Financial Data and Key Metrics Changes - In the fiscal first quarter, the company reported a net revenue increase of 15% year-over-year to $10.9 billion, with EPS also up 15% [5][21] - Payments volume grew 8% year-over-year in constant dollars, reaching nearly $4 trillion, while processed transactions increased by 9% year-over-year, totaling $69 billion [5][21] - Operating expenses rose by 16%, primarily due to unfavorable foreign exchange impacts and higher-than-expected marketing expenses [29] Business Line Data and Key Metrics Changes - Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth [28] - Commercial and money movement solutions revenue grew 20% year-over-year in constant dollars, with commercial payments volume also increasing by 10% [28][21] - Value-added services revenue surged by 28% year-over-year in constant dollars, driven by strong demand across all portfolios [29][21] Market Data and Key Metrics Changes - U.S. payments volume increased by 7%, with e-commerce growing faster than face-to-face spending [24] - Total international payments volume rose by 9% year-over-year in constant dollars, consistent with previous quarters [26] - Cross-border volume, excluding intra-Europe transactions, was up 11% year-over-year, with travel-related cross-border volume also increasing by 10% [27] Company Strategy and Development Direction - The company is focused on innovations in the Visa as a Service stack, enhancing Visa credentials, and expanding capabilities in agentic commerce and stablecoins [5][13] - The strategy includes building a secure and seamless interoperable layer between stablecoins and traditional fiat payments, with significant growth potential in this area [15][14] - The company aims to be a key enabler in agentic commerce, working with over 100 partners globally to streamline payment processes [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the resilience of consumer spending and the effectiveness of their strategy, despite lower-than-expected currency volatility [23][35] - The company anticipates continued strong performance in value-added services and commercial solutions, offsetting potential challenges from lower volatility [48] - Future guidance remains optimistic, with expectations for adjusted net revenue growth in the low double digits for the full year [34][35] Other Important Information - The company has initiated a stablecoins advisory practice to assist clients in developing their stablecoin strategies [14] - The company is piloting Visa Direct stablecoin payouts, expanding its reach in markets with currency volatility [15] - The company has a remaining buyback authorization of $21.1 billion, indicating a strong commitment to returning capital to shareholders [30] Q&A Session Summary Question: Opportunities around value-added services for events like the Olympics and World Cup - Management highlighted the ability to leverage sponsorships for bespoke client programs, generating revenue and deepening partnerships [39][43] Question: Strength in value-added services and capital return strategy - Management noted strong performance in value-added services and commercial solutions, with a programmatic approach to capital return and share buybacks [46][49] Question: Regulatory environment and potential risks from CCCA - Management emphasized engagement with lawmakers to educate them on the competitive landscape and the potential negative impacts of CCCA legislation [53][56] Question: Growth in commercial solutions and spending trends - Management attributed growth in commercial solutions to successful product strategies and client wins, with stable international volume growth across regions [60][66] Question: Growth trajectory for Flex credentials - Management described Flex as a versatile payment solution with multiple funding options, indicating potential for significant growth in the future [77][80] Question: Updates on issuer processing and technology investments - Management confirmed ongoing investments in issuer processing technology, with a focus on modernizing clients' tech stacks [84][85]

Visa (NYSE:V) Q1 2026 Earnings call January 29, 2026 05:00 PM ET Speaker1Welcome to Visa's Fiscal First Quarter 2026 Earnings Conference Call. All participants are in a listen-only mode until the question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would like to now introduce to your conference to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.Speaker0Thank you. Go ...