Oct 27, 2026 earnings call — Tokenization, VAS growth, and agentic commerce focus
Visa reported full year record net revenue of $46 billion, up 15% year-over-year.
Revenue $12.1B (est $12.1B) · EPS $3.48 (est $3.44)
Key quotes
"In stablecoin settlement, our run rate has surpassed $25 billion in annualized volume, up 10x year-over-year."
"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."
Analyst Q&A 12
agentic shopping adoption
Q (Sanjay Sakhrani · KBW): The analyst asked how merchants and consumers are adopting Muse and Instinct agentic experiences and when these token initiatives will affect results.
A: Management said adoption is still very early and currently small within the overall business. They are excited and continue to invest because they believe agentic commerce will be important for buyers, sellers and Visa over time.
"Having said that, we remain very excited and have deep conviction about agentic commerce and the promise that it offers not just for buyers and sellers but for Visa." — Ryan McInerney (CEO)
incremental vs migrated flows
Q (James Faucette · Morgan Stanley): The analyst asked whether new money-movement flows from agentic commerce will be incremental to Visa or just migrate existing card volumes, and whether they will affect 2027 growth or P&L.
A: Management said the opportunity is significant and they believe there are real incremental opportunities, but it remains very early and small relative to the overall business. They cited Visa Direct and machine-to-machine payments as examples of incremental areas.
"So I think we remain very excited and have conviction about the opportunities, but I think we all just need to realize that the development of all of this is still quite early." — Ryan McInerney (CEO)
token pricing in guidance
Q (Kenneth Suchoski · Autonomous): The analyst asked how much token pricing is embedded in the FY'27 guide and whether pricing is being reinvested or offset by incentives, which could explain muted EPS growth.
A: Management said the FY'27 net revenue guide assumes pricing contribution consistent with FY'26 and includes the pricing plans currently in motion. They also said incentives volume is expected higher in '27 and that incentives are a tool to secure long-term client relationships while they continue to invest in growth.
"It assumes that the contribution to growth from pricing in '27 is consistent with what we saw in '26." — Christopher Suh (CFO)
VAS and client stickiness
Q (Bill Carcache · Piper Sandler): The analyst asked which VAS areas beyond core payments are most exciting for the new year and whether VAS strength is increasing client stickiness.
A: Management said yes, broader and deeper agreements across VAS and CMS create stronger, longer client relationships worldwide. They highlighted cyber capabilities, Pismo for core banking and issuer processing, and advisory work as specific VAS areas of interest.
"What these broader agreements do is they create a stronger, tighter, deeper, hopefully, longer-lasting and more comprehensive client relationship with our clients all around the world." — Ryan McInerney (CEO)
agentic network token readiness
Q (Timothy Chiodo · UBS): The analyst summarized agentic network token features and asked how ready issuers and acquirers are to let agents issue scoped tokens and accept the tokenization handshake.
A: Management said they are working across the ecosystem so issuers, acquirers and others are ready to enable agentic transactions at scale and that Visa has experience doing this from earlier tokenization work. They listed identity verification, agent registration, intent capture, dispute paths, and global security as key elements being built.
"In short, we are doing the work across the ecosystem to ensure that issuers, acquirers and other ecosystem participants are not only ready but are ready to enable these transactions at scale, and we know how to do this work." — Ryan McInerney (CEO)
cross-border drivers
Q (Bryan Keane · Citi): The analyst asked for details on cross-border volume strength in travel and e-commerce and drivers heading into next year.
A: Management said total cross-border was up 14%, with travel improving and contributing the difference, primarily due to inbound and outbound improvement in CEMEA and continued strong U.S. inbound. They said cross-border strength reflects consumer demand for travel and e-commerce expansion, and they are watching geopolitical developments.
"That improvement was primarily due to improvements in both inbound and outbound in CEMEA." — Christopher Suh (CFO)
renewal volume and pricing power
Q (Darrin Peller · Wolfe): The analyst asked about the 25% PV renewals in '27 versus 20% in '26, whether this represents concentrated renewal years, and what drives pricing power despite renewals.
A: Management confirmed about 25% of payments volume is up for renewal in '27, larger than the ~20% in '26. They reiterated they manage to net revenue growth and have a plan to deliver low double-digit net revenue despite renewal activity, viewing renewals as securing long-term client relationships that support future growth.
"We're looking at about 25% of our payments volume, which is a bigger year than we saw in 2026, which is around the 20% mark." — Christopher Suh (CFO)
U.S. volume sustainability
Q (Jason Kupferberg · Wells Fargo): The analyst asked whether recent U.S. volume acceleration to 8–10% is transitory or structural and what drives any sustainable uplift.
A: Management said it is hard to be certain, but they see employment as the key foundation driving spending and the volume strength. They noted strong employment, real wage growth and resilience across spending bands as underlying factors, while acknowledging ongoing uncertainty.
"I think the foundation underlying that more than anything is employment." — Ryan McInerney (CEO)
Pismo geographic progress
Q (Rayna Kumar · Oppenheimer): The analyst asked about geographic expansion progress for Pismo and whether it can progress in U.S. core bank processing.
A: Management said geographic expansion has exceeded expectations with strong global demand for Pismo's core banking and issuer processing. They see U.S. opportunity in medium and lower segments for the combined offering and some opportunity with larger, sophisticated banks, noting proof points like Wells Fargo.
"We're having strong demand around the world from clients, both for the core banking offerings that Pismo offers but also the issuer processing capabilities." — Ryan McInerney (CEO)
cyber and risk services demand
Q (Harshita Rawat · Bernstein): The analyst asked about current demand for Visa's transaction-related cyber services and for cyber, KYC and identity services beyond transactions, and Visa's competitive right to win.
A: Management said demand is strong and cyber/risk is a top 3 issue for clients, who are turning to Visa for help. They listed multiple products (Visa Threat Intelligence, BioCatch, Visa Advanced Authorization, Decision Manager, Intelligent Authorization, advisory practice, Smarter Stand-in Processing) and said Visa's right to win is high and they will continue to invest.
"And this is a top 3 issue for our clients, especially our financial services clients around the world, and they're turning to Visa and looking for help." — Ryan McInerney (CEO)
stablecoin approach for Visa Direct
Q (Andrew Jeffrey · William Blair): The analyst asked whether Visa Direct will be stablecoin-agnostic, how liquidity might affect supporting other stablecoins, and thoughts on integration with consortium work.
A: Management said they are stablecoin and blockchain agnostic and started with USDC but plan to activate other stablecoins. They noted support for multiple chains and stablecoins in settlement and said consortium offerings will be integrated into Visa products going forward.
"We're very excited about the Visa Direct product that you mentioned, but just trying to get to the core of your question, we are stablecoin agnostic." — Ryan McInerney (CEO)
visibility on FY'27 growth
Q (Tien-Tsin Huang · JPMorgan): The analyst asked how visibility on growth for FY'27 compares to a year ago and where visibility is stronger or weaker.
A: Management said the FY'27 guide and planning assumptions mirror last year's approach, combining macro assumptions like consumer resiliency with execution factors like securing renewals. They said the plan reflects a balanced view of risks and opportunities and they feel good about it going into FY'27.
"The approach that we've taken to sharing our initial guide for '27 is very similar to that, that we took at the start of FY '26." — Christopher Suh (CFO)