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- **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.

Visa Inc. (V) Q4 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

V

V fundamentals

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