V · Forward model · Other revenue · Suh Low-Teens case
What has to happen in Other revenue
Model as of
This page changes Other revenue inside the complete V model. Every other vertical, corporate programme and valuation assumption stays in the selected portfolio case.
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Other revenue
Basis quarter$1.50B
Final quarter$3.79B
Implied CAGR+20%
Final revenue mix19%
Advisory, marketing services, licensing, certification and the parts of value-added services that do not sit in the switching lines. The fastest-growing line, +45% year over year in Q3 FY2026, but the quarter contained one-off FIFA World Cup marketing-services engagements.
Last four quarters
2025 Q4
$1.18B
Estimated
2026 Q1
$1.21B
Reported
2026 Q2
$1.32B
Reported
2026 Q3
$1.50B
Reported
Advisory and consultingMarketing servicesLicensing, certification and other
Sequential growth
0.0%/qtr
decaying toward +4.5%
0.0% deseasonalised, which is the FIFA bound: flat still prints +40% YoY because the base quarter was small.
Other revenue
Latest: $3.79B (2031Q3E)
| Period | Value |
|---|---|
| 2022Q1 | $449M |
| 2022Q2 | $474M |
| 2022Q3 | $517M |
| 2022Q4 | $551M |
| 2023Q1 | $587M |
| 2023Q2 | $551M |
| 2023Q3 | $597M |
| 2023Q4 | $744M |
| 2024Q1 | $692M |
| 2024Q2 | $756M |
| 2024Q3 | $780M |
| 2024Q4 | $969M |
| 2025Q1 | $912M |
| 2025Q2 | $937M |
| 2025Q3 | $1.03B |
| 2025Q4 | $1.18B |
| 2026Q1 | $1.21B |
| 2026Q2 | $1.32B |
| 2026Q3 | $1.50B |
| 2026Q4E | $1.66B |
| 2027Q1E | $1.59B |
| 2027Q2E | $1.59B |
| 2027Q3E | $1.70B |
| 2027Q4E | $1.96B |
| 2028Q1E | $1.92B |
| 2028Q2E | $1.94B |
| 2028Q3E | $2.07B |
| 2028Q4E | $2.40B |
| 2029Q1E | $2.35B |
| 2029Q2E | $2.37B |
| 2029Q3E | $2.53B |
| 2029Q4E | $2.94B |
| 2030Q1E | $2.87B |
| 2030Q2E | $2.90B |
| 2030Q3E | $3.10B |
| 2030Q4E | $3.59B |
| 2031Q1E | $3.51B |
| 2031Q2E | $3.55B |
| 2031Q3E | $3.79B |
Assumptions & reasoning
- The fastest-growing line Visa reports, +45% year over year in the June quarter, and the one that should not be extrapolated. Suh named `strength in marketing services engagements related to FIFA` as one of three drivers of the value-added-services beat, and Visa does not disclose how much of the growth that was.
- The flat first projected quarter IS the FIFA bound, and it is a bound rather than a measurement: flat sequentially on a deseasonalised basis still prints $1,649M, roughly +40% year over year, because the year-ago quarter was $1,176M. If none of the June quarter was one-off, this model is too slow here by about four points of consolidated fiscal Q4 growth.
- Value-added services is NOT built as a sixth vertical. Visa discloses $3.8B of VAS revenue growing 34% in constant dollars, but that figure spans service revenue, data processing AND this line, so lifting it out would double-count the switch. The parts of VAS that are not switching sit here, and only here.
- Standalone seasonality on this line is unreliable and the model says so: 11.5% amplitude against a 9.1% worst-quarter window spread, a ratio of 1.27, with the signs flipping between windows. The factors are carried because the five-line set reproduces independently measured consolidated seasonality to within 0.10 of a point, where dropping this line asymmetrically is out by 0.97.