Q4 FY2026 results
| Metric | Result | Change |
|---|---|---|
| Q4 Net Revenue | $12.1 billion | up 13% |
| Full Year Net Revenue | $46 billion | up 15% |
| Q4 EPS | $3.48 | up 17% |
| Full Year EPS | $13.27 | up 16% |
| Q4 VAS Revenue | $4 billion | up 31% |
Guidance and outlook
- Full year 2027 adjusted net revenue growth is expected to be in the low double digits.
- Full year 2027 adjusted operating expense growth is expected to be in the low double digits, modestly below net revenue growth.
- Full year 2027 adjusted EPS growth is expected to be in the low double digits to low teens.
- Q1 2027 net revenue growth is expected to be in the low double digits.
- Q1 2027 operating expense growth is expected to be in the low double digits.
- Q1 2027 EPS growth is expected to be in the low end of mid-teens.
How management sounded
Positive (+6 on our -10 to +10 scale). Management reported record full-year revenue and strong growth across all key drivers, while providing a positive outlook for 2027 despite some macro uncertainty. Management sounded more upbeat than on 8% of the 190 calls we cover; most companies sound positive on their own calls, so the comparison says more than the label.
Q&A summary
Agentic Commerce
Asked: How is merchant and consumer adoption progressing, and when will it impact results?
Answer: Management stated it is still very early, but they have high conviction in the long-term opportunity for Visa credentials to enable these experiences.
Renewals and Incentives
Asked: How much token pricing is in the 2027 guide and why isn't there more EPS growth?
Answer: Pricing contribution is consistent with 2026, and higher incentive volumes are a necessary tool to secure long-term client relationships.
Cross-border Volume
Asked: What is driving the strength in cross-border volumes?
Answer: Strength is driven by travel improvements in CEMEA and strong U.S. inbound demand, alongside resilient consumer sentiment.
Pismo and Core Banking
Asked: Can Pismo make progress in U.S. core banking?
Answer: There is opportunity in the medium and low end, while larger banks treat core banking as a distinct discussion separate from other capabilities.
What to watch before the next call
- Resolution of the conflict in the Middle East and its impact on CEMEA cross-border travel spend.
- Regulatory approval and closing of the BioCatch acquisition.
- Execution of contract renewals for approximately 25% of payments volume in 2027.
