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Visa (V) investor relations material
Visa Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary28 Oct, 2025
Executive summary
Fiscal year 2025 delivered strong financial results, with net revenue up 11% for the year and 12% in Q4; non-GAAP EPS up 14% for the year and 10% in Q4, while GAAP EPS was impacted by litigation provisions.
Payments volume reached $14 trillion, up 8% year-over-year in constant dollars, with processed transactions totaling 258 billion, up 10% year-over-year.
Innovation and expansion across the Visa-as-a-Service stack, including network, services, solutions, and access layers, drove growth, with significant progress in tokenization, stablecoin integration, and agentic commerce initiatives.
Shareholder returns totaled $6.1B in Q4 through share repurchases and dividends; quarterly dividend increased 14% to $0.670 per share.
Strong growth in payments volume, cross-border volume, and processed transactions continued across both Q4 and the full year.
Financial highlights
Q4 net revenue: $10.7 billion, up 12% year-over-year; full-year net revenue: $40 billion, up 11%.
Q4 GAAP net income: $5.1B ($2.62/share), down 4% year-over-year; non-GAAP net income: $5.8B ($2.98/share), up 7% and 10% respectively.
Full-year GAAP net income: $20.1B ($10.20/share), up 2% and 5% respectively; non-GAAP net income: $22.5B ($11.47/share), up 11% and 14% respectively.
Q4 operating expenses increased 40% to $4.6B, mainly due to a $899M litigation provision; non-GAAP operating expenses up 13%.
Free cash flow for Q4 was $5.8B; cash, equivalents, and investment securities stood at $20.0B as of September 30, 2025.
Outlook and guidance
Fiscal 2026 adjusted net revenue and operating expense growth expected in the low double digits, with Q1 net revenue growth at the high end of low double digits.
Adjusted EPS growth projected in the low double digits; tax rate for 2026 expected between 18.5% and 19%.
Q2 and Q3 2026 operating expenses expected to be higher due to Olympic and FIFA marketing.
Management highlighted ongoing investment in innovation, AI-driven commerce, real-time money movement, tokenization, and stablecoins.
Litigation provision's impact on capital allocation?
Update on future share repurchase plans?
Progress on AI-driven commerce initiatives?
Agentic commerce: substitute or additive to TAM?
Tangible stablecoin opportunities for Visa?
How does new VisaNet impact product velocity?
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Q1 202629 Jan, 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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