Visa Inc. reported strong financial performance for its fiscal first quarter ended December 31, 2025, reflecting broad-based growth across revenue, earnings, and transaction activity. Results for the quarter were supported by steady consumer spending, a robust holiday period, 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 $5.9 billion, or $3.03 per share, marking year-over-year increases of 14% and 17%, respectively. Excluding special items and related tax impacts, non-GAAP net income reached $6.1 billion, or $3.17 per share, reflecting increases of 12% and 15%, respectively, compared to the prior year. On a constant-dollar basis, GAAP earnings per share rose approximately 16%, while non-GAAP earnings per share increased approximately 14%.
Ryan McInerney, Chief Executive Officer, Visa, commented “Visa delivered a very strong fiscal first quarter with net revenue up 15% year-over-year, GAAP EPS up 17% and non-GAAP EPS up 15%, driven by resilient consumer spending and a strong holiday season, as well as continued strength in value-added services and commercial and money movement solutions. Our purposeful investments in our Visa as a Service stack continue to position us as a payments hyperscaler to deliver technology and infrastructure that redefine what’s possible in payments.”
Net revenue for the fiscal first quarter was $10.9 billion, representing 15% year-over-year growth, or 13% 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. Cross-border volume excluding intra-Europe transactions increased 11%, while total cross-border volume rose 12%. Total processed transactions reached 69.4 billion, up 9% from the prior year.
By revenue category, service revenue increased 13% to $4.8 billion, while data processing revenue rose 17% to $5.5 billion. International transaction revenue grew 6% to $3.7 billion, and other revenue increased 33% to $1.2 billion. Client incentives totaled $4.3 billion, up 12% year-over-year.
GAAP operating expenses were $4.2 billion, reflecting a 27% increase compared to the prior year, primarily due to higher litigation provisions. On a non-GAAP basis, operating expenses increased 16%, driven mainly by investments in personnel, marketing, and general and administrative activities. As of December 31, 2025, Visa held $16.9 billion in cash, cash equivalents, and investment securities.
