Key Highlights

● Net revenue was about $11.6 billion, up 14%, with non-GAAP EPS of $3.32.

● Payments volume rose 10% in constant dollars, and cross-border volume rose 13%.

● Visa excluded $563 million of severance costs from non-GAAP measures.

● Visa will report fiscal fourth-quarter results after the market close on 27 October.

Visa Inc. (NYSE:V) reported fiscal third-quarter 2026 results, covering the quarter ended 30 June 2026, in a Form 8-K dated 28 July 2026. Net revenue was about $11.6 billion, up 14 per cent (13 per cent in constant dollars). GAAP net income was $5.6 billion, up 7 per cent, and GAAP earnings per share were $2.97, up 10 per cent. Non-GAAP earnings per share, which exclude items such as severance and litigation provisions, were $3.32, up 11 per cent. Net revenue for the first nine months of the fiscal year totalled $33.8 billion. Visa's Class A common stock trades on the New York Stock Exchange under the symbol V, and the company is a component of the Dow Jones Industrial Average.

Volumes and revenue mix

The release attributes growth to volumes. Payments volume rose 10 per cent in constant dollars, total cross-border volume rose 13 per cent, and cross-border volume excluding intra-Europe rose 12 per cent. Processed transactions reached 71.7 billion, up 10 per cent. By revenue line, service revenue was $4.9 billion (up 14 per cent), data processing revenue $6.0 billion (up 17 per cent), international transaction revenue $3.9 billion (up 6 per cent) and other revenue $1.5 billion (up 45 per cent). Client incentives, which are deducted from gross revenue, were $4.7 billion, up 18 per cent, so the cost of winning and retaining issuers and merchants is growing faster than headline net revenue. The GAAP effective tax rate was 17.6 per cent and the non-GAAP rate 18.4 per cent.

Costs, severance and litigation

GAAP operating expenses were $4.8 billion, up 19 per cent, driven mainly by personnel costs. Non-GAAP operating expenses were $3.9 billion, up 17 per cent, driven by marketing and personnel. Visa excluded $563 million of severance costs from its non-GAAP measures. It also recorded a litigation provision of $253 million for the quarter, of which $237 million related to the interchange multidistrict litigation, compared with $615 million a year earlier. On 25 June 2026 Visa deposited $250 million into its US litigation escrow account. Restricted escrow cash fell to $888 million from $2.99 billion at 30 September 2025, and accrued litigation fell to $1.27 billion from $3.03 billion. The lower balances show progress, though provisions are still being added.

Capital returns and balance sheet

Visa spent $6.2 billion on repurchases and dividends in the quarter, including about 14.5 million Class A shares bought for $4.9 billion at an average of $330.71. About $28.4 billion of repurchase authorisation remained at 30 June. A quarterly dividend of $0.670 per Class A share was declared on 28 July, payable on 1 September to holders of record on 11 August. Cash, cash equivalents and investment securities were $13.9 billion, against long-term debt of $20.9 billion and current maturities of $3.0 billion. Over nine months Visa repurchased $16.4 billion of stock and paid $3.9 billion in dividends. Separately, a Class B exchange offer, in which Class B-1 and B-2 shares were exchanged for Class B-3, Class C and cash where applicable, settled on 12 May 2026.

No Numerical Outlook, a 27 October Report and Cross-Border Dependence

The earnings release contains no numerical outlook, so any forward view rests on management's general commentary rather than quantified guidance. Visa announced on 8 October 2026 that it will report fiscal fourth-quarter and full-year 2026 results after the market close on 27 October. The company's cautionary statement lists regulation of payments, interchange and other litigation, competitive pressure on acceptance costs, cyber incidents, tax disputes, and macroeconomic and geopolitical conditions among the risks. Cross-border growth, the most profitable part of the mix, depends on travel and trade conditions.