This ranking evaluates how Fortune 500 companies are deploying AI, and how technology leaders value those investments relative to industry peers.

Fortune AIQ 75

The companies on the Global 500 employ 70.2 million people, and their revenue represents more than one-third of the world’s GDP.

Fortune Global 500

With a combined revenue of $21 trillion and $2.1 trillion in profits, the 2026 Fortune 500 is the definitive list of America's largest companies.

Fortune 500

The 300 companies on this year’s list brought in over $12.5 trillion in revenue for the latest 12 months, with the median revenue figure at $24 billion.

America's Most Innovative Companies

AI is a major force shaping this year’s list—but it’s far from the only story.

World's Most Admired Companies

The region's best workplaces put integrity, inclusion, and respect at the center of their workplace culture.

Great-Places-To-Work-Asia-2025_Team Photo_Visa

Visa ranks No. 21 on the 2025 Best Companies to Work For Southeast Asia.

Fortune 100 Best Companies To Work For – Southeast Asia

Fortune AIQ 50

See which workplaces made this year's list.

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Employees say:"Visa is a phenomenal place to work: incredibly inclusive, very supportive in both work and life events, the people are welcoming and wonderful colleagues, the leadership is accessible and clear with expectations. We work hard, but Visa emphasizes mental health and well-being within it all. I love working here - always very proud to say I work at Visa!"

Best Large Workplaces in Financial Services and Insurance

The corporations on our annual list of the world's 500 largest companies combined to generate $41.7 trillion in revenue over the past year.

Fortune partnered with Great Place to Work to analyze survey feedback representing nearly 85,000 U.S. employees.

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Employees say:"We are a global company which offers the potential to draw on a variety of experiences and better reflect the varied life stories and business environments of the people we serve. I also appreciate talking with other employees in my office or who are remote who are from backgrounds that differ from my own. This is one of the greatest potential sources of innovation and power we have as a workforce."

Best Large Workplaces in the Bay Area

Almost $20 trillion in revenue—and a record-breaking $1.87 trillion in profits. Introducing the 2025 Fortune 500, the definitive list of the biggest companies in America.

The top companies on our list have one thing in common: Staff largely trust leadership to see them as well-rounded people and reward them for a job well done.

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Employees say: "Visa is an amazing company that takes care of employees, clients, and the community. It's a socially responsible and inclusive environment workplace."

Fortune 100 Best Companies to Work For

The 300 companies on this year’s list brought in over $12.6 trillion in revenue for the latest 12 months, with the median revenue figure at $22 billion.

Leaders in all industries rely more than ever on Big Tech—and appreciate the giants that deliver, at scale, without drama.

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Employees say:"Visa is a phenomenal place to work: incredibly inclusive, very supportive in both work and life events, the people are welcoming, wonderful colleagues, the leadership is accessible, and clear with expectations. We work hard, but Visa emphasizes mental health and well-being within it all. I love working here - always very proud to say I work at Visa!"

Best Large Workplaces for Parents

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Employees say:"This company is a great place to work because of its culture of respecting everyone respecting each other and its strong diversity and inclusion. The company also offers all employees the opportunity to give back and make a difference with several social impact Employee Resource Groups. The company has excellent benefits and allows the employee to experience work life balance."

The corporations on our annual list posted aggregate revenues of $41 trillion for the second year in a row.

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

Fortune Sector Leaders: Business Services

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

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

100 Best Companies 2024-Visa Inc.

Visa says it adheres to its Employee Value Proposition of “Powering payments, empowering people.” The digital payments giant’s new 32,000-square-foot location in Atlanta, welcoming 500 employees, was designed and constructed in collaboration with suppliers of diverse backgrounds. To help staff build professional development skills, the company provides access to Visa University for all employees, with senior staff serving as faculty. Among the courses offered are “The Leader as Coach,” which includes one-on-one sessions delivered through the BetterUp platform. &nbsp;Through its Visa Foundation, the company matched employee donations of up to $10,000 and double-matched up to $1,000 on Giving Tuesday in 2023, in which 4,890 staff participated. Combined with the match program, employees donated $7.1 million to over 4,200 organizations. &nbsp;In an effort to address climate change, Visa offers 75 electric-vehicle chargers and free charging for employees, bicycle parking, local and vegan food options, and a shuttle service that minimizes individual car emissions at its Foster City, Calif., headquarters.

The 26th edition of the list shows how much esteem Big Tech giants command among other business leaders.

WMA 2024-Visa

The 25th Fortune World’s Most Admired Companies list suggests that tech giants’ peers respect them as much as ever.

WMAC 2023-Visa

Building a culture of trust and transparency is essential to help everyone thrive, especially in rocky economic times.

100 BEST COMPANIES 2023-Visa Inc

The digital payments operator recently opened a new office in Atlanta, as part of its efforts to diversify its workforce. 
<ul> 
 	<li>The Visa Health Center is open to all U.S.-based employees enrolled in an employee health plan. The center offers primary care, mental health support, and physical therapy.</li> 
 	<li>In 2022, Visa hosted its first Global Inclusion and Diversity Summit, where the company introduced its strategy to increase diversity among staff and suppliers.</li> 
 	<li>This past year, Visa welcomed 72 more students into its Black Scholars and Jobs Program, reaching a total of 126 student participants for the 2021 and 2022 program years. Participants from the first cohort were offered internships at Visa for the summer of 2023. The inaugural class of scholars attended the first Visa Black Scholars Summit, which included workshops and networking opportunities for participants.</li> 
 	<li>The company holds a pay equity analysis annually to ensure that it’s paying employees equally regardless of gender or race. This information is public and accessible to employees.</li> 
</ul>

GPTW Financial Services & Insurance Large 2023-Visa Inc

Employees say: 
 
"Executive leaders and down lead by example, and demonstrate transparency. Visa truly treats its employees as an extended family and shows genuine concern for us as employees and people at and away from work."

The Fortune 500, in its 69th year in 2023, ranks the biggest U.S. companies by revenue.

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

WMAC-2022-48-VISA

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

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

WMAC 2021-36-Visa

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

F500-2021-133-Visa

The credit card and payments powerhouse, which commands a 50% market share of total card payments worldwide, saw its business slump in 2020 as the pandemic caused a slowdown in economic activity. Its sales slid 5% to $21.9 billion and profits dropped by 10%, but it still moved up four spots to No. 133 on relative strength in a tough year.

For an astounding 13th straight year, Apple claims the top spot in Fortune’s annual ranking of corporate reputation, based on a survey of almost 3,800 executives, directors, and analysts.

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

F500-2020-137-Visa

The electronic payment company owns and manages payment brands including Visa and Interlink, as well as product platforms that financial institutions use to manage clients' credit, debit, and prepaid programs.

Here are the World's Most Admired Companies for 2019 as ranked in their industries. See who made the list.

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

The Future 50

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

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

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

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

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

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

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

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

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

This year's Fortune 500 marks the 61st running of the list. Wal-Mart claims the top spot again. See who made the list.

Wal-Mart stayed on top as its sales crept closer to half-a-trillion dollars. Apple moved into the top five. And UnitedHealth Group continued its steady climb. 

Future 50

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Visa is a payment technology company headquartered in San Francisco and operating in the United States and internationally. It runs VisaNet, one of the world’s largest electronic payments processing networks, and offers credit, debit, and prepaid card products, as well as tap- and click-to-pay services. Launched by Bank of America in 1958 as BankAmericard, the Visa card was the first general-purpose credit card to offer revolving credit. The Visa brand was established in 1976, and Visa became a publicly traded, independent company in 2008 after a historic IPO.

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

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Visa

visa

Welcome to Visa's fourth quarter and full-year 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 fourth quarter and full-year 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 a 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. 2026 was a milestone year for Visa. We finished the year with fourth-quarter net revenue of $12.1 billion, up 13% year-over-year. This resulted in full-year record net revenue of $46 billion, up 15%, the strongest net revenue growth in over 15 years, excluding the post-pandemic recovery and acquisitions. CMS revenue grew 19% and VAS revenue grew 30%, both in constant dollars, and their revenue collectively represents more than 40% of our total net revenue. Our drivers for the year were strong. Payments volume was up 9% year-over-year in constant dollars. Commercial payments volume grew 12% for the year in constant dollars, faster than consumer and the fastest annual growth rate in eight years, excluding the post-pandemic recovery. Total cross-border volume, excluding intra-Europe, rose 12% year-over-year, with travel up 11% and e-commerce up 15%, all in constant dollars.

We processed 281 billion transactions, up 9% year-over-year, with approximately 80% processing penetration globally. Visa Direct topped 15 billion transactions, representing about $1.5 trillion in payments volume. While these numbers speak to our strength, in 2026, we also demonstrated that whenever technology changes commerce, we move with it. We anticipate what is next, and we enable its growth as the leading hyperscaler of payments globally. The foundation of all of this is trust. Visa brings trust with our scale, our network and infrastructure, and our products, all delivered through our Visa as a Service stack. Starting with scale, we have scale in issuance and acceptance. In 2026, we had 5.2 billion credentials, up 6% year-over-year, with Latin America crossing the billionth credential milestone, and we continued to grow our credentials globally in a number of ways.

We signed new co-brand agreements and expanded existing relationships with marquee brands around the world. In the hotel industry, this included Marriott in MEA, Asia-Pacific, Latin America, North America. In the airline industry, this included Air India in Asia-Pacific, Copa Airlines in Latin America, Qatar Airways, and Ethiopian Airlines in MEA. We also had the launch of debit portfolios for Alaska Airlines and Southwest Airlines in the U.S., in addition to our existing credit portfolios with these brands. In the U.S., we added the new Samsung Galaxy Card and maintained our leadership position with seven of the top 10 U.S. co-brands. In the affluent space, we recently launched our new Visa Infinite card series, signing with more than 70 issuers in over 40 countries in Q4 alone, with more than 15 issuers in Latin America, including Santander in Mexico, as part of an expanded relationship with Visa.

Our Flex credentials have tripled since last year, with continued strength from existing players as well as growth from new partners such as Cash App and Chime. We will also soon be launching the world's first stablecoin-linked Visa Flex credential with Norwegian Block Exchange, or NBX, in Europe. Visa Pay, which connects wallets to any Visa-accepting seller worldwide, has nearly tripled its presence since last year to 11 countries. In commercial, we have over 15 new fleet clients this year across our five regions. We recently renewed our global agreement with WEX to enable B2B travel and solutions for their corporate clients. We also expanded our relationship from Europe to the U.S. with Adyen for their travel clients. Through Visa's multinational program, Newline by Fifth Third will be enabling U.S.-based fintechs to offer Visa corporate cards in 46 countries.

Across all of this credential growth, we continue to drive adoption of tokens. Today, over 50% of all available credentials are tokenized, more than doubling from five years ago. In 2026, we processed a tokenized transaction in 200 countries and territories for the first time, and now more than 60% of all e-commerce transactions are tokenized. On acceptance, we have well over 200 million seller locations driven by a more than 40% increase in Brazil, a more than 60% increase in Mexico, and a more than 15% increase in India seller locations year-over-year. When we incorporate digital wallets, Visa credentials can be used at more than 200 million additional seller locations. So in total, Visa credentials can be used at more than 400 million seller locations.

With this increased acceptance, Visa empowers buyers and sellers with secure ways to pay, such as with tap to pay, reaching nearly 85% penetration of face-to-face transactions globally. With the final top 100 seller enabling tap to pay in 2026, we reached 75% penetration in the U.S., well on our way to the global total. Tap to Phone has driven new small business acceptance with more than 25 million active Visa-accepting mobile devices across more than 100 markets, surpassing more than 1 billion transactions in 2026, with 30% of Tap to Phone sellers new to our ecosystem this year. For micro sellers in more emerging markets, we have Visa Accept, which has grown to 15 markets in just one year. Throughout all of these efforts, we are expanding our reach to power all types of payments, C2B, B2B, P2P, B2C, G2C, and more.

In fact, we have the largest money movement platform on the planet with Visa Direct, as measured by transactions, volumes, and accounts with more than 18 billion endpoints across cards, accounts, and wallets, up from 12 billion in 2025. Clients value the trust that this brings, and we have over 40 clients who each used more than five different Visa Direct use cases this year. A recent example of a client adding new use cases is Navy Federal, who we have already partnered with on cross-border remittances, and as part of a broader renewal across consumer and commercial portfolios and VAS, including DPS, they are positioning Visa Direct to support a number of new domestic money movement use cases over time. In addition, Wells Fargo has enabled Visa Direct for cross-border payroll, accounts payable, and disbursement payments.

With our credentials, acceptance, and our reach, Visa has and will continue to bring scale to the ecosystem. You see this play out across our more than 200 countries and territories. For example, in Asia-Pacific in 2026, we renewed and expanded with three of the top four Australian banks, three of the top four Indian banks, two of the top four Chinese banks, and initiated new relationships with Japanese clients such as PayPay and Travel Wallet Japan. Visa also delivers trust through our network and infrastructure. Over the last five years, we have invested $15 billion in our network security and resilience, all to provide that six nines of reliability always-on capability that you expect from Visa. This year, we tested and strengthened our defenses through our Visa Vulnerability Agentic Harness, which we then open-sourced to the world.

We also made progress this year building the next generation of VisaNet to enable the future of commerce through a cloud-native, microservices-distributed, modular architecture that uses open languages and technologies, enabling easier scaling and configuration and faster feature deployment. Today, this supports live authorization traffic in production across markets in Latin America and MEA, and powers additional payment processing workloads at a global scale. An important area of future development will be mainland China, as Visa has received approval of our application to prepare from the People's Bank of China. This significant milestone now marks the beginning of our formal preparations to ultimately process domestically on the Visa network. Another core aspect of our network and infrastructure is enabling new capabilities, including blockchain. In 2026, we gained even greater conviction in the opportunity and benefits of extending our network on-chain. Our vision is simple.

One network combining fiat, stablecoins, and tokenized deposits with interoperability and utility across our infrastructure, bringing the same ease and trust clients expect from Visa. It requires key capabilities across the full on-chain stack, which we have made significant progress on this year. Specific highlights this quarter include for the blockchain layer, we were invited to the founding validator cohort for Circle's Arc, adding to our roles on Tempo as a validator and Canton as a Super Validator. For the issuance layer, Open USD went live on September 30 with total supply and circulation surpassing $800 million so far through October 15. In the orchestration layer, Visa Direct stablecoin pre-funding and cross-border money movement has moved from pilot to commercial production, and we have our first live partner, Inyo Global, a U.S. based payments infrastructure provider.

In the application layer, our Visa Stablecoin Platform is now available in the U.S., Mexico, Puerto Rico, Colombia, Switzerland, and the U.K., with additional countries to follow, and the pipeline has more than 300 partners. The engagement we are seeing with our more established stablecoin offerings is significant. In stablecoin settlement, our run rate has surpassed $25 billion in annualized volume, up 10x year-over-year. We can now support 10 blockchains, more than doubling from last year, and are operating in all five regions. In consulting, with over 60 unique engagements, Stablecoins Advisory Practice was our fastest-growing Visa Consulting & Analytics practice this year, with nearly half of these projects in Q4 alone. It continues to be among the top three focus areas for our clients, alongside AI and cybersecurity.

We now have over 225 stablecoin-linked card programs, up more than 70% year-over-year, with 150%+ growth in volume across 5 million cards in more than 50 countries, with issuers across crypto exchanges, neobanks, wallets, and remitters. That is trust at scale. The trust that the Visa network and infrastructure represent is only amplified by the products we provide on top of it. I spoke last quarter about the fundamental changes to the way that we build and ship products enabled by utilizing our agentic toolchain. For example, the Visa Stablecoin Platform enablement for OUSD was designed, built, and shipped in seven weeks with 12 people. This would have taken much, much longer and required many more people without utilizing our agentic toolchain.

Today, more than 60% of our global product development and engineering teams have adopted this new way of working with the intent of reaching 100% this year. One of the key areas of innovation for Visa has been empowering agentic commerce. It is clear that in agentic, trust is the biggest barrier to scale. We believe the best way to break through that barrier is with one simple but powerful idea. Every time someone pays or gets paid, it is with a Visa credential. As we look at the albeit limited number of agentic transactions today, Visa credentials are being used by consumers, businesses, and agents. We have nearly 50 AI partners live and in production, including more recently, Shopify's Shop Pay, with that number expected to double in the coming months.

We are also collaborating with Anthropic to bring their commerce blueprints to our merchant network, combining the intelligence of Claude with the trust, security, and global reach of the Visa network. One of the areas we have identified for fast adoption of agentic has been B2B, and we have had several partners launch and expand offerings. Ramp's agentic bill pay use case is now generally available, and as Ramp businesses use Visa Intelligent Commerce to automate bill payments volume is growing. Airwallex is testing Visa Intelligent Commerce-enabled credentials and integrating them into their native wallet, Airwallex. BILL's payment agent is piloting Visa Intelligent Commerce to pay invoices, and Billtrust's supplier portal will identify the agent and accept payment. Our Visa Intelligent Commerce solution is enabling all of this.

It provides trust for the user with credentials, agentic tokens, and transaction identifiers, trust for the agent with the Trusted Agent Protocol and Agent Directory, and trust for the transaction. Once we have verified the user and agent identity, we need to make sure that the purchase instructions are clear by capturing consumer-authenticated intent. Of course, like on any Visa transaction, our rules clarify the roles and responsibilities and processes should something go wrong. It is clear that agentic commerce is here, and Visa's role is clear: delivering trust. Another important area of product development has been in our value-added services. In fiscal 2026, our VAS business grew revenue 30% in constant dollars to $14 billion, essentially double our 2023 VAS revenue.

Our issuing, acceptance, and risk and security portfolios collectively grew more than 20% in constant dollars this year, a growth rate we believe is sustainable in 2027 for two primary reasons: the underlying drivers of revenue and demand from clients. I'll go deeper into each one. First, transactions, cards, and accounts had driven the vast majority of our VAS revenue, more than 80% over the last five years, and that will continue as our clients grow, we expand to new clients and develop new products, and we are able to price those products to value. For example, Pismo signed clients in Sweden, Belgium, and Guatemala this quarter, bringing the total for the year to 28 countries, almost doubling from last year. Our success has enabled us to sell more products fueled by these underlying drivers. Now to demand. Cyber-related products are a top priority for our clients.

We offer many end-to-end cyber solutions, including several launched this year, and we will continue to invest more over time. The associated revenue spans across the VAS portfolios and represents a meaningful amount of total VAS revenue. We deliver these cyber solutions in four areas, all bringing trust to the ecosystem. One, helping our clients collect threat intelligence and detect cyber problems early. Two, protecting our clients' security perimeter with identity access and behavioral trust solutions. Three, ensuring every transaction on and off the Visa network is safe with transaction intelligence solutions. Four, when an active threat does emerge, enabling our clients to maintain service resilience and recover as quickly as possible. In threat intelligence, our Visa Threat Intelligence Platform combines cyber, fraud, brand, identity, and financial crime insights through high-fidelity feeds. We connect these indicators to potential fraud outcomes to help our clients defend against would-be attackers.

We also recently invested in Overwatch Data, a financial threat intelligence company whose solutions we will soon be offering to our clients globally. In identity access and behavioral trust, our authentication and tokenization platforms protect consumer credentials, payment transactions, and merchants and acquirers' sensitive data. We are excited about our pending acquisition of BioCatch, a leading provider of behavioral-first multi-signal fraud intelligence. With over 1.8 billion devices and 760 million users protected around the world and serving more than 100 of the largest banks globally, we see the opportunity and need to move further upstream, protecting where most of the fraud occurs today at the account level. In transaction intelligence, we are enhancing our scaled transaction risk services like Visa Advanced Authorization and Visa Decision Manager with our Large Transaction Model.

Our Featurespace solution offers clients a flexible platform to integrate a wide range of risk signals to enrich risk decisions throughout the consumer journey. In recovery and resilience, Smarter Stand-In Processing enables clients to deliver seamless, resilient transaction authorization services. The newly launched Visa Intelligent Authorization empowers acquirers with advanced processing, payment orchestration, risk settings, and real-time data across multiple local and global payment methods. Of course, this list is not exhaustive. With all of this, we offer our Visa Cybersecurity Advisory Practice to help clients review, design, and select the best solutions for them. Our advisory and other capabilities had significant revenue growth this year with successful activation around the Olympics and FIFA, and also around other sponsorships in sports and music and our other highly valued consulting engagements.

These underlying set of assets and capabilities in this portfolio will drive strong revenue growth well into the future. Across all our value-added services, we have the people, technology, data, brand assets, and reach that our customers are looking for. That is what drove the 30% VAS constant dollar revenue growth in 2026 and is why we expect strong VAS growth in the low to mid-20s in 2027. 2026 was a historic year for payments, and Visa only strengthened our positioning in the ecosystem as the leading hyperscaler of payments globally. We demonstrated our ability to significantly accelerate product development with the true birth of tokenized agentic commerce transactions powered by Visa, with blockchain infrastructure and platforms designed for payments, with the increased utilization of AI across our business to deliver over 350 product releases, up 25% year-over-year.

We reached new customers with Tap to Phone, Pismo, our B2B travel and fleet offerings, new affluent solutions, and cyber and risk capabilities like Featurespace and A2A Protect. With the first transaction in Syria in well over a decade. We delivered secure, reliable payments, nearly 9,000 transactions per second in over 200 countries and territories every day, up 9% year-over-year. We brought the best of Visa technology to the world for free with the Visa Vulnerability Agentic Harness. All of this was possible because of what Visa and our brand stand for. Every day, across more than 200 countries and territories, over 18 billion endpoints, and more than 400 million seller and wallet locations, across consumers, businesses, governments, and agents, trust enables all of this.

We've seen meaningful growth acceleration this year, and as I look ahead to 2027, one thing is clear, trust is the next growth vector for Visa. Trust fuels everything we do at Visa every day, and trust will fuel our future. For more on our 2026 performance and our thoughts on 2027, I will hand it over to Chris.

Thanks, Ryan, and good afternoon, everyone. We closed out our strong fiscal year 2026 with another impressive quarter for Visa. Fiscal fourth quarter net revenue was up 13% year-over-year in nominal and constant dollars, in line with our expectations, reflecting broad-based strength across all our key drivers. In constant dollars, global payments volume was up 9% year-over-year. Cross-border volume, excluding intra-Europe, was up 14%, and total processed transactions grew 10%. EPS was up 17% year-over-year in nominal and constant dollars, better than expected, primarily due to a lower than expected tax rate. Now let's go into the details. U.S. payments volume grew 10% year-over-year, generally consistent with Q3, as we saw several factors from Q3 continuing to play a role, including the cost of fuel, retail, strong Visa Direct growth, and FIFA-related spend.

From the FIFA World Cup round of 32 matches on July 1st through the final on July 19th, we continued to see both U.S. host cities as well as destination cities benefit from the influx of FIFA fans, with total U.S. card-present spend payments volume growth elevated above pre- and post-tournament levels. For the quarter, both U.S. discretionary and non-discretionary spend growth remained strong. Fourth quarter U.S. credit grew 11% year-over-year, and debit grew 9%. Growth across consumer spend bands remained relatively consistent with prior quarters, with the highest spend band continuing to grow the fastest. We did not see signs of the lower-spend consumer weakening in our volumes. Fourth quarter total international payments volume was up 9% year-over-year in constant dollars, generally consistent with the growth we've seen all year. Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions.

Q4 total cross-border volume was up 14% year-over-year, more than two points above Q3, primarily due to travel. Travel-related cross-border volume was up 13%, three points of acceleration from Q3, primarily driven by improvements in both CEMEA  inbound and outbound. Overall, U.S. inbound cross-border growth for July remained elevated following strong growth in June, reflecting in part the demand around the FIFA World Cup. Focusing on inbound cross-border card-present spend, U.S. host cities increased by over 20% year-over-year from July 1 to July 19, with the most significant increases driven by fans from Argentina and Colombia. Cross-border e-commerce volume was up 17%, more than one point above Q3, primarily driven by retail, including spending on AI platforms. With that as a backdrop, I'll move to discuss our financial results. Starting first with the revenue components.

Service revenue grew 14% year-over-year, above the 10% growth in Q3 constant dollar payments volume, primarily due to pricing. Data processing revenue grew 16%, above the 10% growth in processed transactions, primarily due to pricing, higher cross-border transaction mix, and value-added services. International transaction revenue was up 8%, below the 14% increase in constant dollar cross-border volume growth, excluding intra-Europe, primarily due to lower volatility levels than last year and mix. Other revenue grew 40%, primarily driven by growth in advisory and other value-added services, especially marketing services revenue, as well as pricing. Client incentives grew 21%, a step-up of nearly three points from Q3, primarily due to new deals that were signed in Q3 and early in Q4. Now to our three growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume, and processed transactions growth.

Commercial and money movement solutions revenue grew 16% year-over-year in constant dollars, with strong growth in the underlying drivers. Commercial payments volume grew 13% in constant dollars, consistent with Q3 and faster than Visa's overall payments volume growth. Visa Direct transactions grew 23% year-over-year, up nearly two points from Q3, primarily due to strength in the U.S. and LAC. Value-added services revenue grew 31% year-over-year in constant dollars to $4 billion, driven by three factors. One, underlying business drivers, which included strength in marketing services engagements related to FIFA. Two, pricing. Three, the acquisition of Prisma. Operating expenses grew 12%, consistent with our expectations, driven primarily by marketing and personnel expenses. Non-operating expense was $57 million, better than expected, primarily due to higher average cash balances.

Our tax rate for the quarter was 18.4%, lower than our expectations due to claim of right tax benefits related to recent legal settlements. EPS was $3.48, up 17% year-over-year, better than expected, with minimal impact from exchange rates. For our non-GAAP results, Prisma and Newpay added approximately one point to net revenue growth, approximately two points to operating expense growth and approximately half a point to EPS growth. In Q4, we bought back $4 billion in stock and distributed $1.3 billion in dividends to our shareholders. We also funded the litigation escrow account by $405 million, which has the same effect as a stock buyback. At the end of September, we had $24.4 billion remaining in our buyback authorization. Looking at the full-year 2026, net revenue grew 15% to $46 billion, and EPS grew 16% to $13.27.

Visa (V) Q4 2026 Earnings Call Transcript

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