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Visa Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary29 Jan, 2026
Executive summary
Net revenue grew 15% year-over-year to $10.9B, with GAAP net income up 14% to $5.9B and GAAP EPS up 17% to $3.03; non-GAAP net income was $6.1B ($3.17 per share), up 12% (15% per share).
Payments volume increased 8%, cross-border volume (excluding intra-Europe) up 11%, and processed transactions up 9% to $69B, reflecting resilient consumer spending and a strong holiday season.
Shareholder returns totaled $5.1B through share repurchases and dividends, with $3.8B in buybacks and $1.3B in dividends.
Innovations in digital credentials, tokenization, agentic commerce, stablecoins, and issuer processing drove growth and positioned the company as a payments hyperscaler.
Financial highlights
Service revenue increased 13% to $4.8B, data processing revenue up 17% to $5.5B, international transaction revenue up 6% to $3.7B, and other revenue up 33% to $1.2B.
Value-added services revenue grew 28% year-over-year in constant dollars to $3.2B, representing about 50% of overall revenue growth.
Operating expenses rose 27% to $4.2B, mainly due to increased litigation provision and higher marketing spend; non-GAAP operating expenses up 16%.
Free cash flow for the quarter was $6.4B, with cash and equivalents at $16.9B as of December 31, 2025.
Client incentives were $4.3B, up 12% year-over-year.
Outlook and guidance
Full-year and Q2 net revenue growth expected in the low double digits on a non-GAAP adjusted constant-dollar basis.
Adjusted operating expense growth projected in the low double digits for the year, with Q2 expenses expected to rise due to event-related marketing.
Adjusted EPS growth anticipated in the low double digits, slightly higher than previous guidance due to a lower tax rate.
Tax rate for the year expected between 18%-18.5% non-GAAP, with GAAP effective tax rate at 13.0% for the quarter.
Impact of MDL settlement on future litigation provisions
Drivers of 'Other revenue' and value-added services
How does escrow deposit impact share count?
Where does Visa see stablecoin growth potential?
How do tokens change client engagement strategy?
What offsets lower volatility in full-year revenue?
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Next Visa earnings date
Q2 202628 Apr, 2026
Visa
Next Visa earnings date
Q2 202628 Apr, 2026
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Frequently asked questions
Multinational financial services
Visa undeniably has one of the more attractive business models out there. You might think they issue cards and generate loans, but no, the company is facilitating transactions and is a royalty on consumer spending in a non-cash world. If you’re optimistic about the world and where it’s heading, Visa is undoubtedly a way to ride this trend, as cash still is used in many countries, and Visa's entrance into these markets will fuel their continued growth.
One of the world's largest card payment organizations
Visa is together with MasterCard, American Express, and Discover, the largest credit card network in the world.
Further reading: The Payment's Value Chain: A Complex Ecosystem
Visa has grown its revenue from 10.4 billion dollars in 2012 to 30.5 billion dollars in 2021, and EBITDA over the same period grew from 6.3 billion to 21 billion. This steadily increasing EBITDA margin, outpacing the revenue growth, is key, as more transactions pushed through Visa’s network mean higher incremental margins.
This asset-light business model enables the company to earn high margins, as stated, and also to invest in emerging technologies.
Their four-party payment system—VisaNet, facilitates transactions by authorizing, clearing, and settling them. The four parties involved in this system are:
Account holders. The cardholder who uses the card for payment anywhere that it's acceptable.
Issuers. Financial institutions are issuing Visa cards and products to account holders.
Acquirers. Contracts with merchants to accept Visa products.
Merchants. Retailers or billers accept Visa as an electronic payment method.
From cash to card worldwide
The shift from cash to cashless payments is in full motion. China and India, for example, more than 180 million people, respectively, made their first digital payments after the start of COVID-19. However, the trend is still in its infancy in most parts of the world, meaning significant growth opportunities lie ahead.
Further reading: Visa and Mastercard: The Global Payment Duopoly
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