Q3 FY2026 operating metrics: Net revenue rose 14% to $11.6B; processed transactions grew 10% to 71.7B; nominal payments volume (Q1 FY2026, which drives Q3 service revenue) grew 11% with broad-based credit and debit growth and ecommerce outpacing face-to-face spend; value-added services revenue rose 33% to $3.8B on ~30% growth in client consulting engagements, FIFA World Cup 2026 sponsorship activity, and 8% growth in payment credentials.
In May 2026, Visa completed a class B-1 and B-2 common stock exchange offer, accepting 3M class B-1 and 120M class B-2 shares and issuing 61M class B-3 and 23M class C shares in return; the exchanged B-1/B-2 shares were retired, and future conversion-rate adjustments on class B-3 will carry four times the per-share impact of the prior B-1/B-2 classes, while portions of class C are subject to transfer restrictions for up to 90 days.
Interchange MDL progress: The Injunctive Relief Class settlement received preliminary approval on June 9, 2026 (final-approval motion filed July 15); Visa reached settlements covering approximately 95% of the Visa-branded sales volume of merchants who opted out of the Amended Settlement Agreement, resolving all cases scheduled for trial beginning April 2026. A new Potayto-Potahto class action (filed April 2026) was conditionally transferred into MDL 1720. Q3 litigation provision was $253M vs. $615M in the prior-year quarter; for the nine months Visa recorded $1.1B in additional accruals and deposited $875M into the U.S. litigation escrow.
Personnel expenses increased 40% in Q3 to $2.5B, driven primarily by $563M of severance costs (also the nine-month total) attributable to workforce actions to drive operational efficiencies and reinvest in high-growth opportunities, as well as higher headcount and compensation including acquisition-related additions.
European interchange litigation: The UK Competition Appeal Tribunal (Feb 18, 2026) found interchange was not passed on by merchants except in certain categories; Visa obtained permission to appeal that decision (Mar 17, 2026). New claims were filed in the UK High Court in April and May–June 2026 by European merchants alleging interchange fees are an unlawful restriction of competition, with damages sought from January 2019. On June 18, 2026, the German Federal Court of Justice requested a preliminary ruling from the European Court of Justice on questions related to Visa's jurisdictional challenges in German ATM litigation.
(Filed on April 29, 2026)
+17.1%
—
$12.4B
Visa completed the acquisition of Prisma Medios de Pago S.A.U. and Newpay S.A.U. in Argentina in February 2026 for $1.5 billion in cash. Prisma provides credit, debit, and prepaid card issuer processing; Newpay operates real-time payments services, the Banelco ATM network, and the PagoMisCuentas bill payment platform. Visa stated the acquisition is expected to accelerate deployment of tokenization, biometric authentication, intelligent risk tools, and agentic commerce solutions, and the deal remains subject to review by the Argentine competition authority.
For the three months ended March 31, 2026, net revenue rose 17% to $11.23 billion, driven by 10% nominal payments volume growth (based on the prior December 2025 quarter), 9% growth in processed transactions to 66.1 billion, and 17% cross-border volume growth excluding intra-European transactions. Value-added services revenue grew 29% to $3.3 billion, supported by 32% growth in client consulting engagements and demand tied to the FIFA World Cup 2026 and Olympic/Paralympic Winter Games Milano Cortina 2026. Ecommerce continued to grow faster than face-to-face spend, and payment credentials increased 6%.
On interchange litigation, Visa recorded an additional $894 million accrual for the U.S. interchange multidistrict litigation and deposited $625 million into the U.S. litigation escrow account during the six months ended March 31, 2026 (escrow balance fell to $665 million). Visa reached settlements with merchants representing approximately 94% of the Visa-branded payment card sales volume of merchants who opted out of the amended settlement, resolving all individual merchant actions that had been scheduled for trial beginning April 2026 in the Southern District of New York. New claims emerged: a group of European merchants filed a UK High Court action on April 20, 2026 alleging unlawful interchange fees from January 2019, and Potayto-Potahto filed a new antitrust class action in SDNY on April 21, 2026.
Visa repurchased 25 million shares of Class A common stock in Q2 for $7.9 billion at an average price of $320.66 per share. The board authorized a new $20 billion share repurchase program in April 2026 with multi-year flexibility and no expiration date, following the prior $30 billion program (authorized April 2025) which had $13.2 billion remaining as of March 31, 2026. Visa also issued $3 billion of fixed-rate senior notes in February 2026 with maturities of 3 to 10 years and rates of 3.80% to 4.70%, and declared a quarterly dividend of $0.67 per Class A share on April 28, 2026.
Visa noted that recent regulatory developments in Brazil, including enhanced requirements for payment scheme operators, may increase its settlement-related risks and residual exposure. Total settlement-related collateral held by Visa was $9.5 billion as of March 31, 2026, with maximum daily settlement exposure of $168.6 billion and average daily settlement exposure of $98.1 billion for the six-month period.
(Filed on January 30, 2026)
+14.6%
—
$14.8B
For Q1 FY2026, Visa reported nominal payments volume of $3,732 billion (up 9% year-over-year) and 69.4 billion processed transactions (up 9%). Value-added services revenue grew 32% to $3.2 billion, driven by Issuing Solutions, Acceptance Solutions, and Advisory and Other Services; international net revenue grew 17% to $6.7 billion while U.S. grew 11% to $4.2 billion.
On November 10, 2025, Visa and Mastercard entered a superseding and amended settlement agreement resolving Injunctive Relief Class claims in the interchange multidistrict litigation, and plaintiffs filed a motion for preliminary approval. Visa recorded a $707 million additional litigation accrual and deposited $500 million into the U.S. litigation escrow account (ending balance $3.3 billion). Visa has also reached settlements with merchants representing approximately 87% of Visa-branded payment card sales volume of merchants who opted out of the Amended Settlement Agreement.
Under the Europe retrospective responsibility plan, Visa recovered $109 million in VE territory covered losses during the quarter through conversion rate adjustments applied to Series B ($60 million) and Series C ($49 million) preferred stock. On December 17, 2025, Visa filed a jurisdictional challenge in the Dutch interchange fee class action. In other legal matters, the court dismissed the debit surcharge class action without leave to amend (December 12) and the U.S. securities class action with leave to amend (December 10); plaintiffs in the U.S. ATM access fee litigation filed a motion for preliminary approval of a class settlement (December 18).
Visa repurchased 11 million shares of Class A common stock in the open market for $3.8 billion (average $342.13 per share) and paid $1.3 billion in quarterly dividends at $0.67 per share; $21.1 billion remains available under the April 2025 $30 billion buyback authorization. The company also repaid $4.0 billion in principal upon maturity of its 3.15% Senior Notes due December 2025, with the next scheduled maturity of €1.4 billion ($1.6 billion) due in June 2026.
Marketing expenses rose 34% to $410 million, partly attributable to spending for the FIFA World Cup 2026. A $333 million one-time deferred tax benefit from a change in the U.S. taxation of certain foreign earnings lowered the effective tax rate to 13% (vs. 17% prior year). Visa completed its annual impairment review as of February 1, 2025 and concluded no impairment existed as of December 31, 2025.
(Filed on November 6, 2025)
+11.5%
—
$17.2B
Stablecoin operations advanced in Q4: in September 2025 Visa announced a stablecoin prefunding pilot allowing banks, remitters, and financial institutions to pre-fund Visa Direct with stablecoins for fiat payouts, and stablecoin settlement volume surpassed a $2.5 billion annualized run rate as of September 30, 2025, with support for four stablecoins across four blockchains. The U.S. GENIUS Act, enacted July 2025, established the federal regulatory framework enabling these activities.
In August 2025, the U.S. District Court for the District of North Dakota vacated Regulation II's debit interchange fee standard, finding the Federal Reserve exceeded its authority under the Durbin Amendment by including costs beyond what the statute permits. A separate Kentucky district court reached the opposite conclusion; if the North Dakota ruling is affirmed on appeal, it could result in a significantly lower U.S. debit interchange cap.
Annual context: In fiscal 2025 Visa deployed a pilot program that processed live agentic token transactions in ecommerce and enterprise environments, supported by its MCP server, Visa Intelligent Commerce APIs, and Trusted Agent Protocol to enable AI agents to conduct authenticated, tokenized payments. Visa also recorded $213 million in severance costs to realign its organizational structure toward higher long-term growth areas, while total workforce grew 8% year-over-year to approximately 34,100 employees.
European interchange litigation expanded in Q4 with a July 8, 2025 class action served in the Netherlands on behalf of Dutch merchants alleging inter-regional interchange fees restrict competition, seeking damages from 1992 to present. This followed a June 25, 2025 UK Competition Appeal Tribunal decision (fiscal Q3) finding certain interchange rates restrict competition under UK law, from which Visa has sought permission to appeal, and a June 20, 2025 Swiss merchant claim in the Zurich Commercial Court.
As of September 30, 2025, Visa had provisioned more than 16 billion tokens through its Visa Token Service, had more than 20 signed clients for Visa Flex Credential (a single credential spanning multiple funding sources) in over 20 countries across all regions, and had passed 20 million Tap to Phone transacting devices during fiscal 2025. Visa Direct processed more than 12.5 billion transactions for 650+ partners in fiscal 2025 (annual context).
In fiscal 2025 (annual context), Visa's value-added services revenue grew 24% to $10.9 billion, total payments volume reached $17 trillion across nearly 5 billion payment credentials and 175+ million merchant locations, and 329 billion total transactions were processed (258 billion on Visa's network), equating to an average of 901 million transactions per day.
