Visa Inc.

Fiscal Q3 net revenue was $11.6 billion, up 14% year over year, and 13% in constant dollars. EPS was $3.32, up 11% year over year in both nominal and constant dollars. Global payments volume grew 10% in constant dollars, cross-border volume excluding intra-Europe rose 12%, and processed transactions grew 10% to 72 billion. Service revenue grew 14%, data processing revenue grew 17%, international transaction revenue grew 6%, and other revenue grew 45%; client incentives grew 18%. Value-added services revenue grew 34% in constant dollars to $3.8 billion, and commercial and money movement solutions revenue grew 17%. On the balance sheet / capital return side, Visa bought back $4.9 billion of stock and paid $1.3 billion in dividends; it also funded a $250 million litigation escrow account. For Q4, Visa expects net revenue growth in the high end of low double digits on an adjusted basis, operating expense growth in the low double digits, and EPS growth in the low end of mid teens. For the full year, Visa now expects net revenue growth in the low end of low teens, operating expense growth in the low end of low teens, and EPS growth in the low end of mid teens.

Ryan McInerney framed the quarter as evidence that Visa is building momentum across consumer payments, commercial payments, money movement, and value-added services. He highlighted client trust, product innovation, and the company’s use of AI to speed product development, including smaller agentic teams and faster feature delivery. He also leaned into future themes like stablecoins and agentic commerce, saying Visa is positioning to participate across those ecosystems and that agentic commerce is a "when not an if" opportunity.

Christopher Suh said the quarter reflected resilient consumer spending, improved business drivers, and strong execution. He pointed to 10% constant-currency payments volume growth, 12% cross-border growth excluding intra-Europe, 17% commercial and money movement growth, and 34% VAS growth to $3.8 billion; he also noted EPS of $3.32 and 18.4% tax rate. Operating expenses grew 17%, above plan due to FX and personnel costs, and the quarter included $563 million of severance costs related to workforce changes. He said Visa returned capital with $4.9 billion of buybacks and $1.3 billion of dividends, had $28.4 billion remaining in its buyback authorization, and expects full-year nonoperating expense of about $165 million and a full-year tax rate of 18% to 18.25%.

Analysts focused on cross-border trends, especially the World Cup’s boost to U.S. inbound volumes and why international transaction revenue trailed volume growth; management said underlying cross-border demand remained healthy and the gap was mainly due to lapping last year’s volatility peak and mix effects. Questions also centered on Pismo/DPS strategy, where Ryan McInerney said the integrated processing strategy is aimed at helping banks and fintechs modernize, expand geographically, and deepen relationships, with large issuers and smaller institutions needing different solutions. Another theme was whether VAS growth and the revenue mix have structurally changed; Christopher Suh said the breadth of growth across all four VAS portfolios is strong and that Visa remains focused on execution rather than long-term guidance. Analysts also asked about workforce reductions, AI adoption, and stablecoins, with management emphasizing reinvestment of savings into growth priorities, broad enterprise AI adoption, and a multi-chain, multi-coin approach rather than picking winners in stablecoins.