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Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions.
| Analyst | Firm | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Darrin Peller | Wolfe Research | 8 questions · 13% challenging |
| Harshita Rawat | Bernstein | 8 questions · 0% challenging |
| Sanjay Sakhrani | KBW | 8 questions · 0% challenging |
| Tien-Tsin Huang | JPMorgan | 8 questions · 0% challenging |
| Tim Chiodo | UBS | 7 questions · 0% challenging |
| Will Nance | Goldman Sachs | 5 questions · 0% challenging |
| Jason Kupferberg | Wells Fargo | 5 questions · 0% challenging |
| Bryan Keane | Citigroup | 5 questions · 0% challenging |
| James Faucette | Morgan Stanley | 4 questions · 0% challenging |
| Andrew Schmidt | KeyBanc Capital Markets | 4 questions · 0% challenging |
| Firm | Analysts | Questions · challengingPercentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 analyst | 8 questions · 13% challenging |
| KBW | 1 analyst | 8 questions · 0% challenging |
| Bernstein | 1 analyst | 8 questions · 0% challenging |
| JPMorgan | 1 analyst | 8 questions · 0% challenging |
| UBS | 1 analyst | 7 questions · 0% challenging |
| Citigroup | 2 analysts | 6 questions · 0% challenging |
| Wells Fargo | 2 analysts | 6 questions · 0% challenging |
| Goldman Sachs | 1 analyst | 5 questions · 0% challenging |
Visa accelerated Q2 net revenue growth to 17% with revenue of $11.2B and EPS of $3.31, up 20%, as value-added services reached 30% of total revenue with 27% constant-currency growth to $3.3B. Full-year FY2026 guidance was raised from low-double-digit to low-double-digit-to-low-teens for both net revenue and EPS growth on broad-based strength. Agentic commerce positioning advanced as a strategic priority, stablecoin bridge infrastructure continued scaling, and cross-border volume showed resilience despite Middle East conflict pressuring the CEMEA region.
No 8-K events recorded for this window.
Reporting soon: earnings call Tuesday, Oct 27
A pre-earnings brief is ready for V: the setup, what peers and partners said this season, and which analysts to watch.Reading it is a Tellvest Pro feature.
Revenue Growth | Innovation & R&D | Demand | Competitive Dynamics | Macroeconomic | Pricing | Guidance Reliability | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 7 | 3 | 3 | 4 | 1 | 2 | 1 | |
| 2025Q1 | 5 | 6 | 4 | 2 | 4 | 2 | 1 | |
| 2025Q2 | 3 | 1 | 3 | 4 | 2 | 2 | ||
| 2025Q3 | 4 | 5 | 1 | 1 | 1 | 4 | 2 | 1 |
| 2025Q4 | 3 | 5 | 4 | 1 | 2 | 1 | 1 | 1 |
| 2026Q1 | 5 | 3 | 1 | 3 | 1 | 1 | ||
| 2026Q2 | 6 | 5 | 1 | 3 | 1 | 2 | 2 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|---|
| Revenue Growth | 7 | 5 | 3 | 4 | 3 | 5 | 6 |
| Innovation & R&D | 3 | 6 | 1 | 5 | 5 | 3 | 5 |
| Demand | 3 | 4 | 3 | 1 | 4 | 1 | 1 |
| Competitive Dynamics | 4 | 2 | 1 | 1 | 3 | 3 | |
| Macroeconomic | 1 | 4 | 4 | 1 | 2 | 1 | |
| Pricing | 2 | 2 | 4 | 1 | 1 | ||
| Guidance Reliability | 2 | 1 | 2 | 1 | 2 | ||
| Margin | 1 | 2 | 1 | 1 | 1 | 2 |
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| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $9.62B | +11.7% | $2.65 | +16.7% | 66.0% | 55.3% |
| FY2025 Q1 | $9.51B | +10.1% | $2.58 | +7.9% | 65.6% | 53.8% |
| FY2025 Q2 | $9.59B | +9.3% | $2.32 | +1.3% | 56.6% | 47.7% |
| FY2025 Q3 | $10.17B | +14.3% | $2.69 | +12.1% | 60.7% | 51.8% |
| FY2025 Q4 | $10.72B | +11.5% | $2.62 | -1.1% | 57.3% | 47.5% |
| FY2026 Q1 | $10.90B | +14.6% | $3.03 | +17.4% | 61.8% | 53.7% |
| FY2026 Q2Selected | $11.23B | +17.1% | $3.14 | +35.3% | 64.4% | 53.6% |
| FY2026 Q3 | $11.63B | +14.4% | $2.97 | +10.4% | 59.1% | 48.4% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
Calendar quarter Q1 2026Earnings call Apr 28, 2026
FY2026 Q2 in brief
Visa accelerated Q2 net revenue growth to 17% with revenue of $11.2B and EPS of $3.31, up 20%, as value-added services reached 30% of total revenue with 27% constant-currency growth to $3.3B. Full-year FY2026 guidance was raised from low-double-digit to…
Newest quarter FY2026 Q3 is part of Pro · see what Pro adds →
GAAP revenue YoY +17.1% → base 8. The base score is anchored to the GAAP revenue YoY band before transcript, EPS, and guidance adjustments.
Sources. Tellvest earnings-call sentiment score for Visa Inc. (V), FY2026 Q2: 9/10. Scores: Visa Inc.’s public earnings-call transcripts and SEC-reported results — the base band is anchored to reported GAAP revenue growth; transcript, EPS and guidance adjustments are applied separately (documented exceptions apply to a few issuers). Price: V daily closing prices for the trailing year; dots mark earnings calls, colored by that quarter’s score; the newest quarter’s score is part of Tellvest Pro. How to read a company earnings-call score.
What V said about other companies on its FY2026 Q2 call, and what other companies said about V on their calls covering the same calendar quarter (Q1 2026). Each company's own fiscal quarter is shown next to its name. Extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“But there isn't any true deposit capabilities or lending capabilities in Pismo today, and I validated that with Visa.”
Jack Henry downplays Visa-owned Pismo as a core-banking competitor, arguing it is a ledger without true deposit or lending functionality.
“I mean we obviously have a strong relationship with Visa, and I have validated that at very top levels.”
Jack Henry characterizes its relationship with Visa as strong, having validated Pismo's limits directly with Visa at senior levels.
“association fees we pay to Mastercard and Visa”
Synchrony noted rising card-network association fees paid to Visa as co-brand volume grows, a modest expense signal for the network.
“Visa continues to work with IBM on ongoing software and data modernization efforts supporting the scale, resiliency and performance of VisaNet”
Visa is an ongoing IBM software/data-modernization customer supporting VisaNet.
“Our discussions with Visa, Chase and American Express are going well, and we still expect to have new deals in place later this year.”
Marriott is renegotiating its co-branded credit card program with Visa, a signal for Visa's payments network partnership with a major lodging loyalty program.
“For Pismo, in terms of core banking, I don't see them materially moving anything in the market.”
FIS's CEO downplays the competitive threat from Visa subsidiary Pismo in core banking, calling it a ledgering capability rather than a full core.
“We recently announced the acquisition of Prisma, a credit, debit and prepaid issuer processor and Newpay, a real-time payment services, bill pay and an ATM network.”
Visa announced the acquisition of Newpay, a real-time payments, bill-pay and ATM network, to expand its Argentina capabilities.
“We recently announced the acquisition of Prisma, a credit, debit and prepaid issuer processor and Newpay, a real-time payment services, bill pay and an ATM network.”
Visa announced the acquisition of Prisma, an Argentine issuer processor, to accelerate carded and non-carded growth in Argentina.
“We've seen American Express step out there and take on the risk of a fraudulent agent transaction”
An analyst notes American Express has moved to assume fraud risk on agentic transactions, framing a competitive dynamic in agentic commerce versus Visa.
“we're thrilled to announce that Wells Fargo has entered into an agreement to migrate to Pismo's core account ledger as part of its core banking modernization over the coming years”
Wells Fargo agreed to migrate to Visa's Pismo core account ledger as part of its multi-year core-banking modernization, a marquee Pismo win.
“In Mainland China, UnionPay International will connect Visa Direct with UnionPay's Moneyexpress, enabling real-time cross-border remittances and payouts to reach more than 95% of their debit cardholders through a single integration.”
UnionPay International will connect Visa Direct with its Moneyexpress network for real-time cross-border remittances into Mainland China.
“In the U.S., X will soon begin early public access for X Money, enabling push and pull payments for their millions of users with Visa Direct”
X will launch X Money in the U.S. using Visa Direct for push and pull payments, extending Visa's money-movement network to X's user base.
“Another example of deepening relationships with our clients is with Scotiabank. Across 11 countries in Latin America and the Caribbean, we have created a new strategic agreement”
Visa consolidated and expanded its issuance relationship with Scotiabank across 11 Latin America and Caribbean countries.
“we signed a new agreement with Westpac that expands our partnership and demonstrates the potential for Pismo for commercial card modernization.”
Visa signed a new agreement with Westpac for commercial card modernization on Pismo, securing Westpac's commercial and small-business card portfolios.
“we expanded our agreement with fintech issuer processor, Highnote, to enable their 8 OTA platforms with our flexible interchange product for virtual cards called Visa Commercial Choice for Travel”
Visa expanded its agreement with fintech issuer-processor Highnote to power virtual-card travel payments across Highnote's OTA platforms.
“we are collaborating with mobile payments app, PayPay and their 40 million monthly transacting users and millions of acceptance locations to deploy new domestic and international solutions.”
Visa is collaborating with Japan's PayPay to grow merchant acceptance and expand its 40-million-user wallet internationally via Visa Flex Credential.
“Just last week in the U.K., we partnered with TikTok to launch a debit card specifically designed for content creators.”
Visa partnered with TikTok in the U.K. to launch a creator debit card, expanding TikTok's financial offering for its content creators.
| Company | Score | Trend | Rev YoY | Headline |
|---|---|---|---|---|
| VVisa Inc. | 9 | +17.1% | Record net revenue growth momentum | |
| AFRMAffirm Holdings, Inc. | 10 | +32.6% | Affirm posted GAAP revenue up 32.64% year over year in a quarter Max called another one for the record books, with GAAP EPS of $0.30 and operating income swinging to $202.2M from an $8.4M loss a year earlier, evidencing powerful operating leverage (left GAAP EPS YoY undefined given the near-zero prior-year base) | |
| AXPAmerican Express Company | 8 | +10.3% | Record card member spending growth | |
| COFCapital One | 6 | +44.2% | Consumer remains resilient despite Persian Gulf energy shock | |
| KLARKlarna Group plc | 8 | +51.3% | Klarna's first quarter of 2026 marked a clean profitability inflection | |
| MAMastercard | 8 | +15.8% | Strong Revenue and Net Income Growth | |
| PYPLPayPal | 5 | +7.2% | PayPal reported Q1 revenue growth of 7% with TPV accelerating to 11%, as the new CEO launched a $1.5 billion cost savings program | |
| SOFISoFi Technologies, Inc. | 9 | +35.8% | SoFi accelerated into 2026, with first-quarter adjusted net revenue up 41% to $1.1 billion, ahead of expectations, and a Rule of 40 score of 72 | |
| SYFSynchrony Financial | 8 | +16.6% | Net interest income grew 4% to $4.6 billion with EPS of $2.27 growing 20% as record Q1 purchase volume was achieved with all five platforms growing or flat |
Record net revenue growth momentum
Affirm posted GAAP revenue up 32.64% year over year in a quarter Max called another one for the record books, with GAAP EPS of $0.30 and operating income swinging to $202.2M from an $8.4M loss a year earlier, evidencing powerful operating leverage (left GAAP EPS YoY undefined given the near-zero prior-year base)
Consumer remains resilient despite Persian Gulf energy shock
| Company | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | Q1 2026 |
|---|---|---|---|---|---|---|
| V | 8 | 7 | 8 | 8 | 8 | 9 |
| AFRM | 9 | 9 | 9 | 10 | 9 | 10 |
| AXP | 9 | 6 | 6 | 9 | 9 | 8 |
| COF | 6 | 5 | 8 | 6 | 6 | 6 |
| KLAR | No score | No score | No score | 8 | 8 | 8 |
| MA | 8 | 7 | 9 | 9 | 9 | 8 |
| PYPL | 7 | 6 | 9 | 7 | 6 | 5 |
| SOFI | 9 | 10 | 10 | 10 | 10 | 9 |
| SYF | 7 | 4 | 3 | 3 | 5 | 8 |
Klarna's first quarter of 2026 marked a clean profitability inflection
PayPal reported Q1 revenue growth of 7% with TPV accelerating to 11%, as the new CEO launched a $1.5 billion cost savings program
SoFi accelerated into 2026, with first-quarter adjusted net revenue up 41% to $1.1 billion, ahead of expectations, and a Rule of 40 score of 72
Net interest income grew 4% to $4.6 billion with EPS of $2.27 growing 20% as record Q1 purchase volume was achieved with all five platforms growing or flat