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Visa (V) earnings and revenue breakdown

Latest: Q4 FY26 · 10-K filed Nov 5, 2026 · Visa (V) Q4 FY26 earnings results →

Q4 FY26 Revenue up 13% year over year to $12.1B · 49¢ of every $1 of revenue kept as net profit · operating margin 59.8%

Visa made $12.1B in Q4 FY26 (+13% Y/Y). Operating margin 59.8%, net earnings $6.0B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-K filed Nov 5, 2026.

Revenue$12.1B
Year over year+13%
Operating margin59.8%
Net earnings$6.0B
Operating cash flow$7.4B

Drawing the Sankey…

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Visa Q4 FY26 revenue breakdown: Sankey diagram of revenue, costs, profit and cash flow
Visa Q4 FY26 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $12.1B in Q4 FY26, up 13% year over year and up 4% from the previous quarter.

Operating profit was $7.3B, a 59.8% margin (up 2.5 points year over year). Of the extra revenue versus Q4 FY25, 79% reached operating profit, above the 57% margin then. Total costs grew 7% against revenue growth of 13%. The fastest-growing cost line was General & admin (+52%). Net earnings were $6.0B, up 18% year over year. The effective tax rate was 18.5%.

Operating cash flow was $7.4B (up 18% year over year), 123% of net earnings. Non-cash charges added back $0.38B of depreciation and amortization and $0.20B of share-based compensation. Working capital and other items added $0.81B. Capital expenditures of $0.49B left free cash flow of $6.9B.

Quarterly history

Visa revenue by quarterVisa revenue by quarter$9.6BQ2 FY25$10.2BQ3 FY25$10.7BQ4 FY25$10.9BQ1 FY26$11.2BQ2 FY26$11.6BQ3 FY26$12.1BQ4 FY26
Visa net earnings by quarterVisa net earnings by quarter$4.6BQ2 FY25$5.3BQ3 FY25$5.1BQ4 FY25$5.9BQ1 FY26$6.0BQ2 FY26$5.6BQ3 FY26$6.0BQ4 FY26
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q4 FY2610-KNov 5, 2026$12.1B+13%59.8%$6.0B$7.4B
Q3 FY2610-QJul 29, 2026$11.6B+14%59.1%$5.6B$6.6B
Q2 FY2610-QApr 29, 2026$11.2B+17%64.4%$6.0B$3.0B
Q1 FY2610-QJan 30, 2026$10.9B+15%61.8%$5.9B$6.8B
Q4 FY2510-KNov 6, 2025$10.7B+12%57.3%$5.1B$6.2B
Q3 FY2510-QJul 30, 2025$10.2B+14%60.7%$5.3B$6.7B
Q2 FY2510-QApr 30, 2025$9.6B+9%56.6%$4.6B$4.7B

Charts

Visa: revenue growth, year over year and quarter over quarterVisa: revenue growth, year over year and quarter over quarterY/YQ/Q+9%Q2 FY25+14%+6%Q3 FY25+12%+5%Q4 FY25+15%+2%Q1 FY26+17%+3%Q2 FY26+14%+4%Q3 FY26+13%+4%Q4 FY26
Latest (Q4 FY26): Y/Y +13%, Q/Q +4%.
Visa: where the cash came from (+) and went (−), FY26Visa: where the cash came from (+) and went (−), FY26Operating cash flow$23.7BBuybacks−$20.5BCash drawn (+) / kept (−)$5.9BDividends−$5.1BNet borrowing (+) / repaid (−)−$2.6BCapital spending−$1.7BOther investing$1.4BAcquisitions−$705MExchange rates−$362MShares issued$304MTaxes on employees’ shares−$289MOther financing−$123M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Visa: profit against cash, quarter by quarterVisa: profit against cash, quarter by quarterNet incomeOperating cash flow$5.1B$5.4BQ1 FY25$4.6B$4.7BQ2 FY25$5.3B$6.7BQ3 FY25$5.1B$6.2BQ4 FY25$5.9B$6.8BQ1 FY26$6.0B$3.0BQ2 FY26$5.6B$6.6BQ3 FY26$6.0B$7.4BQ4 FY26
Latest (Q4 FY26): Net income $6.0B, Operating cash flow $7.4B.
Visa: long-term debt falling due (FY26)Visa: long-term debt falling due (FY26)$2.8B2027$1.4B2028$2.0B2029$1.5B2030$1.8B2031$13.1BLater
Cash $12.9B, short-term investments —, long-term debt — at 2026-09-30.
Visa in its industry: growth against margin (87 companies, SIC 7389)Visa in its industry: growth against margin (87 companies, SIC 7389)revenue growth, year over year →↑ operating marginmedian +8%median 7%ACNUBERMELIMAPYPLFISVDASHAMTMFISGPNEBAYCNXCLYFTBRCPAYFOURRBAMMSTNETAKAMCARTWUCSGPADVMSCIWEXZGCBZETSYFICOTICEXLSCNDTRELYALITMBGLQNSTMAXPAYHQYPAYOPRTHCTEVXMTRFLYWGETYANDGNUTXACVAXBPSEZLIMXILQDTPHRRMNIRPAYRGPSCORJANLCASSAMWLSGRPDHXBAERPAYSOPRXNOTEHGBLPOWWRSSSDVLTPAYDQMCIINVUTGLASFHCJMBOLBXHLDFTFTDBMMCNFNSRCOGBUXWASTBCRDV (+13%, 60%)
Services-Business Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Visa

Visa is one of the world’s leaders in digital payments. Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. Since Visa’s early days in 1958, we have been in the business of facilitating secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers in a structure we call the “four-party” model. Please see Four-Party Model discussion below.

In its own words, from its 10-K, filed Nov 5, 2026.

Visa against its Services-Business Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +13% against the peers' median +10%. Operating margin: 59.8% against the peers' median 9.8%.

CompanyQuarterRevenueY/YOp. margin
V VisaQ4 FY26$12.1B+13%59.8%
ACN AccentureQ4 FY26$18.7B+6%15.3%
UBER Uber TechnologiesQ3 2026$14.8B+10%9.8%
MELI MercadoLibreQ3 2026$10.8B+45%6.3%
MA MastercardQ3 2026$9.8B+14%59.8%
PYPL PayPal HoldingsQ3 2026$8.6B+2%16.3%
FISV FiservQ3 2026$5.2B-1%-105.7%
DASH DoorDashQ3 2026$4.6B+34%9.6%
AMTM Amentum HoldingsQ3 FY26$3.5B-2%4.9%

Source: Visa 10-K on SEC EDGAR · CIK 1403161 · Services-Business Services, NEC

Guidance and outlook

Visa: what its forward-looking statements are about (10-K filed 2026-11-05)Visa: what its forward-looking statements are about (10-K filed 2026-11-05)Other5Legal & regulation2Buybacks & dividends2The economy1Financing1
11 statements; tone +0.18 (−1 all cautious, +1 all confident); 5 hedged.
Visa: outlook statements against the filing beforeVisa: outlook statements against the filing beforeNew8Dropped1Confident3Cautious1

13F: who owns V and who is buying

Largest holders of V (13F)Largest holders of V (13F)Vanguard Group$56.5BBlackRock$47.2BVanguard Capital Management LLC$36.4BState Street$28.4BMorgan Stanley$15.8BGeode Capital Management, LLC$15.5BFMR LLC$14.7BVanguard Portfolio Management LLC$12.6BPrice T Rowe Associates$12.2BTCI Fund Management$10.5B
Funds' net buying of V by quarter (13F)Funds' net buying of V by quarter (13F)−$1.1B2024-09−$1.5B2024-12−$5.2B2025-03−$2.3B2025-06−$2.8B2025-09$2.1B2025-12−$6.5B2026-03$2.6B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on V

History

Every quarter: Q4 FY26 results · Q3 FY26 results · Q2 FY26 results · Q1 FY26 results · Q4 FY25 results · Q3 FY25 results · Q2 FY25 results

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中文版：Visa（维萨，V）财报

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