V Visa (V) Q4 FY25 earnings call
Visa concluded FY25 with robust financial results, emphasizing its role as a 'hyperscaler' through its 'Visa as a Service' stack. The company highlighted significant innovation across its network, services, and solutions layers, particularly in agentic commerce and stablecoins. Management provided an optimistic FY26 outlook, projecting low double-digit growth for adjusted net revenue and EPS, underpinned by continued investment in strategic initiatives.
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V operating KPIs by quarter
| KPI | Dec 2024 Q1 FY25 | Mar 2025 Q2 FY25 | Jun 2025 Q3 FY25 | This call Sep 2025 Q4 FY25 | Dec 2025 Q1 FY26 | Mar 2026 Q2 FY26 | Jun 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|---|
| Visa Direct transactions | <3BVisa Direct has now crossed the $10 billion transaction mark over the last 12 months with nearly 3 billion transactions this quarter.Source: earnings call transcript | 3BCommercial and money movement solutions revenue grew 13% year-over-year in constant dollars driven by commercial payment volume growth of 6% year-over-year in constant dollars, consistent with last quarter; and Visa Direct transaction growth of 28% year-over-year to 3 billion transactions, below Q1 growth primarily due to the lapping of our initial ramp in Latin America for interoperability among P2P apps and the lapping of leap year.Source: earnings call transcript | 3.3BVisa Direct transactions grew 25% year-over-year to 3.3 billion transactions with strength in both domestic and cross-border P2P.Source: earnings call transcript | 3.4BVisa Direct transactions grew 23% to 3.4 billion transactions with strength in both domestic and cross-border.Source: earnings call transcript | 3.7BVisa Direct transactions grew 23% to 3.7 billion transactions, with strength in both domestic and cross-border.Source: earnings call transcript | 3.7BIn Q2, we had 3.7 billion transactions, up 23% year-over-year.Source: earnings call transcript | 4BIn money movement, Visa Direct transactions grew 21% year-over-year this quarter to $4 billion.Source: earnings call transcript | +8.1% |
| Employees | — | 31.6K+For the rest of the year and beyond, what I, our leadership team, and our more than 31,600 employees are focused on is serving our clients and capturing the enormous opportunities ahead.Source: earnings call transcript | — | 34K+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.Source: earnings call transcript | — | — | — | — |
| Tokens | — | — | — | 16B+We now have over 16 billion Visa tokens, up from 10 billion just in May of 2024.Source: earnings call transcript | 17.5B+We have more than 17.5 billion tokens globally, over 3x the number of physical cards, which means that the solution has been embraced broadly across the ecosystem.Source: earnings call transcript | — | — | — |
| Processed transactions | — | — | — | — | — | 66BPayments volume grew 9% year-over-year in constant dollars to $3.7 trillion and processed transactions grew 9% year-over-year to $66 billion.Source: earnings call transcript | 72BQuarterly payments volume grew 10% year-over-year in constant dollars to cross $4 trillion, the first time in Visa's history, and processed transactions grew 10% year-over-year to $72 billion, reflecting strong and resilient consumer spending.Source: earnings call transcript | +9.1% |
Operating figures the company stated on at least two of the calls shown, checked against each call's transcript. Click a figure to read the sentence. A dash means it was not stated that quarter.
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