Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)
Left: the page cropped around the table with its final boundary (content_region, the corrected end of the table) drawn; the crop extends a little below so any footnotes sit visibly outside the box. Right: the final corrected markdown. One row per table.
VISA_991_Q126.pdf
10 tables
p1 · table 1 · Income Statement Summary
units=In billions, except percentages and per share data. · flavor=stream · camelot_accuracy=96.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Metric | Q1 2026 USD | Q1 2026 % Change |
|---|
| Net Revenue | $10.9 | 15% |
| GAAP Net Income | $5.9 | 14% |
| GAAP Earnings Per Share | $3.03 | 17% |
| Non-GAAP Net Income(1) | $6.1 | 12% |
| Non-GAAP Earnings Per Share(1) | $3.17 | 15% |
p1 · table 2 · Key Business Drivers
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Metric | Q1 2026 |
|---|
| YoY increase / (decrease), volume in constant dollars | |
| Payments Volume | 8% |
| Cross-Border Volume Excluding Intra-Europe(2) | 11% |
| Cross-Border Volume Total | 12% |
| Processed Transactions | 9% |
p5 · table 3 · INCOME STATEMENT SUMMARY
units=(in millions, except percentages and per share data) · flavor=stream · camelot_accuracy=98.1 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended December 31, 2025 | YoY Change |
|---|
| GAAP | | |
| Revenue | | |
| Service revenue | $ 4,760 | 13% |
| Data processing revenue | 5,544 | 17% |
| International transaction revenue | 3,652 | 6% |
| Other revenue | 1,214 | 33% |
| Client incentives | (4,269) | 12% |
| Net revenue | $ 10,901 | 15% |
| Total operating expenses | $ 4,164 | 27% |
| Non-operating income (expense) | (11) | (65%) |
| Effective income tax rate | 13.0% | (4 ppt) |
| Net income | $ 5,853 | 14% |
| Earnings per share | $ 3.03 | 17% |
| Non-GAAP(1) | | |
| Total operating expenses | $ 3,391 | 16% |
| Non-operating income (expense) | (4) | (112%) |
| Effective income tax rate | 18.4% | 1 ppt |
| Net income | $ 6,124 | 12% |
| Earnings per share | $ 3.17 | 15% |
p5 · table 4 · KEY BUSINESS DRIVERS
units=(none) · flavor=stream · camelot_accuracy=99.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| YoY Change - Constant | YoY Change - Nominal |
|---|
| Payments volume | 8% | 10% |
| Cross-border volume excluding intra-Europe(2) | 11% | 15% |
| Cross-border volume total | 12% | 18% |
| Processed transactions | 9% | 9% |
p6 · table 5 · Visa Consolidated Balance Sheets (unaudited)
units=(in millions, except per share data) · flavor=stream · camelot_accuracy=99.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| December 31, 2025 | September 30, 2025 |
|---|
| Assets | | |
| Cash and cash equivalents | $ 14,756 | $ 17,164 |
| Restricted cash equivalents—U.S. litigation escrow | 3,300 | 2,990 |
| Investment securities | 1,641 | 1,833 |
| Settlement receivable | 3,212 | 4,191 |
| Accounts receivable | 3,231 | 3,126 |
| Customer collateral | 3,712 | 3,625 |
| Current portion of client incentives | 2,280 | 2,158 |
| Prepaid expenses and other current assets | 2,865 | 2,679 |
| Total current assets | 34,997 | 37,766 |
| Investment securities | 484 | 999 |
| Client incentives | 5,541 | 5,157 |
| Property, equipment and technology, net | 4,276 | 4,236 |
| Goodwill | 19,885 | 19,879 |
| Intangible assets, net | 27,664 | 27,646 |
| Other assets | 3,967 | 3,944 |
| Total assets | $ 96,814 | $ 99,627 |
| Liabilities | | |
| Accounts payable | $ 433 | $ 555 |
| Settlement payable | 4,337 | 4,568 |
| Customer collateral | 3,712 | 3,625 |
| Accrued compensation and benefits | 1,158 | 1,863 |
| Client incentives | 11,280 | 10,369 |
| Accrued liabilities | 5,576 | 5,466 |
| Current maturities of debt | 1,589 | 5,569 |
| Accrued litigation | 3,406 | 3,033 |
| Total current liabilities | 31,491 | 35,048 |
| Long-term debt | 19,588 | 19,602 |
| Deferred tax liabilities | 5,241 | 5,549 |
| Other liabilities | 1,717 | 1,519 |
| 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, 2025 | 551 | 745 |
| 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 capital | 21,980 | 21,934 |
| Accumulated income | 16,018 | 15,106 |
| Accumulated other comprehensive income (loss): | | |
| Investment securities | 10 | 12 |
| Defined benefit pension and other postretirement plans | (30) | (32) |
| Derivative instruments | (245) | (307) |
| Foreign currency translation adjustments | 512 | 575 |
| Total accumulated other comprehensive income (loss) | 247 | 248 |
| Total equity | 38,777 | 37,909 |
| Total liabilities and equity | $ 96,814 | $ 99,627 |
p7 · table 6 · Visa Consolidated Statements of Operations (unaudited)
units=(in millions, except per share data) · flavor=stream · camelot_accuracy=98.5 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 |
|---|
| Net revenue | $ 10,901 | $ 9,510 |
| Operating Expenses | | |
| Personnel | 1,764 | 1,813 |
| Marketing | 410 | 306 |
| Network and processing | 233 | 207 |
| Professional fees | 208 | 143 |
| Depreciation and amortization | 326 | 282 |
| General and administrative | 515 | 481 |
| Litigation provision | 708 | 44 |
| Total operating expenses | 4,164 | 3,276 |
| Operating income | 6,737 | 6,234 |
| Non-operating Income (Expense) | | |
| Interest expense | (194) | (182) |
| Investment income (expense) and other | 183 | 148 |
| Total non-operating income (expense) | (11) | (34) |
| Income before income taxes | 6,726 | 6,200 |
| Income tax provision | 873 | 1,081 |
| 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 stock | 1,687 | 1,729 |
| Class B-1 common stock | 5 | 5 |
| Class B-2 common stock | 120 | 120 |
| Class C common stock | 9 | 10 |
| 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 stock | 1,933 | 1,985 |
| Class B-1 common stock | 5 | 5 |
| Class B-2 common stock | 120 | 120 |
| Class C common stock | 9 | 10 |
p8 · table 7 · Visa Consolidated Statements of Cash Flows (unaudited)
units=(in millions) · flavor=stream · camelot_accuracy=98.8 · llm_corrected=True
before — table + bounding box
after — final markdown
| Three Months Ended December 31, 2025 | Three 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 incentives | 4,269 | 3,797 |
| Share-based compensation | 231 | 224 |
| Depreciation and amortization | 326 | 282 |
| Deferred income taxes | (435) | 38 |
| VE territory covered losses | (3) | (27) |
| (Gains) losses on equity investments, net | 7 | 75 |
| Other | 18 | 56 |
| Change in operating assets and liabilities: | | |
| Settlement receivable | 981 | 657 |
| Accounts receivable | (109) | (64) |
| Client incentives | (3,808) | (3,649) |
| Other assets | 35 | (10) |
| Accounts payable | (114) | (54) |
| Settlement payable | (233) | (673) |
| Accrued and other liabilities | (611) | (303) |
| Accrued litigation | 373 | (72) |
| Net cash provided by (used in) operating activities | 6,780 | 5,396 |
| Investing Activities | | |
| Purchases of property, equipment and technology | (378) | (345) |
| Proceeds from maturities and sales of investment securities | 725 | 2,042 |
| Acquisitions, net of cash and restricted cash acquired | — | (906) |
| Purchases of other investments | (5) | (6) |
| Other investing activities | 19 | 5 |
| Net cash provided by (used in) investing activities | 361 | 790 |
| 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 plans | 78 | 127 |
| Taxes paid related to stock issued under equity plans | (231) | (235) |
| Other financing activities | 185 | (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 equivalents | 34 | (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 period | 24,987 | 19,763 |
| 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 8 · Visa Quarterly Results of Operations (unaudited)
units=(in millions) · flavor=stream · camelot_accuracy=97.2 · llm_corrected=True
before — table + bounding box
after — final markdown
| Fiscal 2026 Quarter Ended December 31, 2025 | Fiscal 2025 Quarter Ended September 30, 2025 | Fiscal 2025 Quarter Ended June 30, 2025 | Fiscal 2025 Quarter Ended March 31, 2025 | Fiscal 2025 Quarter Ended December 31, 2024 |
|---|
| Net revenue | $ 10,901 | $ 10,724 | $ 10,172 | $ 9,594 | $ 9,510 |
| Operating Expenses | | | | | |
| Personnel | 1,764 | 1,742 | 1,749 | 1,657 | 1,813 |
| Marketing | 410 | 576 | 421 | 381 | 306 |
| Network and processing | 233 | 239 | 224 | 224 | 207 |
| Professional fees | 208 | 256 | 187 | 173 | 143 |
| Depreciation and amortization | 326 | 316 | 317 | 305 | 282 |
| General and administrative | 515 | 544 | 482 | 419 | 481 |
| Litigation provision | 708 | 903 | 615 | 1,000 | 44 |
| Total operating expenses | 4,164 | 4,576 | 3,995 | 4,159 | 3,276 |
| Operating income | 6,737 | 6,148 | 6,177 | 5,435 | 6,234 |
| Non-operating Income (Expense) | | | | | |
| Interest expense | (194) | (210) | (39) | (158) | (182) |
| Investment income (expense) and other | 183 | 285 | 195 | 161 | 148 |
| Total non-operating income (expense) | (11) | 75 | 156 | 3 | (34) |
| Income before income taxes | 6,726 | 6,223 | 6,333 | 5,438 | 6,200 |
| Income tax provision | 873 | 1,133 | 1,061 | 861 | 1,081 |
| Net income | $ 5,853 | $ 5,090 | $ 5,272 | $ 4,577 | $ 5,119 |
p11 · table 9 · Three Months Ended December 31, 2025
units=(in millions, except percentages and per share data) · flavor=stream · camelot_accuracy=98.6 · llm_corrected=True
before — table + bounding box
after — final markdown
| Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
|---|
| GAAP | $ 4,164 | $ (11) | $ 873 | 13.0% | $ 5,853 | $ 3.03 |
| (Gains) losses on equity investments, net | — | 7 | 2 | | 5 | — |
| Amortization of acquired intangible assets | (54) | — | 14 | | 40 | 0.02 |
| Acquisition-related costs | (12) | — | 1 | | 11 | 0.01 |
| Litigation provision | (707) | — | 159 | | 548 | 0.28 |
| Deferred tax benefit | — | — | 333 | | (333) | (0.17) |
| Non-GAAP | $ 3,391 | $ (4) | $ 1,382 | 18.4% | $ 6,124 | $ 3.17 |
p11 · table 10 · Three Months Ended December 31, 2024
units=(in millions, except percentages and per share data) · flavor=stream · camelot_accuracy=98.0 · llm_corrected=True
before — table + bounding box
after — final markdown
| Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
|---|
| GAAP | $ 3,276 | $ (34) | $ 1,081 | 17.4% | $ 5,119 | $ 2.58 |
| (Gains) losses on equity investments, net | — | 75 | 17 | | 58 | 0.03 |
| Amortization of acquired intangible assets | (46) | — | 11 | | 35 | 0.02 |
| Acquisition-related costs | (34) | — | 2 | | 32 | 0.02 |
| Severance costs | (213) | — | 45 | | 168 | 0.08 |
| Lease consolidation costs | (39) | — | 9 | | 30 | 0.02 |
| Litigation provision | (27) | — | 6 | | 21 | 0.01 |
| Non-GAAP | $ 2,917 | $ 41 | $ 1,171 | 17.7% | $ 5,463 | $ 2.75 |