Visa (V) Q4 2025 Earnings: Revenue Up 12%, Full-Year Net Income Tops $20 Billion

Visa Inc.’s fiscal Q4 2025 results highlighted “continued healthy consumer spending” that drove “net revenue up 12% to $10.7 billion.” For the full year, the company “delivered strong performance, with net revenue of $40 billion, up 11%, and broad-based growth across key metrics, underscoring the durability of our diverse business model.”

CEO Ryan McInerney said Visa “continued to invest in our Visa as a Service stack to serve as a hyperscaler across the payments ecosystem,” adding that as “AI-driven commerce, real-time money movement, tokenization and stablecoins converge to reshape commerce, our focus on innovation and product development positions Visa to lead this transformation.”

The payments giant reported Q4 GAAP net income of $5.1 billion, or $2.62 per share, and non-GAAP net income of $5.8 billion, or $2.98 per share. For fiscal 2025, GAAP net income was $20.1 billion, or $10.20 per share, and non-GAAP net income reached $22.5 billion, or $11.47 per share. Net revenue climbed 11% for the year to $40.0 billion, or 12% on a constant-dollar basis.

Key business drivers remained robust. “Payments volume increased 9% in the quarter and 8% for the full year,” while “cross-border volume excluding transactions within Europe increased 11% in the quarter and 13% for the full year.” Total processed transactions reached “67.7 billion for the quarter, a 10% increase,” and “257.5 billion for the year, also a 10% increase.”

By segment, “service revenue was $4.6 billion, an increase of 10%,” “data processing revenue rose 17% to $5.4 billion,” and “international transaction revenue grew 10% to $3.8 billion.” Other revenue rose 21% to $1.2 billion, while client incentives increased 17% to $4.2 billion.

Operating expenses rose sharply. “GAAP operating expenses were $4.6 billion for the fiscal fourth quarter, a 40% increase … primarily driven by increases in the litigation provision and personnel expenses.” Excluding those items, “non-GAAP operating expenses increased 13%.” For the full year, “GAAP operating expenses were $16.0 billion, a 30% increase … Excluding these items, non-GAAP operating expenses increased 11%.”

Visa continued to return substantial capital to shareholders. The company “repurchased approximately 54 million shares of class A common stock at an average cost of $335.44 per share for $18.2 billion,” and the board “increased Visa’s quarterly cash dividend 14% to $0.670 per share.”

At quarter’s end, “cash, cash equivalents and investment securities were $20.0 billion,” and the company generated “net cash provided by operating activities of $23.1 billion.”

McInerney emphasized Visa’s positioning amid ongoing digital transformation: “Our focus on innovation and product development positions Visa to lead this transformation” as it continues investing in technologies that “serve as a hyperscaler across the payments ecosystem.”

You can read the entire earnings release here:

Visa Reports Fiscal Fourth Quarter and Full-Year 2025 Results