Visa (V) Q2 2026 Financial Results Summary

Visa released its fiscal second-quarter 2026 results on April 28, 2026. Below is a summary of key financial highlights and performance metrics.

Financial Highlights

• GAAP net income: $6.0 billion, an increase of 32% compared to Q2 2025.
• GAAP earnings per share (EPS): $3.14, up 36% versus the same quarter a year ago.
• Non-GAAP net income: $6.3 billion, indicating a growth of 17% year-over-year (YoY).
• Non-GAAP EPS: $3.31, reflecting an increase of 20% from the prior year's quarter.
• Net revenue: $11.2 billion, up 17% YoY.
• Constant-dollar increase: 16%.

Key Business Performance Metrics

• Payments volume increased by 9% YoY.
• Cross-border volume excluding intra-Europe transactions rose by 11%.
• Total cross-border volume saw a significant increase of 12%.
• Processed transactions: 66.1 billion, indicating a 9% growth compared to Q2 2025.

Detailed Financial Metrics

• Service revenue: $5.0 billion, up 13% YoY.
• Data processing revenue: Rose to $5.5 billion, a 18% increase YoY.
• International transaction revenue: $3.6 billion, an increase of 10%.
• Other revenue: $1.3 billion, up 41% YoY.
• Client incentives: $4.2 billion, increasing 14% compared to the prior year.

Operating Expenses and Tax

• GAAP operating expenses: $4.0 billion, down 4% compared to Q2 2025, primarily due to decreased litigation provisions.
• Non-GAAP operating expenses: Increased by 17% YoY, driven by personnel and marketing costs.
• Effective income tax rate:
• GAAP: 16.1%
• Non-GAAP: 16.4%

Cash and Shareholder Returns

• Share repurchases and dividends:
• Totaling $9.2 billion.
• New multi-year share repurchase program authorized at $20.0 billion.
• Quarterly cash dividend declared: $0.670 per share, payable on June 1, 2026, to shareholders on record by May 12, 2026.

Additional Notable Information

• Visa engaged in significant capital transactions:
• Issued $3.0 billion in fixed-rate senior notes with maturities of 3 to 10 years at interest rates ranging from 3.8% to 4.7% for corporate purposes.
• An acquisition of Prisma Medios de Pago S.A.U. and Newpay S.A.U. in Argentina was completed to enhance payment services.
• Visa's strategic engagement continued with the class B-1 and class B-2 exchange offer announced on April 13, 2026, aimed at consolidating its share structure.

Conclusion

Visa reported robust financial results for Q2 2026, bolstered by strong consumer spending and strategic initiatives to enhance its technology and service offerings. The solid growth across key metrics underscores Visa's position as a leader in the global payments industry.

INCOME STATEMENT SUMMARY

In millions, except percentages and per share data

Note: The amounts in the following tables are in millions.

	Three Months Ended March 31, 2026	YoY Change
GAAP Revenue
Service revenue	$4,981	13%
Data processing revenue	$5,543	18%
International transaction revenue	$3,631	10%
Other revenue	$1,320	41%
Client incentives	-$4,245	14%
Net revenue	$11,230	17%
Total operating expenses	$3,996	(4%)
Non-operating income (expense)	-$60	NM
Effective income tax rate	16.1%	0 ppt
Net income	$6,021	32%
Earnings per share	$3.14	36%
Non-GAAP Total operating expenses	$3,599	17%
Non-operating income (expense)	-$45	(267%)
Effective income tax rate	16.4%	0 ppt
Net income	$6,342	17%
Earnings per share	$3.31	20%

Visa Consolidated Balance Sheets (unaudited)

In millions, except per share data

Assets	March 31, 2026	September 30, 2025
Cash and cash equivalents	$12,404	$17,164
Restricted cash equivalents—U.S. litigation escrow	$665	$2,990
Investment securities	$1,509	$1,833
Settlement receivable	$2,136	$4,191
Accounts receivable	$3,405	$3,126
Customer collateral	$4,292	$3,625
Current portion of client incentives	$2,473	$2,158
Prepaid expenses and other current assets	$4,741	$2,679
Total current assets	$31,625	$37,766
Investment securities	$308	$999
Client incentives	$5,514	$5,157
Property, equipment and technology, net	$4,778	$4,236
Goodwill	$20,891	$19,879
Intangible assets, net	$27,750	$27,646
Other assets	$4,183	$3,944
Total assets	$95,049	$99,627

Liabilities	March 31, 2026	September 30, 2025
Accounts payable	$557	$555
Settlement payable	$3,048	$4,568
Customer collateral	$4,292	$3,625
Accrued compensation and benefits	$1,392	$1,863
Client incentives	$11,577	$10,369
Accrued liabilities	$5,670	$5,466
Current maturities of debt	$1,559	$5,569
Accrued litigation	$981	$3,033
Total current liabilities	$29,076	$35,048
Long-term debt	$22,417	$19,602
Deferred tax liabilities	$5,893	$5,549
Other liabilities	$2,002	$1,519
Total liabilities	$59,388	$61,718

Equity	March 31, 2026	September 30, 2025
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of March 31, 2026 and September 30, 2025	$528	$745
Common stock, $0.0001 par value
Class A common stock, 1,660 and 1,691 shares issued and outstanding as of March 31, 2026 and September 30, 2025, respectively	—	—
Class B-1 and B-2 total common stock, 125 shares issued and outstanding as of March 31, 2026 and September 30, 2025	—	—
Class C common stock, 9 shares issued and outstanding as of March 31, 2026 and September 30, 2025	—	—
Right to recover for covered losses	-$44	-$124
Additional paid-in capital	$22,033	$21,934
Accumulated income	$13,122	$15,106
Accumulated other comprehensive income (loss):
Investment securities	$5	$12
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