Visa (V) Q4 2025 Financial Results Summary

Visa released its fiscal fourth quarter and full-year 2025 results on October 28, 2025. Below is a summary of the key highlights from the report:

Fiscal Fourth Quarter 2025 Highlights

• Net Income:
• GAAP net income: $5.1 billion (a 4% decrease from Q4 2024)

• Non-GAAP net income: $5.8 billion (a 7% increase from Q4 2024)

• Earnings per Share (EPS):

• GAAP EPS: $2.62 (a 1% decrease from Q4 2024)

• Non-GAAP EPS: $2.98 (a 10% increase from Q4 2024)

• Net Revenue:

• Total: $10.7 billion (an increase of 12% from Q4 2024)

• Constant-dollar basis increase: 11%

• Payments Volume:

• Increased by 9% on a constant-dollar basis.

• Cross-Border Volume:

• Increased by 12% on a constant-dollar basis.

• Cross-border volume excluding intra-Europe increased by 11% on a constant-dollar basis.

• Processed Transactions:

• Reached 67.7 billion, a 10% increase from Q4 2024.

• Service Revenue:

• Increased by 10% to $4.6 billion compared to the previous year.

• Data Processing Revenue:

• Grew by 17% to $5.4 billion.

• International Transaction Revenue:

• Increased by 10% to $3.8 billion.

• Operating Expenses:

• GAAP operating expenses were $4.6 billion, a 40% increase from Q4 2024.

• Litigation Provision:

• Included a special item of $899 million in operating expenses due to litigation provisions related to interchange multidistrict litigation.

Fiscal Full-Year 2025 Highlights

• Net Income:
• GAAP net income: $20.1 billion (a 2% increase from 2024)

• Non-GAAP net income: $22.5 billion (an 11% increase from 2024)

• Earnings per Share (EPS):

• GAAP EPS: $10.20 (a 5% increase from 2024)

• Non-GAAP EPS: $11.47 (a 14% increase from 2024)

• Net Revenue:

• Total: $40.0 billion (an 11% increase from 2024)

• Constant-dollar basis increase: 12%

• Payments Volume:

• Increased by 8% on a constant-dollar basis for the fiscal year.

• Cross-Border Volume:

• Increased by 13% on a constant-dollar basis for the fiscal year.

• Processed Transactions:

• Approximately 257.5 billion, a 10% increase from the previous year.

• Service Revenue:

• Increased by 9% to $17.5 billion compared to 2024.

• Data Processing Revenue:

• Increased by 13% to $20.0 billion.

• Client Incentives:

• Totaled $15.8 billion, a 14% increase from 2024.

• Operating Expenses:

• GAAP operating expenses were $16.0 billion, a 30% increase from last year.

• Effective Tax Rates:

• GAAP effective tax rate for the quarter: 18.2%.
• Non-GAAP effective tax rate: 18.8%.
• GAAP effective tax rate for the fiscal year: 17.1%.
• Non-GAAP effective tax rate for the fiscal year: 17.7%.

Shareholder Returns

• Quarterly Dividend:

• Visa declared a quarterly cash dividend of $0.670 per share, which is a 14% increase compared to the previous level.

• Share Repurchase:

• Visa repurchased approximately 14 million shares of class A common stock for $4.9 billion at an average cost of $349.77 per share in Q4 2025.
• Total shares repurchased for the fiscal year amounted to approximately 54 million shares at an average cost of $335.44 per share for $18.2 billion.

This financial summary reflects Visa’s strong positioning within the digital payments space, driven by a solid consumer spending environment, innovation investments, and significant revenue growth across key metrics for the fourth quarter and full year 2025.

Income Statement Summary

(1)Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented.

Visa Consolidated Balance Sheets (unaudited)