Visa Inc.

Strong Q3 performance; volume + EPS beat expectations - Net revenue: +14% YoY to $11.6B (ahead of expectations). Constant-currency net revenue: +13%. - EPS: +11% YoY to $3.32, also ahead of expectations. - Payments volume: +10% YoY (constant dollars) to $4T (first time in Visa history). - Process transactions: +10% YoY to 72B; reflects resilient consumer spending.

Business momentum driven by wins across consumer, commercial, and money movement + VAS acceleration - Credentials/tokenization: credentials +8% YoY in Q3; tokenized penetration is nearing 60% of e-commerce transactions. - Regional/account wins (examples): - Europe: credentials +40M+ in last 12 months; NatWest won entire consumer credit portfolio. - Brazil/LatAm: renewals/agreements including 55-year Bradesco relationship; Colombia processing penetration >90% (up from single digits 5 years ago). - US: won large Southeast community institution’s consumer debit portfolio. - Commercial & money movement revenue: +17% YoY; commercial payment volume +13% YoY. - Visa Direct: transactions +21% YoY to 4B (e.g., DoorDash payouts expanded via Pismo-enabled flows). - Value-added services (VAS): +34% YoY (constant dollars) to $3.8B, with majority transaction/card/account linked; growth above expectations driven by pricing + utilization + Pismo acquisition + marketing services/FIFA.

Product/innovation narrative: agentic AI + stablecoin/agentic commerce; operating model changes - Visa is deploying agentic AI to accelerate product development: described results include 80% more code commits, ~65% faster feature development for participating teams. - Stablecoin / agentic commerce: progress across issuance + applications; announced Visa Stablecoin platform and participation with Open Standard for OpenUSD. - Partnerships: OpenAI for secure Visa payments in agentic commerce; Meta enabling new ways to pay on Facebook/Instagram. - Surprise/possible investor watch item: announced workforce reductions (eliminating roles, mostly in technology/product) with $563M GAAP severance in Q3; EPS impact expected to be neutral via deferred comp mark-to-market mechanics.