Visa (V) Q3 2026 earnings summary

Executive summary

• Net revenue for Q3 2026 rose 14% year-over-year to $11.6 billion, with GAAP net income up 7% to $5.6 billion and GAAP EPS up 10% to $2.97; non-GAAP net income was $6.3 billion (up 8%) and non-GAAP EPS $3.32 (up 11%).

• Payments volume grew 10%–11% year-over-year, surpassing $4 trillion, with cross-border volume up 12%–13% and processed transactions up 10%.

• Value-added services revenue surged 33%–34% year-over-year, now representing nearly a third of total revenue.

• $6.2B was returned to shareholders in Q3 2026 through share repurchases and dividends.

• Major developments included a $1.5B acquisition in Argentina, a $3.0B senior notes issuance, and completion of a class B stock exchange offer.

Financial highlights

• Service revenue was $4.9B (+14%–17%), data processing revenue $6.0B (+14%–17%), international transaction revenue $3.9B (+6%–18%), and other revenue $1.5B (+45%).

• Operating expenses rose 17%–19% year-over-year, mainly due to higher personnel and marketing costs, including $563M in severance.

• Free cash flow for the quarter was $6.1B, with $13.9B in cash, cash equivalents, and investment securities at quarter-end.

• Client incentives were $4.7B, up 18%–45% year-over-year.

• Total cards in circulation grew 8% year-over-year to 5.2 billion.

Outlook and guidance

• Q4 net revenue growth expected at the high end of low double digits, with full-year net revenue and operating expense growth forecasted at the low end of low teens.

• Full-year EPS growth projected at the low end of mid-teens; guidance assumes continued consumer spend stability and current volatility levels.

• Management expects continued growth in digital commerce and electronic payments, supported by ongoing investments in technology and network infrastructure.