Global payments technology company Visa (NYSE: V) met Wall Street’s revenue expectations in calendar Q3 2026 (fiscal Q4 2026), with sales up 13.2% year on year to $12.14 billion. Its non-GAAP profit of $3.48 per share was 1.1% above analysts’ consensus estimates.

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StockStory’s take

Visa’s third quarter results reflected solid execution across its core payments network, with management attributing growth to continued expansion in digital credentials, rising cross-border volumes, and the outperformance of value-added services. CEO Ryan McInerney highlighted strong adoption of tokenization and a surge in commercial and e-commerce transaction volumes, noting that over 60% of e-commerce transactions are now tokenized. Chief Financial Officer Chris Suh pointed to resilient U.S. consumer spending, enhanced by the FIFA World Cup, and broad international growth as additional drivers of the quarter’s performance.

Looking ahead, management’s guidance is shaped by plans to deepen client partnerships through large-scale contract renewals and a continued push into new areas such as agentic commerce and cyber-related services. McInerney emphasized Visa’s conviction in the future of agentic commerce—where software agents conduct transactions on behalf of users—explaining, “We remain very excited and have deep conviction about agentic commerce and the promise it offers not just for buyers and sellers but for Visa.” Suh warned that macroeconomic uncertainty and the Middle East conflict could create headwinds, but expects ongoing product innovation and investment in security to support low double-digit adjusted revenue growth in the coming year.

Key insights from management’s remarks

Management attributed the quarter’s performance to growth in tokenized transactions, expansion of value-added services, and increased adoption of agentic commerce solutions.

• Tokenization momentum: Visa doubled the share of tokenized credentials year-over-year, with more than 60% of all e-commerce transactions now utilizing tokenization. This has improved security and enabled new digital payment experiences.

• Agentic commerce advances: The company saw early traction with agentic solutions—where AI-powered agents make payments on behalf of users—highlighted by partnerships with Shopify’s Shop Pay and Anthropic. While management described adoption as small in absolute terms, they see long-term opportunity as these experiences scale.

• Value-added services (VAS) growth: Revenue from value-added services, such as risk and cybersecurity solutions, rose 30% year-over-year. The launch of new offerings and the planned acquisition of BioCatch—a behavioral fraud intelligence provider—position Visa to further expand in this area.

• Geographic and client expansion: Visa continued to grow its global footprint, with significant increases in seller acceptance points in Brazil, Mexico, and India. The company also launched new co-brand partnerships with airlines and global brands, and expanded Pismo’s reach into more countries.

• Cross-border and commercial payments strength: Management cited double-digit growth in cross-border volumes, especially in e-commerce and travel, as well as accelerated adoption of Visa Direct for business-to-business (B2B) and person-to-person (P2P) payments. These trends supported both top-line growth and network effects.

Drivers of future performance

Management expects future performance to be driven by client contract renewals, continued product expansion, and investments in security and agentic commerce.

• Large-scale contract renewals: About 25% of payments volume is up for renewal in the next year, including major client agreements. Management believes that deeper, broader contracts—often including value-added services—will increase client stickiness and support long-term revenue growth.

• Agentic commerce and tokenization adoption: While current revenue contributions remain modest, Visa anticipates that agentic commerce platforms and expanded use of network and agentic tokens will unlock incremental transaction opportunities as adoption broadens across merchants, issuers, and acquirers.

• Cybersecurity and regulatory developments: The pending acquisition of BioCatch and ongoing investments in cybersecurity are expected to address growing client demand for fraud prevention. However, management cautioned that continued geopolitical risks and potential regulatory changes, particularly in cross-border payments and digital assets, could affect growth trajectories.

Catalysts in upcoming quarters

In upcoming quarters, our analysts will be closely tracking (1) the pace of large contract renewals and their inclusion of value-added services, (2) broader adoption and monetization of agentic commerce and tokenization initiatives, and (3) the integration and financial impact of cybersecurity investments such as BioCatch. Progress in geographic expansion and cross-border volume growth will also be important to assess Visa’s ability to sustain momentum.

Visa currently trades at $406.45, up from $401.67 just before the earnings. At this price, is it a buy or sell? Find out in our full research report (it’s free).

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