Visa Inc.

Strong Q3 performance beating expectations (topline + EPS) - Net revenue +14% YoY to $11.6B (and +13% in constant dollars). - EPS +11% YoY to $3.32, ahead of expectations (including ~0.5 pt benefit from FX). - Payments momentum: quarterly payments volume +10% YoY (constant dollars), process transactions +10% YoY to 72B; cross border +12% YoY (ex intra-Europe).

Cross-border resilience with FIFA as a notable but not thesis-changing boost - Cross-border mix improved: e-commerce cross-border +16% and travel cross-border +10% (ex intra-Europe). - FIFA World Cup created localized spikes (host cities saw card-present spend up as much as ~20% on match days; inbound boosted US host cities ~+25% YoY June 11–30; transit “tap to pay” peak nearly +40% YoY in US host cities). - Management emphasized cross-border is “well distributed” (no region > 25%) and underlying travel/ecom health is expected to continue into Q4, implying no need for major “normalization” beyond recognizing some tournament uplift.

Value-Added Services (VAS) accelerating—major driver of upside - VAS revenue +34% YoY in constant dollars to $3.8B; “vast” portfolios (issuing/acceptance/risk & security) show particularly strong momentum. - Value added performance stronger than expected due to: - higher utilization of network products, - pricing, - and Pismo acquisition contribution. - Also highlighted: marketing services engagement tied to FIFA (hundreds of engagements; incremental payments impact cited).