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

The Fortune 500, in its 70th year in 2024, ranks the biggest U.S. companies by revenue.

Creating a more empathetic workplace looks like staying loyal to workers, emphasizing D&I initiatives, and paying well.

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.

Just as it dominates our economy, Big Tech now dominates Fortune’s annual ranking of corporate reputation.

WMAC-2022-48-VISA

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

After a year in which humanity leaned more heavily than ever on tech giants, see which companies topped Fortune's ranking of corporate reputation.

WMAC 2021-36-Visa

This year’s Fortune 500 marks the 67th running of the list.

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.

This year's Fortune 500 marks the 66th running of the list.

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.

Fortune's proprietary methodology allows us to zero in on the 50 global firms that are best poised to deliver—and continue delivering—above average gains.

The Future 50

This year's Fortune 500 marks the 65th running of the list.

Here are the World's Most Admired Companies for 2018 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 64th running of the list.

Here are the World's Most Admired Companies for 2017 as ranked in their industries. See who made the list.

Welcome to the inaugural Fortune Future 50, our new ranking of companies best positioned for breakout growth.

This year's Fortune 500 marks the 63rd running of the list.

Here are the World's Most Admired Companies for 2016 as ranked in their industries. See who made the list.

This year's Fortune 500 marks the 62nd running of the list.

Business insiders have spoken: Asked which companies they most admire, more than 4,100 executives, directors, and analysts chose these top 50 All-Stars.

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.

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

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Visa

visa

Welcome to Visa's Fiscal First Quarter 2026 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 like to now introduce to your conference to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

Thank you. Good afternoon, everyone, and welcome to Visa's Fiscal First Quarter 2026 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer, and Chris Suh, 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, outcomes, or timing could differ materially as the result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

Except as required by law, we do not undertake any responsibility to update these forward-looking statements. 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 reconciliation are available in today's earnings release and related materials available on our IR website. With that, let me turn the call over to Ryan.

Thanks, Jennifer. In our fiscal first quarter, we delivered strong financial results with net revenue up 15% year-over-year to $10.9 billion and EPS up 15%. Payments volume grew 8% year-over-year in constant dollars to nearly $4 trillion, and processed transactions grew 9% year-over-year, totaling $69 billion, demonstrating resilient consumer spending. We continued to build and deliver innovations and scalable technologies across the Visa as a Service stack, acting as a payments hyperscaler to enable anyone in the ecosystem to build, launch, and scale money movement and payments businesses across the globe. Let me share some more detail on the recent progress we have made in the services and solutions layers of our Visa as a Service stack, more specifically in the evolution of Visa credentials, agentic commerce, stablecoins, as well as in B2B and P2P money movement, issuer processing, and risk and security.

The core of our consumer payments business is the Visa credential. It is much more than a physical card. It can be digital, in a wallet, online, mobile. It's the connection point to the Visa network on top of which we're able to layer all types of services, solutions, and access, now totaling more than 5 billion Visa credentials. We have continued to enhance Visa credentials in a few important ways this past quarter: tap-to-pay, Visa Flex credential, and tokens. Our tap-to-pay penetration has now crossed the 80% mark of all face-to-face transactions, with the U.S. at nearly 70%. Transit acceptance remains a key enabler, with our recent launches in San Francisco and more than 10 other systems globally this quarter. In our first quarter, we have continued to enable tap-to-pay use cases for the different form factors of the credential.

For example, in Europe, we recently announced new digital wallet enablement of iOS wallets such as Klarna in 14 countries and Vipps MobilePay in the Nordics. We also will soon launch a pilot in Italy with the domestic scheme Bancomat. In addition, we enabled Apple Pay for Visa cards issued in China for cross-border face-to-face, in-app, and online transactions. This spans 8 issuers representing nearly 60 million Visa credentials, supporting the many Chinese consumers traveling or living abroad, with more issuers coming soon. Our Tap to Phone capability, which has helped to grow our acceptance locations to more than 175 million globally, has added more than 20 new markets and more than doubled transactions in the last year. A second important area of progress enhancing Visa credentials is enabling multiple funding sources from one single credential with our Visa Flex credential.

This past quarter, Block announced the pilot launch of a new Cash App Visa Debit Flex card, which enables Afterpay as a feature for their customers to pay over time anywhere Visa is accepted and leverages Visa's DPS issuer processing solution for the debit component. Globally, we have about 20 million Visa Flex credentials, just a small fraction of our total credentials, but growing fast. They are offering funding sources such as debit, credit, multi-currency accounts, rewards, installments, and more, and we expect to expand to more than 20 additional issuers this year. The third and maybe most revolutionary credential technology is the Visa Token. Our token technology delivers a digitally native payment credential designed for the unique characteristics and needs of digital commerce.

We have more than 17.5 billion tokens globally, over 3x the number of physical cards, which means that the solution has been embraced broadly across the ecosystem. We continue to make progress on the tokenization of e-commerce transactions to our ultimate goal of fully replacing card-centric paying technology, further improving Visa's competitive positioning against cash, check, and legacy forms of digital payment. We utilize a variety of tools such as incentives, sales-oriented case studies, performance compliance programs, and enhancements to encourage tokenization and enhanced data sharing to make the e-commerce environment as safe as it can be. Issuer enrollment efforts are underway across Europe, CEMEA, and LAC as we expand the Click to Pay directory to enable credentials to be always digital.

Globally, we have also been working with acquirers and payment facilitators to ultimately eliminate the guest checkout that occurs today, which we have reduced from 44% of all Visa e-commerce transactions in 2019 to about 16% in fiscal 2025. Among our top 25 sellers, it's less than 4%. This means that at our top 25 sellers, 96% of transactions now require only a simple click or biometric authentication and do not require a burdensome and error-prone form-filling. We continue to build new capabilities on top of our token service platform, positioning our credentials and tokens as the fundamental building blocks for the future of payments. One of those capabilities that is enabled with Visa Tokens is an important area of innovation, agentic commerce. Our Visa Intelligent Commerce solution utilizes tokens and their configurability as the core underlying foundation for agentic payments.

We're working to enable agentic commerce with more than 100 partners across the commerce ecosystem globally. Over 30 partners are actively building in our sandbox with multiple agents and agent enablers running live production transactions and more partners expected in the future. Just this quarter, we expanded into B2B agentic payments with Ramp, streamlining corporate bill payments, enabling their business customers to capture cash back on card payments, and optimizing working capital. We also reached an agreement with AWS to make Visa Intelligent Commerce available on AWS Marketplace to support developers building agentic commerce solutions, connecting secure automated payment workflows at scale through blueprints for workflows such as travel bookings or retail purchases. In our CEMEA region, Aldar, a leading real estate developer, investor, and manager, is integrating Visa Intelligent Commerce to make recurring payments such as property service charges on their Live Aldar app.

Our Visa Trusted Agent Protocol continues to help define the connectivity and data elements required to bring trust to the agentic environment. In Q1, we announced partnerships with leading internet security players, first Cloudflare and then Akamai, who collectively serve millions of businesses globally, including nine of the world's top 10 retailers. In addition, we are building interoperability between key elements of Visa Intelligent Commerce and Google's new universal commerce protocol as part of our global effort to help ensure that Visa transactions are securely supported as different protocols evolve. Our agentic solutions are live in the U.S. and CEMEA, and we are initiating pilot programs in Asia Pacific and Europe. LAC is soon to follow, where we have already begun token enrollment for agentic commerce with issuers.

We believe that we are well-positioned to be the infrastructure provider and key enabler in agentic commerce so that every agent interaction is trusted and secure. Like agentic commerce, stablecoins have tremendous growth and disruption potential, but are still in the very early stages of adoption for payments use cases. As new stablecoins and blockchains continue to emerge and show the promise of true utility, Visa's goal remains clear: build the secure and seamless interoperable layer between stablecoins and traditional fiat payments at scale across the world. This past quarter, we expanded our capabilities across several fronts. First, we added stablecoin card issuance in nine additional countries in Q1 to surpass 50 countries worldwide, and payments volume continues to grow at a fast rate as we enable more consumers and businesses to spend stablecoins with Visa.

This quarter, we also expanded our stablecoin settlement capabilities with USDC into the U.S., improving speed and liquidity for banks and fintechs, and providing interoperability to modernize treasury operations for our clients. Total stablecoin settlement has reached an annualized run rate of $4.6 billion globally as demand has grown among both stablecoin native and more traditional clients. We're finding that more and more participants in the payments ecosystem, financial institutions, merchants, acquirers, and consumer-facing technology companies are looking to develop and refine their stablecoin strategy. As such, we recently launched our stablecoins advisory practice globally, where we are working closely with our clients, providing access to training, strategy, and market entry planning and technology enablement. In addition to being a design partner with the Tempo Layer 1 blockchain initiative, we recently announced our participation in the testnet of Arc, a Layer 1 blockchain from Circle.

With both, we see Visa's role in supporting both transaction processing and delivering value-added services. Finally, we are piloting Visa Direct stablecoin payouts, allowing platforms and businesses in the U.S. to send payouts directly to users or workers or employees' stablecoin wallets. This innovation expands the reach of Visa Direct by providing creators, freelancers, and marketplaces with a stable store of value and faster access to funds, even in markets facing currency volatility or limited banking infrastructure. The stablecoin opportunity remains additive to what Visa is doing today, and we will continue to invest where we see the greatest demand: on-ramps and off-ramps, settlement, money movement, consulting, and other value-added services. We believe that Visa is well-positioned as a global, trusted technology provider to deliver a full stack of bank and enterprise-grade infrastructure that our clients need to build the future of their business on-chain.

Stablecoin is just one way that we are enabling money movement. We also have continued to make enhancements in our Visa Direct and commercial solutions capabilities. In Visa Direct, we have continued to deepen relationships with existing partners like acquirer Nuvei, who has expanded their agreement to include Visa Direct to account in addition to card in more than 30 countries. After initially enabling Visa Direct in 25 markets in 2023, PayPal's Xoom recently expanded its Visa Direct cross-border reach to more than 60 markets. In our B2B or commercial solutions, we continue to create compelling purpose-built offerings with a number of our services. In Europe, we have expanded our partnership with Revolut to launch Titan in the U.K., an ultra-premium card designed for high-growth companies that attracted thousands of business customer signups on day one.

Also in Europe, Edenred PayTech has chosen Visa as its strategic partner to expand across multiple B2B use cases with our solutions, including Open Loop Workplace Benefits, Open Loop Fleet and Mobility, B2B Travel, insurance payouts, and Procure-to-Pay. Another area of innovation and expansion in the services and solutions layers of the Visa as a service stack has been issuer processing. Visa has been in the issuer processing business for over 30 years. We have continued to invest in this space by enhancing DPS, but also through the acquisition of Pismo. Many issuers around the world are seeking to upgrade their technology stacks to ensure they can deliver for customers in a digital age. Visa's issuer processing capabilities enable clients to have one connection to Visa from which they can access our other solutions and services, such as network products, value-added services, tokenization, risk products, and more.

One of the two agreements I would highlight this quarter is Pismo's first commercial offering since the acquisition with Banco BICE in Chile. In collaboration with expense management platform Mendel, we will offer a business credit corporate issuer processing program for Banco BICE and their large and middle-market B2B clients. The second agreement is Pismo's first fleet card offering with Finance Now in New Zealand. Visa will also provide fleet card issuance, tokenization, and risk services as well. We will continue to look for ways to invest in processing to both modernize and enhance payment systems globally and accelerate the adoption of our value-added services. The final area I want to highlight is our risk and security solutions.

As you know, we closed on our acquisition of Featurespace just over a year ago, and we have continued to invest in this platform to provide a holistic, AI-driven solution for our clients before, during, and after a transaction. Nets, part of Nexi Group in Europe, has chosen Featurespace to expand fraud prevention for 150 banks across Nordic and Central Europe regions, leveraging cloud hosting and advanced fraud models. Another AI-powered solution, Visa Account Attack Intelligence, was announced in 2024 in the U.S. to help clients prevent enumeration attacks, which are when bad actors systematically initiate e-commerce transactions to obtain valid payment credentials. The results of this solution in the U.S. have been impressive, with over 60 billion transactions scored and nearly 600 million suspicious transactions identified in the last 12 months.

We are now investing in its market expansion with launches in the rest of our regions, where we are also seeing strong results. In LAC, for example, in just six months, we have almost 90% of clients already activated and have prevented more than $10 billion of fraud. We have brought our network-agnostic risk solution, Visa Advanced Authorization, to more countries as well, including recently securing the business from Morocco's national switch, Switch Al Maghrib, to score all domestic transactions. We have also expanded our A2A risk solution, Visa Protect for A2A, to two more countries this past quarter, with a half a dozen more planned by the end of the year. Of course, these represent just a small set of examples, and throughout the quarter, we have developed many more solutions that will help us drive long-term growth.

Collectively, all of our efforts produced 15% year-over-year net revenue growth, with our growth pillars continuing to deliver very strong results. Commercial and money movement solutions, constant dollar revenue grew 20%, with 10% constant dollar commercial payments volume growth and 23% Visa Direct transaction growth. Value-added services, constant dollar revenue grew 28% and represented around 50% of our overall revenue growth in the first quarter. These results and our feedback from our clients give us confidence that our strategy is working and we are investing in the right capabilities to position Visa and our clients and partners for the future. Visa is delivering breakthrough innovations that redefine what's possible in payments as we enable our partners to achieve global scale quickly and securely. Now to Chris, where he will discuss our financial performance.

Thanks, Ryan, and good afternoon, everyone.

We had a very strong start to our 2026 fiscal year, driven by strong driver growth, a strong holiday season, and continued execution of our strategy across consumer payments, commercial and money movement solutions, and value-added services. Business drivers remained strong and relatively consistent with Q4. In constant dollars, global payments volume was up 8% year-over-year. Cross-border volume, excluding intra-Europe, was up 11%, and total process transactions grew 9%. Fiscal first-quarter net revenue was up 15% year-over-year, with the outperformance largely driven by stronger-than-expected value-added services revenue, lower-than-expected incentives, and stronger-than-expected commercial and money movement solutions revenue. These three factors more than offset lower-than-expected currency volatility. First-quarter revenue was up 13% in constant dollars. EPS was up 15% year-over-year, better-than-expected, primarily due to stronger-than-expected net revenue growth. EPS was up 14% in constant dollars. Let's go into the details.

U.S. payments volume was up 7%, with e-commerce growing faster than face-to-face spend, reflecting resilience in consumer spending. Credit was up 7%, and debit was up 6%. The slight step down in U.S. PV throughout the quarter was driven by debit, primarily as a result of a Visa Direct client moving the remainder of its volume to its own solution and a number of other small factors, including the loss of some Interlink volumes to the Capital One debit migration and severe weather that affected certain spend categories. Growth across consumer spend bands remained relatively consistent with Q4, with the highest spend band continuing to grow the fastest. We did not see a deterioration in the lower spend band, and across our volume, both discretionary and non-discretionary spend remained strong.

Honing in on the holiday season specifically, which we define as the period from November 1 to December 31st, I would note a few items. In the U.S., consumer holiday spending growth was in line with last year, reflecting continued strength in retail, an improvement in fuel, and some moderation in other spend categories. Focusing on retail, holiday spending growth was slightly better than last year, driven by strong growth in e-commerce, which continues to take on a greater share of consumer retail spend. In several key countries around the globe, we saw similar trends, with consumer retail holiday spending growth up from last year, led primarily by e-commerce growth. First quarter total international payments volume was up 9% year-over-year in constant dollars, generally consistent to the growth we've seen over the past several quarters. Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions.

Q1 total cross-border volume was up 11% year-over-year, consistent with Q4. Cross-border e-commerce volume was up 12%, slightly below Q4, primarily from lower growth in cryptocurrency purchases. Travel-related cross-border volume was up 10%, consistent with Q4. We saw continued strength in commercial volumes, and we started to see improvement in U.S. inbound from Canada. With that as a backdrop, I'll move to discuss our financial results, starting with the revenue components. Service revenue grew 13% year-over-year versus the 9% growth in Q4 constant dollar payments volume, primarily due to pricing and card benefits. Data processing revenue grew 17% versus the 9% growth in process transactions, primarily due to pricing, strong value-added services performance, and higher cross-border transaction mix. International transaction revenue was up 6%, below the 11% increase in constant dollar cross-border volume growth, excluding intra-Europe.

Even with the favorable FX, we saw much lower-than-expected volatility, with additional negative pressure from mix and hedging. Other revenue grew 33%, primarily driven by growth in advisory and other value-added services and pricing. Client incentives grew 12%, lower than our expectations due to one-time write-downs related to client performance and deal timing. Now to our three growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transaction growth. Commercial and money movement solutions revenue grew 20% year-over-year in constant dollars. CMS revenue was better-than-expected, driven primarily by our commercial solutions business. Commercial payments volume grew 10% in constant dollars, consistent with Q4 and faster than Visa's overall payments volume growth, primarily due to strong client performance driven by both 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.

Value-added services revenue grew 28% year-over-year in constant dollars to $3.2 billion, driven by strength across all portfolios. Value-added services revenue growth was better-than-expected, primarily due to greater demand for our advisory and other services, especially in marketing services. Operating expenses grew 16%, above our expectations, primarily due to an unfavorable FX impact from balance sheet remeasurement and higher-than-expected marketing from both timing of marketing spend and marketing services-related expenses, some of which are associated with the stronger value-added services revenue I just mentioned. Non-operating expense was $4 million, better than our expectations, primarily due to investment income. Our tax rate for the quarter was 18.4%, slightly higher-than-expected due to the timing of the resolution of a tax matter. EPS was $3.17, up 15% year-over-year, with an approximate one-point benefit from exchange rates and a minimal impact from acquisitions.

In Q1, we bought back approximately $3.8 billion in stock and distributed approximately $1.3 billion in dividends to our shareholders. We also funded the litigation escrow account by $500 million, which has the same effect on EPS as a stock buyback. At the end of December, we had $21.1 billion remaining in our buyback authorization. Now, let's look at drivers through January 21, with volume growth in constant dollars. U.S. payments volume was up 8%, with credit up 9% and debit up 6% year-over-year. For constant dollar cross-border volume, excluding transactions within Europe, total volume grew 11% year-over-year, with e-commerce up 12% and travel up 10%. Processed transactions grew 9% year-over-year. Moving to our guidance. Now that a quarter has passed since our initial FY 2026 commentary, I would note the following on our key assumptions.

As we regularly say, we are not economic forecasters, so we're assuming the macroeconomic environment stays generally where it has been and consumer spending remains resilient, so no change. On pricing, we also have no material changes, with the benefits of new pricing expected to be similar in magnitude as last year and the majority in the back half. What that means from a cadence perspective is Q2 would see a relative step down in the year-over-year growth pricing contribution from Q1. On incentives, we had true downs in deal timing that helped in Q1 that we do not expect will carry into Q2. As such, this implies a step up in the growth rate from Q1-Q2, with Q3 continuing to have the highest year-over-year incentive growth rate and the full year remaining relatively unchanged.

On volatility, it has been much lower than we expected so far this year, and we are assuming that that volatility continues at current levels for the rest of the year, implying a larger drag for the rest of the year than in Q1, and with Q3 having the toughest comparable to last year's higher levels. We pull these assumptions together on an adjusted basis defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentations for more detail. For the full year, we have no material changes in our expectations for our adjusted and nominal net revenue growth.

We still expect our full-year adjusted net revenue growth to be in the low double digits, reflecting an anticipated weaker volatility environment for the rest of the year that is offset by the Q1 outperformance and higher utilization of our products and services. On the expense side, we have no material changes to our prior full-year guidance and still expect adjusted operating expense growth to be in the low double digits for the year. As a result of Q1, our expectations for non-operating expense are now between approximately $100 million and $125 million. On our tax rate, as a result of the claim of right tax benefits related to recent and anticipated legal settlements, we now expect our full-year rate to be lower than we guided, between 18%-18.5%. I should reiterate that we still expect our long-term tax rate to be between 19%-20%.

This implies adjusted EPS growth in the low double digits, albeit a bit higher in the range than previously guided, primarily due to the change in tax rate. Moving to Q2 financial expectations, we expect Q2 adjusted net revenue growth in the low double digits. The primary reasons for the step down from Q1 net revenue growth include the lower contribution from pricing, lower volatility, and higher incentive growth. We expect adjusted operating expense growth in the mid-teens, about a point above Q1 adjusted operating expense growth. This reflects the step up in marketing-related expenses, primarily due to the Olympics and FIFA, and you may recall that Q2 last year had lower-than-expected operating expense growth due to timing.

Visa (V) Q1 2026 Earnings Call Transcript

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