V 2026 Q2

Full-year net revenue growth guidance raised to low double-digit to low teens from the prior outlook, reflecting strong year-to-date performance and higher expected value-added services growth tied to FIFA enthusiasm.

“The key message is we are increasing our total net revenue and EPS guide for the full year.”— Christopher Suh, Chief Financial Officer

Q2 net revenue grew 17% year-over-year, described as the strongest net revenue growth since 2022, and excluding pandemic recovery and the Visa Europe acquisition, the strongest since 2013.

“This represented the strongest net revenue growth since 2022.”— Ryan McInerney, Chief Executive Officer

Full-year adjusted EPS growth guidance was revised up to low teens, driven by the stronger net revenue outlook, an increase from the prior guide.

Per Christopher Suh, Chief Financial Officer

Q2 net revenue and EPS both came in better than expected, with the outperformance driven by higher-than-expected volatility, stronger-than-expected VAS revenue, and lower-than-expected incentives.

“the out-performance largely driven by higher-than-expected volatility, stronger-than-expected value-added services revenue and lower-than-expected incentives”— Christopher Suh, Chief Financial Officer

Q3 net revenue growth is expected to be the lowest growth quarter of the year in low double digits, before stepping up about 1 point into Q4 as the volatility drag eases and marketing services strengthen.

Per Christopher Suh, Chief Financial Officer

U.S. payments volume growth accelerated to 8% year-over-year, up almost 1.5 points from Q1, reflecting improved consumer spending resilience partly aided by higher tax refunds.

Per Christopher Suh, Chief Financial Officer

U.S. debit growth accelerated to 7%, up almost 1 point from Q1, and credit growth accelerated to 10%, up more than 2 points from Q1, driven by strong travel spend.

Per Christopher Suh, Chief Financial Officer

Commercial cross-border volume reached the highest percentage of both commercial volume and total cross-border volume in Visa's history this quarter.

“Commercial cross-border volume now represents the highest percentage of both commercial volume and total cross-border volume in Visa's history.”— Ryan McInerney, Chief Executive Officer

Commercial payments volume growth accelerated to 11% in constant dollars, up more than 1 point from Q1 and faster than overall payments volume growth, driven by new wins and cross-border strength.

Per Christopher Suh, Chief Financial Officer

CEMEA payments volume growth stepped down about 2.5 points from Q1, primarily due to the conflict in the Middle East, though CEMEA is only about 6% of total payments volume.

“a step down of about 2.5 points in payments volume growth in constant dollars from Q1, primarily due to the conflict in the Middle East”— Christopher Suh, Chief Financial Officer

Cross-border eCommerce volume growth accelerated to 13%, 1 point above Q1, driven primarily by improved U.S. inbound volume, while crypto remained a slight drag.

Per Christopher Suh, Chief Financial Officer

Total global payments volume growth ticked up almost 1 point from Q1 in constant dollars, reflecting broad-based strength across regions.

Per Christopher Suh, Chief Financial Officer

April cross-border volume growth ticked down one point to 9% year-over-year due to the Middle East conflict and Ramadan timing; normalized for Ramadan, growth was in line with February levels.

Per Christopher Suh, Chief Financial Officer

Growth across all U.S. consumer spend bands showed incremental improvement from Q1, with the highest spend band growing fastest and no signs of weakening among lower-spend consumers.

Per Christopher Suh, Chief Financial Officer

Visa is partnering with PayPay in Japan, a market where nearly 50% of spending is still cash, to expand merchant acceptance and enable international expansion, a new push into a large cash-based market.

Per Ryan McInerney, Chief Executive Officer

Wells Fargo agreed to migrate to Pismo's core account ledger as part of its core banking modernization, marking a significant new large-bank win for Pismo in the U.S.

“Wells Fargo has entered into an agreement to migrate to Pismo's core account ledger as part of its core banking modernization”— Ryan McInerney, Chief Executive Officer

Management expects AI and agentic commerce to expand Visa's addressable market and accelerate long-term growth by increasing transaction volume, digitizing B2B payments, and creating new micro-transaction categories.

Per Ryan McInerney, Chief Executive Officer

Stablecoin-linked Visa card payment volume grew nearly 200% year-over-year in Q2, with more than 160 stablecoin card programs now live globally with partners such as Rain, Reap and Bridge.

“payment volume continues to grow at a very strong rate, up nearly 200% year-over-year in Q2”— Ryan McInerney, Chief Executive Officer

Visa's stablecoin settlement run rate reached $7 billion annually, growing more than 50% since last quarter, with five new blockchains added for settlement, bringing the total to nine.

“We currently have a $7 billion annual run rate of stablecoin settlement volume, and it's growing fast, up more than 50% since last quarter.”— Ryan McInerney, Chief Executive Officer

Visa launched Visa CLI as a proof of concept enabling developers to pay for digital services via command-line interface, laying groundwork for scaling command-line commerce acceptance.

Per Ryan McInerney, Chief Executive Officer

Visa partnered with TikTok to launch the Creator Card, a new debit product enabling faster access to creator income from LIVE, brand deals, and platform payouts.

Per Ryan McInerney, Chief Executive Officer

Full-year operating expense growth guidance raised to low double-digit to low teens, primarily due to increased client demand for FIFA-related marketing services investment expected to generate incremental high-margin revenue.

Per Christopher Suh, Chief Financial Officer

Full-year non-operating expense guidance raised to approximately $150 million from the prior estimate, due to lower cash balances and higher debt levels and interest rates than forecasted.

Per Christopher Suh, Chief Financial Officer

Management flagged increasing competition ahead in Europe and globally from domestic digital wallets and initiatives such as Wero and a potential digital euro.

“There will be more competition in Europe and globally, including domestic digital wallets and initiatives like Wero and a potential digital euro”— Ryan McInerney, Chief Executive Officer

The Board authorized a new $20 billion multiyear share repurchase program in April, raising total buyback capacity to approximately $33 billion.

“the Board of Directors authorized a new $20 billion multiyear share repurchase program, putting our total buyback capacity at approximately $33 billion”— Christopher Suh, Chief Financial Officer

Visa repurchased $7.9 billion in stock in Q2, the highest quarterly buyback in company history, signaling an increasingly aggressive capital return pace.

“we bought back $7.9 billion in stock, the highest quarterly buyback in Visa's history”— Christopher Suh, Chief Financial Officer

Visa announced acquisitions of Prisma, a card issuer processor, and Newpay, a real-time payments and ATM network provider, to accelerate technology deployment and grow carded and non-carded business in Argentina.

Per Ryan McInerney, Chief Executive Officer

The Middle East conflict introduced new near-term uncertainty for cross-border travel spend in the CEMEA region, a macro headwind not previously flagged, most pronounced in March.

“The Middle East conflict has introduced some near-term uncertainty, in particular to cross-border travel spend in the CEMEA region.”— Ryan McInerney, Chief Executive Officer

Volatility came in higher than expected in Q2 and into Q3, prompting management to raise its full-year volatility assumptions back to the levels originally guided in October.

“we are, therefore, bringing our assumptions back up to where we originally guided in October”— Christopher Suh, Chief Financial Officer