Visa Inc. reported strong financial performance for its fiscal second quarter ended March 31, 2025, with broad-based growth in revenue, earnings, and transaction activity. The results were driven by resilient consumer spending, while innovation-led initiatives supported strong performance in consumer payments, along with sustained momentum in value-added services, cross-border payments, and commercial and money movement solutions.
For the quarter, GAAP net income totaled US$6.0 billion, or $3.14 per share, marking year-over-year increases of 32per cent and 36per cent, respectively. Excluding special items and related tax impacts, non-GAAP net income reached $6.3 billion, or $3.31 per share, reflecting increases of 17per cent and 20per cent, respectively, compared to the prior year. On a constant-dollar basis, GAAP earnings per share rose approximately 35per cent, while non-GAAP earnings per share increased approximately 20per cent.
Ryan McInerney, Chief Executive Officer, Visa, commented "Visa's second quarter net revenue growth of 17per cent was the highest since 2022, driving GAAP EPS up 36per cent and non-GAAP EPS up 20per cent. Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement solutions and value-added services.
Throughout the quarter, we continued to enhance our Visa as a Service stack, including with agentic and stablecoin capabilities, to further strengthen our position as the leading hyperscaler of payments globally and drive growth for years to come."
Net revenue for the fiscal second quarter was $11.2 billion, representing 17per cent year-over-year growth, or 16per cent on a constant-dollar basis, driven by higher payments volume, cross-border activity, and processed transactions. Payments volume for the three months ended December 31, 2025 grew 8per cent year-over-year on a constant-dollar basis, while payments volume for the three months ended March 31, 2026 increased 9per cent. Cross-border volume excluding intra-Europe transactions increased 11per cent, while total cross-border volume rose 12per cent. Total processed transactions reached 66.1 billion, up 9per cent from the prior year.
