)
Edge19 Sep 2025
American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
Visa (V) investor relations material
Visa Proxy Filing summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Proxy Filing summary8 Dec, 2025
Executive summary
Annual meeting scheduled for January 27, 2026, with voting on director elections, executive compensation, auditor ratification, certificate amendments, and shareholder proposals.
Strong financial performance in 2025: $40B net revenue (up 11%), $20.1B non-GAAP net income, $22.5B payments volume, and 257.5B processed transactions.
Strategy focuses on accelerating growth in consumer payments, commercial solutions, and value-added services, with continued investment in technology, AI, and global expansion.
Voting matters and shareholder proposals
Board recommends voting FOR all company proposals: election of 11 directors, advisory approval of executive compensation, ratification of KPMG as auditor, and amendments to limit officer liability.
Four shareholder proposals (independent chair, written consent, online sexual exploitation report, inclusion ROI audit) are opposed by the Board.
Shareholders have rights to call special meetings (15% threshold) and proxy access (3%/3 years), with annual director elections and majority vote standard.
Board of directors and corporate governance
Board reduced to 11 members, 91% independent, with diverse skills in payments, technology, finance, and global markets.
Recent refreshment includes new directors and committee chair rotations to enhance oversight and expertise.
Separate CEO and independent Board Chair structure, with robust responsibilities for the Chair and independent committee leadership.
Annual board and committee evaluations, director education, and proactive shareholder engagement are emphasized.
How GenAI/agentic commerce drive growth strategy?
Officer liability limits: expected benefits?
What drove 140% annual incentive payout in FY25?
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Edge1 Mar 2024
Visa and Mastercard: The Global Payment Duopoly
Explore one of the world's largest and most discussed duopolies, from the origins of the credit card to its combined market value of $850 billion.
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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