Visa (NYSE:V) reported fiscal fourth-quarter net revenue of $12.1 billion, up 13% year over year, as payments volume, cross-border activity, commercial payments and value-added services all contributed to growth. The company said full-year fiscal 2026 net revenue reached a record $46 billion, rising 15%, which Chief Executive Officer Ryan McInerney described as its strongest revenue growth in more than 15 years, excluding the post-pandemic recovery and acquisitions.
Fourth-quarter earnings per share increased 17% to $3.48, exceeding the company’s expectations primarily because of a lower-than-expected tax rate, Chief Financial Officer Chris Suh said. Full-year EPS rose 16% to $13.27.
Visa processed 281 billion transactions during fiscal 2026, up 9% from a year earlier. Payments volume rose 9% in constant dollars for the year, while commercial payments volume increased 12%. Total cross-border volume excluding intra-Europe transactions grew 12%, including 11% growth in travel and 15% growth in e-commerce.
Fourth-Quarter Spending and Cross-Border Trends
In the fourth quarter, global payments volume increased 9% in constant dollars, while processed transactions rose 10%. Cross-border volume excluding intra-Europe grew 14%, accelerating by more than two percentage points from the third quarter. Travel-related cross-border volume climbed 13%, aided by improvements in inbound and outbound activity in Central Europe, Middle East and Africa, or CEMEA, Suh said.
U.S. payments volume rose 10% during the quarter, with credit spending up 11% and debit spending up 9%. Visa cited several contributors to U.S. growth, including fuel costs, retail activity, Visa Direct growth and FIFA-related spending.
The company said spending in U.S. host cities and destination cities was elevated during FIFA World Cup matches from July 1 through July 19. Inbound cross-border card-present spending in U.S. host cities increased more than 20% year over year during that period, led by visitors from Argentina and Colombia.
Visa said both discretionary and non-discretionary U.S. spending remained strong, while the highest consumer spend band continued to grow the fastest. McInerney said the company did not see signs of weakness among lower-spend consumers, though he added that it was difficult to determine how long current spending strength may persist.
Cross-border e-commerce volume rose 17% in the quarter, more than one point faster than in the prior quarter. Suh said retail spending, including spending on artificial-intelligence platforms, helped support the increase.
Value-Added Services and Commercial Payments
Value-added services revenue grew 31% in constant dollars during the fourth quarter to $4 billion. For the full year, VAS revenue increased 30% in constant dollars to $14 billion. McInerney said Visa expects VAS growth in the low-to-mid-20% range during fiscal 2027.
The company attributed quarterly VAS growth to underlying transaction, card and account activity, marketing-services engagements related to FIFA, pricing, and the acquisition of Pismo. Visa said Pismo signed clients in Sweden, Belgium and Guatemala during the quarter, bringing its fiscal-year total to 28 countries.
Commercial and money movement solutions revenue increased 16% in constant dollars in the fourth quarter. Commercial payments volume grew 13%, while Visa Direct transactions rose 23%, with strength in the U.S. and Latin America and the Caribbean.
Visa Direct processed more than 15 billion transactions in fiscal 2026 and represented about $1.5 trillion in payments volume. The company said its money-movement platform had more than 18 billion endpoints across cards, bank accounts and digital wallets, up from 12 billion in fiscal 2025.
Investment in Tokens, Stablecoins and AI Commerce
McInerney highlighted Visa’s continued expansion in tokenization, stablecoins and agentic commerce. More than 50% of available Visa credentials are now tokenized, and more than 60% of e-commerce transactions are tokenized, according to the company. Visa also said it processed tokenized transactions in 200 countries and territories during fiscal 2026.
The company’s stablecoin settlement run rate surpassed $25 billion in annualized volume, up 10 times from a year earlier. Visa supports 10 blockchains and five stablecoins in settlement, McInerney said. Visa Direct stablecoin pre-funding and cross-border money movement has moved from pilot programs to commercial production, with Inyo Global as its first live partner.
Visa said its stablecoin platform is available in the U.S., Mexico, Puerto Rico, Colombia, Switzerland and the United Kingdom, with more than 300 partners in its pipeline. The company also reported more than 225 stablecoin-linked card programs across more than 50 countries.
On agentic commerce, McInerney said Visa had nearly 50 AI partners live and in production, including Shopify’s Shop Pay, and expects that number to double in coming months. However, he emphasized that agent-driven transaction activity remains small relative to Visa’s overall business.
“It is still very early,” McInerney said during the question-and-answer session. “We do have conviction that the opportunity is significant.”
Fiscal 2027 Outlook and Capital Returns
Visa expects adjusted net revenue growth in the low-double-digit range for fiscal 2027, based on constant-currency results excluding acquisition impacts. The company expects adjusted operating expense growth in the low double digits, modestly below revenue growth, and forecasts adjusted EPS growth ranging from the low double digits to the low teens.
Suh said Visa’s assumptions include a generally stable macroeconomic environment and resilient consumer spending. The company expects the Middle East conflict to continue creating near-term uncertainty for CEMEA cross-border travel, with volumes assumed to remain generally in line with fourth-quarter levels.
Visa expects roughly 25% of its payments volume to come up for renewal in fiscal 2027, compared with about 20% in fiscal 2026. Suh said the company’s renewal agreements are increasingly broad, covering consumer payments alongside value-added services, Visa Direct, commercial offerings and small-business capabilities.
For the fiscal first quarter, Visa expects low-double-digit net revenue growth and low-double-digit operating expense growth. It expects EPS growth at the low end of the mid-teens.
During the fourth quarter, Visa repurchased $4 billion of stock and paid $1.3 billion in dividends. At the end of September, the company had $24.4 billion remaining under its share-repurchase authorization. Visa’s board also declared a 16% increase in the quarterly dividend.
About Visa (NYSE:V)
Visa Inc (NYSE: V) is a global payments technology company that facilitates electronic payments between consumers, businesses, financial institutions and governments. Through its VisaNet network, the company authorizes, clears and settles transactions made with Visa-branded credit, debit and prepaid cards, while generally not issuing cards, extending credit or setting cardholder account terms.
Visa provides payment products and services for consumer, commercial and government payments, as well as digital commerce and money movement.
