Visa (V) Q2 2026 earnings summary

Executive summary

• Net revenue grew 17% year-over-year to $11.2 billion, the strongest growth since 2022, with GAAP net income up 32% to $6.0 billion and GAAP EPS up 36% to $3.14; non-GAAP net income was $6.3 billion, up 17%, and non-GAAP EPS was $3.31, up 20%.

• Payments volume rose 9% year-over-year in constant dollars to $3.7 trillion, with processed transactions up 9% to 66 billion.

• Value-added services revenue grew 27–30% year-over-year, reaching $3.3 billion and now representing 30% of net revenue.

• Shareholder returns included $9.2 billion in share repurchases and dividends in the quarter, with a new $20 billion multi-year share repurchase program authorized.

• Strategic focus on consumer payments, commercial payments, money movement, AI, agentic commerce, stablecoins, and value-added services.

Financial highlights

• U.S. payments volume grew 8–9% year-over-year, with credit up 10–11% and debit up 7–8%.

• International payments volume increased 10–16% year-over-year in constant dollars.

• Cross-border volume (excluding intra-Europe) up 11–12% year-over-year; cross-border e-commerce up 13%.

• Service revenue grew 13–18%, data processing revenue up 13–18%, and other revenue up 41% year-over-year.

• GAAP operating expenses decreased 4% to $4.0 billion, mainly due to lower litigation provisions; non-GAAP operating expenses rose 17% due to higher personnel and marketing costs.

Outlook and guidance

• Full-year net revenue and EPS guidance raised to low double-digit to low teens growth on a non-GAAP adjusted constant-dollar basis.

• Q3 net revenue growth expected in low double digits, with Q3 being the lowest growth quarter of the year.

• Operating expense growth for the year expected in low double-digit to low teens, driven by FIFA-related marketing.

• Management expects continued growth in digital commerce, electronic payments, and value-added services, with macroeconomic conditions and consumer spending influencing future results.