During fiscal year 2025, Visa delivered strong financial results. Net revenue increased 11 percent to $40 billion. GAAP earnings per share was $10.20 and non-GAAP earnings per share was $11.47, up 5 percent and 14 percent from the prior year, respectively.¹ Visa’s total payments and cash volume was $17 trillion and 329 billion total Visa-branded transactions were processed by Visa or other networks, equating to an average of 901 million transactions per day.

In 2025, Visa’s solutions helped our clients and partners deliver digital payments to individuals and businesses around the world, benefiting communities and economies globally. We ended the year with nearly five billion payment credentials, up six percent from last year. Additionally, we have made significant progress against each of our three growth levers: consumer payments, commercial and money movement solutions and value-added services.

In consumer payments, Visa’s opportunity is enormous: Over half of the more than $40 trillion in global consumer spending is still made with cash, check, legacy Automated Clearing House (ACH), account to account (A2A) payments and real time payments (RTP) or other less effective forms of digital payments.² We are targeting high-growth segments such as ecommerce, affluent, credit expansion and cross-border commerce. We are proud of the progress we’ve made with innovative solutions that expand choice, reach and convenience. For example: 

• Visa Flex Credential, which continues to gain momentum, enabling consumers to access many underlying funding sources with a single credential powered by Visa token technology
• Visa Accept, which enables even the smallest sellers to accept contactless card payments with just a Visa debit card and an NFC-capable smartphone
• Visa Pay, which connects any participating wallet to any Visa-accepting seller worldwide — local or international, in store or online.

By targeting high-growth segments and scaling these solutions globally, we are unlocking incremental volume while helping consumers and sellers transition away from cash and legacy payments toward secure, modern, digital payments. 

Beyond consumer payments, commercial and money movement solutions build on our decades of experience to address the estimated $200 trillion annual opportunity by digitizing business-to-business, peer-to-peer and other flows still burdened by manual processes.³ We hold a leading share of about 40 percent in commercial card payments and are expanding into new use cases, like virtual cards for supplier payments and embedded finance for small businesses.⁴ In our Visa Direct business, transactions have grown roughly eightfold since 2019 to more than 12.5 billion in 2025, making it one of the world’s largest money movement platforms. 

Through value-added services, we’ve deepened our relationships with clients to address the approximately $520 billion of revenue opportunity, delivering value across a diverse portfolio of services encompassing Issuing Solutions, Acceptance Solutions, Risk and Security Solutions and Advisory and Other Services.⁵ These offerings drove revenue of nearly $11 billion in 2025 and have grown at a compound annual growth rate of more than 20 percent since 2021 in constant dollars. This year, we expanded Pismo’s offerings to clients in more than five countries across four regions. In Risk and Security Solutions, our award-winning product, Visa Protect for A2A, is helping to detect and prevent fraud through the power of AI. In Consulting, we estimate that we helped clients realize over $6.5 billion of incremental revenue across almost 4,500 engagements.

In each one of our growth levers, clients are at the center of everything we do. We work with many of the most influential financial institutions and technology innovators to drive shared success. Our latest Annual Global Client Engagement Survey reflected this commitment, showcasing a Global Net Promoter Score of 76, a clear signal of the strong relationships and trust we continue to build with clients worldwide. 

As commerce evolves, so do buyer and seller preferences. New ways to pay and be paid emerge: card, account-to-account, buy now pay later, digital wallets, crypto and agent-led commerce. But for any of these to gain real traction, they need scale, trust and ease of use. That means safety, security, reliability, fraud management, cybersecurity, tokenization, dispute resolution, chargeback protection, directory capabilities, brand and relentless innovation. That is what Visa does best. It is the combination of our infrastructure, capabilities, services, application programming interfaces (APIs) and connections that allow us to deliver seamless, secure digital payment experiences to billions of buyers and sellers worldwide.

We call this powerful combination the Visa as a Service stack. The foundational layer of our stack is global connectivity, our network and our network of networks that power commerce and money movement. The services layer provides the modular building blocks of our core capabilities, including credentials, tokens, authentication, risk management and fraud detection. The solutions layer is our comprehensive portfolio where we take the components from the services layer and combine and enhance them to create unique offerings for a broad array of customers and partners across our three growth levers: consumer payments, commercial and money movement solutions and value-added services. Finally, the access layer is the client entry point to Visa’s solutions. We use an open partnership model, enabling access to our global network through custom integrations, APIs and structured data exchange.

Through this stack, Visa has become a hyperscaler for payments, empowering small businesses, venture-backed fintechs and global banks to operate at scale instantly, almost anywhere around the world. With six-9’s reliability, sub-second response times and reach across more than 200 countries and territories in approximately 160 currencies, Visa is the trusted engine behind modern commerce. And as commerce continues to evolve, Visa is shaping the innovations and infrastructure that will define its future.

With billions of transactions flowing over our network each year, we have an unparalleled real-time view of global commerce, spotting shifts in how people shop, pay and move money before they make headlines. These insights reveal where commerce is heading, helping our partners, clients and consumers anticipate change, adapt with confidence and seize opportunities in a rapidly evolving world.

Tap to Everything: The future of trusted data exchange

When consumers are paying in person, tap has evolved beyond being merely a convenient option; it has become the default way to pay and be paid. In September 2025, Tap to Pay transactions comprised 79 percent of all Visa face-to-face payments globally, up approximately eight percentage points from last year and up approximately 36 percentage points in the past five years. 

Tap technology is also reshaping how small businesses accept payments and is growing the digital economy around the world. Tap to Phone enables businesses to accept contactless payments using only a smartphone.

• In 2025, smartphones were used to accept over $33 billion in payments volume via tap, more than doubling from the previous year.
• Tap to Phone reached over 20 million transacting devices while more than one in three Tap to Phone sellers were new to Visa, underscoring its role in expanding our ecosystem.
• Among these new entrants, the largest share came from everyday spend categories such as beauty and barber shops, food and grocery stores, restaurants and bars, sectors where speed and convenience are critical to the customer experience.

Many additional use cases for our Tap technology are emerging. Tap to Add Card makes it seamless for consumers to add Visa cards to their digital wallets or merchant apps. Launched just a year ago, it is live with over 600 issuers. Fraud rates when using Tap to Add Card are significantly lower than manual key entry. New capabilities such as Tap to P2P (enabling person-to-person transfers via digital wallets), Tap to Activate (enabling secure card authentication) and Tap to Confirm (enabling easy card verification for transactions and account updates) will further extend the value of Tap to consumers and businesses.

Farewell, guest checkout

Since the rise of the consumer internet 30 years ago, ecommerce checkout has been cumbersome, requiring consumers to manually enter card details, retype shipping information, remember passwords and navigate multiple screens. That era is ending. Manual entry guest checkout is headed toward extinction, replaced by seamless, secure and frictionless payment experiences.

The share of Visa ecommerce transactions using manual entry guest checkout has dropped from 44 percent in 2019 to just 16 percent in 2025, and among our top 25 ecommerce sellers, it is less than four percent. Just as smartphones replaced the need to remember phone numbers and search engines replaced remembering URLs, manual entry is giving way to faster and easier options. Card-on-file commerce, where merchants store credentials for recurring payments, and "button" checkout via digital wallets from technology platforms and financial institutions now account for 84 percent of Visa ecommerce transactions.⁶

Hello, tokenization

This shift away from manual entry guest checkout is powered by Visa’s tokenization technology. Tokenization replaces sensitive card information with a unique, secure digital identifier that can only be used in the specific context it was issued. Even if intercepted, it is useless to anyone else, keeping payments safe. It is the technology that enables both digital wallet checkout experiences and secure card-on-file systems. For more than a decade, Visa has been the driving force behind the use of tokenization in payments. Today, more than 50 percent of ecommerce transactions in our ecosystem are tokenized, driving closer to our ultimate goal of 100 percent tokenization.⁶ This technology delivered an authorization lift of nearly five percent for ecommerce sellers, resulting in more than $110 billion in incremental sales in 2024.⁷ In addition, transactions using Visa tokens had more than 35 percent lower fraud, saving $1.1 billion for the year.⁷ We are augmenting tokens with enhanced data, passkeys and other innovations to continue improving the speed and security of ecommerce transactions.

Smarter fraud, smarter defense: Staying ahead of the threat curve

As digital commerce becomes faster, simpler and more connected, the threat landscape is evolving just as quickly. Ensuring safety and security behind the scenes is no small challenge in a world growing riskier.

But as fraudsters grow more advanced, so does Visa’s ability to stop them. In 2025, we blocked nearly twice as many fraudulent ecommerce transactions as the prior year — over 400,000 additional blocked transactions each day — and reduced ecommerce fraud rates across our ecosystem by eight percent.⁸ This progress reflects the impact of $13 billion invested in technology and infrastructure over the past five years, safeguarding the integrity of the payments ecosystem and accelerating the decline in fraud rates we’ve seen in recent years. Scams, where transactions are made by authorized users under deception, are a distinct form of fraud and one of the fastest-growing threats we are targeting. Through the launch of Visa Scam Disruption last year, we have worked with clients and law enforcement to dismantle more than 25,000 scam merchants representing more than $1 billion in fraud attempts. Looking ahead, we are extending these fraud prevention capabilities into agent-based commerce tools.

Agents are the new commerce platform

Generative AI-driven, or agentic, commerce is transforming the digital shopping experience. This shift will rival the impact that online shopping and mobile devices have had on commerce in past decades. And consumer AI adoption is expanding with unprecedented speed. For example, it took less than three months for ChatGPT to reach 100 million users.⁹

As highlighted when discussing the decline of guest checkout, commerce has evolved from manual checkout to embedded experiences powered by tokenization. Generative AI now pushes the frontier further into autonomous commerce, where intelligent agents initiate and complete transactions on behalf of consumers. AI is already influencing shopping discovery: Referral traffic from Generative AI to U.S. retail sites grew 1,100 percent from July 2024 to January 2025, accelerating to 4,700 percent year-over-year in July 2025.¹⁰

Agentic commerce is the next major platform shift, making shopping and buying much easier for consumers. However, as AI agents enter payment flows, they introduce new complexity and risk — challenges Visa is uniquely equipped to address. In April 2025, we launched Visa Intelligent Commerce, a framework to provide agents with Visa credentials while enabling trust, security and interoperability across the ecosystem. We’ve since introduced the Visa Trusted Agent Protocol, allowing sellers to use existing websites as agent-friendly storefronts, scaling faster and simplifying integration. Visa is actively engaging with a broad range of ecosystem participants, including leading AI and technology platforms. These engagements positioned Visa as a critical enabler, bringing our security, reliability, scale and trust to agentic commerce.

Stablecoins: A powerful next generation of financial infrastructure

Like Generative AI, stablecoins have tremendous growth and disruption potential but are in early stages of adoption. Unlike existing systems where payment instructions and settlement occur on separate, fragmented ledgers, stablecoins unify messaging and monetary transfer on a single, shared ledger. Transactions settle directly on public blockchains, which are open, global and operate 24/7, enabling instant settlement with the stability of fiat money.

Regulatory progress, including the GENIUS Act in the U.S. and other developments globally, is shifting stablecoins from a niche instrument favored by early adopters to trusted infrastructure for regulated institutions. This shift opens the door for banks, networks and platforms to participate with confidence.

Beyond capital markets use cases, we see product market fit for stablecoins in two important areas: providing a fiat store of value and enabling more efficient cross-border money movement. In regions where cross-border costs are high and banking access is limited, stablecoins enable dollar-denominated payments and provide new endpoints as well as new ways to send and receive money — supporting person-to-person payments, business payments and disbursements.

To serve these use cases, Visa already has several stablecoin offerings, with additional capabilities in development:

• Enabling consumers to spend stablecoins through stablecoin-linked cards. We’ve processed $3.7 billion in payments volume in more than 200 countries and territories, originating from 1.9 million stablecoin-denominated cards in the last year. We have seen the strongest growth in emerging markets such as Colombia, Argentina and Brazil.¹¹
• Delivering faster settlement in stablecoins like USDC, unlocking seven-days-a-week settlement among Visa issuers and acquirers, reducing collateral needs, accelerating fund availability and improving liquidity. We’ve settled nearly $800 million through this capability since 2023, and monthly volume has now passed a $2.5 billion annualized run rate. 
• Facilitating cross-border payments with stablecoin prefunding for Visa Direct, allowing businesses to fund global payouts 24/7. In November, we also launched a pilot enabling payouts directly to stablecoin wallets, giving creators and gig workers faster access to their funds.
• Helping financial institutions identify and adopt stablecoin solutions to improve their businesses, bringing them on chain with a full-stack stablecoin platform.

Visa will anchor stablecoins with trust, standards, connectivity, billions of endpoints, scale and interoperability, making them a dependable part of the payments ecosystem.

We are entering a once in a lifetime inflection point in payments, a shift where payments are simultaneously becoming more intelligent and fully integrated into the fabric of commerce. The convergence of AI, tokenization, digital identity, stablecoins and more is not simply upgrading the way money moves, it is creating a network that thinks, learns and protects in real-time. Through our Visa as a Service stack, we have built the foundation, the tools and the reach to enable this new era, giving every client from the smallest startup to the largest bank the ability to scale instantly, innovate confidently and operate securely in a more connected world. This is more than transformation. It is the architecture for the future of commerce and Visa is a leader in its design. 

I want to extend my gratitude to our shareholders for their continued commitment and support. To our clients and partners, thank you for trusting us with your business. You are at the center of everything we do, and we are focused on your success. And to the more than 34,000 Visa employees, I deeply appreciate your dedication, leadership and collaboration. It is a privilege to lead this great company during these dynamic times. Thank you for a great 2025. Let’s work together to make 2026 and beyond even better. 

Ryan McInerney
Chief Executive Officer