Visa Inc. - CEO message

Annual Report 2025

Dear fellow shareholders,

In 2025, the payments industry experienced one of its most dynamic years on record. We are witnessing a powerful convergence of technology trends: the rise of AI-driven commerce, the broad adoption of tokenized payments and data, the growing role of stablecoins and the digitization of identity. This isn’t an incremental change; it’s a fundamental rewiring of how money moves around the world.

Visa is driving this transformation. As a network of networks with approximately 12 billion endpoints connecting billions of people, more than 175 million merchant locations and nearly 14,500 financial institutions, we are uniquely positioned to shape the future of global commerce. In partnership with our clients across the ecosystem, we are delivering breakthrough innovations that redefine what’s possible in payments. We enable our partners to achieve global scale quickly and securely. This is the power and trust that Visa delivers, in 2025 and for years to come.

A strong 2025

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. Visa’s total payments and cash volume was $17 trillion and 329 billion total Visa-branded transactions were processed, 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. 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:

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. 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. 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. 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. In Risk and Security Solutions, our award-winning product, Visa Protect for A2A, helps 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.

Visa: A hyperscaler

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. Safety, security, reliability, fraud management, cybersecurity, tokenization, dispute resolution, chargeback protection, directory capabilities, brand and relentless innovation are what Visa does best.

We call this powerful combination the Visa as a Service stack. The foundational layer of our stack is global connectivity, our network that powers commerce and money movement. The services layer provides the modular building blocks of our core capabilities, which include credentials, tokens, authentication, risk management and fraud detection. The solutions layer is our comprehensive portfolio where we combine and enhance them to create unique offerings for a broad array of customers and partners across our growth levers. The access layer is the client entry point to Visa’s solutions, 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 businesses to operate at scale across the world. With six-9’s reliability, Visa is the trusted engine behind modern commerce, shaping the innovations and infrastructure that will define its future.

Visa is shaping the future of commerce

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. 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 from last year.

Tap technology is 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.

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. Fraud rates when using Tap to Add Card are significantly lower than manual key entry.

Farewell, guest checkout

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 dropped dramatically in 2025.

Hello, tokenization

This shift away from manual entry guest checkout is powered by Visa’s tokenization technology. Today, more than 50 percent of ecommerce transactions in our ecosystem are tokenized, driving closer to our ultimate goal of 100 percent tokenization.

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

In 2025, we blocked nearly twice as many fraudulent ecommerce transactions as the prior year and reduced ecommerce fraud rates across our ecosystem.

Agents are the new commerce platform

Generative AI-driven, or agentic, commerce is transforming the digital shopping experience. AI is already influencing shopping discovery and Visa is positioned as a critical enabler in this evolution.

Stablecoins: A powerful next generation of financial infrastructure

Unlike existing systems, stablecoins unify messaging and monetary transfer on a single ledger. Regulatory progress is shifting stablecoins from a niche instrument to trusted infrastructure for regulated institutions. Visa already has several stablecoin offerings with additional capabilities in development.

Leading the future of payments

We are entering a once-in-a-lifetime inflection point in payments, a shift where payments are becoming more intelligent and integrated into commerce. Through our Visa as a Service stack, we have built the foundation and the reach to enable this new era, giving every client the ability to scale, innovate confidently and operate securely in a more connected world.

Thank you for a great 2025. Let’s work together to make 2026 and beyond even better.

Ryan McInerney Chief Executive Officer