A global payments network that moves money between consumers, banks, and merchants through its VisaNet system, processing billions of transactions and enabling card payments, person-to-person transfers, and cross-border flows. It traces its roots to 1958, when Bank of America mailed the first BankAmericard credit cards to customers in Fresno, California. The name "Visa" came in 1976, chosen because it's short, easy to say in almost any language, and evokes a travel visa granting access across borders.
Visa reports Q3 FY2026 net revenue of $11.6B, up 14% YoY; GAAP EPS $2.97, non-GAAP EPS $3.32
GAAP net income was $5.6 billion, or $2.97 per share, up 7% and 10% year-over-year, respectively.
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Non-GAAP net income was $6.3 billion, or $3.32 per share, up 8% and 11% year-over-year, respectively.
Net revenue increased 14% (13% constant-dollar) to $11.6 billion, driven by growth in payments volume, cross-border volume, and processed transactions.
Payments volume grew 10%, cross-border volume total grew 13%, and processed transactions grew 10% (all constant-dollar) for the quarter ended June 30, 2026.
Board declared a quarterly cash dividend of $0.670 per share, payable September 1, 2026, to holders of record as of August 11, 2026.
2.02 Results of Operations and Financial Condition · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Visa amends bylaws to designate Delaware and federal courts as exclusive forums for certain actions
Visa Inc.'s Board of Directors amended the company's Amended and Restated Bylaws, effective July 14, 2026.
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The amendments designate the Court of Chancery of Delaware (or other Delaware state courts) as the exclusive forum for certain actions against the company.
The amendments also designate U.S. federal district courts as the exclusive forum for claims under the Securities Act of 1933.
The exclusive forum provisions apply unless the company consents in writing to an alternative forum.
The amended bylaws are filed as Exhibit 3.2 to the Form 8-K.
5.03 Amendments to Articles of Incorporation or Bylaws; Change in Fiscal Year · 9.01 Financial Statements and Exhibits
Visa settles exchange offer for Class B-1/B-2 stock, entering makewhole agreements
Makewhole agreements effective May 11, 2026 require participating holders to reimburse Visa for certain future U.S. covered litigation escrow deposits after Class B-3 value is depleted.
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Visa settled its exchange offer for all outstanding Class B-1 and B-2 common stock on May 12, 2026.
Class C common stock received in the exchange is subject to staged transfer limits: one-third before June 25, 2026, and two-thirds before August 9, 2026.
Estimated interchange reimbursement fees at issue in unresolved U.S. covered litigation claims were $17.4 billion as of May 11, 2026.
1.01 Entry into a Material Definitive Agreement · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Visa reports Q2 FY2026 net revenue of $11.2B, up 17%, with GAAP EPS of $3.14.
GAAP net income was $6.0 billion, or $3.14 per share, up 32% and 36% year-over-year, respectively.
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Non-GAAP net income was $6.3 billion, or $3.31 per share, up 17% and 20% year-over-year, respectively.
Net revenue increased 17% (16% on a constant-dollar basis) to $11.2 billion, driven by growth in payments volume, cross-border volume, and processed transactions.
The board declared a quarterly cash dividend of $0.670 per share, payable June 1, 2026, and authorized a new $20.0 billion share repurchase program.
During the quarter, Visa repurchased approximately 25 million shares for $7.9 billion and returned $9.2 billion to shareholders via repurchases and dividends.
2.02 Results of Operations and Financial Condition · 8.01 Other Events · 9.01 Financial Statements and Exhibits
Visa authorizes successive exchange offer for Class B stock once litigation conditions are met
Conditions include one year having passed since the initial exchange offer and a 50% or greater reduction in estimated interchange reimbursement fees at issue in U.S. covered litigation since October 1, 2023.
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Visa's Board authorized a successive exchange offer for outstanding Class B common stock, to proceed as promptly as practicable after conditions from the December 7, 2023 proxy statement are met.
Estimated fees at issue were approximately $49.6 billion as of October 1, 2023 and $39.4 billion as of October 1, 2025; Visa expects dismissal of certain claims in the 7-Eleven litigation to push fees below 50% of the 2023 amount.
The exchange offer would allow holders of Class B-1 and B-2 common stock to exchange for Class B-3 common stock (still restricted) and freely transferable Class C common stock.
Visa expects to file a Form S-4 registration statement with the SEC once conditions are met; timing depends on SEC review, market conditions, and other factors.