V 8-K: Smart Summary

Visa Inc. reported fiscal second quarter 2026 results for the period ended March 31, 2026, filing an 8-K on April 28, 2026. Net revenue grew 17% year-over-year to $11.2B, GAAP net income rose 32% to $6.0B, and non-GAAP net income increased 17% to $6.3B. The filing also discloses a new $20.0B share repurchase authorization, a senior notes issuance, the acquisition of Prisma and Newpay in Argentina, and a class B-1/B-2 exchange offer.

• Net revenue: $11.2B, +17% YoY (or +16% on a constant-dollar basis)
• GAAP net income: $6.0B, +32% YoY
• GAAP EPS (diluted, class A): $3.14, +36% YoY (~+35% on a constant-dollar basis)
• Non-GAAP net income: $6.3B, +17% YoY
• Non-GAAP EPS (diluted, class A): $3.31, +20% YoY (~+20% on a constant-dollar basis)
• GAAP operating income: $7.2B (Q2 2026) vs. $5.4B (Q2 2025); GAAP total operating expenses decreased 4% YoY to $4.0B, primarily driven by a decrease in the litigation provision
• Non-GAAP operating expenses increased 17% YoY to $3.6B, primarily driven by increases in personnel and marketing expenses
• GAAP effective income tax rate: 16.1% (0 ppt change YoY); non-GAAP effective income tax rate: 16.4% (0 ppt change YoY)
• Net cash provided by operating activities (six months ended March 31, 2026): $9.8B vs. $10.1B in the prior-year period

• Service revenue: $5.0B, +13% YoY (recognized based on prior-quarter payments volume)
• Data processing revenue: $5.5B, +18% YoY
• International transaction revenue: $3.6B, +10% YoY
• Other revenue: $1.3B, +41% YoY
• Client incentives (contra-revenue): $4.2B, +14% YoY
• Payments volume (Q2 2026, constant dollar): +9% YoY; nominal +11% YoY
• Cross-border volume excluding intra-Europe (constant dollar): +11% YoY; nominal +17% YoY
• Total cross-border volume (constant dollar): +12% YoY; nominal +21% YoY
• Processed transactions: 66.1B, +9% YoY

• Cash, cash equivalents and investment securities: $14.2B as of March 31, 2026
• Share repurchases in Q2 2026: approximately 25 million shares of class A common stock at an average cost of $320.66 per share for $7.9B
• Total share repurchases and dividends in Q2 2026: $9.2B
• Remaining authorized funds for share repurchases as of March 31, 2026: $13.2B
• New $20.0B multi-year class A common stock share repurchase program authorized by the board in April 2026
• Quarterly cash dividend declared: $0.670 per share of class A common stock, payable June 1, 2026 to holders of record as of May 12, 2026
• On February 12, 2026, Visa issued fixed-rate senior notes in aggregate principal of $3.0B with maturities ranging between 3 and 10 years and interest rates from 3.8% to 4.7%
• Long-term debt: $22.4B as of March 31, 2026 (vs. $19.6B as of September 30, 2025)
• On February 26, 2026, Visa deposited $125M into its litigation escrow account at a volume-weighted average price of $312.44

• Ryan McInerney, Chief Executive Officer, Visa: "Visa's second quarter net revenue growth of 17% was the highest since 2022, driving GAAP EPS up 36% and non-GAAP EPS up 20%. Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement solutions and value-added services. Throughout the quarter, we continued to enhance our Visa as a Service stack, including with agentic and stablecoin capabilities, to further strengthen our position as the leading hyperscaler of payments globally and drive growth for years to come."

• No specific forward financial guidance (next quarter or full year) was provided in the earnings release.

• Dividend amount: $0.670 per share of class A common stock
• Basis for other share classes: determined on an as-converted basis for all other outstanding common and preferred stock
• Declaration date: April 28, 2026
• Record date: May 12, 2026
• Pay date: June 1, 2026