VISA, INC.

Last · NYSE$391.39-4.67 (-1.18%)live · yahoo · 5h ago
Vol 6.26M ≈ 2.45B
Market cap$734.78B1.70B sh
P/E · TTM33.3fwd 26.1 · eps 11.75
Beta0.77vs S&P 500
Div yield0.68%annual · TTM
52w range
$293.89$396.35
Volume6.3Msession

Issuer

Legal nameVISA, INC.
HQUnited States (US)
ListingUS V
ISINUS92826C8394
SectorIndustrials
IndustryBusiness & Consumer Services
SIC7389
CurrencyUSD
Entity registrysec:0001403161
CIK0001403161
LinkedIn
Employees34,100
AddressVisa, Inc. PO Box 8999 94128-8999, San Francisco +650 432 3200
Headline financial metrics
Revenue$44.5B
Operating income$27.0B
Net income$22.6B
Free cash flow$21.0B
Operating margin60.7%
Net margin50.8%
Return on equity64.2%
PeriodTTM 2026-06-30
Loading chart…

OpenFilings analyst

Our analyst

Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.

Strong core volume growth and durable network economics outweigh timing-driven earnings benefits.

Latest call · Q3 2015

Buy.

Visa delivered 12% reported net-revenue growth, 11% constant-dollar payments-volume growth and $0.74 adjusted EPS, despite roughly 3 points of FX pressure. The quarter was helped by unusually high currency volatility, a $280 million tax benefit that shifted $0.12 of EPS forward, and delayed client incentives; however, the underlying network remains strong and management still expects double-digit constant-dollar revenue growth and mid-teens adjusted-EPS growth for FY2015. Visa Europe uncertainty, competitive pricing, and weak visibility into digital-payment adoption temper upside.

Themes
  • Payments Volume
  • Cross Border
  • Client Incentives
  • Visa Europe
  • Digital Payments
  • Paypal Competition
+2

Near term

Q4 client incentives are expected to be higher in both dollars and as a percentage of gross revenue, reversing part of the Q3 benefit.

Currency volatility may normalize, reducing cross-border spread revenue; management nevertheless expects Q4 net-revenue growth to approach double digits.

Russia’s move to NSPK should drag processed-transaction growth by nearly 3 percentage points per quarter for roughly the next three quarters.

The Visa Europe negotiations could restrict share repurchases; management said a full-quarter pause would have a modest FY2015 impact but a potentially greater FY2016 effect.

US payment-volume trends remain healthy but not strong: credit grew 12% and debit 8% through July 21, with gasoline prices still depressing aggregate US growth.

Longer term

Visa’s network scale, issuer relationships, and digital-enablement assets remain a strong moat as commerce migrates online and to mobile channels.

China is a potentially significant long-term opportunity, but regulatory requirements, licensing, operating rules, and economics remain unclear; management explicitly characterized the opportunity as long term.

Visa Checkout had more than 5 million registered users, 270-plus financial-institution partners, 160,000 live merchants, and over $50 billion of total addressable volume, while tokenization broadens Visa’s role in digital commerce.

Client renewals with major co-brand and issuer partners support retention, but analyst questioning confirmed that co-brand and issuing economics remain highly competitive and increasingly concentrated.

Costco-related volume, revenue, and incentives are expected to affect Visa beginning in fiscal 2016, creating both growth potential and possible margin pressure.

Red flags

The $0.12 EPS contribution from the tax benefit was timing-related rather than operational; Q4 tax rate is expected to rise to approximately 34% and FY2015 to 29%-30%.

Revenue upside was not fully organic: management cited high currency volatility, lower-than-expected incentives, and favorable timing, while declining to quantify the volatility contribution.

Management acknowledged that PayPal uses Visa transactions to mine data and potentially disintermediate Visa’s bank clients; the response focused on broad digital initiatives rather than a quantified mitigation plan.

When pressed on Apple Pay and mobile payments, management said it lacked enough data to determine whether mobile is taking share from cash or merely replacing plastic.

The Visa Europe transaction could require a new long-term capital structure and leverage; management provided no valuation, financing, or accretion details.

China’s competitive and regulatory framework remains unresolved, with no clear timeline for licensing or visibility into Visa’s eventual role.

Forward outlook

revenue growth

—

FY 2015

official guidance

Recommendation history

OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.

From latest 10-K · 2025-11-06

  • Payments Network
  • Interchange Litigation
  • Regulatory Pressure
  • Cross Border Growth
  • Operating Leverage
  • Debt Maturities

Red flags

  • GAAP operating expenses increased 30% to $16.006 billion, driven primarily by higher litigation provision and personnel expenses, while GAAP net income increased only 2% to $20.058 billion.
  • Fiscal 2025 included $2.2 billion of additional interchange multidistrict litigation accruals; unresolved U.S. covered claims were tied to approximately $39.4 billion of interchange as of October 1, 2025.
  • Total debt rose to $25.392 billion from $21.111 billion, including $5.569 billion classified as current maturities at September 30, 2025.
  • The company faces cumulative regulatory pressure across debit, credit, cross-border interchange, merchant discount rates, routing, data use and network fees, with outcomes that could materially reduce transaction economics.

Upcoming earnings

1 event
9:00 PM UTC+1
Period
Sep 2026
Est. EPS
$3.43
Est. revenue
12.1B

Earnings transcripts

12 of 110 recent

Press & signals

2 recent
  • Satelight

    Visa, Mastercard, Major Banks Facing New Litigation over 'Anticompetitive' Fees

  • GlobeNewswire

    Visa and TIFF Renew Partnership, Bringing Fans Even Closer to the Films, Talent and Festival Experiences They Love

Documents