Financial Data and Key Metrics Changes - Visa reported net revenue of $10.2 billion, an increase of 14% year over year, and EPS rose by 23% year over year [6][35][42] - Overall payments volume grew by 8% year over year in constant dollars, with U.S. payment volume increasing by 7% and international payments volume by 10% [6][35][36] - Cross-border volume, excluding intra-Europe, rose by 11% in constant dollars, and processed transactions grew by 10% year over year [7][35][36] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [41] - Commercial and Money Movement Solutions (CMS) revenue grew by 13% year over year in constant dollars, with Visa Direct transactions increasing by 25% [15][42] - Value-added services revenue reached $2.8 billion, growing by 26% year over year in constant dollars, driven by strength across all portfolios [25][42] Market Data and Key Metrics Changes - Total international payments volume increased by 10% year over year, consistent with Q2 when adjusted for leap year [35][36] - U.S. payments volume growth was generally consistent with Q2, with e-commerce growing faster than face-to-face spend [36][38] - Cross-border volume growth remained strong and above pre-COVID levels, despite currency weakness and travel impacts [31][39] Company Strategy and Development Direction - Visa is focused on innovation in areas such as AI and stablecoins, with a commitment to evolving its product offerings [8][20] - The company aims to deepen relationships with clients and expand its digital payment solutions, including account-to-account payments and open banking initiatives [14][19] - Visa's strategy includes enhancing its value-added services and leveraging its global scale to capture growth opportunities [32][42] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the company's ability to navigate macroeconomic challenges [30][48] - The outlook for Q4 remains strong, with expectations for continued growth in net revenue and EPS [46][48] - Visa is planning for FY 2026, evaluating various macroeconomic scenarios and client renewals to drive future growth [95][96] Other Important Information - Visa's operating expenses grew by 13%, primarily due to higher personnel costs and lower-than-expected FX benefits [43][66] - The company issued €3.5 billion in fixed-rate senior notes and repurchased approximately $4.8 billion in stock during the quarter [43][44] - Visa is actively involved in the stablecoin space, supporting regulatory clarity and exploring its use in remittances and cross-border transactions [20][23] Q&A Session Summary Question: Follow-up on the fourth quarter guide - Management indicated that Q4 is expected to be fundamentally strong, with resilient consumer spending and normalization of prior one-time impacts [52][54] Question: Investment priorities and operating expenses - Management confirmed that investment priorities remain unchanged, focusing on product development and growth, while Q3 operating expenses were higher due to FX and personnel costs [62][66] Question: Spread between international transaction fees and nominal cross-border volume - Management explained that the spread was impacted by higher currency volatility, hedging losses, and changes in mix, particularly with U.S. inbound travel [70][74] Question: Visa Direct's growth and pricing dynamics - Management highlighted Visa Direct's significant growth and its role as a cross-border money movement platform, with pricing strategies varying by region and use case [78][84] Question: Expectations for volume transactions in fiscal 2026 - Management expressed confidence in the growth potential across its business segments and the ongoing momentum in value-added services [90][92] Question: Role of stablecoins in remittances - Management discussed the potential for stablecoins to facilitate faster and cheaper cross-border transactions, benefiting both consumers and service providers [100][104] Question: Growth of advisory services related to stablecoins - Management confirmed strong growth in the advisory business, particularly around stablecoins, and highlighted opportunities for monetization through consulting services [108][110]

Financial Data and Key Metrics Changes - The company reported net revenue of $10.2 billion, an increase of 14% year over year, and EPS rose by 23% year over year [6][35] - Overall payments volume grew by 8% year over year in constant dollars, with U.S. payment volume increasing by 7% and international payments volume by 10% [6][35] - Cross-border volume, excluding intra-Europe, rose by 11% in constant dollars, and processed transactions grew by 10% year over year [6][35] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [42] - Commercial and money movement solutions revenue grew by 13% year over year in constant dollars, with Visa Direct transactions increasing by 25% [42] - Value-added services revenue reached $2.8 billion, growing by 26% year over year in constant dollars, driven by strength across all portfolios [43][25] Market Data and Key Metrics Changes - Total international payments volume increased by 10% year over year, consistent with Q2 when adjusted for leap year [35] - U.S. payments volume growth was generally consistent with Q2, with e-commerce growing faster than face-to-face spend [36] - Cross-border volume growth remained strong and above pre-COVID levels, despite impacts from currency weakness and travel to specific countries [32] Company Strategy and Development Direction - The company is focused on advancing its product developments in areas such as AI and stablecoins, aiming to lead in consumer payments, commercial solutions, and money movement [8][21] - Visa is enhancing its digital future through innovations like Visa Intelligent Commerce and the Flex credential, which targets various use cases [12][9] - The company is committed to expanding its stablecoin capabilities, seeing product market fit in emerging markets and cross-border money movement [21][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the company's ability to capture significant opportunities ahead [32][49] - The company anticipates strong growth in Q4, with adjusted net revenue expectations remaining unchanged in the high single digits to low double digits [47][49] - The strength and diversity of Visa's business model are expected to drive long-term growth, even amid changing economic conditions [49][49] Other Important Information - Operating expenses grew by 13%, higher than expected due to lower FX benefits and increased personnel costs [44] - The company issued €3.5 billion of fixed-rate senior notes and repurchased approximately $4.8 billion in stock during the quarter [44] - Visa's total credentials increased by 7% year over year, with over 50% of e-commerce transactions now tokenized globally [9] Q&A Session Summary Question: Follow-up on the fourth quarter guide - Management indicated that Q4 is expected to be fundamentally strong, with resilient consumer spending and normalization of one-time impacts from the previous year [52][54] Question: Investment priorities and operating expenses - Management confirmed that investment priorities remain unchanged, focusing on a rich product pipeline, while Q3 operating expenses were higher due to FX benefits and personnel costs [62][66] Question: Spread between international transaction fees and nominal cross-border volume - Management explained that higher currency volatility, hedging losses, and mix impacts contributed to the spread dynamics, with U.S. inbound travel affecting yields [70][74] Question: Visa Direct's growth and pricing dynamics - Management highlighted Visa Direct's significant growth and its role as a cross-border money movement platform, with pricing strategies varying by region and use case [78][86] Question: Expectations for fiscal 2026 - Management expressed confidence in the growth opportunities across its three engines and indicated that more details would be provided in the next earnings call [90][96] Question: Role of stablecoins in remittances - Management discussed the potential of stablecoins to enable faster and cheaper cross-border transactions, benefiting both end users and clients [99][102] Question: Growth in advisory services related to stablecoins - Management confirmed strong growth in advisory services, particularly around stablecoins, and emphasized the importance of their consulting capabilities in this area [105][107] Question: Incentives for Q4 and fiscal 2026 - Management noted that Q4 is expected to see the highest growth in incentives, with no changes to the adjusted net revenue guidance [110][111]