)
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 Wells Fargo's 9th Annual TMT Summit summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Wells Fargo's 9th Annual TMT Summit summary18 Nov, 2025
Settlement and regulatory updates
Announced a proposed settlement with US merchants, offering significant interchange reductions and increased merchant flexibility after over 20 years of litigation.
New terms include a 10 basis point reduction in US average combined credit interchange rates and a five-year cap on posted credit interchange rates at 125 basis points.
Merchants gain more options for surcharging and can selectively accept card categories (commercial, premium consumer, standard consumer).
Merchant education programs will be expanded to support payment acceptance and cost management.
Litigation approval process is expected to extend through FY 2026, with implementation likely in FY 2027.
Business performance and consumer trends
Q4 showed strong financial results with stable and healthy payment volumes, transactions, and spend across all categories.
Both discretionary and non-discretionary spending remained stable or improved, with high spenders driving growth.
Cross-border volumes grew 11% in both Q3 and Q4, with e-commerce and travel segments also showing robust growth.
Forward guidance reflects confidence in continued stability and resilience, supporting a strong outlook for Q1 and FY 2026.
Strategic investments and innovation
Focused on driving client success and operational discipline, with no fixed operating margin target but a history of industry-leading margins.
Investing in innovation areas such as stablecoin (130+ card issuance programs, $2.5B run rate) and agentic commerce (Visa Intelligent Commerce APIs).
Emphasis on value-added services (VAS) and commercial money movement solutions (CMS) as key growth pillars.
VAS grew 23% to $10.8B in FY 2025, now 27% of total business; CMS grew 15%.
The settlement allows indefinite surcharging/honor all cards. How will Visa maintain merchant preference?
FY26 OpEx matches revenue. Detail key investment areas.
VAS/CMS growth exceeded guidance. What specific drivers sustain this momentum?
Partial view of Summaries dataset, powered by Quartr API
Research faster. Power your platform.
Next Visa earnings date
UBS’s 2025 Global Technology and AI Conference2 Dec, 2025
The essential earnings season companion
The #1 app for qualitative research. Live earnings calls, AI chat, transcripts, and more. All for free.
Live calls and transcripts
Listen to earnings calls, CMDs, investor conferences, and more – with a podcast-like experience.
Find what you need faster
Search for any keyword across all transcripts simultaneously.
Easily store key findings
Capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Your watchlist. Your dashboard.
Follow the companies that matter to you. Get a personalized feed with real-time updates.
Be the first to know
Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned.
Consensus estimates
Access analyst consensus estimates, valuation multiples, and revenue segments splits.
All IR material in one place
The easiest way to stay updated during earnings season.
Global coverage
All events from public companies. Live and recorded.
Just click and listen
No webcast links. No manual registrations.
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
)
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
)
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
This is genuinely one of the cleanest and fastest finance apps out there to track the market.
anuj283App Store
I can't remember the last time an app had such a positive impact on my investment process.
)
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
I can't remember the last time an app had such a positive impact on my investment process.
@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
Related articles
)
Business Philosophy15 Sep 2025
Stephen J. Squeri: American Express Veteran Chairman and CEO
Stephen Squeri has spent over four decades at American Express, rising through the ranks to lead one of the world's most recognized brands.
)
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
Quartr provides global coverage of all investor relation material from public companies.
Mobile app: Research anytime, anywhere with the #1 app for live earnings calls, transcripts, analyst estimates, and more. All for free.
Desktop (Quartr Pro): The leading platform for qualitative research, used daily by top firms and financial institutions.
Quartr API: Build custom solutions powered by live earnings calls, live transcripts, filings and reports, slide presentations, and more.
Yes, the Quartr mobile app is free on both iOS and Android.
Yes. Quartr provides global, industry-leading live coverage of company events such as regular earnings calls, capital markets days, M&A announcements, and investor conferences. Live with zero delays. Just click and listen.
Yes, capturing important takeaways is as simple as it gets. Even during your lunch run or commute.
Yes. Follow the companies that matter to you. Get a personalized feed with real-time updates, a tailored earnings calendar, and instant alerts when earnings calls go live.
Yes. Set keyword alerts for any company, product, or competitor. Get notified the moment they're mentioned, regardless of who's talking.
Explore our global coverage