read latest Q4 2025 earnings call for recent developments

Input

{
  "document_id": 12,
  "limit": 40,
  "description": "Read latest Q4 2025 earnings call for recent developments"
}

Output

<chunk>
Citation: [12:0]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 2**:

Welcome to Visa's fiscal fourth quarter and full year 2025 earnings conference call. All participants are in a listen-only mode until the question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

**Speaker 3**:

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal fourth quarter and full year 2025 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer, and Chris Suh, Visa's Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website. Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other results on a non-GAAP nominal basis unless otherwise noted. The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website. With that, let me turn the call over to Ryan.
</text>
</chunk>

<chunk>
Citation: [12:1]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Thanks, Jennifer. We finished fiscal full year 2025 with strong financial performance, an ever-growing obsession for our clients, and a sharp focus on innovation as we build the future of payments. Fiscal fourth quarter net revenue grew 12% year over year to $10.7 billion, and EPS was up 10%, resulting in full-year net revenue and EPS year over year growth of 11% and 14%, respectively. Total full-year payments volume was $14 trillion, up 8% year over year in constant dollars, and processed transactions totaled $258 billion, up 10% year over year. Our financial performance and growth demonstrate how Visa has become a hyperscaler, enabling anyone that wants to be in the money movement or payments business to build on top of the Visa-as-a-Service stack. You may recall the layers of the stack: the foundation layer, the services layer, the solutions layer, and the access layer.

Throughout 2025, and most recently in Q4, we have intensified our investment in innovation. Today, I want to highlight Visa's progress with our clients and the ecosystem at large across the Visa-as-a-Service stack, starting with the foundation layer. At the foundation of the stack is our global connectivity, our network, and our network of networks that enable global commerce and money movement. In full year 2025, we expanded our network of networks in three important ways. First, more connection points. Visa's network of networks now has approximately 12 billion endpoints. That's about 4 billion cards, bank accounts, and digital wallets each. Second, more settlement currencies. We are adding support for four stablecoins running on four unique blockchains, representing two currencies that we can accept and convert to over 25 traditional fiat currencies.

Third, we have begun deployment of the next generation of VisaNet, the core processing platform in our Visa-as-a-Service stack. It offers a cloud-ready, microservices-distributed, modular architecture that uses open languages and technologies, enabling easier scaling, configuration, and faster feature deployment. Over half of the new codebase was built with the assistance of generative AI, improving development speed, security, and maintainability. We have specific modules in market today with plans to roll out additional modules and markets. The next level of the Visa-as-a-Service stack is our services layer, which encompasses the building blocks of our core capabilities, including credentials, tokens, authentication, risk management, fraud detection, and more, which we've turned into discrete, modular components. We grew the number of Visa credentials by 270 million this year, and we continued to sign many deals this past quarter to drive further growth. I'll share a few regional highlights.

We are pleased to have renewed our nearly 60-year relationship with Barclays in the U.K. and the U.S., across their millions of customers in consumer and commercial issuing and acquiring, and enabling increased focus on value-added services utilization. In the U.S., Visa continues to be the exclusive payment network for the Southwest Airlines co-brand program, and we will soon be expanding our relationship into a co-brand debit offering, providing customers a new way to earn Rapid Rewards points on everyday purchases. In Latin America, we won the new Scotiabank Wealth Management credit card issuance with our Visa Infinite product across seven countries. In mainland China, one of our largest clients, China Merchants Bank, has renewed their longstanding relationship with us as we continue to upgrade China's magstripe dual-branded cards to contactless EMV chip cards.
</text>
</chunk>

<chunk>
Citation: [12:2]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Moving to tokens, we now have over 16 billion Visa tokens, up from 10 billion just in May of 2024. We continue to increase the amount of Visa tokens globally in pursuit of our ultimate goal of 100% of e-commerce transactions tokenized. We continue to enhance our risk management capabilities, including Visa Scam Disruption, which proactively detects scam activity at the network level that no single issuer, acquirer, or merchant could see alone, and leverages AI, enhanced merchant monitoring, external intelligence feeds, and our global expertise. Just a year since launch, we have worked closely with our clients and law enforcement to dismantle more than 25,000 scam merchants representing more than $1 billion in fraud attempts. Our stablecoin platform is another key component of our services layer.

Since 2020, we've facilitated over $140 billion in crypto and stablecoin flows, including Visa users purchasing more than $100 billion of crypto and stablecoin assets using their Visa credentials and spending more than $35 billion in crypto and stablecoin assets using Visa credentials. Within this, we see particular momentum with stablecoins. We now have more than 130 stablecoin-linked card issuing programs in over 40 countries, and in Q4, stablecoin-linked Visa card spend quadrupled versus a year ago. We expanded the number of stablecoins and blockchains available for settlement, and monthly volume has now passed a $2.5 billion annualized run rate. We are starting to enable banks to mint and burn their own stablecoins with the Visa tokenized asset platform, and we are adding stablecoin capabilities to enhance cross-border money movement with Visa Direct.

In September 2025, we announced a stablecoin pre-funding Visa Direct pilot targeting banks, remitters, and financial institutions seeking faster, more flexible ways to manage liquidity. There is much more to come in this space. The next level of the Visa-as-a-Service stack is our solutions layer, our comprehensive portfolio of solutions where we have taken the componentized capabilities from the services layer and invested in and enhanced them to create new features and capabilities we deliver to a broader array of customers and partners. If we look across our growth levers in this layer, I would note progress in a number of areas. In consumer payments, Visa Intelligent Commerce integrates Visa's token technology with authentication and predictive analytics, empowering partners to deploy secure, personalized digital commerce experiences.

I'm pleased to announce that we are now powering live agentic transactions and recently released a merchant agent toolkit to make it easy for developers to embed our solutions into workflows and agentic processes. Just two weeks ago, we announced the Visa Trusted Agent Protocol, a framework that enables safer agent-driven checkout by helping merchants verify agents and avoid malicious bots. Since it's built on existing messaging standards, minimal integration is required for merchants. Next, our Visa Flex credential continues to gain momentum, enabling consumers to access many underlying funding sources with a single credential powered by Visa token technology. For example, the Klarna card launched in 15 European markets, building on its success in the U.S., where it had over 1 million signups in less than three months, and they will expand to even more markets soon.
</text>
</chunk>

<chunk>
Citation: [12:3]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Our Visa Flex pipeline is strong, and we now have more than 20 signed clients in more than 20 countries across all regions, including our first Visa Flex announcement in LAC with Nico. Our Visa Accept solution enables even the smallest of sellers to accept card payments with just a Visa debit card and an NFC-capable smartphone. Our first live launch of Visa Accept was in Sri Lanka, which represents an opportunity to bring an estimated 7 million sellers onto the Visa network, most of which are informal sellers who primarily transact in cash today. This is just our first launch. We are targeting 25 countries across several regions where we expect to launch Visa Accept soon, with even more expansion to follow. Our Visa Pay solution connects any participating wallet to any Visa-accepting seller worldwide, local or international, in-store or online.

We are pleased to now be processing live Visa Pay transactions in four markets across AP and Samia, including our recently announced market launch in the Democratic Republic of Congo. In addition, we have a pipeline with more than 70 clients to expand across more markets in 2026 and beyond. Rounding out consumer payments is Tap to everything. 79% of all face-to-face transactions are taps, up 8 percentage points this year, with the U.S. at 66%. Our transit initiatives contributed to this expansion, and this year, we enabled more than 100 new transit systems to now total approximately 1,000 systems globally, delivering 19% year-over-year growth in transactions. In Europe, BBVA recently launched BBVA Pay, enabling tapping from an iOS device for all Visa cards within their banking app. They also have enabled customers to use AI to create their own personalized Visa cards, starting in Spain.

Tap-to-Phone, which provides an easy, low-cost method for micro sellers to begin accepting card payments or large sellers to add additional mobile terminals, has now passed 20 million transacting devices, more than doubling since last year, with strong growth across all regions. Tap to Add Card, launched a little over a year ago, has strong adoption as consumers and our partners see the value of a simplified, more secure customer experience where a simple card tap to a mobile device can add a Visa credential to a digital wallet. Since Q3, we have doubled the count of issuers participating globally to more than 600 across all regions, resulting in the service being live for more than 1.4 billion Visa credit and debit cards around the world. Shifting to CMS and starting with Visa commercial solutions, our full year 2025 commercial payments volume grew 7% in constant dollars to $1.8 trillion.

This was helped by targeting specific segments, including business owners and online travel agencies. In the premium card segment, we supported Chase with the launch of Chase Sapphire Reserve for Business on Visa Infinite, an expansion of the Sapphire Reserve product line. The Sapphire Reserve for Business card is designed to meet the needs of business owners by elevating their travel experience and offering premium benefits and value toward business services to help fuel their growth. In the U.S., we are excited to have partnered with Truist to launch the Truist Business Premium Visa Infinite card, a premium credit card designed for small businesses with meaningful annual spend. They are the first super regional to do so in this country. Our purpose-built travel solution offers virtual card credentials, automated reconciliation, and rich data.
</text>
</chunk>

<chunk>
Citation: [12:4]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

We recently won Trip.com's global virtual travel card issuing business, which will be issued through their fintech TripLink. In our traditional carded business, our global network-agnostic enhanced spend management capabilities have helped us to expand our partnership with BMO. We recently won new commercial issuance, and BMO will offer our Spend Clarity for Enterprise tool to their corporates in the U.S. and Canada. Our unique FX capabilities enabled us to win a de novo issuing relationship with ICICI Bank for India's first corporate Forex prepaid card, targeting both SMBs and large corporates to meet foreign exchange payment needs for business travel. In fact, in India, Visa SMB cards have doubled since 2020 and now total more than 10 million, helping us to grow total commercial cards to 340 million worldwide. Moving on to Visa Direct, which reached 12.6 billion transactions in full year 2025, up 27% year over year.

Our push-to-account and wallet funding capabilities continue to help us to expand cross-border payouts. We signed with KCB in East Africa, where they will use Visa Direct to account for eight corridors across their more than 30 million individual and business customers. Touch and Go e-Wallet, the largest wallet in Malaysia with more than 24 million users, will leverage Visa Direct to enable tourists to fund their wallets across eight corridors. Al Raji, a leading remitter with the largest branch network in the Kingdom of Saudi Arabia, expanded on its Visa Direct to card usage to now include Visa Direct to account. Our interoperability capabilities, unlocked through our Yellow Pepper acquisition, enabled us to renew with Yape and Plin, securing our position as the leader for interoperable transactions in Peru.

Now moving to value-added services, where we have seen our innovations across issuing, acceptance, risk, and advisory continue to power our growth. We have achieved our goal to expand Pismo's offerings to clients in more than five countries across four regions in 2025. In the fourth quarter, we signed our first Pismo deal for a stablecoin-linked card with Nosis Pay in Europe. In acceptance solutions, our token management service, or TMS, provides a single network and payment service provider-agnostic integration to simplify token adoption, access, and management for merchants and acquiring clients. This quarter, we signed with Booking.com for TMS and Account Updater across more than 65 markets, deepening our presence in the online travel platform space. Many of our risk and security solutions are also network-agnostic. Let me highlight a few points of progress.

Visa Advanced Authorization evaluates more than 400 unique attributes in a few milliseconds, and this quarter, Banco Diners in Ecuador deployed our network-agnostic solution to score both Visa and non-Visa transactions, the first bank in LAC to do so. Our award-winning product, Visa Protect for A2A, is delivering value with AI. Our pilot in Brazil scored nearly $500 billion of our bank partners' PIX volume over a six-month period and identified over $90 million of fraud which could have been prevented with a detection rate of more than 80%. We believe Visa Protect for A2A can play an important role in Brazil by providing real-time fraud monitoring on PIX, helping to reduce fraud for our bank partners and ensure a safer payment experience for buyers and sellers.
</text>
</chunk>

<chunk>
Citation: [12:5]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Our most recently acquired risk capabilities from Featurespace are being sought after by our clients with more than 100 closed client deals since January. Our advisory services continue to deliver revenue and deepen our client relationships across Visa. In consulting, we estimate that we helped clients realize over $6.5 billion of incremental revenue as a result of delivering almost 4,500 engagements during the year, including GenAI and stablecoin engagements. In marketing services, our flagship sponsorships include the FIFA World Cup 2026 in the U.S., Canada, and Mexico, as well as the Olympic and Paralympic Winter Games in Milano, Cortina. We are already seeing significant interest from our clients as they seek to offer unique cardholder experiences and build their brand in addition to helping drive issuance, acceptance, and engagement.

One Olympic and Paralympic-related marketing example was our first large-scale campaign created using generative AI tools for Intesa San Paolo, which showcased a ski race down the streets of Italy's seaside villages. We already have over 35 clients engaged with us for marketing services for the 2026 Olympic and Paralympic Games and more than 70 for the FIFA World Cup 2026, with more than 100 already in our pipeline. The fourth and final layer of the Visa-as-a-Service stack, on top of the foundation layer, the services layer, and the solutions layer, is the access layer, the client entry point to access Visa solutions. We take an open partnership approach and seek to provide value by enabling access to our Visa-as-a-Service stack through multiple integration methods, including custom integrations, programmatic access via APIs, and structured data exchange through our Model Context Protocol, or MCP server.

We remained the payments platform of choice in full year 2025 with more than 700 billion API calls across our more than 3,700 endpoints. We recently launched our MCP server, providing access for AI systems to interface with our Visa Intelligent Commerce APIs. Our open, flexible access layer enables anyone, whether a small business, a tech partner, or a global bank, to build on top of the Visa-as-a-Service stack and operate at scale instantly. In conclusion, you can see our intense focus on innovation is delivering results for Visa and our clients. The Visa-as-a-Service stack has positioned Visa to be a hyperscaler for the payments ecosystem. Our strong fiscal year 2025 performance is a result of our products resonating in the market and our commitment to our clients every day.

I want to thank our more than 34,000 employees around the world who will continue to obsess about our clients and work tirelessly in 2026 and beyond to deliver value through the Visa-as-a-Service stack to our clients and across our partner ecosystem. We live in remarkable times in payments as technologies are converging to reshape commerce. At Visa, with our clients, partners, sellers, and consumers, we are keeping our focus on innovation and product development, positioning Visa to lead this transformation. Now to Chris, where he will discuss our financial performance and outlook for 2026. Thanks, Ryan, and good afternoon, everyone. Building on the momentum we saw through the first three quarters, we had a very good Q4 to finish the year with continued strong and stable business drivers. In constant dollars, global payments volume was up 9% year over year, improving slightly from Q3.
</text>
</chunk>

<chunk>
Citation: [12:6]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Cross-border volume, excluding intra-Europe, was up 11%, and total processed transactions grew 10%, both relatively stable to Q3. Fiscal fourth quarter net revenue was up 12% year over year, better than expected, primarily due to value-added services revenue, commercial and money movement solutions revenue, and a benefit from FX. Fourth quarter net revenue was up 11% in constant dollars. EPS was up 10% year over year in both nominal and constant dollars, better than expected, primarily due to better than expected net revenue. Let's go into the details. Total international payments volume was up 10% year over year in constant dollars in Q4, generally consistent with Q3. Of note, we saw acceleration in Asia-Pacific of approximately 2.5 points on a constant dollar basis, driven by timing effects and a modest improvement in mainland China. U.S. payments volume was up 8%, slightly above Q3, with e-commerce growing faster than face-to-face spend.

Credit and debit were both up 8%, reflecting resilience in consumer spending. When we look at quarterly spend category data in the U.S., we saw broad-based strength, including improvements in retail services and goods, travel, and fuel. Both discretionary and non-discretionary spend were up from Q3. Growth across consumer spend bands remained relatively consistent with Q3, with the highest spend band continuing to grow the fastest. Now, to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions. Q4 total cross-border volume was up 11% year over year, relatively stable to last quarter, with e-commerce up 13% and travel improving sequentially to 10%. E-commerce remains strong, as it has for the last eight quarters now, and still represented about 40% of our total cross-border volume. Travel spend continued to grow above pre-COVID levels.

The slight step up from Q3 was led by a combination of factors, including increased commercial volumes, helped by our efforts in virtual card, and some improvement in Samia outbound due to holiday timing. With that as a backdrop, I'll move to discuss our financial results. Starting with the revenue components, service revenue grew 10% year over year versus the 8% growth in Q3 constant dollars payments volume, primarily due to card benefits and pricing. Data processing revenue grew 17% versus the 10% growth in processed transactions, primarily due to pricing and higher cross-border transaction mix. International transaction revenue was up 10%, below the 11% increase in constant dollar cross-border volume growth, excluding intra-Europe, primarily due to mix partially offset by exchange rates. Other revenue grew 21%, primarily driven by growth in advisory and other value-added services and pricing.

Client incentives grew 17%, in line with our expectations as we lapped one-time adjustments from Q4 of fiscal 2024. Now to our three growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth. Commercial and money movement solutions revenue grew 14% year over year in constant dollars as we lapped the one-time adjustment we saw in Q4 FY2024. CMS revenue was better than expected, driven primarily by our commercial solutions business. Commercial payments volume grew 10% in constant dollars, three points above Q3 growth and faster than Visa's overall payments volume growth, primarily due to new portfolio wins and the lapping of certain portfolio losses, with strong client performance, especially in cross-border. Visa Direct transactions grew 23% to 3.4 billion transactions, with strength in both domestic and cross-border.
</text>
</chunk>

<chunk>
Citation: [12:7]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Value-added services revenue grew 25% in constant dollars to $3 billion, driven by issuing solutions, advisory and other services, and pricing. Value-added services revenue growth was better than expected, primarily due to issuing solutions, both in network products and card benefits. Operating expenses grew 13%, above our expectations due to larger than expected FX impact and higher than expected personnel expenses as a result of deferred compensation mark-to-market, which, as a reminder, is EPS neutral. Excluding those two factors, adjusted operating expense growth would have been as expected. Non-operating income was $29 million, higher than expected due to investment income from the deferred compensation mark-to-market benefit that offsets the expense I just mentioned and higher returns on our investments. Our tax rate for the quarter was 18.8%, in line with expectations. EPS was $2.98, up 10% year over year, with minimal impacts from exchange rates and acquisitions.

In Q4, we bought back approximately $4.9 billion in stock and distributed $1.1 billion in dividends to our shareholders. We also funded the litigation escrow account by $500 million, which has the same effect on EPS as a stock buyback. At the end of September, we had $24.9 billion remaining in our buyback authorization. With a strong finish to the fiscal year, our full year net revenue grew 11% to $40 billion, and EPS grew 14% to $11.47. Full year 2025 CMS revenue growth was 15%, and value-added services revenue growth was 23% on a constant dollar basis. In a year marked by a significant step up in uncertainty around the globe, we delivered strong results above our expectations. As we think about 2026, our guidance philosophy holds. We give you our best perspective based on current information. Let's get into the guidance details.

A quick note, when I reference 2025 and 2026, I am referring to our fiscal years. First, let's cover our underlying assumptions for net revenue growth. As we regularly say, we are not economic forecasters. We are assuming the macroeconomic environment stays generally where it is today, and consumer spending remains resilient. On key business drivers, we are assuming no material change from the Q4 2025 growth levels in 2026. On pricing for 2026, we expect the benefits of new pricing to be similar in magnitude and timing as in 2025, with the majority going into effect in the back half. When you combine that with the 2025 pricing timing, this implies a relatively uniform contribution each quarter, with Q1 seeing the largest contribution.

On incentives, we expect around 20% of our payments volume to be impacted by renewals this year, which implies incentive growth generally similar to 2025, with Q3 having the toughest comparable to 2025. On volatility, we expect volatility throughout the year to be generally consistent to where we exited Q4, which implies a drag for the first three quarters, with Q3 having the toughest comparable to 2025. We pull these assumptions together on an adjusted basis, defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail. In 2026, we expect full year adjusted net revenue growth to be in the low double digits. On a nominal basis, we expect an approximately half point benefit from FX, which implies nominal net revenue growth that is generally consistent with fiscal 2025, which was 11%.
</text>
</chunk>

<chunk>
Citation: [12:8]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

We have an exciting year with the Olympic and Paralympic Games in Q2 and the FIFA World Cup in Q3 and Q4. I'll speak to expense in a moment, but as far as net revenue impacts, we expect the benefit from value-added services to be spread throughout the year as our clients will utilize our solutions in the build-up to and during the events. In terms of quarterly variability of net revenue, two items I would call out. First, we expect Q1 to have the highest year-over-year net revenue growth rate, primarily due to the timing impact of our FY25 pricing actions. Second, we expect Q3 to have the lowest year-over-year net revenue growth rate, primarily due to the lapping impacts of strong volatility and lower than expected incentives in Q3 of 2025.

Now moving to expenses, we expect to continue our significant investments in our Visa-as-a-Service stack across consumer payments, commercial and money movement solutions, and value-added services in FY26. Let me share a few examples. Within consumer payments, we will enhance our cross-border and affluent offerings, scale recently launched products, and expand our stablecoin capabilities, in addition to utilizing our marketing dollars for both the Olympics and FIFA to amplify the Visa brand. Within CMS, we'll focus our investments in specific commercial vertical opportunities and build out new Visa Direct product capabilities focused on cross-border money movement. Within VAS, we'll invest in our product development as well as our sales engineering teams to deepen customer engagement and shorten deal cycles. In addition, we're also investing in our AI efforts.

In fact, every leader at the company has AI targets to drive efficiencies that we intend to invest back in the business to further our differentiation, competitive advantage, and drive long-term growth. We currently expect to grow adjusted operating expense in the low double digits, consistent with our net revenue growth. As we think about the cadence of spend, we expect Q2 and Q3 to have the largest year-over-year growth rates as a result of marketing expense related to the Olympic and Paralympic Games and FIFA World Cup. Now moving to non-operating income. The non-operating income we've had for the past three years has been a function of cash balances, interest rates, and one-time items. In 2026, based on current interest rate forward curves, we now expect non-operating expense of $125 million to $175 million. Now to our non-GAAP tax rate.

You may recall that we've historically estimated our long-term tax rate to be between 19% and 20%, and this remains unchanged. In both fiscal 2024 and 2025, our actual tax rate was below 18%, helped primarily by our geographic mix of earnings and certain one-time benefits, such as the resolution of tax matters and positions taken on certain taxes. In 2026, we still expect to be below our long-term tax rate. When we incorporate our current tax planning strategies, we expect the tax rate to be between 18.5% and 19%, up from 2024 and 2025, primarily due to the absence of one-time benefits. On capital return, the board has declared an increase to our quarterly dividend by 14%, and we intend to return excess free cash flow to shareholders through buybacks. All of this results in our adjusted EPS growth to be in the low double digits. Moving to Q1.
</text>
</chunk>

<chunk>
Citation: [12:9]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Through October 21, with volume growth in constant dollars, U.S. payments volume was up 7%, with credit and debit both up 7%. Processed transactions grew 9% year over year. For constant dollar cross-border volume, excluding transactions within Europe, total volume grew 12% year over year, with e-commerce up 14% and travel up 11%. Now on to our financial expectations. We expect Q1 adjusted net revenue growth in the high end of low double digits. We expect adjusted operating expense growth in the low double digits. Non-operating expense is expected to be about $15 million, and our tax rate in the first quarter is expected to be around 18%. As a result, we expect adjusted first quarter EPS growth to be in the low teens.

When we look on a nominal basis for net revenue growth in Q1, we expect an approximately half point benefit from FX, and for our expense growth, we expect an approximately half point drag from FX and a one point impact from acquisitions, which taken together result in nominal net revenue and expense growth that are more matched at the high end of low double digits. As always, if the environment changes and there are events that impact our business, we will remain flexible and thoughtful on balancing short and long-term considerations. Visa's underlying business continues to be healthy, and the growth opportunities are significant, together giving us conviction as we make investment decisions to build the future of payments to drive compelling net revenue and EPS growth. Now, Jennifer, I'll hand it back to you.
</text>
</chunk>

<chunk>
Citation: [12:10]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 3**:

Thanks, Chris. With that, we're ready to take questions.

**Speaker 2**:

Thank you. If you would like to ask a question, please press star one and clearly record your name. You will be announced prior to asking your question. To ensure all questionnaires are heard, we ask that you please limit yourself to one question. Once again, to ask a question, please press star one. To withdraw your question, please press star two. Our first question comes from Sanjay Sakrani with KBW. Your line is open.

Thank you. I like the outlook. It's very strong. I guess when I think through some of the assumptions that are embedded in it, I know, Chris, you talked about assuming the macro is stable, but we've heard some of your competitors talk about choppiness in the economy, different spending habits, especially for consumers as they've been trading down on discretionary items. Have you guys seen anything like that, and how does that factor into your outlook? Thank you.

**Speaker 1**:

Thanks, Sanjay. Yeah, we have great momentum exiting FY25, and that's the underlying assumption as we go into 2026 for another strong year. Let me address some of the specific points you made about questions you had around, I guess, spend and the strength of the macroeconomy. If I just zoom out a little bit, really one of the real strengths of our business here at Visa is the diversification of our business. We have the broadest exposure to credit, to debit. Our volumes are comprised of everyday spend to special occasion spend, non-discretionary like fuel and groceries, and discretionary items like travel or holidays, goods, services, consumer, commercial. Really some of the broadest spend categories that you can imagine. We remain data-driven.

Across this broad and diverse set, the growth across our spend bands has remained quite consistent all year, and it was again in Q4, with higher spending cardholders driving more of the growth. That's consistent with what we see across the U.S. economy. That all gives us good reason when we reason over that data to say the consumer has remained resilient. That is what we saw in FY25, and that is our assumption going into FY26.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you. James Fawcett with Morgan Stanley. Please go ahead.

Great. Thank you very much. Really appreciate all the work that you guys are doing on new initiatives, et cetera. One that's quite topical, obviously, is all things agentic commerce. I know you've had some recent announcements on that topic. Can you help paint a picture for us, like the role that you expect Visa to play in agentic commerce transactions and ramp and kind of milestones we should expect to see in its development? Thanks.
</text>
</chunk>

<chunk>
Citation: [12:11]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Thanks. We see considerable opportunity in agentic commerce. Just to put it in context, when we had the first wave of digital commerce with e-commerce, we set the standards, we led the product development, and Visa was a significant beneficiary. Then you saw a second wave of commerce, which was mobile commerce. Visa was the leader in terms of standards, in terms of product innovation, in terms of the capabilities enabling that to happen. We've been a big beneficiary. You've seen that both in people buying things on their phones, but also using their phones to buy things, especially with Tap to Pay. Now in this third wave of agentic commerce, we've been leading in terms of our role of setting the standards.

I think one great example of that is Visa Intelligent Commerce, where we put out a set of capabilities for AI-ready cards, leveraging tokenization, AI-powered personalization, leveraging our data token service. We put out a set of standards with payment instructions that are going to allow customers like you and I to easily set spending limits and conditions to provide clear guidance for agent transactions. Also our payment signals, which are going to share those data payloads in real time with Visa, enabling us to help set transaction controls, manage disputes and chargebacks, and those types of things. I think that's a great example of the leadership role that we're taking in agentic commerce. Just two weeks ago, we announced the Visa Trusted Agent Protocol.

The Visa Trusted Agent Protocol is meant to really ensure that merchants know when an agent is coming to buy something on my behalf, it is actually a real agent that I have authorized to make purchases on my behalf. I think what differentiates the Visa Trusted Agent Protocol is two things. One is it's open. It's an open set of standards, and we think that an open framework is critical to drive mass adoption in the way that's needed for agentic commerce. The second is it's easy to integrate. We've built it on existing web infrastructure so that it's going to be easy for merchants to integrate into existing messaging standards and get up and running quickly. Those would be two examples. We're very excited about it. We think it's a significant opportunity for Visa and for everyone involved in the ecosystem.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you, Jason Kupferberg. Your line is open from Wells Fargo.

Hey, thanks, guys. I actually wanted to ask a follow-up on agentic; it used to be the topic of the day. I'm just curious to get your perspective on when do you think we start seeing material volumes across the industry from agentic commerce? Obviously, there's still some important security considerations to be addressed, and we'd also love your perspective on to what extent you see agentic as more of a substitute for traditional e-commerce versus being additive to the TAM of the overall payments industry. Thanks.
</text>
</chunk>

<chunk>
Citation: [12:12]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Hi, Jason. Let me address the second part of your question first and then the first part. On the second part of your question, listen, I think the base case is it continues to accelerate the adoption of e-commerce and mobile commerce as we all know it. I think there's an upside case on that where you could actually see users buying from a much larger and more diverse set of merchants than they do today in traditional e-commerce, given the power of these agents and their ability to go out and search the world's inventory based on whatever it is that you prefer for your agent. That might be value, that might be price, that might be inventory, that might be speed of delivery, and so on and so forth.

I think that could ultimately result in consumers buying more things from more merchants, which ultimately means, you know, more transactions on Visa. I also think there's a significant upside in the delivery and the relevance of our portfolio of value-added services for the entire ecosystem, especially, as you said, they have to work through a number of things that involve potential fraud and disputes and chargebacks and things like that. Back to the first part of your question, listen, it's still early days. I think what you're likely to see in the evolution of agentic commerce is not different or dissimilar to what we saw in e-commerce. Early on, you're seeing consumers use these agents and these platforms for discovery. They're shopping. They're looking, you know, for what might be available for any given gift I'm trying to buy or any clothing item that I might try to buy.

Then I might jump to the actual merchant site to make the purchase. The next step of what you're starting to see is the integration of the buy capabilities into that shopping journey. We're just starting to see that in the marketplace today. We've been working on that for many, many months with the ecosystem. I think the ultimate kind of user experience and the promise of agentic commerce will be truly empowering agents to go out to search for things on our behalf and ultimately make purchases and buy things without human intervention. That we haven't really seen in the marketplace today, but we're working very hard with the platform players to ensure that the capabilities are in place to enable that. Thanks, Jason.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you, David. Koning with Baird. Please go ahead.

Yeah, hey guys, great job. The data processing yield was up a lot, and I know that was explained somewhat, but I'm wondering, is some of that due to VAS? The biggest part of VAS outside of others is probably in data processing. I guess the question is, is there a sustainability to big yield growth in DP given VAS just keeps building? I guess that's the question.

**Speaker 1**:

Hi, David. I'll take this one. Yes, as you pointed out, data processing revenue 17% versus the 10% underlying transaction growth. The factors I called out in my prepared comments were around pricing and mix. Those were the two biggest variables. As you know, we implemented new pricing in FY2025 in the second half of the year that's really benefiting in Q3 and Q4, and that'll benefit into Q1, as I talked about as well. In terms of mix, now, you know, what does mix mean? Mix does, you know, across our business, different products and services, different clients in different regions can have different varying yields. Obviously, you know, through the course of any quarter, we see different growth performance across any of those particular elements that'll drive different yield outcomes.

In this particular quarter, with data processing, we did see faster growth in higher yield in cross-border regions, and that's what contributed to the acceleration that you saw in between transactions and revenue in data processing.

**Speaker 3**:

Next question, please.
</text>
</chunk>

<chunk>
Citation: [12:13]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 2**:

Thank you. Darren Peller with Wolfe Research. Please go ahead.

Hey, thanks, guys. I just want to follow up one more time on AI and then a bigger question on the new VisaNet rollout. First, just to be clear on AI, do you see your suite of services as a big part of what's being offered by other payments ecosystem partners? How much are you going to participate in some of those VAS in terms of fraud versus others? I know we talked, Ryan, you talked about VisaNet rollout, the new rollout, and just help us understand what that could mean for product development or velocity and how it positions the network for things like agentic commerce or stablecoins going forward. Thanks, guys.

**Speaker 1**:

Hey guys. Hey, Darren. Short answer, long answer. Short answer is yes and yes, but let me dive into both of those. On, you know, on kind of agentic commerce, I think you've seen from us, really over the course of the year, is Visa doing what we do, which is when there's new technology, new platforms emerging, take a leadership role in establishing the way that payments can work most efficiently and most effectively for buyers and sellers, and we're doing that in the agentic commerce space today. I think to the first part of your first question, yes, you should assume that we're doing the work to build the infrastructure, the operating regulations and rules, the processes to enable a lot of the things that you're seeing in the marketplace today. As I said on the earlier question, I think it was Jason's, it's still very early days.

You're going to see a lot of announcements. You're going to see a lot of things coming out. What ultimately is going to help agentic commerce achieve its promise is collaboration, collaboration among all of these various ecosystem partners that make e-commerce and mobile commerce and all of these things work today, and you should expect us to take the leadership role that we're taking. On the next generation of VisaNet, this has been something we've been focused on as we continue to invest in our stack. We've deployed the next generation of VisaNet, which is our core processing platform at the base of our stack, and the answer to your second question is yes as well. It allows us to ship product more quickly. It allows us to adapt to ecosystem changes more quickly. It allows us to adapt to regional and country-specific requirements more quickly.

Here, too, it's early days. We've just begun the deployment of it, but it's a very exciting milestone for us, and ultimately, we think it'll be great for the ecosystem and our partners.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you. Reina Kumar with Oppenheimer. You may go ahead.

Hi, good evening. Thanks for taking my question. I noticed in Latin America there was a slight deceleration in volume versus last quarter. Anything to call out there? Thank you.

**Speaker 1**:

Sure. Yeah, in Latin America, we did see a bit of a slowdown. It still grew strong, but it was slower than we saw in Q3. The biggest single contributor I would point to is the moderating inflation that we've seen in Argentina. Overall, across Latin America, it remains a high-growth region, and we're very pleased with the performance.

**Speaker 3**:

Next question, please.

**Speaker 2**:

Thank you. Ken Szychowski with Anonymous Research. Your line is open.

Hey, good afternoon. Thanks for taking the question. Maybe just one more on agentic commerce. I was wondering if you could talk about some of the differences and similarities between Visa's Trusted Agent Protocol and Stripe's agentic commerce protocol. I mean, anything you could talk about in terms of what layer of the value chain you're tackling and how your offering is differentiated versus theirs. Maybe just talk about the broader tokenization opportunity and your leadership there with over 16 billion tokens and just how the agentic commerce ecosystem will leverage that. Thank you.
</text>
</chunk>

<chunk>
Citation: [12:14]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 1**:

Yeah, thanks, Ken. On the second part of your question, tokenization, I think, is the critical building block that ultimately will help agentic commerce reach its promise. If you go back, I know you asked about the Visa Trusted Agent Protocol, but if you go back to the Visa Intelligent Commerce set of products and standards that we put out, tokenization as a platform is what enables the bulk of that functionality and ultimately is what's going to enable us all to have safe, secure, trusted transactions with agents on our behalf. Tokenization is a critical building block of that.

As you noted, with kind of 16 billion Visa tokens embedded across the ecosystem, the technology and the standards are well-known, well-adopted globally in countries all around the world, both on the seller side of the ecosystem and the issuer side of the ecosystem, which is ultimately why it'll help scale our standards. As it relates to the Visa Trusted Agent Protocol, and I'll go back a moment to what I said to a couple of questions ago, ultimately, what's going to make this all work is collaboration. I think you're seeing a lot of different players across the ecosystem, whether it's Visa or other networks or acquirers or PSPs or platforms, start to put out their capabilities and standards. Here too, I think it's where the Visa Trusted Agent Protocol can form a base layer for everyone to build on and everyone to ultimately leverage.

The reason we're excited about the Visa Trusted Agent Protocol scaling is the two things I mentioned. One is it's an open standard, and two, it is designed to be inherently lightweight and easy for merchants especially to integrate to.

**Speaker 3**:

Next question.

**Speaker 2**:

Brian Keane with Citi, please go ahead.

Hi, good afternoon. Thanks for taking the questions. Just kind of a two-quick parter, just thinking about holiday sales growth rate this year versus last. There's some expectation that maybe holiday sales will be a little bit weaker in terms of growth rate. How is Visa thinking about that? Secondly, just cross-border growth versus e-com versus travel, any differentiation, kind of what we've seen on trend line as we go through this fiscal year? Thank you.

**Speaker 1**:

Okay. I'll take both of those. In terms of the upcoming holiday quarter, I've provided our guidance for Q1. It is for a strong Q1, carrying the momentum that we saw coming out of Q4 with strong and stable underlying drivers, as well as benefiting from the pricing from a year ago. When you add that all up, it makes for a resilient consumer, a stable macro environment, and the resiliency that I talked about across spend bands as well. We are anticipating a strong quarter going into the holiday, our fiscal Q1, the holiday quarter that we see. In terms of cross-border, your second question was really around sort of the mix. At the total level, we shared our numbers. It's been stable. It's been a good, strong number, 11% growth in Q3, 11% growth again in Q4.

As we click down into the categories of e-commerce and travel, e-commerce has been strong, continued to be strong and steady, 13% in Q3 and 13% in Q4. Travel did improve a point from Q3, as we talked about previously as well. The thing that I would call out, though, is that when you add that all up, total cross-border growth continues to be above the trend that we saw pre-COVID. Part of the reason for that is that the e-commerce part of the mix of the volume is bigger. It was about a third of the business pre-COVID. It's about 40% now and continues to grow at a faster clip than travel. Should that trend continue, we'll continue to see a bigger weight toward the e-commerce side of the business.

All in all, again, if you zoom out, strong and stable cross-border trends, and we'll continue to see how they perform through the rest of the year.

**Speaker 3**:

Next question, please.
</text>
</chunk>

<chunk>
Citation: [12:15]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 2**:

Harshita Rawat with Bernstein. Your line is open.

Hi, good afternoon. I want to ask about stablecoins. As the dust is settling a bit, post the passage of the Genius Act, it increasingly appears that what was initially thought of as a risk to Visa could, in fact, be an opportunity in cross-border money movement, merchant acceptance in certain markets, and services. Ryan, you talked about the momentum in stablecoin-linked cards. This quarter, Visa Direct kind of announced a new stablecoin pre-funding option. It's a number of things you're doing here. I guess my question is, what are the most tangible areas of opportunity as it relates to stablecoins in the coming years, maybe in cards, VAS, new flows, et cetera? Thank you.

**Speaker 1**:

Harsita, we've seen it as an opportunity for a while now. The short answer to your question is we see opportunities in issuance, in modernizing our settlement network. I think I talked about some of the opportunities we've captured with our Pismo platform. As you said, we're leveraging stablecoins in cross-border money movement. We announced the Visa Direct pre-funding work. We're minting and burning on behalf of our clients with the Visa Tokenized Asset Platform. We've been working with our clients in our consulting business with stablecoins. The list goes on and on. Just stepping back, as I've said, the areas where there's product-market fit for stablecoins in the world are the areas where there's significant TAMs and largely where we're underpenetrated. That's emerging markets, and that's cross-border money movement. We have a deep product pipeline focused on putting products to market against both of those areas of opportunity.

By the way, cross-border money movement broadly, whether that's remittances or B2B or gig economy payouts or the like. We definitely see it as an opportunity. We have targeted a significant portion of our product roadmap to capture that opportunity and hope to talk to you more about some products we're bringing to market in the future.

**Speaker 3**:

We're going to take a few more questions, so we are going to go a little over. I just want to try to get in a few more. Next question, please.

**Speaker 2**:

Andrew Schmidt with KeyBank Capital Markets, please go ahead.

Hi, Ryan. Hey, Chris. Thanks for taking the question and appreciate the Visa stack discussion. That was a good one. Maybe I could ask about the Asia PAC improvement. Chris, I know you mentioned timing and China improvement, but if we could peel back the layers there and maybe talk a little bit more about what's going on and whether that improvement is sustainable, that would be great. Thanks so much.

**Speaker 1**:

Yeah, thanks, Andrew. As I talked about in my prepared comments, we were pleased to see the improved results, 2.5 points, and the things that I noted, an improvement in mainland China and some smaller, but idiosyncratic sorts of things around timing. Those will normalize its way out. All in all, we're pleased with the momentum in China and across AP in general and think that that is going to continue to be an important growth opportunity for us. When we zoom out from all of that, I think AP is on a directionally good track.

**Speaker 3**:

Next question, please.
</text>
</chunk>

<chunk>
Citation: [12:16]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 2**:

Kim Chiotto with UBS. Please go ahead.

Great, thank you. I want to talk a little bit about the evolution of the growth algorithm. Just looking at it numerically, it looks like the biggest change really is a few years ago, not too long ago, value-added services was about 20% of revenue growing in the high teens, and now it's approaching 30% of revenue and growing in the mid-20s. The growth contribution has stepped up at least 200 basis points, if not closer to 300 basis points. Part of that has been we've seen the RPO tick up over the years, and even this year, the RPO has been up roughly, give or take, 30%. I was hoping you could talk a little bit about that RPO, what's been driving that roughly 30% growth. I appreciate part of that is value and timed incentives, but maybe dig into that and other drivers of the RPO.

**Speaker 1**:

Yes, why don't I take the first part of the question, and then Chris, you can take the second part of the question. Tim, I think you summarized it very well. I think if you go back to Investor Day and you look at kind of the growth framework that we laid out and the strategies that we laid out, by the way, both for VAS and for CMS, and you jump forward to today, we're delivering in market those strategies, and we're delivering the results that I think we laid out in that framework that come with those strategies, and you summarized it pretty well on the VAS side of things. You want to talk about the RPO? Sure, sure. Tim, I think you know this, obviously, the RPO constitutes many things, but included in that is what you've asked about previously, which is value and kind.

This is an important lever for us. When we are able, it represents a form of incentive that clients can then use to drive value for themselves, and it's good for our client engagement and continues to drive value to Visa, sometimes in value-added services, but in other parts of the business. It doesn't drive sort of the majority of value-added services, but it is an important lever, and I think it's an area where we'll continue to see clients really take advantage of.

**Speaker 3**:

All right, I think we're ready for our last question.

**Speaker 2**:

Thank you. Tianchen Wang with J.P. Morgan. Please go ahead.

All right, let's close it out. I'll ask about investments in OpEx, if that's okay. Just thinking about growth in OpEx being in line with revenue, I'm curious if there's anything to share on that as such.

as being opportunistic with spending or perhaps it's a structural issue as you scale different layers in your service stack, and some of those are less mature. Just trying to better understand incremental margins and how that might be changing. Thanks.
</text>
</chunk>

<chunk>
Citation: [12:17]
Ticker: V
Publication Date: 2025-10-28
Doc Type: earnings-call-transcript
Period: Q4 2025
<text>
**Speaker 3**:

Sure. As you know, as we've said in the past, you know explicitly, we don't manage our company to a margin target, at least not in the classical sense, but we do focus on many things. We focus on growing volumes with our clients. We focus on driving revenue across consumer payments, VAS, and CMS, and we also focus on running our business as efficiently and as effectively as we can. Part of that is balancing the investments that we make for short, medium, and long-term return. When we do this well, as we have, we continue to deliver the financial performance that you've seen, which is strong growth at margins that lead the industry. I would say, you know, in terms of where we're investing now, as we talk about 2026, I would point you back to actually our Investor Day back in February.

We laid out a pretty extensive view of the, A, the big opportunity that we're going after, the massive addressable opportunity, and two, the clear strategies, the things that we're going to go do to go capture that opportunity. Across our industry, as things continue to move as fast as they are, you've heard a lot of the conversation even today around agentic commerce and stablecoin. We think it's important that we continue to invest in these opportunities from our position. If we do so, we'll continue to deliver on the growth framework that we outlined at Investor Day, which means we'll deliver compelling profit growth and drive strong shareholder returns.

**Speaker 1**:

The only thing I would add on what Chris said is I don't ever recall being so excited about the opportunities ahead of this company. I don't ever recall being so pleased with how well our teams have lined up our product pipeline, our go-to-market sales motions, our client teams, the things that we talked about today, whether it's agentic, stablecoins, Visa Pay, Visa Accept, Tap to Everything, the great momentum in the VAS business, the great momentum in Visa Direct, the great momentum and results we're seeing in Visa Commercial. It's just an extraordinarily exciting time for the company. I'm just super proud of the investments that everybody's making across the place. I appreciate that question. Appreciate everybody's questions. Jennifer, back to you to close.

With that, we'd like to thank you for joining us today. If you have any additional questions, please feel free to call or email our Investor Relations team. Thanks again and have a great day.

**Speaker 2**:

Thank you all for participating in Visa's fiscal fourth quarter and full year 2025 earnings conference call. That concludes today's call. You may disconnect at this time, and please enjoy the rest of your day.
</text>
</chunk>

Forward analyst estimates for next 4 quarters

Input

{
  "ticker": "V",
  "metrics": [
    "Revenue Consensus Mean",
    "Primary EPS Consensus Mean",
    "EBITDA Consensus Mean",
    "Target Price Consensus Mean"
  ],
  "period_type": "quarter",
  "relative_periods": [
    1,
    2,
    3,
    4
  ],
  "description": "Forward analyst estimates for next 4 quarters"
}

Output

{
  "ticker": "V",
  "currency": "USD",
  "data": {
    "Revenue Consensus Mean": {
      "Q1 2026": {
        "estimate": 10684488190.0
      },
      "Q2 2026": {
        "estimate": 10719744480.0
      },
      "Q3 2026": {
        "estimate": 11145486390.0
      },
      "Q4 2026": {
        "estimate": 11895228760.0
      }
    },
    "Primary EPS Consensus Mean": {
      "Q1 2026": {
        "estimate": 3.13877
      },
      "Q2 2026": {
        "estimate": 3.06844
      },
      "Q3 2026": {
        "estimate": 3.17736
      },
      "Q4 2026": {
        "estimate": 3.41132
      }
    },
    "EBITDA Consensus Mean": {
      "Q1 2026": {
        "estimate": 7709689870.0
      },
      "Q2 2026": {
        "estimate": 7572778560.0
      },
      "Q3 2026": {
        "estimate": 7750827740.0
      },
      "Q4 2026": {
        "estimate": 8299941540.0
      }
    },
    "Target Price Consensus Mean": {
      "Q1 2026": {
        "estimate": 394.43135,
        "actual": 394.43135
      },
      "Q2 2026": {
        "estimate": 394.43135,
        "actual": 394.43135
      },
      "Q3 2026": {
        "estimate": 394.43135,
        "actual": 394.43135
      },
      "Q4 2026": {
        "estimate": 394.43135,
        "actual": 394.43135
      }
    }
  },
  "periods": [
    "Q1 2026",
    "Q2 2026",
    "Q3 2026",
    "Q4 2026"
  ]
}

Forward analyst estimates for next 3 fiscal years

Input

{
  "ticker": "V",
  "metrics": [
    "Revenue Consensus Mean",
    "Primary EPS Consensus Mean",
    "EBITDA Consensus Mean"
  ],
  "period_type": "year",
  "relative_periods": [
    0,
    1,
    2
  ],
  "description": "Forward analyst estimates for next 3 fiscal years"
}

Output

{
  "ticker": "V",
  "currency": "USD",
  "data": {
    "Revenue Consensus Mean": {
      "FY 2025": {
        "estimate": 39894210830.0,
        "actual": 40000000000.0
      },
      "FY 2026": {
        "estimate": 44449797760.0
      },
      "FY 2027": {
        "estimate": 48803025300.0
      }
    },
    "Primary EPS Consensus Mean": {
      "FY 2025": {
        "estimate": 11.44312,
        "actual": 11.47
      },
      "FY 2026": {
        "estimate": 12.80505
      },
      "FY 2027": {
        "estimate": 14.42856
      }
    },
    "EBITDA Consensus Mean": {
      "FY 2025": {
        "estimate": 28144786200.0,
        "actual": 28028000000.0
      },
      "FY 2026": {
        "estimate": 31298674470.0
      },
      "FY 2027": {
        "estimate": 34363765950.0
      }
    }
  },
  "periods": [
    "FY 2025",
    "FY 2026",
    "FY 2027"
  ]
}

Todo write
Input
Verify Visa ticker and gather business model overview from 10-K Get financial fundamentals: revenue, margins, profitability metrics over last 8 quarters Get debt and financial health metrics: total debt, net debt, leverage ratios, cash position Search for key value drivers and revenue breakdown by segment/geography Search for industry trends and competitive positioning vs Mastercard, Amex, PayPal Search for recent developments and strategic initiatives from earnings calls and 8-Ks Search for growth catalysts and risk factors from recent filings Get analyst estimates and forward outlook Create visualizations for revenue trends, margins, and debt metrics Compile comprehensive primer document with all findings
Output
Plan updated.
Debt structure and capital information
Input
+debt +senior notes +maturity +interest rate +credit rating capital structure --QDF=4
Output
[Total chunks returned: 8] <chunk> [Document ID: Index]: [1:123] Ticker: V Publication Date: 2025-11-06 Section: Financial Statements and Supplementary Data Doc Type: 10-K Period: FY 2025 Highlighted Text: Note 9—Leases The Company has entered into various operating lease agreements primarily for real estate. The Company's leases have original lease periods expiring between fiscal 2026 and 2041. For certain leases, the Company has options to extend the lease term for up to 10 years. Payments under the Company’s lease arrangements are generally fixed. As of September 30, 2025 and 2024, ROU assets included in other assets on the consolidated balance sheets was $954 million and $873 million, respectively. As of September 30, 2025 and 2024, the current portion of lease liabilities included in accrued liabilities on the consolidated balance sheets was $150 million for both periods, and the long-term portion of lease liabilities included in other liabilities was $763 million and $685 million, respectively. 82 During fiscal 2025, 2024 and 2023, total operating lease cost was $195 million, $179 million and $129 million, respectively. As of September 30, 2025 and 2024, the weighted-average remaining lease term for operating leases was approximately nine and eight years, respectively, and the weighted-average discount rate for operating leases was 4.11% and 3.51%, respectively. As of September 30, 2025, the present value of future minimum lease payments was as follows: ```csv ,Operating Leases ,(in millions) Fiscal:, 2026,$ 163 2027,152 2028,133 2029,108 2030,86 Thereafter,494 Total undiscounted lease payments,"1,136" Less: imputed interest,(223) Present value of lease liabilities,$ 913 ``` During fiscal 2025, 2024 and 2023, ROU assets obtained in exchange for lease liabilities was $231 million, $410 million and $82 million, respectively. 83 Note 10—Debt The Company had outstanding debt as follows: ```csv ,"September 30,","September 30,",Effective Interest Rate (1) ,2025,2024, ,"(in millions, except percentages)","(in millions, except percentages)","(in millions, except percentages)" U.S. dollar notes,,, 3.15 % Senior Notes due December 2025,"$ 4,000","$ 4,000",3.26 % 1.90 % Senior Notes due April 2027,"1,500","1,500",2.02 % 0.75 % Senior Notes due August 2027,500,500,0.84 % 2.75 % Senior Notes due September 2027,750,750,2.91 % 2.05 % Senior Notes due April 2030,"1,500","1,500",2.13 % 1.10 % Senior Notes due February 2031,"1,000","1,000",1.20 % 4.15 % Senior Notes due December 2035,"1,500","1,500",4.23 % 2.70 % Senior Notes due April 2040,"1,000","1,000",2.80 % 4.30 % Senior Notes due December 2045,"3,500","3,500",4.37 % 3.65 % Senior Notes due September 2047,750,750,3.73 % 2.00 % Senior Notes due August 2050,"1,750","1,750",2.09 % Euro notes,,, 1.50 % Senior Notes due June 2026,"1,587","1,513",1.71 % 2.25 % Senior Notes due May 2028,"1,470",—,2.57 % 2.00 % Senior Notes due June 2029,"1,176","1,120",2.13 % 3.125 % Senior Notes due May 2033,"1,176",—,3.20 % 2.375 % Senior Notes due June 2034,764,728,2.53 % 3.50 % Senior Notes due May 2037,764,—,3.62 % 3.875 % Senior Notes due May 2044,705,—,4.02 % Total debt,"25,392","21,111", Unamortized discounts and debt issuance costs,(171),(142), Hedge accounting fair value adjustments (2),(50),(133), Total carrying value of debt,"$ 25,171","$ 20,836", Reported as:,,, Current maturities of debt,"$ 5,569",$ —, Long-term debt,"19,602","20,836", Total carrying value of debt,"$ 25,171","$ 20,836", ``` (1)Effective interest rates disclosed do not reflect hedge accounting adjustments. (2)Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes. See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative and Hedging Instruments. </chunk> <chunk> [Document ID: Index]: [1:124] Ticker: V Publication Date: 2025-11-06 Section: Financial Statements and Supplementary Data Doc Type: 10-K Period: FY 2025 Highlighted Text: Senior Notes In May 2025, the Company issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.5 billion ($3.9 billion), with maturities ranging between 3 and 19 years. The 2028 Notes, 2033 Notes, 2037 Notes and 2044 Notes have interest rates of 2.25%, 3.125%, 3.50% and 3.875%, respectively. Interest on these notes is payable annually on May 15 of each year, commencing May 15, 2026. The net aggregate proceeds, after deducting discounts and debt issuance costs, were approximately €3.5 billion ($3.9 billion). The Company intends to use the net proceeds for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness. The Company’s outstanding senior notes are senior unsecured obligations of the Company, ranking equally and ratably among themselves and with the Company’s existing and future unsecured and unsubordinated debt. The senior notes are not secured by any assets of the Company and are not guaranteed by any of the Company’s 84 subsidiaries. As of September 30, 2025, the Company was in compliance with all related covenants. Each series of senior notes may be redeemed as a whole or in part at the Company’s option at any time at specified redemption prices. In addition, each series of the Euro-denominated senior notes may be redeemed as a whole at specified redemption prices upon the occurrence of certain U.S. tax events. As of September 30, 2025, future principal payments on the Company’s outstanding debt were as follows: ```csv "For the Years Ending September 30,","For the Years Ending September 30,","For the Years Ending September 30,","For the Years Ending September 30,","For the Years Ending September 30,","For the Years Ending September 30,","For the Years Ending September 30,","For the Years Ending September 30," 2026,2026,2027,2028,2029,2030,Thereafter,Total (in millions),(in millions),(in millions),(in millions),(in millions),(in millions),(in millions),(in millions) Future principal payments $,"5,587","$ 2,750","$ 1,470","$ 1,176","$ 1,500","$ 12,909","$ 25,392" ``` Commercial Paper Program Visa maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company is authorized to issue up to $3.0 billion in outstanding notes, with maturities up to 397 days from the date of issuance. As of September 30, 2025 and 2024, the Company had no outstanding obligations under the program. Credit Facility In May 2023, the Company entered into an amended and restated credit agreement for a five-year, unsecured $7.0 billion revolving credit facility, which will expire in May 2028. This credit facility is maintained to ensure the integrity of the payment card settlement process and for general corporate purposes. Interest on borrowings will be charged at the applicable reference rate or an alternative base rate as defined in the credit agreement based on the currency and type of the borrowing, plus an applicable margin based on the applicable credit rating of the Company’s senior unsecured long-term debt. The Company has agreed to pay a commitment fee which will fluctuate based on such applicable rating of the Company. As of September 30, 2025, the Company was in compliance with all related covenants. As of September 30, 2025 and 2024, the Company had no amounts outstanding under the credit facility. Note 11—Pension and Other Postretirement Benefits </chunk> <chunk> [Document ID: Index]: [1:187] Ticker: V Publication Date: 2025-11-06 Doc Type: 10-K Period: FY 2025 Highlighted Text: DESCRIPTION OF THE NOTES The following description of our 1.500% Senior Notes due 2026 (the “2026 notes”), 2.250% Senior Notes due 2028 (the “2028 notes”), 2.000% Senior Notes due 2029 (the “2029 notes”), 3.125% Senior Notes due 2033 (the “2033 notes”), 2.375% Senior Notes due 2034 (the “2034 notes”), 3.500% Senior Notes due 2037 (the “2037 notes”), 3.875% Senior Notes due 2044 (the “2044 notes”), and collectively with the 2026 notes, the 2028 notes, the 2029 notes, the 2033 notes, the 2034 notes, and the 2037 notes, the “notes”, is a summary and does not purport to be complete. It is subject to and qualified in its entirety by reference to the indenture dated as of December 14, 2015 (the “Indenture”), between us and U.S. Bank National Association, as trustee, which is incorporated by reference as an exhibit to the Annual Report on Form 10-K of which this Exhibit 4.25 is a part. The 2026 notes, the 2028 notes, the 2029 notes, the 2033 notes, the 2034 notes, the 2037 notes, and the 2044 notes are listed on The New York Stock Exchange under the bond trading symbols of “V26,” "V28," “V29,” "V33," “V34,” "V37," and "V44," respectively. We encourage you to read the above referenced Indenture for additional information. </chunk> <chunk> [Document ID: Index]: [1:168] Ticker: V Publication Date: 2025-11-06 Section: Form 10-K Summary Doc Type: 10-K Period: FY 2025 Highlighted Text: ITEM 16. Form 10-K Summary None. 111 EXHIBIT INDEX ```csv ,,Incorporated by Reference,Incorporated by Reference,Incorporated by Reference,Incorporated by Reference Exhibit,Exhibit,,File,Exhibit,Filing Number,Description,Form,Number,Number,Date 2.1#,"Amended and Restated Transaction Agreement, dated as of May 10, 2016, between Visa Inc. and Visa Europe Limited",8-K,001-33977,2.1,5/10/2016 3.1,Eight h Restated Certificate of Incorporation of Visa Inc.,8-K,001-33977,3.2,1/24/2024 3.2,Amended and Restated Bylaws of Visa Inc.,8-K,001-33977,3.2,7/23/2025 4.1,Form of stock certificate of Visa Inc.,S-4/A,333-143966,4.1,9/13/2007 4.2,Form of specimen certificate for class C common stock of Visa Inc.,8-A,000-53572,4.2,1/28/2009 4.3,Certificate of Designations of Series A Convertible Participating Preferred Stock of Visa Inc.,8-K,001-33977,3.1,6/21/2016 4.4,Certificate of Designations of Series B Convertible Participating Preferred Stock of Visa Inc.,8-K,001-33977,3.2,6/21/2016 4.5,Certificate of Designations of Series C Convertible Participating Preferred Stock of Visa Inc.,8-K,001-33977,3.3,6/21/2016 4.6,"Indenture dated December 14, 2015 between Visa Inc. and U.S. Bank National Association",8-K,001-33977,4.1,12/14/2015 4.7,Form of 3.150% Senior Note due 2025,8-K,001-33977,4.5,12/14/2015 4.8,Form of 1.500% Senior Note due 2026,8-K,001-33977,4.1,6/1/2022 4.9,Form of 0.750% Senior Note due 2027,8-K,001-33977,4.1,8/17/2020 4.10,Form of 1.900% Senior Note due 2027,8-K,001-33977,4.1,4/2/2020 4.11,Form of 2.750% Senior Note due 2027,8-K,001-33977,4.2,9/11/2017 4.12,Form of 2.250% Senior Notes due 2028,8-K,001-33977,4.1,5/15/2025 4.13,Form of 2.000% Senior Note due 2029,8-K,001-33977,4.2,6/1/2022 4.14,Form of 2.050% Senior Note due 2030,8-K,001-33977,4.2,4/2/2020 4.15,Form of 1.100% Senior Note due 2031,8-K,001-33977,4.2,8/17/2020 4.16,Form of 3.125% Senior Notes due 2033,8-K,001-33977,4.2,5/15/2025 4.17,Form of 2.375% Senior Note due 2034,8-K,001-33977,4.3,6/1/2022 4.18,Form of 4.150% Senior Note due 2035,8-K,001-33977,4.6,12/14/2015 4.19,Form of 3.500% Senior Notes due 2037,8-K,001-33977,4.3,5/15/2025 4.20,Form of 2.700% Senior Note due 2040,8-K,001-33977,4.3,4/2/2020 4.21,Form of 3.875% Senior Notes due 2044,8-K,001-33977,4.4,5/15/2025 4.22,Form of 4.300% Senior Note due 2045,8-K,001-33977,4.7,12/14/2015 4.23,Form of 3.650% Senior Note due 2047,8-K,001-33977,4.3,9/11/2017 ``` </chunk> <chunk> [Document ID: Index]: [1:84] Ticker: V Publication Date: 2025-11-06 Section: Management's Discussion and Analysis of Financial Condition and Results of Operations Doc Type: 10-K Period: FY 2025 Highlighted Text: Uses of Liquidity Payments settlement. Payments settlement due to and from our financial institution clients can represent a substantial daily liquidity requirement. Most U.S. dollar settlements are settled within the same day and do not result in a receivable or payable balance, while settlements in currencies other than the U.S. dollar generally remain outstanding for one to two business days, which is consistent with industry practice for such transactions. In general, during fiscal 2025, we were not required to fund settlement-related working capital. As of September 30, 2025, we held $9.2 billion of our total available liquidity to fund daily settlement in the event one or more of our financial institution clients are unable to settle, with the remaining liquidity available to support our working capital and other liquidity needs. See Note 12—Settlement Guarantee Management to our consolidated financial statements included in Item 8 of this report. Litigation. Judgments in and settlements of litigation or other fines imposed in investigations and proceedings could give rise to future liquidity needs. During fiscal 2025, we deposited $875 million into the U.S. litigation escrow account to address claims associated with the interchange multidistrict litigation. The balance of this account as of September 30, 2025 was $3.0 billion and is reflected as restricted cash in our consolidated balance sheets. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report. Common stock repurchases. During fiscal 2025, we repurchased shares of our class A common stock in the open market for $18.2 billion. As of September 30, 2025, our share repurchase program had remaining authorized funds of $24.9 billion. Share repurchases will be executed at prices we deem appropriate subject to various factors, including market conditions and our financial performance, and may be effected through accelerated share repurchase programs, open market purchases or privately negotiated transactions, including through Rule 10b5-1 plans. See Note 15—Stockholders’ Equity to our consolidated financial statements included in Item 8 of this report. Dividends. During fiscal 2025, we declared and paid $4.6 billion in dividends to holders of our common and preferred stock. On October 28, 2025, our board of directors declared a quarterly cash dividend of $0.67 per share of class A common stock (determined in the case of all other outstanding common and preferred stock on an as-converted basis). We expect to continue paying quarterly dividends in cash, subject to approval by the board of directors. See Note 15—Stockholders’ Equity to our consolidated financial statements included in Item 8 of this report. Acquisition. In December 2024, we acquired Featurespace for a purchase consideration of $946 million. See Note 2—Acquisitions to our consolidated financial statements included in Item 8 of this report. Senior notes. As of September 30, 2025, we had an outstanding aggregate principal amount relating to our senior notes of $25.4 billion. Principal payments on our senior notes of $4.0 billion and €1.4 billion ($1.6 billion) are due in December 2025 and June 2026, respectively, for which we have sufficient liquidity. See Note 10—Debt to our consolidated financial statements included in Item 8 of this report. Client incentives. As of September 30, 2025, we had short-term and long-term liabilities recorded on the consolidated balance sheet related to client incentive contracts of $10.4 billion and $0.2 billion, respectively. Uncertain tax positions. As of September 30, 2025, we had long-term liabilities for uncertain tax positions of $309 million. See Note 19—Income Taxes to our consolidated financial statements included in Item 8 of this report. </chunk> <chunk> [Document ID: Index]: [1:0] Ticker: V Publication Date: 2025-11-06 Doc Type: 10-K Period: FY 2025 Highlighted Text: UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-K ☑ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended September 30, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission file number 001-33977 VISA INC. (Exact name of Registrant as specified in its charter) ```csv Delaware,Delaware,26-0267673 (State or other jurisdiction of incorporation or organization),(State or other jurisdiction of incorporation or organization),(IRS Employer Identification No.) P.O. Box 8999,P.O. Box 8999,94128-8999 "San Francisco,",California, (Address of principal executive offices),(Address of principal executive offices),(Zip Code) ``` (650) 432-3200 (Registrant’s telephone number, including area code) Securities registered pursuant to Section 12(b) of the Act: ```csv Title of each class,Trading symbol,Name of each exchange on which registered "Class A Common Stock, par value $0.0001 per share",V,New York Stock Exchange 1.500% Senior Notes due 2026,V26,New York Stock Exchange 2.250% Senior Notes due 2028,V28,New York Stock Exchange 2.000% Senior Notes due 2029,V29,New York Stock Exchange 3.125% Senior Notes due 2033,V33,New York Stock Exchange 2.375% Senior Notes due 2034,V34,New York Stock Exchange 3.500% Senior Notes due 2037,V37,New York Stock Exchange 3.875% Senior Notes due 2044,V44,New York Stock Exchange ``` Securities registered pursuant to Section 12(g) of the Act: Class B-1 common stock, par value $0.0001 per share Class B-2 common stock, par value $0.0001 per share </chunk> <chunk> [Document ID: Index]: [1:189] Ticker: V Publication Date: 2025-11-06 Doc Type: 10-K Period: FY 2025 Highlighted Text: The notes are not subject to any sinking fund. We may, without the consent of the existing holders of the notes, issue additional notes of any series having the same terms (except the issue date, the date from which interest accrues and, in some cases, the first interest payment date) so that existing notes of a particular series and additional notes of such series form the same series under the Indenture, provided, however, that if any such additional notes are not fungible with the existing notes for U.S. federal income tax purposes, such additional notes will have a separate CUSIP number. As of September 30, 2025, no such additional notes have been issued. The notes are our unsecured and unsubordinated debt and rank equally and ratably among themselves and with our other unsecured and unsubordinated debt. The notes were issued only in registered form in minimum denominations of €100,000 and integral multiples of €1,000 in excess thereof. The notes are listed on the New York Stock Exchange. We have no obligation to maintain such listing, and we may delist the notes at any time. Issuance in Euro All payments of interest, principal, including payments made upon any redemption of the notes, and additional amounts as described under “—Payment of Additional Amounts” are payable in euro. If the euro is unavailable to us due to the imposition of exchange controls or other circumstances beyond our control or if the euro is no longer being used by the then member states of the European Monetary Union that have adopted the euro as their currency or for the settlement of transactions by public institutions of or within the international banking community, then all payments in respect of the notes will be made in U.S. dollars until the euro is again available to us and so used. In such circumstances, the amount payable on any date in euro will be converted into U.S. dollars on the basis of the then most recently available market exchange rate for euro, as determined by us in our sole discretion. Any payment in respect of the notes so made in U.S. dollars will not constitute an event of default under the notes or the Indenture governing the notes. Neither the trustee nor the paying agent shall have any responsibility for any calculation or conversion in connection with the foregoing. Calculation of Interest on the Notes If any interest payment date, redemption date or the maturity date of the notes is not a business day, then payment of interest and/or principal will be made on the next succeeding business day. No interest will accrue on the amount so payable for the period from such interest payment date, redemption date or maturity date, as the case may be, to the date payment is made. Interest on the notes is computed on the basis of the actual number of days in the period for which interest is being calculated and the actual number of days from and including the date from which interest begins to accrue for the period to, but excluding the next scheduled interest payment date. This payment convention is referred to as ACTUAL/ACTUAL as defined in the rulebook of the International Capital Markets Association (“ICMA”). For purposes of the notes, a “business day” is any day, other than a Saturday or Sunday, (1) which is not a day on which banking institutions in the City of New York or the City of London are authorized or required by law or executive order to close and (2) on which the Trans-European Automated Real-time Gross Settlement Express Transfer system, or any successor thereto, operates. If any interest payment date, maturity date or redemption date is not a business day, then the related payment for such interest payment date, maturity date or redemption date shall be paid on the next succeeding business day with the same force and effect as if made on such interest payment date, maturity date or redemption date, as the case may be, and no further interest shall accrue as a result of such delay. </chunk> <chunk> [Document ID: Index]: [1:191] Ticker: V Publication Date: 2025-11-06 Doc Type: 10-K Period: FY 2025 Highlighted Text: Optional Redemption of the Notes Each series of notes is redeemable as a whole or in part, at our option at any time and from time to time prior to the applicable Par Call Date (as set forth in the table below), at a redemption price equal to the greater of: •100% of the principal amount of such notes, and •the sum of the present values of the remaining scheduled payments of principal and interest thereon up to and including the applicable Par Call Date, calculated as if the notes matured on the applicable Par Call Date (exclusive of interest accrued to the date of redemption) discounted to the redemption date on an annual basis (ACTUAL/ACTUAL (ICMA)) at the applicable Comparable Government Bond Rate (as defined below) plus the applicable Spread for such notes (as set forth in the table below), plus, in each case, accrued and unpaid interest to, but excluding, the date of redemption. Each series of notes is redeemable as a whole or in part, at our option at any time and from time to time on or after the applicable Par Call Date, at a redemption price equal to 100% of the principal amount of the notes being redeemed, plus accrued and unpaid interest to, but excluding, the date of redemption. ```csv Series,Par Call Date,Spread 2026 notes,"May 15, 2026 (one month prior to maturity)",20 basis points 2028 notes,"April 15, 2028 (one month prior to maturity)",10 basis points 2029 notes,"April 15, 2029 (two months prior to maturity)",20 basis points 2033 notes,"February 15, 2033 (three months prior to maturity)",15 basis points 2034 notes,"March 15, 2034 (three months prior to maturity)",25 basis points 2037 notes,"February 15, 2037 (three months prior to maturity)",15 basis points 2044 notes,"November 15, 2043 (six months prior to maturity)",20 basis points ``` “Comparable Government Bond” means, with respect to the notes to be redeemed prior to the applicable Par Call Date in relation to any Comparable Government Bond Rate calculation, at the discretion of an independent investment bank selected by us, a bond that is a direct obligation of the Federal Republic of Germany (a “German government bond”) whose maturity is closest to the Par Call Date of the notes to be redeemed, or if such independent investment bank in its discretion considers that such similar bond is not in issue, such other German government bond as such independent investment bank may, with the advice of three brokers of, and/or market makers in, German government bonds selected by us, determine to be appropriate for determining the Comparable Government Bond Rate. “Comparable Government Bond Rate” means, with respect to any redemption date, the yield (rounded to three decimal places, with 0.0005 being rounded upwards) of the Comparable Government Bond (as defined above) on the third business day prior to the date fixed for redemption, calculated on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00 a.m. (London time) on such business day as determined by an independent investment bank selected by us and calculated in accordance with generally accepted market practice at such time. </chunk>

Now let me create the visualizations and compile the primer document.

Create revenue trend chart

Input

python3 << 'EOF'
import matplotlib.pyplot as plt
import numpy as np
import matplotlib.ticker as mtick

# Set up the style
plt.style.use('seaborn-v0_8-whitegrid')
plt.rcParams['font.family'] = 'DejaVu Sans'
plt.rcParams['axes.prop_cycle'] = plt.cycler(color=['#003366', '#0066CC', '#4682B4', '#6699CC', '#336699'])

# Data for Revenue Trend Chart
quarters = ['Q1 2024', 'Q2 2024', 'Q3 2024', 'Q4 2024', 'Q1 2025', 'Q2 2025', 'Q3 2025', 'Q4 2025']
revenues = [8.63, 8.78, 8.90, 9.62, 9.51, 9.59, 10.17, 10.72]

fig, ax = plt.subplots(figsize=(10, 6))
bars = ax.bar(quarters, revenues, color='#003366', edgecolor='#001a33', linewidth=1.5)
ax.set_ylabel('Net Revenue ($B)', fontsize=12, fontweight='bold')
ax.set_title('Visa Quarterly Net Revenue (FY2024-FY2025)', fontsize=14, fontweight='bold', color='#003366')
ax.set_ylim(0, 12)

# Add value labels on bars
for bar, val in zip(bars, revenues):
    ax.text(bar.get_x() + bar.get_width()/2, bar.get_height() + 0.15, f'${val:.2f}B', 
            ha='center', va='bottom', fontsize=9, fontweight='bold', color='#003366')

# Add YoY growth annotations
yoy_growth = ['', '', '', '', '+10.0%', '+9.3%', '+14.3%', '+11.5%']
for i, (bar, growth) in enumerate(zip(bars, yoy_growth)):
    if growth:
        ax.text(bar.get_x() + bar.get_width()/2, 0.3, growth, 
                ha='center', va='bottom', fontsize=8, color='#006400', fontweight='bold')

plt.xticks(rotation=45, ha='right')
plt.tight_layout()
plt.savefig('/private/artifacts/visa_revenue_trend.png', dpi=150, bbox_inches='tight', facecolor='white')
plt.close()

print("Revenue trend chart saved!")
EOF

Output

stdout:
Revenue trend chart saved!

exit_code: 0

Create margin analysis chart

Input

python3 << 'EOF'
import matplotlib.pyplot as plt
import numpy as np

plt.style.use('seaborn-v0_8-whitegrid')
plt.rcParams['font.family'] = 'DejaVu Sans'

# Margin data
quarters = ['Q1 2024', 'Q2 2024', 'Q3 2024', 'Q4 2024', 'Q1 2025', 'Q2 2025', 'Q3 2025', 'Q4 2025']
ebitda_margin = [71.92, 69.40, 68.51, 68.97, 71.63, 70.25, 69.89, 68.70]
net_margin = [56.64, 53.14, 54.74, 55.30, 53.83, 47.71, 51.83, 47.46]

fig, ax = plt.subplots(figsize=(10, 6))

x = np.arange(len(quarters))
width = 0.35

bars1 = ax.bar(x - width/2, ebitda_margin, width, label='EBITDA Margin', color='#003366', edgecolor='#001a33')
bars2 = ax.bar(x + width/2, net_margin, width, label='Net Income Margin', color='#0066CC', edgecolor='#003366')

ax.set_ylabel('Margin (%)', fontsize=12, fontweight='bold')
ax.set_title('Visa Profitability Margins (FY2024-FY2025)', fontsize=14, fontweight='bold', color='#003366')
ax.set_xticks(x)
ax.set_xticklabels(quarters, rotation=45, ha='right')
ax.legend(loc='upper right')
ax.set_ylim(0, 80)

# Add horizontal reference line for average
ax.axhline(y=70, color='#003366', linestyle='--', alpha=0.5, linewidth=1)
ax.text(7.5, 71, 'EBITDA ~70%', fontsize=9, color='#003366', ha='right')

plt.tight_layout()
plt.savefig('/private/artifacts/visa_margins.png', dpi=150, bbox_inches='tight', facecolor='white')
plt.close()

print("Margin chart saved!")
EOF

Output

stdout:
Margin chart saved!

exit_code: 0

Create debt maturity chart

Input

python3 << 'EOF'
import matplotlib.pyplot as plt
import numpy as np

plt.style.use('seaborn-v0_8-whitegrid')
plt.rcParams['font.family'] = 'DejaVu Sans'

# Debt maturity schedule data (in billions)
years = ['2026', '2027', '2028', '2029', '2030', '2031+']
principal = [5.59, 2.75, 1.47, 1.18, 1.50, 12.91]

fig, ax = plt.subplots(figsize=(10, 6))
bars = ax.bar(years, principal, color='#003366', edgecolor='#001a33', linewidth=1.5)

ax.set_ylabel('Principal Due ($B)', fontsize=12, fontweight='bold')
ax.set_xlabel('Fiscal Year', fontsize=12, fontweight='bold')
ax.set_title('Visa Debt Maturity Schedule', fontsize=14, fontweight='bold', color='#003366')

# Add value labels on bars
for bar, val in zip(bars, principal):
    ax.text(bar.get_x() + bar.get_width()/2, bar.get_height() + 0.2, f'${val:.2f}B', 
            ha='center', va='bottom', fontsize=10, fontweight='bold', color='#003366')

ax.set_ylim(0, 15)
plt.tight_layout()
plt.savefig('/private/artifacts/visa_debt_maturity.png', dpi=150, bbox_inches='tight', facecolor='white')
plt.close()

print("Debt maturity chart saved!")
EOF

Output

stdout:
Debt maturity chart saved!

exit_code: 0

Create revenue breakdown chart

Input

python3 << 'EOF'
import matplotlib.pyplot as plt
import numpy as np

plt.style.use('seaborn-v0_8-whitegrid')
plt.rcParams['font.family'] = 'DejaVu Sans'

# Revenue breakdown FY2025 (in billions)
categories = ['Service\nRevenue', 'Data\nProcessing', 'Int\'l\nTransaction', 'Other\nRevenue', 'Client\nIncentives']
values = [17.54, 19.99, 14.17, 4.05, -15.75]
colors = ['#003366', '#0066CC', '#4682B4', '#6699CC', '#CC3333']

fig, ax = plt.subplots(figsize=(10, 6))
bars = ax.bar(categories, values, color=colors, edgecolor='#001a33', linewidth=1.5)

ax.set_ylabel('Revenue ($B)', fontsize=12, fontweight='bold')
ax.set_title('Visa Revenue Components - FY2025', fontsize=14, fontweight='bold', color='#003366')
ax.axhline(y=0, color='black', linewidth=0.8)

# Add value labels
for bar, val in zip(bars, values):
    y_pos = bar.get_height() + 0.3 if val >= 0 else bar.get_height() - 0.8
    ax.text(bar.get_x() + bar.get_width()/2, y_pos, f'${val:.2f}B', 
            ha='center', va='bottom' if val >= 0 else 'top', fontsize=10, fontweight='bold', 
            color='#003366' if val >= 0 else '#CC3333')

# Add net revenue annotation
ax.annotate('Net Revenue: $40.0B', xy=(2, 15), fontsize=12, fontweight='bold', color='#003366',
            bbox=dict(boxstyle='round', facecolor='lightblue', alpha=0.3))

ax.set_ylim(-18, 22)
plt.tight_layout()
plt.savefig('/private/artifacts/visa_revenue_breakdown.png', dpi=150, bbox_inches='tight', facecolor='white')
plt.close()

print("Revenue breakdown chart saved!")
EOF

Output

stdout:
Revenue breakdown chart saved!

exit_code: 0

Todo write

Input

Verify Visa ticker and gather business model overview from 10-K
Get financial fundamentals: revenue, margins, profitability metrics over last 8 quarters
Get debt and financial health metrics: total debt, net debt, leverage ratios, cash position
Search for key value drivers and revenue breakdown by segment/geography
Search for industry trends and competitive positioning vs Mastercard, Amex, PayPal
Search for recent developments and strategic initiatives from earnings calls and 8-Ks
Search for growth catalysts and risk factors from recent filings
Get analyst estimates and forward outlook
Create visualizations for revenue trends, margins, and debt metrics
Compile comprehensive primer document with all findings

Output

Plan updated.

Create comprehensive Visa company primer document
Todo write
Input
Verify Visa ticker and gather business model overview from 10-K Get financial fundamentals: revenue, margins, profitability metrics over last 8 quarters Get debt and financial health metrics: total debt, net debt, leverage ratios, cash position Search for key value drivers and revenue breakdown by segment/geography Search for industry trends and competitive positioning vs Mastercard, Amex, PayPal Search for recent developments and strategic initiatives from earnings calls and 8-Ks Search for growth catalysts and risk factors from recent filings Get analyst estimates and forward outlook Create visualizations for revenue trends, margins, and debt metrics Compile comprehensive primer document with all findings
Output
Plan updated.

I've created a comprehensive company primer for Visa Inc. (V). Here's a summary of the key findings:

Executive Summary

Visa Inc. ($330.18, $640.7B market cap) is the world's largest digital payments network, processing 329 billion transactions in FY2025 with $17 trillion in total payments volume. The company operates a capital-light, fee-based model generating ~70% EBITDA margins.

Key Takeaways

Business Model:

Four-party network connecting consumers, merchants, issuers, and acquirers
Visa does NOT issue cards or take credit risk—earns fees on transaction facilitation
Revenue: Service fees (44%), Data processing (50%), International transactions (35%), less Client incentives (39%) → $40.0B net revenue FY2025

Financial Performance (FY2025):

Metric	Value	YoY Growth
Net Revenue	$40.0B	+11%
Non-GAAP EPS	$11.47	+14%
EBITDA Margin	70%	Stable
Operating Cash Flow	$23.1B	Strong

Competitive Position:

60% global card payments market share vs. Mastercard (33%), Amex, Discover
~5 billion payment credentials, 175M+ merchant locations
16+ billion tokens securing digital commerce

Growth Catalysts:

$200T+ addressable market in commercial and money movement solutions
Value-Added Services growing 24% YoY to $10.9B
Early leadership in agentic commerce and stablecoin integration
Cross-border e-commerce up 13% driving international revenue (+15% YoY)

Key Risks:

Regulatory pressure on interchange fees (Credit Card Competition Act, Regulation II)
$2.2B litigation provision for interchange MDL in FY2025
Competition from real-time payment networks (FedNow, UPI, PIX)

Debt & Financial Health:

Metric	Q4 2025
Total Debt	$26.1B
Net Debt	$7.1B
Net Debt/EBITDA	0.24x
Cash & Equivalents	$17.2B

The balance sheet is fortress-quality with investment-grade ratings and a $7.0B undrawn credit facility .

FY2026 Outlook:

Management guiding to low double-digit adjusted revenue and EPS growth
Analyst consensus: $44.4B revenue (+11%), $12.81 EPS (+12%) [*]

Created Files

Supporting charts:

Values marked with [] retrieved from S&P Global.*

Continue this conversation