Visa Inc.

Fiscal third quarter net revenue increased 14% year over year to $11.6 billion, while EPS rose 11% to $3.32. In constant dollars, global payments volume grew 10%, cross-border volume excluding intra-Europe rose 12%, and processed transactions increased 10% to 72 billion. Service revenue grew 14%, data processing revenue increased 17%, international transaction revenue rose 6%, other revenue grew 45%, and value-added services revenue grew 34% in constant dollars to $3.8 billion. For Q4, Visa expects net revenue growth in the high end of low double digits, operating expense growth in the low double digits, EPS growth in the low end of mid teens, and full-year net revenue growth in the low end of low teens with full-year EPS growth in the low end of mid teens.

Ryan McInerney emphasized that Visa is building momentum across consumer payments, commercial payments, money movement, and value-added services, supported by client wins and product innovation. He highlighted AI-driven product development, stablecoin initiatives, and agentic commerce as areas where Visa is expanding its role in the payments ecosystem. His tone was confident and forward-looking, with repeated emphasis on trust, client relationships, and long-term growth opportunities.

Christopher Suh said the quarter benefited from resilient consumer spending, improved business drivers, stronger-than-expected value-added services revenue, and better FX. He cited the 14% revenue increase, 11% EPS growth to $3.32, 17% growth in operating expenses, $563 million in severance costs in GAAP results, $4.9 billion of share repurchases, and $1.3 billion of dividends. He also noted that Visa ended June with $28.4 billion remaining in buyback authorization and that Q4 guidance assumes broader consumer stability, current volatility levels, and incentive growth slightly above Q3 on a nominal basis.

Analysts pressed management on cross-border trends, including how much FIFA boosted inbound travel and whether the June strength would normalize; management said FIFA helped both North America and Latin America, but underlying travel and e-commerce remained healthy and well distributed globally. Questions also focused on the revenue mix between cross-border volume and international transaction revenue, where management pointed to volatility and business mix, including lower-yield products like Visa Direct. Other topics included Pismo/DPS strategy, VAS growth durability, workforce reductions and reinvestment, and AI/agentic commerce; management said these initiatives are meant to deepen client relationships, accelerate innovation, and support future growth rather than simply cut costs.