Visa 8-K
PositiveEarnings
Resilient spending drove payments and cross-border growth; the board authorized a new $20B multi-year buyback.
Filed 2026-04-28 16:05 ET
- 2.02 Results of Operations
- 8.01 Other Events
- 9.01 Financial Statements and Exhibits
Summary
Q2 FY2026 results with a new share repurchase authorization and quarterly dividend. Net revenue grew 17%, driven by growth in payments volume, cross-border volume and processed transactions; Visa cited resilient consumer spending and strong performance across its business lines.
Key Figures
| Metric | Q2 2026 | Q2 2025 | Y/Y |
|---|---|---|---|
| Net revenue | $11.2B | $9.59B | +17% |
| Operating income | $7.23B | $5.44B | +33% |
| Net income, GAAP | $6.02B | $4.58B | +32% |
| Net income, non-GAAP | $6.34B | $5.44B | +17% |
| Diluted EPS, GAAP | $3.14 | $2.32 | +36% |
| Diluted EPS, non-GAAP | $3.31 | $2.76 | +20% |
- Payments volume grew 9% in constant dollars; cross-border volume grew 11% excluding intra-Europe and 12% total; processed transactions rose 9% to 66.1B. Data processing revenue grew 18%, international transaction revenue 10%, and service revenue 13%.
- GAAP operating expenses fell 4% to $4.0B, primarily due to a lower litigation provision; non-GAAP operating expenses rose 17%, mainly from personnel and marketing costs.
- Visa repurchased ≈25M Class A shares for $7.9B at an average $320.66 per share; diluted weighted-average Class A shares fell 2.9% Y/Y. Quarterly repurchases and dividends totaled $9.2B. The board authorized a new $20.0B multi-year repurchase program; $13.2B remained under prior authorization at quarter-end.
- Cash, cash equivalents and investment securities totaled $14.2B at 3/31/2026. Visa issued $3.0B principal of fixed-rate senior notes, with 3–10-year maturities and rates of 3.8%–4.7%, for general corporate purposes, potentially including refinancing.
- Quarterly dividend: $0.67 per share, payable 6/1/2026 to holders of record 5/12/2026. Visa completed its February acquisition of Prisma and Newpay in Argentina; the transaction remains subject to review by Argentina’s competition authority.
- The Class B-1 and B-2 exchange offer exchanges shares for a combination of Class B-3 and Class C shares, with cash for fractional shares where applicable; it expires 5/8/2026 unless extended or terminated earlier.
Guidance
No guidance in this filing.
Investor Takeaways
- Argentina’s competition authority review is a remaining milestone for the Prisma and Newpay transaction.
- Watch the Class B-1 and B-2 exchange offer’s expiration on 5/8/2026 and the resulting participation and share conversions.
The summary is written by an AI model reading the filing.
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