olivLaw · US equity research
Visa Inc. V
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Visa is one of the largest global digital payments networks, processing transactions through its proprietary VisaNet across more than 200 countries and territories. Net revenue reached 40.0 billion USD in fiscal 2025, and in the quarter ended June 30 2026 net revenue rose 14% to 11.6 billion USD. The company does not issue cards or extend credit, earning instead fees tied to transaction processing.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Visa Inc. (V) stock was 420.42 USD (−1.20% on the day), with market capitalisation 197.3 bn USD, P/E 8.9, dividend yield 0.46%, beta 0.63, 52-week range 295.52–425.51 USD. Latest reported quarter (Q2 2026): revenue of 11.2 bn USD (+17.1% YoY), net income of 6.0 bn USD (+31.5% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 69.2
- strong (55–70)
- Bollinger (20, 2)
- 374.76 – 428.04
- in the upper half of the band · %B 0.86 · band width 13.3%
- SMA 50 / 200
- 383.16 / 343.15
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 11.00 / 9.75
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +16.6% | −2.0% | +18.6 pp | — |
| 3 months | +13.8% | −2.2% | +15.9 pp | — |
| 6 months | +30.6% | +4.3% | +26.3 pp | — |
| Year to date | +19.9% | +10.6% | +9.3 pp | — |
| 1 year | +24.8% | +10.5% | +14.3 pp | +1.8% |
| 3 years | +72.6% | +73.7% | −1.1 pp | +18.1% |
| 5 years | +101.4% | +61.7% | +39.6 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q2 2026 · 31 Mar 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q3 '24 | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.9 bn | 9.6 bn | 9.5 bn | 9.6 bn | 10.2 bn | 10.7 bn | 10.9 bn | 11.2 bn |
| Operating income | 5.9 bn | 6.3 bn | 6.2 bn | 5.4 bn | 6.2 bn | 6.1 bn | 6.7 bn | 7.2 bn |
| Depreciation & amortisation | 264.0 m | 274.0 m | 282.0 m | 305.0 m | 317.0 m | 316.0 m | 326.0 m | 333.0 m |
| Interest expense | 196.0 m | 176.0 m | 182.0 m | 158.0 m | 39.0 m | 210.0 m | 194.0 m | 178.0 m |
| Pre-tax income | 6.0 bn | 6.4 bn | 6.2 bn | 5.4 bn | 6.3 bn | 6.2 bn | 6.7 bn | 7.2 bn |
| Income tax | 1.1 bn | 1.1 bn | 1.1 bn | 861.0 m | 1.1 bn | 1.1 bn | 873.0 m | 1.2 bn |
| Net income | 4.9 bn | 5.3 bn | 5.1 bn | 4.6 bn | 5.3 bn | 5.1 bn | 5.9 bn | 6.0 bn |
| Operating cash flow | 5.1 bn ≈ | 6.7 bn | 5.4 bn | 4.7 bn ≈ | 6.7 bn ≈ | 6.2 bn | 6.8 bn | 3.0 bn ≈ |
| Capex | 400.0 m ≈ | 309.0 m | 345.0 m | 327.0 m ≈ | 421.0 m ≈ | 389.0 m | 378.0 m | 383.0 m ≈ |
| Dividends paid | 1.1 bn ≈ | 1.0 bn | 1.2 bn | 1.2 bn ≈ | 1.2 bn ≈ | 1.1 bn | 1.3 bn | 1.3 bn ≈ |
| Share repurchases | 4.5 bn ≈ | 5.8 bn | 4.0 bn | 4.6 bn ≈ | 4.8 bn ≈ | 4.9 bn | 3.7 bn | 7.9 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 20.6 bn | 23.0 bn | 21.8 bn | 24.1 bn | 29.3 bn | 32.7 bn | 35.9 bn | 40.0 bn |
| Revenue YoY | +12.3% | +11.5% | −4.9% | +10.3% | +21.6% | +11.4% | +10.0% | +11.3% |
| Net income | 10.3 bn | 12.1 bn | 10.9 bn | 12.3 bn | 15.0 bn | 17.3 bn | 19.7 bn | 20.1 bn |
| Net income YoY | +53.8% | +17.3% | −10.0% | +13.3% | +21.5% | +15.5% | +14.3% | +1.6% |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | 50.0% | 52.6% | 49.7% | 51.1% | 51.0% | 52.9% | 55.0% | 50.1% |
| Free cash flow | 12.2 bn | 12.0 bn | 9.7 bn | 14.5 bn | 17.9 bn | 19.7 bn | 18.7 bn | 21.6 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 30 Sept 2025
- Cash
- 17.2 bn USD
- Financial debt
- 25.2 bn USD
- Net debt
- 8.0 bn USD
- Equity
- 37.9 bn USD
- Total assets
- 99.6 bn USD
- Debt / equity
- 0.66x
- Current ratio
- 1.08x
- ROE
- 52.1%
- ROA
- 20.7%
- FCF margin
- 53.9%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 21.8 bn | 24.1 bn | 29.3 bn | 32.7 bn | 35.9 bn | 40.0 bn | SEC (XBRL)· 06 Nov 2025verified |
| Operating income | 14.1 bn | 15.8 bn | 18.8 bn | 21.0 bn | 23.6 bn | 24.0 bn | SEC (XBRL)· 06 Nov 2025verified |
| Depreciation & amortisation | 767.0 m | 804.0 m | 861.0 m | 943.0 m | 1.0 bn | 1.2 bn | SEC (XBRL)· 06 Nov 2025verified |
| EBITDA | 14.8 bn ≈ | 16.6 bn ≈ | 19.7 bn ≈ | 21.9 bn ≈ | 24.6 bn ≈ | 25.2 bn ≈ | SEC (XBRL)· 06 Nov 2025derived |
| Interest expense | — | — | 538.0 m | 644.0 m | 641.0 m | 589.0 m | SEC (XBRL)· 06 Nov 2025verified |
| Pre-tax income | 13.8 bn | 16.1 bn | 18.1 bn | 21.0 bn | 23.9 bn | 24.2 bn | SEC (XBRL)· 06 Nov 2025verified |
| Income tax | 2.9 bn | 3.8 bn | 3.2 bn | 3.8 bn | 4.2 bn | 4.1 bn | SEC (XBRL)· 06 Nov 2025verified |
| Net income | 10.9 bn | 12.3 bn | 15.0 bn | 17.3 bn | 19.7 bn | 20.1 bn | SEC (XBRL)· 06 Nov 2025verified |
| Dividend per share | 0.30 | 0.32 | 0.38 | 0.45 | 0.52 | 0.59 | SEC (XBRL)· 06 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 16.3 bn | 16.5 bn | 15.7 bn | 16.3 bn | 12.0 bn | 17.2 bn | SEC (XBRL)· 06 Nov 2025verified |
| Receivables | 1.6 bn | 2.0 bn | 2.0 bn | 2.3 bn | 2.6 bn | 3.1 bn | SEC (XBRL)· 06 Nov 2025verified |
| Current assets | 27.6 bn | 27.6 bn | 30.2 bn | 33.5 bn | 34.0 bn | 37.8 bn | SEC (XBRL)· 06 Nov 2025verified |
| Property, plant & equipment, net | 2.7 bn | 2.7 bn | 3.2 bn | 3.4 bn | 3.8 bn | 4.2 bn | SEC (XBRL)· 06 Nov 2025verified |
| Goodwill | 15.9 bn | 16.0 bn | 17.8 bn | 18.0 bn | 18.9 bn | 19.9 bn | SEC (XBRL)· 06 Nov 2025verified |
| Intangibles (excl. goodwill) | 27.8 bn | 27.7 bn | 25.1 bn | 26.1 bn | 26.9 bn | 27.6 bn | SEC (XBRL)· 06 Nov 2025verified |
| Total assets | 80.9 bn | 82.9 bn | 85.5 bn | 90.5 bn | 94.5 bn | 99.6 bn | SEC (XBRL)· 06 Nov 2025verified |
| Accounts payable | 174.0 m | 266.0 m | 340.0 m | 375.0 m | 479.0 m | 555.0 m | SEC (XBRL)· 06 Nov 2025verified |
| Short-term debt | 3.0 bn | 999.0 m | 2.3 bn | 0 | 0 | 5.6 bn | SEC (XBRL)· 06 Nov 2025verified |
| Long-term debt | 21.1 bn | 20.0 bn | 20.2 bn | 20.5 bn | 20.8 bn | 19.6 bn | SEC (XBRL)· 06 Nov 2025verified |
| Current liabilities | 14.5 bn | 15.7 bn | 20.9 bn | 23.1 bn | 26.5 bn | 35.0 bn | SEC (XBRL)· 06 Nov 2025verified |
| Total liabilities | 44.7 bn | 45.3 bn | 49.9 bn | 51.8 bn | 55.4 bn | 61.7 bn | SEC (XBRL)· 06 Nov 2025verified |
| Equity | 36.2 bn | 37.6 bn | 35.6 bn | 38.7 bn | 39.1 bn | 37.9 bn | SEC (XBRL)· 06 Nov 2025verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 10.4 bn | 15.2 bn | 18.8 bn | 20.8 bn | 20.0 bn | 23.1 bn | SEC (XBRL)· 06 Nov 2025verified |
| Capex | 736.0 m | 705.0 m | 970.0 m | 1.1 bn | 1.3 bn | 1.5 bn | SEC (XBRL)· 06 Nov 2025verified |
| Free cash flow | 9.7 bn ≈ | 14.5 bn ≈ | 17.9 bn ≈ | 19.7 bn ≈ | 18.7 bn ≈ | 21.6 bn ≈ | SEC (XBRL)· 06 Nov 2025derived |
| Investing cash flow | 1.4 bn | -152.0 m | -4.3 bn | -2.0 bn | -1.9 bn | 708.0 m | SEC (XBRL)· 06 Nov 2025verified |
| Financing cash flow | -4.0 bn | -14.4 bn | -12.7 bn | -17.8 bn | -20.6 bn | -19.0 bn | SEC (XBRL)· 06 Nov 2025verified |
| Dividends paid | 2.7 bn | 2.8 bn | 3.2 bn | 3.8 bn | 4.2 bn | 4.6 bn | SEC (XBRL)· 06 Nov 2025verified |
| Share repurchases | 8.1 bn | 8.7 bn | 11.6 bn | 12.1 bn | 16.7 bn | 18.3 bn | SEC (XBRL)· 06 Nov 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 91 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 197.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Balance sheet78
- Valuation100
- Quality87
- Growth91
- Returns100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 7.75 – 1,603.36 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)715.98 – 1,140.69 (Mid 878.40)WACC 8.8% · starting FCFF 21.7 bn USD · terminal value share of EV 75%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): -18.4%
- Peers: EV/EBITDA875.30 – 1,366.47 (Mid 1,050.79)6 companies used · median multiple 18.3x · quartiles 15.3x – 23.7xCPAY, EBAY, MELI, MSCI, PYPL, UBER
- Peers: P/E693.48 – 1,603.36 (Mid 1,171.01)9 companies used · median multiple 24.7x · quartiles 14.6x – 33.8xACN, CPAY, EBAY, FISV, MA, MELI, MSCI, PYPL, UBER
- Dividend discount (DDM)7.75 – 10.43 (Mid 8.89)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 91/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 46.9% | 75 (vs peers) | 11% |
| Net margin · Quality | 51.7% | 100 (vs peers) | 7% |
| FCF conversion · Quality | 95.3% | 93 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 10.9% | 91 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | 0.4x | 86 (vs peers) | 11% |
| Interest coverage · Balance sheet | 42.3x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.1x | 24 (on a fixed band) | 5% |
| P/E (TTM) · Valuation | 8.9x | 100 (vs peers) | 11% |
| EV/EBITDA · Valuation | 7.6x | 100 (vs peers) | 11% |
| FCF yield · Valuation | 10.7% | 100 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 13.3% | 100 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | 23.0% | 100 (on a fixed band) | 5% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet78/100 · 3/3 factors with a value
- Growth· partial91/100 · 1/2 factors with a value
- Quality87/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation100/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
VISA INC. (V). Latest full fiscal year: 2025; data up to 2026-03-31.
Figures computed from the financial statements: revenue 40.0 bn USD in 2025; YoY growth 11.3%; net margin 51.7%; ROE 60.3%; net debt/EBITDA 0.4x.
The estimated value range is 704.73–1,253.58 USD per share (median of 4 methods, agreement: high); assumptions are illustrative. Against the central value of 964.59 USD, the price of 420.42 USD leaves a potential of 129.4% (value / price − 1) and a margin of safety of 56.4% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 91/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: growth. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 46.9%
- Net margin: 51.7%
- FCF conversion: 95.3%
- Revenue CAGR 3Y: 10.9%
- Net debt / EBITDA: 0.4x
- Interest coverage: 42.3x
- P/E (TTM): 8.9x
- EV/EBITDA: 7.6x
- FCF yield: 10.7%
- Shareholder yield (distributions): 13.3%
- Payout ratio (FCF): 23.0%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.1x
Not assessed (insufficient data or a ratio without meaning): EPS CAGR 3Y.
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 9 companies
Only companies with a capitalisation between 24.3 bn and 1,555.5 bn (within 8× of the company's); 90 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| VVisa Inc. | — | — | 60.3% | 51.7% | +11.3% | +25% / +73% |
| ACNAccenture plc | — | 18.8 | 26.7% | 11.3% | +6.5% | +2% / −24% |
| MAMastercard Incorporated | — | 33.8 | 231.4% | 46.7% | +16.4% | +18% / +56% |
1- and 3-year price returns: for V from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 264.54 Total return -37% · Per year -37% | 466.34 Total return 11% · Per year 11% | 700.57 Total return 67% · Per year 67% |
| 3 years | 290.95 Total return -31% · Per year -12% | 573.76 Total return 36% · Per year 11% | 941.41 Total return 124% · Per year 31% |
| 5 years | 319.99 Total return -24% · Per year -5% | 705.92 Total return 68% · Per year 11% | 1,265.05 Total return 201% · Per year 25% |
- Exit P/E± 143.44
- Net margin± 100.41
- Annual revenue growth± 77.64
- Annual dilution± 8.44
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results).
In brief
Visa is one of the largest global digital payments networks, processing transactions through its proprietary VisaNet across more than 200 countries and territories. Net revenue reached 40.0 billion USD in fiscal 2025 1, and in the quarter ended June 30 2026 net revenue rose 14% to 11.6 billion USD 3. The company does not issue cards or extend credit, earning instead fees tied to transaction processing.
SWOT
Strengths
- Visa has a very broad global network, with reach across a large number of institutions and merchant locations, giving it a scale advantage that is hard to replicate.
- The revenue model based on transaction volume and value-added services combines growth with high profitability, as shown in recent results 2.
- Investment in security, tokenization and fraud prevention strengthens client trust and differentiates Visa products from simpler alternatives.
Weaknesses
- Personnel and marketing expenses have risen quickly in recent periods, which could compress operating margins if revenue growth slows.
- The company depends on volume flowing through issuing and acquiring banks, which can negotiate incentives or move to other networks.
- Litigation over interchange fees has generated significant provisions, and the case remains open, adding uncertainty to financial results.
Opportunities
- Bank transfers and other methods still widely used represent an opportunity to attract payments to the Visa network if adoption of new products continues.
- Expansion in cross-border payments and in spending services for affluent consumers could support growth in higher-margin revenue.
- Integration of artificial intelligence and agentic payments could open new revenue channels if merchants and banks adopt them.
Threats
- Stricter regulation of interchange and processing fees could reduce revenue and change the network's economics in several jurisdictions.
- Competitors with closed-loop networks, national payment systems and fintech platforms could gain share in certain regions.
- A serious cybersecurity incident or network outage could damage client trust and financial results.
Risks
- Regulation of interchange feeshigh
Rules in several countries could limit the fees the network relies on, which could reduce volume and revenue if caps become stricter.
- Interchange litigationhigh
US court cases over interchange fees have generated significant provisions, and final amounts depend on court rulings and later settlements.
- Competition from alternative networksmedium
Closed-loop networks, national payment systems and fintech platforms could win clients if they offer lower fees or easier-to-use services.
- Cybersecurity and network continuitymedium
An outage or breach of the VisaNet network could affect transactions, reputation and client trust, with significant remediation costs.
- Changing data and privacy ruleslow
Laws on privacy, data security and artificial intelligence are changing in many countries, which could raise compliance costs and limit new products.
Investment thesis
What would need to be true (bull case)
- Rising revenue supported by payments volume and cross-border transactions, with a global network that is hard to replicate and a broad base of institutional clients.
- Adoption of tap-to-pay, tokenization and new products could expand revenue and consolidate the company's position in digital payments.
- High profitability and a share repurchase program give the company financial flexibility for investment and for returning capital to shareholders.
What would break the thesis
- Regulation of interchange fees could reduce revenue and change the network's economics in several markets, particularly if caps become stricter.
- Litigation and related provisions could create volatility in financial results and limit flexibility if final amounts exceed estimates.
- Competition from closed-loop networks, national payment systems and fintech platforms could reduce market share in certain regions and segments.
What to watch
- Trend in payments volume and cross-border transactionsQ1 2027
- Court rulings on interchange fee litigationnext 10-K
- Changes to interchange fee regulation in the US and EU2027
- Adoption of new products such as agentic payments and Visa Pay2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 29 Jul 2026; since then the company filed 8-K (27 Oct 2026 · results).
The business
The core business covers credit, debit and prepaid products issued by nearly 14,500 financial institution clients 1. Visa is also seeking to capture payments still made by bank transfer and other non-card methods through a network-of-networks approach that allows payments regardless of which network is used 1. The company has invested in tokenization, phone-based payments and agentic commerce, which could broaden its scope if adoption grows.
In the first nine months of fiscal 2026 net revenue reached 33.8 billion USD, up 15% on the prior year, and GAAP net income rose 17% 2. Growth was driven by payments volume, cross-border volume and processed transactions, while higher client incentives partly offset the gain 2.
Segments
Consumer payments
This is the largest segment, covering credit, debit and prepaid cards used by individuals. Visa estimates more than 40 trillion USD of annual consumer spend, excluding Russia and China, of which it is pursuing an opportunity of more than 20 trillion USD in underserved spend such as cash and bank transfers 1.
Commercial and money movement solutions
Formerly called new flows, this segment targets commercial payments and money movement between people, businesses and governments. It covers B2B, P2P and G2C payments, which become more relevant as payment systems digitize 1.
Value-added services
Visa offers services to issuers and acquirers in areas such as risk, security and advisory, complementing revenue from transaction processing. These services are less directly tied to transaction volume and could become an additional revenue source if clients adopt them widely 1.
Market context
The card payments market is dominated by global networks, and Visa has one of the broadest footprints, with more than 175 million merchant locations worldwide 1. Growth potential remains significant where spending is still cash-based or relies on less efficient methods, particularly in Central and Eastern Europe, the Middle East and Africa, where Visa is investing in new products.
Cross-border volume, which drives international transaction revenue, grew 12% in the quarter ended June 30 2026 excluding transactions within Europe 3. That growth could continue if travel and global ecommerce hold up, but it also depends on currency rules and local competition.
Trends
- Adoption of tap-to-paytailwind
Tap to Pay has become the default way Visa cardholders pay in person, accounting for 79% of global face-to-face transactions in fiscal 2025 1. This trend supports transaction volume and reduces reliance on cash.
- Digitization and account-to-account paymentsmixed
Bank transfers and other less efficient methods still make up a large share of consumer spending. If Visa can bring these payments onto its network, its revenue base could grow, though competition from national payment systems remains intense 1.
- Regulation of interchange feesheadwind
Regulators in the US, the EU, Latin America and Asia-Pacific are reviewing or capping interchange and processing fees. If caps become stricter, revenue from fees could fall and the network could become less attractive to issuers and acquirers 1.
- Artificial intelligence and agentic paymentsmixed
Visa is integrating AI models into its payment systems and developing solutions for payments initiated by software agents. These products could open new revenue streams if merchants and banks adopt them, but their uptake remains uncertain 1.
Competitive position
Visa competes with other card networks, national payment systems, processors and fintech platforms offering alternative payment and transfer solutions. The company notes that some issuers and acquirers may prefer closed-loop networks with direct connections to merchants and consumers, which could reduce its share if fee rules change 1.
Competition also comes from digital wallets, real-time bank transfer systems and regional payment markets that offer lower fees to merchants. Visa responds by extending products such as Visa Pay into these segments, but the outcome depends on adoption 1.
- MastercardMA
Main global competitor in card payment processing, with a similar network architecture
- American ExpressAXP
Payment network with an integrated model that issues cards and competes in the premium segment
- Closed-loop networks and national payment systems
Systems that connect merchants and consumers directly and may replace traditional networks in some regions
- Fintech platforms and digital wallets
Companies offering digital payments that can compete directly for end customers and merchants
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report27 Oct 2026Results of operations · Other events · Financial statements and exhibits
- Current report23 Sept 2026Other events
- Quarterly report29 Jul 2026
- Current report28 Jul 2026Results of operations · Other events · Financial statements and exhibits
- Current report15 Jul 2026Amendments to articles or bylaws · Financial statements and exhibits
- Current report26 Jun 2026Other events
- Current report12 May 2026Material agreement · Other events · Financial statements and exhibits
- Current report11 May 2026Regulation FD disclosure · Financial statements and exhibits
- Quarterly report29 Apr 2026
- Current report28 Apr 2026Results of operations · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-09-30 · SEC / Visa Inc. · 06 Nov 2025
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Visa Inc. · 29 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Visa Inc. · 28 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.