Visa Inc. · Q3 FY2026 call

Quarterly payments volume grew 10% year-over-year in constant dollars to cross $4 trillion, the first time in Visa's history, and processed transactions grew 10% year-over-year to 72 billion, reflecting strong and resilient consumer spending.

in Europe, through portfolio migrations and organic expansion, we have grown credentials by more than 40 million in the last 12 months, which is over 70% faster than the annualized credentials growth we saw in the region from fiscal year 2019 to 2024.

we are reforming our product development teams that used to be ten or more into smaller and more nimble agentic squads of two to four. And the results are meaningful for those teams that are using the agentic toolchain, with 80% more code commits and an 80%-plus improvement in requirement definition from 30 days to 5 days, which has translated to 65%-plus faster feature development.

Today, we announced that we are eliminating roles, with the majority being in our technology and product teams, to ensure that we are continuing to position Visa for future growth.

US payments volume grew 10% year-over-year, up about 2 points from Q2, a growth rate not seen since fiscal 2019, excluding the post-COVID recovery, with both card-present and card-not-present growth accelerating strongly.

Growth across consumer spend bands saw incremental improvement from Q2, with the highest spend band continuing to grow the fastest. Across our volume, both discretionary and non-discretionary spend remained strong. We do not see signs of the lower-spend consumer weakening in our volumes.

Match days drove spikes in host cities, with Kansas City topping out at 1,000% year-over-year cross-border card-present transaction growth.

Value-added services revenue grew 34% year-over-year in constant dollars to $3.8 billion

Just this past quarter alone, for over 700 clients across 100-plus countries and territories, we delivered 1,200 consulting projects, which is more than we delivered for all of 2019.

In Q3, we bought back $4.9 billion in stock and distributed $1.3 billion in dividends to our shareholders. […] At the end of June, we had $28.4 billion remaining in our buyback authorization. And in July, we expanded our commercial paper capacity to $7 billion.

We expect full-year net revenue growth to now be in the low end of low-teens. We expect full-year operating expense growth in the low end of low-teens. […] As a result, we expect full-year EPS growth to now be in the low end of mid-teens.

Visa, going forward, will remain multi-coin, multi-chain. Our role is not to pick winners. Our role is to help clients connect to the stablecoin ecosystem securely and at scale regardless of which stablecoin, which network, which infrastructure ultimately gain adoption.

When I zoom out, I do think June and July are unusually high, and I would anticipate that it settle back down to a more typical relationship relative to travel.

I think across all of this, the timing is tough to predict, I think to the latter part of your question, but our view is pretty simple. Agentic commerce is a when, not an if.