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.

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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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Best Workplaces In The Bay Area

Best Workplaces In Financial Services And Insurance

Best Companies To Work For Southeast Asia

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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

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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 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 second quarter, net revenue was up 17% year-over-year to $11.2 billion and EPS was up 20%. This represented the strongest net revenue growth since 2022. When you exclude the post-pandemic recovery and the Visa Europe acquisition, it was the strongest since 2013. Payments volume grew 9% year-over-year in constant dollars to $3.7 trillion. Processed transactions grew 9% year-over-year to 66 billion. Our business has incredible momentum. Visa has become the leading hyperscaler of payments globally. Our strategy and Visa as a Service stack will help us drive future growth in four important ways. One, we are winning in consumer payments, commercial payments, and money movement. Our investments and innovations are paying off in a meaningful way and will continue to drive growth.

Two, AI and agentic commerce will expand our addressable market and our efforts will accelerate Visa's long-term growth. Three, stablecoins and blockchain are significant opportunities, we've established Visa's role as a key interoperability layer between this powerful infrastructure and real-world solutions for users. Four, value-added services is an even bigger opportunity and has demonstrated its value as a key driver of our growth, now representing 30% of our net revenue, growing at 25%+ in constant $. These services have durable competitive advantages as the vast majority are linked to transactions, cards, and accounts, and they are only strengthened with AI, reinforcing their importance as a growth lever for years to come. We have deep conviction in our ability to grow revenue well into the future, not just for the next three to five years, but beyond.

I'll go through each of these four drivers in more detail. As I mentioned, our investments in consumer, commercial, and money movement are delivering meaningful results. We are winning with fintechs, wallets, and apps. They are building on our stack and tapping into our innovation and our vast acceptance footprint to help hyperscale their growth and ours, capturing both carded and non-carded payments. A few recent examples. Just last week in the U.K., we partnered with TikTok to launch a debit card specifically designed for content creators. The Creator Card enables faster access to income from TikTok LIVE, brand partnerships, and platform payouts so that creators can spend, plan, and reinvest in their business quickly.

In Japan, a country with nearly 50% of spending in cash, we are collaborating with mobile payments app PayPay and their 40 million monthly transacting users and millions of acceptance locations to deploy new domestic and international solutions. With Visa, PayPay plans to grow Japanese merchant acceptance, utilize our Visa Flexible Credential to integrate multiple payment methods into a single Visa credential, and expand internationally. Shifting to commercial and money movement solutions, where revenue grew 24% in constant dollars as we continued to reinforce the value of our offering with expanded reach and tailored solutions. Visa Direct, the largest money movement network globally, now has more than 18 billion endpoints. This vast network is helping us win new business and power more transactions. In Q2, we had 3.7 billion transactions, up 23% year-over-year.

In the U.S., X will soon begin early public access for X Money, enabling push and pull payments for their millions of users with Visa Direct and payments anywhere Visa is accepted using a Visa Flexible Credential. In mainland China, UnionPay International will connect Visa Direct with UnionPay's MoneyExpress, enabling real-time cross-border remittances and payouts to reach more than 95% of their debit cardholders through a single integration. Moving to commercial, where this quarter we drove 11% payments volume growth in constant dollars with strength in our travel, fleet, and premium business reward portfolios. Commercial cross-border volume now represents the highest percentage of both commercial volume and total cross-border volume in Visa's history.

In travel, we expanded our agreement with fintech issuer processor Highnote to enable their eight OTA platforms with our flexible interchange product for virtual cards called Visa Commercial Choice for Travel, which also includes specific automation, controls, and reconciliation across the travel value chain. In fleet, we signed a new agreement with Westpac that expands our partnership and demonstrates the potential for Pismo for commercial card modernization. We also secured their commercial card portfolios, including credit and debit for small business. Another example of deepening relationships with our clients is with Scotiabank. Across 11 countries in Latin America and the Caribbean, we have created a new strategic agreement consolidating our relationship and expanding into new areas of issuance focused on affluent and small businesses. Our momentum in consumer, commercial, and money movement is clearly strong and will strengthen with agentic commerce and stablecoins. I'll start with agentic commerce.

We believe AI and agentic commerce will expand our addressable market in four important ways. First, like e-commerce and mobile commerce before it, agentic commerce will accelerate the digitization of commerce around the world. Just like the acceleration from e-commerce and mobile commerce, Visa will benefit. Second, agents will create significantly more transactions. Agents will intelligently split purchases across multiple transactions, optimizing price, timing, and value to the buyer. Importantly, in some use cases, we expect agents will pay for their own data and resource consumption transaction by transaction and event by event, which creates an entirely new category of commerce with microtransactions. Third, we will see accelerated digitization of B2B payments, where there is still enormous friction that AI agents can help remove. They will be able to automate payment initiation directly from invoices and contracts and manage approvals autonomously.

In this context, virtual cards and tokenization will become a preferred way to pay and be paid. Lastly, just like the advent of e-commerce and mobile commerce, agentic commerce will increase economic growth generally. Third parties estimate we are looking at a boost of 80 to 150 basis points of incremental GDP growth from AI. When GDP grows, spending grows, and digital payments transactions grow. Visa is extraordinarily well-positioned to win in agentic for three important reasons, our network, security, and trust. Our network has enormous scale, more than 175 million seller locations, five billion credentials in 200 countries and territories, with nearly 14,500 financial institution clients who have opted in to using this network. Payment security is only going to become more difficult and more valued.

With our scale comes over 300 billion transactions annually, equating to an average of about 900 million transactions per day, and all of the data that comes with it. Visa has proven it knows how to manage transaction risk, identity risk, and fraud, all enabled by this transaction data. Trust. Visa has well-established trust grounded in our standards and brand. We set the standards that enable trusted payments in the digital and emerging agentic ecosystem. A big part of our network, security, and trust are Visa tokens. Visa is a proven leader in tokenization, which is foundational in e-commerce and is set to become an essential element of trusted transactions in an agentic world. People overwhelmingly choose to pay with cards face-to-face and online, and they will prefer their agents to pay with cards. Merchants want this too.

We recently launched Intelligent Commerce Connect, which acts as a network, protocol, and token vault-agnostic on-ramp to agentic commerce for agent builders, merchants, and enablers. Now, while it's early, we are seeing growth in agentic shopping and the emergence of early agentic commerce, real transactions with Visa agentic tokens. AI continues to evolve. With the AI landscape, we are seeing that Claude Code and other agentic coding assistants will allow anyone to become a developer. It's that easy to work in simple command-style tools like the command-line interface or CLI. These agentic coding assistants are a great example of how we see AI and agentic commerce increasing economic growth as they enable anyone to bring their new business ideas to life.

We see a world where we will all design, build, and launch digital products and experiences ourselves, engage with digital platforms, and buy digital services using the CLI or a slick consumer-friendly version of one as our interface. The CLI itself is becoming a commerce platform. We believe that the preference and value of cards will be equally strong for all sizes of transactions, including micro-transactions. A key to making this happen is enabling safe, simple, and easy payments that are widely accepted by all API endpoints. We recently launched Visa CLI as a proof of concept which shows how easy it is for a developer, soon all of us, to use their Visa credential to pay for digital services like an image, a website builder, or more via the CLI.

The early feedback we have been receiving from developers is very positive, and as we move forward, we plan to enable CLI commerce at scale, which means scaling the availability of command-line tools and card acceptance by promulgating standards, products, rules, and pricing. Over time, we have continued to adapt our technology and commercial model to win when new payments use cases emerge. Transit, vending, parking, subscriptions, app purchases, and Visa Direct are all great examples of where we've made purposeful investments to enhance our commercial and technical model to deliver new, smaller-ticket payments use cases. Agentic commerce will be another great example. In all of these use cases, Visa cards are providing significant value.

They're easy to use, broadly accepted, integrated into the transaction flow, offer privacy, unlike most stablecoins, offer a way to manage liquidity in aggregate rather than funding millions of real-time micro-transactions, offer an issuer KYC user, security protections if something goes wrong, and in many cases, cards offer rewards and benefits. We see no other payment method on Earth that delivers all of these features. Buyers know this, sellers know this. Soon so will agents. We expect more transactions, more value-added services, and therefore more revenue in the years ahead from agentic. Let's shift to stablecoins and on-chain payments. Our strategy and innovations have positioned Visa as a hyper-scaling bridge layer between stablecoin and real-world solutions and applications for users. I'll call out three important examples. On-ramps and off-ramps, settlement and money movement, and blockchain infrastructure.

In many countries around the world, especially in emerging markets, consumers and businesses are increasingly using stablecoins as a store of value, essentially on-chain, primarily U.S. dollar-denominated accounts. In these countries, stablecoins are not generally accepted as a means of payment. We are providing on-ramps and off-ramps with stablecoin-linked Visa cards. Consumers in these countries are increasingly using stablecoin-linked Visa cards to spend their stablecoins online and at their local grocery store, petrol station, and restaurants where Visa is accepted. Businesses are using stablecoin-linked Visa cards to buy digital advertisements and supplies for their businesses. We now have over 160 stablecoin card programs globally with key partners such as Rain, Reap, and Bridge, and the payments volume continues to grow at a very strong rate, up nearly 200% year-over-year in Q2.

To my second example, a pragmatic real-world B2B use case, Visa's own settlement capabilities. Last year, Visa settled almost $13 trillion among and between our nearly 14,500 financial institution partners. Nearly all of this was settled in fiat currencies on Monday through Friday. We have been enabling our clients to settle with us using stablecoins. An issuer who's working in stablecoins can pay us in stablecoins seven days a week, and an acquirer or merchant who wants to get paid can get paid in stablecoins. This provides immense liquidity and efficiency benefits. We have just added five additional blockchains for settlement, Arc, Base, Canton, Polygon, and Tempo, bringing the total to nine. We currently have a $7 billion annual run rate of stablecoin settlement volume, and it's growing fast, up more than 50% since last quarter.

To the third example, becoming a key player in blockchain infrastructure. We are actively participating and innovating to ensure Visa plays an important role in emerging payments-focused blockchains. We are design partners for Layer 1 blockchains and have become a validator on Tempo and a super validator on Canton Network. Our role as a design partner with Tempo allowed us to play a critical role developing and launching the Machine Payments Protocol card specification that is enabling Visa CLI payments. Running a validator node moves Visa from a blockchain participant to an infrastructure leader. In the case of Canton, where we are a super validator, Visa also helps govern the network that validates the transaction. Ultimately, we will help operate the infrastructure that can make private, regulated blockchain transactions possible.

Additionally, we are increasingly providing value-added services to crypto-native partners and traditional financial institution partners to help them expand their stablecoin offerings to better serve their users, which is a good transition to the fourth driver of Visa's growth, value-added services. As I said at the outset, value-added services is a bigger opportunity than ever for Visa. Value-added services revenue grew 27% in the second quarter in constant dollars. We are just getting started. VAS is inextricably linked to our network business. With that comes significant distribution globally. We have transaction data at scale. We will enhance that data with AI. We have the brand assets and sponsorships to provide unique opportunities for our clients and Visa to grow. We are winning because our VAS portfolio of solutions brings powerful capabilities, the trust that Visa stands for, and our commitment to continuous innovation.

The vast majority of our value-added services revenue is linked to transactions, cards, and accounts. As we grow consumer and commercial payments, we are also fueling VAS growth. For example, e-commerce transactions are the fastest-growing part of consumer and commercial payments, and many of them utilize our value-added services to help increase authorization rates and reduce fraud. Affluent cards are the fastest-growing area of consumer payments, and more and more of them have a deep set of card benefits and loyalty services linked to them. Across Visa, AI is making what we do even better, especially for our value-added services. Our new Visa large transaction model is beginning to act as the foundational model for a variety of AI-powered fraud and risk services at Visa. Early results have shown that it can power up to a 5x increase in fraud value capture.

Our team has been integrating new AI-enabled features across our suite of VAS solutions, including the recent release of six dispute resolution capabilities. In fact, across all of our services, client adoption has been the fastest among AI-embedded services such as Smarter Stand-In Processing and Visa Provisioning Intelligence. In addition, our brand and sponsorship relationships are highly valued. In our fiscal year 2026, Olympic and Paralympic Winter Games sponsorships tracked ahead of plan with more than 100 projects across more than 70 clients and nearly 40 markets. With FIFA, we have already seen increased activation of cards, spend, and engagement from our clients. Our acquired capabilities represent important growth opportunities as well. In Q2, Pismo signed our first clients in France, the Philippines, Paraguay, and Romania, reaching 15 new countries since the acquisition.

We're thrilled to announce that Wells Fargo has entered into an agreement to migrate to Pismo's core account ledger as part of its core banking modernization over the coming years, reflecting the strength of the partnership between Wells Fargo and Visa. We recently announced the acquisition of Prisma, a credit, debit, and prepaid issuer-processor, and Newpay, a real-time payment services bill pay and an ATM network. We believe the combined technology platforms will accelerate the deployment of advanced technologies such as tokenization, biometric authentication, intelligent risk tools, and agentic commerce solutions and help us to grow both our carded and non-carded business in Argentina. Our value-added services are highly differentiated and even more so in an AI world. Before I close, I wanted to say that we are watching the impacts from the conflict in the Middle East closely.

Chris will go into more detail about the impact on our business in a moment. Our primary concern is and has been the safety of our team and clients. You can see from our second quarter performance that there is momentum in our business, tailwinds behind us, and enormous opportunities ahead of us. We are pushing every day to build the future of payments faster and better than ever before and to make our stack the most capable and valuable way for our partners to connect to the world's payments ecosystem. Our track record, strategy, innovation, and Visa as a Service stack will help us drive growth well into the future. Now over to Chris to discuss our financial performance.

Thanks, Ryan. Good afternoon, everyone. We delivered an outstanding second quarter with strong revenue and profit growth driven by effective execution of our strategy and the resilience of our diversified business model. Drivers remain strong and relatively consistent with Q1. In constant dollars, global payments volume was up 9% year-over-year. Cross-border volume excluding intra-Europe was up 11%, and total processed transactions grew 9%. Fiscal second quarter net revenue was up 17% year-over-year, with the outperformance largely driven by higher than expected volatility, stronger than expected value-added services revenue, and lower than expected incentives. Second quarter net revenue was up 16% in constant dollars. EPS was up 20% year-over-year in both nominal and constant dollars, better than expected, primarily due to stronger than expected net revenue growth. Let's go into the details.

U.S. payments volume grew 8% year-over-year, up almost a point and a half from Q1, reflecting resilience in consumer spending. E-commerce spend outpaced face-to-face spend. Both U.S. credit and debit demonstrated broad-based spend improvement, and we believe both were helped in part by higher tax refunds. Debit grew 7%, up almost one point from Q1, and credit grew 10%, up more than two points from Q1, with strong travel spend in both consumer and commercial. Growth across consumer spend bands saw incremental improvement from Q1, with the highest spend band continuing to grow the fastest. Across our volume, both discretionary and non-discretionary spend remained strong. We do not see signs of the lower spend consumer weakening in our volumes.

Second quarter total international payments volume was up 10% year-over-year in constant dollars, generally consistent to the growth we've seen over the past several quarters. Latin America and Europe payments volume growth was relatively consistent with Q1 in constant dollars. Canada had a more than one point improvement from Q1, primarily due to processing days. In Asia-Pacific, we saw macro improvements in mainland China, and in other Asian-Pacific countries, we saw strong client performance. In CEMEA, we saw a step-down of about 2.5 points in payments volume growth in constant dollars from Q1, primarily due to the conflict in the Middle East. Keep in mind that CEMEA generally represents about 6% of our total payments volume. Pulling it together, globally, our total payments volume growth remains strong, up almost 1 point from Q1 in constant dollars.

To cross-border volume, which I'll speak to in constant USD and excluding intra-Europe transactions. Q2 total cross-border volume was up 11% year-over-year, consistent with Q1. Cross-border e-commerce volume was up 13%, a point above Q1. While crypto continued to be a slight drag, the improvement was primarily driven by U.S. inbound volume. Travel-related cross-border volume was up 10%, generally consistent with Q1, led by continued strength in commercial and improved U.S. inbound volume that generally offset the impact in the Middle East that was most pronounced in March. With that as a backdrop, I'll move to discuss the financial results. Starting with the revenue components. Service revenue grew 13% year-over-year versus the 8% growth in Q1 constant USD payments volume, primarily due to pricing and card benefits.

Data processing revenue grew 18% versus the 9% growth in processed transactions, primarily due to pricing, strong value-added services performance, and higher cross-border transaction mix. International transaction revenue was up 10%, below the 11% increase in constant dollar cross-border volume growth, excluding intra-Europe. Even with the favorable FX, we had offsetting impacts from volatility, mix, and hedging. While volatility was better than we expected for the quarter, it was still below last year's levels. Other revenue grew 41%, primarily driven by growth in advisory and other value-added services, especially marketing services revenue, as well as pricing. Client incentives grew 14%, lower than our expectations, driven primarily by deal timing and performance adjustments. 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 24% year-over-year in constant dollars. CMS revenue was better than expected, driven primarily from performance adjustments and deal timing, in addition to pricing. Commercial payments volume grew 11% in constant dollars, up more than a point from Q1 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% year-over-year, consistent with Q1, driven by continued strength in domestic and cross-border. Value-added services revenue grew 27% year-over-year in constant dollars to $3.3 billion, driven by underlying business drivers, which included processed transactions, number and mix of credentials, and client consulting and marketing engagements and pricing.

Value-added services revenue growth was better than expected, primarily due to greater demand for network products for issuers and acquirers and marketing services. Marketing services leverage our brand assets, expand and deepen our relationship with our clients, help them increase engagement with their customers, and drive increased spend, all while growing revenue at attractive levels of profitability. As Ryan mentioned, the Olympics and FIFA are exciting opportunities this year, and we also see further expansion opportunities for sponsorship beyond sports. One example was with a music tour sponsorship in Asia-Pacific for a popular K-pop group. We completed activations for multiple clients in the region and drove increased payments volume growth and card issuance, which drove revenue for our clients and Visa, in addition to driving direct VAST revenue.

For one client, they saw a nearly 30% increase in year-over-year spend as a result of this campaign. Another client saw a 50,000 increase in card count in just six weeks. Operating expenses grew 17%, consistent with our expectations, driven primarily by personnel and marketing. Non-operating expense was $45 million, above our expectations, primarily due to lower cash balances and higher debt levels and interest rates than forecasted. Our tax rate for the quarter was 16.4%, consistent with our expectations. EPS was $3.31, up 20% year-over-year, better than expected, with an approximately half a point benefit from exchange rates. For our non-GAAP results, Prisma and NewPay increased net revenue and operating expense growth by approximately half a point each and had a minimal impact on EPS growth.

Visa (V) Q2 2026 Earnings Call Transcript

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