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Equity
Visa Inc. (V) perpetual futures
V perpetual futures on 17 crypto exchanges – live perp price vs the stock, funding rate, open interest and where to trade VUSDT.
Visa Inc. is a global payments technology company that enables secure digital fund transfers through its VisaNet network, offering card products, digital platforms, and value-added services.
$426.97+0.1%NYSE open
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TradingView symbol NYSE:V
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Trading data
Perpetual market activity
17/17 live markets
Trading data
Perpetual market activity
Venues
17
Live markets
17/17
24h volume
$6.9MCoverage: 16/17 marketsExchange-reported volume: $7.5M
Open interest
$2.4MCoverage: 13/17 markets
Best liquidity
$959.2K
Bitget
Tightest spread
+3.3 bps
Bitget
Highest volume
$4.7M
Deepcoin
Settlement mix
USDT · 15/17
Perp/spot vol.
0.00x
Spot volume $2.4B
OI / float
0.00%
Float $725.8B
Spot performance
1D-1.23%
5D+1.41%
1M+6.12%
6M+31.22%
YTD+19.85%
1Y+25.06%
Venue matrix
17 markets
Some venue links are sponsored. We may receive a commission, and eligible users may occasionally receive trading-fee discounts, at no additional cost to you.
| Trade | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
 Binance | Trade | V/USDT | Trading | $426.87 | 0.0% APR 0.000% every 8h | +3.8 bps | - | $414.2K | $1.1M | USDT | - | |
 XT.com | Trade | V/USDT | Trading | $426.50 | 0.0% APR 0.000% every 8h | +3.8 bps | $291.5K | $245.8K | - | USDT | 15x | |
 GRVT | Trade | V/USDT | Trading | $426.80 | -0.1% APR -0.00010% every 8h | +5.9 bps | $50.6K | $144.7K | $7.2K | USDT | - | |
 Helix (Injective) | Trade | V/USDC | Trading | $427.07 | +3.6% APR +0.00042% every 1h | - | $0 | $135.8K | - | USDC | 12x | |
 LBank | Trade | V/USDT | Trading | $426.84 | 0.0% APR 0.000% every 8h | +3.8 bps | $292.4K | $115.9K | $81.7K | USDT | 50x | |
 MEXC | Trade | V/USDT | Trading | $427.14 | 0.0% APR 0.000% every 8h | +6.6 bps | $153.7K | $108.1K | $322.4K | USDT | 100x | |
 Bitunix | Trade | V/USDT | Trading | $426.79 | -0.3% APR -0.00029% every 8h | +4.5 bps | $375.5K | $97.5K | $53.9K | USDT | 20x | |
 HTX | Trade | V/USDT | Trading | $426.98 | 0.0% APR 0.000% every 8h | +99.6 bps | $23K | $53.6K | $5.3K | USDT | - | |
 Bitget | Trade | V/USDT | Trading | $426.97 | 0.0% APR 0.000% every 8h | +3.3 bps | $959.2K | $44.5K | $226.5K | USDT | 20x | |
 OKX | Trade | V/USDT | Trading | $426.83 | 0.0% APR 0.000% every 8h | +18.1 bps | $23.5K | $20K | $80.2K | USDT | 20x | |
 Bybit | Trade | V/USDT | Trading | $427.30 | 0.0% APR 0.000% every 8h | +15.7 bps | $57.8K | $10.5K | $327.7K | USDT | 25x | |
 Gate.io | Trade | V/USDT | Trading | $426.90 | 0.0% APR 0.000% every 8h | +16.4 bps | $15.3K | $6.7K | $69.9K | USDT | 20x | |
 Aster | Trade | VUSDT | Trading | $430.75 | 0.0% APR 0.000% every 8h | +12.9 bps | $26K | $396.9 | $3K | USDT | - | |
 Crypto.com Exchange | Trade | V/USD | Trading | $427.12 | -32.7% APR -0.00373% every 1h | +12.7 bps | $3K | $0 | $512.5 | USD | 50x | |
 Deepcoin | Trade | V/USDT | Trading | $426.84 | - | +3.8 bps | - | $4.7M | - | USDT | 25x | |
 BingX | Trade | V-USDT | Trading | $426.81 | +5.5% APR +0.00500% every 8h | +4.2 bps | $712.3K | $739.9K | - | USDT | - | |
 KuCoin | Trade | V/USDT | Trading | $426.54 | 0.0% APR 0.000% every 8h | +37.8 bps | $14.8K | $635.6K⚠ | $128.5K | USDT | 20x |
Unverified volume: implausibly high against open interest, a typical sign of wash trading. These venues are listed last.
Tokenized wrappers of the real stock, tradable on-chain and on crypto exchanges around the clock. Premium/discount compares the token price to our stock reference price. Data: CoinMarketCap · Robinhood · DexScreener · GeckoTerminal.
| Product | Price | Premium vs stock | 24h Vol. | Market Cap | Chains |
|---|---|---|---|---|---|
| VRobinhood | $425.39 | -0.50% | $750 | $61k | Robinhood Chain |
| Exchange | Pair | Price | 24h Vol. | Liquidity |
|---|---|---|---|---|
 uniswapDEX · robinhood | V/USDG ↗ | $425.39 | $750 | $8k |
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100k
Tradability
Execution quality
Entry cost and depth per venue at $1k–$100kBroad liquidity · 12 of 17 venues absorb $10k · Typical cost: +10.6 bps – +21.2 bps
Too thin: KuCoin, Crypto.com Exchange
No fresh book data: HTX, Binance, Helix (Injective)
Taker execution estimate incl. approx. fees - maker fills are not guaranteed.
Best venues for this underlying
Best liquidity
VTightest spread
VHighest volume
VFunding history
Stored venue snapshots by market
Funding history
Stored venue snapshots by marketNext catalyst
Catalysts
Next catalyst
Catalysts
Earnings
2027-01-28
Revenue est. $12.2B · Updated 4m ago
Dividend
$0.78
2026-11-10
No unusual perp activity right now.
Reference data
Market context
Reference data
Market context
New York Stock Exchange
Extended-hours reference
Bid426.29
Ask426.34
Volume1,026,325
Research data
Analysts, filings and peer context
Research data
Analysts, filings and peer context
Estimates
6DateEPS estimateRevenue estimateGrowthAnalysts
FY 202613.23$45.9B+15%24
FY 202715.04$51.1B+11%24
FY 202817.15$56.7B+11%20
FY 202919.44$63B+11%10
FY 203019.54$68.1B+8%8
FY 203121.49$74.2B+9%9
Source: FMP · Consensus
Company events
62027-01-28EarningsActual - / Estimate 3.64-
2026-11-10Dividend$0.78-
2026-10-27Earnings · After market closeActual 3.48 / Estimate 3.44Beat
2026-08-11Dividend$0.67-
2026-07-28EarningsActual 3.32 / Estimate 3.23Beat
2026-05-12Dividend$0.67-
Peer comparison
Similar listed perpsRevenue mix
Latest annualData Processing RevenuesProduct$23.4B
ServiceProduct$19.9B
Client IncentivesProduct-$18.3B
Non USGeographic$28.5B
UNITED STATESGeographic$17.4B
Analysts
Price targets in USD| Consensus rating | Buy |
|---|---|
| Average 12-month price target | $444.11 |
| 12-month target range (low – high) | $405 – $480 |
| Ratings in the provider's consensus | 62 |
Price targets as of 2026-11-12
Analyst rating history
Ratings| Month | Strong buy | Buy | Hold | Sell | Strong sell |
|---|---|---|---|---|---|
| Nov 2026 | 9 | 27 | 4 | 0 | 1 |
| Oct 2026 | 9 | 27 | 3 | 0 | 1 |
| Sep 2026 | 9 | 27 | 3 | 0 | 1 |
| Aug 2026 | 9 | 29 | 3 | 0 | 1 |
| Jul 2026 | 9 | 29 | 3 | 0 | 0 |
| Jun 2026 | 8 | 29 | 3 | 0 | 0 |
| May 2026 | 7 | 28 | 3 | 0 | 0 |
| Apr 2026 | 7 | 29 | 3 | 0 | 0 |
| Mar 2026 | 7 | 29 | 3 | 0 | 0 |
| Feb 2026 | 7 | 30 | 6 | 0 | 0 |
| Jan 2026 | 6 | 29 | 7 | 0 | 0 |
| Dec 2025 | 6 | 27 | 9 | 0 | 0 |
Ownership
Institutional · 2026-Q3Free float91.1%1.7B shares
Shares outstanding1.9B shares
Institutional36.6%3,672 investors
Investor count change-1,061
Reference market activity
V-PERPDay range (Nov 12)$420.02$430.18
52 week$293.89$442.23
Spot volume5.6M
Average volume-
Price performance
111D-1.2%
5D+1.4%
1M+6.1%
3M+15.0%
6M+31.2%
YTD+19.8%
1Y+25.1%
3Y+71.8%
5Y+98.0%
10Y+436.2%
MAX+2,874.6%
Insider activity
FY2026 Q4Acquisitions5 transactions82,452 shares
Dispositions14 transactions168,910 shares
Purchases0Ratio 0.36
Sales9
Insider transactions
25DateReporting persontransactionssharesPriceFilings
Visa officer Fabara Paul D sold 3,401 shares of Class A Common Stock on the open market at $423.09 per share, leaving 33,913 shares owned.
Visa officer Julie B. Rottenberg exercised 1,867 stock options at $134.76 and sold the same 1,867 Class A shares at $423 on 2026-11-09, leaving 18,404 shares held.
Visa officer Taneja Rajat exercised 34,417 options at $109.82 and sold the same 34,417 Class A shares in three open-market sales at $425.39-$427.36. He retained 232,112 shares directly.
Visa officer Taneja Rajat exercised 34,418 options at $109.82 and sold the same 34,418 Class A shares at $425.4286, leaving 232,112 shares held.
Visa CEO Ryan McInerney exercised 5,875 options at $134.76 and sold the same 5,875 Class A shares at $416.22 on Nov 2, 2026. He then held 15,174 shares.
Visa director Lloyd Carney sold 605 Class A common shares (S-Sale) on Oct 30, 2026 at $415.28, leaving 2,074 shares held.
Visa CEO Ryan McInerney exercised options on 5,875 shares at $134.76 and sold the same 5,875 Class A shares at $358.81 on Oct 1, 2026.
Visa officer Julie B. Rottenberg exercised options on 1,867 Class A shares at $134.76 and sold the same 1,867 shares at $368.34 on 2026-09-09, leaving 18,404 shares held.
CEO McInerney exercised options to acquire 5,875 Class A shares at $134.76 each, then sold the same 5,875 shares at $379.65, reducing his holdings.
Filings
62 · Latest SEC filings2026-11-124Insider transaction report (Form 4)
Visa officer Fabara Paul D sold 3,401 shares of Class A Common Stock on the open market at $423.09 per share, leaving 33,913 shares owned.
2026-11-104Insider transaction report (Form 4)
Visa officer Julie B. Rottenberg exercised 1,867 stock options at $134.76 and sold the same 1,867 Class A shares at $423 on 2026-11-09, leaving 18,404 shares held.
2026-11-054Insider transaction report (Form 4)
Visa officer Taneja Rajat exercised 34,417 options at $109.82 and sold the same 34,417 Class A shares in three open-market sales at $425.39-$427.36. He retained 232,112 shares directly.
2026-11-034Insider transaction report (Form 4)
Visa officer Taneja Rajat exercised 34,418 options at $109.82 and sold the same 34,418 Class A shares at $425.4286, leaving 232,112 shares held.
2026-11-034Insider transaction report (Form 4)
Visa CEO Ryan McInerney exercised 5,875 options at $134.76 and sold the same 5,875 Class A shares at $416.22 on Nov 2, 2026. He then held 15,174 shares.
2026-11-024Insider transaction report (Form 4)
Visa director Lloyd Carney sold 605 Class A common shares (S-Sale) on Oct 30, 2026 at $415.28, leaving 2,074 shares held.
2026-10-024Insider transaction report (Form 4)
Visa CEO Ryan McInerney exercised options on 5,875 shares at $134.76 and sold the same 5,875 Class A shares at $358.81 on Oct 1, 2026.
2026-09-104Insider transaction report (Form 4)
Visa officer Julie B. Rottenberg exercised options on 1,867 Class A shares at $134.76 and sold the same 1,867 shares at $368.34 on 2026-09-09, leaving 18,404 shares held.
2026-09-024Insider transaction report (Form 4)
CEO McInerney exercised options to acquire 5,875 Class A shares at $134.76 each, then sold the same 5,875 shares at $379.65, reducing his holdings.
2026-09-014Insider transaction report (Form 4)
Visa officer (General Counsel) Julie B. Rottenberg exercised options on 2,028 Class A common shares at $109.82 and held 20,432 shares afterward.
2026-08-244Insider transaction report (Form 4)
CEO Ryan McInerney exercised 5,875 options at $134.76 and sold the 5,875 shares at $367.87.
2026-08-244Insider transaction report (Form 4)
On August 21, 2026, President of Technology Rajat Taneja sold 17,927 Visa Class A shares at $370.9968 each, leaving 232,112 shares owned.
2026-08-184Insider transaction report (Form 4)
Visa officer Peter M. Andreski converted 4,170 restricted stock units into 4,170 Class A shares and received a 5,492-unit restricted stock award; 1,714 Class A shares were withheld for tax at $364.15.
2026-08-184Insider transaction report (Form 4)
Visa CFO Suh Chris converted 15,289 restricted stock units into 15,289 Class A shares, with 6,992 shares withheld for tax at $364.15.
2026-07-314Insider transaction report (Form 4)
Visa officer Kelly Mahon Tullier exercised 37,281 options at $109.82 into Class A shares and sold 57,272 Class A shares at $364.81–$365.05, leaving 49,662 shares owned.
2026-07-064Insider transaction report (Form 4)
Visa officer Julie B. Rottenberg exercised 2,027 stock options at $109.82 and sold 2,027 Class A shares at $360 on July 2, 2026, leaving 18,404 shares.
2026-07-024Insider transaction report (Form 4)
Visa CEO Ryan McInerney exercised 10,490 employee stock options at $109.82 and sold 10,490 Class A shares at $343.88-$344.55, leaving 15,174 shares owned.
2026-06-304Insider transaction report (Form 4)
Visa CEO Ryan McInerney exercised options on 20,970 Class A shares at $109.82 and sold the same 20,970 shares at $340.2464 on 2026-06-29, leaving 15,174 shares owned.
2026-05-134Insider transaction report (Form 4)
Visa CFO Chris Suh sold 10,639 Class A shares at $324.8111 on 2026-05-12, leaving 9,872 shares owned afterward.
2026-04-304Insider transaction report (Form 4)
Visa CEO Ryan McInerney exercised options for 31,455 Class A shares at $109.82 each, then sold all 31,455 shares at $340.14 each.
2026-03-124Insider transaction report (Form 4)
Director Lloyd Carney sold 650 shares of Visa Class A Common Stock at $309.62 on 2026-03-11, leaving 2,679 shares owned afterward.
2026-02-184Insider transaction report (Form 4)
Kelly Mahon Tullier received a Performance Share Award of 35,537 shares, which converted into 35,537 Class A shares. Of these, 17,551 shares were withheld to cover taxes at $314.08 per share.
2026-02-184Insider transaction report (Form 4)
Visa officer Paul Fabara received a 21,322-share performance share award, which converted into 21,322 Class A common shares; 10,421 shares were withheld for taxes at $314.08, leaving 37,314 shares owned.
2026-02-184Insider transaction report (Form 4)
Visa CEO Ryan McInerney converted 11,754 shares into Class A stock on Feb 15, 2026: 10,662 performance shares and 1,092 RSUs. He also received a 10,662 performance share award, and 5,981 shares were withheld for taxes at $314.08.
2026-02-184Insider transaction report (Form 4)
Visa officer Taneja Rajat converted 35,537 performance shares into 35,537 Class A shares (M-Exempt), then 17,610 shares were withheld for taxes at $314.08 (F-InKind). He also received a 35,537-share performance award.
Transcripts
Earnings callsFY2026 Q42026-10-27
Earnings calls
AI summary
positiveVisa reported fourth quarter net revenue of $12.1 billion, up 13% year-over-year, and full-year record net revenue of $46 billion, up 15%, which management described as the strongest net revenue growth in over 15 years excluding the post-pandemic recovery and acquisitions. Full-year constant-dollar CMS revenue grew 19% and VAS revenue grew 30% to $14 billion. Q4 EPS was $3.48, up 17%, and full-year EPS was $13.27, up 16%. For FY2027, Visa guides adjusted net revenue growth in the low double digits, adjusted operating expense growth in the low double digits, and adjusted EPS growth in the low double digits to low teens. Management cited agentic commerce, stablecoin infrastructure and cyber-related value-added services as key strategic priorities while noting these areas remain small relative to the overall business today.
Key takeaways
- Full-year net revenue rose 15% to a record $46 billion, described as the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions.
- VAS revenue grew 30% in constant dollars to $14 billion in FY2026; Visa expects low- to mid-20s VAS growth in FY2027.
- Management said agentic commerce remains very early and very small relative to the overall business, while expressing conviction in the long-term opportunity.
- FY2027 guidance assumes about 25% of payments volume will be renewed, a step-up from approximately 20% in FY2026, implying higher incentive growth.
- Visa Direct topped 15 billion transactions in FY2026, representing about $1.5 trillion in payments volume, with more than 18 billion endpoints.
Financial highlights
- Q4 net revenue of $12.1 billion, up 13% year-over-year in nominal and constant dollars.
- Q4 EPS of $3.48, up 17% year-over-year; full-year EPS of $13.27, up 16%.
- Q4 constant-dollar global payments volume up 9%, cross-border volume excluding intra-Europe up 14%, and total processed transactions up 10%.
- Q4 VAS revenue grew 31% in constant dollars to $4 billion; CMS revenue grew 16% in constant dollars.
Guidance
- FY2027 adjusted net revenue growth expected in the low double digits, with Q2 as the growth low point.
- FY2027 adjusted operating expense growth expected in the low double digits, modestly below net revenue growth.
- FY2027 adjusted EPS growth expected in the low double digits to low teens; tax rate about 19%; nonoperating expense of $250 million to $300 million.
- Q1 net revenue and operating expense growth both expected in the low double digits, with Q1 EPS growth at the low end of mid-teens.
Q&A themes
- Agentic commerce adoption and the timing of meaningful impact on results
- FY2027 renewal activity, incentives and pricing contribution to the guidance
- Readiness of issuers and acquirers for agentic network tokens
- Cross-border travel and e-commerce volume strength and U.S. volume growth sustainability
Risks
- The Middle East conflict brings continued near-term uncertainty, particularly to CEMEA cross-border travel spend.
- Higher renewal volume in FY2027 (about 25% of payments volume) implies a step-up in client incentive growth.
- Management said it is too hard to tell how much of the recent acceleration in U.S. volume growth is structural versus transitory.
FY2026 Q32026-07-28
Earnings calls
AI summary
positiveVisa delivered robust fiscal third quarter 2026 results with net revenue up 14% year-over-year to $11.6 billion and EPS up 11%, both exceeding expectations. Global payments volume grew 10% to surpass $4 trillion for the first time in company history, while processed transactions reached 72 billion, also up 10%. The strong performance was driven by resilient consumer spending across both discretionary and non-discretionary categories, with particular strength in US volume growth at 10% (the highest since fiscal 2019 excluding post-COVID recovery) and cross-border e-commerce growth of 16%. Value-added services revenue surged 34% in constant dollars to $3.8 billion, with all four VAS portfolios growing faster than their historical rates. Commercial and money movement solutions revenue grew 17% year-over-year. The company is investing heavily in AI-powered product development, agentic commerce, stablecoins, and issuer processing solutions, while simultaneously optimizing its workforce to fund future growth initiatives.
Key takeaways
- Record $4 trillion quarterly payments volume represents first time in Visa history, with 10% year-over-year growth in constant dollars reflecting strong consumer spending resilience
- Value-added services revenue growth of 34% demonstrates broad-based strength across issuing solutions, acceptance solutions, risk and security, and advisory portfolios, each growing faster than historical rates
- US payment volume growth of 10% marks highest level since fiscal 2019 (excluding post-COVID recovery), driven by tax refunds, fuel costs, retail promotional events, Visa Direct growth, and FIFA World Cup spending
- Commercial payment volume accelerated 13% year-over-year in constant dollars with strong growth in both domestic and cross-border portfolios, plus 21% year-over-year growth in Visa Direct transactions
- Company is deploying agentic AI in product development with 65%-plus faster feature development, 80% more code commits, and announced strategic partnerships with OpenAI and Meta for agentic commerce capabilities
Financial highlights
- Net revenue increased 14% year-over-year to $11.6 billion, with 13% growth in constant dollars, ahead of expectations
- EPS grew 11% year-over-year to $3.32, benefiting approximately 0.5 point from favorable exchange rates
- Value-added services revenue reached $3.8 billion with 34% year-over-year growth in constant dollars, driven by transaction-linked revenue, pricing, and Pismo acquisition
- Data processing revenue grew 17% year-over-year, outpacing 10% growth in processed transactions due to pricing, value-added services strength, and cross-border transaction mix
Guidance
- Q4 net revenue expected to grow at high end of low double digits, similar to Q3 on adjusted basis, assuming continued consumer spend stability and current volatility levels
- Q4 operating expense growth expected in low double digits, including timing shifts from Q3, with non-operating expense of approximately $80 million and tax rate around 19%
- Q4 EPS growth expected at low end of mid-teens, with Pismo and Newpay adding approximately 0.5 point to EPS growth
- Full year net revenue growth expected in low end of low teens, operating expense growth in low end of low teens, and full year EPS growth in low end of mid-teens, with tax rate between 18-18.25%
Q&A themes
- Cross-border and FIFA World Cup impact: FIFA contributed meaningfully to inbound North America and Latin America volume in June, with US host cities seeing 25% year-over-year increase in inbound cross-border card present spend and select cities experiencing up to 1,000% growth in specific transactions, though underlying cross-border travel and e-commerce health remains primary driver
- Pismo and issuer processing strategy: DPS remains leading debit issuer platform serving banks of all sizes in US, while Pismo cloud-native platform targets integrated debit and credit processing for small to mid-sized banks and fintechs; outside US, Pismo is single go-to-market platform entering 19 new markets since acquisition
- VAS growth sustainability: All four VAS portfolios growing faster than historical rates disclosed at Investor Day, with issuing solutions, acceptance solutions, and risk and security collectively growing over 20% year-over-year for past 12 months, reflecting strong execution of strategy
- Agentic Commerce opportunity: Visa believes agentic commerce will expand addressable market following pattern of prior major adoption cycles like e-commerce and mobile; company is in early establishment phase with product launches and standards-setting, with trust in payments being key accelerant for adoption
Risks
- Macroeconomic uncertainty: Company acknowledges broader consumer spend environment could change; while not seeing signs of lower spend consumer weakening, guidance assumes consumer stability continues which could face headwinds from geopolitical conflicts and other external factors
- Volatility headwinds: Company lapped peak volatility quarter in Q3 FY2025, with Q4 guidance assuming volatility returns to Q1 levels; if volatility increases beyond current expectations, it would pressure revenue growth beyond guidance
- FIFA and event-driven spending normalization: While FIFA contributed meaningfully to June cross-border volumes and US spending, subsequent July data showed moderation; promotional shopping events timing created spikes that may not recur, and June cross-border e-commerce levels characterized as unusually high with expectation of normalization toward typical relationship with travel
FY2026 Q22026-04-28
Earnings calls
AI summary
positiveVisa delivered strong Q2 results with net revenue up 17% YoY to $11.2 billion and EPS up 20%, driven by better-than-expected value-added services growth, favorable volatility, and lower-than-expected incentives. The company raised full-year net revenue guidance to low double-digit to low teens growth, reflecting continued momentum across consumer payments, commercial solutions, and VAS. Management highlighted four long-term growth drivers: winning in consumer/commercial payments and money movement, agentic commerce expansion, stablecoins and blockchain adoption, and VAS growth now representing 30% of net revenue.
Key takeaways
- Net revenue grew 17% YoY to $11.2 billion; EPS up 20%; strongest net revenue growth since 2022
- Payments volume up 9% YoY to $3.7 trillion; processed transactions grew 9% YoY to $66 billion in constant dollars
- Value-added services revenue grew 27% YoY in constant dollars to $3.3 billion, now 30% of net revenue; outperformance driven by network products and marketing services demand
- Commercial and money movement solutions revenue grew 24% YoY in constant dollars; Visa Direct transactions up 23% YoY with 18 billion endpoints
- Stablecoin settlement volume reached $7 billion annual run rate, up 50% since last quarter across 9 blockchains; stablecoin card programs exceeded 160 globally with 200% YoY payment volume growth in Q2
Financial highlights
- Net revenue $11.2 billion, up 17% YoY; up 16% in constant dollars
- EPS $3.31, up 20% YoY; better than expected, with ~0.5 point benefit from FX
- U.S. payments volume up 8% YoY; credit up 10%, debit up 7%
- Cross-border volume (excluding intra-Europe) up 11% YoY in constant dollars; eCommerce up 13%, travel up 10%
Guidance
- Full-year net revenue growth guidance raised to low double-digit to low teens, up from prior guidance; incorporates strong YTD performance, resilient drivers, and higher VAS revenue growth
- Full-year adjusted EPS growth revised to low teens, up from prior outlook
- Full-year operating expense growth expected at low double-digit to low teens due to increased FIFA marketing services investment
- Q3 net revenue growth expected in low double digits (lowest growth quarter of the year); Q3 EPS growth expected in mid- to high single digits; nonoperating expense expectation ~$150 million for full year
Q&A themes
- Agentic commerce positioned as significant growth opportunity through Intelligent Commerce Connect, with emphasis on network scale, security, tokenization, and consumer trust as competitive advantages; early agentic tokens and transactions already emerging
- Stablecoin strategy focuses on hyperscaling bridge layer between on-chain infrastructure and real-world applications; economics comparable to existing Visa products through on-ramps/off-ramps, settlement capabilities, and blockchain infrastructure participation
- VAS strength driven by AI-enabled fraud and risk solutions (5x improvements in fraud value capture with Visa LLM), network products for issuers/acquirers, and marketing services leveraging brand assets and sponsorships; broad-based growth across all portfolios with durability beyond event-driven campaigns
- Payments nationalism addressed through local teams, infrastructure, and partnerships in key markets; Europe remains strong with 30 million cards added recently and another 30 million expected from closed wins, despite ongoing domestic payment initiatives
Risks
- Middle East conflict created 2.5 point headwind to CEMEA payments volume growth (approximately 6% of total payments volume) with near-term uncertainty for cross-border travel spend, though management expects offsets from U.S./Latin America FIFA inbound growth
- Agentic commerce and stablecoin businesses remain early-stage with evolving regulatory and fraud landscapes; rules and capabilities expected to evolve alongside threat vectors and use case maturation
FY2026 Q12026-01-29
Earnings calls
AI summary
positiveVisa reported net revenue of $10.9 billion, up 15% year-over-year, with payments volume growth of 8% to nearly $4 trillion and processed transactions up 9% to 69 billion. Value-added services revenue grew 28% and represented 50% of overall revenue growth. The company continues scaling its Visa as a Service platform across credentials, agentic commerce, stablecoins, and issuer processing.
Key takeaways
- Net revenue grew 15% YoY to $10.9 billion; EPS up 15% YoY to $3.17; constant dollar net revenue up 13%
- Value-added services revenue grew 28% in constant dollars to $3.2 billion, driven by strength across advisory, issuer solutions, acceptance, and risk/security portfolios
- Commercial and money movement solutions revenue grew 20% in constant dollars; Visa Direct transactions grew 23% to 3.7 billion
- Visa credentials reached 5+ billion with 17.5 billion tokens globally; Visa Flex credentials at 20 million with expansion to 20+ additional issuers planned
- Stablecoin settlement reached $4.6 billion annualized run rate; card issuance expanded to 50+ countries
Financial highlights
- Q1 FY2026 net revenue: $10.9 billion, up 15% YoY; constant dollar growth 13%
- Payments volume: $3.9 trillion in constant dollars, up 8% YoY; cross-border volume (ex-intra-Europe) up 11%
- Processed transactions: 69 billion, up 9% YoY
- EPS: $3.17, up 15% YoY; constant dollar EPS up 14%
Guidance
- Full year adjusted net revenue growth expected to remain in low double digits, with Q1 outperformance offset by weaker volatility environment for rest of year
- Full year adjusted operating expense growth expected in low double digits; no material changes to prior guidance
- Full year tax rate now expected between 18% and 18.5% (vs. prior 19-20% long-term guidance), due to claim of right tax benefits from legal settlements
- Q2 adjusted net revenue growth expected in low double digits; adjusted operating expense growth expected in mid-teens due to Olympics and FIFA marketing spend
Q&A themes
- Value-added services momentum driven by strong client demand and sponsorship activation around Olympics and FIFA World Cup, with purpose-built offerings generating incremental revenue
- Commercial solutions strength reflects multi-year strategy execution: converting SMB spending, scaling large/middle market payables, and network flexibility for underpenetrated spend
- PISMO acquisition gaining traction with both fintech and large traditional banks seeking cloud-native modernization of issuer processing and core banking systems
- Regulatory outlook: company engaged with legislators on CCCA concerns, emphasizing competitive landscape and potential negative consumer/small business impacts
Risks
- Lower-than-expected currency volatility creating headwind for international transaction revenue growth; volatility expected to remain subdued for remainder of fiscal year
- Regulatory risk from potential CCCA legislation that company views as harmful and unnecessary, citing consumer credit access and innovation concerns
- Cross-border revenue pressured by mix impact from Visa Direct's faster growth at lower yields relative to carded transactions
FY2025 Q42025-10-28
Earnings calls
AI summary
positiveVisa finished fiscal 2025 with net revenue of $40 billion (up 11%) and EPS of $11.47 (up 14%), driven by strength across consumer payments, commercial solutions, and value-added services growing 23%. The company is positioning itself as a hyperscaler in payments through its layered Visa as a Service stack, with significant progress in emerging areas including stablecoins (quadrupled card spend in Q4), agentic commerce capabilities, and next-generation VisaNet architecture. For FY2026, Visa guides for low double-digit adjusted net revenue growth and adjusted EPS growth with investments across its product stack and major marketing initiatives around the Olympics and FIFA World Cup.
Key takeaways
- Q4 net revenue grew 12% YoY to $10.7B; full year FY2025 net revenue reached $40B (+11%) with EPS at $11.47 (+14%)
- Value-added services revenue grew 25% in Q4 constant dollars to $3B, with VAS now representing ~30% of total revenue and growing in mid-20s
- Visa tokens reached 16 billion (up from 10 billion in May 2024); stablecoin-linked card spend quadrupled in Q4 with 130+ stablecoin card programs across 40+ countries
- Announced Visa Trusted Agent Protocol for agentic commerce with built-in security standards; deployed next-generation VisaNet with cloud-ready architecture enabling faster product development
- Visa Direct transactions grew 27% YoY to 12.6 billion in FY2025; commercial payments volume grew 7% in constant dollars to $1.8 trillion
Financial highlights
- FY2025 net revenue: $40.0B (+11% YoY); EPS: $11.47 (+14% YoY)
- Q4 net revenue: $10.7B (+12% YoY); Q4 EPS: $2.98 (+10% YoY)
- Total payments volume: $14 trillion (+8% YoY constant dollars); processed transactions: $258 billion (+10% YoY)
- Value-added services revenue growth: 25% in Q4 constant dollars; Commercial and Money Movement Solutions revenue growth: 14% YoY; Data processing revenue: +17% YoY
Guidance
- FY2026 adjusted net revenue growth expected in low double digits; nominal net revenue growth expected to be generally consistent with FY2025 (11%) with ~0.5 point FX benefit
- FY2026 adjusted operating expense growth expected in low double digits, consistent with net revenue growth; Q2 and Q3 to have largest YoY expense growth due to Olympic and FIFA marketing spend
- FY2026 adjusted EPS growth expected in low double digits; tax rate expected 18.5% to 19.0% (up from 18% in FY2025 due to absence of onetime benefits)
- Q1 FY2026 adjusted net revenue growth expected at high end of low double digits; adjusted operating expense growth in low double digits; adjusted EPS growth expected in low teens
Q&A themes
- Agentic commerce positioned as third wave of commerce opportunity; Visa Trusted Agent Protocol and Visa Intelligent Commerce enabling AI-ready transactions with open standards and easy merchant integration
- Stablecoins represent significant TAM opportunity in emerging markets and cross-border money movement; expanding through Visa Tokenized Asset Platform, stablecoin prefunding via Visa Direct, and Pismo issuance capabilities
- Consumer spending remains resilient across all spend bands with broad-based strength in retail, travel, and fuel; minimal evidence of meaningful trading down in discretionary spending
- Latin America saw slight deceleration primarily due to moderating inflation in Argentina; Asia Pacific showed 2.5 point acceleration with modest improvement in Mainland China
Risks
- Guidance assumes macroeconomic environment remains generally stable with consumer spending resilience; material deviation from current conditions could impact FY2026 outlook
- Agentic commerce remains in early development stages with limited material transaction volumes; evolution and adoption rate remain uncertain
- FY2026 tax rate expected to be lower than historical 19-20% long-term target but higher than FY2024-2025 due to absence of onetime benefits; actual results could vary
FY2025 Q32025-07-29
Earnings calls
AI summary
positiveVisa achieved record quarterly revenue of $10.2 billion with 14% year-over-year growth and 23% EPS growth, supported by strong global payments volume growth of 8%, cross-border volume growth of 11%, and value-added services revenue acceleration to 26%. The company expects Q4 net revenue growth in the high single digits to low double digits and adjusted EPS growth in the high single digits, with full year results now expected to exceed prior guidance despite unchanged guidance ranges.
Key takeaways
- Record Q3 net revenue of $10.2 billion, up 14% YoY; EPS up 23% YoY driven by revenue strength, lower incentives, and FX benefits
- Global payments volume grew 8%, U.S. payments volume grew 7%, international payments volume grew 10%, and cross-border volume excluding intra-Europe grew 11% in constant dollars
- Value-added services revenue accelerated to 26% YoY growth in constant dollars, with strength across all four portfolios: Issuing Solutions, Acceptance Solutions, Risk and Security Solutions, and Advisory Services
- Visa Direct transactions grew 25% YoY to 3.3 billion transactions with strength in both domestic and cross-border P2P; total credentials up 7% YoY for ninth consecutive quarter of at least 7% growth
- Company expects Q4 net revenue growth of high single digits to low double digits and full year 2025 results to exceed prior expectations despite unchanged guidance ranges
Financial highlights
- Q3 net revenue: $10.2 billion, up 14% YoY; net revenue up 14% in constant dollars
- Q3 EPS: $2.98, up 23% YoY in nominal and constant dollars
- Service revenue grew 9% YoY; Data processing revenue grew 15% YoY; International transaction revenue up 14%; Other revenue grew 32%
- Value-added services revenue: $2.8 billion, up 26% YoY in constant dollars; Commercial and money movement solutions revenue up 13% YoY in constant dollars
Guidance
- Q4 adjusted net revenue growth expected in high single digits to low double digits; nominal basis expected generally in line with first half FY25 growth of about 10%
- Q4 adjusted operating expenses expected to grow in high single digits to low double digits
- Q4 adjusted EPS growth expected in high single digits
- Full year adjusted guidance ranges unchanged; however, year-to-date performance with Q4 guidance now implies stronger full year net revenue growth and EPS growth than previously anticipated
Q&A themes
- Currency volatility impact on cross-border revenue moderated from Q3 to Q4; Q3 benefited from elevated currency volatility that has settled, with hedging losses offsetting some FX benefits
- Visa Direct pricing strategy focuses on value-based pricing that varies by corridor, vertical, and geography; yields similar to debit business globally; company testing stablecoin-enabled corridors versus fiat options to identify faster and cheaper money movement opportunities
- Incentive growth dynamics in Q4 include lapping of onetime reductions from prior year and anniversary of benefits from year ago; FY25 is a bigger renewal year with approximately 20% of present value impacted versus historical 15%, contributing to deal timing variations
- VAS growth driven by three strategic levers: enhancing Visa transactions, putting VAS capabilities to work across payment types beyond cards, and providing advisory services beyond payments including marketing and analytics; stablecoin advisory engagement contributing to monetization through consulting and platform services
Risks
- Currency volatility and FX headwinds continue to impact cross-border volume growth; weaker currencies in certain countries and Canada-U.S. travel corridor headwinds expected to persist into Q4
- Q4 growth expected to decelerate from Q3 due to lapping of onetime incentive benefits from prior year and strong VAS growth from Summer Olympics, though fundamentals remain strong
- Macroeconomic uncertainty remains with management noting various economic scenarios under consideration for 2026 planning, though consumer spending and volumes remain resilient through July
Company news
Reuters, WSJ, Bloomberg and FT first, as far as our news provider delivers them; other publishers behind the second filter. Headlines link to the publisher.- Visa Reports Higher Profit on Payment Volumes, Transactions Growth
- Visa quarterly profit rises on resilient consumer spending
- Visa joins growing alarm over AI-powered risks
- Payment firms Visa, Mastercard and Ant International team up on AI agent trust framework
- Visa, Mastercard launch international card payments in Syria after US lifts terrorism designation
Company data
Company intelligence
Updated: Nov 13, 2026, 12:02 PM UTC
Company data
Company intelligence
Company profile
- Sector
- Financial Services
- Industry
- Financial - Credit Services
- Chief executive
- Ryan McInerney
- Employees
- 34,100
- IPO date
- Mar 19, 2008
- Country
- US
- Exchange
- New York Stock Exchange
Altman Z-scorei9.86
Piotroski scorei8/9
Overall ratingiB+
Owner earningsi$7.05B$3.75 per share
ESG risk ratingiB-Industry rank: 5/6
Rating factors
- Return on equityi
- 5/5
- Return on assetsi
- 5/5
- Debt to equityi
- 3/5
- Price to earningsi
- 1/5
- Price to booki
- 1/5
Company press releases
Avia Collaborates with Visa and Global Payments for Direct Player Payouts to Eligible Visa CardsBusiness WireVisa Releases First-of-Its-Kind Industry Benchmark for AI Shopping; Almost Half of Test Runs FailBusiness WireVisa Forecasts U.S. Holiday Spending to Rise 4.5% as Consumers Keep the Holidays a PriorityBusiness WireVerdera Energy Corp. Receives TSX Venture Exchange Approval for New Normal Course Issuer BidPRNewsWireSecret SantAI? Visa Survey Finds Americans Quietly Turning to AI for Holiday Shopping HelpBusiness WireVisa Fiscal Fourth Quarter and Full-Year 2026 Financial ResultsBusiness Wire
Congressional disclosures
Senate
Sheldon WhitehouseSale (Partial) · $1,001 - $15,000Disclosed: Oct 1, 2026Sheldon WhitehouseSale (Partial) · $1,001 - $15,000Disclosed: Oct 1, 2026Sheldon WhitehouseSale · $1,001 - $15,000Disclosed: Oct 1, 2026Sheldon WhitehouseSale · $1,001 - $15,000Disclosed: Oct 1, 2026Alan ArmstrongPurchase · $15,001 - $50,000Disclosed: Jul 21, 2026
House
Market cap history
$731.54B+5.3%Oct 2026 – Nov 2026
Latest: $731.54B · 2026-11-12High: $731.54B · 2026-11-12Low: $694.75B · 2026-10-26
Not comparable with the headline: the provider's history counts about 1.74B shares, the headline 1.87B. Shown as the provider reports it. Shown from Oct 26, 2026: earlier points count a different number of shares and are left out.
Largest fund holders
| Fund | Weight | Shares held |
|---|---|---|
| BSCP | 2.72% | 63.1M |
| VTI | 0.83% | 54.1M |
| VOO | 0.91% | 43.9M |
| IVV | 1.11% | 22.9M |
| 1657.T | 0.85% | 22.9M |
| XAW.TO | 0.66% | 22.9M |
| XUU.TO | 0.99% | 22.9M |
| SPY | 1.11% | 20.9M |
| FXAIX | 0.93% | 18.7M |
| VUG | 1.59% | 17.4M |
| XLF | 8.78% | 11.2M |
| VIIIX | 0.93% | 9M |
Analyst track record
How the analysts covering V have done: ratings, price-target accuracy and the measured reaction after their calls.
| 12 months | 3 years | |
|---|---|---|
| Ratings | 198 | 556 |
| Analysts | 43 | 61 |
| Buy / hold / sell | 182 / 16 / 0 | 490 / 66 / 0 |
| Upgrades / downgrades / initiations | 8 / 1 / 5 | 11 / 5 / 16 |
| Price targets hit / missed | 103 / 75 (58%) | 409 / 88 (82%) |
| Avg. return after a rating (TipRanks) | +1.5% | +14.8% |
| Best / worst call | +35.6% / -15.9% | +58.6% / -15.9% |
After buy calls on this stock: median 21-day move +2.6% vs S&P 500 0.0% (n = 493)
Most accurate on this stock
Share of an analyst's price targets on this stock that the price reached within 12 months (our measurement over the last 3 years, at least 8 targets). It describes past calls, not the odds of the current one.
- Trevor WilliamsJefferies84% hit rate on this stock · 19 targets measuredBuytarget $410Jan 30, 2026
- James FaucetteMorgan Stanley75% hit rate on this stock · 12 targets measuredBuytarget $471Oct 28, 2026
- David KoningRobert W. Baird71% hit rate on this stock · 21 targets measuredBuytarget $430Oct 12, 2026
Latest ratings
| Date | Analyst | Call | Target | |
|---|---|---|---|---|
| Nov 10, 2026 | Harshita RawatBernsteinNov 10, 2026 | BuyMaintained | $486↗ | article ↗ |
| Nov 9, 2026 | Bryan KeaneCitiNov 9, 2026 | BuyReiterated | $490↗ | article ↗ |
| Nov 4, 2026 | Mikhail ParamonovFreedom Capital MarketsNov 4, 2026 | HoldDowngraded | $427↗ | article ↗ |
| Nov 3, 2026 | Unknown AnalystDZ BANK AGNov 3, 2026 | BuyMaintained | –↗ | article ↗ |
| Nov 2, 2026 | Ramsey El AssalCantor FitzgeraldNov 2, 2026 | BuyMaintained | $500↗ | article ↗ |
Share of analysts per call each month (latest call per analyst within 180 days). Targets and closes in USD.
TipRanks data · computed Nov 13, 2026 · 198 ratings
Frequently asked questions
Where can I trade V perpetual futures?
Visa Inc. (V) perpetual futures trade on 17 crypto venues, including Deepcoin, BingX, KuCoin. PerpEquities compares them by live price, funding rate, open interest and liquidity.
Can I trade V around the clock?
Yes. Unlike the underlying stock, V perpetuals trade 24/7 — including weekends and outside regular market hours.
What is the funding rate on V perpetuals?
Right now the V perp funding rate is 0.0% annualized (venue median), ranging from -32.7% to +5.5% across 17 venues. A positive rate means longs pay shorts. PerpEquities shows the live rate and its history for every venue.
How does the V perp price compare to the Visa Inc. stock?
The venue-median V perp mark is $426.9 versus a reference stock price of $427, a basis of 0.0%. Perps follow the stock through an index price; the gap widens when funding or liquidity diverge between venues.
What is a V perpetual future?
A V perpetual is a derivative that tracks the price of Visa Inc. with no expiry date. It lets you take long or short exposure to Visa Inc. on crypto venues, around the clock.
What is VUSDT perpetual?
VUSDT is the symbol most crypto exchanges use for the Visa Inc. perpetual settled in USDT (Tether). It tracks the V share price through an index, trades 24/7 with leverage and never expires.
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