Visa — Fiscal Fourth Quarter and Full-Year 2026 Earnings Summary

Financial Performance:

• Fiscal Q4 2026 net revenue was $12.1 billion, a 13% increase year-over-year on both nominal and constant-dollar bases.
• Fiscal full-year 2026 net revenue was $45.9 billion, a 15% increase year-over-year (14% on a constant-dollar basis).
• Fiscal Q4 2026 GAAP net income was $6.0 billion ($3.19 per share), an 18% increase year-over-year; non-GAAP net income was $6.6 billion ($3.48 per share), a 13% increase.
• Fiscal full-year 2026 GAAP net income was $23.5 billion ($12.32 per share), a 17% increase year-over-year; non-GAAP net income was $25.3 billion ($13.27 per share), a 12% increase.
• Fiscal Q4 2026 GAAP operating expenses were $4.9 billion (7% increase); non-GAAP operating expenses increased 12%, driven by marketing and personnel expenses.
• Fiscal full-year 2026 GAAP operating expenses were $17.8 billion (11% increase); non-GAAP operating expenses increased 16%, driven by personnel and marketing expenses.
• Fiscal Q4 2026 GAAP effective income tax rate was 18.5%; non-GAAP effective rate was 18.4%.
• Fiscal full-year 2026 GAAP effective income tax rate was 16.3%; non-GAAP effective rate was 17.9%.
• Cash, cash equivalents, and investment securities totaled $14.2 billion as of September 30, 2026.
• Total processed transactions for Q4 2026 were 74.2 billion (10% increase); for full-year 2026, 281.3 billion (9% increase).
• Payments volume increased 9% year-over-year in Q4 2026 and 9% for full-year 2026 on a constant-dollar basis.
• Cross-border volume (excluding intra-Europe) increased 14% in Q4 2026 and 12% for full-year 2026 on a constant-dollar basis.

Business Segments and Product Lines:

• Service revenue for Q4 2026 was $5.3 billion (14% increase); full-year was $19.9 billion (14% increase).
• Data processing revenue for Q4 2026 was $6.2 billion (16% increase); full-year was $23.4 billion (17% increase).
• International transaction revenue for Q4 2026 was $4.1 billion (8% increase); full-year was $15.3 billion (8% increase).
• Other revenue for Q4 2026 was $1.6 billion (40% increase); full-year was $5.7 billion (40% increase).
• Client incentives for Q4 2026 were $5.1 billion (21% increase); full-year were $18.3 billion (16% increase).

Other Key Points:

• On August 3, 2026, Visa signed a definitive agreement to acquire BioCatch for $2.4 billion in cash, expected to close by the end of fiscal Q2 2027.
• On September 18, 2026, Visa deposited $405 million into its litigation escrow account, reducing share counts equivalent to repurchasing shares at a weighted average price of $366.81.
• During Q4 2026, Visa repurchased approximately 11 million shares for $4.0 billion (average cost $369.12 per share).
• For the full year 2026, Visa repurchased approximately 61 million shares for $20.5 billion (average cost $335.49 per share).
• As of September 30, 2026, $24.4 billion remained authorized for share repurchases.
• The Board of Directors increased the quarterly cash dividend by 16% to $0.780 per share, payable December 1, 2026.
• Total share repurchases and dividends for Q4 2026 were $5.2 billion; for full-year 2026, $25.6 billion.
• GAAP net income for Q4 2026 included $469 million in litigation provisions, $282 million for investment donations to the Visa Foundation, and $37 million in deferred tax expense.
• GAAP net income for full-year 2026 included $1.7 billion in litigation provisions, $563 million in severance costs, $314 million in deferred tax benefits, and $282 million for investment donations.