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V · Q3 2026
Archived report (Q3 2026). Latest deep dive →
The quarter in brief
A strong quarter — net revenue up 14% to $11.6B on double-digit payments and processed-transaction volume growth outweighed a 19% jump in operating expenses (severance and marketing tied to FIFA World Cup sponsorship), pushing GAAP net income up 7% to $5.6B and non-GAAP net income up 8% to $6.3B.
Net Income
$5,628M
up 7% y/y
Net Revenue
$11,633M
up 14% y/y
Operating Income
$6,877M
up 11% y/y
Operating Expenses
$4,756M
up 19% y/y
All figures in $M.
| Line item | Amount and change |
|---|---|
| Service Revenue | $4,922 · +14% |
| Data Processing | $6,042 · +17% |
| International Transaction | $3,853 · +6% |
| Other Revenue | $1,496 · +45% |
| Gross Revenue | $16,313 · +17% |
| Client Incentives | $4,680 · +18% |
| Net Revenue | $11,633 · +14% |
| Operating Expenses | $4,756 · +19% |
| Operating Income | $6,877 · +11% · 59.1% margin |
| Non-Operating Exp. | $44 · n/m |
| Pre-Tax Income | $6,833 · +8% |
| Income Tax | $1,205 · +14% |
| Net Income | $5,628 · +7% · Diluted EPS $2.97 · +10% |
Verdict: a strong quarter — net revenue up 14% to $11.6B on double-digit payments and processed-transaction volume growth outweighed a 19% jump in operating expenses (severance and marketing tied to FIFA World Cup sponsorship), pushing GAAP net income up 7% to $5.6B and non-GAAP net income up 8% to $6.3B.
9-month operating cash flow $16,342M; $16.5B of shares repurchased YTD (50M shares) with $28.4B still authorized; quarterly dividend of $0.67/share declared July 28, 2026 (paid 9/1/2026); no explicit forward guidance issued in this release.
Source and notation
* marks non-cash / ≈ estimated. Source: Visa Inc. press release / 10-Q (SEC EDGAR).
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<figure> <a href="https://whoreportstoday.com/t/v/q3-2026"><img src="https://whoreportstoday.com/t/v/q3-2026/sankey.png" alt="V Q3 2026: where the revenue went" loading="lazy" style="max-width:100%;height:auto"></a> <figcaption>Source: <a href="https://whoreportstoday.com/t/v/q3-2026">Who Reports Today</a>, licensed under <a href="https://creativecommons.org/licenses/by/4.0/">CC BY 4.0</a></figcaption> </figure>
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- Client incentives (a contra-revenue item deducted from gross revenue) grew 18% y/y to $4,680M, outpacing gross revenue categories and trimming net revenue growth to 14% vs ~17% gross.
- GAAP operating expenses rose 19% y/y driven by severance costs ($563M non-GAAP add-back) and FIFA World Cup/Olympics marketing; non-GAAP opex grew a smaller 17%.
- Litigation provision fell 59% y/y to $253M as prior-year U.S. covered litigation accruals were unusually high; still a volatile, non-core item excluded from non-GAAP.
- Non-GAAP net income of $6,296M excludes ~$668M of adjustments: amortization of acquired intangibles, acquisition costs (Prisma/Newpay), litigation provision, a one-time deferred tax benefit, and severance costs.
- Interest expense surged 392% y/y to $194M due to a prior-year tax-related interest benefit that did not recur, not from higher debt levels (total debt actually declined y/y); this and other non-operating items combine to a net expense below the operating line.
- Value-added services revenue (embedded within service/data processing/other lines) grew 33% y/y to $3.8B, a key growth engine beyond core payments volume.
What distorts the picture in this report and what to watch beyond the headlines.
V — Visa is a global payments technology company that facilitates electronic funds transfers between consumers, merchants, and financial institutions.
It operates one of the world's largest payment networks and is headquartered in San Francisco, California.
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