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Sentiment · FY2026 Q3
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Darrin Peller | Wolfe Research | 7 (14%) |
| Harshita Rawat | Bernstein | 7 (0%) |
| Sanjay Sakhrani | KBW | 7 (0%) |
| Tien-Tsin Huang | JPMorgan | 7 (0%) |
| Tim Chiodo | UBS | 6 (0%) |
| Will Nance | Goldman Sachs | 5 (0%) |
| James Faucette | Morgan Stanley | 4 (0%) |
| Jason Kupferberg | Wells Fargo | 4 (0%) |
| Bryan Keane | Citigroup | 4 (0%) |
| Andrew Schmidt | KeyBanc Capital Markets | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Wolfe Research | 1 | 7 (14%) |
| JPMorgan | 1 | 7 (0%) |
| Bernstein | 1 | 7 (0%) |
| KBW | 1 |
| 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 |
| UBS | 1 | 6 (0%) |
| Goldman Sachs | 1 | 5 (0%) |
| Wells Fargo | 2 | 5 (0%) |
| Citigroup | 1 | 4 (0%) |
| $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 Q2 | $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).
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.
Revenue Growth | Innovation & R&D | Demand | Macroeconomic | Competitive Dynamics | Pricing | Geographic Expansion | Margin | |
|---|---|---|---|---|---|---|---|---|
| 2025Q1 | 5 | 6 | 4 | 4 | 2 | 2 | 2 | |
| 2025Q2 | 3 | 1 | 3 | 4 | 2 | 1 | 2 | |
| 2025Q3 | 4 | 5 | 1 | 1 | 1 | 4 | 1 | |
| 2025Q4 | 3 | 5 | 4 | 2 | 1 | 1 | 3 | 1 |
| 2026Q1 | 5 | 3 | 1 | 3 | 1 | 1 | 1 | |
| 2026Q2 | 6 | 5 | 1 | 1 | 3 | 2 |
| '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | '26Q2 | |
|---|---|---|---|---|---|---|
| Revenue Growth | 5 | 3 | 4 | 3 | 5 | 6 |
| Innovation & R&D | 6 | 1 | 5 | 5 | 3 | 5 |
| Demand | 4 | 3 | 1 | 4 | 1 | 1 |
| Macroeconomic | 4 | 4 | 1 | 2 | 1 | |
| Competitive Dynamics | 2 | 1 | 1 | 3 | 3 | |
| Pricing | 2 | 2 | 4 | 1 | 1 | |
| Geographic Expansion | 2 | 1 | 3 | 1 | ||
| Margin | 2 | 1 | 1 | 1 | 2 |
What V and other companies said about each other on FY2026 Q2 earnings calls — 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 read-through 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 read-through to 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 |
|---|---|---|---|
V Visa Inc. | 9 | +17.1% | |
| AFRM Affirm Holdings, Inc. | 10 | +32.6% | |
| AXP American Express Company | 8 | +10.3% | |
| COF Capital One | 6 | +44.2% | |
| KLAR Klarna Group plc | 8 | +51.3% | |
| MA Mastercard | 8 | +15.8% | |
| PYPL PayPal | 5 | +7.2% | |
| SOFI SoFi Technologies, Inc. | 9 | +35.8% | |
| SYF Synchrony Financial | 8 | +16.6% |