Visa
What matters nowUpdated 3 h ago
- Latest development: China's central bank approved Visa's Application to Prepare on Oct 13, which lets Visa begin formal preparations for a domestic bankcard clearing business in China; Visa has given no timeline and the size is not disclosed 1. Visa also returned as title sponsor of the 2026 MAMA Awards, a marketing deal with no disclosed financial terms 2.
- Recent trading: the pooled 24/7 venue price was about $393.61 on Oct 13, up 1.17% from the $389.04 previous close. Visa rose 2.43% on Oct 5 and 2.20% on Oct 9, with the NFL partnership release 3 and the earnings-date notice 4 as the nearest stories, and fell 1.88% on Sep 22. Insiders sold 172,300 shares worth $61.1 million in 12 sales over the past 180 days and bought none.
- Key numbers: trailing revenue is $43.0 billion, up 14.4% year on year (17.1% in the latest quarter), with a 61.1% operating margin, a 51.7% net margin, $21.2 billion of trailing free cash flow and $11.6 billion of net debt, all as of March 31, 2026. In the June 2026 quarter, payments volume grew 10% and cross-border volume 13% in constant dollars, while other revenue rose 45% to $1.5 billion. About 17% of stablecoin-linked card volume in fiscal 2026 to date came from business programs, with more than 160 programs live 5.
- Next: Visa reports fiscal fourth-quarter and full-year 2026 results after the close on Oct 27, 2026, with the webcast at 5:00 p.m. Eastern 4. Before that, September CPI is due Oct 14 and retail sales and PPI on Oct 15. Polymarket odds for the October 2026 Fed meeting are 81.5% for no change and 17.5% for a 25 bp increase.
- Legal calendar: the fact discovery deadline in the DOJ debit-monopolization case against Visa is Jan 29, 2027.
Visa Newsroom · Oct 13
PR Newswire (via Manila Times) · Oct 13
Visa Newsroom · Oct 5
Visa Investor Relations · Oct 8
Visa Newsroom · Oct 1
Visa runs one of the largest payment networks in the world. It does not issue cards or lend to consumers; banks issue Visa cards and merchant acquirers sign up sellers, and Visa earns fees on each transaction processed over VisaNet. Fiscal 2025 (ended Sept. 30, 2025) net revenue was $40.0 billion, up 11%, and GAAP EPS was $10.20. The stock trades on payments volume and cross-border travel growth, the pace of value-added services, the agentic commerce and stablecoin push, and antitrust and interchange litigation.
How it makes money
Visa earns revenue from the network and its services. Service revenue is charged on payments volume to issuers and acquirers, data processing revenue is charged per processed transaction, international transaction revenue is charged on cross-border transactions and currency conversion, and other revenue comes from value-added services such as risk, identity, tokenization and commercial and money movement products. Visa books client incentives, paid to banks and merchants to win and keep volume, as a deduction from gross revenue. Its main cost is the operating expense of running global infrastructure and people, so margins rise as volume grows faster than costs.
Last 12 monthsChart & venues →
Valuation & fundamentalsFull financials →
TTM through 2026-03-31 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price. Quarterly statements →
Biggest businessesAll products & projects →
Consumer payments network (VisaNet)
Core business. Payments volume grew 10% in constant dollars in the June 2026 quarter.
Cross-border payments
Cross-border volume grew 13% in constant dollars in the June 2026 quarter, with 12% excluding intra-Europe.
Value-added services (other revenue)
Other revenue rose 45% to $1.5 billion in the June 2026 quarter.
Commercial and money movement (Visa Direct)
Business payments and push-to-card payouts, grouped with value-added services as a growth area in Visa's reporting.
Latest newsAll news →
China's central bank approves Visa's Application to Prepare for a domestic bankcard clearing business
The People's Bank of China approved Visa's Application to Prepare, which lets Visa begin formal preparations to set up a domestic bankcard clearing institution in China.
Visa returns as title sponsor of the 2026 MAMA Awards
Visa announced it is returning as title sponsor of the 2026 MAMA Awards, the third straight year it has held the role after 2024 and 2025.
Visa sets October 27 release for fiscal Q4 and full-year 2026 results
Visa said it will report fiscal fourth-quarter and full-year 2026 results after the market close on Tuesday, October 27, 2026.
Visa adds seven NFL team partnerships and renews four, for 13 team relationships
Visa announced new partnerships with seven NFL teams, including the Rams, Chargers, Chiefs, Commanders, Cowboys, Texans and Eagles, and renewed deals with four more, the 49ers, Patriots, Bills and Steelers.
Visa data: business uses are about 17% of stablecoin-linked card volume in FY26
Visa said that about 17% of stablecoin-linked card volume in its fiscal 2026 year to date came from business and commercial card programs.
Visa study: stablecoin willingness rises from 36% to 56% with bank-style protections
A Visa study titled Money Travels 2026 found that 36% of U.S.
Products & businesses
Consumer payments network (VisaNet)
Core business. Payments volume grew 10% in constant dollars in the June 2026 quarter.
Cross-border payments
Cross-border volume grew 13% in constant dollars in the June 2026 quarter, with 12% excluding intra-Europe.
Value-added services (other revenue)
Other revenue rose 45% to $1.5 billion in the June 2026 quarter.
Commercial and money movement (Visa Direct)
Business payments and push-to-card payouts, grouped with value-added services as a growth area in Visa's reporting.
Stablecoin settlement
Stablecoin settlement is running on VisaNet, with an annualized run rate of about $7 billion as of March 2026.
What it's building next
Segments
| Segment | Revenue | Share | |
|---|---|---|---|
| Service revenue Fees charged to issuers and acquirers based on payments volume on Visa cards and accounts. FY2025 growth was 9%. Share is of the four gross revenue lines, before client incentives. | $17.54B | 31.5% | |
| Data processing revenue Fees for authorizing, clearing and settling transactions on VisaNet, plus related processing services. FY2025 growth was 13%, the fastest of the core lines. Share is of the four gross revenue lines, before client incentives. | $19.99B | 35.9% | |
| International transaction revenue Fees on cross-border transactions and currency conversion. FY2025 growth was 12%, and cross-border volume grew 13% in constant dollars. Share is of the four gross revenue lines, before client incentives. | $14.17B | 25.4% | |
| Other revenue (value-added services) Value-added services such as risk and fraud tools, identity, tokenization, and commercial and money movement products. FY2025 growth was 27%, the fastest of the four lines. Share is of the four gross revenue lines, before client incentives. | $4.05B | 7.3% |
Fiscal FY2025 · from the annual report
Valuation & fundamentals
TTM through 2026-03-31 from SEC filings (some quarters derived from annual and year-to-date figures). Ratios use our pooled 24/7 price.
Financial statements
| Metric | TTM | Q2 FY2026 2026-03-31 | Q1 FY2026 2025-12-31 | Q4 FY2025 2025-09-30 | Q3 FY2025 2025-06-30 | Q2 FY2025 2025-03-31 | Q1 FY2025 2024-12-31 | Q4 FY2024 2024-09-30 | Q3 FY2024 2024-06-30 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $43.03B | $11.23B +17% | $10.90B +15% | $10.72Bd +12% | $10.17B +14% | $9.59B +9% | $9.51B +10% | $9.62Bd +12% | $8.90B +10% |
| Operating income | $26.30B | $7.23B +33% | $6.74B +8% | $6.15Bd -3% | $6.18B +4% | $5.43B +2% | $6.23B +5% | $6.35Bd +14% | $5.94B +18% |
| Net income | $22.24B | $6.02B +32% | $5.85B +14% | $5.09Bd -4% | $5.27B +8% | $4.58B -2% | $5.12B +5% | $5.32Bd +14% | $4.87B +17% |
| Operating cash flow | $22.76B | $3.01Bd -36% | $6.78B +26% | $6.24Bd -6% | $6.73Bd +31% | $4.70Bd +3% | $5.40B +49% | $6.66Bd -4% | $5.13Bd -11% |
| Capital expenditure | $1.57B | $383.0Md +17% | $378.0M +10% | $389.0Md +26% | $421.0Md +5% | $327.0Md +16% | $345.0M +29% | $309.0Md +1% | $400.0Md +36% |
| Share buybacks | $21.33B | $7.90Bd +72% | $3.73B -7% | $4.93Bd -16% | $4.78Bd +6% | $4.60Bd +67% | $4.01B +12% | $5.85Bd +56% | $4.53Bd +49% |
| Cash & equivalents | $12.40B | $12.40B | $14.76B | $17.16B | $17.09B | $11.73B | $12.37B | $11.97B | $12.95B |
| Total debt | $23.98B | $23.98Bd | $21.18Bd | $25.17Bd | $25.14Bd | $20.76Bd | $20.61Bd | $20.84Bd | $20.60Bd |
| Metric | FY2025 2025-09-30 | FY2024 2024-09-30 | FY2023 2023-09-30 | FY2022 2022-09-30 |
|---|---|---|---|---|
| Revenue | $40.00B +11% | $35.93B +10% | $32.65B +11% | $29.31B |
| Operating income | $23.99B +2% | $23.59B +12% | $21.00B +12% | $18.81B |
| EBIT | $23.99B +2% | $23.59B +12% | $21.00B +12% | $18.81B |
| Depreciation & amortization | $1.22B +18% | $1.03B +10% | $943.0M +10% | $861.0M |
| Interest expense | $589.0M -8% | $641.0M -0% | $644.0M +20% | $538.0M |
| Income tax | $4.14B -1% | $4.17B +11% | $3.76B +18% | $3.18B |
| Net income | $20.06B +2% | $19.74B +14% | $17.27B +15% | $14.96B |
| Dividends per share | $0.59 +13% | $0.52 +16% | $0.45 +20% | $0.38 |
| Operating cash flow | $23.06B +16% | $19.95B -4% | $20.75B +10% | $18.85B |
| Capital expenditure | $1.48B +18% | $1.26B +19% | $1.06B +9% | $970.0M |
| Share buybacks | $18.32B +10% | $16.71B +38% | $12.10B +4% | $11.59B |
| Dividends paid | $4.63B +10% | $4.22B +12% | $3.75B +17% | $3.20B |
| Cash & equivalents | $17.16B | $11.97B | $16.29B | $15.69B |
| Long-term debt (incl. current portion) | $19.60B | $20.84B | $20.46B | $20.20B |
| Total debt | $25.17Bd | $20.84Bd | $20.46Bd | $22.45Bd |
| Total assets | $99.63B | $94.51B | $90.50B | $85.50B |
| Total liabilities | $61.72B | $55.37B | $51.77B | $49.92B |
| Shareholders' equity | $37.91B | $39.14B | $38.73B | $35.58B |
From XBRL data in SEC filings. Small figures under each value: change vs the same period a year earlier. d = derived (e.g. Q4 = full year − first nine months).
NewsFull archive →
China's central bank approves Visa's Application to Prepare for a domestic bankcard clearing business
The People's Bank of China approved Visa's Application to Prepare, which lets Visa begin formal preparations to set up a domestic bankcard clearing institution in China.
Visa returns as title sponsor of the 2026 MAMA Awards
Visa announced it is returning as title sponsor of the 2026 MAMA Awards, the third straight year it has held the role after 2024 and 2025.
Visa sets October 27 release for fiscal Q4 and full-year 2026 results
Visa said it will report fiscal fourth-quarter and full-year 2026 results after the market close on Tuesday, October 27, 2026.
Visa adds seven NFL team partnerships and renews four, for 13 team relationships
Visa announced new partnerships with seven NFL teams, including the Rams, Chargers, Chiefs, Commanders, Cowboys, Texans and Eagles, and renewed deals with four more, the 49ers, Patriots, Bills and Steelers.
Visa data: business uses are about 17% of stablecoin-linked card volume in FY26
Visa said that about 17% of stablecoin-linked card volume in its fiscal 2026 year to date came from business and commercial card programs.
Visa study: stablecoin willingness rises from 36% to 56% with bank-style protections
A Visa study titled Money Travels 2026 found that 36% of U.S.
Visa and IFC launch about $200M risk-sharing program for emerging-market digital payments
Visa and the International Finance Corporation, the World Bank Group's private-sector arm, announced a five-year risk-sharing initiative for digital payments in emerging markets.
Visa says stablecoin settlement passed a $20B annualized run rate; onchain lending launched with Credit Coop
Visa said its stablecoin settlement volume surpassed a $20 billion annualized run rate, up more than 15 times year over year.
Visa launches enhanced A2A Protect with unified fraud score built on Featurespace
Visa launched an enhanced version of A2A Protect, its tool for stopping account-to-account fraud before money leaves a customer's account.
President of Technology Rajat Taneja sold 17,927 Visa shares at about $371
Rajat Taneja, Visa's President of Technology, sold 17,927 Class A shares on August 21, 2026, at a weighted-average price of about $370.97, within a range of $370.60 to $371.47.
Vice Chair Kelly Mahon Tullier exercised options and sold 57,272 shares, about $20.9M
On July 30, 2026, Vice Chair Kelly Mahon Tullier exercised 37,281 options with a $109.82 strike and sold 57,272 Class A shares in two open-market sales at weighted-average prices of about $365.05 and $364.81.
Visa to cut about 2,600 jobs, roughly 7% of staff, mainly in technology and product teams
Visa announced on July 28, the same day as its fiscal third-quarter results, that it will eliminate about 2,600 roles, roughly 7% of its workforce.
Visa books $237 million interchange litigation charge in fiscal third quarter
Visa's fiscal third-quarter 2026 results, released July 28, 2026, included a $237 million special item for the interchange multidistrict litigation.
Visa opens Visa Stablecoin Platform to beta clients, starting with Open USD
On July 16, 2026, Visa launched the Visa Stablecoin Platform, an enterprise environment for creating, sending and holding stablecoins, starting with Open USD.
CEO Ryan McInerney exercised options and sold 10,490 Visa shares near $344
Visa CEO Ryan McInerney exercised 10,490 stock options with a $109.82 strike and sold the same number of Class A shares on July 1, 2026, at weighted-average prices of about $343.88 and $344.55.
Judge defeats shareholder class action tied to Visa's DOJ debit case
A federal judge in California defeated a proposed shareholder class action that alleged Visa failed to disclose anticompetitive practices while under a Justice Department investigation.
Visa CEO Ryan McInerney exercises options and sells about 20,970 shares
Visa's chief executive, Ryan McInerney, exercised options over 20,970 Class A shares at $109.82 and sold the same number at a weighted average of about $340.25 on June 29, 2026, according to his Form 4 filing.
Visa launches Visa Destinations travel platform in 10 cities for cardholders
Visa launched Visa Destinations on June 25, 2026, a mobile-first travel platform offering destination guides, tastemaker recommendations and selected experiences.
Boels Rental and others bring interchange claims against Visa group; case moves to UK tribunal
A High Court transfer order by Mr Justice Henshaw, dated June 15, 2026, moved claims by Boels Rental Limited and others against Visa Incorporated and other Visa group companies to the Competition Appeal Tribunal.
Visa Payments Forum: new agent scoring, agentic directory and stablecoin expansion
At the Visa Payments Forum in San Francisco, Visa announced AI, stablecoin and token capabilities for agentic and programmable commerce.
Visa and OpenAI announce strategic partnership for agentic commerce payments
Visa and OpenAI announced a strategic partnership to enable secure Visa payments within agentic commerce, announced at the Visa Payments Forum on June 10, 2026.
Court grants preliminary approval to revised Visa and Mastercard interchange settlement
Visa said a U.S.
Visa and Brale test SBC stablecoin settlement on the Canton Network
On June 4, 2026, Visa and Brale announced a proof of concept to explore institutional settlement in SBC, a US dollar-backed stablecoin issued by Brale.
Visa CFO Chris Suh sells 10,639 shares at about $324.81
Visa's chief financial officer, Chris Suh, sold 10,639 Class A shares on May 12, 2026, at a weighted average price of $324.81, according to his Form 4 filing.
Visa expands Agentic Ready to Asia Pacific and Latin America, 85+ partners
Visa extended Agentic Ready, its program for testing AI-agent payments, to Asia Pacific and Latin America after launching it in Europe.
Visa adds five blockchains to stablecoin settlement pilot; run rate reaches $7 billion
On April 29, 2026, Visa added Arc, Base, Canton, Polygon and Tempo to its stablecoin settlement pilot, bringing the total to nine blockchains.
Visa reports fiscal Q2 2026 results: revenue $11.23B, up 17% from a year earlier
Visa filed a Form 8-K with the SEC on Apr 28, 2026, 4:05 PM ET, reporting an event dated Apr 28, 2026.
Visa authorizes new $20 billion multi-year share repurchase program
Visa authorized a new $20.0 billion multi-year class A share repurchase program alongside its fiscal Q2 2026 results.
Visa launches a validator node on the Tempo blockchain
On April 14, 2026, Visa said it had launched a validator node on Tempo, a layer-1 blockchain it describes as built for agentic commerce and machine-to-machine payments.
Visa Intelligent Commerce Connect enters pilot with AWS and five partners
Visa launched Intelligent Commerce Connect in pilot with AWS, Diddo, Highnote, Mesh, Payabli and Sumvin.
SEC filings
| Oct 2, 26 | 4 | Form 4: MCINERNEY RYAN (Chief Executive Officer, Director) — option exercise 5,875 sh, open-market sale 5,875 sh | sec.gov ↗ |
| Oct 1, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 23, 26 | 8-K | 8-K: Other Events (Item 8.01) | sec.gov ↗ |
| Sep 10, 26 | 4 | Form 4: ROTTENBERG JULIE B (GENERAL COUNSEL) — option exercise 1,867 sh, open-market sale 1,867 sh | sec.gov ↗ |
| Sep 9, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Sep 2, 26 | 4 | Form 4: MCINERNEY RYAN (Chief Executive Officer, Director) — option exercise 5,875 sh, open-market sale 5,875 sh | sec.gov ↗ |
| Sep 1, 26 | 4 | Form 4: ROTTENBERG JULIE B (GENERAL COUNSEL) — option exercise 2,028 sh, open-market sale 2,028 sh | sec.gov ↗ |
| Sep 1, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 31, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 24, 26 | 4 | Form 4: Taneja Rajat (PRESIDENT, TECHNOLOGY) — open-market sale 17,927 sh | sec.gov ↗ |
| Aug 24, 26 | 4 | Form 4: MCINERNEY RYAN (Chief Executive Officer, Director) — option exercise 5,875 sh, open-market sale 5,875 sh | sec.gov ↗ |
| Aug 21, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 21, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Aug 18, 26 | 4 | Form 4: ANDRESKI PETER M (GBL CORP CONTROLLER, CAO) — option exercise 4,170 sh, tax withholding 1,714 sh | sec.gov ↗ |
| Aug 18, 26 | 4 | Form 4: Suh Chris (CHIEF FINANCIAL OFFICER) — option exercise 15,289 sh, tax withholding 6,992 sh | sec.gov ↗ |
| Jul 31, 26 | 4 | Form 4: MAHON TULLIER KELLY (VICE CHAIR, CHF PPL & CORP AFF) — option exercise 37,281 sh, open-market sale 57,272 sh | sec.gov ↗ |
| Jul 30, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 28, 26 | 10-Q | 10-Q: Quarterly report for the period ended Jun 30, 2026 | sec.gov ↗ |
| Jul 28, 26 | 8-K | 8-K: Results of Operations, Other Events (Items 2.02, 8.01) | sec.gov ↗ |
| Jul 15, 26 | 8-K | 8-K: Charter/Bylaw Amendment (Item 5.03) | sec.gov ↗ |
| Jul 6, 26 | 4 | Form 4: ROTTENBERG JULIE B (GENERAL COUNSEL) — option exercise 2,027 sh, open-market sale 2,027 sh | sec.gov ↗ |
| Jul 2, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jul 2, 26 | 4 | Form 4: MCINERNEY RYAN (Chief Executive Officer, Director) — option exercise 10,490 sh, open-market sale 10,490 sh | sec.gov ↗ |
| Jul 1, 26 | 144 | Form 144: Notice of proposed insider sale | sec.gov ↗ |
| Jun 30, 26 | 4 | Form 4: MCINERNEY RYAN (Chief Executive Officer, Director) — option exercise 20,970 sh, open-market sale 20,970 sh | sec.gov ↗ |
Insider trades, 12 months
| Date | Insider | Type | Shares | Price | Value |
|---|---|---|---|---|---|
| 2026-10-01 | MCINERNEY RYAN Chief Executive Officer, Director | Sale 10b5-1 plan | 5.9K | $358.81 | $2.1M |
| 2026-09-09 | ROTTENBERG JULIE B GENERAL COUNSEL | Sale 10b5-1 plan | 1.9K | $368.34 | $687.7K |
| 2026-09-01 | MCINERNEY RYAN Chief Executive Officer, Director | Sale 10b5-1 plan | 5.9K | $379.65 | $2.2M |
| 2026-08-31 | ROTTENBERG JULIE B GENERAL COUNSEL | Sale 10b5-1 plan | 2.0K | $381.35 | $773.4K |
| 2026-08-21 | MCINERNEY RYAN Chief Executive Officer, Director | Sale 10b5-1 plan | 5.9K | $367.87 | $2.2M |
| 2026-08-21 | Taneja Rajat PRESIDENT, TECHNOLOGY | Sale | 17.9K | $371.00 | $6.7M |
| 2026-07-30 | MAHON TULLIER KELLY VICE CHAIR, CHF PPL & CORP AFF | Sale | 57.3K | $364.97 | $20.9M |
| 2026-07-02 | ROTTENBERG JULIE B GENERAL COUNSEL | Sale 10b5-1 plan | 2.0K | $360.00 | $729.7K |
| 2026-07-01 | MCINERNEY RYAN Chief Executive Officer, Director | Sale 10b5-1 plan | 10.5K | $343.99 | $3.6M |
| 2026-06-29 | MCINERNEY RYAN Chief Executive Officer, Director | Sale 10b5-1 plan | 21.0K | $340.25 | $7.1M |
| 2026-05-12 | Suh Chris CHIEF FINANCIAL OFFICER | Sale | 10.6K | $324.81 | $3.5M |
| 2026-04-29 | MCINERNEY RYAN Chief Executive Officer, Director | Sale 10b5-1 plan | 31.5K | $340.14 | $10.7M |
| 2026-03-11 | CARNEY LLOYD Director | Sale | 650 | $309.62 | $201.3K |
| 2026-01-02 | MCINERNEY RYAN Chief Executive Officer, Director | Sale 10b5-1 plan | 10.5K | $349.18 | $3.7M |