Financial Analysis

Note 2Acquisitions In February 2026, Visa acquired 100% of the equity interest of each of Prisma Medios de Pago S.A.U. (Prisma) and Newpay S.A.U. (Newpay) in Argentina for a total purchase consideration of $1.5 billion in cash. Prisma provides credit, debit and prepaid card issuer processing. Newpay is a multi-network infrastructure provider that operates real-time payments services, the Banelco ATM network and the bill payment platform PagoMisCuentas. This acquisition is expected to help accelerate the deployment of advanced technologies such as tokenization, biometric authentication, intelligent risk tools and agentic commerce solutions. These end-to-end capabilities will aim to improve services from issuers and enhance speed and security for consumers. Total purchase consideration has been allocated to the assets acquired and liabilities assumed. If additional information becomes available, the Company may further revise the purchase price allocation as soon as practicable, but no later than one year from the acquisition date. The following table summarizes the purchase price allocation in aggregate for Prisma and Newpay: Purchase Price Allocation Weighted-Average Useful Life of Intangibles (in millions) (in years) Technology $ 184 3 Customer relationships 405 6 Deferred tax liabilities (199) Other net assets acquired (liabilities assumed) (1) 85 Goodwill 1,034 Total $ 1,509 5 (1) Include customer collateral asset and restricted cash, which are fully offset by correspondin …

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Note 8Debt The Company had outstanding debt as follows: June 30, 2026 September 30, 2025 Effective Interest Rate (1) (in millions, except percentages) Commercial paper (2) $ 1,500 $ U.S. dollar notes 3.15% Senior Notes due December 2025 4,000 3.26 % 1.90% Senior Notes due April 2027 1,500 1,500 2.02 % 0.75% Senior Notes due August 2027 500 500 0.84 % 2.75% Senior Notes due September 2027 750 750 2.91 % 3.80% Senior Notes due February 2029 900 3.99 % 2.05% Senior Notes due April 2030 1,500 1,500 2.13 % 4.10% Senior Notes due February 2031 750 4.23 % 1.10% Senior Notes due February 2031 1,000 1,000 1.20 % 4.40% Senior Notes due February 2033 700 4.54 % 4.15% Senior Notes due December 2035 1,500 1,500 4.23 % 4.70% Senior Notes due February 2036 650 4.79 % 2.70% Senior Notes due April 2040 1,000 1,000 2.80 % 4.30% Senior Notes due December 2045 3,500 3,500 4.37 % 3.65% Senior Notes due September 2047 750 750 3.73 % 2.00% Senior Notes due August 2050 1,750 1,750 2.09 % Euro notes 1.50% Senior Notes due June 2026 1,587 1.71 % 2.25% Senior Notes due May 2028 1,428 1,470 2.57 % 2.00% Senior Notes due June 2029 1,142 1,176 2.13 % 3.125% Senior Notes due May 2033 1,142 1,176 3.20 % 2.375% Senior Notes due June 2034 742 764 2.53 % 3.50% Senior Notes due May 2037 742 764 3.62 % 3.875% Senior Notes due May 2044 685 705 4.02 % Total debt 24,131 25,392 Unamortized discounts and debt issuance costs (165) (171) Hedge accounting fair value adjustments (3) (108) (50) Total carrying value of deb …

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The following tables disaggregate the Companys net revenue by revenue category and by geography: Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 (in millions) Service revenue $ 4,922 $ 4,330 $ 14,663 $ 12,937 Data processing revenue 6,042 5,153 17,129 14,599 International transaction revenue 3,853 3,633 11,136 10,366 Other revenue 1,496 1,028 4,030 2,877 Client incentives (4,680) (3,972) (13,194) (11,503) Net revenue $ 11,633 $ 10,172 $ 33,764 $ 29,276 Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 (in millions) U.S. $ 4,410 $ 3,927 $ 12,892 $ 11,476 International 7,223 6,245 20,872 17,800 Net revenue $ 11,633 $ 10,172 $ 33,764 $ 29,276 …

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Note 13Share-based Compensation The following table presents the equity awards granted to employees and non-employee directors under the amended and restated 2007 Equity Incentive Compensation Plan (EIP) for the nine months ended June 30, 2026: Granted Weighted-Average Grant Date Fair Value Weighted-Average Exercise Price Non-qualified stock options 714,321 $ 76.23 $ 324.13 Restricted stock units 2,629,355 $ 324.47 Performance shares (1) 381,324 $ 344.15 (1) Represents the maximum number of performance shares which could be earned. For the three months ended June 30, 2026 and 2025, the Company recorded share-based compensation cost related to the EIP of $214 million and $215 million, respectively. For the nine months ended June 30, 2026 and 2025, the Company recorded share-based compensation cost related to the EIP of $699 million and $680 million, respectively. …

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Note 6Fair Value Measurements and Investments Assets and Liabilities Measured at Fair Value on a Recurring Basis Fair Value Measurements Using Inputs Considered as Level 1 Level 2 June 30, 2026 September 30, 2025 June 30, 2026 September 30, 2025 (in millions) Assets Cash equivalents and restricted cash equivalents: Money market funds $ 8,284 $ 13,760 $ $ Investment securities: Marketable equity securities 446 411 U.S. government-sponsored debt securities 79 305 U.S. Treasury securities 1,058 2,116 Other current and non-current assets: Money market funds 33 28 Derivative instruments 186 62 Total $ 9,821 $ 16,315 $ 265 $ 367 Liabilities Accrued compensation and benefits: Deferred compensation liability $ 297 $ 268 $ $ Accrued and other liabilities: Derivative instruments 234 319 Total $ 297 $ 268 $ 234 $ 319 Level 1 assets and liabilities. Money market funds, U.S. Treasury securities and marketable equity securities are classified as Level 1 within the fair value hierarchy, as fair value is based on unadjusted quoted prices in active markets for identical assets. The Companys deferred compensation liability is measured at fair value based on marketable equity securities held under the deferred compensation plan. Level 2 assets and liabilities. The fair value of U.S. government-sponsored debt securities, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. Derivative instruments are valued using inputs that a …

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Note 15Income Taxes For the three and nine months ended June 30, 2026, the effective income tax rates were 18% and 16%, respectively. For the three and nine months ended June 30, 2025, the effective income tax rate was 17%. The effective income tax rates differ primarily due to the following: For the three and nine months ended June 30, 2026, a deferred tax benefit of $18 million and $351 million, respectively, due to a change in the U.S. taxation of certain foreign earnings; For the nine months ended June 30, 2026, a $217 million tax benefit as a result of a tax position taken on certain expenses; For the three and nine months ended June 30, 2025, a $60 million net tax benefit due to the reassessment of uncertain tax positions as a result of new information obtained during a tax examination; and For the nine months ended June 30, 2025, a $222 million tax benefit as a result of a tax position taken on certain expenses, partially offset by a $71 million tax expense related to the resolution of a tax matter. For the three and nine months ended June 30, 2026, the Companys gross unrecognized tax benefits increased $22 million and $59 million, respectively, and the Companys net unrecognized tax benefits increased $20 million and $53 million, respectively. The change in unrecognized tax benefits is related to various tax positions across several jurisdictions. For the three and nine months ended June 30, 2026, there were no significant changes in accrued interest related to uncerta …

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Note 16Legal Matters The Company is a party to various legal and regulatory proceedings. Some of these proceedings involve complex claims that are subject to substantial uncertainties and unascertainable damages. For those proceedings where a loss is determined to be only reasonably possible or probable but not estimable, the Company has disclosed the nature of the claim. Additionally, unless otherwise disclosed below with respect to these proceedings, the Company cannot provide an estimate of the possible loss or range of loss. Although the Company believes that it has strong defenses for the litigation and regulatory proceedings described below, it could, in the future, incur judgments or fines or enter into settlements of claims that could have a material adverse effect on the Companys financial position, results of operations or cash flows. From time to time, the Company may engage in settlement discussions or mediations with respect to one or more of its outstanding litigation matters, either on its own behalf or collectively with other parties. The litigation accrual is an estimate and is based on managements understanding of its litigation profile, the specifics of each case, advice of counsel to the extent appropriate and managements best estimate of incurred loss as of the balance sheet date. The following table summarizes the activity related to accrued litigation: Nine Months Ended June 30, 2026 2025 (in millions) Balance as of beginning of period $ 3,033 $ 1,727 P …

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Note 7Leases As of June 30, 2026, the Company had additional leases that had not yet commenced with estimated future payments of $640 million. These leases are expected to commence between fiscal 2027 and 2029 with lease terms between 9 and 14 years. …

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Recently adopted accounting pronouncement. In November 2025, the Financial Accounting Standards Board issued Accounting Standards Update 2025-09, which includes amendments to more closely align hedge accounting with the economics of an entitys risk management activities. During the three months ended December 31, 2025, the Company early adopted this standard on a prospective basis. The adoption did not have a material impact on the unaudited consolidated financial statements. …

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Note 3Revenue The nature, amount, timing and uncertainty of the Companys revenue and cash flows and how they are affected by economic factors are most appropriately depicted through the Companys revenue categories and geographical markets. The following tables disaggregate the Companys net revenue by revenue category and by geography: Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 (in millions) Service revenue $ 4,922 $ 4,330 $ 14,663 $ 12,937 Data processing revenue 6,042 5,153 17,129 14,599 International transaction revenue 3,853 3,633 11,136 10,366 Other revenue 1,496 1,028 4,030 2,877 Client incentives (4,680) (3,972) (13,194) (11,503) Net revenue $ 11,633 $ 10,172 $ 33,764 $ 29,276 Three Months Ended June 30, Nine Months Ended June 30, 2026 2025 2026 2025 (in millions) U.S. $ 4,410 $ 3,927 $ 12,892 $ 11,476 International 7,223 6,245 20,872 17,800 Net revenue $ 11,633 $ 10,172 $ 33,764 $ 29,276 For the three months ended June 30, 2026 and 2025, revenue from value-added services was $3.8 billion and $2.8 billion, respectively. For the nine months ended June 30, 2026 and 2025, revenue from value-added services was $10.3 billion and $7.8 billion, respectively. Revenue from value-added services is recognized within data processing, other and service revenue. As of June 30, 2026 and September 30, 2025, deferred revenue was $1.9 billion and $1.7 billion, respectively. Deferred revenue is recorded in accrued liabilities on the consolidated balance she …

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Note 10Segment Information The Companys activities are interrelated, and each activity is dependent upon and supportive of the other. All significant operating decisions are based on analysis of Visa as a single global business. The Company has one reportable segment, Payment Services. The Companys chief operating decision maker (CODM) is the Chief Executive Officer, who uses consolidated net income in assessing performance and allocating resources. This profitability measure is used in the annual budgeting process, and to monitor current-period performance against budget and prior-period results in order to make key operating decisions. The CODM does not evaluate segment performance using asset information. Significant expenses that are regularly provided to the CODM for the Companys one reportable segment are presented on the consolidated statements of operations and are included within the reported measure of consolidated net income. …

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Note 1Summary of Significant Accounting Policies Organization. Visa Inc., together with its subsidiaries (Visa or the Company), is a global payments technology company that facilitates secure, reliable and efficient global commerce and money movement. Visa provides transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers through its electronic payments network, VisaNet. Visa is focused on extending, enhancing and investing in its proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories. Visa is not a financial institution and does not issue cards, extend credit or set rates and fees for account holders of Visa products. In most cases, account holder and seller relationships belong to, and are managed by, Visas financial institution clients. Consolidation and basis of presentation. The accompanying unaudited consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (GAAP). The Company consolidates entities for which it has a controlling financial interest, as well as variable interest entities (VIEs) for which the Company is the primary benef …

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Note 11Stockholders Equity As-converted class A common stock. The number of shares outstanding and the number of shares of class A common stock on an as-converted basis were as follows: June 30, 2026 September 30, 2025 Shares Outstanding Conversion Rate Into Class A Common Stock As-converted Class A Common Stock (1) Shares Outstanding Conversion Rate Into Class A Common Stock As-converted Class A Common Stock (1) (in millions, except conversion rate) Series A preferred stock (2) 100.0000 7 (2) 100.0000 8 Series B preferred stock 2 0.5830 1 2 0.6690 2 Series C preferred stock 3 0.7140 2 3 0.7640 2 Class A common stock 1,702 1,702 1,691 1,691 Class B-1 common stock 2 1.5445 (3) 3 5 1.5549 (3) 8 Class B-2 common stock (2) 1.5014 (3) 1 120 1.5223 (3) 183 Class B-3 common stock 61 1.4953 (3) 91 (4) Class C common stock 18 4.0000 73 9 4.0000 36 Total 1,880 1,930 (1) Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers. (2) The number of shares outstanding was less than one million. (3) The class B-1, B-2 and B-3 to class A common stock conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal. Conversion rates are presented on a rounded basis. (4) No shares of class B-3 common stock were outstanding prior to the class B-1 and B-2 common stock exchange offer. See class B-1 and B-2 common stock exchange offer below for further details. Reduction in a …

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