Visa Inc. (V) Earnings
Visa Inc. is expected to report next earnings on July 28, 2026 (in NaN days), with a consensus EPS estimate of $3.21. V has beaten EPS estimates in 10 of its last 12 reported quarters (average surprise +3.9% over the last four).
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| Apr 28, 2026 | $3.10 | $3.31 | +6.8% | $11.2B | +4.5% |
| Jan 29, 2026 | $3.14 | $3.17 | +1.0% | $10.9B | +2.0% |
| Jul 29, 2025 | $2.85 | $2.98 | +4.6% | $10.2B | +3.3% |
| Jan 30, 2025 | $2.66 | $2.75 | +3.4% | $9.5B | +1.7% |
| Jul 23, 2024 | $2.42 | $2.42 | +0.0% | $8.9B | -0.2% |
| Jan 25, 2024 | $2.34 | $2.41 | +3.0% | $8.6B | +1.1% |
| Jul 25, 2023 | $2.12 | $2.16 | +1.9% | $8.1B | +0.7% |
| Jan 26, 2023 | $2.01 | $2.18 | +8.5% | $7.9B | +3.0% |
| Jul 26, 2022 | $1.75 | $1.98 | +13.1% | $7.3B | +2.8% |
| Jan 27, 2022 | $1.70 | $1.81 | +6.5% | $7.1B | +6.9% |
| Jul 27, 2021 | $1.35 | $1.49 | +10.4% | $6.1B | -6.1% |
| Jan 28, 2021 | $1.28 | $1.42 | +10.9% | $5.7B | +2.9% |
Source: company filings + earnings calendar. For informational purposes only — not investment advice.
Earnings call summary
Q2 FY2026 · April 28, 2026
AI summary of management’s prepared remarks and analyst Q&A. For informational purposes only — not investment advice.
Management highlights
• Visa has strong momentum with Net revenue up 17% YOY, EPS up 20%, payments volume up 9% YOY in constant dollars, process transactions up 9% YOY. • Winning in consumer, commercial, and money movement with investments and innovations paying off. For example, partnered with TikTok in UK for creator debit card, collaborated with PayPay in Japan. • Commercial and money movement solutions revenue grew 24% in constant dollars, Visa Direct has over 18 billion endpoints with 3.7 billion transactions up 23% YOY in Q2. • Agentic commerce will expand addressable market with AI, Visa well positioned due to network, security, and trust. Launched Visa CLI as proof of concept. • Stablecoins and blockchain are opportunities with Visa as bridge layer, over 160 stablecoin card programs globally, $7 billion annual run rate of stablecoin settlement volume growing fast. • Value-added services revenue grew 27% YOY in constant dollars, linked to transactions, cards, and accounts, enhanced with AI. Acquired Pismo and others to accelerate technology deployment
Guidance
• Increase total net revenue and EPS guide for full year, expect low double digit to low teens net revenue growth. • Operating expense growth expected to be low double digit to low teens. • Q3 net revenue growth expected in low double digits, lowest growth quarter of the year. • Q3 operating expense growth expected in low teens, non-operating expense expected to be about $55 million, tax rate expected to be closer to low end of 18 - 18.5% range, adjusted EPS growth in low teens
Segment performance
Net revenue was up 17% year-over-year to $11.2 billion, EPS was up 20%. Payments volume grew 9% year-over-year in constant dollars to $3.7 trillion, process transactions grew 9% year-over-year to $66 billion. Value-Added Services now represents 30% of net revenue, growing at 25% plus in constant dollars. Consumer payments revenue driven by strong payments volume, cross-border volume, and process transaction growth. Commercial and money movement solutions revenue grew 24% year over year in constant dollars. Value-added services revenue grew 27% year-over-year in constant dollars to $3.3 billion
Analyst Q&A
Q: Tianjun Wang from J.P. Morgan asked about biggest factors driving Q2 revenue upside and how it changes second half outlook.
A: Chris said factors include lower than expected client incentives, better than expected volatility, strong value-added services growth.
Q: Craig Moore from FT Partners asked about agentic commerce with four party network vs three party network.
A: Ryan said Visa will adapt and evolve capabilities and rules, Visa cardholders protected, agentic commerce has more authenticated tokens reducing fraud.
Q: Matt O'Neill from Bank of America asked about high level unit economic view of stablecoin and agentic transactions.
A: Ryan said Visa positioned as bridge layer between stablecoins, blockchain and real world solutions with similar economics to normal products.
Q: James Fawcett from Morgan Stanley asked about agentic commerce capabilities and potential.
A: Ryan said Visa's network, security, trust position it well, Visa cards easy to use, broadly accepted, offer privacy, security protections.
Q: Tim Chioda from UBS asked about CEDP and DCAP programs.
A: Chris said these programs reduce cost of acceptance and provide more data, enhance data payloads for better dispute processes, risk programs, authorization decisions.
Q: Brian Bergen from TD Cowen asked about VAS strength and sustainability.
A: Ryan said VAS strategy working with AI-driven products outperforming, like AI-driven stand in processing platform.
Q: Harshita Rawat from Bernstein asked about payments nationalism.
A: Ryan said Visa operates with local teams, strong in Europe with 38 countries presence, winning business.
Q: Darren Peller from Wolf Research asked about VAS fraud-protecting services demand.
A: Ryan said seen more demand for fraud products due to high fraud concern, AI-driven products with 5x improvements in value capture.
Q: Andrew Bao from BMO Capital Markets asked about VAS margin dynamics.
A: Chris said VAS has grown to 30% of business, preserves overall margins, marketing services have profitable flywheel.
Q: Brian King from Citi asked about impact of Ramadan and Middle East on cross-border.
A: Chris said cross-border business resilient, April data normalized for Ramadan timing back to February levels.
Q: Jason Kupferberg from Wells Fargo asked about recalibrating multi-year view on VAS and CMS growth.
A: Chris said strong performance across portfolios, underlying fundamentals healthy but one-time items may not reoccur.
Q: Sanjay Sakrani from KBW asked about PISMO monetization and target opportunities.
A: Ryan said Pismo fits thesis of platform modernization for large financial institutions, PISMO reported as VAS revenue