Visa Inc. reported strong financial performance for its fiscal second quarter ended March 31, 2025, reflecting broad-based growth across revenue, earnings, and transaction activity. The quarter’s results were supported by resilient consumer spending, while innovation-driven initiatives fueled strong performance in consumer payments and sustained momentum across value-added services, cross-border payments, and commercial and money movement solutions, a press release said.
For the quarter, GAAP net income totaled $6.0 billion, or $3.14 per share, marking year-over-year increases of 32% and 36%, respectively. Excluding special items and related tax impacts, non-GAAP net income reached $6.3 billion, or $3.31 per share, reflecting increases of 17% and 20%, respectively, compared to the prior year. On a constant-dollar basis, GAAP earnings per share rose approximately 35%, while non-GAAP earnings per share increased approximately 20%.
Ryan McInerney, Chief Executive Officer, Visa, commented “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.”
Net revenue for the fiscal second quarter was $11.2 billion, representing 17% year-over-year growth, or 16% on a constant-dollar basis, driven by higher payments volume, cross-border activity, and processed transactions. Payments volume for the three months ended December 31, 2025 grew 8% year-over-year on a constant-dollar basis, while payments volume for the three months ended March 31, 2026 increased 9%. Cross-border volume excluding intra-Europe transactions increased 11%, while total cross-border volume rose 12%. Total processed transactions reached 66.1 billion, up 9% from the prior year.
By revenue category, service revenue increased 13% to $5.0 billion, while data processing revenue rose 18% to $5.5 billion. International transaction revenue grew 10% to $3.6 billion, and other revenue increased 41% to $1.3 billion. Client incentives totaled $4.2 billion, up 14% year-over-year.
GAAP operating expenses were $4.0 billion, reflecting a 4% decrease compared to the prior year, primarily due to lower litigation provisions. On a non-GAAP basis, operating expenses increased 17%, driven mainly by higher personnel and marketing expenses. As of March 31, 2026, the company held $14.2 billion in cash, cash equivalents, and investment securities.
