# Visa (V) Q3 FY2026 earnings

Results filed 2026-07-28 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/v/2026-q3/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1403161/000140316126000103/0001403161-26-000103-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net revenue | $11.6B | an increase of 14%, or 13% on a constant-dollar basis | GAAP |
| GAAP net income | $5.6B | up 7% | GAAP |
| GAAP diluted earnings per share | $2.97 | up 10% | GAAP |
| Non-GAAP earnings per share | $3.32 | up 11% | non-GAAP |
| Non-GAAP net income | $6.3B | up 8% | non-GAAP |
| GAAP operating income | $6,877 |  | GAAP |

## Segments and operating metrics

| Name | 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 |

## Key takeaways

1. **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%.
2. **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%.
3. **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%.
4. **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.
5. **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.

## 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.