Visa Q2 2026 Earnings: Revenue Up 17% on Higher Card Spending and Transaction Volume
Visa's fiscal Q2 2026 revenue rose 17% year-over-year to $11.2 billion, powered by higher card spending, transaction processing, and cross-border activity.
| Q2 2026 | Reported |
|---|---|
| EPS | — |
| Revenue | $11.23B |
Figures as reported by the company to the SEC for the quarter ended March 31, 2026. Analyst estimates are not part of a filing, so no comparison to expectations is shown.
Key takeaways
- Growth was broad-based across Visa’s main revenue lines: data-processing fees (charged for handling transactions) rose 18% to $5.5 billion, international transaction revenue climbed 10% to $3.6 billion, and service revenue rose 13% to $5.0 billion, reflecting higher card spending and cross-border activity worldwide.
- Payments volume reached $3.7 trillion for the quarter, up 9% in constant currency, and processed transactions rose 9% to 66.1 billion — a sign that more purchases, in stores and online, are running through Visa’s network.
- GAAP net income was $6.0 billion, up 32% from a year earlier; the company’s very high profit margins (roughly 61% operating margin and 51% net margin on a trailing 12-month basis) reflect Visa’s role as a payments network rather than a lender — it earns fees on transaction volume without carrying consumer credit risk.
- Visa returned $9.2 billion to shareholders in the quarter through dividends and share buybacks, and its board approved a new $20 billion multi-year share repurchase program, underscoring the amount of cash the business generates.
- For the rest of fiscal 2026, Visa said it expects full-year adjusted revenue growth in the low-teens percentage range, operating expense growth in the mid-teens, and adjusted earnings-per-share growth in the mid-teens.
- CEO Ryan McInerney called it the company’s strongest net revenue growth since 2022, and said fraud has become a top concern for banks and merchants globally — a trend he framed as an opportunity for Visa’s security and risk-management products.
- Management also pointed to continued investment in newer areas such as “agentic” commerce (automated purchases initiated by software) and stablecoin-related capabilities as part of Visa’s broader payments infrastructure strategy.
Q2 2026 in context
| Metric | Mar 2026 | Mar 2025 | Change |
|---|---|---|---|
| Revenue | $11.2B | $9.6B | +17.1% |
| Net income | $6.0B | $4.6B | +31.5% |
| Free cash flow | $2.6B | $4.4B | -39.9% |
| Operating margin | 64.4% | 56.6% | +7.8 pts |
| Net margin | 53.6% | 47.7% | +5.9 pts |
Figures for the quarter ended Mar 2026 and the quarter ended Mar 2025, as reported to the SEC.
Each company's quarter ending in calendar Q1 '26, as reported to the SEC. A peer that reported no revenue figure for that quarter is left out.
How the stock took it
Visa Inc. closed at $309.30 on Apr 28, 2026, the last session before the report, and at $329.84 on Apr 30, 2026, the first session after it — +6.6% across the report.
| Earlier report | Close before | Close after | Change |
|---|---|---|---|
| Jan 30, 2026 | $331.80 | $333.84 | +0.6% |
| Jul 30, 2025 | $351.29 | $345.47 | -1.7% |
Closes from the market's daily record. Each figure spans the report date — from the last session that closed before it to the first that closed after — because a company may report before the open or after the close.
Sources: company report · earnings call