This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

Fortune AIQ 75

The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

The region's best workplaces put integrity, inclusion, and respect at the center of their workplace culture.

Great-Places-To-Work-Asia-2025_Team Photo_Visa

Visa ranks No. 21 on the 2025 Best Companies to Work For Southeast Asia.

Fortune 100 Best Companies To Work For – Southeast Asia

Fortune AIQ 50

See which workplaces made this year's list.

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Employees say:"Visa is a phenomenal place to work: incredibly inclusive, very supportive in both work and life events, the people are welcoming and wonderful colleagues, the leadership is accessible and clear with expectations. We work hard, but Visa emphasizes mental health and well-being within it all. I love working here - always very proud to say I work at Visa!"

Best Large Workplaces in Financial Services and Insurance

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune partnered with Great Place to Work to analyze survey feedback representing nearly 85,000 U.S. employees.

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Employees say:"We are a global company which offers the potential to draw on a variety of experiences and better reflect the varied life stories and business environments of the people we serve. I also appreciate talking with other employees in my office or who are remote who are from backgrounds that differ from my own. This is one of the greatest potential sources of innovation and power we have as a workforce."

Best Large Workplaces in the Bay Area

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

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Employees say: "Visa is an amazing company that takes care of employees, clients, and the community. It's a socially responsible and inclusive environment workplace."

Fortune 100 Best Companies to Work For

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

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Employees say:"Visa is a phenomenal place to work: incredibly inclusive, very supportive in both work and life events, the people are welcoming, wonderful colleagues, the leadership is accessible, and clear with expectations. We work hard, but Visa emphasizes mental health and well-being within it all. I love working here - always very proud to say I work at Visa!"

Best Large Workplaces for Parents

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Employees say:"This company is a great place to work because of its culture of respecting everyone respecting each other and its strong diversity and inclusion. The company also offers all employees the opportunity to give back and make a difference with several social impact Employee Resource Groups. The company has excellent benefits and allows the employee to experience work life balance."

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

Industries included in the sector are advertising, diversified outsourcing services, and financial data services.

Fortune Sector Leaders: Business Services

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100 Best Companies 2024-Visa Inc.

Visa says it adheres to its Employee Value Proposition of “Powering payments, empowering people.” The digital payments giant’s new 32,000-square-foot location in Atlanta, welcoming 500 employees, was designed and constructed in collaboration with suppliers of diverse backgrounds. To help staff build professional development skills, the company provides access to Visa University for all employees, with senior staff serving as faculty. Among the courses offered are “The Leader as Coach,” which includes one-on-one sessions delivered through the BetterUp platform. &nbsp;Through its Visa Foundation, the company matched employee donations of up to $10,000 and double-matched up to $1,000 on Giving Tuesday in 2023, in which 4,890 staff participated. Combined with the match program, employees donated $7.1 million to over 4,200 organizations. &nbsp;In an effort to address climate change, Visa offers 75 electric-vehicle chargers and free charging for employees, bicycle parking, local and vegan food options, and a shuttle service that minimizes individual car emissions at its Foster City, Calif., headquarters.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

WMA 2024-Visa

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

WMAC 2023-Visa

Building a culture of trust and transparency is essential to help everyone thrive, especially in rocky economic times.

100 BEST COMPANIES 2023-Visa Inc

The digital payments operator recently opened a new office in Atlanta, as part of its efforts to diversify its workforce. 
<ul> 
 	<li>The Visa Health Center is open to all U.S.-based employees enrolled in an employee health plan. The center offers primary care, mental health support, and physical therapy.</li> 
 	<li>In 2022, Visa hosted its first Global Inclusion and Diversity Summit, where the company introduced its strategy to increase diversity among staff and suppliers.</li> 
 	<li>This past year, Visa welcomed 72 more students into its Black Scholars and Jobs Program, reaching a total of 126 student participants for the 2021 and 2022 program years. Participants from the first cohort were offered internships at Visa for the summer of 2023. The inaugural class of scholars attended the first Visa Black Scholars Summit, which included workshops and networking opportunities for participants.</li> 
 	<li>The company holds a pay equity analysis annually to ensure that it’s paying employees equally regardless of gender or race. This information is public and accessible to employees.</li> 
</ul>

GPTW Financial Services & Insurance Large 2023-Visa Inc

Employees say: 
 
"Executive leaders and down lead by example, and demonstrate transparency. Visa truly treats its employees as an extended family and shows genuine concern for us as employees and people at and away from work."

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

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WMAC-2022-48-VISA

This year’s Fortune 500 marks the 68th running of the list.

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WMAC 2021-36-Visa

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F500-2021-133-Visa

The credit card and payments powerhouse, which commands a 50% market share of total card payments worldwide, saw its business slump in 2020 as the pandemic caused a slowdown in economic activity. Its sales slid 5% to $21.9 billion and profits dropped by 10%, but it still moved up four spots to No. 133 on relative strength in a tough year.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

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F500-2020-137-Visa

The electronic payment company owns and manages payment brands including Visa and Interlink, as well as product platforms that financial institutions use to manage clients' credit, debit, and prepaid programs.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

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The Future 50

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This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Future 50

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Visa is a payment technology company headquartered in San Francisco and operating in the United States and internationally. It runs VisaNet, one of the world’s largest electronic payments processing networks, and offers credit, debit, and prepaid card products, as well as tap- and click-to-pay services. Launched by Bank of America in 1958 as BankAmericard, the Visa card was the first general-purpose credit card to offer revolving credit. The Visa brand was established in 1976, and Visa became a publicly traded, independent company in 2008 after a historic IPO.

Q3 2026

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Q4 2025

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Q2 2025

Q1 2025

Visa (V): Company Profile, Stock Price, News, Rankings

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Visa

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Welcome to Visa's Fiscal First Quarter 2025 Earnings Conference Call. All participants are in a listen only mode until the question and answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host, Ms.

Jennifer Comeaux, Senior Vice President and Global Head of Investor Relations. Ms. Comeaux, you may begin.

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal Q1 2025 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer and Chris Soh, Visa's Chief Financial Officer. This call is being webcast on the Investor Relations section of our website at investor. Visa.com.

A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website. Let me also remind you that this presentation includes forward looking statements. These statements are not guarantees of future performance and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10 ks and any subsequent reports on Forms 10 Q and 8 ks, which you can find on the SEC's website and the Investor Relations section of our website.

Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other results on a non GAAP nominal basis unless otherwise noted. The related GAAP measures and reconciliations are available in today's earnings release and related materials available on our IR website. And with that, let me turn the call over to Ryan.

Good afternoon, everyone. Thank you for joining us. Before we begin, I'd like to take a moment to acknowledge last night's tragic air collision in Washington DC. Our hearts go out to all those affected by this terrible event, particularly the families and friends of the victims. Turning now to our results.

We had a strong start to our fiscal year with $9,500,000,000 in net revenue, up 10% year over year and EPS up 14%. Our key business drivers improved from the 4th quarter. In constant dollars, overall payments volume grew 9% year over year. U. S.

Payments volume grew 7% and international payments volume grew 11%. Cross border volume excluding intra Europe rose 16% in constant dollars and process transactions grew 11% year over year. Our strategy across consumer payments, new flows and value added services continues to resonate with our clients and is reflected in our business results. Back in February 2020, when we articulated our strategy, our total Q1 volume on our network had just crossed $3,000,000,000,000 Just 5 years later, our total quarterly volume was above $4,000,000,000,000 At the same time, CEMEA and Latin America had more volume from people using their cards to get cash than to make payments. 5 years later, as a result of double digit constant dollar payments volume growth in both regions, the situation has flipped and we now have more than 60% of our volume from digital payments.

I'm looking forward to our Investor Day next month to discuss our strategy and our plans for future growth. For now, let's look at some of the quarterly highlights that have helped to deliver this impressive progress. In we now have 4,700,000,000 credentials, up 7% year over year and 12,600,000,000 tokens, up 44% year over year. We continue to grow our credentials in an increasingly digital world. Interest in our Visa Flexible credential continues to grow.

We have now launched with the Affirm card in the U. S, expanded the funding options with SMCC in Japan by adding small business cards and announced a multi currency solution with FinTech Live in the UAE. Tap to add card is now live in the U. S. For nearly 60% of all Visa consumer credit and debit cards.

Since the launch, millions have added their cards to their wallets by tapping, eliminating the overwhelming majority of provisioning fraud as compared to manual entry into a phone. And 74% of all face to face transactions are now tap to pay. A few countries I would like to call out. Japan, where tap to pay penetration grew 20 percentage points since last year to 44%. Argentina where tap to pay penetration was up 22 percentage points to 78% and the U.

S. Where it was up 13 percentage points to 57%. Several key initiatives contributed to the growth in these countries including targeted marketing campaigns, the launch of transit acceptance in certain cities and increased issuance of tap to pay enabled credentials. Finally, tap to phone is now live in 118 markets and in the last year the number of phones enabled has more than doubled and the number of transactions has more than tripled. Now let me turn to a few deal highlights from across the globe.

1st, in Mainland China, we renewed our partnership with ICBC, the largest bank in the world in terms of assets and the biggest credit card issuer in Mainland China in terms of number of cards. In India, we renewed our long standing credit agreements with ICICI Bank, SBI Card and Kotak Mahindra Bank, 3 of our largest issuers in the country with a focus on growing affluent and cross border volume. We also renewed our debit agreement with Kotak Mahindra Bank. Also in our Asia Pacific region, we signed a long term renewal with Bank of New Zealand, one of the largest banks in the country across consumer debit, consumer credit and business credit. In Argentina and Uruguay, we renewed our portfolios with Santander for a long term agreement with a focus on growing affluent.

Also in Latin America, we have deepened our partnership with BAC to grow acceptance with a goal to enable 300,000 nano and small merchants and to grow in new verticals. We also won the issuance of their largely cross border credit portfolio, Mihas Plus, offering our expertise and value added services. Similarly in Brazil, we extended our partnership with digital bank Neon, which includes the launch of a new credit portfolio. We are also pleased to have renewed a pan European agreement with BNP Paribas, which also includes the winning of additional portfolios in France and Belgium. When we talk about the total addressable opportunity in consumer payments, we often talk about the opportunity to win share from domestic networks.

And we are continuing to have success converting credentials from domestic networks to Visa. In Bangladesh, we secured nearly 6,000,000 credentials with Dutch Bangla Bank from their closed loop system. Embanko Popular de Puerto Rico, the largest issuer and acquirer in Puerto Rico, renewed a multiyear credit and debit partnership with Visa that aims to expand digital penetration in the country through the launch of new products, including a co badge card with the local network. And we've renewed our business with RBC Royal Bank in 10 countries across the Caribbean and we also expanded our relationship to include the transfer of debit credentials in the Dutch Caribbean to Visa and are supporting the development of new credit and commercial products. And co brand cards remain a key area of strength for us and this quarter was no exception.

In India, we launched 2 very important cards. First, the Times Black ICICI Bank credit card catering to high net worth individuals with travel and lifestyle benefits. 2nd, the HSBC Taj credit card, India's 1st premium co branded hospitality credit card. In our Sameer region, we signed with real estate developer, investor and manager Aldar for a co brand card for its Darna Rewards by Aldar loyalty program in the UAE with issuing bank Emirates NBD. We also launched a new co brand card in Saudi Arabia with Al Raji Bank and Marriott Bonvoy, the global travel program by Marriott International.

In the airline category, we won the portfolio for Egypt Air, Africa's 2nd largest airline. We also expanded our business in the Swiss card Miles and More program. And in the retail segment, we signed with Casas Bahia, one of the top retailers in Brazil for co brand cards and with Bolt, a leading ride hailing and food delivery operator in Ukraine. So through traditional issuance, winning share from domestic networks and leveraging our brand products and innovation to secure important co brands, our consumer payments business is strong. Now to new flows, where revenue grew 19% year over year in constant dollars.

Visa Direct has now crossed the $10,000,000,000 transaction mark over the last 12 months with nearly $3,000,000,000 transactions this quarter. We continue to expand Visa Direct in several ways, one of which is building and deepening partnerships directly with issuers and FinTechs. We are excited to partner with X Money for their much anticipated launch of the X Money account, including P2P payment set for later this year. Through the partnership, X Money will utilize Visa Direct to enable secure and instant funding of their X Wallet with a user's debit card. Users will also have the option to instantly transfer funds back into their bank account via the same debit card.

This quarter we signed an agreement with One Pay, a fintech company with more than 3,000,000 monthly active users for Visa Direct as the engine for wallet loads. In Ecuador, Banco Pichicha, one of the country's largest issuers, will begin using Visa Direct for cross border remittance payments. Our broad and deep cross border capabilities continue to be important differentiators and this quarter Libra Internet Bank in Romania launched a real time multi currency FX service for their business customers utilizing our currency cloud solution. In Asia Pacific, OCBC has launched a cross border P2P solution on the OCBC app allowing their customers in Singapore to send money to Chinese wallets using Visa Direct. All they need is the recipient's China national ID name and mobile number.

Now moving to commercial, where volumes were up 6% year over year this quarter in constant dollars, we had some notable progress in specific verticals. 1st, in the food and grocery delivery vertical, we had 2 recent wins. In the U. S, we are pleased that DoorDash's shopper card program will soon be using Visa Virtual Commercial Credit Cards to enable Dashers to pay for customer orders at physical merchant outlets. This is in addition to our Visa Direct relationship with DoorDash in the U.

S, Australia and Canada to enable Dasher payouts. In Brazil, we signed a commercial business card deal for commercial customers of Ifoodpago, the fintech for the largest food delivery platform in the country. In the healthcare vertical, we reached a virtual card agreement with an insurtech company in France, MySophie, offering medical policyholders an easy way to pay for their healthcare. In the T and E vertical, we recently renewed and deepened our partnership with Airwallex, a global financial platform enabling more than 150,000 businesses to manage payments and money movement across borders. Today Visa and Airwallex have live card programs in Australia, Hong Kong, the UK, United States, Canada, Netherlands and Singapore to enable businesses to easily make digital card payments around the world and soon we will be expanding to new geographies across our use cases in expense cards and B2B travel.

In both Visa Direct and Commercial, we continued to develop innovative new solutions and use cases that helped us retain and secure business. Now to value added services, where in the Q1 revenue grew 18% in constant dollars. Across our solutions, we continue to grow revenue as we enhance Visa payments, enable services for all types of payments and go beyond payments. We often partner with acquirers who utilize Visa's acceptance platform to offer their merchant clients compelling solutions. When this happens, we generate revenue on both Visa and non Visa transactions.

Three examples this quarter are European acquirer Emerchenpay, Guatemalan acquirer Neonet and Paraguayan acquirer Bandcard, who will all offer CyberSource to their merchants. We are also partnering with Fiserv to include our CyberSource gateway as a solution for their acquirers and merchants in Europe and Asia Pacific. This is in addition to Fiserv expanding their use of cardholder authentication from Cardinal Commerce to further extend our global partnership into additional Fiserv platforms. In our risk solutions, in 2024, we launched Visa Protect for 8 to 8 payments with plans to expand to 10 new RTP networks in 2025. Powered by AI based fraud detection models, this new service provides a real time risk score that can be used to identify fraud on account to account payments.

We are now piloting this solution with 5 significant players in Brazil who represent more than 20% of PIX transactions. We are also very pleased to have closed our acquisition of FeatureSpace, enabling us to provide an expanded set of fraud prevention tools to our clients and protect consumers in real time across various payment methods. In advisory services, we continue to see strong demand. One example of a recent project is with Al Raji Bank where we are expanding our advisory relationship into risk, digital enablement and data analysis across their portfolios. So across our value added services portfolio, we are innovating with new solutions and deepening our partnerships with clients to drive growth.

To wrap it up, we began our fiscal year with strong performance and ever growing obsession for our clients and a focus on continued innovation as we build the future of payments. I look forward to seeing you in February at our Investor Day and now over to Chris.

Thanks, Ryan. Good afternoon, everyone. Our first quarter results reflected improving underlying drivers and effective execution of our business. In constant dollars, global payments volume was up 9% year over year and cross border volume excluding intra Europe was up 16% year over year. Process transactions grew 11% year over year.

Fiscal 1st quarter net revenue was up 10%, higher than our expectations, primarily due to strong international transaction revenue and value added services revenue. Net revenue was up 11% in constant dollars. EPS was up 14% year over year and 15% in constant dollars, higher than expected primarily due to revenue outperformance and a lower than expected tax rate. Now let's go into the details. In the U.

S, total payments volume grew 7% year over year, up 2 points from Q4. Credit grew 7% and debit grew 8%. The U. S. Benefited from a strong holiday shopping season, which is the period from November 1 through December 31 and the lapping of the impact of Reg II implementations, which had a modest drag in Q1 of last year.

In the U. S, consumer holiday spending growth was in the upper mid single digits on a year over year basis. The consumer categories with the strongest growth were discretionary categories such as retail, travel and entertainment. Focusing on retail, holiday spending growth was a couple of points higher than last year and retail spending growth on key shopping days from Thanksgiving to Cyber Monday was several points higher. E commerce was a higher share of retail holiday spending versus last year.

In key countries around the globe, we saw similar trends with consumer retail holiday spending growth improving from last year. Moving to international markets. Total payments volume was up 11% in constant dollars, up from Q4. In most of our regions, payments volume year over year growth rates in constant dollars were strong for the quarter with Latin America up 22%, CEMEA up 18% and Europe up 13%. Asia Pacific payments volume growth saw a slight improvement from Q4 in constant dollars to just above 1% year over year for the quarter, reflecting a still somewhat muted macroeconomic environment.

Now to cross border volume, which I'll speak to in constant dollars and excluding intra Europe transactions. Total cross border volume was up 16% year over year in Q1, 3 points above Q4. E commerce measured as card. Presentvolumecstravelandcrossbordertravelvolumeme were both up 16% year over year for Q1. E commerce volumes continued to benefit from the strength in retail, in part due to the strong holiday shopping season.

Travel volumes performed well across our regional corridors due to broader strength in both consumer and commercial spending. Outbound Europe and Asia Pacific travel volume growth also benefited from solid performance of client portfolios. For the U. S, both outbound e commerce and travel volume growth were also helped by the strong dollar. Now let's review our Q1 financial results.

Visa (V) Q1 2025 Earnings Call Transcript

Company Participants