Visa (V) Q2 FY2026 earnings: revenue $11.2 billion, up 17.1% on the year

Visa Inc. (V) reported revenue of $11.2 billion for Q2 FY2026, the quarter ended 31 March 2026, up 17.1% on the same quarter a year earlier. Net income was $6.0 billion, up 31.5% on the year, and diluted earnings per share $3.14. The figures are the company's own, from the 10-Q it filed with the SEC on 29 April 2026.

Revenue

$11.2 billion

+17.1% on the year · +3.0% on the quarter

Q3 FY2024Q2 FY2026

Operating margin

64.4%

56.6% a year earlier

Q3 FY2024Q2 FY2026

Net income

$6.0 billion

+31.5% on the year · +2.9% on the quarter

Q3 FY2024Q2 FY2026

Diluted EPS

$3.14

+35.3% on the year · +3.6% on the quarter

Q3 FY2024Q2 FY2026

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

What management said

Guidance figures: 1 new, 1 kept.

Net revenue grew 17% to $11.2B: Net revenue reached $11.2 billion, up 17% or 16% in constant dollars, driven by growth in payments volume, cross-border volume and processed transactions.
Non-GAAP EPS rose 20% to $3.31: Non-GAAP net income was $6.3 billion, or $3.31 per share, up 17% and 20%; constant-dollar non-GAAP EPS growth was about 20%.
Non-GAAP operating expenses rose 17%: Non-GAAP operating expenses rose 17% to $3.6 billion, mainly from higher personnel and marketing expenses.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Revenue	11,230	10,901	9,594	+3.0%	+17.1%
Operating income	7,234	6,737	5,435	+7.4%	+33.1%
Operating margin	64.4%	61.8%	56.6%
Interest expense	178	194	158	-8.2%	+12.7%
Pre-tax income	7,174	6,726	5,438	+6.7%	+31.9%
Income tax	1,153	873	861	+32.1%	+33.9%
Effective tax rate	16.1%	13.0%	15.8%
Net income	6,021	5,853	4,577	+2.9%	+31.5%
Net margin	53.6%	53.7%	47.7%
Diluted EPS	$3.14	$3.03	$2.32	+3.6%	+35.3%

$ million except per share.

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Operating cash flow	3,008	6,780	4,695	-55.6%	-35.9%
Capital expenditure	383	378	327	+1.3%	+17.1%
Free cash flow	2,625	6,402	4,368	-59.0%	-39.9%
Free cash flow margin	23.4%	58.7%	45.5%
Cash from investing	-878	361	-130
Cash from financing	-6,410	-8,986	-5,660
Depreciation and amortisation	333	326	305	+2.1%	+9.2%
Share-based compensation	275	231	259	+19.0%	+6.2%
Buybacks	7,900	3,725	4,596	+112.1%	+71.9%
Dividends paid	1,286	1,293	1,164	-0.5%	+10.5%
Dividend per share	$0.67	$0.67	$0.59	0.0%	+13.6%
Diluted shares, weighted	1,916m	1,933m	1,974m	-0.9%	-2.9%

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	Q2 FY2026	Q1 FY2026	Q2 FY2025	On the quarter	On the year
Shareholders' equity	35,661	38,777	38,030	-8.0%	-6.2%
Debt	23,976	21,177	20,762	+13.2%	+15.5%
Other liabilities	35,412	36,860	34,061	-3.9%	+4.0%
Total liabilities and equity	95,049	96,814	92,853	-1.8%	+2.4%
Fixed assets	4,778	4,276	4,023	+11.7%	+18.8%
Goodwill	20,891	19,885	19,641	+5.1%	+6.4%
Intangible assets	27,750	27,664	26,408	+0.3%	+5.1%
Investments	308	484	1,470	-36.4%	-79.0%
Cash and equivalents	12,404	14,756	11,734	-15.9%	+5.7%
Receivables	3,405	3,231	2,719	+5.4%	+25.2%
Other assets	25,513	26,518	26,858	-3.8%	-5.0%
Total assets	95,049	96,814	92,853	-1.8%	+2.4%

Questions

What was Visa's revenue in Q2 FY2026?

Visa (V) reported revenue of $11.2 billion for Q2 FY2026, the quarter ended 31 March 2026, up 17.1% on the same quarter a year earlier.

How much did Visa earn in Q2 FY2026?

Net income for Q2 FY2026 was $6.0 billion, up 31.5% on the year, and diluted earnings per share $3.14.

When did Visa report Q2 FY2026 results?

Visa filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 29 April 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 March 2026, filed 29 April 2026: the filing.