Visa Reports Fiscal Fourth Quarter and Full-Year 2026 Results
VISA INC. (V) filed an SEC Form 8-K — Results of Operations and Financial Condition. Visa Reports Fiscal Fourth Quarter and Full-Year 2026 Results San Francisco, October 27, 2026 – Visa (NYSE: V) Fiscal Fourth Quarter Results: • GAAP net income of $6.0B or $3.19 per share and non-GAAP net income of $6.6B or $3.48 per share • Net revenue of $12.1B, an increase of
How this was made
The 30-second read
Why it matters
The earnings release presents new, material data on revenue growth, earnings per share, and dividend increase, offering a clear trading catalyst.
Market read
First-report earnings for a large-cap payment processor, likely to move the stock and influence the sector.
What to watch
Potential litigation provisions and tax changes could temper upside.
Visa Reports Fiscal Fourth Quarter and Full-Year 2026 Results
Fiscal Q4 net revenue grew 13%, GAAP net income grew 18%, and processed transactions grew 10%. Full-year net revenue grew 15%, with payments volume up 9%, cross-border volume excluding intra-Europe up 12%, and $25.6 billion returned through share repurchases and dividends.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Q4 2026 net revenueGAAP | $12.14B | – | 13% |
| Full-year 2026 net revenueGAAP | $45.90B | – | 15% |
| Q4 2026 total operating expensesGAAP | $4.88B | – | 7% |
| Full-year 2026 total operating expensesGAAP | $17.79B | – | 11% |
| Q4 2026 total operating expensesnon-GAAP | $4.05B | – | 12% |
| Full-year 2026 total operating expensesnon-GAAP | $14.92B | – | 16% |
| Q4 2026 operating incomeGAAP | $7.26B | – | – |
| Full-year 2026 operating incomeGAAP | $28.11B | – | – |
| Q4 2026 non-operating income (expense)GAAP | $98M | – | 32% |
| Full-year 2026 non-operating income (expense)GAAP | −$17M | – | (108%) |
| Q4 2026 non-operating income (expense)non-GAAP | −$57M | – | (294%) |
| Full-year 2026 non-operating income (expense)non-GAAP | −$141M | – | (149%) |
| Q4 2026 effective income tax rateGAAP | 18.5% | – | 0 ppt |
| Full-year 2026 effective income tax rateGAAP | 16.3% | – | (1 ppt) |
| Q4 2026 effective income tax ratenon-GAAP | 18.4% | – | 0 ppt |
| Full-year 2026 effective income tax ratenon-GAAP | 17.9% | – | 0 ppt |
| Q4 2026 net incomeGAAP | $6.00B | – | 18% |
| Full-year 2026 net incomeGAAP | $23.50B | – | 17% |
| Q4 2026 diluted earnings per share, Class A common stockGAAP | $3.19 | – | 22% |
| Full-year 2026 diluted earnings per share, Class A common stockGAAP | $12.32 | – | 21% |
| Q4 2026 net incomenon-GAAP | $6.55B | – | 13% |
| Full-year 2026 net incomenon-GAAP | $25.31B | – | 12% |
| Q4 2026 diluted earnings per sharenon-GAAP | $3.48 | – | 17% |
| Full-year 2026 diluted earnings per sharenon-GAAP | $13.27 | – | 16% |
| Q4 2026 payments volumeother | 9% | – | 9% |
| Full-year 2026 payments volumeother | 9% | – | 9% |
| Q4 2026 cross-border volume excluding intra-Europeother | 14% | – | 14% |
| Full-year 2026 cross-border volume excluding intra-Europeother | 12% | – | 12% |
| Q4 2026 total cross-border volumeother | 14% | – | 14% |
| Full-year 2026 total cross-border volumeother | 13% | – | 13% |
| Q4 2026 processed transactionsother | 74.2B | – | 10% |
| Full-year 2026 processed transactionsother | 281.3B | – | 9% |
| Full-year 2026 net cash provided by operating activitiesGAAP | $23.73B | – | – |
| Full-year 2026 purchases of property, equipment and technologyGAAP | −$1.67B | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $12.94B | – | – |
| Investment securities as of September 30, 2026GAAP | $1.15B | – | – |
| Long-term debt as of September 30, 2026GAAP | $19.36B | – | – |
| Current maturities of debt as of September 30, 2026GAAP | $2.72B | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Q4 2026 service revenueRecognized based on payments volume in the prior quarter. | $5.25B | – | 14% |
| Full-year 2026 service revenueService revenue. | $19.92B | – | 14% |
| Q4 2026 data processing revenueData processing revenue. | $6.25B | – | 16% |
| Full-year 2026 data processing revenueData processing revenue. | $23.37B | – | 17% |
| Q4 2026 international transaction revenueCross-border volume excluding transactions within Europe drives international transaction revenue. | $4.12B | – | 8% |
| Full-year 2026 international transaction revenueCross-border volume excluding transactions within Europe drives international transaction revenue. | $15.25B | – | 8% |
| Q4 2026 other revenueOther revenue. | $1.65B | – | 40% |
| Full-year 2026 other revenueOther revenue. | $5.68B | – | 40% |
| Q4 2026 client incentivesClient incentives. | −$5.12B | – | 21% |
| Full-year 2026 client incentivesClient incentives. | −$18.32B | – | 16% |
Capital returns
- During the three months ended September 30, 2026, Visa repurchased approximately 11 million shares of class A common stock at an average cost of $369.12 per share for $4.0 billion.
- In the twelve months ended September 30, 2026, Visa repurchased a total of approximately 61 million shares of class A common stock at an average cost of $335.49 per share for $20.5 billion.
- Dividends paid were $5,112 million for the twelve months ended September 30, 2026.
- Share repurchases and dividends were $5.2B and $25.6B for fiscal fourth quarter and full-year, respectively.
- The board of directors increased Visa's quarterly cash dividend 16% to $0.780 per share, payable on December 1, 2026, to holders of record as of November 10, 2026.
- The Company had $24.4 billion of remaining authorized funds for share repurchases as of September 30, 2026.
What drove it
- Q4 net revenue growth was driven by year-over-year growth in payments volume, cross-border volume and processed transactions.
- Payments volume for the three months ended June 30, 2026 increased 10% over the prior year on a constant-dollar basis; this volume underlies fiscal Q4 service revenue.
- Payments volume for the three months ended September 30, 2026 increased 9% over the prior year on a constant-dollar basis.
- Q4 total cross-border volume increased 14% on a constant-dollar basis over the prior year.
- Fiscal Q4 GAAP operating expense growth was primarily driven by an increase in general and administrative expenses.
- Fiscal full-year GAAP operating expense growth was primarily driven by increases in personnel and marketing expenses.
- Q4 non-GAAP operating expenses increased 12%, primarily driven by increases in marketing and personnel expenses.
- Visa signed a definitive agreement on August 3, 2026 to acquire BioCatch for $2.4 billion in cash; the transaction is expected to close by the end of fiscal Q2 2027, subject to customary closing conditions and applicable regulatory approvals.
Concerns
- Fiscal Q4 client incentives were $(5,123) million, up 21% over the prior year, exceeding the 13% increase in Q4 net revenue.
- Full-year client incentives were $(18,317) million, up 16% over the prior year.
- Q4 GAAP operating expenses included $469 million for a litigation provision associated with the interchange MDL case, $282 million related to the donation of investments to the Visa Foundation, and $37 million for a deferred tax expense.
- Full-year GAAP operating expenses included $1.7 billion for a litigation provision associated with the MDL case and other legal matters and $563 million for severance costs.
- Visa recorded a $405 million deposit into its litigation escrow account on September 18, 2026.
- The BioCatch acquisition is subject to customary closing conditions, including applicable regulatory approvals.
What to watch
- Payments volume, cross-border volume excluding intra-Europe and processed-transaction growth.
- Client incentives relative to net revenue growth.
- Personnel and marketing expense growth, which drove full-year GAAP operating-expense growth.
- Litigation provisions and the U.S. retrospective responsibility plan escrow balance.
- Timing and closing conditions for the proposed $2.4 billion BioCatch acquisition.
- Use of the remaining $24.4 billion authorization for share repurchases and the increased quarterly dividend of $0.780 per share.
Balance sheet and cash flow
- Cash, cash equivalents and investment securities were $14.2 billion at September 30, 2026.
- Restricted cash equivalents—U.S. litigation escrow were $628 million as of September 30, 2026, compared with $2,990 million as of September 30, 2025.
- Total assets were $94,360 million as of September 30, 2026, compared with $99,627 million as of September 30, 2025.
- Total liabilities were $58,249 million as of September 30, 2026, compared with $61,718 million as of September 30, 2025.
- Total equity was $36,111 million as of September 30, 2026, compared with $37,909 million as of September 30, 2025.
- Net cash provided by operating activities was $23,728 million for the twelve months ended September 30, 2026, compared with $23,059 million for the twelve months ended September 30, 2025.
- Net cash used in investing activities was $(994) million for the twelve months ended September 30, 2026, compared with net cash provided by investing activities of $708 million for the twelve months ended September 30, 2025.
- Net cash used in financing activities was $(28,241) million for the twelve months ended September 30, 2026, compared with $(18,963) million for the twelve months ended September 30, 2025.
- Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period were $19,118 million, compared with $24,987 million.
Analysis
Visa closed fiscal 2026 with broad transaction-led growth. Fiscal Q4 net revenue was $12,139 million, up 13%, and full-year net revenue was $45,903 million, up 15%. Q4 payments volume grew 9% on a constant-dollar basis, total cross-border volume grew 14%, and processed transactions reached 74.2 billion, up 10%. For the full year, payments volume grew 9%, cross-border volume excluding intra-Europe grew 12%, total cross-border volume grew 13%, and processed transactions reached 281.3 billion, up 9%.
Revenue category performance was led by data processing and other revenue. Q4 data processing revenue rose 16% to $6,245 million, while other revenue rose 40% to $1,647 million. Service revenue increased 14% to $5,255 million, supported by payment-volume growth in the preceding quarter. International transaction revenue increased 8% to $4,115 million, trailing cross-border volume growth. Client incentives increased 21% to $(5,123) million in Q4 and 16% to $(18,317) million for the full year, a key offset to gross revenue growth.
GAAP Q4 operating expenses increased 7% to $4,877 million, slower than net revenue growth, while GAAP operating income was $7,262 million. The quarter included a $469 million litigation provision, a $282 million donation of investments to the Visa Foundation, and a $37 million deferred tax expense. Excluding specified items, non-GAAP operating expenses increased 12% to $4,051 million, primarily reflecting higher marketing and personnel expenses. Q4 GAAP net income increased 18% to $6,002 million and GAAP diluted EPS increased 22% to $3.19. Non-GAAP net income increased 13% to $6,552 million and non-GAAP EPS increased 17% to $3.48.
For the full year, GAAP operating expenses rose 11% to $17,793 million, primarily due to personnel and marketing expenses, and non-GAAP operating expenses rose 16% to $14,919 million. Full-year GAAP net income increased 17% to $23,504 million, while GAAP EPS increased 21% to $12.32. Non-GAAP net income increased 12% to $25,314 million and non-GAAP EPS increased 16% to $13.27. Full-year GAAP results included $1.7 billion for litigation, $563 million for severance costs, a $314 million deferred tax benefit, and a $282 million donation of investments to the Visa Foundation.
Capital deployment remained substantial. Visa generated $23,728 million of operating cash flow, repurchased $20.5 billion of class A common stock during fiscal 2026, and paid $5,112 million in dividends. The board increased the quarterly cash dividend 16% to $0.780 per share. Cash, cash equivalents and investment securities were $14.2 billion at September 30, 2026, and long-term debt was $19,355 million. The release contains no financial outlook, while the proposed $2.4 billion BioCatch acquisition is expected to close by the end of fiscal Q2 2027, subject to conditions.
Management, verbatim
Visa delivered a milestone year. We achieved record net revenue of $46 billion, up 15%, the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions. In 2026, we also demonstrated that whenever technology changes commerce, we move with it, we anticipate what’s next, and we enable its growth as the leading hyperscaler of payments globally. The foundation of all of this is trust, which Visa brings with our scale, our network and our products. As we look to 2027 and beyond, trust is the next growth vector for Visa.
Ryan McInerney, Chief Executive Officer, Visa
Not in the filing
stated, not guessed- Financial outlook or guidance was not provided.
- Prior-period gross margin was not provided because gross margin was not reported.
- Free cash flow was not reported.
- Debt total was not separately reported as a single line item.
- Q4 operating cash flow was not reported.
- Q4 free cash flow was not reported.
- Sequential percentage changes were not reported for the metrics in the quarterly results table.
- Prior guidance was not provided.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Visa's FY2026 earnings were filed via SEC Form 8‑K, providing official financial results.
Ticker impact
Visa disclosed FY2026 earnings with 15% revenue growth and record net revenue of $46B, a primary earnings release.
likely upward as market prices in robust revenue growth and higher dividend.
Large-cap earnings beat with double-digit growth typically drives short-term price gains.
Market effects
Payments sector may see broader rally on Visa's strong performance.
U.S. markets may open higher on earnings momentum.
Global card issuers could be positively influenced.
Counterpoint
If expectations were already high, the stock may be priced in and could face a pullback.
Key entities
- companyVisa Inc.
Global payments network reporting FY2026 results.
