Here are 1-3 brief analogies for Visa:

• Think of Visa as the FedEx for financial transactions. It provides the global network and infrastructure to securely and efficiently move payment data and authorizations between banks, merchants, and consumers.
• It's like the AWS (Amazon Web Services) for digital payment infrastructure. Visa provides the essential, invisible backend technology and processing network that allows banks and businesses to handle countless digital payment transactions seamlessly.

• VisaNet: A transaction processing network that enables the authorization, clearing, and settlement of digital payment transactions.
• Card Products: Various branded physical and digital payment cards utilized by consumers, merchants, and institutions.
• Platforms: Technology infrastructures that facilitate and support a wide range of payment solutions.
• Value-Added Services: Ancillary services such as fraud management, data analytics, and consulting that enhance the core payment offerings.

The public company Visa (V) sells primarily to other companies, specifically financial institutions that issue Visa-branded cards to consumers and businesses and acquire transactions from merchants. These financial institutions leverage Visa's payment network (VisaNet), brand, and associated services.

Major customers include:

• JPMorgan Chase & Co. (JPM)
• Bank of America Corp. (BAC)
• Wells Fargo & Company (WFC)
• Citigroup Inc. (C)
• Capital One Financial Corp. (COF)

Ryan McInerney, Chief Executive Officer

Ryan McInerney became the Chief Executive Officer of Visa in February 2023. Before this role, he served as President of Visa, overseeing the company's global businesses. Prior to joining Visa in 2013, Mr. McInerney was the Chief Executive Officer of consumer banking for JPMorgan Chase, a division with over 75,000 employees and approximately $14 billion in revenues. His roles at JPMorgan Chase also included Chief Operating Officer for home lending, Chief Risk Officer for Chase's consumer businesses, and Head of Product and Marketing for consumer banking. Earlier in his career, he worked as a principal consultant at McKinsey & Company, specializing in retail banking and payments.

Chris Suh, Chief Financial Officer

Chris Suh was appointed Chief Financial Officer of Visa in July 2023, assuming full responsibility for the role in August 2023. Before joining Visa, he served as Executive Vice President and CFO at Electronic Arts (EA). Mr. Suh spent over two decades at Microsoft in various senior finance leadership positions. Notably, he was the Corporate Vice President and CFO of the Cloud + AI group from 2018 to 2022 and Head of Investor Relations from 2013 to 2018, playing a critical role in Microsoft's transformation into a cloud-first company.

Paul Fabara, Chief Risk and Client Services Officer

Paul Fabara joined Visa in 2019 and is responsible for leading the company's client operations and global risk functions. Before his tenure at Visa, he spent eight years at American Express Company, holding key leadership roles such as President of the global services group and Chief Risk Officer. His career also includes serving as Global Chief Operating Officer for Barclays' credit card business, overseeing operations across 71 countries, and Chief Operating Officer of Alliance Data Systems. Mr. Fabara began his career at Providian Financial Corporation.

Jack Forestell, Chief Product and Strategy Officer

Jack Forestell is Visa's Chief Product and Strategy Officer, a role in which he oversees the design, development, and delivery of Visa's global product strategy and roadmap. He joined Visa in 2014. Prior to Visa, Mr. Forestell spent 12 years at Capital One, where his most recent position was Head of Capital One Digital, leading online and mobile banking, mobile/emerging payments, and digital product design and development. Before Capital One, he was a senior partner and a member of the Board of Directors at Mercer Management Consulting.

Frank Cooper III, Chief Marketing Officer

Frank Cooper III serves as Visa's Chief Marketing Officer, leading a global team dedicated to enhancing the company's purpose and advancing its business strategy in the global market. He is responsible for all aspects of marketing, including consumer, B2B, and client marketing, across all regions and functions. Mr. Cooper's diverse career journey includes leadership roles at Motown Records, Death Jam, AOL, Buzzfeed, Pepsi, and BlackRock. He also co-founded Urban Box Network, an online media company, in 1998.

The key risks to Visa's business operations are primarily centered around ongoing regulatory and legal scrutiny, intense competition and technological disruption, and the persistent threat of cybersecurity breaches.

1. Regulatory and Legal Scrutiny: Visa faces significant and increasing regulatory pressure globally, particularly concerning interchange reimbursement fees and antitrust concerns. Regulations by bodies such as the U.S. Federal Reserve already cap debit interchange rates. The Department of Justice (DoJ) has accused Visa of monopolizing the U.S. debit market, which could result in substantial financial penalties or mandates for changes to its fee structure and business practices. Proposed legislation, such as the Credit Card Competition Act (CCCA) in the U.S., aims to increase competition by requiring transactions to be routed through at least two unaffiliated networks, potentially eroding Visa's profit margins by reducing interchange fees. Similar regulatory efforts, such as the EU's Interchange Fee Regulation (IFR), also cap consumer credit and debit interchange fees within the EEA. Visa has incurred significant legal costs, including an additional accrual of $2.2 billion in fiscal year 2025 for claims related to long-running interchange multidistrict litigation. The company is also subject to complex and evolving global regulations on data privacy and corporate responsibility, which could impose technical and compliance burdens.

2. Competition and Technological Disruption: The payments industry is highly dynamic, with Visa facing intense competition from both established players and emerging technologies. New payment methods and platforms, including mobile payments, alternative payment credentials, other ledger technologies, and increasing bilateral agreements between entities, pose a risk of disintermediation, potentially bypassing Visa's traditional network. Fintech companies like PayPal, Stripe, and Adyen are challenging incumbents with innovative digital solutions and competitive pricing. The rise of mobile wallets, cryptocurrencies, real-time payment systems, and Buy Now, Pay Later (BNPL) services also represent evolving competitive threats that could impact Visa's market share if it fails to adapt quickly and effectively.

3. Cybersecurity Threats and Data Breaches: As a global payments technology company facilitating trillions in transactions, Visa is a prime target for cybercriminals. The proliferation of digital payments has introduced greater security threats, necessitating continuous and substantial investments in cybersecurity. Visa fends off approximately half a billion attacks on its perimeter monthly, ranging from phishing to sophisticated nation-state-backed assaults. Key cybersecurity risks include credential theft, account takeover, digital skimming (where malicious code harvests payment card details from e-commerce checkouts), and real-time payment fraud. The use of artificial intelligence by fraudsters is making cyberattacks faster, larger-scale, and more sophisticated. A major data breach or system outage could severely damage Visa's reputation, lead to significant financial losses, regulatory fines, and a loss of customer trust in its payment ecosystem.

• Emergence and proliferation of government-backed real-time payment systems and Central Bank Digital Currencies (CBDCs) globally, offering alternative payment rails that can facilitate direct account-to-account transactions, potentially bypassing Visa's traditional network.
• Expansion of Open Banking initiatives and direct bank-to-bank payment solutions, allowing for seamless account-to-account transfers, particularly in e-commerce and bill payment scenarios, which could reduce reliance on card network infrastructure.

Visa Inc. (V) operates within several large and expanding addressable markets globally:

• Digital Payments Market (Global): The global digital payment market size was valued at USD 95.5 trillion in 2022 and is projected to reach USD 457.8 trillion by 2032. Other estimates for the global digital payment market size range from USD 114.41 billion in 2024, projected to reach USD 361.30 billion by 2030, to USD 147.06 billion in 2024, anticipated to reach USD 474.53 billion by 2032. North America accounted for the largest share of the digital payments market in 2024.
• Card Payments Market (Global): The global card payments market was valued at USD 28.6 trillion in 2023 and is projected to reach USD 56.4 trillion by 2033. Another source estimates the global card payments market to expand from USD 3.74 trillion in 2025 to USD 5.49 trillion by 2032. Asia-Pacific is noted as dominating the card payments market size.
• Payment Processing Solutions Market (Global): The global payment processing solutions market size was valued at USD 66.8 billion in 2024 and is projected to reach USD 198.9 billion by 2034, growing at a CAGR of 11.7% from 2025 to 2034. North America held approximately a 35% share of this market in 2024.
• Value-Added Services (Global): Visa estimates a potential annual revenue opportunity of USD 520 billion in its Value-Added Services (VAS) globally.
• New Payment Flows (Global):
  • Business-to-Business (B2B) Payments: This represents a substantial market of USD 145 trillion globally.
  • Person-to-Person (P2P), Business-to-Consumer (B2C), and Government-to-Consumer (G2C) Payments: These segments collectively represent a non-B2B money movement opportunity of USD 55 trillion globally.

Here are 3-5 expected drivers of future revenue growth for Visa (V) over the next 2-3 years:

1. Growth in Value-Added Services (VAS): Visa anticipates significant revenue growth from its Value-Added Services, which include areas such as advisory, risk, and security services. This segment has shown strong momentum, with revenue growing 28% year-over-year in Q1 2026 and contributing approximately 50% to Visa's overall revenue growth in that quarter. Visa projects that Value-Added Services and new payment flows will account for half of its total revenue by 2026.
2. Expansion in Commercial and Money Movement Solutions: Visa is focused on expanding its commercial and money movement solutions, encompassing Business-to-Business (B2B) payments and Visa Direct. Commercial payments volume increased by 10% year-over-year in Q1 2026 and Q4 2025. Visa Direct transactions also saw substantial growth, increasing by 23% year-over-year in both Q1 2026 and Q4 2025, driven by both domestic and cross-border activity. This area, which contributed only 5% of net revenue in fiscal year 2024, represents a significant growth opportunity for the company.
3. Growth in Cross-Border Volume: Cross-border transactions continue to be a key driver of revenue. Cross-border volume, excluding intra-Europe, grew by 11% year-over-year in Q1 2026, supported by strong commercial volumes and increased U.S. inbound transactions from Canada. Cross-border volume as a whole increased by 12% in Q4 2025. This segment is considered a high-margin area for Visa.
4. Innovation in New Payment Flows and Technologies: Visa is investing in and expanding new payment technologies and flows, including stablecoins, tokenization, and "agentic commerce." The company has expanded its stablecoin capabilities, with a settlement run rate of nearly $4.6 billion globally by the end of Q1 2026 and plans to scale stablecoin-linked card programs to 100 countries. Visa is also re-architecting its network to capitalize on "agentic commerce," where AI agents conduct autonomous transactions, which is expected to increase transaction density.
5. Continued Strength in Core Consumer Payments: Despite the focus on new areas, sustained growth in core consumer payments remains a fundamental driver. Global payments volume grew by 8% year-over-year in constant dollars in Q1 2026, and processed transactions increased by 9% year-over-year. This reflects resilient consumer spending, which is a consistent contributor to Visa's net revenue growth.

Share Repurchases

• Visa reported annual share buybacks of $12.101 billion in 2023, $16.713 billion in 2024, and $18.316 billion in 2025.
• As of December 4, 2025, Visa had a remaining repurchase authorization of $24.9 billion.
• During the three months ending December 31, 2022, Visa repurchased $3.1 billion of Class A common stock, with $14.0 billion of authorized funds remaining for future share repurchases as of that date.

Share Issuance

• Visa's shares outstanding have consistently declined over the last few years, indicating net repurchases exceeding any issuances.
• Shares outstanding were 2.34 billion in 2023, 2.242 billion in 2024, and 2.1 billion in 2025.
• For the quarter ending December 31, 2025, shares outstanding were 2.067 billion, representing a 2.5% decline year-over-year.

Capital Expenditures

• Visa's capital expenditures were $705 million in 2021, $970 million in 2022, $1.06 billion in 2023, $1.26 billion in 2024, and $1.48 billion in 2025.
• The capital expenditures increased each fiscal year from 2021 to 2025.
• Visa's capital expenditures margin, which is capital expenditures as a percentage of revenue, peaked in September 2025 at 3.7%.