On 29 July 2025, Visa released the third quarter of the 2025 fiscal year as at 30 June. The data show that the performance of Visa during the quarter was impressive and that a number of core indicators exceeded the expectations of analysts, demonstrating their resilience in the global payment market.
In terms of net revenue, Visa recorded a record of $10.2 billion in the third quarter, an increase of 14 per cent over the same period, exceeding by $9.85 billion expected by analysts, thanks to a combined increase in payments, cross-border transactions and transaction processing. The adjusted income per share (EPS) was $2.98, representing an increase of 23 per cent over the same period and an increase of $2.85 per unit, compared with $2.69 per unit for GAAP EPAS, representing an increase of 12 per cent over the same period, which was slowed by a provision of $61.5 million for litigation. The adjusted net profit amounted to $5.8 billion, an increase of 19 per cent over the same period; the GAAP net profit was $5.3 billion, an increase of 8 per cent over the same period.
Key operational indicators are equally impressive. Payments increased by 8 per cent over the same period, including 6 per cent for the United States and 9 per cent for the international sector; 11 per cent for cross-border transactions, excluding intra-European transactions, and 12 per cent for total cross-border transactions; and 65.4 billion transactions, or 10 per cent for the same period. In terms of shareholder returns, Visa repurchased 14 million shares at a cost of $4.8 billion; quarterly dividends of $0.59 per share, a 13 per cent increase over the same period, will be paid on 2 September.
According to Ryan McInerney, Chief Executive Officer of Visa, consumer spending remained resilient in the non-essential and essential areas of the United States, and cross-border demand for travel contributed to the growth of trade. The company ‘ s continued investment in AI and stabilization currency innovations, such as Tap to P2P and the stabilization currency settlement plan (cumulative transactions of over $200 million), consolidated its leading position in the digital payment area. However, operating costs increased by between $35 and $4 billion over the same period, mainly due to the $61.5 million MDL litigation reserve and an increase in marketing and personnel costs.
For the future, Visa maintains the 2025 fiscal year guidance: net revenue growth is expected to be about 10 per cent in the fourth quarter (approximately $10.57 billion, slightly lower than the $10.6 billion expected by Bloomberg); growth in the EPS is projected to be 11-13 per cent, and in the fourth quarter it is expected to be high; and operating costs are projected to increase by high to low doubles. Although United States tariff policies may affect the growth of cross-border payments (the increase in cross-border transactions in the third quarter fell from 14 per cent last year to 12 per cent), Visa remains optimistic about the long-term prospects for a digitized global payment transition.
Market responses fluctuated when the financial statements were issued. On 29 July, Visa stock prices fell by between $1.18 per cent and $355.47 and rose from 0.29 per cent to $356.49, reflecting the market ‘ s recognition of its robust performance, but also fluctuated owing to cautious expectations of the fourth quarter guidance. Currently, the analyst rated the Visa stock as “buy-in”, with a target price of $395 for 12 months, which is 11.1 per cent higher than current prices.
