Visa (V) Q4 2026 earnings summary

Executive summary

• FY26 net revenue reached $45.9B, up 15% reported and 14% in constant currency; growth was strongest in over 15 years, excluding the post-pandemic recovery and acquisitions.

• Broad payment activity and growth in commercial and value-added services supported results; trust, security, money movement and new payment technologies remained strategic priorities.

Financial highlights

• Q4 net revenue was $12.139B, up 13%; GAAP net income was $6.0B, up 18%, and diluted EPS was $3.19, up 22%; non-GAAP net income was $6.6B, up 13%, and diluted EPS was $3.48, up 17%.

• FY26 GAAP net income was $23.5B, up 17%, and diluted EPS was $12.32, up 21%; adjusted net income was $25.3B, up 12%, and adjusted diluted EPS was $13.27, up 16%.

• Q4 non-GAAP adjusted constant-dollar revenue grew 12%, operating expenses 11%, and diluted EPS 16%; Q4 GAAP operating expenses were $4.877B, up 7%, and non-GAAP expenses were $4.051B, up 12%.

• FY26 operating income was $28.1B; operating expenses rose 11% reported and 16% adjusted, driven primarily by personnel and marketing costs.

• Q4 service revenue was $5.255B, data processing $6.245B, international transactions $4.115B and other revenue $1.647B; client incentives were $5.123B, up 21%.

Outlook and guidance

• FY27 adjusted constant-dollar revenue growth is expected in the low double digits; adjusted operating expense growth is also expected in the low double digits, modestly below revenue growth, and adjusted EPS growth in the low double digits to low teens.

• Q1 adjusted constant-dollar revenue and operating expense growth are expected in the low double digits; revenue growth just under one point below Q4 adjusted growth, with adjusted EPS growth at the low end of the mid-teens.

• FY27 pricing contribution is expected to be similar to FY26 and more back-half weighted; ~25% of payments volume is up for renewal, implying a higher incentive growth rate.

• FY27 non-operating expense is expected at $250M–$300M and tax rate at ~19%; Q1 non-operating expense is expected at ~$60M and tax rate at 18.5%–19%.