# Visa Inc. (V)

> Source: Nexqual · https://nexqual.com/V · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Visa Inc. (V), nexqual.com/V" · informational, not investment advice.

**Price:** USD 414.34 (+1.59% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 407.85 · day 407.28–414.6 · 52w 293.89–414.6 · market cap $778B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $44.5B, net income $22.6B (50.8% margin), free cash flow $21.0B (SEC filings).
- Valuation: P/E 34.4x, EV/EBITDA 27.9x, net debt $11.5B.
- 30 of 80 tracked superinvestors hold V (13F, Q2 2026 (2 investors on Q3 2026, filed early)): 4 new, 9 added, 13 reduced, 4 unchanged.
- Insider open-market sales, last ~7 months: 12 Form 4 filings, $61.1M; 3 not under a Rule 10b5-1 plan ($31.0M); 4 by opportunistic insiders (1 outside 10b5-1 plans), 7 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Buy (mean 1.93 on a 1–5 scale) (40 analysts), mean target USD 424.39 (range 330–480).
- Total return with dividends: 1Y +20.7% vs S&P 500 +14.9%; 5Y +86.1% vs S&P 500 +80.3%.
- Next earnings: 2026-10-27, EPS estimate USD 3.44, revenue estimate $12.1B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $24.1B | $29.3B | $32.7B | $35.9B | $40.0B | $44.5B |
| Operating income | $15.8B | $18.8B | $21.0B | $23.6B | $24.0B | $27.0B |
| Net income | $12.3B | $15.0B | $17.3B | $19.7B | $20.1B | $22.6B |
| Free cash flow | $14.5B | $17.9B | $19.7B | $18.7B | $21.6B | $21.0B |
| Operating margin | 65.6% | 64.2% | 64.3% | 65.7% | 60.0% | 60.7% |
| Net margin | 51.1% | 51.0% | 52.9% | 55.0% | 50.1% | 50.8% |
| Revenue growth | +10.3% | +21.6% | +11.4% | +10.0% | +11.3% | — |
| Cash + short-term investments | — | — | $16.3B | $12.0B | $17.2B | — |
| Total debt | $21.0B | $22.4B | $20.5B | $20.8B | $25.2B | — |
Fiscal years end Sep. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 34.4x · P/S 17.5x · EV/EBITDA 27.9x · EV/Sales 17.7x · P/FCF 37.0x · P/B 22.1x · FCF yield 2.70% · Earnings yield 2.90% · Dividend yield (paid, TTM) 0.64% · Buyback yield (TTM) 2.75% · Net debt $11.5B · EV $789B

## Superinvestors (SEC 13F-HR, Q2 2026)
30 of 80 tracked investors hold V (2 investors on Q3 2026, filed early). Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change | Quarter |
|---|---|---|---|---|---|
| Chris Hohn | TCI Fund Management | 19.83% | $10.5B | Added +0.1% | Q2 2026 |
| John Armitage | Egerton Capital | 14.93% | $1.47B | Reduced -4.3% | Q3 2026 |
| ValueAct Capital |  | 14.10% | $795M | Unchanged | Q2 2026 |
| AKO Capital |  | 7.87% | $338M | Reduced -17.0% | Q2 2026 |
| Chuck Akre | Akre Capital Management | 7.46% | $381M | Reduced -32.2% | Q2 2026 |
| AltaRock Partners |  | 6.77% | $287M | Added +67.7% | Q2 2026 |
| David Rolfe | Wedgewood Partners | 6.32% | $30.6M | Added +7.4% | Q2 2026 |
| Wallace Weitz | Weitz Investment Management | 6.30% | $91.0M | Unchanged | Q2 2026 |
| Viking Global | Viking Global Investors | 6.25% | $2.19B | Added +1.0% | Q2 2026 |
| Bill Ackman | Pershing Square | 5.76% | $1.12B | New position | Q2 2026 |
| Polen Capital | Polen Capital Management | 5.34% | $619M | Reduced -26.2% | Q2 2026 |
| Valley Forge Capital | Valley Forge Capital Management | 5.10% | $159M | Reduced -22.7% | Q2 2026 |
| Terry Smith | Fundsmith | 5.08% | $693M | Reduced -34.9% | Q2 2026 |
| Vulcan Value Partners |  | 4.84% | $159M | Reduced -27.6% | Q2 2026 |
| Francois Rochon | Giverny Capital | 4.50% | $134M | Reduced -1.6% | Q2 2026 |
| Seth Klarman | Baupost Group | 4.44% | $241M | Unchanged | Q2 2026 |
| William Von Mueffling | Cantillon Capital Management | 4.31% | $28.7M | Reduced -95.1% | Q2 2026 |
| Mairs & Power | Mairs & Power Funds | 2.68% | $292M | Added +1.3% | Q2 2026 |
| Thomas Gayner | Markel Group | 2.65% | $348M | Added +0.9% | Q2 2026 |
| Lee Ainslie | Maverick Capital | 2.33% | $258M | Reduced -6.8% | Q2 2026 |
| Chase Coleman | Tiger Global Management | 1.14% | $274M | New position | Q2 2026 |
| Torray Funds |  | 1.02% | $7.6M | Added +11.2% | Q2 2026 |
| Dodge & Cox Funds | Dodge & Cox | 0.97% | $1.86B | New position | Q2 2026 |
| Stephen Mandel | Lone Pine Capital | 0.35% | $56.9M | Added +78.9% | Q2 2026 |
| Thomas Russo | Gardner Russo & Quinn | 0.34% | $29.9M | Reduced -7.0% | Q2 2026 |
| Bill Nygren | Oakmark Funds | 0.32% | $244M | Reduced -0.8% | Q2 2026 |
| Lindsell Train |  | 0.14% | $3.6M | Added +1.9% | Q2 2026 |
| David Katz | Matrix Asset Advisors | 0.03% | $397K | Reduced -1.3% | Q3 2026 |
| Yacktman Asset Management |  | <0.01% | $251K | Unchanged | Q2 2026 |
| Glenn Greenberg | Brave Warrior Advisors | <0.01% | $212K | New position | Q2 2026 |

## Insider sales (SEC Form 4, open-market, last ~7 months)
9 of 12 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | McInerney Ryan | Chief Executive Officer | 5,875 | $2.1M | 2.1% | Yes | Routine (sold in Jan & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-09-09 | Rottenberg Julie B | GENERAL COUNSEL | 1,867 | $688K | 9.2% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | McInerney Ryan | Chief Executive Officer | 5,875 | $2.2M | 2.1% | Yes | Routine (sold in Jan & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-08-31 | Rottenberg Julie B | GENERAL COUNSEL | 2,028 | $773K | 9.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-21 | Taneja Rajat | PRESIDENT, TECHNOLOGY | 17,927 | $6.7M | 7.2% | No | Routine (sold in Dec each year 2023–2025; this trade is outside those months) |
| 2026-08-21 | McInerney Ryan | Chief Executive Officer | 5,875 | $2.2M | 2.1% | Yes | Routine (sold in Jan & Aug & Sep & Oct & Nov & Dec each year 2023–2025) |
| 2026-07-30 | Mahon Tullier Kelly | VICE CHAIR, CHF PPL & CORP AFF | 57,272 | $20.9M | 53.6% | No | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-02 | Rottenberg Julie B | GENERAL COUNSEL | 2,027 | $730K | 9.9% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | McInerney Ryan | Chief Executive Officer | 10,490 | $3.6M | 3.6% | Yes | Routine (sold in Jan & Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-06-29 | McInerney Ryan | Chief Executive Officer | 20,970 | $7.1M | 7% | Yes | Routine (sold in Jan & Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
| 2026-05-12 | Suh Chris | CHIEF FINANCIAL OFFICER | 10,639 | $3.5M | 51.9% | No | Too little history (no open-market trades in 2023–2025) |
| 2026-04-29 | McInerney Ryan | Chief Executive Officer | 31,455 | $10.7M | 10.1% | Yes | Routine (sold in Jan & Aug & Sep & Oct & Nov & Dec each year 2023–2025; this trade is outside those months) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Buy (mean 1.93 on a 1–5 scale), 40 analysts; mean target USD 424.39 (low 330, high 480).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-12 | Baird | Target raised | Outperform | $420 → $430 |
| 2026-08-31 | RBC Capital | Target raised | Outperform | $412 → $466 |
| 2026-08-25 | Wolfe Research | Target raised | Outperform | $435 → $460 |
| 2026-08-05 | Truist Securities | Target raised | Buy | $394 → $406 |
| 2026-08-03 | Cantor Fitzgerald | Target raised | Overweight | $410 → $445 |
| 2026-07-30 | Wells Fargo | Target raised | Overweight | $412 → $432 |
| 2026-07-29 | Piper Sandler | Target raised | Overweight | $394 → $430 |
| 2026-07-29 | Susquehanna | Target raised | Positive | $410 → $427 |
| 2026-07-29 | UBS | Target raised | Buy | $410 → $420 |
| 2026-07-29 | BMO Capital | Target raised | Outperform | $387 → $405 |
| 2026-07-29 | RBC Capital | Target raised | Outperform | $395 → $412 |
| 2026-07-29 | Wolfe Research | Target raised | Outperform | $430 → $435 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | +20.7% | +86.1% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | +20.8% | +13.2% |
| Volatility (annualized) | 22.1% | 22.0% |
| Max drawdown | -17.2% (Jan 2026→Mar 2026) | -22.6% (Oct 2021→Sep 2022) |

## Peers (Credit Services)
MA (Mastercard Incorporated) USD 633.21 +1.70% · AXP (American Express Company) USD 325.17 +0.48% · COF (Capital One Financial Corporati) USD 203.43 -1.56% · PYPL (PayPal Holdings, Inc.) USD 57.54 +0.59% · SYF (Synchrony Financial) USD 75.09 +1.32% · AFRM (Affirm Holdings, Inc.) USD 72.4 -1.51%

## More
Full page: https://nexqual.com/V · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in V's own 10-K filed 2025-11-06 (https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Supplier | Mastercard (MA) | "(1)American Express, Diners Club / Discover, JCB and Mastercard data sourced from The Nilson Report issue 1288 (June 2025)." |
| Partner | Oracle (ORCL) | "•We invest in and promote our brand to benefit our clients and partners through advertising, promotional and sponsorship initiatives with the International Olympic Committee, the International Paralympic Committee, the N…" |

Other companies that name V in their own reports (relationship from V's side):

| Relationship | Company | Their filing | Sentence |
|---|---|---|---|
| supplier | BILL Holdings, Inc. (BILL) | 10-K 2026-08-20 | "We are contractually obligated to comply with consumer protection laws and regulations applicable to our product offerings and customer base, as well as with Visa, Mastercard, and American Express rul…" |
| partner | Diginex Ltd (DGNX) | 20-F 2026-08-13 | "fleet provider Alphabet to provide a tool for customers managing fleet emissions, and a partnership with Visa focused on distribution" |
| partner | Solowin Holdings, Ltd. (AXG) | 20-F 2026-08-03 | "Visa reported that more than 100 partners were participating in Visa Intelligent" |
| supplier | Charming Medical Ltd (MCTA) | 20-F 2026-07-30 | "Regardless of the installment terms agreed upon by the customer, the full transaction amount is remitted to the Company in a lump sum — within 30 days for American Express and 60 days for other credit…" |
| partner | PayPay Corp (PAYP) | 20-F 2026-06-30 | "For example, we are currently in discussions with Visa Inc. ("Visa") to enter into a business alliance to explore collaboration in Japan and the United States by leveraging our QR code-based payment p…" |
| partner | SUMITOMO MITSUI FINANCIAL GROUP, INC. (SMFG) | 20-F 2026-06-26 | "Sumitomo Mitsui Card is a leading company in Japan's credit card industry, having introduced the Visa brand into the Japanese market, and issues a variety of affiliated credit cards in cooperation wit…" |
| competitor | Wise Group plc (WSE) | 20-F 2026-06-25 | "We also compete with payment networks, such as Visa and Mastercard, and legacy foreign exchange businesses." |
| partner | Grupo Aeromexico, S.A.B. de C.V. (AERO) | 20-F 2026-04-30 | "For example, we have an agreement with Santander for the issuance of Visa co-branded credit cards." |
| competitor | XP Inc. (XP) | 20-F 2026-04-29 | "Main product developments include: (1) retirement plans platform launched in 2019; (2) collateralized credit in 2020; (3) Visa Infinite credit cards in 2021; and (4) digital account, international inv…" |
| partner | OBOOK HOLDINGS INC. (OWLS) | 20-F 2026-04-29 | "OwlPay Payment also provides domestic and international payout services in over 40 currencies across more than 190 regions through our collaboration with NIUM, as well as virtual card solutions in coo…" |
| supplier | PagSeguro Digital Ltd. (PAGS) | 20-F 2026-04-29 | "• Credit card: Our PagBank Visa credit cards have no annual or membership fees, and they are offered to customers who invest in PagBank CDs or who reserve the balance of their PagBank free digital acc…" |
| partner | WOORI FINANCIAL GROUP INC. (WF) | 20-F 2026-04-22 | "We issue "Visa" brand cards under a non-exclusive license agreement with Visa International Service Association and also issue "MasterCard," "JCB", "Union Pay" and "Diners Club" brand cards under a no…" |
| supplier | Grupo Aval Acciones Y Valores S.A. (AVAL) | 20-F 2026-04-17 | "We provide credit card services to our bank customers mainly through the Visa and MasterCard networks." |
| partner | TURKCELL ILETISIM HIZMETLERI A S (TKC) | 20-F 2026-04-17 | "To bolster its card issuance capabilities, Paycell has established long-term strategic partnerships with Visa, Mastercard, and TROY (by the Interbank Card Center)." |
| partner | GRUPO FINANCIERO GALICIA SA (GGAL) | 20-F 2026-04-16 | "Furthermore, it expanded its reach to the interior of the country, with golf tournaments in key locations in partnership with Visa Signature." |

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Data processing revenue | $6.04B | 51.9% | +17.3% |
| Service revenue | $4.92B | 42.3% | +13.7% |
| International transaction revenue | $3.85B | 33.1% | +6.1% |
| Value-Added Services | $3.80B | 32.7% | +35.7% |
| Other revenue | $1.50B | 12.9% | +45.5% |
| Total revenue | $11.63B | 100% | — |
The lines above cover 172.9% of total revenue.

## Revenue by region (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| International | $7.22B | 62.1% | +15.7% |
| U.S. | $4.41B | 37.9% | +12.3% |
| Total revenue | $11.63B | 100% | — |

## Customer concentration

Period ended 2025-09-30: 11% of revenue from unnamed direct customers (10-K, filed 2025-11-06).

## Company outlook (8-K filed 2026-07-28)

- "Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth, anticipated timing and benefits of our acquisitions, and financial outlook."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $3.44 | $3.45 | -0.2% | $12.09B | 31 |
| Next quarter (ends 2026-12-31) | $3.62 | $3.60 | +0.6% | $12.18B | 25 |
| Current fiscal year (ends 2026-09-30) | $13.23 | $13.15 | +0.6% | $45.78B | 39 |
| Next fiscal year (ends 2027-09-30) | $15.02 | $14.88 | +1.0% | $50.80B | 40 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-10-30 (includes earnings 2026-10-27): ±3.6%; last 8 reports averaged ±2.6%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-10-30 | 7 | 29.9% | ±3.6% |
| 2026-11-06 | 14 | 27.5% | ±4.5% |
| 2026-11-13 | 21 | 25.1% | ±5.1% |
| 2026-11-20 | 28 | 23.4% | ±5.3% |
| 2026-11-27 | 35 | 23.7% | ±6.0% |
| 2026-12-04 | 42 | 22.4% | ±6.2% |
| 2026-12-18 | 56 | 22.5% | ±7.2% |
| 2027-01-15 | 84 | 22.0% | ±8.6% |