Visa Inc.

Commercial and money movement solutions constant dollar revenue grew 20% year over year, better than expected, driven primarily by the commercial solutions business. Commercial payments volume grew 10% in constant dollars, consistent with Q4 and faster than overall payments volume growth, driven by new wins and continued cross-border strength. Visa Direct transactions grew 23% to 3.7 billion transactions with strength in both domestic and cross-border. Wins highlighted include Chase Sapphire Reserve for Business, Trip.com global virtual travel card issuing, BMO network agnostic enhanced spend management, and Nuvei expansion of Visa Direct account to more than 30 countries.

Visa now has more than 17.5 billion tokens globally, over three times the number of physical cards, with guest checkout reduced from 44% of Visa e-commerce in 2019 to about 16% in fiscal 2025 and less than 4% at top 25 sellers. Visa Intelligent Commerce is enabling AgenTik commerce with more than 100 partners with over 30 actively building in the sandbox and multiple agents running live production transactions. New partnerships announced with Cloudflare, Akamai, Ramp for B$2B agentic payments, and AWS Marketplace. Visa Trusted Agent Protocol continues to define connectivity and data elements for the agentic environment. AgenTik solutions are live in US and CEMEA with pilots initiating in Asia Pacific and Europe.

Stablecoin card issuance added in nine additional countries in Q1 to surpass 50 countries worldwide. Total stablecoin settlement has reached an annualized run rate of $4.6 billion globally, up dramatically from prior run rate at end of Q4 FY2025. Stablecoin settlement capabilities with USDC expanded into the US, improving speed and liquidity for banks and fintechs. Visa launched stablecoins advisory practice globally and is a design partner with Tempo Layer One blockchain and participating in Circle's ARC testnet. Piloting Visa Direct stablecoin payouts for US platforms and businesses. Stablecoin opportunity is additive to existing business.

Pismo signed first commercial offering since acquisition with Banco Bisa in Chile in collaboration with expense management platform Mendel, offering a business credit corporate issuer processing program. Pismo also signed its first fleet card offering with FinanceNow in New Zealand where Visa will provide fleet card issuance, tokenization, and risk services. DPS processing business saw Block announce pilot launch of new Cash App Visa debit card enabling Afterpay. Management described no change in TAM for issuer processing, which they characterized as enormous, with every bank on the planet needing to modernize their tech stacks.

Full year adjusted net revenue growth expectation unchanged at low double digits, with Q1 outperformance and higher utilization of products and services offsetting expected weaker volatility environment for rest of year. Full year adjusted operating expense growth unchanged at low double digits. Full year tax rate now expected between 18% and 18.5%, lower than prior guide, due to claim of right tax benefits related to recent and anticipated legal settlements. As a result adjusted EPS growth still expected in low double digits but a bit higher in the range than previously guided due to change in tax rate. Q2 adjusted net revenue growth expected in low double digits with step down from Q1 due to lower pricing contribution, lower volatility, and higher incentive growth.