#Visa Posts Highest Revenue Growth Since 2022 in Fiscal Second Quarter
Visa Inc. (NYSE: V) reported net revenue of $11.2 billion for the fiscal second quarter ended March 31, 2026, a 17% increase from the year-earlier period, the company's highest revenue growth rate since 2022. The San Francisco-based payments network disclosed the results on April 28, 2026.
On a constant-dollar basis, which strips out the effect of foreign currency movements, net revenue grew 16% over the prior year. The increase was driven by growth across payments volume, cross-border volume and processed transactions.
#Revenue Reaches Highest Growth Rate Since 2022
Payments volume rose 9% on a constant-dollar basis for the three months ended March 31, 2026. Cross-border volume excluding intra-European transactions, which generates Visa's international transaction revenue, grew 11% on the same basis. Total cross-border volume increased 12% in constant dollars.
Total processed transactions for the quarter reached 66.1 billion, a 9% increase from the prior year. Service revenue came in at $5.0 billion, up 13%, while data processing revenue rose 18% to $5.5 billion. International transaction revenue grew 10% to $3.6 billion. Other revenue of $1.3 billion increased 41% year over year.
GAAP net income for the quarter was $6.0 billion, or $3.14 per diluted share, increases of 32% and 36%, respectively, over the prior year. The quarter included a litigation provision of $311 million related to the interchange multidistrict litigation case and other legal matters. The comparable prior-year quarter had included a litigation provision of $992 million.
Excluding litigation provisions, equity investment gains and losses, amortization of acquired intangible assets and acquisition-related costs, non-GAAP net income was $6.3 billion, or $3.31 per diluted share, up 17% and 20%, respectively.
"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%," Ryan McInerney, Chief Executive Officer, Visa, said in the earnings release. "Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement solutions and value-added services."
#Board Authorizes $20 Billion Share Repurchase Program
Visa's board of directors authorized a new $20.0 billion multi-year class A common stock share repurchase program in April 2026. During the fiscal second quarter, the company repurchased approximately 25 million shares of class A common stock at an average price of $320.66 per share, for a total of $7.9 billion. Combined with dividends of $1.3 billion, total capital returns to shareholders in the quarter reached $9.2 billion.
The board also declared a quarterly cash dividend of $0.670 per share, payable on June 1, 2026, to holders of record as of May 12, 2026.
In February 2026, Visa issued $3.0 billion in fixed-rate senior notes with maturities ranging from three to ten years and interest rates from 3.8% to 4.7%, with proceeds intended for general corporate purposes including potential debt refinancing.
#Visa Completes Argentina Acquisition
Visa announced and completed the acquisition of Prisma Medios de Pago S.A.U. and Newpay S.A.U. in Argentina during February 2026. Prisma provides card issuer processing services for credit, debit and prepaid products. Newpay operates real-time payments services, the Banelco ATM network and the bill payment platform PagoMisCuentas. The transaction remains subject to review by the Argentine competition authority.
Visa operates a global card payment network that competes directly with Mastercard in cross-border and domestic card processing across more than 200 countries and territories. The company also contends with domestic real-time payment systems in key markets that have expanded access to alternative payment rails.
For the fiscal third quarter of 2026, management projected low-double-digit net revenue growth on a non-GAAP adjusted constant-dollar basis. For the full fiscal year, the company projected low-double-digit to low-teens net revenue growth on the same basis. Actual results could differ materially from those projections due to global regulatory changes, litigation outcomes, macroeconomic conditions, competitive pressures, foreign currency movements and geopolitical developments, as outlined in Visa's SEC filings.