Slides
Page 1
©2026 Visa. All rights reserved. Fiscal Third Quarter 2026 Financial Results July 28, 2026
Page 2
Fiscal Third 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 14% 19% 17.6% 10% Non-GAAP Nominal-Dollar Basis(1) 14% 17% 18.4% 11% Foreign Currency Impact(2) (~1.0%) (~1.5%) N/A (~0.5%) Acquisition Impact(2) (~1.5%) (~2.0%) (0.1%) (~0.5%) Non-GAAP Adjusted Constant-Dollar Basis(1) 12% 14% 18.3% 10% Fiscal Third 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.
Page 3
Fiscal Third 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. Q3 2026 USD % Change Net Revenue $11.6 14% GAAP Net Income $5.6 7% GAAP Earnings Per Share $2.97 10% Non-GAAP Net Income(1) $6.3 8% Non-GAAP Earnings Per Share(1) $3.32 11% (1) Refer to Non-GAAP Financial Measures within the appendix for further information. Key Business Drivers YoY increase / (decrease), volume in constant dollars Q3 2026 Payments Volume 10% Cross-Border Volume Excluding Intra-Europe(2) 12% Cross-Border Volume Total 13% Processed Transactions 10% (2) Cross-border volume excluding transactions within Europe. Fiscal Third Quarter 2026 Results and Other Highlights • Growth in payments volume, cross-border volume and processed transactions was strong • Share repurchases and dividends of $6.2B
Page 4
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 3 Total Credit Debit Apr May Jun July 1 - 21 6% 8% 10% 12% 14% Operational Performance Metrics through July 21, 2026 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. Apr May Jun July 1 - 21 6% 8% 10% 12% 14% 2026 Processed Transactions Growth Total Total (ex. Intra-EU) CP + CNP Travel (ex. Intra-EU)CNP, Ex. Travel (ex. Intra-EU) Apr May Jun July 1 - 21 4% 8% 12% 16% 20% 2026 Cross-Border Volume Growth
Page 5
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 4 9% 10% 9% 10% 9% 10% 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. 11% 10% 12% 11% 11% 11% Nominal TotalCredit Debit Constant TotalCredit Debit Q3 FY2026Q2 FY2026
Page 6
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 5 Payments Volume Growth: U.S. and International 10% 11% 7% 9% 8% 10% 12% 10% 18% 13% 15% 11% 11% 10% 12% 11% 11% 11% Debit International Credit U.S. Total DebitCredit TotalDebitCredit Total 10% 11% 7% 9% 8% 10% 9% 9% 11% 10% 10% 10% 9% 10% 9% 10% 9% 10% 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. Q3 FY2026Q2 FY2026
Page 7
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 6 Transactions Cross-Border Volume Transaction Count (in millions) Credit 32,048 31,834 Debit 58,252 54,561 Total 90,300 86,395 71,662 15% 13% 12% Total Nominal Total Constant Constant (excluding Intra-Europe) 8% 9% 10% Total Payments Processed (1) Cross-border volume excluding transactions within Europe. (1) Transactions and Cross-Border Volume Results Q3 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.
Page 8
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 7 1.5 3.4 4.8 1.6 3.6 5.2 9% 7% 8% 2025 2026 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 Q2 FY2026
Page 9
Fiscal Third 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
Page 10
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 9 14% 17% 6% 45% 18% 14% 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 $4,922 $6,042 $3,853 $1,496 ($4,680) $11,633 Revenue Results Q3 FY2026
Page 11
Fiscal Third 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 $2,458 $649 $280 $246 $367 $503 $253 $4,756 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 40% 54% 25% 32% 16% 4% (59%) 19% Q3 FY2026
Page 12
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 11 Cash, cash equivalents and investment securities were $13.9 billion as of June 30, 2026. Calculation of Free Cash Flow Q3 2026 Q3 2026 YTD Net cash provided by operating activities $6,554 $16,342 Less: capital expenditures (417) (1,178) Free cash flow(1) $6,137 $15,164 Returns to Shareholders Q3 2026 Q3 2026 YTD Share repurchases(2) $4,878 $16,537 Dividends $1,273 $3,852 (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.
Page 13
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 12 Other Notable Items • On May 12, 2026, Visa settled its previously announced exchange offer for class B-1 common stock and class B-2 common stock (together, "eligible class B common stock"). The exchange offer allowed each participating holder of eligible class B common stock to exchange their shares of eligible class B common stock for a combination of Visa's class B-3 common stock, Visa's class C common stock and, where applicable, cash in lieu of fractional shares. • On June 25, 2026, Visa deposited $250 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, class B-2 common stock and class B-3 common stock share counts at a volume-weighted average price of $333.42.
Page 14
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 13 Financial Outlook for Fiscal Fourth Quarter and Fiscal Full-Year 2026 YoY increase / (decrease) on a Non-GAAP Adjusted Constant-Dollar Basis(1) Q4 2026 Full-Year 2026 Net Revenue Growth High-end of low-double-digit Low-end of low-teens Operating Expense Growth Low-double-digit Low-end of low-teens Diluted Class A Common Stock Earnings Per Share Growth Low-end of mid-teens Low-end of mid-teens (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.
Page 15
©2026 Visa. All rights reserved. Appendix
Page 16
Fiscal Third 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 resulting from actions taken to drive operational efficiencies and reinvest in high- growth opportunities. These costs have been excluded as they are 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.
Page 17
Fiscal Third 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.
Page 18
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 17 Reconciliation of GAAP to Non-GAAP Financial Measures Three Months Ended June 30, 2026 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 $ 4,756 $ (44) $ 1,205 17.6% $ 5,628 $ 2.97 (Gains) losses on equity investments, net — 9 2 7 — Amortization of acquired intangible assets (64) — 20 44 0.02 Acquisition-related costs (14) — — 14 0.01 Litigation provision (237) — 54 183 0.10 Deferred tax benefit — — 18 (18) (0.01) Severance costs (563) — 125 438 0.23 Non-GAAP $ 3,878 $ (35) $ 1,424 18.4% $ 6,296 $ 3.32 Three Months Ended June 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 $ 3,995 $ 156 $ 1,061 16.7% $ 5,272 $ 2.69 (Gains) losses on equity investments, net — 35 7 28 0.01 Amortization of acquired intangible assets (54) — 14 40 0.02 Acquisition-related costs (19) — 1 18 0.01 Litigation provision (615) — 139 476 0.24 Non-GAAP $ 3,307 $ 191 $ 1,222 17.3% $ 5,834 $ 2.98 (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.
Page 19
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 18 Reconciliation of GAAP to Non-GAAP Financial Measures - continued Three Months Ended June 30, 2026 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 $ 2,458 $ 649 $ 280 $ 246 $ 367 $ 503 $ 253 $ 4,756 19% Amortization of acquired intangible assets — — — — (64) — — (64) Acquisition-related costs (11) — — (3) — — — (14) Litigation provision — — — — — — (237) (237) Severance costs (563) — — — — — — (563) Non-GAAP $ 1,884 $ 649 $ 280 $ 243 $ 303 $ 503 $ 16 $ 3,878 17% Note: Percentage changes are calculated based on unrounded numbers.
Page 20
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 19 Reconciliation of GAAP to Non-GAAP Financial Measures - continued Three 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 $ 4,576 $ 75 $ 1,133 18.2% $ 5,090 $ 2.62 (Gains) losses on equity investments, net — (46) (10) (36) (0.02) Amortization of acquired intangible assets (54) — 13 41 0.02 Acquisition-related costs (12) — 1 11 0.01 Litigation provision (899) — 202 697 0.36 Non-GAAP $ 3,611 $ 29 $ 1,339 18.8% $ 5,803 $ 2.98 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.
Page 21
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 20 (1) There were no non-GAAP adjustments made to net revenue in our fiscal fourth quarter 2026 financial outlook and fiscal fourth quarter 2025 financial results. (2) Our non-GAAP fiscal fourth 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 $65 million and $0.03, respectively, and acquisition-related costs of approximately $15 million and $0.01, respectively. There are no non-GAAP adjustments made related to gains and losses on equity investments in our fiscal fourth 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 Fourth 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 Low-double-digit to low-teens (High-single-digit to low-double-digit) High-twenties to low-thirties Non-GAAP Adjustments(2),(3) N/A ~22.0% (~15.0%) Non-GAAP Nominal-Dollar Basis Low-double-digit to low-teens High-end of low-double-digit Mid-teens Foreign Currency Impact(3) Approximately flat ~0.5% Approximately flat Acquisition Impact(3) (~1.0%) (~1.5%) (~0.5%) Non-GAAP Adjusted Constant-Dollar Basis High-end of low-double-digit Low-double-digit Low-end of mid-teens
Page 22
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 21 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-end of mid-teens Mid-single-digit Low- to mid-twenties Non-GAAP Adjustments(2),(3) N/A ~9.0% (~7.5%) Non-GAAP Nominal-Dollar Basis Low-end of mid-teens Mid-teens Mid-teens Foreign Currency Impact(3) (~1.0%) (~1.5%) (~0.5%) Acquisition Impact(3) (~1.0%) (~1.5%) (~0.5%) Non-GAAP Adjusted Constant-Dollar Basis Low-end of low-teens Low-end of low-teens Low-end of mid-teens (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 $230 million and $0.09, respectively; acquisition-related costs of approximately $80 million and $0.04, respectively; and the following special items: litigation provision of $1.3 billion and $0.51, respectively; and severance costs of $563 million and $0.23, respectively. Diluted EPS growth also reflects adjustments of $0.01 for the $31 million net losses on equity investments and ($0.18) for the $351 million deferred tax benefit special item, both recognized in the first three fiscal quarters of 2026. (3) Non-GAAP adjustments, foreign currency and acquisition impacts, if applicable, are rounded to the nearest half point.
Page 23
Fiscal Third Quarter 2026 Financial Results ©2026 Visa. All rights reserved. 22 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, B-3 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, B-3 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