The news: Visa’s net revenues grew 15% YoY to $10.9 billion, per Q1 2026 (ended December 31, 2025) earnings release.

Earnings per share of $3.17 beat analysts’ expectations of $3.14, per Zachs Investment Research. 

Diving into the results: Visa’s international card segment outperformed the US in growth during Q1 2026, driven by the holiday season.

• US credit and debit growth declined in the quarter, sliding to 7% and 6% YoY, respectively, versus 8% for each last year.
• International credit card growth remained at 10% YoY growth, while debit spiked to 16% YoY.

Put together, Visa’s total debit and credit volume grew 8% YoY.

Outside of the card program, Revenues from value-added services were up 28% YoY to $3.8 billion dollars—equivalent to roughly a third of all Visa’s quarterly revenues. This segment, along with commercial money movement, acted as the engine for the network’s earnings growth as Visa served client needs like marketing and consulting.

Inside the earnings call: CEO Ryan McInerney addressed how wider industry trends are affecting Visa’s business, including payment flexibility, stablecoin solutions, and agentic commerce.

• Global Tap to Pay penetration hit 80% for all face-to-face transactions, with the US closely following at 70%.
• Visa’s flex credentials totalled 20 million globally, driven by products like Block’s Cash App Visa Debit Card. McInerney anticipates that 20 more issuers will adopt flex credentials this year to accommodate rising consumer desire for multiple funding options.
• Stablecoin settlements accounted for $4.6 billion of transactions and the tokenized rate for transactions hit over 50%—10 percentage points higher than its rival Mastercard—with the number of tokens now three times larger than Visa’s total physical card program.

Implications for payment providers: As economic uncertainty persists, payment providers that can offer consumers increased choice around managing payments can make big wins. 

Flexible credential enrollment is a simple way to maximize payment nimbleness for shoppers increasingly strained as affordability issues intensify.