Visa reported $23.5 billion net income for the year ended Sep 30, 2026.

Unless the context indicates otherwise, reference to Visa, we, us, our or the Company refers to Visa Inc. and its consolidated subsidiaries.

Visa and our other trademarks referenced in this report are Visa's property. This report may contain additional trade names and trademarks of other companies. The use or display of other companies' trade names or trademarks does not imply our endorsement or sponsorship of, or a relationship with, these companies.

Forward-Looking Statements

This Annual Report on Form 10-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, the impact on our future financial position, results of operations and cash flows; prospects, developments, strategies and growth of our business; anticipated expansion of our products in certain countries and territories; size and growth of the total addressable opportunities in consumer payments, commercial and money movement solutions and value-added services and our ability to capture such opportunities; industry and regulatory developments; anticipated timing and benefits of our acquisitions; expectations regarding litigation matters, investigations and proceedings; timing and amount of stock repurchases; sufficiency of sources of liquidity and funding; effectiveness of our risk management programs; and expectations regarding the impact of recent accounting pronouncements on our consolidated financial statements. Forward-looking statements generally are identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "projects," "could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed in, or implied by, any of these forward-looking statements in Item 1 , Item 1A , Item 7 and elsewhere in this report. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

Overview

Visa is one of the world's leaders in digital payments.¹ Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. Since Visa's early days in 1958, we have been in the business of facilitating secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers in a structure we call the "four-party" model.² Please see Four-Party Model discussion below.

As the payments ecosystem continues to evolve, we have broadened this model to include digital banks, digital wallets, a range of financial technology companies (fintechs), governments and non-governmental organizations (NGOs). We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories. With the emergence of new forms of commerce and money movement, we believe Visa's trusted brand, global network, security capabilities and risk management expertise position us to serve as a trust layer across the ecosystem, helping clients and partners adopt new technologies and payment experiences with confidence. Visa is committed to advancing innovation within the payment technology sector. Building upon our track record of industry leadership, including early adoption and integration of artificial intelligence (AI) models in payment systems, Visa continues to invest in the development and deployment of next-generation technologies, such as generative AI (GenAI), stablecoins and agentic commerce. Visa is embedding AI and agentic capabilities across both its internal workflows and its products, enabling internal efficiencies and more automated, analytics-driven solutions for clients and partners. These solutions, in turn, are helping our clients improve fraud prevention, risk management and payment performance, while enhancing the security, reliability and trust that underpin payments. During fiscal 2026, 355 billion payments and cash transactions with Visa's brand were processed by Visa or other networks, equating to an average of 973 million transactions per day. Of the 355 billion total transactions, 281 billion were processed by Visa.³

• We offer a wide range of Visa-branded payment products that our clients, including over 14,000 financial institutions, use to develop and offer payment solutions⁵ or services, including credit, debit, prepaid and cash access programs for individual, business and government account holders. During fiscal 2026, Visa's total payments and cash volume was $18 trillion⁴, and we had over 5 billion payment credentials, which are issued Visa card accounts, that were available to be used at more than 400 million (1) seller locations worldwide.⁵

• We take an open partnership approach and seek to provide value by enabling access to our global network through multiple integration methods, including programmatic access via application programming interfaces (APIs) and structured data exchange through our Model Context Protocol (MCP) server. We partner with traditional financial institutions and emerging fintech and AI companies to innovate and expand the payments ecosystem, enabling them to leverage our platform infrastructure to accelerate their business growth and market expansion.

• We are using our componentized capabilities and global connectivity to power all types of payments and deliver services to all types of clients worldwide through our Visa as a Service stack, which has four layers: the foundation layer, the services layer, the solutions layer and the access layer. Our foundation layer comprises the network infrastructure that enables connections to more than 18 billion cards, bank accounts and digital wallets with more than 400 million seller locations across more than 200 countries and territories. Our services layer organizes core capabilities, including authentication, risk management and fraud detection, into discrete, reusable components that can be utilized individually or combined into solutions. These modular services are the building blocks of our comprehensive portfolio in our solutions layer, which we have enhanced to create new features and capabilities for our clients. Finally, the access layer provides clients the entry point to these solutions via on-demand APIs, our MCP server that enables AI

(1) Data provided to Visa by acquiring institutions and other third parties as of June 30, 2026 and includes Visa internal estimates of over 200 million indirect acceptance locations through digital wallet partnerships, but excludes sellers behind digital marketplaces that accept Visa as a payment method for purchases.

Table of Contents systems to interface with our Visa Intelligent Commerce APIs, or fully managed solutions. The Visa as a Service stack enables organizations of any size to access the reach, reliability and scale of Visa, the leading hyperscaler of payments globally.

• We are accelerating the migration to digital payments through our network of networks strategy. We aim to provide a single connection point so that Visa clients can enable money movement for businesses, governments and consumers, regardless of which network is used to start or complete the transaction. This model ultimately helps to unify a complex payments ecosystem. Visa's network of networks approach creates opportunities by facilitating person-to-person (P2P), business-to-consumer (B2C), business-to-business (B2B) and government-to-consumer (G2C) payments, in addition to consumer-to-business (C2B) payments.

• We provide commercial and money movement solutions (CMS) that help businesses, consumers and governments digitize, simplify and improve the movement of money