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Visa V Client incentives — Net revenue

Other product segments

Data processing revenue
$6.04B+17.3%
Service revenue
$4.92B+13.7%
International transaction revenue
$3.85B+6.1%
Other revenue
$1.5B+45.5%

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Other financials

Income statement

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Revenue$11.6B+14.4%
Gross profit$11.4B+14.1%
Operating income$6.9B+11.3%
Net income$5.6B+6.8%
EPS (diluted)$2.97+10.4%

Balance sheet

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Cash & equivalents$18.8B-23.2%
Total debt$26.9B-12.5%
Total equity$35.2B-9.0%
Total assets$94.6B-5.4%

Cash flow

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Operating cash flow$6.6B-2.6%
CapEx$417.0M-1.0%
Free cash flow$6.1B-2.7%

Valuation

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Market cap$688.08B+4.3%
Enterprise value$696.17B+4.6%
P/E30.5×-2.0×
P/S15.5×-1.5×

Profitability

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Gross margin97.7%-0.1pp
Operating margin60.7%-1.5pp
Net margin50.8%-1.4pp
FCF margin47.2%-9.5pp

Returns & leverage

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Return on equity61.2%+9.4pp
Debt / equity0.8×0.0×
Current ratio1×-0.1×

Where this comes from

Reported directly by Visa in its filing.

Tagged under the XBRL concept us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax.

The source filing: Visa’s 10-Q, filed July 29, 2026.

Filed
Jul 28, 2026, 8:00 PM EDT
Fiscal quarter
Q3 FY2026
Calendar quarter
Q2 2026
Accession
0001403161-26-000104
Line itemThree Months Ended June 30, 2026Three Months Ended June 30, 2025Nine Months Ended June 30, 2026Nine Months Ended June 30, 2025
Service revenue$4,922$4,330$14,663$12,937
Data processing revenue6,0425,15317,12914,599
International transaction revenue3,8533,63311,13610,366
Other revenue1,4961,0284,0302,877
Client incentives(4,680)(3,972)(13,194)(11,503)
Net revenue$11,633$10,172$33,764$29,276

ITEM 1. Financial Statements (Unaudited)

FAQ

What is Visa's client incentives — net revenue?
Visa (V) reported client incentives — net revenue of -$4.68B in Q2 2026.
How has Visa's client incentives — net revenue changed year-over-year?
Visa's client incentives — net revenue decreased by 17.8% year-over-year, from -$3.97B to -$4.68B.
What is the long-term trend for Visa's client incentives — net revenue?
Over 4 years (2021 to 2025), Visa's client incentives — net revenue has grown at a 17.1% compound annual growth rate (CAGR), from -$8.37B to -$15.75B.
What does client incentives — net revenue mean?
This metric represents the contra-revenue payments made to financial institution clients, such as banks and payment processors, to incentivize them to issue Visa-branded cards and drive transaction volume through the network. These incentives are typically structured as volume-based rebates or marketing support agreements designed to secure long-term partnerships and competitive positioning. As a contra-revenue item, it directly offsets gross revenue to reflect the net economic benefit of the payment processing services provided.

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