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.

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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."

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

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WMA 2024-Visa

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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.

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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.

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The Future 50

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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 Second Quarter twenty twenty five 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 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 second quarter twenty twenty five 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 thirty 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 eight 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 of the 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. And with that, let me turn the call over to Ryan.

Thanks, Jennifer. Visa is one of the world's best businesses with strong growth and leading profitability powered by a world class brand, innovative technology and unparalleled network and global scale. This quarter, we saw the strength of our business model with $9,600,000,000 in net revenue, up 9% year over year and EPS up 10%. Our key business drivers were strong, even with the lapping of Leap Day from last year and consumer spending remained resilient in an uncertain and dynamic environment. In constant dollars, overall payments volume grew 8% year over year.

U. S. Payments volume grew 6% and international payments volume grew 9%. Cross border volume, excluding intra Europe, rose 13% in constant dollars and process transactions grew 9% year over year. Our strategy across consumer payments, commercial and money movement solutions and value added services continues to resonate with our clients, and we remain focused on serving our clients through our innovation and product development.

I will start with quarterly highlights and then make a few comments on the current environment. In Consumer Payments, we continue to execute the fundamentals, expanding credentials and acceptance and driving user engagement in order to grow both carded and non carded volumes. Total credentials grew seven percent with generally consistent growth across our regions. We added 1,000,000,000 tokens since last quarter to total 13,700,000,000.0 and now nearly 50% of our e commerce transactions globally are tokenized. We also crossed 1,000,000,000 tokens in Latin America and $500,000,000 in CEMEA.

And we continue to make progress displacing cash in key markets. For example, India, Mexico and Brazil each added more than 1,000,000 merchant locations in the last year as we have driven greater acceptance including with smaller merchants. We recently signed an agreement with Effekti, one of the biggest cash networks in Colombia with over 30,000,000 users. Effekti will launch 4,500,000 consumer debit cards and build acceptance with their cash agents. We also convert closed loop to open loop opportunities.

For example, I'll highlight two transit deals in Latin America. 1 in Argentina with Banco de la Nacion to launch an open loop survey Visa card for use on public transportation and two, in Chile with Metropago to also launch an open loop Visa card and add acceptance locations at transit stops. As we mentioned at Investor Day, what gives us confidence in our ability to grow consumer payments are our products and our solutions. They are enabling us to succeed in important high value consumer payments use cases, innovations such as tap to everything, tokens, multi currency cards, flex credentials, account to account solutions and our differentiated cardholder benefits platforms. I'll note some progress this quarter.

Our efforts in tap to everything continued, cash digitization and habituation. Tap to phone added nearly 2,000,000 transacting device terminals since last quarter, with growth primarily driven by Latin America, The U. S. And Europe. Cap to Pay penetration is now at 76% globally with The U.

S. Passing 60% for the first time. Penetration at U. S. Drugstores, retailers and quick service restaurants is now above 60% as well.

Tap to add card continued to gain traction and with the majority of fraud being eliminated as compared to manual entry, it's not surprising that we now have nearly 150 issuers participating globally in more than 35 countries and territories. Tap to P2P is a Visa product that leverages tokenization for enhanced security, Visa's Tap Kernel and SDK technology for seamless contactless data transmission between devices and the convenience of Visa Direct real time money movement for funds transfers. We are soon launching our tap to P2P products in The U. S. With Samsung.

Samsung Wallet will introduce this innovative P2P payments feature that will allow users to quickly send money to friends or family by just tapping a phone to a debit card or another phone. A strategy focused on enabling cross platform functionality across mobile wallets. Another development is in our stablecoin offerings. We believe two important capabilities are interoperability and programmability. We have continued to expand our interoperability, including with our first seven day a week stablecoin settlement, recently surpassing $200,000,000 in cumulative stablecoin settlement volume.

On programmability, we also developed the Visa tokenized asset platform to help enable banks to issue and leverage stablecoins for new types of programmable finance. Our first pilot partner BBVA plans to launch a stablecoin later this year on the Ethereum blockchain. In our focus to attract and retain the affluent and cross border traveler, we continue to evolve our Infinite product and are excited about the launch of the Scotiabank Passport Visa Infinite Privilege Card, offering elite travel benefits for Canadians. The card provides travel rewards, insurance and exclusive perks. Moving to commercial and money movement solutions.

As we drive further penetration of these opportunities, we have seen strong results in the second quarter with commercial volume up 6% in constant dollars, Visa Direct transactions up 28% and CMS revenue up 13% year over year in constant dollars. In Visa Commercial Solutions this quarter, we made progress on our strategy as we deepened our relationships with a number of existing clients. To capture the accounts receivable and accounts payable opportunity, we are utilizing product innovations such as embedded finance solutions to meet payers where they manage their business to drive adoption of cards. We are pleased that Lloyd's has signed a deal with Talia to issue and embed Visa Virtual Cards in the SAP ERP and procure to pay workflows of their customers. Our vertical specific strategies serve the needs of small, middle market and large businesses.

In that light, we are supporting Itau in their card as a service platform, which offers credit and debit card issuance, product lifecycle management and digital accounts to businesses across agribusiness, real estate, auto and retailers. In the B2B travel vertical, we continue to see strong demand for innovative payment solutions to transact in multiple currencies, while enhancing payment security, reconciliation and operational efficiency. We expanded our agreement with Lianlian Global to launch a B2B travel solution in Hong Kong. Lianlian Global will also be utilizing Visa Direct's multi currency capabilities to support end to end collections and payouts. Continuing with Visa Direct, this quarter, we signed an important deal with Jack Henry to offer Visa Direct through their digital applications to facilitate rapid transfers among bank accounts and enable their community and regional financial institution clients to offer Visa Direct to their consumer account holders and SMBs.

In the cross border space, Checkout.com is the first acquirer in The UAE to launch Visa Direct's push to card solution, enhancing real time money transfer capabilities for both cross border and domestic transactions. And in The U. S, we expanded our agreement with Tabipay, a money movement platform serving more than 6,500 fintechs and enterprises. Visa Direct will now be enabling push to account and wallet in addition to push to card. These are all examples of our strategic focus to grow our domestic and cross border business and expand with our existing customers for Visa Direct, the largest money movement platform in the world by transactions, volumes and endpoints.

In value added services, we continued to deepen our relationships with our existing customers and also focused on attracting new customers with some of our recently acquired assets. Value added services revenue grew 22% in constant dollars, powered by strong growth across all portfolios. I'll share a few areas of success in the execution of our strategy. In Issuing Solutions, PISMO brings a holistic offering with credit, debit, prepaid and commercial issuer processing and core bank processing. We have a strong pipeline and we are well on our way to enter five new countries across four regions this year.

Some recent deals to note include, first, in Latin America with Necky in Colombia and Banco de la Nacion in Argentina and in Asia Pacific with T2P in Thailand and Zenith Forex in India. Also in Issuing Solutions, we continue to grow our card benefits business. In Europe, Rafeisen Bank International in Austria recently launched the TravelCentive travel platform leveraging our solutions as well as added Visa's Priority Pass benefits to customers. In Acceptance Solutions, we recently announced two new product offerings. The first is a completely new version of Authorize.net, launching in The US next quarter and additional countries next year.

It features a streamlined user interface, AI capabilities with an AI agent, ANet, improved dashboards for day to day management and support for in person card readers and tap the phone. It will help businesses analyze data, summarize insights and adapt to rapidly changing customer trends. The second is the new unified checkout experience. Available in The U. S.

And in pilot stage in additional markets in Q4. As new ways to pay continue to emerge, merchants want to integrate once to accept all payment types to decrease the likelihood of lost sales at the point of checkout. Unified Checkout can be launched in a few hours with a deploy ready payment acceptance code. It is designed to deliver strong e commerce conversion rates with an intuitive checkout experience orchestrating over 25 card alternative payment options. Because Unified Checkout is part of the Visa Acceptance Solutions platform, customers also have access to fraud management, three d secure authentication and tokenization management.

We also continued to grow our client relationships in Acceptance Solutions this quarter. For example, we have now become the payment service provider of choice for sporting goods retailer Decathlon, who has more than 2,000 stores in nearly 80 countries. Decathlon will be using our gateway and decision manager capabilities for their e commerce business. In Risk and Identity Solutions, since the closing of our acquisition of FeatureSpace, we have been actively pursuing deals and have signed over 20 clients globally. We also now provide an enhanced holistic fraud protection solution from FeatureSpace called the Adaptive Real Time Individual Change Identification or ERIC Risk Hub.

This solution utilizes machine learning and AI solutions to enable clients to build more accurate risk profiles and more confidently detect and block fraudulent transactions, ultimately helping to increase approvals and stop bad actors in real time. In advisory and other services, our open banking platform powered by Tink provides payment initiation and account information services to sellers and payment providers or PSPs across Europe and The United States. In Germany, Tink and Audion are working with Recharge and Vodafone to provide their customers the option to pay by bank when checking out. Tink has reached a milestone of over 10,000 merchants choosing Tink's pay by bank capability via our more than 10 European PSP partnerships. Across our VAS portfolio, our innovations are designed to address specific challenges in the payments ecosystem and to provide secure, efficient and scalable solutions for businesses of all sizes.

At Investor Day, I spoke about the evolution of our Visa as a Service stack. The foundation of our stack is our global connectivity and the infrastructure that Visa is built on, our network, our network of networks, and access to our credentials and acceptance. Then we have our services architecture, which contains the specific capabilities that we think of as the building blocks for everything that we do, like risk, settlement and more. Using these services, we create client solutions. We are taking these componentized capabilities and investing in and enhancing them to create new features and capabilities to offer them to a much broader array of customers and partners.

And we strive to make it easier than ever for our partners and clients to access these solutions. I encourage all of you to tune in tomorrow to Visa's twenty twenty five product drop, where we will share how we continue to evolve the Visa as a Service stack to further our product development and lead in AI. You can watch live on our website at 10AM Pacific Time. Before I hand over to Chris, I'll share some thoughts on our business performance and the current environment. Throughout our history, we have evolved our network and strategy to deliver the best innovation, serve our clients and pioneer the future of payments.

We saw the result of these efforts this quarter with our strong financial performance. Halfway through our fiscal year, consumer spending has been resilient and strong, but there's much uncertainty. Focusing on The U. S, in Q2 and through April 21, we have not seen any signs of overall consumer spending weakening. While spending growth differs among consumer spend bands with the most affluent growing the fastest, all spend bands remain resilient and consistent with past quarters.

Within spend categories, there are some select areas such as in travel with airlines and lodging where growth has decelerated, but overall discretionary and non discretionary spend remains strong. Outside The U. S, we see similar stable trends. Within cross border, volume growth was in line with Q4 twenty twenty four levels. We have seen some impacts from currency weakness and travel to specific countries, but the overall growth was above the pre COVID trend.

To wrap up, while we are certainly not immune to the macroeconomic impacts, our incredibly diverse business model has proven to be resilient in the face of a variety of environments, most recently in Q2. And we see this resilience playing out in our financial outlook, which Chris will cover in a moment. For the rest of the year and beyond, what I, our leadership team and our more than 31,600 employees are focused on is serving our clients and capturing the enormous opportunities ahead. We focus on what we can control and stand ready to make thoughtful adjustments when necessary. I am confident that our business model, strategy and employees will continue to keep Visa operating from a position of strength well into the future.

And with that, I'll turn it over to Chris to review the financial results, discuss what we have seen so far in April and provide our expectations for the rest of the

year. Thanks, Ryan, and good afternoon, everyone. Our second quarter results reflected strength in our business. In constant dollars, global payments volume was up 8% year over year and cross border volume excluding Intra Europe was up 13% year over year. Total process transactions grew 9%.

Adjusting for the lapping of leap year, our trends were generally stable. Fiscal second quarter net revenue was up 9% year over year in nominal dollars and 11% in constant dollars, helped by resilient consumer spending, lower than expected incentives and better than expected value added services revenue. EPS was up 10% year over year and 11% in constant dollars, better than expected primarily due to stronger operating performance and a lower tax rate than expected. Let's go into the details. Total international payments volume was up 9% year over year in constant dollars in Q2, relatively consistent with Q1 when adjusted for leap year.

Visa (V) Q2 2025 Earnings Call Transcript

Company Participants