V
Visa Inc.
Price as of Jul 20, 2026
V earnings
Visa Inc. earnings
Reported EPS and revenue history, upcoming estimates and available earnings-call summaries.
| 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% |
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
Earnings history is derived from company filings and calendar data. Call summaries are grouped by reporting period. Latest covered event: 2026-07-28.