EARNINGS RESULTS · Q3 2026

Visa Q3 2026: Revenue Up 14.36%, Operating Margin 59.12%

Results for the quarter ended 2026-06-30 bring the business drivers and cash after investment into focus. Quarterly free cash flow was $6.14 bn. The dated assessment on 2026-10-07 was wait at a reference price of $370.64.

Visa · VPublished October 8, 2026Quarter ended June 30, 2026

Q3 2026: What the Quarter Delivered

Revenue: $11.63 bn
Revenue growth YoY: 14.4%
Operating income: $6.88 bn
Operating margin: 59.1%
Diluted EPS, GAAP: $2.97

Visa reported $11.63 bn of revenue in Q3 2026. Revenue rose 14.36% from the comparable prior-year quarter. Operating profit was $6.88 bn, with an operating margin of 59.12%. Reported diluted EPS was $2.97.

Revenue increased against the comparable fiscal quarter, while operating income grew less quickly and the operating margin softened.

How Revenue Reached Operating Profit

The quarter's revenue and operating result imply an operating margin of 59.12%: $59.12 of operating profit for every $100 of revenue, before interest and tax.

The latest margin softened against the comparable fiscal quarter and the preceding fiscal quarter.

What the Reported Earnings Include

Other non-operating income: $0.15 bn
GAAP net income: $5.63 bn
Diluted weighted-average shares: 1.9 bn shares

Q3 2026 GAAP net income was $5.63 bn. Other non-operating income was $0.15 bn.

GAAP earnings include non-operating items and should not be treated as normalized recurring profit.

The declining diluted share count supports per-share economics, although repurchases, issuance and conversion effects must be considered together.

Cash Left After Investment

Operating cash flow: $22.58 bn
OCF less cash PPE purchases, plus PPE sales: $21.01 bn
Quarterly operating cash flow: $6.55 bn
Cash purchases of productive assets, including intangibles: $0.42 bn
Quarterly OCF less productive-asset cash purchases: $6.14 bn

In Q3 2026, operating cash flow of $6.55 bn less cash capital expenditure of $0.42 bn left $6.14 bn of free cash flow. Operations funded cash investment and left cash after that spending.

Quarterly operating cash flow has been uneven, so the latest rebound should not be extrapolated mechanically. Acquisition consideration is also separate from the productive-asset deduction; strong cash after routine investment does not make expansion spending free.

The Verdict Recorded on 2026-10-07

Verdict Invest recorded wait on 2026-10-07, using a reference price of $370.64 dated 2026-10-06. This assessment relates to the Q3 2026 results, with a 12-month horizon and stated validity through 2026-11-06.

Confirmation to watch: Continued network revenue expansion accompanied by firmer operating margins.
Confirmation to watch: Sustained cash generation supporting further net reductions in diluted shares.
Confirmation to watch: Successful integration of Prisma and Newpay, extending issuer processing and money-movement capabilities.
Confirmation to watch: Further merchant litigation resolution that reduces uncertainty without materially impairing cash generation.
Risk to this assessment: Persistent revenue deceleration combined with operating-margin compression.
Risk to this assessment: Productive-asset investment or acquisition demands materially weakening cash available to shareholders.
Risk to this assessment: Merchant litigation or settlement losses materially damaging network economics or financial capacity.
Risk to this assessment: Diluted shares ceasing to decline despite continued capital deployed toward repurchases.