Visa Inc. Fiscal Q2 2025 Earnings Report Summary

Strong Operating Metrics Despite Litigation Charges

Visa (NYSE: V) reported its fiscal second quarter 2025 results, demonstrating resilient consumer spending and solid core growth across all major business lines despite litigation-related expenses.

Key Highlights (GAAP vs. Non-GAAP)

Metric GAAP Result YoY % Change Non-GAAP Result YoY % Change
Net Revenue $9.6B +9% — +11% (CC*)
Net Income $4.6B -2% $5.4B +6%
Earnings Per Share (EPS) $2.32 +1% $2.76 +10%
Operating Expenses $4.2B +22% $3.1B +7%
Effective Tax Rate 15.8% flat 16.9% +1 ppt
Processed Transactions 60.7B +9% — —
Cross-Border Volume (ex-EU) — +13% — —
*CC = Constant Currency

Operational Drivers
Payments Volume: +8% YoY (constant-dollar)

Cross-Border Volume (ex-EU): +13% YoY

Data Processing Revenue: +10% to $4.7B

Service Revenue: +9% to $4.4B

International Transaction Revenue: +10% to $3.3B

Client Incentives: $3.7B, up 15%

Significant Items Impacting GAAP Results
$1.0B litigation provision (vs. $430M last year) related to interchange MDL.

Equity investment losses of $23M.

$96M amortization & acquisition-related charges.

Capital Return & Share Buybacks
Returned $5.6B via share repurchases and dividends in Q2.

13 million shares repurchased at an avg. $340.26.

New $30B multi-year repurchase plan authorized.

Quarterly dividend of $0.59/share declared, payable June 2.

Balance Sheet Snapshot (as of March 31, 2025)
Cash & Equivalents: $11.7B

Investment Securities: $3.5B

Total Assets: $92.9B

Total Liabilities: $54.8B

Total Equity: $38.0B

CEO Commentary
“Visa delivered another solid quarter... Our focus on innovation, value-added services, and diversified business lines positions us well for continued growth,” – Ryan McInerney, CEO

Conclusion:
Despite ongoing legal charges, Visa posted strong operational growth and continues returning substantial capital to shareholders. Its reaffirmed strength in core payment volumes and aggressive buyback strategy underscore management's confidence in long-term fundamentals.