Visa Inc.

Strong Q3 headline results; payments momentum - Net revenue: +$14% YoY to $11.6B (better than expectations); +13% in constant dollars. - EPS: +$11% YoY to $3.32 (better than expectations; includes ~0.5ppt FX benefit). - Payments volume: +10% YoY (constant dollars) to cross $4T for the first time in Visa’s history. - Process transactions: +10% YoY to 72B (reflecting resilient consumer spending); cross-border e-commerce and travel both grew.

Cross-border and consumer/travel tailwinds (including FIFA) - Cross-border volume (ex intra-Europe): +12% YoY; e-commerce cross-border +16%, travel +10%. - FIFA World Cup impact: management cited boosts in US inbound during June—card-present spend up up to ~20% in select host cities on match days and tap-to-pay transit peaking at ~40% YoY growth in US host cities; inbound from Mexico/Canada also showed large % gains. - Normalization angle (implicit): management emphasized cross-border is well-distributed and that underlying travel/e-commerce health is strong, with FIFA as an additive factor rather than a single concentrated driver.

Value-added services (VAS) and “Visa Direct” are key growth engines - Value added services revenue: +34% YoY in constant dollars to $3.8B (mostly transaction-linked), ahead of expectations due to greater utilization of network products and Pismo acquisition contribution. - VAS breadth: all 4 VAS portfolios grew faster than their historical rates; issuing solutions, acceptance solutions, and risk/security each grew >20% YoY every quarter over the last 12 months in constant dollars. - Visa Direct: transactions +21% YoY to 4B (continued strength domestic and cross-border); DoorDash example extending Visa Direct to Pismo platform. - Tokenized penetration: nearing ~60% of global e-commerce transactions.