Loading…
Loading…
$381.60
Market Capi
$700B
Growth-adj P/E (3-yr hist)i
3.3x
Growth-adj P/E (3-yr proj)i
1.6x
P/S 26Ei
15x
P/S 28Ei
13x
EV/EBIT 26Ei
23x
EV/EBIT 28Ei
18x
P/E 26Ei
31x
P/E 28Ei
23x
P/S 26Ei
15x
EV/EBIT 26Ei
23x
P/E 26Ei
31x
P/S 28Ei
13x
EV/EBIT 28Ei
18x
P/E 28Ei
23x
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
$414.12+12%
Consensusi
Buy
40 analysts covering
Net debti
$9.5B
Div. Yieldi
0.7%
Buyback Yldi
2.2%
Market Capi
$700B
P/E 26Ei
31x
Adj. P/E (fwd.)i
1.6x
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
$414.12+12%
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
Fiscal third-quarter 2026 net revenue reached $11.6 billion, up 14% year-over-year, driven by broad-based strength in payments volume, cross-border activity and processed transactions.
Non-GAAP EPS came in at $3.32, an 11% increase from the prior-year quarter, while GAAP EPS rose 10% to $2.97; both figures topped consensus estimates.
The standout metric was total payments volume crossing $4 trillion for the quarter for the first time, alongside cross-border volume (ex-intra-Europe) growth of 12% on a constant-dollar basis and processed transactions climbing to 71.7 billion, up 10%.
Management guided full-year fiscal 2026 net revenue growth to the low end of the low-teens range, with EPS growth guided to the low end of mid-teens, a modest tempering of expectations tied to rising operating expense growth also guided to the low end of low-teens.
Recent developments
Visa launched the Visa Stablecoin Platform (VSP) on July 16, 2026, an enterprise offering that lets financial institutions and fintechs mint, hold, transfer and redeem stablecoins — including a new Wallet-as-a-Service capability — starting with support for Open USD (OUSD), USDC and USDG.
The stablecoin push positions Visa alongside American Express and Mastercard, which also backed the Open USD launch, intensifying competition with dedicated stablecoin issuers.
On July 28, 2026, Visa disclosed plans to eliminate roughly 2,600 roles, about 7% of its workforce, concentrated in technology and product teams, as CEO Ryan McInerney redirects investment toward consumer payments, commercial and money-movement solutions, and value-added services such as stablecoin, cross-border and B2B offerings.
The company continued an active capital-return program, deploying $6.2 billion to shareholders in the quarter through buybacks and dividends, including roughly 14.5 million Class A shares repurchased for $4.9 billion, leaving $28.4 billion in remaining repurchase authorization as of June 30.
Debate & sentiment
Bulls point to accelerating cross-border and processed-transaction growth alongside the $4 trillion payments-volume milestone as evidence Visa's network effects and pricing power remain intact even late in the payments-network maturity cycle.
The stablecoin platform launch is viewed by optimists as a proactive hedge against disintermediation risk, letting Visa monetize the technology that some feared would bypass card rails entirely.
Skeptics note that guiding full-year growth to the low end of prior ranges, paired with rising opex guidance, suggests margin pressure and a business that is beginning to feel volume-growth deceleration alongside currency and macro headwinds.
The scale of the workforce reduction raises questions among bears about whether it reflects disciplined reallocation toward growth areas or an admission that legacy technology and product functions had become bloated, with elevated short interest and stretched valuation multiples leaving less room for execution missteps.
Consensusi
Buy
Average targeti
$414.12+12%
Highest targeti
$450.00+22%
Lowest targeti
$330.00-11%
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.