Strong Top-Line Growth
Net revenue rose 15% year over year to $10.9 billion, driven by broad-based demand across products and regions.
Earnings and Capital Returns
EPS increased 15% year over year to $3.17. In Q1 Visa repurchased approximately $3.8 billion of stock, paid $1.3 billion in dividends, and has $21.1 billion remaining in its buyback authorization.
Payments Volume and Transactions
Payments volume grew 8% YoY to nearly $4 trillion and processed transactions increased 9% YoY to 69 billion, reflecting resilient consumer spending.
Value-Added Services Outperformance
Value-added services (VAS) constant-dollar revenue grew 28% YoY to $3.2 billion and represented roughly 50% of overall revenue growth in the quarter.
Commercial & Money Movement Momentum
Commercial and money movement solutions constant-dollar revenue grew 20% YoY; commercial payments volume rose 10% and Visa Direct transactions grew 23% YoY to 3.7 billion transactions.
Tokenization Scale and Impact
Visa has issued more than 17.5 billion tokens globally (over three times the number of physical cards) and has materially reduced guest checkout from 44% in 2019 to ~16% of Visa e‑transactions (top 25 sellers <4%).
Credential and Tap-to-Pay Adoption
Visa credentials now exceed 5 billion. Tap to Pay penetration crossed 80% of face-to-face transactions globally (U.S. ~70%); tap-to-phone acceptance surpassed 175 million locations and transactions more than doubled year over year.
Visa Flex and New Credential Capabilities
Visa Flex credentials reached ~20 million and enable multiple funding sources (debit, credit, installments, rewards); expansion to 20+ additional issuers expected this year.
Stablecoin and Blockchain Progress
Stablecoin card issuance expanded to over 50 countries, stablecoin settlement (including USDC into the U.S.) reached an annualized run rate of $4.6 billion, and Visa launched stablecoin advisory services and pilots for stablecoin payouts via Visa Direct.
Product and Platform Partnerships
Key partnerships and product launches: AgenTik Commerce with 100+ partners (30+ building in sandbox), AWS Marketplace availability, Cloudflare and Akamai integrations, PISMO commercial rollouts (Banco Bisse, FinanceNow), and FeatureSpace adoption for fraud prevention.
Guidance and Financial Outlook
Full-year adjusted net revenue growth reiterated in the low double digits; Q2 adjusted net revenue expected in the low double digits. Full-year tax rate guidance lowered to 18.0%–18.5%, implying adjusted EPS growth in the low double digits.