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 the Visa's Fiscal Third 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 your conference.

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal third 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 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. And with that, let me turn the call over to Ryan.

Thanks, Jennifer. This quarter, our financial performance once again demonstrated the power of Visa's diverse business model, global scale, commitment to innovation and relentless focus on our clients. We delivered net revenue of $10,200,000,000 up 14% year over year and EPS up 23% year over year. Our key business drivers were strong. In constant dollars, overall payments volume grew 8% year over year.

U. S. Payment volume grew 7% and international payments volume grew 10%. Cross border volume, excluding intra Europe, rose 11% in constant dollars and process transactions grew 10% year over year. We are obsessed about serving our clients and wake up every morning thinking about what we can do to help them be successful today and in the future.

We recently completed our annual global client engagement survey, where Visa again received a Net Promoter Score of 76, a tangible sign of how our clients feel about Visa and our capabilities, services and products. And as I'm sure you all saw, we hosted our product drop on April 30. We shared how we are continuing to evolve the Visa as a Service stack to advance our product developments and lead in a number of areas, including AI and Stablecoins across consumer payments, commercial and money movement solutions and value added services. Now let's look at some of the specific innovations and progress across our growth pillars this quarter. In consumer payments, we continued to grow through a focus on solutions to address both carded and non carded volumes across the globe.

Total credentials were up 7% year over year, marking the ninth consecutive quarter of at least 7% growth. We are nearing 15,000,000,000 tokens and now more than 50% of our e commerce transactions are tokenized globally, getting closer to our ultimate goal of reaching 100% penetration. As we continue to transform Visa cards for a more digital future, our Flex credential is an important solution. We have seen interest across various use cases such as buy now pay later, small business, multi currency and more. This quarter, we announced that Klarna will be launching a Klarna card powered by our Flex credential in both The U.

S. And Europe. We also expanded Flex credential geographically with inaugural clients in Vietnam, The Philippines and Bangladesh. And we have a pipeline of more than 200 client opportunities. Another way that we are advancing a more digital future is with Visa Intelligent Commerce, which enables consumers to shop and buy with AI agents.

It combines a suite of integrated APIs, including AI ready cards with tokenization and authentication, together with a commercial partner program for AI platforms, enabling developers to deploy Visa's AI commerce capabilities securely and at scale. We are excited to announce that we have more than 30 partners testing in our live sandbox, and we will soon enter the live transaction pilot phase with general availability to follow later this year as we see AgenTik commerce becoming a reality. In the face to face environment, we continue to drive cash digitization and habituation through our tap to everything use cases. Tap to pay penetration is now at 78% of face to face transactions globally. As a result of our efforts to increase issuance and acceptance, especially transit, which drives habituation, we now have 75 U.

S. Cities at 60% penetration or higher, up from 30 cities just last year, and New York City and San Francisco have now surpassed 8580% respectively. Tap to Phone added a record 3,000,000 transacting devices this quarter and Tap to Add Card continues to expand with more than two seventy five issuers participating globally, almost doubling from last quarter. For affluent consumers, we are excited to launch Visa Infinite Privilege in Brazil, a new super premium offering with personalized exclusive experiences enabled by dedicated lifestyle managers for each affluent user. Itau, Unicred and XP International are inaugural issuer partners.

In Canada, our Visa Infinite affluent offerings for FinTech Wealthsimple has been their most requested product with tens of thousands of cards issued in just two months and hundreds of thousands on the waitlist. Throughout all these innovations, we have continued to deepen our relationships with our clients across the globe. We renewed our partnership with Absa, a leading pan African bank in consumer and commercial issuance, consulting and cyber source across nine countries. And in India, we renewed our consumer credit agreements with HDFC and Axis Bank this quarter, two of the country's top five credit card issuers. Our consumer payment strategy is also focused on non carded solutions like Visa A2A in The UK.

With this offering, we bring together Visa's brand, consumer protections, technology and risk management capabilities to enable simpler, safer and more secure account to account payments. We released APIs on the Visa developer platform a few months ago, and we now have several partners on board and even more in our pipeline with a formal launch soon. Also in the A2A space, we're making a very deliberate effort to focus on open banking in the markets that have the greatest potential, such as Europe and Latin America. As an example, in Brazil, we have developed Visa Connecta, a payment initiator that connects with PICCs to facilitate open banking payments through Tink technology, both in the face to face environment, but more specifically in e commerce, where conversion is a challenge due to the current customer experience. Now moving to Commercial and Money Movement Solutions or CMS, where we continue to pursue new use cases and verticals, domestic and cross border flows and develop unique products.

This quarter, commercial payments volume was up 7% in constant dollars, Visa Direct transactions grew 25% and CMS revenue rose 13% year over year in constant dollars. In Visa Commercial Solutions, one of our key strategies is addressing the day to day challenges of small and large businesses through our vertical specific solutions. In the healthcare and benefits vertical, we are very active, including providing solutions for employee benefits to more than half of the top HSA providers in The U. S. A recent example of our activity in the benefit space is with Sunny, a healthcare FinTech that will issue Visa prepaid disbursement cards to their millions of U.

S. Consumers to spend integrated health benefits and rewards. In the travel vertical, checkout.com will begin using Visa Virtual Cards for online travel agencies or OTAs in The UK and Europe. In addition, client already an important issuing partner across numerous verticals in Europe will be expanding into The U. S, bringing their virtual card as a service offerings with spend management capabilities to OTAs, travel management companies and others in the travel vertical.

And in the fleet and fuel vertical, we continue to make progress with our fleet two point zero solution, providing key visa enhancements, such as EMV chips, digital wallet provisioning and contactless payments. In Europe, Octopus Energy is one of the region's largest energy suppliers, and they selected Visa as their partner as they start issuing cards to fleet managers seeking a single payment solution to manage mobility expenses. In Visa Direct, we have made some important progress in facilitating cross border flows to further our positioning as the largest money movement platform by transactions, volumes and endpoints. One of the biggest banks in The UAE with over 60 branches serving over 1,000,000 customers ADIB will use Visa Direct to power Remit, their newly launched remittances program by offering access to cards, accounts and wallets across all corridors. In Bangladesh, we have signed our first four partners to enable Visa Direct, MagnaBank, Trust Bank, Midland Bank and Brack Bank, specifically for outbound cross border payments.

And in The U. S. And Canada, Paysend, who we have discussed before is an important Visa Direct remittance client with 10,000,000 customers is now expanding to add more cross border use cases, such as gig economy worker payouts, payroll disbursements, and accounts payable flows as a reseller to third parties. Before I go to value added services, I think it is important to touch on a topic that has had a lot of interest lately stable. We are supportive of the Genius Act and we believe that it marks a key milestone on the path to regulatory clarity for stablecoins.

We have been active in this space for almost a decade and believe that stablecoins can solve important payments problems for certain use cases. We believe that Visa's role is to do what we always do, provide trust, standards, connectivity, billions of endpoints, scale and interoperability to the payments ecosystem. Beyond capital markets use cases, we see product market fit for stablecoins in two important areas. One, in emerging markets where the local fiat currency is volatile and or where consumer not have easy or affordable access to U. S.

Dollars. And two, in cross border money movement, both B2B payments and consumer remittances. Our in market solutions, partnerships, market activity and product roadmap reflect our commitment to this space. For example, we have deployed stablecoin linked cards in many markets around the world with partners such as Bridge, RAIN and banks. In the emerging market use case I mentioned earlier, consumers and businesses are using Stablecoins to save money in U.

S. Dollars, but they also want easy and safe ways to spend that money. And there's no better way to do that than using a Visa card. Stablecoin linked Visa cards are an extension of what we have been doing in the crypto space for years. Since 2020, we have enabled crypto users to spend more than $25,000,000,000 in Bitcoin, Ethereum, array of other cryptocurrencies and now stablecoins.

We are also enabling cross border money movement capabilities for P2P and B2B in certain emerging markets, And we are piloting and partnering with stablecoin payments companies who specialize in these markets as we build out our stablecoin treasury stack for settlement and money movement flows. A recent example is with Yellow Card in Sub Saharan Africa. Together, we are working to streamline treasury operations, improve liquidity management and enable quick and more cost efficient cross border transactions. Additionally, we are also helping banks issue their own stablecoins and realize the benefits of programmable money through our Visa tokenized asset platform. And we offer multi chain and multi coin stablecoin settlement on the Visa network.

We recently expanded our capabilities by adding a Euro backed stablecoin, EURC, and through a partnership with Paxos two additional regulated stablecoins USDG and PYUSD. We are also adding support for two additional blockchains, Stellar and Avalanche, enabling us to support four stablecoins running on four unique blockchains, representing two currencies that we can then accept and convert to over 25 traditional fiat currencies across the world for our clients within our settlement infrastructure. There is so much more to come in this space and we are excited about enabling commercial and money movement flows globally across networks, currencies and form factors. Now to value added services, which had one of our strongest revenue growth quarters, up 26% year over year in constant dollars. Let me walk through some of the highlights in our four portfolios.

In issuing solutions, PISMO continues to expand, benefiting from Visa's deep client relationships and trusted partner status. We have now entered Europe with ABN AMRO's neobank boot in The Netherlands, and have also partnered with Lunar, who serves over 1,000,000 consumers and business users for the first PISMO powered Visa card across Denmark, Sweden and Norway. This quarter, we signed with EML Payments in Australia to deploy PISMO for their global issuance strategy, enabling them to consolidate their multiple processing platforms to one across Australia, North America, The UK and Europe. In Acceptance Solutions, we continue to grow through both direct relationships with merchants as well as with acquirers. I'll give two examples of each.

First, direct with merchants. We renewed our agreement with Shopee Pay, a leading digital payments platform serving 10s of millions of users and expanded geographically from Singapore, Malaysia and Vietnam to include The Philippines, Indonesia and Thailand, and also expanded with additional products such as tokenization. Karim Pay, part of super app Karim that serves over 50,000,000 customers across Middle East and North Africa will utilize several value added services, including CyberSource and account verification. On the acquiring side, in Saudi Arabia, Arab National Bank has selected Visa as their new partner for our CyberSource and risk solutions to offer to their merchant clients. We also signed with Bach, the largest acquirer in Central America to provide cyber source and tokenization to their merchant clients.

In risk and security solutions, our feature space capabilities continue to resonate with our clients. This quarter, TSYS, an existing and important partner of feature space will begin transitioning their 10s of billions of transactions to our next gen SaaS platform, so they can benefit from continued innovation in our advanced AI scoring models in a scalable way. Moving on to advisory and other services, where our payments, consulting and marketing experience, data and analytics capabilities and sponsorships help us to deepen our relationships with our clients. For example, E. ON Financial Service, one of our largest clients in Japan, renewed their credit relationship and add consulting, managed services and marketing services to help them grow.

I'll call out two other examples of our consulting and marketing services at work. In Brazil, our consulting and technical teams are working with Caixa to help develop a super app for their over 40,000,000 customers, enhancing digital engagement and loyalty. In The U. S, FinTech Chime utilized our marketing services capabilities to support their brand campaign during the NBA playoffs this past quarter. With each of these four portfolios growing at strong levels, value added services remains a powerful engine of revenue growth for our business.

In conclusion, our third quarter results were strong. In Q3 and through July 21, even with the continued uncertainty, consumer spending remains resilient. Within The U. S, while spending growth differed among consumer spend bands, all spend bands in Q3 remained resilient and consistent with past quarters. Within spend categories in The U.

S, we saw relative stability to Q2 when adjusted for leap year impacts. Both U. S. Discretionary and non discretionary spend growth remained strong, and we see no meaningful impact from tariffs. For cross border, total volume growth excluding Intra Europe remains strong and above pre COVID levels, even with continued impacts from currency weakness and travel to specific countries.

While we're not immune to macroeconomic impacts, our business has proven to be diverse, resilient and well positioned to capture the significant opportunities ahead. We all know that as commerce evolves, so do buyer and seller preferences. We have proven our ability to anticipate these changes and deploy solutions that enable our expanding network of partners to meet and exceed the needs of their users. Visa has become a hyperscaler that enables anyone around the world to access the breadth, scale and resiliency of our network across more than 200 countries and territories, 150 currencies and nearly 5,000,000,000 credentials. Anybody that wants to be in the money movement business or the payments business can build on top of the Visa stack.

And as we connect billions of buyers and sellers through seamless, secure digital payments, we're very excited about how that'll help us enable innovative commerce as we drive Visa's growth forward well into the future. Now I'll hand it over to Chris.

Thanks, Ryan, and good afternoon, everyone. Visa reached a record $10,200,000,000 in quarterly net revenue in our third quarter, up 14% year over year, better than expected, driven by lower incentives, a lower FX headwind and higher value added services revenue. Net revenue was also up 14% year over year in constant dollars. Underlying business drivers remained strong. In constant dollars, global payments volume was up 8% year over year and cross border volume excluding intra Europe was up 11% year over year.

Total process transactions grew 10% year over year. EPS was up 23% year over year in nominal and constant dollars, better than expected, primarily due to the strength in net revenue growth. Let's go into the details. Total international payments volume was up 10% year over year dollars in Q3, relatively consistent with Q2 when adjusted for leap year. U.

Visa (V) Q3 2025 Earnings Call Transcript

Company Participants