VISA, INC.

Recommendation history

• Q1 2026BuyBuy. Visa delivered 15% revenue and EPS growth, with payments volume up 8%, cross-border volume up 11%, commercial and money-movement revenue up 20%, and value-added services up 28% to $3.2 billion. The core growth engine remains healthy, but Q2 will decelerate as pricing and volatility benefits fade, incentives rise, and Olympics/FIFA spending lifts expenses; CCCA remains the largest external risk.
• Q4 2025BuyBuy: Visa exited FY2025 with 11% revenue growth, 14% EPS growth, $40 billion of revenue and $11.47 EPS, while Q4 revenue rose 12% and EPS 10%. FY2026 guidance calls for low-double-digit adjusted revenue and EPS growth, supported by resilient volumes, pricing, value-added services and cross-border; the main tension is that operating expenses are also expected to grow in the low double digits, while agentic commerce and stablecoins remain promising but early and competitively unproven.
• Q2 2025BuyBuy. Visa delivered a strong Q2: net revenue rose 9% to $9.6 billion, EPS increased 10% to $2.76, payments volume grew 8%, processed transactions 9%, and cross-border volume 13% in constant currency. The core network remains resilient, with Q3 adjusted revenue growth expected in the low double digits and EPS growth in the high teens, but higher back-half incentives, softer travel corridors, FX, and tariff uncertainty temper the upside.
• Q1 2025BuyBuy. Visa delivered a strong Q1: net revenue rose 10% to $9.5 billion, EPS increased 14% to $2.75, payments volume grew 9%, cross-border volume 16%, and processed transactions 11%. Management raised FY2025 adjusted revenue growth to low double digits and adjusted EPS growth to low teens, though some Q1 strength came from holiday spending, Reg II lapping, favorable FX volatility and easier comparisons.
• Q3 2024BuyBuy: Visa delivered resilient Q3 execution with $8.9 billion of revenue (+10%), EPS growth of 12%, Value-Added Services revenue growth of 23%, and New Flows growth of 18%. The key tension is slowing underlying demand—US payments growth eased to 4% in early July and Asia-Pacific was nearly flat—while the rejected merchant settlement leaves a material but unquantified regulatory and pricing risk.
• Q1 2024BuyBuy: Visa delivered a solid Q1 with 8% global payments-volume growth, 16% cross-border growth, 9% revenue growth, and 11% adjusted EPS growth, while reaffirming low-double-digit full-year adjusted revenue growth and low-teens adjusted EPS growth. The key tension is moderation in US volumes to 5% and January to 4%, plus new-flows revenue growth in the low single digits, although Visa expects second-half acceleration and value-added services grew 20% to $2.1 billion.
• Q2 2026BuyBuy: Visa delivered an unusually strong Q2, with revenue up 17% to $11.2 billion, EPS up 20% to $3.31, payments volume up 9%, cross-border volume up 11%, and VAS revenue up 27% to $3.3 billion. FY2026 guidance was raised to low-double-digit to low-teens revenue growth and low-teens adjusted EPS growth, while the main risks are a Q3 slowdown from incentives and volatility, Middle East travel disruption, and still-unproven economics and fraud-liability rules for agentic payments.