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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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 third quarter 2026 earnings conference call. All participants are in a listen-only mode until the question-and-answer session. Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would 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 third 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 third quarter, net revenue was up 14% year over year to $11.6 billion, and EPS was up 11%, both ahead of expectations. Quarterly payments volume grew 10% year-over-year in constant dollars to cross $4 trillion, the first time in Visa's history. Process transactions grew 10% year-over-year to $72 billion, reflecting strong and resilient consumer spending. After record-setting net revenue growth in our second quarter, we continued to build on our momentum in the third quarter in three important ways. One, through our wins in consumer payments, commercial payments, and money movement with a focus on serving our clients. Two, with product innovation and development across our business, both what we are building and how we are building it.

Three, in continuing to position our value-added services as a key driver of our growth, not just this year, but for years to come. I'll cover all three, starting with our wins across the business. Our Visa as a Service stack is rooted in serving our clients. We remain obsessed with helping our clients in the entire payments ecosystem scale and grow. A tangible sign of the trust our clients have in Visa and our capabilities is our Net Promoter Score. For the third consecutive year, we received a score of 76 in our annual global client engagement survey, an enviable number in any industry. Most notably, the NPS from both sellers and fintechs each increased several points, with respondents valuing our strong brand, trusted partner relationships, global network strength, reliability, and innovation.

We see the strength of these relationships in our consumer and commercial and money movement solutions business, with our credentials growing 8% year-over-year in the third quarter and our tokenized penetration nearing 60% of our e-commerce transactions globally. Let me provide some specific examples. First, in Europe, through portfolio migrations and organic expansion, we have grown credentials by more than $40 million in the last 12 months, which is over 70% faster than the annualized credentials growth we saw in the region from fiscal year 2019 to 2024. In the next several years, we expect over $30 million more credentials from wins alone in Europe. An example from this quarter is NatWest, where we have won the entire consumer credit portfolio of their retail bank, demonstrating the strength of our strategic partnership that has been restored over the past five years.

In Latin America, we have continued to bring our innovation and strong relationship management to drive processing penetration and value-added services. We recently renewed our 55-year relationship with Bradesco in Brazil across consumer credit and debit, commercial credit and debit, and several value-added services. In Colombia, we signed an agreement with Grupo Aval, representing four banks in the country, to drive domestic processing, enable Visa Direct cross-border transactions, and support commercial card issuance in small business. Our processing penetration in the country, which was in the single digits five years ago, is now above 90%.

In the U.S., we won the consumer debit portfolio of large Southeast community institution Colony Bank, which is a testament to our clear strategic alignment with our clients and the strength of Visa's debit network and value-added services. Our commercial and money movement solutions revenue grew 17% year-over-year with 13% year-over-year commercial payment volume growth both in constant dollars as our product development continued to help us win business. For example, in Europe, we signed an agreement with Corpay to bring our Visa Fleet 2.0 solution to their fleet card platform, supporting new opportunities across the region with capabilities such as EMV chips, digital wallet provisioning, contactless payments, rich transaction data, and global acceptance.

In our CEMEA region, we signed an inaugural B2B travel portfolio in Saudi Arabia with Al Rajhi Bank, one of the largest banks in the region, for our Visa Commercial Choice travel product, providing flexible interchange, automation, controls, and reconciliation for their OTA clients. In the U.S. and across six countries in Europe and Asia Pacific, we renewed with Neom, a fast-growing B2B travel issuer for virtual cards. In money movement, Visa Direct transactions grew 21% year-over-year this quarter to $4 billion. Expanding relationships to activate new use cases is one key way we enable growth for Visa Direct. For years, DoorDash, the largest food and grocery delivery platform in North America, has been utilizing Visa Direct for Dasher payouts in the U.S., Australia, and Canada, as well as Visa virtual commercial cards to enable Dashers to pay for customer orders at physical locations.

This past quarter, we enabled Visa Direct to card for DoorDash's Crimson platform, a dedicated personal banking and rewards program built specifically for Dashers who receive a Visa debit card when they sign up. With all of these examples, it's clear that our people, products, and technology are resonating and building trust with our clients globally, positioning us for the future. I'll turn to product innovation at Visa. Technology and commerce are evolving faster than ever. As the leading hyperscaler of payments globally, Visa is at the center of this transformation, bringing trust to whatever form commerce takes next. This is showing up in our product development in two ways, in both what we are building and how we are building it. Let me start with the how. AI is changing how work gets done at Visa.

With the dawn of the generative AI era, we moved quickly to deploy AI across our enterprise to assist us in areas like engineering, client service, and model orchestration. As we enter the era of agentic AI, we are going beyond AI assistance and harnessing the power of AI to execute work and tasks with our supervision. We have progressed materially in product development and engineering, deploying new tools, plugins, agent skills, and persistent sessions to create an end-to-end pipeline with human oversight and autonomous capability. As a result of the unlocks we can realize with this new tooling, we are reforming our product development teams that used to be 10 or more into smaller and more nimble agentic squads of two to four. The results are meaningful for those teams that are using the agentic tool chain.

With 80% more code commits and 80%+ improvement in requirement definition from 30 days to five days, which has translated to 65%+ faster feature development. To the what. As a result of this new way of working, we are able to design, build, and ship products at an increased velocity with continuous innovation and improvement. I want to touch on two areas where we are deploying our new way of working with great impact, stablecoin and agentic commerce. We are active and investing in each layer of the stablecoin stack, from blockchain to issuance, wallets, infrastructure and orchestration, and applications. This quarter, we have made progress in both the issuance and application layers. We recently joined Open Standard alongside a strong group of partners. Open Standard plans to issue OpenUSD, a new stablecoin designed for global money movement.

We look forward to helping connect OpenUSD to real-world payments. In the application layer, we launched the Visa Stablecoin Platform for stablecoin minting, movement, and management. It is designed to enable our partners to settle with Visa in stablecoins, provide on-chain wallet-as-a-service infrastructure, and move money between fiat and stablecoins, beginning with OpenUSD, across a wide variety of use cases. Furthermore, Visa Stablecoin Platform's infrastructure will be integrated with Pismo, which can enable tokenized deposits for financial institutions, and Pismo plans to add third-party tokenized deposit infrastructure providers in the future. There is much more to come in this space, and Visa is participating and will continue to participate in all of these layers, whether through building Visa products and services, integrating with partners, investing, or acquiring. If stablecoins are reshaping the back end of commerce, we see AI as transforming the front end.

We believe agentic commerce will expand our addressable market and drive future growth for Visa. This quarter, we continued to work across the ecosystem by enabling new seller capabilities such as our Agent Score and Agent Directory and building infrastructure such as our Token Assurance Framework to ensure agent-initiated transactions are transparent and trusted. Across payments, partnerships are critical in driving adoption, and AI is no different. We are excited to be partnering with OpenAI to enable secure Visa payments within agentic commerce. Through the partnership, Visa will provide its global network, credentialing capabilities, and security infrastructure to support agentic commerce experiences, helping consumers and businesses interact and transact with confidence. As part of our partnership with Meta, Visa is enabling new ways to pay across Facebook and Instagram, powered by Visa Intelligent Commerce, allowing consumers to transact seamlessly and securely with Visa tokens.

All of this progress across stablecoin and agentic demonstrates that we have fundamentally shifted the what and how in our product development life cycle. We now have more than 150 AI-powered applications, and over the last 12 months, we have shipped more than 300 major product releases. Changes in the way we work and where we invest also impact how we operate the company. Today, we announced that we are eliminating roles, with the majority being in our technology and product teams, to ensure that we are continuing to position Visa for future growth. Another important area of product development has been in our value-added services, which grew revenue by 34% in constant dollars in Q3, with the vast majority of the revenue linked to transactions, cards, and accounts. In issuing solutions, our network products continue to be key drivers of growth, creating valuable customer experiences.

For example, two of our most popular network products, Subscription Manager and Stop Payment Services, which help cardholders view and decide where their card is on file for a subscription or reoccurring payment, now have 2 billion credentials enrolled. We continue to develop new products, including our AI financial assistant, enabling banks to white-label our AI-powered financial insights from their data and Visa's network data for their cardholders right in the bank's own app and website. We are also expanding our issuer processing capabilities with DPS Full Service Credit, bringing the best of Visa DPS and Pismo into an integrated credit issuer processing solution designed for fintechs and small- to mid-size banks. We will be piloting it in Q4 with our first client secured in the U.S., and it will be generally available next year.

In acceptance solutions, I just mentioned our new agentic tools for sellers and enhanced tokens. This portfolio includes many other capabilities that are driven by both carded and non-carded transactions. Within CyberSource, for example, some of the largest bank acquirers and sellers globally access the latest solutions, such as Unified Checkout, that launched globally in March. Unified Checkout acts as a seamless orchestrator across multiple payment types, with Visa hosting and securing the experience so sellers don't have to rebuild every time commerce evolves. Over 4,500 sellers and acquirers globally have enabled this, with more to come, including one of our largest acquirers in the U.K. In risk and security solutions, we continue to deliver capabilities to the entire ecosystem, leveraging the latest in AI to help clients protect themselves in an increasingly complex threat environment.

We built the Visa Vulnerability Agentic Harness, an orchestration layer that allows us to use models like Mythos to find and fix issues at AI speed. It is available now on GitHub to our clients, along with a technical blueprint, remediation, and validation agents. We can provide consulting and solutions to help. In advisory and other, this quarter marked significant engagement for the FIFA World Cup. In marketing services, over the last 12 months, we delivered more than 300 FIFA engagements to more than 240 unique clients, with about 20% of our clients utilizing our services for the first time, with far-reaching impact in our regions across 70 markets. In the U.S., you likely saw some of our largest clients, such as Chase, Bank of America, Wells Fargo, and Marriott, activate our FIFA offerings and promotions for their customers to drive acquisition and loyalty.

In Latin America, we also saw great engagement. Two examples I would highlight. In Brazil, a leading bank worked with Visa to launch multiple campaigns, including a promotion entering cardholders for a chance to win tickets for every BRL 100 spent, with more chances for new cardholders. From February to June, this campaign had 1 million cardholder participants with an 8% lift in card activation and $400 million in incremental payments volume. In Mexico, the launch of a new FIFA card helped drive significant card issuance for one issuer, with nearly 400,000 new debit cards and more than 250,000 new credit cards. In five joint FIFA campaigns, which included rewards bonuses on Team Mexico game days that multiplied upon a win, drove a more than 5x increase in average transaction size.

With all of the enthusiasm around FIFA, we are very pleased to have extended our long-standing global partnership agreement as the official payment technology partner for FIFA tournaments. It is unique sponsorship assets like these that make Visa a partner of choice for our value-added services. In our first three quarters of 2026, I have seen the momentum across our business continue to build through the net promoter score from our clients, through the rate of client renewals and wins, through the accelerated rollout of innovative products and solutions, through the increase in engagement in our value-added services, and by consistently delivering strong financial results to our investors. The opportunity ahead is significant. I'm confident that we have significantly shifted our ability to build and grow the future of payments faster and better than ever before. Now over to Chris to discuss our financial performance.

Thanks, Ryan. Good afternoon, everyone. We delivered a strong quarter, a reflection of resilient consumer spending, improved key business drivers, and effective execution of our strategy. In constant dollars, global payments volume was up 10% year-over-year. Cross-border volume, excluding intra-Europe, was up 12%, and total processed transactions grew 10%. Fiscal third-quarter net revenue was up 14% year-over-year, better than our expectations, primarily due to stronger-than-expected key business drivers, higher-than-expected value-added services revenue, and better-than-expected FX. Third quarter net revenue was up 13% in constant dollars. EPS was up 11% 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. payment volume grew 10% year-over-year, up about two points from Q2, a growth rate not seen since fiscal 2019, excluding the post-COVID recovery, with both card-present and card-not-present growth accelerating strongly. U.S. payments volume growth was the result of several factors, including higher tax refunds; the cost of fuel; retail, including the timing of promotional shopping events; strong Visa Direct growth; and FIFA-related spend. U.S. credit rose 11% year-over-year, up more than a point from Q2. Debit accelerated by more than two points from Q2 to grow 9% year-over-year. Growth across consumer spend bands saw incremental improvement from Q2, 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.

Third quarter total international payments volume was up 10% year-over-year in constant dollars, generally consistent with the growth we've seen over the past several quarters. Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions. Q3 total cross-border volume grew 12% year-over-year, up more than a point from Q2. Cross-border e-commerce volume was up 16%, three points above Q2, primarily driven by retail, including the timing of promotional shopping events. Travel-related cross-border volume was up 10%, consistent with Q2. While the conflict continued to be an offsetting factor, commercial and U.S. inbound continued to improve, and in June, the FIFA World Cup boosted inbound North America and Latin America volume. I want to zoom in on the tournament's impact on our key business drivers. As we all know, the FIFA World Cup brought many visitors to the U.S.

From the first whistle on June 11th through the round of 32 matches on June 30th, we saw both host cities as well as destination cities benefit from the influx of fans. A few highlights. Total card present spend in the U.S. accelerated, with card present transactions up as much as 20% in select host cities on match days. We saw acceleration in tap-to-pay, with weekly tapped transit transactions reaching a peak of nearly 40% year-over-year growth in U.S. host cities. Tap-to-pay transit transactions in Boston were up more than 50% for the June tournament period. Focusing on inbound cross-border card present spend, U.S. host cities increased by nearly 25% year-over-year from June 11th to June 30th, with the most significant increases driven by fans from Norway, Uruguay, and Ecuador. By spend categories in host cities, entertainment and restaurants saw the highest growth in cross-border spend.

Match days drove spikes in host cities, with Kansas City topping out at 1,000% year-over-year cross-border card-present transaction growth. For destinations like D.C. Metro and Las Vegas, we saw a pickup in spend prior to the knockout matches. The U.S. wasn't the only beneficiary, as Mexico and Canada saw inbound cross-border card-present volume growth of more than 70% and 35% year-over-year, respectively, from fans from countries with matches there. With that as a backdrop, I'll move to discuss our financial results. Starting with the revenue components. Service revenue grew 14% year-over-year versus the 9% growth in Q2 constant dollar payments volume growth, primarily due to pricing and card benefits. Data processing revenue grew 17%, above the 10% growth in processed transactions, primarily due to pricing, strong value-added services performance, and higher cross-border transaction mix.

International transaction revenue was up 6%, below the 12% increase in constant dollar cross-border volume growth excluding intra-Europe, primarily due to lapping the currency volatility peak last year and mix. Other revenue grew 45%, primarily driven by growth in advisory and other value-added services, especially marketing services revenue, as well as pricing. Client incentives grew 18%, a step-up of 4 points from Q2, primarily due to lapping low incentive growth last year and strong client performance. 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 17% year-over-year in constant dollars. CMS revenue stepped down from Q2 due to the absence of performance adjustments benefits that helped Q2 and lapping pricing impacts that started in Q3 of FY 2025.

Commercial payments volume grew faster than Visa's overall payments volume, up 13% in constant dollars and accelerating two points from Q2, driven by one point of acceleration from both U.S. and international volume growth. While we have a handful of client wins that have helped us since Q4 of FY 2025, the bulk of the strength in our commercial payments volumes has been from our underlying business in both domestic and cross-border portfolios, which we expect to continue well into the future. Visa Direct transactions grew 21% year-over-year, with continued strength in both domestic and cross-border. Value-added services revenue grew 34% year-over-year in constant dollars to $3.8 billion, primarily due to three factors. One underlying business drivers, which included strength in marketing services engagements related to FIFA. Two, pricing. Three, the acquisition of Prisma.

While we had strong growth in all of our portfolios, value-added services revenue was higher than expected, primarily due to greater utilization of our network products in issuing solutions and acceptance solutions. In fact, when we look at VAS results over the past 12 months, all four of our VAS portfolios have individually grown faster than their respective historical growth rates disclosed at Investor Day. Looking collectively at issuing solutions, acceptance solutions, and risk and security solutions, the revenue has grown more than 20% year-over-year every quarter over the last 12 months in constant dollars. This is faster than the fiscal 2021-2024 CAGR for total VAS revenue that we disclosed at Investor Day in February of 2025. For our advisory and other portfolio, in addition to the strong marketing services revenue growth, we've also increased the velocity of our consulting projects through the help of AI.

Just this past quarter alone, for over 700 clients across 100-plus countries and territories, we delivered 1,200 consulting projects, which is more than we delivered for all of 2019. Advisory and others continue to grow the fastest of the VAS portfolios. We expect it to continue to well into the future, driven by a focus to better serve our clients. Operating expenses grew 17%, primarily driven by marketing and personnel expenses. This was above our expectations, primarily due to a larger-than-expected FX impact from balance sheet remeasurement and higher-than-expected personnel expense as a result of deferred compensation mark-to-market, which, as a reminder, is EPS neutral. This was partially offset by the timing of some marketing expenses that shifted into Q4.

In our GAAP results, we had $563 million in severance costs related to changes to our workforce, including those that Ryan discussed, as we continue to focus on driving efficiency across the company. Reinvest those savings in our highest potential growth opportunities. Non-operating expense was $35 million, better than our expectations, primarily due to the investment income from the deferred compensation mark-to-market impact I just mentioned. Our tax rate for the quarter was 18.4%, consistent with our expectations. EPS was $3.32, up 11% year-over-year, better than expected, with an approximately half a point of benefit from exchange rates. For our non-GAAP results, Prisma and NewPay added a little under one and a half points to net revenue growth, approximately two points to operating expense growth, and approximately half a point to EPS growth.

In Q3, we bought back $4.9 billion in stock and distributed $1.3 billion in dividends to our shareholders. In May, we settled our previously announced exchange offer for Class B-1 and Class B-2 common stock. We also funded the litigation escrow account by $250 million, which has the same effect as a stock buyback. At the end of June, we had $28.4 billion remaining in our buyback authorization. In July, we expanded our commercial paper capacity to $7 billion. Now, let's look at drivers through July 21st, with volume growth in constant dollars. U.S. payments volume was up 9%, with both credit and debit up 9% year-over-year. A step down from June, primarily due to retail, including the timing of promotional shopping events, a lack of a day's mix benefit that helped June, and the change in the cost of fuel.

For cross-border volume excluding transactions within Europe, total volume grew 14% year-over-year, with e-commerce up 18% and travel up 12%. Processed transactions grew 9% year-over-year. As we move to our guidance, let me remind you that it is on an adjusted growth basis, defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail. Now moving to Q4 and the full-year financial expectations. We expect Q4 net revenue growth in the high end of low double digits, similar to Q3 on an adjusted basis. For drivers, we are assuming that the broader consumer spend stability continues from a macro perspective. Our overall drivers remain resilient and strong. On volatility, we are assuming that current levels, which are generally in line with Q1, persist, implying more of a drag than was incorporated previously.

Visa (V) Q3 2026 Earnings Call Transcript

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