Visa Inc. closed fiscal 2026 with another quarter of double-digit expansion, reporting fiscal Q4 net revenue of $12.1 billion, a 13% increase from a year earlier on both a nominal and constant-dollar basis. Adjusted earnings per share reached $3.48, ahead of the $3.44 consensus, while GAAP EPS came in at $3.19.
Payment volume increased 9% in constant currencies during the September quarter, easing from 10% in the preceding period. Cross-border volume rose 14%, excluding intra-Europe transactions also grew 14%, and processed transactions climbed 10%. Management said travel-related cross-border volume was up 13%, with improvement in both inbound and outbound activity in Central and Eastern Europe, the Middle East and Africa.
For the full fiscal year, net revenue reached $45.9 billion, up 15%, with GAAP EPS up 21% to $12.32 and non-GAAP EPS up 16% to $13.27. The board raised the quarterly dividend 16% to $0.780 per share, and Visa returned $5.2 billion to shareholders in the quarter and $25.6 billion for the fiscal year.
The most notable crypto-adjacent development was stablecoin settlement. Visa said its stablecoin settlement activity surpassed a $25 billion annualized run rate, roughly ten times the level a year earlier. The company said it can support settlement across 10 blockchains and is operating in all five regions. Visa also reported that stablecoin pre-funding and cross-border money movement through Visa Direct moved from pilot to commercial production, with U.S. payments infrastructure provider Inyo Global as its first live partner.
Visa is also participating in the Monetary Authority of Singapore’s BLOOM initiative, which is examining interoperability between traditional payment systems and stablecoin-based rails. The strategic question is how these tools can make settlement faster or more flexible while preserving compliance controls and existing network relationships.
From an investment perspective, adjusted operating expenses rose 12%, slightly below the 13% revenue increase, indicating modest operating leverage. That compares with a 17% expense jump in the prior quarter. Valuation remains a hurdle: Visa traded around 27x forward earnings ahead of the release, versus roughly 23x in March. Investors will compare Mastercard’s third-quarter results on Thursday for broader payment and stablecoin trends.
