Visa FY’25 Earnings — Core Brief Summary

Headline:
Visa capped FY’25 with double-digit revenue growth, expanded tokenization & stablecoin rails, rolled out next-gen VisaNet, and leaned into agentic commerce standards. FY’26 outlook: low-double-digit adj. net revenue & EPS growth.

Quarter/Full-Year at a glance

• FQ4 revenue: $10.7B, +12% Y/Y; EPS +10%.
• FY’25 revenue: $40B, +11%; EPS $11.47, +14%.
• FY payments volume: $14T, +8% CC; 258B processed txns +10%.
• Cross-border (ex-intra-EU, CC): FQ4 +11% (e-com +13%, travel +10%).
• Value-Added Services (VAS): FQ4 +25% to $3B; CMS revenue +14% CC.
• Visa Direct: 12.6B FY txns (+27%).

Growth engines & innovation

• Visa as a Service stack: foundation (network & network-of-networks) → services (tokens, auth, risk, stablecoin) → solutions (Visa Intelligent Commerce, Flex, Accept, Pay, Tap-to-Everything) → access (APIs/mCP).
• Tokens: 16B+ Visa tokens; goal to tokenise 100% of e-commerce.
• Stablecoins: settlement expanded (4 stablecoins / 4 chains); 130+ stablecoin-linked card programs in 40+ countries; Visa Direct stablecoin pre-funding pilot; banks can mint/burn via Visa Tokenized Asset Platform.
• Agentic commerce: Visa Intelligent Commerce (AI-ready cards, controls) + Trusted Agent Protocol (open, lightweight standard) for safer agent-driven checkout.
• Next-gen VisaNet: cloud-ready, modular; faster feature velocity.
• Acceptance & wallets: Visa Accept launched (Sri Lanka first; targeting 25 countries); Visa Pay live in 4 markets (70+ client pipeline).
• Tap-to-Everything: 79% of F2F txns are taps (U.S. 66%); tap-to-phone >20M txns; “tap to add card” now 600+ issuers covering 1.4B cards.
• Risk/VAS: TMS win at Booking.com; Visa Protect for A2A (Brazil) flagged $90M+ fraud on ~$500B PIX volume (pilot).

Capital returns

• Q4 buybacks: $4.9B; $1.1B dividends; $24.9B buyback capacity remaining.
• Dividend hiked 14%; continue to return excess FCF via buybacks.

FY’26 guide (adjusted, CC unless noted)

• Net revenue: low double digits (nominal ~FY’25 level, ~+0.5pt FX tailwind).
• Adj. opex: low double digits (Olympics/FIFA marketing heavier in Q2–Q3).
• EPS: low double digits; tax 18–19%; non-op –$125–175M.
• Q1: net revenue growth high end of low double digits; opex low DD; EPS low-teens growth.

Watch items

• Macro/AOV trends into holidays; cross-border mix; pace of agentic/ stablecoin commercialization; rollout cadence for next-gen VisaNet & token/biometric adoption.

Visa Q425

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