V US S&P 500DJIARussell 1000 Earnings call · transcribed from the recording
Visa Inc. (V) · Q4 2026 results and valuation
Share price: $425.55 · 2026-11-11
Visa Inc. provides transaction processing services, including authorization, clearing, and settlement, for consumers, financial institutions, merchants, and government entities. The company operates a global payment network that facilitates money movement across more than 200 countries and territories. Source: 10-K annual report (2025-11-06)
Results Q4 2026 vs Q3 2026 · previous quarter · published 27 Oct 2026 and 28 Jul 2026
Management sounded about as positive as a typical company call, in its script and in answers to analysts.
Only a basic analysis is available for this company at the moment.
1 · Numbers
—
Figures not yet filed
Outlook given
2 · How management spoke
Typical
More upbeat than 54% of company calls
Answers to analysts: upbeat, in line with the script.
Similar to last call.
3 · What stood out
Guidance
Visa expects first quarter EPS growth to be in the low end of mid-teens.
Valuation
Is Visa Inc. undervalued?
Reverse DCF. Free cash flow from the last full fiscal year (2025-09-30), grown for 10 years, discounted back, plus a terminal value. “Implied growth” is the rate the current price assumes.
At 10.9% growth a year (3-year revenue growth), the model's fair value is $284.74 a share — the stock trades 49% above it. Today's price assumes 16.3% growth a year.
Current price
$425.55
close of 2026-11-11
Market implies growth of iThe yearly free-cash-flow growth, for the next 10 years, that today’s share price already assumes. If you believe the company grows faster than this, the stock is cheap under this model; slower, and it is expensive.
+16.3% for 10 yrs
Fair value / share
$284.74
Buy below
$213.56
Price vs fair value
Overvalued 49%
Price vs buy-below price
Overvalued 99%
Read between the lines
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Rising
CMS revenue grew 19% and VAS revenue grew 30%, both in constant dollars, and their revenue collectively represents more than 40%…
Source quote
“CMS revenue grew 19% and VAS revenue grew 30%, both in constant dollars, and their revenue collectively represents more than 40%... This resulted in four-year record net revenue of $46 billion, up 15%, the strongest net revenue growth in over 15 years, excluding the post-pandemic recovery and acquisitions. Our drivers for the year were strong.”
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Guidance
That is what drove the 30% VAS constant dollar revenue growth in 2026 and is why Visa expects strong VAS growth in the low to mid 20s...
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Figure
Visa finished the year with fourth quarter net revenue of $12.1 billion, up 13%
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Fading
A reflection of resilient consumer spending, improved key business drivers and effective execution of Visa's strategy.
Source quote
“A reflection of resilient consumer spending, improved key business drivers and effective execution of our strategy. We delivered a strong quarter. In constant dollars, global payments volume was up 10%.”
Tone
How upbeat the language was, compared with other companiesiTone counts positive minus negative finance words, adjusted for length. Executives mostly speak positively, so the labels compare each call with every company's latest call: “typical” is the middle third, “very upbeat” the top tenth, “cautious” the bottom tenth.. Dot: Q4 2026. Ring: Q3 2026.
Script and answers carried a similar tone, so the script's message held up under questioning.
Sentences that drove the tone
“Commercial and money movement solutions revenue grew 16% year-over-year in constant dollars, with strong growth in the underlying drivers.”
“Growth across consumer spend bands remained relatively consistent with prior quarters, with the highest spend band continuing to grow the fastest.”
“On acceptance, we have well over 200 million seller locations driven by a more than 40% increase in Brazil, a more than 60% increase in Mexico, and a more than...”
Full figures
Q4 2026 figures are not available yet: the company files its quarterly report (10-Q) a few weeks after the call. This page compares what management said; the figures are added when the report is filed.
Topics
Most discussed now
- Commercial payments volume grew 12% for the year in constant dollars, faster than consumer and the fastest annual growth rate...
- Card presence spend payments volume growth elevated above pre- and post-tournament levels.
- Of course, this list is not exhaustive, and with all of Visa offers its Visa cybersecurity advisory practice to help...
- Additional information concerning those factors is available in Visa's most recent annual report on form 10k and any subsequent reports...
- Visa's comments today regarding its financial results will reflect revenue on a gap basis and all other results on a...
Faded since Q3 2026
- Fading Growth across consumer spend bands saw incremental improvement from Q2, with the highest spend band continuing to grow the fastest.
- Fading Understanding client needs and then bringing solutions
- Fading If I shift to PISMO, it was a reminder, Pismo is a cloud-native, API based issuer processing and core banking...
Latest announcements
Official filings, newest first. Summaries are generated from each filing and its attachment; every figure is checked against the source.
- Results of operations; Other events · SEC 8-K
Visa reported net revenue of $12.1 billion for the fiscal fourth quarter of 2026, representing a 13% increase on both a nominal and constant-dollar basis compared to the prior year.
- Other events · SEC 8-K
Visa Inc. authorized a $405 million deposit into its U.S. litigation escrow account, resulting in downward conversion rate adjustments for class B-1, B-2, and B-3 common stock as of September 18, 2026.
- Results of operations; Other events · SEC 8-K
Visa Inc. issued an earnings release on July 28, 2026, for the fiscal third quarter ended June 30, 2026.
- Articles or bylaws amended · SEC 8-K · routine
- Other events · SEC 8-K
Visa Inc. authorized a $250 million deposit into its U.S. litigation escrow account, resulting in downward conversion rate adjustments for class B-1, B-2, and B-3 common stock effective June 25, 2026.
- Material agreement; Other events · SEC 8-K
The estimated interchange reimbursement fees for unresolved claims in U.S. covered litigation were $17.4 billion as of May 11, 2026.
- Regulation FD disclosure · SEC 8-K
Visa announced the expiration of its exchange offer on May 8, 2026, accepting approximately 2.7 million shares of Class B-1 and 119.8 million shares of Class B-2 common stock.
- Results of operations; Other events · SEC 8-K
Visa reported net revenue of $11.2 billion, an increase of 17% over the prior year, and GAAP net income of $6.0 billion, up 32% year over year.