Visa reported strong second-quarter results with accelerating net revenue growth and significant increases in GAAP and non-GAAP EPS, driven by resilient consumer spending and robust performance across its payment solutions. The company also announced a new substantial share repurchase program, signaling confidence in its future growth prospects.
Net revenue of $11.2B increased 17% YoY, the highest growth rate since 2022.
positiveGAAP net income increased 32% YoY to $6.0B, and GAAP EPS increased 36% YoY to $3.14.
positiveNon-GAAP net income increased 17% YoY to $6.3B, and non-GAAP EPS increased 20% YoY to $3.31.
positiveBoard authorized a new $20.0 billion multi-year share repurchase program.
positiveGAAP operating expenses decreased 4% YoY, primarily driven by a lower litigation provision ($311M in current quarter vs. $992M in prior year). Excluding these items, non-GAAP operating expenses increased 17% YoY.
attentionClient incentives increased 14% YoY to $4.2 billion, impacting net revenue.
attentionThe company deposited $125 million into its litigation escrow account, which has the same economic effect on earnings per share as repurchasing stock.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Metric | Value | Period | Specificity | vs Prior |
|---|---|---|---|---|
| net_revenue_growth | low double digit to low teens | FY2026 | directional | New |
| operating_expense_growth | low double digit to low teens | FY2026 | directional | New |
| non_operating_expense | approximately $150 million | FY2026 | point | Raised |
| tax_rate | 18% to 18.5% | FY2026 | tight_range | Maintained |
| adjusted_eps_growth | low teens | FY2026 | directional | — |
| net_revenue_growth | low double digits | Q3 FY2026 | directional | New |
| operating_expense_growth | low teens | Q3 FY2026 | directional | New |
| non_operating_expense | about $55 million | Q3 FY2026 | point | New |
| tax_rate | around 18.5% | Q3 FY2026 | point | New |
| eps_growth | mid-to-high single digits | Q3 FY2026 | directional | New |
$7.9 billion · Q2
$1.3 billion · Q2
$20 billion · multi-year
$33 billion
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
Visa’s second quarter net revenue growth of 17% was the highest since 2022, driving GAAP EPS up 36% and non-GAAP EPS up 20%.
Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement solutions and value-added services.
Throughout the quarter, we continued to enhance our Visa as a Service stack, including with agentic and stablecoin capabilities, to further strengthen our position as the leading hyperscaler of payments globally and drive growth for years to come.
Commentary excerpts from earnings call transcripts provide management's perspective on performance, strategy, and outlook. Always review full transcripts for complete context.
Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.