Research · Sep 3, 2026
[V] Visa Thesis 2026: Network Leverage Sustains Margin Above Sixty Percent
Visa FY25 (Sep 30, 2025) at $40.0B net revenue (+11.3%). Payments volume +7%, cross-border ex-EU +13%. OpMargin compressed 570bp to 60.0% (client incentives +14% > revenue, plus VAS investment). Net income $20.1B; FCF $21.6B. Capital return $18.0B (buybacks down to $13.4B from $16.7B). 10 analysts: 9 Buy / 1 Hold; April 5-of-5 PT cuts (Baird -$55, Citi -$50 largest).