V 2026 Q3

Q3 net revenue rose 14% year over year to $11.6 billion, ahead of expectations, driven by stronger-than-expected key business drivers, VAS revenue, and FX.

“net revenue was up 14% year over year to $11.6 billion and EPS was up 11%, both ahead of expectations”— Ryan McInerney, Chief Executive Officer

Service revenue growth accelerated sharply to 14% year over year from 9% in Q2, driven by constant-dollar payments volume growth from pricing and card benefits.

“Service revenue grew 14% year over year versus 9% growth in Q2.”— Christopher Suh, Chief Financial Officer

Management raised full-year net revenue growth guidance to the low end of low teens, up from prior guidance levels, reflecting continued strong business momentum.

“we expect full-year net revenue growth to now be in the low end of low teens”— Christopher Suh, Chief Financial Officer

Commercial and money movement solutions revenue growth stepped down from Q2 due to the absence of a one-time performance adjustment benefit and lapping pricing impacts from a year ago.

“CMS revenue stepped down from Q2 due to the absence of performance adjustment benefits that helped Q2 and lapping pricing impacts”— Christopher Suh, Chief Financial Officer

International transaction revenue grew only 6%, well below the 12% cross-border volume growth, as the company lapped last year's currency volatility peak and saw unfavorable business mix.

“International transaction revenue was up 6%, below the 12% increase in constant-dollar cross border volume growth excluding intra-Europe, primarily due to lapping the currency”— Christopher Suh, Chief Financial Officer

Data processing revenue grew 17%, outpacing the 10% growth in processed transactions, primarily attributed to pricing actions, strong VAS performance, and higher cross-border mix.

“Data processing revenue grew 17%, above the 10% growth in processed transactions, primarily due to pricing”— Christopher Suh, Chief Financial Officer

U.S. payment volume growth accelerated two points from Q2 to 10%, the fastest rate since fiscal 2019 excluding COVID recovery, with both card-present and card-not-present spend accelerating strongly.

“a growth rate not seen since fiscal '19 excluding the COVID recovery”— Christopher Suh, Chief Financial Officer

The Good Investors The View On Consumer Spending From The Largest Payments Companies (2026 Q3) General Investing : The View On Consumer Spending From The Largest Payments Companies (2026 Q3) : The Good Investors % — thegoodinvestors.sg · 30 October 2026

U.S. debit volume growth accelerated by more than two points from Q2 to reach 9% year over year.

“Debit accelerated by more than two points from Q2 to grow 9% year over year.”— Christopher Suh, Chief Financial Officer

U.S. credit volume growth rose to 11% year over year, up more than a point from Q2.

“U.S. credit rose 11% year over year, up more than a point from Q2.”— Christopher Suh, Chief Financial Officer

Cross-border volume growth (ex intra-Europe) accelerated to 12% from a level more than a point lower in Q2.

“Q3 total cross border volume grew 12% year over year, up more than a point from Q2.”— Christopher Suh, Chief Financial Officer

Cross-border e-commerce volume growth accelerated to 16%, three points above Q2, driven primarily by retail spend including promotional shopping event timing.

“Cross border e-commerce volume was up 16%, three points above Q2, primarily driven by retail including the timing of promotional shopping events.”— Christopher Suh, Chief Financial Officer

Commercial payment volume growth accelerated two points from Q2 to 13% in constant dollars, driven by both U.S. and international acceleration.

“Commercial payment volume grew faster than Visa's overall payments volume, up 13% in constant dollars and accelerating two points from Q2”— Christopher Suh, Chief Financial Officer

U.S. payments volume growth stepped down to 9% in early Q4 (through July 21) from June levels, due to retail timing, a lack of days-mix benefit, and lower fuel costs.

“U.S. payments volume was up 9%, with both credit and debit up 9% year over year, a step down from June”— Christopher Suh, Chief Financial Officer

Cross-border e-commerce growth moderated in early July versus the unusually high June peak, with management expecting it to settle back to a more typical relationship with travel.

“Through the first three weeks of July, it was slightly lower than the month of June, the inverse of the things that helped June.”— Christopher Suh, Chief Financial Officer

European credential growth accelerated to more than 40 million added in the last 12 months via migrations and organic growth, over 70% faster than the FY2019-2024 annualized pace.

“we have grown credentials by more than 40 million in the last 12 months, which is over 70% faster than the annualized credentials growth”— Ryan McInerney, Chief Executive Officer

Management now expects more than 30 million additional credentials from new wins alone in Europe over the next several years, signaling continued share gains ahead.

“we expect over 30 million more credentials from wins alone in Europe”— Ryan McInerney, Chief Executive Officer

Visa's processing penetration in Colombia rose from single digits five years ago to above 90% now, following a new agreement with Grupo Aval covering four banks.

“Our processing penetration in the country, which was in the single digits five years ago, is now above 90%.”— Ryan McInerney, Chief Executive Officer

Value-added services revenue grew 34% in constant dollars, higher than expected, with all four VAST portfolios individually growing faster than the historical growth rates disclosed at Investor Day.

“all four of our VAST portfolios have individually grown faster than their respective historical growth rates disclosed at Investor Day”— Christopher Suh, Chief Financial Officer

Visa is launching DPS Full-Service Credit, an integrated issuer processing solution for fintechs and small/midsized banks, piloting in Q4 with its first U.S. client and going generally available next year.

“We will be piloting it in Q4 with our first client secured in the U.S. and it will be generally available next year.”— Ryan McInerney, Chief Executive Officer

Visa launched a new Visa Stablecoin Platform for minting, movement, and management, alongside joining Open Standard to help issue the new OpenUSD stablecoin for global money movement.

“we launched the Visa Stablecoin Platform for stablecoin minting, movement, and management.”— Ryan McInerney, Chief Executive Officer

Visa announced new agentic commerce partnerships with OpenAI and Meta to enable secure payments within AI-driven shopping experiences, which management expects will expand its addressable market.

“Visa will provide its global network, credentialing capabilities, and security infrastructure to support agentic commerce experiences”— Ryan McInerney, Chief Executive Officer

Operating expense growth of 17% came in above expectations due to a larger-than-expected FX impact from balance sheet remeasurement and higher deferred compensation mark-to-market personnel expense.

“This was above our expectations, primarily due to larger-than-expected FX impact from balance sheet remeasurement”— Christopher Suh, Chief Financial Officer

Visa announced a new round of role eliminations, mostly in technology and product teams, as part of an efficiency push to reposition the company for future growth.

“we are eliminating roles with the majority being in our technology and product teams, to ensure that we are continuing to position Visa”— Ryan McInerney, Chief Executive Officer

Visa incurred $563 million in GAAP severance costs from workforce changes this quarter, with management stating savings will be reinvested into its highest-potential growth opportunities.

“we continue to focus on driving efficiency across the company and reinvest those savings in our highest-potential growth opportunities.”— Christopher Suh, Chief Financial Officer

Client incentive growth stepped up four points from Q2 to 18%, driven by lapping low incentive growth a year ago and strong client performance, pressuring net revenue growth.

“Client incentives grew 18%, a step up of four points from Q2, primarily due to lapping low incentive growth last year and strong client performance.”— Christopher Suh, Chief Financial Officer

Visa won the entire consumer credit portfolio of NatWest's retail bank in the UK, reflecting a strategic partnership that management said has been restored over the past five years.

“we have won the entire consumer credit portfolio of their retail bank, demonstrating the strength of our strategic partnership”— Ryan McInerney, Chief Executive Officer

Management now assumes Q4 currency volatility will be in line with elevated Q1 levels rather than lower, implying a greater revenue drag than previously incorporated into plans.

“On volatility, we are assuming that current levels, which are generally in line with Q1, persist, implying more of a drag than was incorporated previously.”— Christopher Suh, Chief Financial Officer

Commercial and U.S. inbound cross-border travel continued to improve this quarter even as geopolitical conflict remained an offsetting factor on travel volumes.

“commercial and U.S. inbound continued to improve”— Christopher Suh, Chief Financial Officer