Stablecoin Adoption & Growth - Visa plans to add support for four stablecoins [1] - Visa's stablecoin-linked card spending increased 400% year-over-year (fourfold) [1] Crypto Transaction Volume - Since 2020, Visa has processed over $140 billion in crypto and stablecoin transactions [1] - Over $100 billion of the crypto transactions came from users purchasing digital assets using Visa cards [1]

Stablecoin & Blockchain Integration - Visa is adding support for four stablecoins [1] - The support will span across four unique blockchains [1] Spending Trends - Spending quadrupled last quarter, indicating a 400% increase [1]

Core Insights - Visa's Q4 earnings exceeded market expectations, indicating continued consumer reliance on credit card payments [1] - The company reported a nearly 12% year-over-year revenue growth, reaching $10.7 billion, surpassing the expected $10.6 billion [1] - Adjusted net income was $5.8 billion, with adjusted earnings per share at $2.98, slightly above the anticipated $2.97 [1] Financial Performance - Visa's Q4 revenue growth of nearly 12% reflects strong consumer spending on both luxury and essential goods [1] - The company anticipates a strong performance in the upcoming holiday quarter, contingent on active travel and e-commerce spending [1] Strategic Initiatives - Visa's CEO highlighted the integration of AI-driven technologies, real-time fund flows, tokenization, and stablecoins as key areas for innovation and product development [1] - The company has ended its open banking operations in the U.S. due to increased regulatory uncertainty and changes in the competitive landscape [1] Technological Advancements - Visa is currently supporting "agentic" transactions, where AI-driven agents can complete checkout processes on behalf of users [2] - The company has introduced a framework to help merchants verify the identities of these agents to prevent malicious use [2] - The ultimate goal is to enable AI agents to perform shopping tasks without human intervention, with ongoing collaborations with major platforms to achieve this [2]

Financial Performance - Visa's fiscal 4Q results exceeded Wall Street estimates for both EPS and revenue by approximately 1% each [2] - Visa projects low double-digit revenue growth for the full fiscal year 2026, surpassing expectations of high single-digit growth [2] Spending Trends - US spending growth remained steady at around 7% year-over-year [2] - Visa CEO indicated healthy consumer spending [3] Strategic Initiatives - Visa is investing in future growth areas, including providing payment services to the AI industry and tech giants [3] - Visa's diverse business model is fueling solid growth across key metrics [3]

Core Insights - Visa reported fiscal 4Q results with earnings per share (EPS) and revenue exceeding Wall Street estimates by approximately 1% each [2] - The company provided guidance for fiscal year 2026, projecting revenue growth in the low double digits, surpassing expectations for high single-digit growth [2] - Consumer spending trends remain strong, with year-over-year growth in US spending steady at around 7% [2] Company Performance - Visa's diverse business model contributed to solid growth across key metrics over the past year [3] - The CEO highlighted healthy consumer spending as a key driver of the company's performance [3] Future Outlook - Visa is focusing on future investments, particularly in providing payment services to the AI industry and technology giants [3]

Core Insights - Visa reported quarterly earnings of $2.98 per share, exceeding the Zacks Consensus Estimate of $2.97 per share, and up from $2.71 per share a year ago, representing an earnings surprise of +0.34% [1] - The company achieved revenues of $10.72 billion for the quarter ended September 2025, surpassing the Zacks Consensus Estimate by 0.97%, and up from $9.62 billion year-over-year [2] - Visa has consistently surpassed consensus EPS and revenue estimates over the last four quarters [2] Financial Performance - The earnings surprise for the previous quarter was +4.2%, with actual earnings of $2.98 compared to an expected $2.86 [1] - Visa shares have increased by approximately 10.1% since the beginning of the year, while the S&P 500 has gained 16.9% [3] Future Outlook - The current consensus EPS estimate for the upcoming quarter is $3.07 on revenues of $10.59 billion, and for the current fiscal year, it is $12.84 on revenues of $44.18 billion [7] - The estimate revisions trend for Visa was mixed ahead of the earnings release, resulting in a Zacks Rank 3 (Hold) for the stock, indicating expected performance in line with the market [6] Industry Context - The Financial Transaction Services industry, to which Visa belongs, is currently ranked in the bottom 42% of over 250 Zacks industries, suggesting potential challenges ahead [8] - Empirical research indicates a strong correlation between near-term stock movements and trends in earnings estimate revisions, which could impact Visa's stock performance [5]

每经AI快讯，10月29日，VISA第三季度净营收107亿美元，预估106.2亿美元；第三季度调整后每股收 益2.98美元，预估2.97美元。 ...

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 - U.S. payments volume was up 8%, with e-commerce growing faster than face-to-face spend [28] - Total international payments volume was up 10% year over year in constant dollars, with acceleration in Asia-Pacific [28] - Cross-border volume, excluding intra-Europe, was up 11%, with e-commerce up 13% and travel improving to 10% [28][29] 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 [7][73] - The company aims to expand its stablecoin capabilities and enhance cross-border money movement solutions [11][38] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the strength of the macroeconomic environment [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][42] - 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][41] 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 remain below its long-term tax rate in 2026 [32][40] 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][48] Question: Role of Visa in agentic commerce - 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][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 [66] Question: Differences between Visa's and competitors' agentic commerce protocols - Management emphasized the open and easy integration of the Visa Trusted Agent Protocol, positioning it as a foundational layer for the agentic commerce ecosystem [82][84]

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]