Visa (V) Stock Analysis

IndustrialsServices-Business Services, NEC

Summary Fair Value Intrinsic Value Metrics Investors Income Statements Balance Sheets Cash Flow Quarter Comparator Info

Q2 2026 · +17.1% revenue · +3.0% revenue

Beat the trendvs trailing 3-quarter avg

Revenue▲+3.6 ppvs trend

Net income▲+25.5 ppvs trend

Free cash flow▼−31.3 ppvs trend

Outperformed in 2 of 3 metrics

How the cash was deployedQ2 2026

Operating cash flow$9.79B

$761.00M (7.8 %)

Share buybacks$11.63B (118.8 %)

Dividends paid$2.58B (26.3 %)

Debt repayment$4.00B (40.9 %)

Returned to shareholders this quarter$14.20B▲ +29.8%

Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.

+17.1% +3.0%

8.90B

Q3 24

9.62B

Q4 24^*

9.51B

Q1 25

9.59B

Q2 25

10.17B

Q3 25

10.72B

Q4 25^*

10.90B

Q1 26

11.23B

Q2 26

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueAccelerating

$11.23B

▲+17.1% ▲+3.0%

8.63B

8.78B

8.90B

9.62B

9.51B

9.59B

10.17B

10.72B

10.90B

11.23B

Moving faster than the prior quarter — the trend is picking up speed.

Net incomeSlowing

$6.02B

▲+31.5% ▲+2.9%

4.89B

4.66B

4.87B

5.32B

5.12B

4.58B

5.27B

5.09B

5.85B

6.02B

Still moving the same direction, but at a smaller pace than the prior quarter.

Free cash flowSlowing

$9.03B

▼−4.2% ▲+41.0%

3.35B

7.60B

12.34B

−5.61B

5.05B

9.42B

15.73B

−9.88B

6.40B

9.03B

Still moving the same direction, but at a smaller pace than the prior quarter.

Diluted Not enough history

—

— —

Not enough quarters yet to read the trend.

Margins

Gross marginNot enough history

—

— —

Not enough quarters yet to read the trend.

Operating marginSlowing

64.4 %

▲+7.8 pp ▲+2.6 pp

68.96

61.01

66.72

66.02

65.55

56.65

60.73

57.33

61.80

64.42

Still moving the same direction, but at a smaller pace than the prior quarter.

Net marginReversal

53.6 %

▲+5.9 pp ▼−0.1 pp

56.64

53.14

54.74

55.30

53.83

47.71

51.83

47.46

53.69

53.62

Direction flipped this quarter — watch for a one-off or a new trend.

Metric	Q2 2025Same quarter, prior year	Q1 2026Previous quarter	Q2 2026Latest quarter	YoY	QoQ
Revenue	$9.59B	$10.90B	$11.23B	+17.1%	+3.0%
Cost of revenue	—	—	—	—	—
Gross profit	—	—	—	—	—
Operating expenses	$4.16B	$4.16B	$4.00B	−3.9%	−4.0%
Operating income	$5.43B	$6.74B	$7.23B	+33.1%	+7.4%
Net income	$4.58B	$5.85B	$6.02B	+31.5%	+2.9%
Diluted	—	—	—	—	—
Operating cash flow	$10.09B	$6.78B	$9.79B	−3.0%	+44.4%
	$672.00M	$378.00M	$761.00M	+13.2%	+101%
Free cash flow	$9.42B	$6.40B	$9.03B	−4.2%	+41.0%
Gross margin	—	—	—	—	—
Operating margin	56.6 %	61.8 %	64.4 %	+7.8 pp	+2.6 pp
Net margin	47.7 %	53.7 %	53.6 %	+5.9 pp	−0.1 pp