Visa Inc.

“We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers in a structure we call the “four-party” model.”

“During fiscal 2025, Visa’s total payments and cash volume was $17 trillion, and we had nearly 5 billion payment credentials”

“We provide value-added services to our clients, including Issuing Solutions, Acceptance Solutions, Risk and Security Solutions and Advisory and Other Services.”

“Visa’s network of networks approach creates opportunities by facilitating person-to-person (P2P), business-to-consumer (B2C), business-to-business (B2B) and government-to-consumer (G2C) payments, in addition to consumer-to-business (C2B) payments.”

“We offer a wide range of Visa-branded payment products that our clients, including nearly 14,500 financial institutions, use to develop and offer payment solutions or services”

“including credit, debit, prepaid and cash access programs for individual, business and government account holders.”

“In 2025, we deployed a pilot program that processed live agentic token transactions within the ecommerce and enterprise environments.”

“We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints”

“As of September 30, 2025, stablecoin settlement volume surpassed a $2.5 billion annualized run rate.”

“deliver services to all types of clients worldwide through our Visa as a Service stack, which has four layers: the foundation layer, the services layer, the solutions layer and the access layer.”

“In the context of non-Visa-branded card transactions, we facilitate payment processing by providing gateway routing services to other payment networks.”

“platform for faster funds or real-time payments across a variety of payment types, including P2P, corporate and government disbursement, bill pay and deposit check transactions”

“Net revenue increased 11% over the prior year, primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives.”

“CLIENT INCENTIVES Paid to financial institution clients, sellers and other business partners to grow payments volume; increase Visa product acceptance; encourage seller acceptance and use of Visa’s payment services; and drive innovation”

“International transaction revenue is earned for cross-border transaction processing and currency conversion activities.”

“Service revenue for the current quarter is primarily calculated by applying the current quarter’s pricing to the prior quarter’s payments volume.”

“Data processing revenue consists of revenue earned for authorization, clearing and settlement; value-added services primarily related to Acceptance Solutions, Risk and Security Solutions and certain Issuing Solutions; network access; and other maintenance and support services”

“Visa’s four global data centers are a critical part of our global processing environment and have a high redundancy of network connectivity, power and cooling”

“we grew our total workforce from approximately 31,600 in fiscal 2024 to approximately 34,100 employees in fiscal 2025, an increase of 8% year-over-year.”

“In December 2024, we acquired Featurespace Limited (Featurespace), a developer of real-time artificial intelligence payments protection technology ... for a purchase consideration of $946 million.”

“In August 2025, we released $1.4 billion of the as-converted value from our series B and C preferred stock and issued 40,080 shares of series A preferred stock in connection with the ninth anniversary of the Visa Europe acquisition.”

“Our token infrastructure enables expansion into emerging payments use cases, including autonomous and agentic commerce.”

“We see opportunity for stablecoins in two important areas: emerging markets where the local fiat currency is volatile and/or where consumers do not have easy or affordable access to U.S. dollars; and cross-border money movement, through both B2B payments and consumer remittances.”

“primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives.”

“Visa continues to invest in the development and deployment of next-generation technologies, such as generative AI (GenAI), stablecoins and agentic commerce.”

“advertising, promotional and sponsorship initiatives with the International Olympic Committee, the International Paralympic Committee, the National Football League, the FIFA World Cup 2026TM and the Red Bull Formula One Teams”

“Our team of Government Affairs professionals engage with governments across the more than 200 countries and territories where Visa operates.”

“GAAP operating expenses increased 30% over the prior year, primarily driven by higher litigation provision and personnel expenses.”

“These include up-front cash payments, fee discounts, rebates, credits, performance-based incentives, marketing and other support payments that impact our net revenue and profitability.”

“In May 2025, we issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.5 billion ($3.9 billion), with maturities ranging between 3 and 19 years.”

“In April 2025, our board of directors authorized a $30.0 billion share repurchase program, providing multi-year flexibility.”

“Net revenue$40,000 $35,926 $32,653 11%10% Operating expenses$16,006 $12,331 $11,653 30%6% Net income$20,058 $19,743 $17,273 2%14% Diluted earnings per share$10.20 $9.73 $8.28 5%17%”

“in August 2025, the District Court for the District of North Dakota ruled that the Federal Reserve exceeded its authority in implementing Regulation II, which sets debit card interchange fees.”

“the EU’s IFR places an effective cap on consumer credit and consumer debit interchange fees for both domestic and cross-border transactions within the European Economic Area of 30 basis points and 20 basis points, respectively.”

“Several countries in Latin America continue to explore regulatory measures against payments networks and have either adopted or are exploring interchange caps, including Argentina, Brazil, Chile and Costa Rica.”

“In July 2025, the U.S. enacted the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), establishing a comprehensive framework for regulating stablecoins.”

“During fiscal 2025, we recorded additional accruals of $2.2 billion to address claims associated with the interchange multidistrict litigation. We also made additional deposits of $875 million into the U.S. litigation escrow account.”

“Complying with these and other regulations increases our costs and operational complexity, and reduces our revenue opportunities.”

“In certain regions, we are increasingly facing competition from RTP networks, other payment facilitators offering lower pricing, and government involvement in domestic and cross-border payments.”

“Certain sellers and seller-affiliated groups have been exerting their influence in the global payments system in certain jurisdictions, such as the U.S., Australia, Canada and Europe, to attempt to lower acceptance costs”

“In certain circumstances, our financial institution clients may decide to terminate our contractual relationship on relatively short notice without paying significant early termination fees.”