Financial Data and Key Metrics Changes - Fiscal fourth quarter net revenue grew 12% year-over-year to $10.7 billion, with full-year net revenue growth of 11% to $40 billion [5][34] - EPS increased by 10% year-over-year, resulting in a full-year EPS growth of 14% to $11.47 [5][34] - Total full-year payments volume reached $14 trillion, up 8% year-over-year in constant dollars, with processed transactions totaling 258 billion, up 10% year-over-year [5][34] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [31] - Commercial and money movement solutions revenue grew 14% year-over-year in constant dollars, with commercial payments volume growing 10% [31] - Value-added services revenue grew 25% in constant dollars to $3 billion, driven by issuing solutions and advisory services [32] Market Data and Key Metrics Changes - Total international payments volume was up 10% year-over-year in constant dollars, with U.S. payments volume up 8% [28][29] - Cross-border volume, excluding intra-Europe, was up 11%, with e-commerce up 13% and travel improving to 10% [28][29] - In Latin America, there was a slight deceleration in volume growth due to moderating inflation in Argentina, but the region remains high-growth [77] Company Strategy and Development Direction - The company is focused on innovation and building the future of payments through the Visa-as-a-Service stack [5][25] - Investments in the next generation of VisaNet are aimed at enhancing product development speed and adaptability to market changes [72][73] - The company is expanding its stablecoin capabilities and enhancing cross-border money movement solutions [38] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in consumer resilience and stable macroeconomic conditions as assumptions for 2026 [47][48] - The company anticipates continued strong performance in 2026, driven by major events like the Olympic and Paralympic Games and the FIFA World Cup [37][41] - Management expects adjusted net revenue growth in the low double digits for 2026, with a focus on maintaining strong client relationships and expanding service offerings [36][39] Other Important Information - The company bought back approximately $4.9 billion in stock and distributed $1.1 billion in dividends in Q4 [33] - The tax rate for the quarter was 18.8%, in line with expectations, and the company expects to maintain a similar tax rate in 2026 [32][40] - The Visa Trusted Agent Protocol was introduced to enhance security in agentic commerce transactions [55][84] Q&A Session Summary Question: Concerns about economic choppiness and consumer spending habits - Management noted strong momentum exiting FY25 and emphasized the diversification of Visa's business, which supports resilience in consumer spending [46][47][48] Question: Role of Visa in agentic commerce and expected milestones - Management highlighted Visa's leadership in setting standards for agentic commerce and the introduction of the Visa Trusted Agent Protocol to ensure secure transactions [52][53][55] Question: Sustainability of data processing yield growth - Management confirmed that data processing revenue growth was driven by pricing and mix, with expectations for continued benefits from new pricing implemented in FY2025 [65][66] Question: AI's role in Visa's services and VisaNet rollout - Management affirmed that Visa is building infrastructure to support agentic commerce and that the new VisaNet will enhance product development speed and adaptability [70][72][73] Question: Deceleration in Latin America volume growth - Management acknowledged a slight slowdown in Latin America, primarily due to moderating inflation in Argentina, but remains optimistic about the region's growth potential [76][77]

Financial Data and Key Metrics Changes - Fiscal fourth quarter net revenue grew 12% year over year to $10.7 billion, with EPS up 10%, resulting in full-year net revenue and EPS growth of 11% and 14% respectively [4][26] - Total full-year payments volume reached $14 trillion, up 8% year over year in constant dollars, and processed transactions totaled $258 billion, up 10% year over year [4][26] - Full year 2025 net revenue grew 11% to $40 billion, and EPS grew 14% to $11.47 [32] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [30] - Commercial and money movement solutions revenue grew 14% year over year in constant dollars, with commercial payments volume growing 10% [30] - Value-added services revenue grew 25% in constant dollars to $3 billion, driven by issuing solutions and advisory services [31] Market Data and Key Metrics Changes - Total international payments volume was up 10% year over year in constant dollars in Q4, with U.S. payments volume up 8% [26][27] - Cross-border volume, excluding intra-Europe, was up 11%, with e-commerce up 13% and travel improving to 10% [26][28] - In Latin America, there was a slight deceleration in volume growth due to moderating inflation in Argentina, but the region remains high-growth overall [72] Company Strategy and Development Direction - The company is focused on innovation and building the future of payments through the Visa-as-a-Service stack, which includes foundation, services, solutions, and access layers [5][24] - Visa is enhancing its capabilities in agentic commerce, aiming to set standards and lead product development in this emerging area [50][66] - Significant investments are planned for FY26 across consumer payments, commercial solutions, and value-added services, with a focus on AI and product development [37][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the strength of Visa's diversified business model as it enters FY26 [45][46] - The company anticipates continued strong performance in FY26, with adjusted net revenue growth expected in the low double digits [34][40] - Management highlighted the importance of collaboration within the ecosystem to drive the success of agentic commerce and other innovations [66][78] Other Important Information - The company bought back approximately $4.9 billion in stock and distributed $1.1 billion in dividends to shareholders in Q4 [32] - Visa's tokenization efforts have resulted in over 16 billion tokens, which are critical for secure transactions in the agentic commerce ecosystem [8][76] Q&A Session Summary Question: Concerns about macroeconomic stability and consumer spending habits - Management noted strong momentum exiting FY25 and emphasized the diversification of Visa's business, which supports resilience in consumer spending [45][46] Question: Role of Visa in agentic commerce and expected milestones - Visa is taking a leadership role in agentic commerce, establishing standards and capabilities to facilitate transactions through agents [50][66] Question: Differences between Visa's Trusted Agent Protocol and competitors - Visa's Trusted Agent Protocol is designed to be open and easy to integrate, serving as a foundational layer for the agentic commerce ecosystem [78] Question: Holiday sales growth expectations - Management acknowledged expectations of weaker holiday sales growth but emphasized the overall strength of Visa's business model [81]

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Fiscal Fourth Quarter 2025 Financial Results October 28, 2025 ©2025 Visa. All rights reserved. Fiscal Fourth Quarter 2025 Results | YoY increase / (decrease) except for Effective Income Tax Rate | Net Revenue | Operating Expenses | Effective Income Tax Rate | Diluted Class A Common Stock Earnings Per Share | | --- | --- | --- | --- | --- | | GAAP Nominal-Dollar Basis | 12% | 40% | 18.2% | (1%) | | Non-GAAP Nominal-Dollar Basis(1) | 12% | 13% | 18.8% | 10% | | Foreign Currency Impact(2) | (~0.5%) | (~1.0%) | ...

Core Insights - Volume growth has accelerated in the latest quarter, indicating robust payment activity [1] Group 1 - The increase in volume growth suggests a positive trend in payment processing [1]

Core Insights - Visa reported a net revenue of $10.7 billion for the fourth quarter, representing an 11% year-over-year increase, surpassing the estimated $10.62 billion [1][2] Financial Performance - Service revenue reached $4.6 billion, up 9.6% year-over-year, slightly below the estimated $4.62 billion [3] - Adjusted earnings per share (EPS) were $2.98, compared to $2.71 in the same period last year, exceeding the estimated $2.97 [4] - Reported EPS was $2.62, a slight decrease from $2.65 in the previous year [5] - Adjusted net income was $5.8 billion, reflecting a 6.9% increase year-over-year, above the estimated $5.77 billion [7] Transaction Volume - Payment transaction volume reached $3.73 trillion, marking a 9.5% increase year-over-year, exceeding the estimated $3.71 trillion [6]

Core Insights - Visa's revenue increased in the fiscal fourth quarter, driven by strong consumer spending which led to higher payment volumes [1] Group 1: Financial Performance - Visa's revenue growth was attributed to healthy consumer spending [1] - The increase in payment volumes contributed significantly to the overall revenue rise [1]

Visa, Inc. (NYSE:V) released its fourth-quarter earnings report after Tuesday's closing bell.Here's a look at the key figures from the quarter. V stock is moving. See the real-time price action here.The Details: Visa reported quarterly earnings of $2.98 per share which beat the analyst estimate of $2.97. Quarterly revenue came in at $10.72 billion which beat the analyst consensus estimate of $10.61 billion and was up from revenue of $9.61 billion from the same period last year.Read Next: Amazon To Cut Up To ...

Core Insights - Visa reported an increase in fourth quarter adjusted profit, driven by strong consumer spending trends that positively impacted card transaction volumes [1] Company Performance - The rise in adjusted profit indicates robust financial health for Visa, reflecting effective management and strategic positioning in the payments processing industry [1] Industry Trends - Strong consumer spending trends are a significant factor contributing to the growth in transaction volumes, suggesting a positive outlook for the global payments processing sector [1]

Financial Performance - Fiscal Q4 2025 net revenue reached $10.7 billion, a 12% increase year-over-year, while full-year net revenue was $40.0 billion, up 11%[1][4][14] - GAAP net income for Q4 2025 was $5.1 billion, a 4% decrease, with GAAP earnings per share at $2.62; full-year GAAP net income was $20.1 billion, a 2% increase[1][5][13] - Non-GAAP net income for Q4 2025 was $5.8 billion, a 7% increase, with non-GAAP earnings per share at $2.98; full-year non-GAAP net income was $22.5 billion, up 11%[1][5][13] - Total net revenue for the three months ended September 30, 2025, was $10,724 million, a 12% increase year-over-year[30] - For the twelve months ended September 30, 2025, Visa reported a net income of $20,058 million, an increase of 1.6% from $19,743 million in 2024[36] - Non-GAAP net income for the twelve months ended September 30, 2025, was $22,542 million, reflecting an increase from $20,058 million in GAAP net income[41] Revenue Breakdown - Service revenue reached $4,602 million, up 10% year-over-year, while data processing revenue increased by 17% to $5,394 million[30] - International transaction revenue grew by 10% to $3,800 million, and other revenue surged by 21% to $1,176 million[30] Transaction Metrics - Payments volume increased by 9% in Q4 2025 and 8% for the full year on a constant-dollar basis[2][14] - Cross-border volume excluding intra-Europe transactions grew by 11% in Q4 2025 and 13% for the full year[2][15] - Total processed transactions for Q4 2025 were 67.7 billion, a 10% increase year-over-year, with 257.5 billion transactions processed for the full year, also a 10% increase[8][15] Operating Expenses - GAAP operating expenses for Q4 2025 were $4.6 billion, a 40% increase, primarily due to litigation provisions and personnel expenses[10][17] - Total operating expenses for the quarter were $4,576 million, reflecting a 40% increase year-over-year, primarily due to litigation provisions[34] - Visa's total operating expenses for the quarter were $4,576 million, an increase of 39.8% from $3,268 million in the same quarter of 2024[38] - Visa's GAAP operating expenses for the twelve months ended September 30, 2024, were $12,331 million[42] - Non-GAAP operating expenses for the same period were $11,609 million, reflecting a decrease in costs[42] Shareholder Returns - Visa repurchased approximately 14 million shares for $4.9 billion in Q4 2025, totaling 54 million shares repurchased for $18.2 billion in the full year[23] - The board of directors declared a 14% increase in the quarterly cash dividend to $0.670 per share, payable on December 1, 2025[24] - The company repurchased $18,316 million of Class A common stock during the twelve months ended September 30, 2025, compared to $16,713 million in 2024[36] Cash and Assets - Cash and cash equivalents as of September 30, 2025, totaled $17,164 million, up from $11,975 million in the previous year[33] - Total assets increased to $99,627 million from $94,511 million year-over-year[33] - Visa's cash, cash equivalents, restricted cash, and restricted cash equivalents at the end of the period were $24,987 million, up from $19,763 million at the beginning of the period[36] Taxation - The effective income tax rate for the quarter was 18.2%, a 2 percentage point increase from the previous year[30] - The effective income tax rate for the quarter ended September 30, 2025, was 18.2%[41] - The effective income tax rate for GAAP was 17.4%, while the non-GAAP effective tax rate was slightly higher at 17.6%[42] Other Financial Metrics - The company reported a significant increase in non-operating income, which rose by 222% to $75 million for the quarter[30] - Operating income for the quarter ended September 30, 2025, was $6,148 million, slightly down from $6,349 million in the prior year, indicating a decrease of 3.2%[38] - Visa incurred litigation provisions amounting to $434 million, impacting overall profitability[42] - Acquisition-related costs totaled $104 million, indicating ongoing strategic investments[42] - Visa's amortization of acquired intangible assets was $178 million, reflecting the impact of previous acquisitions[42] - Charitable contributions accounted for $67 million, demonstrating the company's commitment to social responsibility[42] - Indirect taxes resulted in a net expense of $118 million, affecting the overall financial performance[42]