Visa Inc.

Company facts

Industry

Services-Business Services, NEC

Headquarters

San Francisco, California

Most recent report

10-K, filed Nov 5, 2026

Incorporated

Delaware

Filings on record

1,001+ filings

On EDGAR

CIK 1403161

Fiscal year ends

September

Filer status

Large accelerated filer

What to read: FY2026 10-K

SECSift found 5 of 27 sections worth reading, with 4 positive, 25 notable, and 8 negative flags.

• Business (Item 1)

  Core business description with key metrics and strategy details for FY2026.
  Positive

  • 355 billion total transactions in FY2026, up from prior year, showing strong volume growth.
  • $18 trillion total payments and cash volume in FY2026, indicating robust scale.
  Notable

  • Tap to Pay comprises 84% of face-to-face transactions globally in September 2026.
  • Over 60% of ecommerce transactions tokenized as of September 2026, up from prior periods.
  • CMS addressable opportunity of ~$200 trillion annually, excluding Russia and China.
  • Visa Direct processed over 15 billion transactions for more than 800 clients in FY2026.
  • VAS represents a $520 billion annual revenue opportunity, with 250+ products as of September 2026.
  • Acquired Prisma and Newpay in Argentina in FY2026; agreement to acquire BioCatch pending.
  • Visa is subject to complex regulations including IFR, PSD2, and UK PSR oversight.
  • Visa Europe designated as systemically important payment system by ECB, adding oversight.

• Risk Factors (Item 1A)

  Company-specific regulatory, litigation, and competitive risks with quantified exposures and pending legislation.
  Notable

  • EC settlement extended through 2029 limits certain cross-border IRFs within the EEA, capping a key revenue source.
  • U.S. GENIUS Act enacted July 2025 provides regulatory certainty for stablecoins, potentially disrupting existing payment networks.
  • Visa suspended Russia operations in March 2022, no longer generating revenue from domestic or cross-border activities related to Russia.
  • No person may own more than 15% of class A common stock or 15% of total outstanding common stock on as-converted basis.
  Negative

  • CCCA would require large issuers to offer routing choices for credit transactions, threatening Visa's network economics.
  • Federal Reserve proposes further debit interchange rate reductions with automatic biennial adjustments, creating ongoing revenue pressure.
  • China BCCI approval uncertain; even if granted, competition from UnionPay, Alipay, and WeChat Pay poses significant challenges.
  • Settlement indemnification exposure could cause insolvency if retrospective responsibility plans fail to insulate Visa.
  • Large client concentration: loss of any one of largest clients could materially harm business, with no specific percentage given.
  • Series B and C preferred stock fully convertible to class A common stock no later than 2028, diluting voting power and potentially depressing market price.

• Market for the Stock (Item 5)

  Buyback pace and dividend step-up are material capital-return facts for FY2026.
  Positive

  • Dividend raised to $0.78 per share from $0.75, a 4% increase, payable December 1, 2026.
  Notable

  • Only 314 class A holders of record; most shares held in street name, so beneficial count is far higher.

• Management's Discussion (Item 7)

  Dense with company-specific numbers: revenue, litigation accruals, buybacks, acquisitions, and volume growth.
  Positive

  • Net revenue up 15% to $45.9B in FY2026, with 10% payments volume growth and 9% processed transaction growth.
  Notable

  • Agreed to acquire BioCatch for $2.4B cash in August 2026, and acquired Prisma/Newpay in Argentina for $1.5B cash in February 2026.
  • Issued $3.0B in senior notes in February 2026; total outstanding senior notes $22.6B as of September 30, 2026.
  • Repurchased $20.5B of class A common stock in FY2026; $24.4B remaining authorized as of September 30, 2026.
  • Value-added services revenue grew 31% to $14.2B in FY2026, driven by client consulting and marketing engagements.
  Negative

  • Recorded $1.6B in additional accruals for interchange multidistrict litigation in FY2026; $17.4B estimated interchange at issue as of May 2026.

• Financial Statements (Item 8)

  Auditor flags a $623M litigation accrual as a critical audit matter; notes show $1.6B new accrual in FY2026.
  Notable

  • Visa's remaining performance obligations were $5.6B as of September 30, 2026, with about half expected to be recognized in the next two years.
  • Visa had $724M in future lease payments for leases not yet commenced as of September 30, 2026.
  • Visa's commercial paper program was increased to $7.0B in July 2026; no amounts were outstanding as of September 30, 2026.
  • Visa's U.S. qualified pension plan was terminated effective September 30, 2025, with settlement expected in 2027.
  • Visa's U.S. net revenue was 38% of total in FY2026, down from 39% in FY2025, and one client accounted for 11% of total net revenue.
  • Visa completed a class B-1 and B-2 stock exchange in May 2026, issuing 61M shares of new class B-3 stock.
  • Visa faces multiple class action claims in the UK and Europe related to interchange fees, with aggregate damages sought in the billions of euros.
  • Visa's U.S. Department of Justice antitrust lawsuit was filed in September 2024, and a motion to dismiss was denied in June 2025.
  Negative

  • Auditor flags $623M litigation accrual for MDL opt-out merchants as a critical audit matter due to estimation uncertainty.

What changed: FY2026 vs. FY2025

About 16% of V's FY2026 10-K is new information. 146 paragraphs were added, 422 changed, and 167 removed. Below are the most important lines SECSift identified.

• Financial Statements (Item 8) 175
• Business (Item 1) 88
• Management's Discussion (Item 7) 88
• Risk Factors (Item 1A) 76
• Form 10-K Summary (Item 16) 26
• Cybersecurity (Item 1C) 10
• Other Information (Item 9B) 6
• Market Risk (Item 7A) 6
• Controls and Procedures (Item 9A) 5