[ { "title": "Income Statement Summary", "subtitle": "", "markdown": "| Metric | Q1 2026 USD | Q1 2026 % Change |\n| --- | --- | --- |\n| Net Revenue | $10.9 | 15% |\n| GAAP Net Income | $5.9 | 14% |\n| GAAP Earnings Per Share | $3.03 | 17% |\n| Non-GAAP Net Income(1) | $6.1 | 12% |\n| Non-GAAP Earnings Per Share(1) | $3.17 | 15% |", "footnotes": [ "Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented." ], "footnote_refs": [ "(1)" ], "units": "In billions, except percentages and per share data.", "page": 1, "bbox": [ 28.3, 293.1, 577.4, 495.4 ], "som_region": [ 0.04625817217858009, 0.37453923080906726, 0.9434638927185457, 0.6299661578554095 ], "content_region": [ 0.04625817217858009, 0.37453923080906726, 0.9434638927185457, 0.6205520629882812 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 96.48, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Key Business Drivers", "subtitle": "", "markdown": "| Metric | Q1 2026 |\n| --- | --- |\n| YoY increase / (decrease), volume in constant dollars | |\n| Payments Volume | 8% |\n| Cross-Border Volume Excluding Intra-Europe(2) | 11% |\n| Cross-Border Volume Total | 12% |\n| Processed Transactions | 9% |", "footnotes": [ "Cross-border volume excluding transactions within Europe." ], "footnote_refs": [ "(2)" ], "units": "", "page": 1, "bbox": [ 28.3, 143.8, 575.6, 293.1 ], "som_region": [ 0.04625817217858009, 0.6299661578554095, 0.9405881594988256, 0.8184687296549479 ], "content_region": [ 0.04625817217858009, 0.6299661578554095, 0.9405881594988256, 0.8108929720791903 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 99.99, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "INCOME STATEMENT SUMMARY", "subtitle": "", "markdown": "| | Three Months Ended December 31, 2025 | YoY Change |\n| --- | --- | --- |\n| GAAP | | |\n| Revenue | | |\n| Service revenue | $ 4,760 | 13% |\n| Data processing revenue | 5,544 | 17% |\n| International transaction revenue | 3,652 | 6% |\n| Other revenue | 1,214 | 33% |\n| Client incentives | (4,269) | 12% |\n| Net revenue | $ 10,901 | 15% |\n| Total operating expenses | $ 4,164 | 27% |\n| Non-operating income (expense) | (11) | (65%) |\n| Effective income tax rate | 13.0% | (4 ppt) |\n| Net income | $ 5,853 | 14% |\n| Earnings per share | $ 3.03 | 17% |\n| Non-GAAP(1) | | |\n| Total operating expenses | $ 3,391 | 16% |\n| Non-operating income (expense) | (4) | (112%) |\n| Effective income tax rate | 18.4% | 1 ppt |\n| Net income | $ 6,124 | 12% |\n| Earnings per share | $ 3.17 | 15% |", "footnotes": [ "(1) Refer to Non-GAAP Financial Measures for further details." ], "footnote_refs": [ "(1)" ], "units": "(in millions, except percentages and per share data)", "page": 5, "bbox": [ 28.3, 304.8, 580.7, 714.0 ], "som_region": [ 0.04625817217858009, 0.098442848282631, 0.9488236171747344, 0.6151353855325719 ], "content_region": [ 0.04625817217858009, 0.098442848282631, 0.9488236171747344, 0.5855418503886521 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 98.14, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "KEY BUSINESS DRIVERS", "subtitle": "", "markdown": "| | YoY Change - Constant | YoY Change - Nominal |\n| --- | --- | --- |\n| Payments volume | 8% | 10% |\n| Cross-border volume excluding intra-Europe(2) | 11% | 15% |\n| Cross-border volume total | 12% | 18% |\n| Processed transactions | 9% | 9% |", "footnotes": [ "(2) Cross-border volume excluding transactions within Europe." ], "footnote_refs": [ "(2)" ], "units": "", "page": 5, "bbox": [ 28.3, 98.6, 546.0, 249.4 ], "som_region": [ 0.04625817217858009, 0.6850968948518387, 0.8921895743974673, 0.8755520907315341 ], "content_region": [ 0.04625817217858009, 0.6850968948518387, 0.8921895743974673, 0.8679763331557765 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 99.47, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Visa Consolidated Balance Sheets (unaudited)", "subtitle": "", "markdown": "| | December 31, 2025 | September 30, 2025 |\n| --- | --- | --- |\n| Assets | | |\n| Cash and cash equivalents | $ 14,756 | $ 17,164 |\n| Restricted cash equivalents\u2014U.S. litigation escrow | 3,300 | 2,990 |\n| Investment securities | 1,641 | 1,833 |\n| Settlement receivable | 3,212 | 4,191 |\n| Accounts receivable | 3,231 | 3,126 |\n| Customer collateral | 3,712 | 3,625 |\n| Current portion of client incentives | 2,280 | 2,158 |\n| Prepaid expenses and other current assets | 2,865 | 2,679 |\n| Total current assets | 34,997 | 37,766 |\n| Investment securities | 484 | 999 |\n| Client incentives | 5,541 | 5,157 |\n| Property, equipment and technology, net | 4,276 | 4,236 |\n| Goodwill | 19,885 | 19,879 |\n| Intangible assets, net | 27,664 | 27,646 |\n| Other assets | 3,967 | 3,944 |\n| Total assets | $ 96,814 | $ 99,627 |\n| Liabilities | | |\n| Accounts payable | $ 433 | $ 555 |\n| Settlement payable | 4,337 | 4,568 |\n| Customer collateral | 3,712 | 3,625 |\n| Accrued compensation and benefits | 1,158 | 1,863 |\n| Client incentives | 11,280 | 10,369 |\n| Accrued liabilities | 5,576 | 5,466 |\n| Current maturities of debt | 1,589 | 5,569 |\n| Accrued litigation | 3,406 | 3,033 |\n| Total current liabilities | 31,491 | 35,048 |\n| Long-term debt | 19,588 | 19,602 |\n| Deferred tax liabilities | 5,241 | 5,549 |\n| Other liabilities | 1,717 | 1,519 |\n| Total liabilities | 58,037 | 61,718 |\n| Equity | | |\n| Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of December 31, 2025 and September 30, 2025 | 551 | 745 |\n| Common stock, $0.0001 par value: | | |\n| Class A common stock, 1,683 and 1,691 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively | \u2014 | \u2014 |\n| Class B-1 and B-2 total common stock, 125 shares issued and outstanding as of December 31, 2025 and September 30, 2025 | \u2014 | \u2014 |\n| Class C common stock, 9 shares issued and outstanding as of December 31, 2025 and September 30, 2025 | \u2014 | \u2014 |\n| Right to recover for covered losses | (19) | (124) |\n| Additional paid-in capital | 21,980 | 21,934 |\n| Accumulated income | 16,018 | 15,106 |\n| Accumulated other comprehensive income (loss): | | |\n| Investment securities | 10 | 12 |\n| Defined benefit pension and other postretirement plans | (30) | (32) |\n| Derivative instruments | (245) | (307) |\n| Foreign currency translation adjustments | 512 | 575 |\n| Total accumulated other comprehensive income (loss) | 247 | 248 |\n| Total equity | 38,777 | 37,909 |\n| Total liabilities and equity | $ 96,814 | $ 99,627 |", "footnotes": [], "footnote_refs": [], "units": "(in millions, except per share data)", "page": 6, "bbox": [ 28.3, 84.2, 580.7, 756.0 ], "som_region": [ 0.04625817217858009, 0.04544830322265625, 0.9488300996668199, 0.8937314736722696 ], "content_region": [ 0.04625817217858009, 0.04544830322265625, 0.9488300996668199, 0.886155716096512 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 99.03, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Visa Consolidated Statements of Operations (unaudited)", "subtitle": "", "markdown": "| | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 |\n| --- | --- | --- |\n| Net revenue | $ 10,901 | $ 9,510 |\n| Operating Expenses | | |\n| Personnel | 1,764 | 1,813 |\n| Marketing | 410 | 306 |\n| Network and processing | 233 | 207 |\n| Professional fees | 208 | 143 |\n| Depreciation and amortization | 326 | 282 |\n| General and administrative | 515 | 481 |\n| Litigation provision | 708 | 44 |\n| Total operating expenses | 4,164 | 3,276 |\n| Operating income | 6,737 | 6,234 |\n| Non-operating Income (Expense) | | |\n| Interest expense | (194) | (182) |\n| Investment income (expense) and other | 183 | 148 |\n| Total non-operating income (expense) | (11) | (34) |\n| Income before income taxes | 6,726 | 6,200 |\n| Income tax provision | 873 | 1,081 |\n| Net income | $ 5,853 | $ 5,119 |\n| Basic Earnings Per Share | | |\n| Class A common stock | $ 3.03 | $ 2.58 |\n| Class B-1 common stock | $ 4.71 | $ 4.04 |\n| Class B-2 common stock | $ 4.61 | $ 3.99 |\n| Class C common stock | $ 12.13 | $ 10.33 |\n| Basic Weighted-average Shares Outstanding | | |\n| Class A common stock | 1,687 | 1,729 |\n| Class B-1 common stock | 5 | 5 |\n| Class B-2 common stock | 120 | 120 |\n| Class C common stock | 9 | 10 |\n| Diluted Earnings Per Share | | |\n| Class A common stock | $ 3.03 | $ 2.58 |\n| Class B-1 common stock | $ 4.71 | $ 4.04 |\n| Class B-2 common stock | $ 4.61 | $ 3.98 |\n| Class C common stock | $ 12.11 | $ 10.32 |\n| Diluted Weighted-average Shares Outstanding | | |\n| Class A common stock | 1,933 | 1,985 |\n| Class B-1 common stock | 5 | 5 |\n| Class B-2 common stock | 120 | 120 |\n| Class C common stock | 9 | 10 |", "footnotes": [], "footnote_refs": [], "units": "(in millions, except per share data)", "page": 7, "bbox": [ 28.3, 99.5, 580.7, 756.0 ], "som_region": [ 0.04625817217858009, 0.04544830322265625, 0.9488300996668199, 0.8743249141808712 ], "content_region": [ 0.04625817217858009, 0.04544830322265625, 0.9488300996668199, 0.8667491566051136 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 98.55, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Visa Consolidated Statements of Cash Flows (unaudited)", "subtitle": "", "markdown": "| | Three Months Ended December 31, 2025 | Three Months Ended December 31, 2024 |\n| --- | --- | --- |\n| Operating Activities | | |\n| Net income | $ 5,853 | $ 5,119 |\n| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | |\n| Client incentives | 4,269 | 3,797 |\n| Share-based compensation | 231 | 224 |\n| Depreciation and amortization | 326 | 282 |\n| Deferred income taxes | (435) | 38 |\n| VE territory covered losses | (3) | (27) |\n| (Gains) losses on equity investments, net | 7 | 75 |\n| Other | 18 | 56 |\n| Change in operating assets and liabilities: | | |\n| Settlement receivable | 981 | 657 |\n| Accounts receivable | (109) | (64) |\n| Client incentives | (3,808) | (3,649) |\n| Other assets | 35 | (10) |\n| Accounts payable | (114) | (54) |\n| Settlement payable | (233) | (673) |\n| Accrued and other liabilities | (611) | (303) |\n| Accrued litigation | 373 | (72) |\n| Net cash provided by (used in) operating activities | 6,780 | 5,396 |\n| Investing Activities | | |\n| Purchases of property, equipment and technology | (378) | (345) |\n| Proceeds from maturities and sales of investment securities | 725 | 2,042 |\n| Acquisitions, net of cash and restricted cash acquired | \u2014 | (906) |\n| Purchases of other investments | (5) | (6) |\n| Other investing activities | 19 | 5 |\n| Net cash provided by (used in) investing activities | 361 | 790 |\n| Financing Activities | | |\n| Repurchases of class A common stock | (3,725) | (4,011) |\n| Repayments of debt | (4,000) | \u2014 |\n| Dividends paid | (1,293) | (1,170) |\n| Proceeds from stock issued under equity plans | 78 | 127 |\n| Taxes paid related to stock issued under equity plans | (231) | (235) |\n| Other financing activities | 185 | (186) |\n| Net cash provided by (used in) financing activities | (8,986) | (5,475) |\n| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 34 | (508) |\n| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (1,811) | 203 |\n| Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period | 24,987 | 19,763 |\n| Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period | $ 23,176 | $ 19,966 |\n| Supplemental Disclosure | | |\n| Cash paid for income taxes, net(1) | $ 1,290 | $ 1,194 |\n| Interest payments on debt | $ 213 | $ 213 |\n| Accruals related to purchases of property, equipment and technology | $ 26 | $ 40 |", "footnotes": [ "For the three months ended December 31, 2025 and 2024, the amount includes cash paid for federal transferable tax credits of $740 million and $1.1 billion, respectively." ], "footnote_refs": [ "(1)" ], "units": "(in millions)", "page": 8, "bbox": [ 28.3, 74.9, 580.7, 756.0 ], "som_region": [ 0.04625817217858009, 0.04544830322265625, 0.9488398732702716, 0.9054107666015625 ], "content_region": [ 0.04625817217858009, 0.04544830322265625, 0.9488398732702716, 0.8877339989247949 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 98.8, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Visa Quarterly Results of Operations (unaudited)", "subtitle": "", "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 |\n| --- | --- | --- | --- | --- | --- |\n| Net revenue | $ 10,901 | $ 10,724 | $ 10,172 | $ 9,594 | $ 9,510 |\n| Operating Expenses | | | | | |\n| Personnel | 1,764 | 1,742 | 1,749 | 1,657 | 1,813 |\n| Marketing | 410 | 576 | 421 | 381 | 306 |\n| Network and processing | 233 | 239 | 224 | 224 | 207 |\n| Professional fees | 208 | 256 | 187 | 173 | 143 |\n| Depreciation and amortization | 326 | 316 | 317 | 305 | 282 |\n| General and administrative | 515 | 544 | 482 | 419 | 481 |\n| Litigation provision | 708 | 903 | 615 | 1,000 | 44 |\n| Total operating expenses | 4,164 | 4,576 | 3,995 | 4,159 | 3,276 |\n| Operating income | 6,737 | 6,148 | 6,177 | 5,435 | 6,234 |\n| Non-operating Income (Expense) | | | | | |\n| Interest expense | (194) | (210) | (39) | (158) | (182) |\n| Investment income (expense) and other | 183 | 285 | 195 | 161 | 148 |\n| Total non-operating income (expense) | (11) | 75 | 156 | 3 | (34) |\n| Income before income taxes | 6,726 | 6,223 | 6,333 | 5,438 | 6,200 |\n| Income tax provision | 873 | 1,133 | 1,061 | 861 | 1,081 |\n| Net income | $ 5,853 | $ 5,090 | $ 5,272 | $ 4,577 | $ 5,119 |", "footnotes": [], "footnote_refs": [], "units": "(in millions)", "page": 9, "bbox": [ 28.3, 377.0, 579.9, 757.1 ], "som_region": [ 0.04625817217858009, 0.044034167973682134, 0.947601318359375, 0.5239460877697877 ], "content_region": [ 0.04625817217858009, 0.044034167973682134, 0.947601318359375, 0.5163703301940301 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 97.22, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Three Months Ended December 31, 2025", "subtitle": "", "markdown": "| | Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |\n| --- | --- | --- | --- | --- | --- | --- |\n| GAAP | $ 4,164 | $ (11) | $ 873 | 13.0% | $ 5,853 | $ 3.03 |\n| (Gains) losses on equity investments, net | \u2014 | 7 | 2 | | 5 | \u2014 |\n| Amortization of acquired intangible assets | (54) | \u2014 | 14 | | 40 | 0.02 |\n| Acquisition-related costs | (12) | \u2014 | 1 | | 11 | 0.01 |\n| Litigation provision | (707) | \u2014 | 159 | | 548 | 0.28 |\n| Deferred tax benefit | \u2014 | \u2014 | 333 | | (333) | (0.17) |\n| Non-GAAP | $ 3,391 | $ (4) | $ 1,382 | 18.4% | $ 6,124 | $ 3.17 |", "footnotes": [], "footnote_refs": [ "(1)", "(2)" ], "units": "(in millions, except percentages and per share data)", "page": 11, "bbox": [ 28.3, 524.9, 580.7, 677.0 ], "som_region": [ 0.04625817217858009, 0.14520525691485164, 0.9488431643816381, 0.3372289484197443 ], "content_region": [ 0.04625817217858009, 0.14520525691485164, 0.9488431643816381, 0.32965319084398675 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 98.57, "classifier_decision": null, "llm_corrected": true, "extraction_record": null }, { "title": "Three Months Ended December 31, 2024", "subtitle": "", "markdown": "| | Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |\n| --- | --- | --- | --- | --- | --- | --- |\n| GAAP | $ 3,276 | $ (34) | $ 1,081 | 17.4% | $ 5,119 | $ 2.58 |\n| (Gains) losses on equity investments, net | \u2014 | 75 | 17 | | 58 | 0.03 |\n| Amortization of acquired intangible assets | (46) | \u2014 | 11 | | 35 | 0.02 |\n| Acquisition-related costs | (34) | \u2014 | 2 | | 32 | 0.02 |\n| Severance costs | (213) | \u2014 | 45 | | 168 | 0.08 |\n| Lease consolidation costs | (39) | \u2014 | 9 | | 30 | 0.02 |\n| Litigation provision | (27) | \u2014 | 6 | | 21 | 0.01 |\n| Non-GAAP | $ 2,917 | $ 41 | $ 1,171 | 17.7% | $ 5,463 | $ 2.75 |", "footnotes": [ "Determined by applying applicable tax rates.", "Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers." ], "footnote_refs": [ "(1)", "(2)" ], "units": "(in millions, except percentages and per share data)", "page": 11, "bbox": [ 28.3, 309.9, 578.0, 517.0 ], "som_region": [ 0.04625817217858009, 0.34722542040275806, 0.9444902208116319, 0.6086935948843908 ], "content_region": [ 0.04625817217858009, 0.34722542040275806, 0.9444902208116319, 0.5544006655914615 ], "flavor": "stream", "kind": "text_table", "source": ".cache/s3/qubera-docs/visa/VISA_991_Q126.pdf", "camelot_accuracy": 98.03, "classifier_decision": null, "llm_corrected": true, "extraction_record": null } ]