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VISA_991_Q126.pdf

11 tables

p1 · table 1 · Income Statement Summary

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MetricQ1 2026 USDQ1 2026 % Change
Net Revenue$10.915%
GAAP Net Income$5.914%
GAAP Earnings Per Share$3.0317%
Non-GAAP Net Income(1)$6.112%
Non-GAAP Earnings Per Share(1)$3.1715%

p1 · table 2 · Key Business Drivers

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MetricQ1 2026
Payments Volume8%
Cross-Border Volume Excluding Intra-Europe(2)11%
Cross-Border Volume Total12%
Processed Transactions9%

p4 · table 3 · Contacts

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ContactsInvestor RelationsMedia Relations
Jennifer Como, 650-432-7644Fletcher Cook, 650-432-2990
InvestorRelations@visa.comPress@visa.com

p5 · table 4 · Fiscal First Quarter 2026 — Financial Summary

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Three Months Ended December 31, 2025YoY Change
**GAAP**
Revenue
Service revenue$ 4,76013%
Data processing revenue$ 5,54417%
International transaction revenue$ 3,6526%
Other revenue$ 1,21433%
Client incentives$ (4,269)12%
Net revenue$ 10,90115%
Total operating expenses$ 4,16427%
Non-operating income (expense)$ (11)(65%)
Effective income tax rate13.0%(4 ppt)
Net income$ 5,85314%
Earnings per share$ 3.0317%
**Non-GAAP(1)**
Total operating expenses$ 3,39116%
Non-operating income (expense)$ (4)(112%)
Effective income tax rate18.4%1 ppt
Net income$ 6,12412%
Earnings per share$ 3.1715%

p5 · table 5 · KEY BUSINESS DRIVERS

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MetricYoY Change - ConstantYoY Change - Nominal
Payments volume8%10%
Cross-border volume excluding intra-Europe(2)11%15%
Cross-border volume total12%18%
Processed transactions9%9%

p6 · table 6 · Visa Consolidated Balance Sheets (unaudited)

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December 31, 2025September 30, 2025
**Assets**
Cash and cash equivalents$ 14,756$ 17,164
Restricted cash equivalents—U.S. litigation escrow3,3002,990
Investment securities1,6411,833
Settlement receivable3,2124,191
Accounts receivable3,2313,126
Customer collateral3,7123,625
Current portion of client incentives2,2802,158
Prepaid expenses and other current assets2,8652,679
**Total current assets****34,997****37,766**
Investment securities484999
Client incentives5,5415,157
Property, equipment and technology, net4,2764,236
Goodwill19,88519,879
Intangible assets, net27,66427,646
Other assets3,9673,944
**Total assets****$ 96,814****$ 99,627**
**Liabilities**
Accounts payable$ 433$ 555
Settlement payable4,3374,568
Customer collateral3,7123,625
Accrued compensation and benefits1,1581,863
Client incentives11,28010,369
Accrued liabilities5,5765,466
Current maturities of debt1,5895,569
Accrued litigation3,4063,033
**Total current liabilities****31,491****35,048**
Long-term debt19,58819,602
Deferred tax liabilities5,2415,549
Other liabilities1,7171,519
**Total liabilities****58,037****61,718**
**Equity**
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of December 31, 2025 and September 30, 2025551745
Common stock, $0.0001 par value:
Class A common stock, 1,683 and 1,691 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively——
Class B-1 and B-2 total common stock, 125 shares issued and outstanding as of December 31, 2025 and September 30, 2025——
Class C common stock, 9 shares issued and outstanding as of December 31, 2025 and September 30, 2025——
Right to recover for covered losses(19)(124)
Additional paid-in capital21,98021,934
Accumulated income16,01815,106
Accumulated other comprehensive income (loss):
Investment securities1012
Defined benefit pension and other postretirement plans(30)(32)
Derivative instruments(245)(307)
Foreign currency translation adjustments512575
**Total accumulated other comprehensive income (loss)****247****248**
**Total equity****38,777****37,909**
**Total liabilities and equity****$ 96,814****$ 99,627**

p7 · table 7 · Visa Consolidated Statements of Operations (unaudited)

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Three Months Ended December 31, 2025Three Months Ended December 31, 2024
Net revenue$ 10,901$ 9,510
**Operating Expenses**
Personnel1,7641,813
Marketing410306
Network and processing233207
Professional fees208143
Depreciation and amortization326282
General and administrative515481
Litigation provision70844
**Total operating expenses**4,1643,276
**Operating income**6,7376,234
**Non-operating Income (Expense)**
Interest expense(194)(182)
Investment income (expense) and other183148
**Total non-operating income (expense)**(11)(34)
**Income before income taxes**6,7266,200
**Income tax provision**8731,081
**Net income**$ 5,853$ 5,119
**Basic Earnings Per Share**
Class A common stock$ 3.03$ 2.58
Class B-1 common stock$ 4.71$ 4.04
Class B-2 common stock$ 4.61$ 3.99
Class C common stock$ 12.13$ 10.33
**Basic Weighted-average Shares Outstanding**
Class A common stock1,6871,729
Class B-1 common stock55
Class B-2 common stock120120
Class C common stock910
**Diluted Earnings Per Share**
Class A common stock$ 3.03$ 2.58
Class B-1 common stock$ 4.71$ 4.04
Class B-2 common stock$ 4.61$ 3.98
Class C common stock$ 12.11$ 10.32
**Diluted Weighted-average Shares Outstanding**
Class A common stock1,9331,985
Class B-1 common stock55
Class B-2 common stock120120
Class C common stock910

p8 · table 8 · Visa Consolidated Statements of Cash Flows (unaudited)

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Three Months Ended December 31, 2025Three Months Ended December 31, 2024
Operating Activities
Net income$ 5,853$ 5,119
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives4,2693,797
Share-based compensation231224
Depreciation and amortization326282
Deferred income taxes(435)38
VE territory covered losses(3)(27)
(Gains) losses on equity investments, net775
Other1856
Change in operating assets and liabilities:
Settlement receivable981657
Accounts receivable(109)(64)
Client incentives(3,808)(3,649)
Other assets35(10)
Accounts payable(114)(54)
Settlement payable(233)(673)
Accrued and other liabilities(611)(303)
Accrued litigation373(72)
Net cash provided by (used in) operating activities6,7805,396
Investing Activities
Purchases of property, equipment and technology(378)(345)
Proceeds from maturities and sales of investment securities7252,042
Acquisitions, net of cash and restricted cash acquired—(906)
Purchases of other investments(5)(6)
Other investing activities195
Net cash provided by (used in) investing activities361790
Financing Activities
Repurchases of class A common stock(3,725)(4,011)
Repayments of debt(4,000)—
Dividends paid(1,293)(1,170)
Proceeds from stock issued under equity plans78127
Taxes paid related to stock issued under equity plans(231)(235)
Other financing activities185(186)
Net cash provided by (used in) financing activities(8,986)(5,475)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents34(508)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents(1,811)203
Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period24,98719,763
Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period$ 23,176$ 19,966
Supplemental Disclosure
Cash paid for income taxes, net(1)$ 1,290$ 1,194
Interest payments on debt$ 213$ 213
Accruals related to purchases of property, equipment and technology$ 26$ 40

p9 · table 9 · Visa Quarterly Results of Operations (unaudited)

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Fiscal 2026 Quarter Ended December 31, 2025Fiscal 2025 Quarter Ended September 30, 2025Fiscal 2025 Quarter Ended June 30, 2025Fiscal 2025 Quarter Ended March 31, 2025Fiscal 2025 Quarter Ended December 31, 2024
Net revenue$ 10,901$ 10,724$ 10,172$ 9,594$ 9,510
Operating Expenses
Personnel1,7641,7421,7491,6571,813
Marketing410576421381306
Network and processing233239224224207
Professional fees208256187173143
Depreciation and amortization326316317305282
General and administrative515544482419481
Litigation provision7089036151,00044
Total operating expenses4,1644,5763,9954,1593,276
Operating income6,7376,1486,1775,4356,234
Non-operating Income (Expense)
Interest expense(194)(210)(39)(158)(182)
Investment income (expense) and other183285195161148
Total non-operating income (expense)(11)751563(34)
Income before income taxes6,7266,2236,3335,4386,200
Income tax provision8731,1331,0618611,081
Net income$ 5,853$ 5,090$ 5,272$ 4,577$ 5,119

p11 · table 10 · Visa Non-GAAP Financial Measures (unaudited) - continued

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Operating ExpensesNon-operating Income (Expense)Income Tax Provision(1)Effective Income Tax Rate(2)Net IncomeDiluted Earnings Per Share(2)
GAAP$ 4,164$ (11)$ 87313.0%$ 5,853$ 3.03
(Gains) losses on equity investments, net—725—
Amortization of acquired intangible assets(54)—14400.02
Acquisition-related costs(12)—1110.01
Litigation provision(707)—1595480.28
Deferred tax benefit——333(333)(0.17)
Non-GAAP$ 3,391$ (4)$ 1,38218.4%$ 6,124$ 3.17

p11 · table 11 · Three Months Ended December 31, 2024

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Operating ExpensesNon-operating Income (Expense)Income Tax Provision(1)Effective Income Tax Rate(2)Net IncomeDiluted Earnings Per Share(2)
GAAP$ 3,276$ (34)$ 1,08117.4%$ 5,119$ 2.58
(Gains) losses on equity investments, net—7517580.03
Amortization of acquired intangible assets(46)—11350.02
Acquisition-related costs(34)—2320.02
Severance costs(213)—451680.08
Lease consolidation costs(39)—9300.02
Litigation provision(27)—6210.01
Non-GAAP$ 2,917$ 41$ 1,17117.7%$ 5,463$ 2.75