Visa (V) · Payments
Visa Q3 FY2026 earnings: summary, key numbers & outlook
Results filed 28 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
GAAP net income of $5.6B or $2.97 per share and non-GAAP net income of $6.3B or $3.32 per share, with net revenue of $11.6B, an increase of 14%, or 13% on a constant-dollar basis.
Visa's fiscal third quarter was strong. Net revenue was $11.6B, up 14%, driven by payments volume (up 10% in constant dollars), cross-border volume (up 13%) and processed transactions (up 10%). GAAP net income was $5.6B, or $2.97 per share. Non-GAAP net income was $6.3B, or $3.32 per share. Results included $563 million of severance costs and a $237 million litigation provision. Visa returned $6.2B through share repurchases and dividends.
The release gave no financial outlook and there was no earnings call transcript, so management's expectations for the next quarter are not stated in these sources. The CEO said consumer and business spending remains resilient and that Visa is shipping products faster. The main tension is cost. GAAP operating expenses rose 19% and client incentives rose 18%, both faster than the 14% revenue growth. Litigation and tax items also continue to move reported earnings.
Key numbers
- Net revenue · GAAP
- $11.6B
- GAAP net income · GAAP
- $5.6B
- GAAP diluted earnings per share · GAAP
- $2.97
- Non-GAAP earnings per share · non-GAAP
- $3.32
- Non-GAAP net income · non-GAAP
- $6.3B
- GAAP operating income · GAAP
- $6.9B
an increase of 14%, or 13% on a constant-dollar basis
up 7%
up 10%
up 11%
up 8%
| Segment or metric | Value | Change |
|---|---|---|
| Payments volume (constant dollars) | 10% | up 10% over the prior year |
| Total cross-border volume (constant dollars) | 13% | up 13% over the prior year |
| Cross-border volume excluding intra-Europe (constant dollars) | 12% | up 12% over the prior year |
| Processed transactions | 71.7 billion | a 10% increase over the prior year |
| Service revenue | $4.9 billion | an increase of 14% over the prior year |
| Data processing revenue | $6.0 billion | rose 17% over the prior year |
| International transaction revenue | $3.9 billion | grew 6% over the prior year |
| Other revenue | $1.5 billion | rose 45% over the prior year |
Where each number comes from
- Net revenue: “•Net revenue of $11.6B, an increase of 14%, or 13% on a constant-dollar basis •Growth in payments volume, cross-border volume and processed transactions was strong”
- GAAP net income: “GAAP net income of $5.6B or $2.97 per share and non-GAAP net income of $6.3B or $3.32 per share”
- GAAP diluted earnings per share: “GAAP net income of $5.6B or $2.97 per share and non-GAAP net income of $6.3B or $3.32 per share”
- Non-GAAP earnings per share: “GAAP net income of $5.6B or $2.97 per share and non-GAAP net income of $6.3B or $3.32 per share”
- Non-GAAP net income: “GAAP net income of $5.6B or $2.97 per share and non-GAAP net income of $6.3B or $3.32 per share”
- GAAP operating income: “Total operating expenses | 4,756 | 3,995 | 12,916 | 11,430 Operating income | 6,877 | 6,177 | 20,848 | 17,846”
- Payments volume (constant dollars): “Payments volume for the three months ended June 30, 2026 increased 10% over the prior year on a constant-dollar basis.”
- Total cross-border volume (constant dollars): “Total cross-border volume on a constant-dollar basis increased 13% over the prior year.”
- Cross-border volume excluding intra-Europe (constant dollars): “Cross-border volume excluding transactions within Europe, which drives our international transaction revenue, for the three months ended June 30, 2026, increased 12% on a constant-dollar basis over the prior year.”
- Processed transactions: “Total processed transactions, which represent transactions processed by Visa, for the three months ended June 30, 2026, were 71.7 billion, a 10% increase over the prior year.”
- Service revenue: “Fiscal third quarter service revenue was $4.9 billion, an increase of 14% over the prior year, and is recognized based on payments volume in the prior quarter.”
- Data processing revenue: “Data processing revenue rose 17% over the prior year to $6.0 billion.”
- International transaction revenue: “International transaction revenue grew 6% over the prior year to $3.9 billion.”
- Other revenue: “Other revenue of $1.5 billion rose 45% over the prior year.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q3 FY2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $11.6B | +14.4% | +3.6% |
| Operating income | $6.9B | +11.3% | −4.9% |
| Net income | $5.6B | +6.8% | −6.5% |
| Free cash flow | $6.1B | −2.7% | +133.8% |
| Operating margin | 59.1% | −1.6 pts | −5.3 pts |
Calculated by code from XBRL, not by the model.
Key takeaways
Revenue grew 14% on broad volume strength
Net revenue was $11.6B, an increase of 14%, or 13% on a constant-dollar basis. Payments volume rose 10%, cross-border volume 13% and processed transactions 10%.
Costs grew faster than revenue
GAAP operating expenses were $4.8 billion, a 19% increase, and non-GAAP operating expenses increased 17%. Client incentives were $4.7 billion, up 18%.
Severance and litigation items weighed on GAAP
Special items included $563 million for severance costs and $237 million for a litigation provision tied to the interchange MDL case. Non-GAAP EPS of $3.32 was up 11%, versus GAAP EPS of $2.97, up 10%.
Other revenue and data processing led growth
Other revenue of $1.5 billion rose 45% and data processing revenue rose 17% to $6.0 billion. International transaction revenue grew 6% to $3.9 billion.
Visa returned $6.2B to shareholders
Visa repurchased approximately 14.5 million class A shares for $4.9 billion and had $28.4 billion of repurchase authorization remaining. The board declared a quarterly dividend of $0.670 per share.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q1 FY25 | $9.5B |
| Q2 FY25 | $9.6B |
| Q3 FY25 | $10.2B |
| Q4 FY25 | $10.7B * |
| Q1 FY26 | $10.9B |
| Q2 FY26 | $11.2B |
| Q3 FY26 | $11.6B |
| Q4 FY26 | $12.1B * |
Data
| Q1 FY25 | 65.6% |
| Q2 FY25 | 56.6% |
| Q3 FY25 | 60.7% |
| Q4 FY25 | 57.3% |
| Q1 FY26 | 61.8% |
| Q2 FY26 | 64.4% |
| Q3 FY26 | 59.1% |
| Q4 FY26 | 59.8% |
Data
| Q1 FY25 | $5.1B |
| Q2 FY25 | $4.4B |
| Q3 FY25 | $6.3B |
| Q4 FY25 | $5.8B |
| Q1 FY26 | $6.4B |
| Q2 FY26 | $2.6B |
| Q3 FY26 | $6.1B |
| Q4 FY26 | $6.9B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
What were Visa's fiscal third quarter 2026 results?
Net revenue was $11.6B, up 14%, with GAAP net income of $5.6B ($2.97 per share) and non-GAAP net income of $6.3B ($3.32 per share). GAAP EPS rose 10% and non-GAAP EPS rose 11%.
How fast did Visa's payments and cross-border volumes grow?
Payments volume rose 10% in constant dollars for the three months ended June 30, 2026, and total cross-border volume rose 13%. Cross-border volume excluding intra-Europe rose 12%, and processed transactions were 71.7 billion, up 10%.
What special items affected Visa's GAAP earnings?
The quarter included $563 million of severance costs, a $237 million litigation provision for the interchange MDL case and an $18 million deferred tax benefit. Visa excluded these, along with equity investment losses and acquisition-related amortization, to arrive at non-GAAP results.
How much capital did Visa return to shareholders?
Share repurchases and dividends totaled $6.2B in the quarter. Visa repurchased about 14.5 million class A shares for $4.9 billion at an average of $330.71, and $28.4 billion of repurchase authorization remained.
Did Visa give financial guidance for next quarter or the full year?
The earnings release contains no numerical outlook, and no call transcript was available. It declared a quarterly dividend of $0.670 per share payable on September 1, 2026.
Documents
SEC filing