VISA INC. (V)

Price—Loading quote

AI: Overvalued

Price checkThe price assumes years of fast growth and offers little protection against disappointment.

Visa closed at $364.15 on August 14, valuing its shares near $668 billion. Investors are paying about $31 for each $1 of trailing earnings and $31.81 for each $1 of free cash flow, meaning cash left after operating and investment spending. If earnings per share grow 13% annually for five years but the valuation falls to 24 times earnings, the estimated annual return, including dividends, is only about 8%. That is below a 9% value-investor hurdle and provides no meaningful safety margin.

Big pictureRevenue and cash have compounded steadily, though slower spending would still weaken growth.

Annual revenue rose from $21.8 billion in 2020 to $40.0 billion in 2025, while net income increased from $10.9 billion to $20.1 billion. Fiscal 2025 produced $21.6 billion of free cash flow. Trailing free cash flow remained strong at $21.0 billion despite litigation payments and tax timing. Visa avoids consumer credit losses because banks make the loans, but its fees still depend on payment activity. A recession or weaker international travel would slow transaction growth, especially profitable cross-border payments.

Business strengthVisa combines an exceptional payment network with manageable debt and effective share retirement.

At June 2026, Visa had $13.8 billion of cash and investments against $23.9 billion of debt. The resulting $10.1 billion net debt was less than half trailing net income, while operating profit covered interest comfortably. During the first nine months of fiscal 2026, Visa spent $16.5 billion repurchasing 50 million shares at an average $328.29. Total shares fell 2.88% year over year despite $728 million of share-based employee compensation. However, buybacks plus $3.9 billion of dividends exceeded free cash generation, limiting balance-sheet improvement.

What could change the storySustained double-digit growth could justify the price, while weaker volumes or costly expansion would not.

The bull case requires Visa to sustain roughly 12% to 14% revenue growth while buybacks keep lifting per-share results. Third-quarter revenue rose 14%, supported by 10% payment-volume growth, 13% cross-border growth and 10% more processed transactions. Growth below 10% for several quarters would undermine the current valuation. Specific bear evidence includes $1.1 billion of new interchange-litigation accruals and the $2.4 billion BioCatch purchase. Conversely, continued double-digit volume growth and profitable security services would make today’s demanding assumptions more credible.

$364.15 price considered

AI: News

Quarterly results beat forecastsRevenue and adjusted earnings beat forecasts as consumer spending and international payments remained resilient.

On July 28, Visa reported fiscal third-quarter revenue of $11.6 billion, up 14%, and adjusted earnings of $3.32 per share, versus estimates near $11.38 billion and $3.22. Payment volume and processed transactions each grew 10%, while cross-border volume increased 13%. The shares fell about 2.2% in after-hours trading despite the beat. That reaction cannot be attributed solely to results because Visa announced a major workforce reduction the same day.

Workforce reduction announcedVisa is cutting seven percent of employees to lower costs and redirect resources toward growth.

Visa said on July 28 that it would eliminate approximately 2,600 positions, mainly in technology and product teams, representing about 7% of employees. The quarter included a $563 million pretax severance charge. Shares traded roughly 1.5% higher before the market opened, but the move preceded earnings and does not establish causation. Lower payroll could support future profit, while cuts in technical teams create a company-specific risk if product development or network reliability suffers.

BioCatch acquisition agreedVisa is paying heavily to expand fraud prevention beyond transactions into customer behavior and account access.

On August 3, Visa agreed to acquire fraud-detection company BioCatch for $2.4 billion in cash. BioCatch serves more than 350 banks across 21 countries and monitors behavior to identify account takeovers, scams and fraudulent applications before payment occurs. It has reported more than $100 million of annual recurring revenue, implying a purchase price above 24 times that figure. Visa could expand this service through its banking relationships, but the price leaves substantial integration and growth risk. Shares closed 0.13% lower; attribution is uncertain.

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Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008	2007
Revenue	$40.00B	$35.93B	$32.65B	$29.31B	$24.11B	$21.85B	$22.98B	$20.61B	$18.36B	$15.08B	$13.88B	$12.70B	$11.78B	$10.42B	$9.19B	$8.06B	$6.91B	$6.26B	$3.59B
Operating income	$23.99B	$23.59B	$21.00B	$18.81B	$15.80B	$14.08B	$15.00B	$12.95B	$12.14B	$7.88B	$9.06B	$7.70B	$7.24B	$2.14B	$5.46B	$4.59B	$3.54B	$1.23B	−$1.45B
EBITDAderived	$25.21B	$24.63B	$21.94B	$19.67B	$16.61B	$14.85B	$15.66B	$13.57B	$12.70B	$8.38B	$9.56B	$8.13B	$7.64B	$2.47B	$5.74B	$4.85B	$3.76B	$1.47B	−$1.32B
Net income	$20.06B	$19.74B	$17.27B	$14.96B	$12.31B	$10.87B	$12.08B	$10.30B	$6.70B	$5.99B	$6.33B	$5.44B	$4.98B	$2.14B	$3.65B	$2.97B	$2.35B	$804.0M	−$1.08B

Review source filings at SEC.gov ↗

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)48$206.82M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jun 29, 2026Form 4 · 10b5-1	MCINERNEY RYANChief Executive Officer	SellClass A Common Stock	21.0K	$340.25	$7.14M	15.2K
May 12, 2026Form 4	Suh ChrisCHIEF FINANCIAL OFFICER	SellClass A Common Stock	10.6K	$324.81	$3.46M	9.9K
Apr 29, 2026Form 4 · 10b5-1	MCINERNEY RYANChief Executive Officer	SellClass A Common Stock	31.5K	$340.14	$10.70M	15.2K
Mar 11, 2026Form 4	CARNEY LLOYDDirector	SellClass A Common Stock	650	$309.62	$201.3K	2.7K
Jan 2, 2026Form 4 · 10b5-1	MCINERNEY RYANChief Executive Officer	SellClass A Common Stock	10.5K	$349.18	$3.66M	9.4K

Review ownership filings at SEC.gov ↗

VISA INC. (V)

Financial charts

Financial statements

Insider buys & sells