Loading…
Loading…
$358.56
Market Capi
$688B
Growth-adj P/E (3-yr hist)i
3.3x
Growth-adj P/E (3-yr proj)i
1.5x
P/S 26Ei
15x
P/S 28Ei
12x
EV/EBIT 26Ei
23x
EV/EBIT 28Ei
18x
P/E 26Ei
29x
P/E 28Ei
22x
P/S 26Ei
15x
EV/EBIT 26Ei
23x
P/E 26Ei
29x
P/S 28Ei
12x
EV/EBIT 28Ei
18x
P/E 28Ei
22x
Revenue
2026E
$46B
Gross Margini
98%
Hist. CAGRi
11%
Proj. CAGRi
11%
EBIT
2026E
$31B
Op. Margini
67%
Hist. CAGRi
11%
Proj. CAGRi
12%
Net profit
2026E
$24B
Net Margini
50%
Hist. CAGRi
10%
Proj. CAGRi
15%
Business Model
Recent Developments
Average Targeti
$398.70+10%
Consensusi
Buy
40 analysts covering
Net debti
$9.0B
Div. Yieldi
0.7%
Buyback Yldi
2.2%
Market Capi
$688B
P/E 26Ei
29x
Adj. P/E (fwd.)i
1.5x
Revenue 26E
$46B
Proj. CAGRi
11%
Gross Margini
98%
EBIT 26E
$31B
Proj. CAGRi
12%
Op. Margini
67%
Net Profit 26E
$24B
Proj. CAGRi
15%
Net Margini
50%
Average Targeti
$398.70+10%
Consensusi
Buy
40 analysts covering
Profile
Visa operates a global digital payments network, connecting cardholders, merchants, financial institutions, and payment processors across more than 200 countries. It does not issue cards or extend credit directly — it earns fees from the flow of transactions across its rails. Revenue is reported across four streams:
Industry
Visa's direct clients are financial institutions (banks, credit unions, fintechs) that issue Visa-branded cards and merchants that accept them — consumers interact with Visa indirectly. Geographic reach is broad: roughly 59% of net sales are generated outside the US, with Europe, Asia-Pacific, and Latin America as the largest international regions. The industry is a regulated duopoly at scale — Visa and Mastercard collectively process the majority of global card transactions — creating high barriers to entry and strong pricing discipline.
Key metrics
Economic moat
Visa's moat rests on a two-sided network effect that has compounded for decades: more cardholders attract more merchant acceptance, which attracts more cardholders. With Visa cards accepted at hundreds of millions of merchant locations globally, switching the network layer is prohibitively costly for any participant. Scale advantages in fraud detection, authorization speed, and compliance infrastructure reinforce the network's reliability premium. Brand trust — especially in cross-border contexts where consumers demand a recognized name — adds pricing power on international fees, the most lucrative slice of the business.
Ryan McInerney
McInerney became CEO in January 2023, succeeding Alfred Kelly. He joined Visa in 2013 as President after a long career at JPMorgan Chase, where he ran the consumer banking division. His background is squarely in payments and consumer finance, giving him deep knowledge of Visa's issuer relationships. His strategic emphasis has centered on expanding value-added services and building the company's positioning around agentic commerce and AI-enabled payment flows.
Christopher Suh
Suh has served as CFO since July 2023, moving into the role from a background in finance and strategic planning within the technology sector. He took the seat as Visa entered a period of revenue acceleration and elevated capital return activity, including the $20 billion buyback authorization announced alongside Q2 FY2026 results.
Rajat Taneja
Taneja has been Chief Operating Officer since 2013, making him one of the longest-tenured members of the executive team. Before Visa, he held senior engineering and technology roles at Electronic Arts and Microsoft. He oversees Visa's global technology infrastructure — the operational backbone of a network processing billions of transactions annually — and has been central to the company's platform reliability and security investments.
Other key figures
John Lundgren has served as Non-Executive Chairman since January 2024, bringing experience from his tenure as CEO of Stanley Black & Decker. The board includes Linda Rendle (CEO of Clorox) and Maynard Webb (former Yahoo COO), providing a mix of consumer, operations, and technology governance perspectives.
P/S Ratioi
EV/EBITi
P/E Ratioi
Revenue
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
EBIT
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Net profit
CAGR (hist. 3-yr)i
0%
CAGR (proj. 3-yr)i
0%
Values in billions of USD.
Operating cashflow · Levered Free Cash Flow
Free Cash Flow
CAPEX
Values in billions of USD.
Margins
Rentability
Balance sheet
Values in billions of USD.
Liquidity ratios
Debt-to-Equity-Ratio
Last earnings
Visa reported fiscal Q2 2026 results (quarter ended March 31, 2026) with net revenue of $11.2 billion, up 17% year-over-year — the strongest growth rate since 2013 excluding pandemic-era recoveries. EPS came in at $3.31, well ahead of the $3.10 consensus, driven by a combination of higher-than-expected FX volatility tailwinds, strong value-added services growth, and lower-than-anticipated client incentives.
Payments volume grew 9% in constant-dollar terms while cross-border volume (excluding intra-Europe) rose 11%, reinforcing that Visa's core transaction engine remains healthy. Processed transactions also expanded at a solid pace.
Management raised full-year revenue growth guidance to the low-double-digit to low-teens range and signaled similar strength heading into Q3, where low-double-digit revenue growth is expected. CEO Ryan McInerney highlighted agentic commerce and AI-enabled microtransactions as accelerants to the company's long-term digitization thesis.
Recent developments
In February 2026, Visa issued $3.0 billion in senior notes (maturities between 2029 and 2036), locking in financing costs ahead of a potentially higher-rate environment and extending its debt ladder.
Visa entered a B2B e-invoicing collaboration with Banqup SA in early 2026, embedding Visa Direct and virtual commercial cards into automated B2B payment workflows across European markets — a meaningful step into non-consumer payment flows.
The DOJ antitrust lawsuit filed in September 2024 continues to advance: fact discovery closes October 16, 2026, with expert discovery running through April 2027. Trial is not currently expected before late 2027 or 2028. Management has not altered strategy in response but the case remains an overhang on sentiment.
Visa also deepened its sponsorship of the FIFA World Cup 2026, reinforcing international brand positioning ahead of the summer tournament.
Debate & sentiment
Bulls point to the acceleration in value-added services — consulting, fraud detection, and data analytics layered atop the core network — as a meaningful revenue diversifier that reduces reliance on pure transaction volume and carries higher margins over time. The AI and agentic commerce thesis also gives optimists a credible long-runway narrative.
Bears center the debate on DOJ antitrust exposure: a ruling that forces structural changes to debit network exclusivity arrangements could remove a meaningful source of pricing power. A separately pending swipe-fee settlement adds another layer of financial uncertainty.
Stablecoin and crypto-native payment rails are a longer-term concern — not imminent, but increasingly discussed as a potential disintermediation vector for cross-border and card-not-present transactions where Visa's network premium is highest.
Consensusi
Buy
Average targeti
$398.70+10%
Highest targeti
$450.00+24%
Lowest targeti
$330.00-9%
Nice, you made it all the way through!
Free for 14 days, then $9/month for every report, every metric, and every feature. Straightforward, as it should be. Future additions included. Cancel anytime.