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 Q3 FY2026 revenue rose 14% to $11.6B while a $1.1B litigation accrual cut operating margin to 57.3%.
A $1.1B pulled Visa's down to 57.3% this quarter. rose 14% to $11.6B and rose 31.5% to $6.0B , driven by 14% cross-border volume growth and a 33% increase in to $3.8B. The core business expanded, but legal reserves and falling cash flow remain the open questions.
Key takeaways
A $1.1B for the drove operating expenses up 19% to $4.8B and pushed to 57.3%, down 7.8 points from a year ago and down 7.1 points from the prior quarter's 64.4%.
Net rose 14% to $11.6B, driven by 11% nominal payments volume growth, 10% processed transaction growth, and 14% nominal cross-border volume growth, partially offset by higher .
grew 33% to $3.8B, led by Issuing Solutions, Acceptance Solutions, and Advisory and Other Services, including client consulting engagements up about 30%.
Section summaries
Management's Discussion and Analysis
Visa Q3 FY2026 net revenue rose 14% to $11.6B on volume growth and value-added services, partially offset by higher client incentives.
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Net increased 14% to $11.6B, driven by 11% nominal payments volume growth, 10% processed transaction growth, and 14% growth.
rose 31.5% to $6.0B and rose 33.1% to $7.2B , while fell 35.9% to $3.0B and fell 39.9% to $2.6B from a year earlier.
The company repurchased 50M shares for $16.5B in the nine months and authorized a new $20B , with $28.4B remaining as of June 30, 2026; rose 33.3% to $22.4B.
Severance costs from efficiency actions and increased marketing tied to the FIFA World Cup 2026 contributed to the operating expense increase alongside the .
What changed
Litigation provision: Q2 FY2026 was $329M and Q3 FY2025 was $615M; this quarter's $1.1B is the largest since the $2.6B FY2025 total, reversing the Q2 expense relief that had widened margin to 64.4%.
growth rate remains unstated since Q1 FY2024's 20%; the filing again notes higher client incentives as a offset with no updated rate.
Nominal cross-border volume grew 14% this quarter, below Q1 FY2026's 15% and Q2 FY2026's 17%, continuing the flagged watch for whether the rate sustains or fades.
of $3.0B is down 55.6% from Q2 FY2026 and down 35.9% , a sharper decline than the nine-month $16.3B figure suggested last quarter.
growth accelerated to 33% from 29% in Q2 FY2026, confirming the flagged expansion beyond card-based payments.
What to watch
Next quarter's litigation provision for the and any court approval of the $5.5B class settlement against the $1.5B escrow and $2.7B accrual.
Q4 FY2026 growth rate, still unstated since Q1 FY2024's 20%, to see if the pace reaccelerates.
Q4 FY2026 nominal cross-border volume growth to confirm whether the 14% rate sustains or falls further.
Effect of the acquisition on operating expenses as integration costs flow through subsequent quarters.
Value-added services grew 33% to $3.8B, fueled by Issuing Solutions, Acceptance Solutions, and Advisory and Other Services, including client consulting engagements up ~30%.
operating expenses rose 19% to $4.8B, primarily due to higher from efficiency actions and increased marketing spend tied to the FIFA World Cup 2026.
A $1.1B litigation accrual was recorded for the interchange multidistrict litigation, with $875M deposited into the U.S. litigation escrow account during the nine-month period.
The company repurchased 50M shares for $16.5B in the nine-month period and authorized a new $20B program, with $28.4B remaining as of June 30, 2026.
decreased to $16.3B for the nine months, pressured by higher litigation and incentive payments, while financing outflows rose to $21.5B on debt repayments and buybacks.
See Note 16—Legal Matters to the unaudited consolidated financial statements included in this Form 10-Q for developments concerning the Company’s current material legal proceedings since the Company's Annual Report on Form 10-K for the year ended September 30, 2025.
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See Note 16—Legal Matters to the unaudited consolidated financial statements included in this Form 10-Q for developments concerning the Company’s current material legal proceedings since the Company's Annual Report on Form 10-K for the year ended September 30, 2025.
For a discussion of the Company’s risk factors, see the information under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025.
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For a discussion of the Company’s risk factors, see the information under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended September 30, 2025.