The world's largest payment network, Visa (V.US), reported fiscal 2026 third-quarter results that exceeded analyst expectations. Revenue grew 14% year-over-year to $11.633 billion, surpassing the average analyst estimate. Adjusted net income rose 8% to $6.296 billion, with adjusted earnings per share of $3.32, above the consensus forecast of $3.23.

Consumer spending on the Visa network increased 10% year-over-year, cross-border transaction volume rose 13%, and the number of processed transactions grew 10%. As a major sponsor of the FIFA World Cup, the event helped boost Visa's third-quarter performance. Chief Financial Officer Chris Su stated during a conference call with analysts that in some World Cup host cities, the number of "card-present transactions" on match days increased by up to 20%.

Chief Executive Officer Ryan McInerney commented: "Visa delivered a strong third quarter, with net revenue up 14% year-over-year, GAAP earnings per share up 10%, and non-GAAP earnings per share up 11%. Consumer and business spending remains robust, and our strategy continues to drive strong performance across consumer payments, commerce and money movement solutions, and value-added services. As a leading hyperscaler in global payments, we are designing, building, and delivering products at a faster pace, enabling Visa, our clients, and the ecosystem to seize future opportunities and drive growth."

Looking ahead, Visa slightly raised its full-year revenue growth outlook. The company now expects net revenue growth to be in the "low end of the low single-digit to low double-digit range," compared to its previous forecast of "low double-digit to low single-digit range." It now projects earnings per share growth to be in the "low end of the mid-single-digit to mid-double-digit range."

Notably, just hours before releasing its third-quarter results, Visa announced in an internal memo to employees that it would cut approximately 2,600 jobs, representing 7% of its global workforce, primarily affecting its technology and product teams. Visa stated it would record a $563 million charge related to the restructuring. A person familiar with the decision's rationale indicated the move is part of Visa's efforts to improve operational efficiency, helping the company focus more sharply on its biggest growth opportunities, including consumer payments, commerce and money movement solutions, and value-added services.

McInerney noted in the memo: "To seize future opportunities and keep Visa at the forefront of this transformation, we must continuously evolve our ways of working. Artificial intelligence (AI) is also accelerating this change and reshaping how work is done at Visa." According to sources, while AI is being used to reduce repetitive tasks and speed up product development, it was not the sole driver of the layoffs. Visa plans to redeploy resources from the cuts toward consumer payments, commerce and money movement solutions, and value-added services, including stablecoins, cross-border payments, and business-to-business (B2B) operations.

McInerney concluded in the memo: "The choices we have made over the past few years are propelling us into a new era in commerce, with the business showing strong growth momentum. This is reflected in our consistent financial performance, customer satisfaction, employee engagement, and breakthrough innovations in product development and delivery speed." Additionally, during the conference call with analysts, McInerney said that Visa's product development teams, which previously consisted of 10 or more members, will be restructured into smaller, more agile teams of 2 to 4 people each.