Will Nance

Mimi acknowledged payments running slightly below the historical algorithm; bill pay is resurging off the Payrailz acquisition, card is in line with U.S. debit industry trends, and faster payments plus stablecoins and Open USD are expected future contributors.

Mimi said 2026's one-time benefits and 2027's anticipated headwinds roughly offset each other. Near-term tailwinds (AI efficiency, the data-center transition, FinOps compute management, product mix) could lift sustained margin expansion, but not in 2027.

Mimi said digital account growth slowdown is from installation timing of prior wins, not structural. Commission and medical savings were one-time windfalls. Expects some front-half FY27 grow-over challenge from H1 FY26 savings. Will start FY27 conservative with ambition to beat. Greg emphasized digital backlog from competitive wins is twice the size of core backlog, winning digital back from competitors within the base.

Mimi said goals aligned with driving higher margin expansion. Multiple tailwinds including new higher-margin products, public cloud migration, and AI efficiencies. Definite opportunities to improve margin profile over near-term horizon without referencing specific FY27 targets.

Greg said AI enables faster code migration with fewer people. Nearly 5 years into platform modernization, competitors who haven't started are behind. Complexity of full-suite core integration with payment networks cannot be solved by AI alone. Mimi added public cloud infrastructure enables DevOps velocity for feature releases that competitors on legacy infrastructure cannot match.

Greg said new entrants are mostly compartmentalized on commercial card with limited debit availability. Not disrupting the market. Trifecta wins (core + digital + card) increasing as a strategy. Improved credit deal success from platform changes. No meaningful market disruption from new entrants.

Greg said competitive pressure is unchanged despite competitor core consolidation announcements. Pipeline remains significant with nice early Q2 wins. Mimi added that operational changes to address pricing compression are bearing fruit with stabilization of the headwind.

Greg confirmed asset sales still being evaluated. Announced end-of-life for 9 products including NetTeller. Two larger banking cores and credit union core sunset announced. Budget process included reducing investment in products not seen as long-term players.

Mimi said zero debt and improved FCF enable ramping share repurchases to at least $100M (up from $35M in FY25), while remaining open to M&A and prioritizing internal development investment.

Mimi outlined priorities: innovation investment, dividend, debt paydown, then share repurchases. M&A on the table but nothing interesting recently.

Mimi declined to guide on FY26 cadence but noted new products, faster payments adoption, and cloud growth are continuation trends. Greg reiterated goal of inching toward 8%.

Kehoe acknowledged the businesses are integrated and all will carry leakage, but said portfolio choices are needed to return Capital Markets to mid-single-digit growth.

Kehoe cited term fees (Huntington, Cadence, Jenius) and first-quarter strategic license deals, with a return to normal license activity in the second half.

Ferris framed tokenized deposits as the first concrete digital-asset use case banks want, with the Lyriq platform proven internationally.

Stephanie declined sub-segment growth rates but offered Total Issuing growing consistent with 2025 pace of ~4.5%, with legacy FIS business growing faster. Committed to providing more color at Q1 2026.

James clearly laid out Q1 as the low point at 2.5-3.5%, with sharp acceleration to full-year range by Q2. Explained 200bps of nonrecurring headwinds and 100bps contract shifts.

Stephanie directly addressed it: not a cyberattack, no data breach, clients restored quickly, no material impact expected.

Max attributed mix to 0% share gains at POS (Big Nothing event) and 80%+ interest-bearing on direct-to-consumer products like the Affirm Card.

Rob guided slightly above 4% RLTC for both Q3 and Q4, with funding-cost benefits offsetting a little revenue take-rate softening.

Michael said Affirm partners with blue-chip long-term capital providers like Sixth Street and is not concerned about lower-quality competitors.

Max gave a guarded answer, saying Affirm is live and being a good partner and would notify the market when anything changes.

Max said zero percent offers are slightly lower margin but have a lower credit-loss profile, keeping the 3-4% framework intact.

Takis described the Mastercard partnership as complementary geographic and capability coverage integrating into Commerce Hub, with a couple of quarters of integration work ahead.

Mike Lyons said 2027 is first full year of clear visible growth. Beneficial comps in Q4 2026 from Q3-Q4 2025 actions. Both Merchant and Banking TAMs strong with best client meetings in a long time.

Paul Todd confirmed Q4 2025 is last quarter of PayFac grow-over. Adding back 6pp differential brings enterprise to ~4% growth, in line with mid-single-digit go-forward expectation.

Bob Hau declined to update 2026 guidance but pointed to horizontal/vertical expansion, international growth, and distribution channel builds supporting $4.5B path.

Mike Lyons said no CapEx pullback observed; instead seeing flight-to-quality with institutions consolidating from smaller fintechs to Fiserv's scaled platform.

Suh confirmed the direction and noted no region is more than 25% of cross border volume, but gave no quantification of the FIFA contribution.

McInerney said Visa very engaged on the Hill educating elected representatives. View on CCCA unchanged, very harmful and not needed. Explains intense competitive environment with new players including crypto stablecoins, BNPL, credit/debit card competition, wallet players, A2A. Explains harmful consequences, reduced access to credit, eliminated rewards, fewer credit card options, weaker security, less innovation. Ongoing engagement given elections bringing new officials who are busy with other things.

McInerney said early days but lots of opportunity in remittances and broader cross-border P2P/B2B. Visa Direct as remittance platform and network-of-networks pushes money to 14B end points (cards/wallets/bank accounts) with many near-instant corridors, but some use cases rely on local banking infrastructure. Stablecoins could enable faster cross-border transactions for consumers and businesses. Visa has been testing series of corridors putting stablecoins against fiat alternatives with good sense of which corridors provide faster/cheaper money movement, value will accrue both to end users and clients. Product-market fit exists for stablecoins in remittances for certain corridors and Visa as largest money movement platform will be early adopter.

Suh confirmed updated expectation that back half incentive growth will be slightly higher than originally expected due to two factors, client-related performance adjustments and deal timing specifically anticipated early renewals. Back half will grow higher than first half sequentially with Q3 a little higher than Q2 and Q4 a little higher than Q3. On volumes impacted by renewals, maintaining same full year expectation of 20% of payment volumes being impacted.

Suh broke down the acceleration, strong US holiday season with discretionary categories (retail, travel, entertainment) helping plus Reg II lapping was really the step up in US. Good feeling about payment volume across regions. On cross-border, e-commerce up 1 point from Q4 benefiting from stronger retail and holiday, but travel stepped up 4 points from Q4 and from recent quarters, strong travel results from across all regions. Feels really good but it is a quarter into the year and will wait to see how Q2 plays out.

Matt cited accelerating 20% member growth, record 12-month adds, and record late-stage direct deposit conversion.

Matt pointed to the usual seasonal cadence (Q1 outsized, Q2 lower) as the baseline for net adds.

Mark indicated yield is already rising but declined to give specific MyPay guidance for 2026.

Matt clarified rewards are contra-revenue, so the quoted 175 bps interchange is already net of rewards cost.