Fiscal fourth-quarter net revenue rose 13% to $12.14 billion and adjusted earnings of $3.48 a share beat forecasts. Client incentives rose 21%, and the outlook for fiscal 2027 points to slower growth. Shares were indicated about 1.6% lower.
Earnings | FinancialMarkets.com | October 28, 2026
Tickers: V, MA, AXP, PYPL
Visa ended its fiscal year with a beat. The details show how much it is paying to keep growing.
For the quarter ended Sept. 30, Visa reported net revenue of $12.14 billion, up 13% from a year earlier, against the $12.09 billion analysts expected. Adjusted earnings were $3.48 a share, up 17% and above the $3.44 estimate. On a GAAP basis, Visa earned $3.19 a share, up 22%.
"Visa delivered a milestone year," said Ryan McInerney, the company's chief executive, calling it "the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions." For the full fiscal year, net revenue rose 15% to $45.9 billion, adjusted earnings were $13.27 a share, and Visa returned $25.6 billion to shareholders through buybacks and dividends.
Volumes held up
Payments volume grew 9% on a constant-currency basis, cross-border volume outside Europe rose 14%, and processed transactions rose 10%. By revenue line, service revenue rose 14% to $5.26 billion, data processing 16% to $6.25 billion, international transaction revenue 8% to $4.12 billion and other revenue 40% to $1.65 billion.
International transaction revenue grew more slowly than cross-border volume, which may reflect currency effects or pricing, though the company did not tie the two in its results.
The incentive line
Client incentives, the payments Visa makes to banks and merchants to win and keep their card business, rose 21% to $5.12 billion. That is faster than net revenue, which is reported after those incentives are deducted. When incentives grow faster than the business, Visa is paying more for each dollar of volume it secures.
Operating expenses rose only 7% to $4.88 billion, helped by a smaller litigation provision of $474 million against $903 million a year earlier. Operating income rose about 18% to $7.26 billion by our arithmetic.
The year ahead
Visa said in its earnings presentation that it expects adjusted net revenue growth in the low double digits in fiscal 2027, down from the 15% it just posted. The outlook is on an adjusted, constant-dollar basis.
The shares closed at $401.86 on Tuesday before the results, down 0.6%, and were quoted around $395 to $396 in thin early trading on Wednesday, about 1.6% lower.
The case on each side
The positive case is that Visa grew revenue 15% for the year, beat on the quarter, held cross-border growth at 14% and returned more than $25 billion to shareholders.
The cautious case is in the margins of the report. Incentives are growing faster than revenue, a falling litigation charge flattered expenses, and the company expects slower growth next year.
What to watch
Commentary on the call about holiday spending and cross-border travel, the full fiscal 2027 outlook, the trend in client incentives, and Mastercard's results.