Q2 2026 Visa Inc Earnings Call Transcript
Key Points
- Visa Inc (V) reported a 17% year-over-year increase in net revenue, reaching $11.2 billion, marking the strongest growth since 2022.
- Payments volume grew 9% year over year in constant dollars to $3.7 trillion, and processed transactions also grew 9% to $66 billion.
- Value-added services now represent 30% of Visa's net revenue, growing at over 25% in constant dollars, showcasing their importance as a growth driver.
- Visa's investments in AI and agentic commerce are expected to expand their addressable market and accelerate long-term growth.
- Visa Direct, the largest money movement network globally, now has more than 18 billion endpoints, contributing to a 23% year-over-year increase in transactions.
- The conflict in the Middle East has introduced uncertainty, particularly affecting cross-border travel spend in the CEMEA region.
- Despite strong overall performance, international transaction revenue was up only 10%, slightly below the 11% increase in constant dollar cross-border volume growth.
- Operating expenses grew 17%, driven primarily by personnel and marketing, which could impact future profitability if not managed carefully.
- The company faces challenges from payments nationalism and sovereignty concerns, particularly in Europe, which could affect its market position.
- Visa's cross-border business, while resilient, is impacted by external factors such as Ramadan timing and geopolitical conflicts, which could affect future growth.
Welcome to Visa's fiscal second quarter 2026 earnings conference call. (Operator Instructions) Today's conference is being recorded. (Operator Instructions)
I'd now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.
Thank you. Good afternoon, everyone, and welcome to Visa's fiscal second quarter 2026 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer.
This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.
Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results, outcomes or
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