What factors drove the changes in Visa's revenue and profit?

What were the key takeaways from Visa’s earnings call?

What is the revenue and EPS growth rate for Visa year over year?

What is Visa's latest dividend and current dividend yield?

What were the key takeaways from Visa's earnings call?

What guidance did Visa's management provide for the next earnings period?

What does Visa do and what are its main business segments?

What is the market's earnings forecast for Visa next quarter?

- **Record Financials**: Q4 net revenue $10.7B (+12% YoY), full year EPS $11.47 (+14% YoY). 
- **Stablecoin Surge**: Q4 stablecoin spend quadrupled YoY, Visa Direct stablecoin transactions $2.5B/month. 
- **Agentic Commerce Leadership**: Launched Visa Trusted Agent Protocol, enabling AI-driven transactions with minimal merchant integration. 
- **China Recovery**: Mainland China payments volume growth accelerated, driving APAC improvement. 
- **2026 Outlook**: Low double-digit net revenue and EPS growth, Q1 net revenue growth in high end of low double digits.

**【CEO Summary Section】**
- **Revenue Growth**: Q4 net revenue $10.7B (+12% YoY), full year $40B (+11% YoY). EPS $2.98 (+10% YoY), full year $11.47 (+14% YoY). 
- **Visa as a Service Stack**: Expanded network of networks to 12B endpoints, deployed next-gen VisaNet with 40% generative AI code contribution. 
- **Stablecoins**: 130+ stablecoin-linked card programs, Q4 spend quadrupled YoY, Visa Direct stablecoin prefunding pilot launched. 
- **Agentic Commerce**: Launched Visa Trusted Agent Protocol, enabling AI-driven transactions with minimal integration. 
- **Cross-Border Growth**: eCommerce 40% of cross-border volume, travel spend above pre-COVID levels. 

**【CFO Financial Commentary】**
- **Q4 Results**: Service revenue +10%, data processing +17%, other revenue +21%. Operating expenses +13% due to FX and deferred comp. 
- **2026 Guidance**: Low double-digit net revenue growth, low double-digit EPS growth. Q1 net revenue growth expected in high end of low double digits. 
- **Stablecoin Momentum**: Visa Direct transactions +23% YoY, stablecoin settlement $2.5B/month. 
- **China Recovery**: Mainland China payments volume growth accelerated, contributing to APAC improvement. 

**【Q&A Highlights】**
- **Macroeconomic Resilience**: Consumer spending broad-based, higher spend bands driving growth. Visa Direct transactions +27% YoY. 
- **Agentic Commerce**: Visa Trusted Agent Protocol open standard, early adoption in travel and eCommerce. 
- **Stablecoin Expansion**: 16B Visa tokens, 70+ clients in pipeline for 2026 launches. 
- **Investments**: Low double-digit operating expense growth, focused on AI, Visa Pay, Visa Accept, and commercial solutions. 
- **Tax Rate**: 18.5-19% for FY26, up from 18% in FY25 due to absence of one-time benefits.

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