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Edge19 Sep 2025
American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
Visa
Visa (V) investor relations material
Visa Q1 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q1 2026 earnings summary29 Jan, 2026
Executive summary
Net revenue grew 15% year-over-year to $10.9 billion, with GAAP net income up 14% to $5.9 billion and GAAP EPS up 17% to $3.03; non-GAAP net income was $6.1 billion and non-GAAP EPS $3.17, both up 12% and 15% respectively.
Payments volume increased 8–10% year-over-year, cross-border volume excluding intra-Europe rose 11%, and processed transactions grew 9%, reflecting resilient consumer spending and global expansion.
Shareholder returns totaled $5.1 billion through $3.8 billion in share repurchases and $1.3 billion in dividends; $21.1 billion remains authorized for buybacks.
Operating expenses increased 27% year-over-year, mainly due to higher litigation provisions related to interchange multidistrict litigation.
Significant progress in digital credentials, tokenization, and stablecoin capabilities, with over 17.5 billion tokens issued globally and new advisory services launched.
Financial highlights
Service revenue grew 13–17%, data processing revenue up 13–17%, international transaction revenue up 6%, and other revenue up 33%.
Value-added services revenue rose 28–32% to $3.2 billion, and commercial and money movement solutions revenue up 20%.
Client incentives increased 12–15% year-over-year to $4.3 billion.
Free cash flow for the quarter was $6.4 billion, with cash and equivalents at $16.9 billion as of December 31, 2025.
Operating cash flow was $6.78 billion, up from $5.40 billion in the prior year.
Outlook and guidance
Full-year and Q2 adjusted net revenue growth expected in the low double digits, with similar adjusted operating expense growth.
Diluted EPS growth forecasted at the high end of low double digits for both Q2 and full year.
Full-year tax rate now expected between 18%-18.5% due to legal settlement benefits, with long-term tax rate guidance unchanged at 19%-20%.
Management expects current and projected sources of liquidity to be sufficient for more than the next 12 months.
The company anticipates continued quarterly cash dividends, subject to board approval.
Impact of MDL settlement on future litigation provisions
Drivers of 'Other revenue' and value-added services
How does escrow deposit impact share count?
Agentic commerce: What's the next milestone?
What offsets lower FX volatility in guidance?
Pismo: What's the 2-3 year growth outlook?
Litigation accrual vs. escrow deposit difference
Future capital return strategy
Value-added services revenue contribution
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Latest summaries
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Next Visa earnings date
Q2 202628 Apr, 2026
Visa
Next Visa earnings date
Q2 202628 Apr, 2026
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Explore one of the world's largest and most discussed duopolies, from the origins of the credit card to its combined market value of $850 billion.
Frequently asked questions
Multinational financial services
Visa undeniably has one of the more attractive business models out there. You might think they issue cards and generate loans, but no, the company is facilitating transactions and is a royalty on consumer spending in a non-cash world. If you’re optimistic about the world and where it’s heading, Visa is undoubtedly a way to ride this trend, as cash still is used in many countries, and Visa's entrance into these markets will fuel their continued growth.
One of the world's largest card payment organizations
Visa is together with MasterCard, American Express, and Discover, the largest credit card network in the world.
Further reading: The Payment's Value Chain: A Complex Ecosystem
Visa has grown its revenue from 10.4 billion dollars in 2012 to 30.5 billion dollars in 2021, and EBITDA over the same period grew from 6.3 billion to 21 billion. This steadily increasing EBITDA margin, outpacing the revenue growth, is key, as more transactions pushed through Visa’s network mean higher incremental margins.
This asset-light business model enables the company to earn high margins, as stated, and also to invest in emerging technologies.
Their four-party payment system—VisaNet, facilitates transactions by authorizing, clearing, and settling them. The four parties involved in this system are:
Account holders. The cardholder who uses the card for payment anywhere that it's acceptable.
Issuers. Financial institutions are issuing Visa cards and products to account holders.
Acquirers. Contracts with merchants to accept Visa products.
Merchants. Retailers or billers accept Visa as an electronic payment method.
From cash to card worldwide
The shift from cash to cashless payments is in full motion. China and India, for example, more than 180 million people, respectively, made their first digital payments after the start of COVID-19. However, the trend is still in its infancy in most parts of the world, meaning significant growth opportunities lie ahead.
Further reading: Visa and Mastercard: The Global Payment Duopoly
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