Jun 2026 (Q3 FY26) — Jul 28, 2026
Visa Q3 FY26 — Strong Growth Across Payments, VAS, and Strategic Innovation
Read the full callVisa (V) earnings
- Mar 2026
- Jun 2026 (Q3 FY26)
- Sep 2025
Visa earnings: last reported Tue, 28 Jul 2026, for the quarter ended Jun 2026.
Reported
The figures, each with its period
Each figure keeps its basis and period; nothing is filled in.
| Metric | Value | Change | Basis | Period | Note |
|---|---|---|---|---|---|
| Revenue | 11,230 | +17.1% YoY | Quarterly, as filed | Quarter to Mar 2026 | Revenue from operations as filed. |
| Operating margin | 64.4 | +7.8 pts YoY | Operating profit / revenue | Quarter to Mar 2026 | For the quarter; a change is in percentage points. |
| Net profit | 6,021 | +31.5% YoY | Quarterly, as filed | Quarter to Mar 2026 | Profit after tax as filed. |
Guidance
What management said, and what became of it
55 of 62 judged targets kept · 42 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Acquisition impact on nominal growth rates (Prisma and NewPay) | ~1.5 points to net revenue growth, ~2 points to operating expense growth, ~0.5 point to EPS growth | Mar 2026 | Prisma and NewPay added a little under 1.5 points to net revenue growth, approximately 2 points to operating expense growth, and approximately 0.5 point to EPS growth. | Achieved |
| Adjusted operating expense growth | low teens | Mar 2026 | Operating expenses grew 17% ... This was above our expectations | Missed |
| Additional Visa credentials in Europe from already-closed wins | another 30 million cards over the coming year | Mar 2026 | in the next several years, we expect over 30 million more credentials from wins alone in Europe. | Delayed |
7 of VISA INC.'s 104 targets were missed. See which ones, and which are quietly gone. The 3 above are the free sample; 101 more targets are in the full ledger.
Claimed
- Net revenue increased 14% year-over-year to $11.6 billion.
- EPS grew 11% year-over-year.
- Quarterly payments volume crossed $4 trillion for the first time, up 10% year-over-year in constant dollars.
- Processed transactions grew 10% year-over-year to $72 billion.
- Value-added services revenue surged 34% year-over-year in constant dollars to $3.8 billion.
Qualified
- Operating expenses grew 17% year-over-year, primarily due to larger-than-expected FX impact and higher personnel expense.
- The company incurred $563 million in severance costs related to workforce reductions.
- Q4 incentive growth is expected to be slightly above Q3 on a nominal basis, potentially impacting net revenue yield.
Price
$402.92 +0.08% · +$0.31
Performance +17.9% 1Y
1Y: $341.89 on 17 Oct 2025 → $402.92. High $402.92 (19 Oct 2026), low $295.52 (27 Mar 2026).
- Previous close
- $402.61
- 52-week range
- $295.52 – $402.92
- One year
- +16.99%
Overview
- Symbol
- V
- Sector
- Financials
- Exchange
- US
- Currency
- USD
Guidance
What management said, and what became of it
55 of 62 judged targets kept · 42 open · verdicts reflect calls analysed to Jun 2026.
| Target | Original wording | Said | Latest call | Verdict |
|---|---|---|---|---|
| Acquisition impact on nominal growth rates (Prisma and NewPay) | ~1.5 points to net revenue growth, ~2 points to operating expense growth, ~0.5 point to EPS growth | Mar 2026 | Prisma and NewPay added a little under 1.5 points to net revenue growth, approximately 2 points to operating expense growth, and approximately 0.5 point to EPS growth. | Achieved |
| Adjusted operating expense growth | low teens | Mar 2026 | Operating expenses grew 17% ... This was above our expectations | Missed |
| Additional Visa credentials in Europe from already-closed wins | another 30 million cards over the coming year | Mar 2026 | in the next several years, we expect over 30 million more credentials from wins alone in Europe. | Delayed |
Claimed
- Net revenue increased 14% year-over-year to $11.6 billion.
- EPS grew 11% year-over-year.
- Quarterly payments volume crossed $4 trillion for the first time, up 10% year-over-year in constant dollars.
- Processed transactions grew 10% year-over-year to $72 billion.
- Value-added services revenue surged 34% year-over-year in constant dollars to $3.8 billion.
Qualified
- Operating expenses grew 17% year-over-year, primarily due to larger-than-expected FX impact and higher personnel expense.
- The company incurred $563 million in severance costs related to workforce reductions.
- Q4 incentive growth is expected to be slightly above Q3 on a nominal basis, potentially impacting net revenue yield.
The full ledger
Open VISA INC.’s full ledger
A free account opens 5 company ledgers a month. All 104 tracked commitments, with each call’s wording and source.
Call summaries
Mar 2026 (Q2 FY26) — Apr 28, 2026
Visa Inc. Q2 FY26 — Strong Revenue and EPS Growth Driven by VAS and CMS
Read the full callDec 2025 (Q1 FY26) — Jan 29, 2026
Visa Q1 FY26 — Strong Revenue Growth Driven by Value-Added Services and Commercial Solutions
Read the full callEvery analysed call
Visa earnings calls (V)
Financials
What the filings say
Net profit, year on year: +32% (quarter to mar 2026 against mar 2025).
| Line item | Jun 2024 | Sep 2024 | Dec 2024 | Mar 2025 | Jun 2025 | Sep 2025 | Dec 2025 | Mar 2026 |
|---|---|---|---|---|---|---|---|---|
| Sales | 8,900 | 9,617 | 9,510 | 9,594 | 10,172 | 10,724 | 10,901 | 11,230 |
| Expenses | 2,962 | 3,268 | 3,276 | 4,159 | 3,995 | 4,576 | 4,164 | 3,996 |
| Operating profit | 5,938 | 6,349 | 6,234 | 5,435 | 6,177 | 6,148 | 6,737 | 7,234 |
| Operating margin | 66.7% | 66.0% | 65.5% | 56.6% | 60.7% | 57.3% | 61.8% | 64.4% |
| Other income | 51 | 23 | -34 | 3 | 156 | 75 | -11 | -60 |
| Interest | 196 | 176 | 182 | 158 | 39 | 210 | 194 | 178 |
| Profit before tax | 5,989 | 6,372 | 6,200 | 5,438 | 6,333 | 6,223 | 6,726 | 7,174 |
| Tax rate | 18.6% | 16.5% | 17.4% | 15.8% | 16.8% | 18.2% | 13.0% | 16.1% |
| Net profit | 4,872 | 5,318 | 5,119 | 4,577 | 5,272 | 5,090 | 5,853 | 6,021 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Equity capital | — | — | — | 18,855 | 19,545 | 20,452 | — | — |
| Reserves | 11,318 | 13,502 | 14,088 | 15,351 | 16,116 | 18,040 | 17,289 | 15,106 |
| Total liabilities | 35,219 | 37,890 | 44,709 | 45,307 | 49,920 | 51,766 | 55,374 | 61,718 |
| Fixed assets | 2,472 | 2,695 | 2,737 | 2,715 | 3,223 | 3,425 | 3,824 | 4,236 |
| Total assets | 69,225 | 72,574 | 80,919 | 82,896 | 85,501 | 90,499 | 94,511 | 99,627 |
| Line item | Sep 2018 | Sep 2019 | Sep 2020 | Sep 2021 | Sep 2022 | Sep 2023 | Sep 2024 | Sep 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash from operations | 12,941 | 12,784 | 10,440 | 15,227 | 18,849 | 20,755 | 19,950 | 23,059 |
| Cash from investing | -3,084 | -591 | 1,427 | -152 | -4,288 | -2,006 | -1,926 | 708 |
| Cash from financing | -10,790 | -12,061 | -3,968 | -14,410 | -12,696 | -17,772 | -20,633 | -18,963 |
| Net cash flow | -1,034 | -145 | 8,339 | 628 | 578 | 1,613 | -2,227 | 5,224 |
| Capital expenditure | -718 | -756 | -736 | -705 | -970 | -1,059 | -1,257 | -1,482 |
| Free cash flow | 12,223 | 12,028 | 9,704 | 14,522 | 17,879 | 19,696 | 18,693 | 21,577 |
V revenue by segment
| Segment | Q3 FY2024 | Q1 FY2025 | Q2 FY2025 | Q3 FY2025 | Q4 FY2025 | Q1 FY2026 | Q2 FY2026 | Q3 FY2026 | YoY growth latest quarter |
|---|---|---|---|---|---|---|---|---|---|
| Data Processing Revenues | 50% | — | 49% | 51% | — | 51% | 49% | 52% | +17.3% |
| Service | 45% | 44% | 46% | 43% | 43% | 44% | 44% | 42% | +13.7% |
| International Transaction Revenues | 36% | 36% | 34% | 36% | 35% | 34% | 32% | 33% | +6.1% |
| Value Added Services | — | 25% | 27% | 28% | 29% | 29% | 29% | 33% | +35.7% |
| Service Other | 9% | 10% | 10% | 10% | 11% | 11% | 12% | 13% | +45.5% |
| Client Incentives | -40% | -40% | -39% | -39% | -40% | -39% | -38% | -40% | — |
Share of consolidated revenue by quarter. Q4 is the fiscal year less its first three quarters.
See how segments are shifting across companies → Segment Shift
V operating KPIs by quarter
| KPI | Mar 2025 Q2 FY25 | Jun 2025 Q3 FY25 | Sep 2025 Q4 FY25 | Dec 2025 Q1 FY26 | Mar 2026 Q2 FY26 | Jun 2026 Q3 FY26 | Change vs prior quarter |
|---|---|---|---|---|---|---|---|
| Visa Direct transactions | 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.
Revenue by region
Q3 FY2026 · share of revenue
- Non Us 62% ↑ 3 pt
- US 38% ↓ 3 pt
As V cuts its regions in its filings; they can nest, so they need not add to 100%.
Insider filings
97 filings between Nov 3, 2025 and Oct 1, 2026.
Open market
decisions to buy or sellPurchases
None
No insider bought shares.
Sales
$86.28M
24 sales by 7 insiders
75% filed under a 10b5-1 plan — scheduled in advance, not decided on the day
Compensation
not trading decisions- 7
- Award — granted as compensation
- 46
- Option exercise — converted options into shares
- 18
- Tax withheld — shares kept back by the company to cover tax
Also filed: 2 gifts.
Who traded
open market only| Insider | Bought | Sold | Last filing |
|---|---|---|---|
| MCINERNEY RYAN | — | $38.74M | Oct 1, 2026 |
| MAHON TULLIER KELLY | — | $20.90M | Jul 30, 2026 |
| Taneja Rajat | — | $16.57M | Aug 21, 2026 |
| Suh Chris | — | $3.46M | May 12, 2026 |
| Fabara Paul D | — | $3.21M | Dec 2, 2025 |
| ROTTENBERG JULIE B | — | $2.89M | Sep 9, 2026 |
| CARNEY LLOYD | — | $504.1K | Mar 11, 2026 |
Latest filings (50)
| Date | Insider | What | Shares | Value |
|---|---|---|---|---|
| Oct 1, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise 10b5-1 plan | 5,875 | $791.7K |
| Oct 1, 2026 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 5,875 | $2.11M |
| Sep 9, 2026 | ROTTENBERG JULIE B GENERAL COUNSEL | Option exercise 10b5-1 plan | 1,867 | $251.6K |
| Sep 9, 2026 | ROTTENBERG JULIE B GENERAL COUNSEL | Sale 10b5-1 plan | 1,867 | $687.7K |
| Sep 1, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise 10b5-1 plan | 5,875 | $791.7K |
| Sep 1, 2026 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 5,875 | $2.23M |
| Aug 31, 2026 | ROTTENBERG JULIE B GENERAL COUNSEL | Option exercise 10b5-1 plan | 2,028 | $222.7K |
| Aug 31, 2026 | ROTTENBERG JULIE B GENERAL COUNSEL | Sale 10b5-1 plan | 2,028 | $773.4K |
| Aug 21, 2026 | Taneja Rajat PRESIDENT, TECHNOLOGY | Sale | 17,927 | $6.65M |
| Aug 21, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise 10b5-1 plan | 5,875 | $791.7K |
| Aug 21, 2026 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 5,875 | $2.16M |
| Aug 15, 2026 | ANDRESKI PETER M GBL CORP CONTROLLER, CAO | Tax withheld | 1,714 | $624.2K |
| Aug 15, 2026 | ANDRESKI PETER M GBL CORP CONTROLLER, CAO | Option exercise | 4,170 | — |
| Aug 15, 2026 | Suh Chris CHIEF FINANCIAL OFFICER | Tax withheld | 6,992 | $2.55M |
| Aug 15, 2026 | Suh Chris CHIEF FINANCIAL OFFICER | Option exercise | 15,289 | — |
| Jul 30, 2026 | MAHON TULLIER KELLY VICE CHAIR, CHF PPL & CORP AFF | Sale | 19,991 | $7.29M |
| Jul 30, 2026 | MAHON TULLIER KELLY VICE CHAIR, CHF PPL & CORP AFF | Sale | 37,281 | $13.61M |
| Jul 30, 2026 | MAHON TULLIER KELLY VICE CHAIR, CHF PPL & CORP AFF | Option exercise | 37,281 | $4.09M |
| Jul 2, 2026 | ROTTENBERG JULIE B GENERAL COUNSEL | Option exercise 10b5-1 plan | 2,027 | $222.6K |
| Jul 2, 2026 | ROTTENBERG JULIE B GENERAL COUNSEL | Sale 10b5-1 plan | 2,027 | $729.7K |
| Jul 1, 2026 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 1,638 | $564.4K |
| Jul 1, 2026 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 8,852 | $3.04M |
| Jul 1, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise 10b5-1 plan | 10,490 | $1.15M |
| Jun 29, 2026 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 20,970 | $7.13M |
| Jun 29, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise 10b5-1 plan | 20,970 | $2.30M |
| May 12, 2026 | Suh Chris CHIEF FINANCIAL OFFICER | Sale | 10,639 | $3.46M |
| Apr 29, 2026 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 31,455 | $10.70M |
| Apr 29, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise 10b5-1 plan | 31,455 | $3.45M |
| Mar 11, 2026 | CARNEY LLOYD Director | Sale | 650 | $201.3K |
| Feb 15, 2026 | MAHON TULLIER KELLY VICE CHAIR, CHF PPL & CORP AFF | Option exercise | 35,537 | — |
| Feb 15, 2026 | Fabara Paul D CHIEF RISK & CLIENT SVCS OFC | Option exercise | 21,322 | — |
| Feb 15, 2026 | Fabara Paul D CHIEF RISK & CLIENT SVCS OFC | Tax withheld | 10,421 | $3.27M |
| Feb 15, 2026 | Taneja Rajat PRESIDENT, TECHNOLOGY | Option exercise | 35,537 | — |
| Feb 15, 2026 | MCINERNEY RYAN Chief Executive Officer | Tax withheld | 5,981 | $1.88M |
| Feb 15, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise | 10,662 | — |
| Feb 15, 2026 | MAHON TULLIER KELLY VICE CHAIR, CHF PPL & CORP AFF | Tax withheld | 17,551 | $5.51M |
| Feb 15, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise | 1,092 | — |
| Feb 15, 2026 | Taneja Rajat PRESIDENT, TECHNOLOGY | Tax withheld | 17,610 | $5.53M |
| Jan 27, 2026 | CARNEY LLOYD Director | Award | 861 | $0 |
| Jan 27, 2026 | LUNDGREN JOHN F Director | Award | 861 | $0 |
| Jan 27, 2026 | Fernandez-Carbajal Francisco Javier Director | Award | 861 | $0 |
| Jan 27, 2026 | Murphy Pam Director | Award | 861 | $0 |
| Jan 27, 2026 | MORRISON DENISE M Director | Award | 861 | $0 |
| Jan 27, 2026 | List Teri Director | Award | 861 | $0 |
| Jan 27, 2026 | Ready William J Director | Award | 861 | $0 |
| Jan 2, 2026 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 10,485 | $3.66M |
| Jan 2, 2026 | MCINERNEY RYAN Chief Executive Officer | Option exercise 10b5-1 plan | 10,485 | $1.15M |
| Dec 11, 2025 | MCINERNEY RYAN Chief Executive Officer | Sale 10b5-1 plan | 10,485 | $3.57M |
| Dec 11, 2025 | MCINERNEY RYAN Chief Executive Officer | Option exercise 10b5-1 plan | 10,485 | $1.15M |
| Dec 11, 2025 | ROTTENBERG JULIE B GENERAL COUNSEL | Option exercise 10b5-1 plan | 2,027 | $222.6K |
Source: SEC Form 4 filings. Form 4 reports transactions, not the cap table — absence of filings says nothing about how much an insider owns, and a quiet window is not a signal.
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