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©2026 Visa. All rights reserved. Fiscal First Quarter 2026 Financial Results January 29, 2026
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 1 YoY increase / (decrease) except for Effective Income Tax Rate Net Revenue Operating Expenses Effective Income Tax Rate Diluted Class A Common Stock Earnings Per Share GAAP Nominal-Dollar Basis 15% 27% 13.0% 17% Non-GAAP Nominal-Dollar Basis(1) 15% 16% 18.4% 15% Foreign Currency Impact(2) (~1.0%) (~1.5%) N/A (~1.0%) Acquisition Impact(2) (~0.5%) (~1.0%) 0.0% ~0% Non-GAAP Adjusted Constant-Dollar Basis(1) 13% 14% 18.4% 14% Fiscal First Quarter 2026 Results (1) Refer to Non-GAAP Financial Measures within the appendix for further information on our non-GAAP adjustments. There were no non-GAAP adjustments made to net revenue. (2) Foreign currency and acquisition impacts, if applicable, are rounded to the nearest half point, except for effective income tax rate.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 2 Income Statement Summary In billions, except percentages and per share data. % change is calculated over the comparable prior-year period. Q1 2026 USD % Change Net Revenue $10.9 15% GAAP Net Income $5.9 14% GAAP Earnings Per Share $3.03 17% Non-GAAP Net Income(1) $6.1 12% Non-GAAP Earnings Per Share(1) $3.17 15% (1) Refer to Non-GAAP Financial Measures within the appendix for further information. Key Business Drivers YoY increase / (decrease), volume in constant dollars Q1 2026 Payments Volume 8% Cross-Border Volume Excluding Intra-Europe(2) 11% Cross-Border Volume Total 12% Processed Transactions 9% (2) Cross-border volume excluding transactions within Europe. Fiscal First Quarter 2026 Results and Other Highlights • Growth in payments volume, cross-border volume and processed transactions was strong • Share repurchases and dividends of $5.1B
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 3 Total Credit Debit Oct Nov Dec Jan 1 - 21 2% 4% 6% 8% 10% 12% Operational Performance Metrics through January 21, 2026 2025 - 2026 U.S. Payments Volume Growth Notes: 1) All figures shown on a constant-dollar basis and growth rates are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics. 2) CP denotes Card Present and CNP denotes Card Not Present. Oct Nov Dec Jan 1 - 21 6% 8% 10% 12% 14% 2025 - 2026 Processed Transactions Growth Total Total (ex. Intra-EU) CP + CNP Travel (ex. Intra-EU)CNP, Ex. Travel (ex. Intra-EU) Oct Nov Dec Jan 1 - 21 6% 8% 10% 12% 14% 16% 2025 - 2026 Cross-Border Volume Growth
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 4 9% 8% 9% 8% 9% 8% Total Payments Volume Growth Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics. 9% 9% 10% 11% 9% 10% Nominal TotalCredit Debit Constant TotalCredit Debit Q1 FY2026Q4 FY2025
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 5 Payments Volume Growth: U.S. and International 8% 7% 8% 6% 8% 7% 10% 10% 13% 16% 11% 13% 9% 9% 10% 11% 9% 10% Debit International Credit U.S. Total DebitCredit TotalDebitCredit Total 8% 7% 8% 6% 8% 7% 10% 8% 10% 10% 10% 9% 9% 8% 9% 8% 9% 8% DebitCredit Total DebitCredit TotalDebitCredit Total Visa Nominal Constant Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics. Q1 FY2026Q4 FY2025
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 6 Transactions Cross-Border Volume Transaction Count (in millions) Credit 31,084 30,878 Debit 56,889 53,030 Total 87,973 83,908 69,400 18% 12% 11% Total Nominal Total Constant Constant (excluding Intra-Europe) 8% 8% 9% Total Payments Processed (1) Cross-border volume excluding transactions within Europe. (1) Transactions and Cross-Border Volume Results Q1 FY2026 Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 7 1.4 3.3 4.7 1.5 3.5 5.0 10% 4% 6% 2024 2025 Total Cards (in billions) Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics. TotalCredit Debit Q4 FY2025
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 8 Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent operating data. Service revenue continues to be recognized primarily based on payments volume in the prior quarter. Total transactions represent payments and cash transactions as reported by Visa clients on their operating certificates. Processed transactions include payments and cash transactions, and represent transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa’s networks. Reported volume, transaction and card information may be updated to reflect revised client submissions or other adjustments. Prior-period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes and totals are calculated based on unrounded numbers. Constant-dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance. Operational Performance Data Footnote
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 9 13% 17% 6% 33% 12% 15% Note: The chart results are calculated over the comparable prior-year period. Percentage changes are calculated based on unrounded numbers. Reported Nominal USD (in millions) Service Revenue Data Processing Revenue International Transaction Revenue Other Revenue Client Incentives Net Revenue $4,760 $5,544 $3,652 $1,214 ($4,269) $10,901 Revenue Results Q1 FY2026
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 10 Personnel Marketing Network and Processing Professional Fees Depreciation and Amortization General and Administrative Litigation Provision Total Operating Expenses $1,764 $410 $233 $208 $326 $515 $708 $4,164 NM – Not Meaningful Note: The chart results are calculated over the comparable prior-year period. Percentage changes are calculated based on unrounded numbers. Reported Nominal USD (in millions) Operating Expenses Results (3%) 34% 12% 46% 16% 7% 27% Q1 FY2026 NM
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 11 Cash, cash equivalents and investment securities were $16.9 billion as of December 31, 2025. Calculation of Free Cash Flow Q1 2026 Net cash provided by operating activities $6,780 Less: capital expenditures (378) Free cash flow(1) $6,402 Returns to Shareholders Q1 2026 Share repurchases(2) $3,765 Dividends $1,293 (1) Free cash flow is a non-GAAP measure. Free cash flow is cash provided by operating activities adjusted to reflect capital investments made in the business. We believe this presentation is useful to investors in evaluating our ability to generate cash from operations after investments in property, equipment and technology. Free cash flow is not intended to represent our residual cash flow available for discretionary expenditures. Free Cash Flow and Capital Returns (in millions) (in millions) (2) Share repurchases include applicable taxes.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 12 Other Notable Items • On November 10, 2025, Visa entered into a superseding and amended settlement agreement to resolve the interchange multidistrict litigation injunctive relief class claims. The settlement is subject to approval by the court. • On December 23, 2025, Visa deposited $500 million into its litigation escrow account, which was previously established under the Company’s U.S. retrospective responsibility plan to insulate the Company and class A common stockholders from financial liability for certain litigation cases. This deposit has the same economic effect on earnings per share as repurchasing the Company's class A common stock as it reduced each of the as-converted class B-1 common stock and class B-2 common stock share counts at a volume weighted average price of $354.46.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 13 Financial Outlook for Fiscal Second Quarter and Fiscal Full-Year 2026 YoY increase / (decrease) on a Non-GAAP Adjusted Constant-Dollar Basis(1) Q2 2026 Full-Year 2026 Net Revenue Growth Low-double-digit Low-double-digit Operating Expense Growth Mid-teens Low-double-digit Diluted Class A Common Stock Earnings Per Share Growth High-end of low-double-digit Low-double-digit (1) Refer to the appendix for further information and a reconciliation of GAAP to non-GAAP and non-GAAP adjusted constant-dollar outlook financial measures.
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©2026 Visa. All rights reserved. Appendix
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 15 Non-GAAP Financial Measures We present our results and our financial outlook on a non-GAAP basis, which exclude certain items that we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer term operating trends. We exclude the following from our GAAP financial results to arrive at our non-GAAP financial results: • Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business. • Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as technology and customer relationships acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount to facilitate an evaluation of our current operating performance and comparison to our past operating performance. • Acquisition-related costs. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. These costs also include retention equity and deferred compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business. • Severance costs. We recorded severance costs within personnel expense to realign our organizational structure and focus on areas that will drive higher long-term growth. This broad-based optimization effort has been excluded as it is not representative of our ongoing operations. • Lease consolidation costs. We recorded a charge within general and administrative expense associated with the consolidation of certain leased office spaces. We have excluded this amount as it does not reflect the underlying performance of our business.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 16 Non-GAAP Financial Measures - continued • Litigation provision. Litigation provision includes significant accruals related to certain legal matters that are not covered by the U.S. retrospective responsibility plan or the Europe retrospective responsibility plan (uncovered legal matters) and additional accruals associated with the interchange multidistrict litigation which are covered by the U.S. retrospective responsibility plan (U.S. covered litigation). Litigation provision associated with these matters can vary significantly based on the facts and circumstances related to each matter and do not correlate to the underlying performance of our business. We have excluded these amounts to facilitate a comparison to our past operating performance. • Deferred tax benefit. We recorded a deferred tax benefit within income tax provision due to a change in the U.S. taxation of certain foreign earnings. We have excluded this one-time non-cash benefit as it is not representative of our ongoing operations. We also present our results and financial outlook on a non-GAAP adjusted constant-dollar basis. Measures presented on an adjusted constant-dollar basis are non-GAAP financial measures that have been further adjusted to exclude the following: • Impact of foreign exchange rates. We calculate the impact by using a fixed current year U.S. dollar/foreign currency exchange rate for each local currency for the periods presented. • Impact of acquisitions. We exclude net revenue and expenses of the acquired entities that were not reflected in the full quarter of the previous year and the incremental interest expense or forgone interest income as a result of funding the acquisition through debt or cash, respectively, which management believes enhances the comparability of our results. These amounts will be adjusted until we lap the quarter that the entity was acquired in, at which time there will be comparable results within each reported period. We consider non-GAAP measures useful to investors because they provide greater transparency into management’s view and assessment of our ongoing and future operating performance. Non-GAAP financial measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP. See the next slides for the reconciliations of GAAP to non-GAAP and non-GAAP adjusted constant-dollar results and financial outlook. See Free Cash Flow and Capital Returns slide for a discussion of free cash flow as a non-GAAP measure.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 17 Reconciliation of GAAP to Non-GAAP Financial Results Three Months Ended December 31, 2025 Operating Expenses Non-operating Income (Expense) Income Tax Provision(1) Effective Income Tax Rate(2) Net Income Diluted Earnings Per Share(2) (in millions, except percentages and per share data) GAAP $ 4,164 $ (11) $ 873 13.0% $ 5,853 $ 3.03 (Gains) losses on equity investments, net — 7 2 5 — Amortization of acquired intangible assets (54) — 14 40 0.02 Acquisition-related costs (12) — 1 11 0.01 Litigation provision (707) — 159 548 0.28 Deferred tax benefit — — 333 (333) (0.17) Non-GAAP $ 3,391 $ (4) $ 1,382 18.4% $ 6,124 $ 3.17 Three Months Ended December 31, 2024 Operating Expenses Non-operating Income (Expense) Income Tax Provision(1) Effective Income Tax Rate(2) Net Income Diluted Earnings Per Share(2) (in millions, except percentages and per share data) GAAP $ 3,276 $ (34) $ 1,081 17.4% $ 5,119 $ 2.58 (Gains) losses on equity investments, net — 75 17 58 0.03 Amortization of acquired intangible assets (46) — 11 35 0.02 Acquisition-related costs (34) — 2 32 0.02 Severance costs (213) — 45 168 0.08 Lease consolidation costs (39) — 9 30 0.02 Litigation provision (27) — 6 21 0.01 Non-GAAP $ 2,917 $ 41 $ 1,171 17.7% $ 5,463 $ 2.75 (1) Determined by applying applicable tax rates. (2) Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 18 Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended December 31, 2025 Personnel Marketing Network and Processing Professional Fees Depreciation and Amortization General and Administrative Litigation Provision Total Operating Expenses YoY Change (in millions, except percentages) GAAP $ 1,764 $ 410 $ 233 $ 208 $ 326 $ 515 $ 708 $ 4,164 27% Amortization of acquired intangible assets — — — — (54) — — (54) Acquisition-related costs (12) — — — — — — (12) Litigation provision — — — — — — (707) (707) Non-GAAP $ 1,752 $ 410 $ 233 $ 208 $ 272 $ 515 $ 1 $ 3,391 16% Note: Percentage changes are calculated based on unrounded numbers.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 19 Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended March 31, 2025 Operating Expenses Non-operating Income (Expense) Income Tax Provision(1) Effective Income Tax Rate(2) Net Income Diluted Earnings Per Share(2) (in millions, except percentages and per share data) GAAP $ 4,159 $ 3 $ 861 15.8% $ 4,577 $ 2.32 (Gains) losses on equity investments, net — 23 5 18 0.01 Amortization of acquired intangible assets (64) — 16 48 0.02 Acquisition-related costs (32) — 3 29 0.02 Litigation provision (992) — 222 770 0.39 Non-GAAP $ 3,071 $ 26 $ 1,107 16.9% $ 5,442 $ 2.76 (1) Determined by applying applicable tax rates. (2) Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 20 Reconciliation of GAAP to Non-GAAP Financial Results - continued Twelve Months Ended September 30, 2025 Operating Expenses Non-operating Income (Expense) Income Tax Provision(1) Effective Income Tax Rate(2) Net Income Diluted Earnings Per Share(2) (in millions, except percentages and per share data) GAAP $ 16,006 $ 200 $ 4,136 17.1% $ 20,058 $ 10.20 (Gains) losses on equity investments, net — 87 19 68 0.03 Amortization of acquired intangible assets (218) — 54 164 0.08 Acquisition-related costs (97) — 7 90 0.05 Severance costs (213) — 45 168 0.09 Lease consolidation costs (39) — 9 30 0.02 Litigation provision (2,533) — 569 1,964 1.00 Non-GAAP $ 12,906 $ 287 $ 4,839 17.7% $ 22,542 $ 11.47 (1) Determined by applying applicable tax rates. (2) Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 21 (1) There were no non-GAAP adjustments made to net revenue in our fiscal second quarter 2026 financial outlook and fiscal second quarter 2025 financial results. (2) Our non-GAAP fiscal second quarter 2026 financial outlook for operating expense growth and diluted class A common stock earnings per share (diluted EPS) growth reflects adjustments for amortization of acquired intangible assets of approximately $40 million and $0.02, respectively, and acquisition-related costs of approximately $10 million and $0.00, respectively. There are no non-GAAP adjustments made related to gains and losses on equity investments in our fiscal second quarter 2026 financial outlook. (3) Non-GAAP adjustments, foreign currency and acquisition impacts, if applicable, are rounded to the nearest half point. Reconciliation of Fiscal Second Quarter 2026 Financial Outlook YoY increase / (decrease) Net Revenue Growth(1) Operating Expense Growth Diluted Class A Common Stock Earnings Per Share Growth GAAP Nominal-Dollar Basis High-end of low-double-digit (High-end of low-double-digit) Low-thirties Non-GAAP Adjustments(2),(3) N/A ~29.5% (~20.5%) Non-GAAP Nominal-Dollar Basis High-end of low-double-digit High-end of mid-teens High-end of low-double-digit Foreign Currency Impact(3) (~1.0%) (~2.5%) (~0.5%) Acquisition Impact(3) N/A N/A N/A Non-GAAP Adjusted Constant-Dollar Basis Low-double-digit Mid-teens High-end of low-double-digit
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 22 Reconciliation of Fiscal Full-Year 2026 Financial Outlook YoY increase / (decrease) Annual Net Revenue Growth(1) Annual Operating Expense Growth Annual Diluted Class A Common Stock Earnings Per Share Growth GAAP Nominal-Dollar Basis Low-double-digit (Mid-single-digit) Mid-twenties Non-GAAP Adjustments(2),(3) N/A ~16.0% (~12.0%) Non-GAAP Nominal-Dollar Basis Low-double-digit Low-double-digit High-end of low-double-digit Foreign Currency Impact(3) (~0.5%) (~0.5%) (~0.5%) Acquisition Impact(3) Approximately flat Approximately flat Approximately flat Non-GAAP Adjusted Constant-Dollar Basis Low-double-digit Low-double-digit Low-double-digit (1) There were no non-GAAP adjustments made to net revenue in our fiscal full-year 2026 financial outlook and fiscal full-year 2025 financial results. (2) Our non-GAAP fiscal full-year 2026 financial outlook for operating expense growth and diluted EPS growth reflects adjustments for amortization of acquired intangible assets of approximately $150 million and $0.06, respectively; acquisition-related costs of approximately $40 million and $0.02, respectively; and the litigation provision special item of $707 million and $0.29, respectively. Diluted EPS growth also reflects adjustments of $0.00 for the $7 million net losses on equity investments and ($0.17) for the $333 million deferred tax benefit special item, both recognized in the fiscal first quarter of 2026. (3) Non-GAAP adjustments, foreign currency and acquisition impacts, if applicable, are rounded to the nearest half point.
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Fiscal First Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 23 This document contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth, anticipated timing and benefits of our acquisitions, and financial outlook. Forward-looking statements generally are identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “outlook,” “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. Actual results or outcomes, or the timing of our results or outcomes, could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to: • impact of complex and evolving global regulations; • increased scrutiny and regulation of the global payments industry; • impact of government-imposed obligations and/or restrictions on international payments systems; • impact of laws and regulations regarding the handling of personal data, including laws and regulations related to privacy, cybersecurity and AI; • impact of tax examinations or disputes, or changes in tax laws; • outcome of litigation or investigations; • intense competition in our industry; • dependence on our client and seller base, which may be costly to win, retain and develop; • continued push to lower acceptance costs and challenge industry practices; • dependence on relationships with financial institutions, acquirers, processors, sellers, payment facilitators, ecommerce platforms, fintechs and other third parties; • our inability to maintain and enhance our brand; • impact of global economic, political, market, health and social events or conditions; • our ability to adjust to evolving corporate responsibility and sustainability matters and related regulations; • exposure to significant risk of loss or reduction of liquidity due to our indemnification obligation to fund settlement losses of our clients; • failure to anticipate, adapt to, or keep pace with, new technologies in the payments industry; • a disruption, failure or breach of our networks or systems, including as a result of cyber incidents or attacks; • our inability to achieve the anticipated benefits of our acquisitions, joint ventures or strategic investments; • our inability to attract, hire and retain a highly qualified workforce, including key management; • the conversions of our class B-1, B-2 and class C common stock or series A, B and C preferred stock into shares of class A common stock would result in voting dilution to, and could adversely impact the market price of, our existing class A common stock; • differing interests between holders of our class B-1, B-2 and C common stock and series A, B and C preferred stock compared to our class A common stock concerning certain significant transactions; and • other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2025, and any subsequent reports on Forms 10-Q and 8-K. 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. Forward-Looking Statements