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FY2026 Q2
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Visa Inc. earnings call
Buzzberg read
Net revenue up 17% to $11.2 billion
Visa delivered a strong FQ2 with 17% revenue growth to $11.2bn and raised full-year guidance, citing broad-based strength in consumer spending, VAS (27% constant-currency growth), and commercial/money-movement solutions (24%). Management highlighted early traction in agentic commerce and stablecoin settlement, and the Wells Fargo Pismo win as key strategic milestones. Net revenue grew 17% YoY to $11.2B, EPS up 20% to $3.31, both beating expectations.
Buzzberg read Net revenue up 17% to $11.2 billion Visa delivered a strong FQ2 with 17% revenue growth to $11.2bn and raised full-year guidance, citing broad-based strength in consumer spending, VAS (27% constant-currency growth), and commercial/money-movement solutions (24%). Management highlighted early traction in agentic commerce and stablecoin settlement, and the Wells Fargo Pismo win as key strategic milestones. Net revenue grew 17% YoY to $11.2B, EPS up 20% to $3.31, both beating expectations. Read full analysisCollapse analysis
Visa delivered a strong FQ2 with 17% revenue growth to $11.2bn and raised full-year guidance, citing broad-based strength in consumer spending, VAS (27% constant-currency growth), and commercial/money-movement solutions (24%). Management highlighted early traction in agentic commerce and stablecoin settlement, and the Wells Fargo Pismo win as key strategic milestones. Net revenue grew 17% YoY to $11.2B, EPS up 20% to $3.31, both beating expectations.
- Value-Added Services revenue rose 27% constant-currency, driven by AI-powered fraud products and marketing services.
- Visa Direct transactions grew 23% YoY; stablecoin-linked card volume up nearly 200% YoY.
- Wells Fargo signed for Pismo core migration, a landmark bank modernization deal.
Revenue$11.23B+3% QoQ
EPS$3.31+4% QoQ
Gross margin81.29%Reported
Free cash flow$2.625B-59% QoQ
6 grounded callouts
What matters now
The highest-signal changes from the call.
AI
Visa LLM powers 5x fraud value capture
Other
Stablecoin card volume up nearly 200% YoY
Show 3 more callouts
Demand
Value-added services revenue grew 27%
Capital return
Record quarterly buyback of $7.9 billion
Guidance
Raised full-year revenue and EPS guidance
Reported period
Actuals
| Metric | Reported | Change |
|---|---|---|
| Revenue | $11.23B | +3% QoQ |
| EPS | $3.31 | +4% QoQ |
| Gross margin | 81.29% | Reported |
| Free cash flow | $2.625B | -59% QoQ |
| Capex | $0.383B | Reported |
| Net income | $6.021B | +3% QoQ |
Forward-looking
Forward guidance
AI, capex & demand read
Management read
confident
Management conveyed strong confidence driven by record net revenue growth, raised full-year guidance, and highlighted robust execution across all growth pillars, including AI and value-added services, with no notable shift in tone from prior calls.
Management AI read
Management emphasized that AI and agentic commerce will expand Visa's addressable market by accelerating digitization, creating more transactions (including microtransactions), and boosting GDP growth. They launched Intelligent Commerce Connect and Visa CLI as proofs of concept, and noted that their new Visa large transaction model can power up to a 5x increase in fraud value capture.
all 3 named companies below
Companiesreturns since call
Customers
Customers
Ryan McInerney
Wells Fargo selected Visa's Pismo for core banking modernization, a major win that could accelerate large-bank adoption of cloud-native issuer processing. — This validates Pismo's technology for top-tier banks and creates a reference that may drive similar deals, potentially reshaping the core banking software competitive landscape.
Evidence
“Wells Fargo has entered into an agreement to migrate to Pismo's core account ledger as part of its core banking modernization”
Partners
BYTEDANCE
Partners
Ryan McInerney
Visa is deepening its fintech partnerships; the TikTok creator card drives card issuance and spend volumes, benefiting both parties.
Evidence
“we partnered with TikTok to launch a debit card specifically designed for content creators.”
Partners
Ryan McInerney
Visa is consolidating and expanding its relationship with a large Canadian bank across multiple LatAm markets, indicating deepening issuer card programs.
Evidence
“Across 11 countries in Latin America and the Caribbean, we have created a new strategic agreement consolidating our relationship and expanding into new areas of issuance”
External signals
Supply-chain alpha · 3returns since call
Wells Fargo selected Visa's Pismo for core banking modernization, a major win that could accelerate large-bank adoption of cloud-native issuer processing.
Evidence
“Wells Fargo has entered into an agreement to migrate to Pismo's core account ledger as part of its core banking modernization over the coming years”
Visa's stablecoin settlement volume run rate reached $7 billion, up over 50% from last quarter, showing rapid adoption of crypto-backed settlement.
Evidence
“We currently have a $7 billion annual run rate of stablecoin settlement volume, and it's growing fast, up more than 50% since last quarter.”
Visa's large transaction model (LLM) can now power up to a 5x increase in fraud value capture, enhancing its AI-driven value-added services.
Evidence
“Our new Visa large transaction model is beginning to act as the foundational model for a variety of AI-powered fraud and risk services... Early results have shown that it can power up to a 5x increase in fraud value capture.”
Methodology & coverage
Management-only analysis. All 3 validated company mentions are shown. Reported actuals and forward guidance are kept separate. Public evidence is limited to eight short attributed quotes. AI-generated analysis can be incomplete or wrong; verify important claims against the original source.