Q: What is Visa(V) 2026 Earnings Summary?

**Bullish Points:**

1. Net revenue for the three months ended December 31, 2025 increased by 15% to $10,901 million compared to $9,510 million in the prior-year period, primarily due to growth in nominal cross-border volume, processed transactions, and nominal payments volume.

2. Net income for the three months ended December 31, 2025 increased by 14% to $5,853 million compared to $5,119 million in the prior-year period.

3. Diluted earnings per share for the three months ended December 31, 2025 increased by 17% to $3.03 compared to $2.58 in the prior-year period.

4. Cash provided by operating activities for the three months ended December 31, 2025 increased to $6,780 million from $5,396 million in the prior-year period.

5. Visa repurchased 11 million shares of class A common stock in the open market for $3.8 billion during the three months ended December 31, 2025.

6. Visa declared and paid dividends of $1.3 billion for the three months ended December 31, 2025.

**Bearish Points:**

1. Operating expenses for the three months ended December 31, 2025 increased by 27% to $4,164 million compared to $3,276 million in the prior-year period, driven by higher litigation provision.

2. Litigation provision for the three months ended December 31, 2025 increased significantly to $708 million from $44 million in the prior-year period, primarily due to higher accruals related to the U.S. covered litigation.

3. Cash used in financing activities for the three months ended December 31, 2025 increased to $8,986 million from $5,475 million in the prior-year period, primarily due to the principal debt repayment upon maturity of senior notes due December 2025.

**Summary:**

Visa's financial report for the three months ended December 31, 2025, shows a strong performance with significant increases in net revenue, net income, and diluted earnings per share. The company also demonstrated robust cash flow from operating activities and continued to return value to shareholders through share repurchases and dividend payments. However, the report also highlights a substantial increase in operating expenses, primarily due to higher litigation provisions, and a significant rise in cash used in financing activities due to debt repayment. Overall, while the financial performance is positive, the increased litigation costs and higher financing outflows are areas to monitor.

For more information, you can read the original text of Visa(V)'s financial report.