Visa (V) Q1 FY2026 earnings: revenue $10.9 billion, up 14.6% on the year

Visa Inc. (V) reported revenue of $10.9 billion for Q1 FY2026, the quarter ended 31 December 2025, up 14.6% on the same quarter a year earlier. Net income was $5.9 billion, up 14.3% on the year, and diluted earnings per share $3.03. The figures are the company's own, from the 10-Q it filed with the SEC on 30 January 2026.

Revenue

$10.9 billion

+14.6% on the year · +1.7% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

61.8%

65.6% a year earlier

Q2 FY2024Q1 FY2026

Net income

$5.9 billion

+14.3% on the year · +15.0% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$3.03

+17.4% on the year · +15.6% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net revenue rose 15% to $10.9B: Net revenue was $10.9 billion, up 15%, or 13% on a constant-dollar basis. Growth came from payments volume, cross-border volume and processed transactions.
GAAP and non-GAAP EPS both rose: GAAP net income was $5.9 billion, or $3.03 per share, up 14% and 17%. Non-GAAP net income was $6.1 billion, or $3.17 per share, up 12% and 15%.
Litigation provision a special item: GAAP results included a $707 million litigation provision for the interchange MDL case, excluded from non-GAAP results.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	10,901	10,724	9,510	+1.7%	+14.6%
Operating income	6,737	6,148	6,234	+9.6%	+8.1%
Operating margin	61.8%	57.3%	65.6%
Interest expense	194	210	182	-7.6%	+6.6%
Pre-tax income	6,726	6,223	6,200	+8.1%	+8.5%
Income tax	873	1,133	1,081	-22.9%	-19.2%
Effective tax rate	13.0%	18.2%	17.4%
Net income	5,853	5,090	5,119	+15.0%	+14.3%
Net margin	53.7%	47.5%	53.8%
Diluted EPS	$3.03	$2.62	$2.58	+15.6%	+17.4%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	6,780	6,238	5,396	+8.7%	+25.6%
Capital expenditure	378	389	345	-2.8%	+9.6%
Free cash flow	6,402	5,849	5,051	+9.5%	+26.7%
Free cash flow margin	58.7%	54.5%	53.1%
Cash from investing	361	304	790	+18.8%	-54.3%
Cash from financing	-8,986	-6,000	-5,475
Depreciation and amortisation	326	316	282	+3.2%	+15.6%
Share-based compensation	231	191	224	+20.9%	+3.1%
Buybacks	3,725	4,927	4,011	-24.4%	-7.1%
Dividends paid	1,293	1,146	1,170	+12.8%	+10.5%
Dividend per share	$0.67	n/a	$0.59		+13.6%
Diluted shares, weighted	1,933m	1,966m	1,985m	-1.7%	-2.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	38,777	37,909	38,296	+2.3%	+1.3%
Debt	21,177	25,171	20,609	-15.9%	+2.8%
Operating lease liabilities	n/a	763	n/a
Other liabilities	36,860	35,784	32,983	+3.0%	+11.8%
Total liabilities and equity	96,814	99,627	91,888	-2.8%	+5.4%
Fixed assets	4,276	4,236	3,974	+0.9%	+7.6%
Goodwill	19,885	19,879	19,548	+0.0%	+1.7%
Intangible assets	27,664	27,646	25,889	+0.1%	+6.9%
Investments	484	999	1,757	-51.6%	-72.5%
Cash and equivalents	14,756	17,164	12,367	-14.0%	+19.3%
Receivables	3,231	3,126	2,590	+3.4%	+24.7%
Other assets	26,518	26,577	25,763	-0.2%	+2.9%
Total assets	96,814	99,627	91,888	-2.8%	+5.4%

Questions

What was Visa's revenue in Q1 FY2026?

Visa (V) reported revenue of $10.9 billion for Q1 FY2026, the quarter ended 31 December 2025, up 14.6% on the same quarter a year earlier.

How much did Visa earn in Q1 FY2026?

Net income for Q1 FY2026 was $5.9 billion, up 14.3% on the year, and diluted earnings per share $3.03.

When did Visa report Q1 FY2026 results?

Visa filed its 10-Q for the quarter ended 31 December 2025 with the SEC on 30 January 2026.

Quarterly results, the last 20 quarters

	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026 *
Revenue	7,059	7,189	7,275	7,787	7,936	7,985	8,123	8,609	8,634	8,775	8,900	9,617	9,510	9,594	10,172	10,724	10,901	11,230	11,633	12,139
Operating income	4,776	4,802	4,148	5,087	5,090	5,336	5,024	5,550	5,954	5,354	5,938	6,349	6,234	5,435	6,177	6,148	6,737	7,234	6,877	7,262
Operating margin	68%	67%	57%	65%	64%	67%	62%	64%	69%	61%	67%	66%	66%	57%	61%	57%	62%	64%	59%	60%
Interest expense	n/a	n/a	n/a	n/a	n/a	n/a	182	n/a	187	82.0	196	176	182	158	39.0	210	194	178	194	192
Pre-tax income	4,897	4,542	3,829	4,868	4,977	5,278	5,146	5,636	6,042	5,513	5,989	6,372	6,200	5,438	6,333	6,223	6,726	7,174	6,833	7,360
Tax rate	19%	20%	11%	19%	16%	19%	19%	17%	19%	15%	19%	17%	17%	16%	17%	18%	13%	16%	18%	18%
Net income	3,959	3,647	3,411	3,940	4,179	4,257	4,156	4,681	4,890	4,663	4,872	5,318	5,119	4,577	5,272	5,090	5,853	6,021	5,628	6,002
Net margin	56%	51%	47%	51%	53%	53%	51%	54%	57%	53%	55%	55%	54%	48%	52%	47%	54%	54%	48%	49%
Diluted EPS	$1.83	$1.70	$1.60	$1.86	$1.99	$2.03	$2.00	$2.27	$2.39	$2.29	$2.40	$2.65	$2.58	$2.32	$2.69	$2.62	$3.03	$3.14	$2.97	$3.19
Operating cash flow	4,232	3,489	5,252	5,876	4,171	3,860	5,797	6,927	3,614	4,538	5,134	6,664	5,396	4,695	6,730	6,238	6,780	3,008	6,554	7,386
Capital expenditure	173	267	235	295	249	210	295	305	267	281	400	309	345	327	421	389	378	383	417	493
Free cash flow	4,059	3,222	5,017	5,581	3,922	3,650	5,502	6,622	3,347	4,257	4,734	6,355	5,051	4,368	6,309	5,849	6,402	2,625	6,137	6,893
Buybacks	4,104	2,949	2,433	2,103	3,115	2,194	3,041	3,751	3,580	2,758	4,527	5,848	4,011	4,596	4,782	4,927	3,725	7,900	4,805	4,021
Dividends paid	809	802	798	794	945	941	937	928	1,060	1,060	1,056	1,041	1,170	1,164	1,154	1,146	1,293	1,286	1,273	1,260
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 December 2025, filed 30 January 2026: the filing.