Visa Inc.

How has the stock done?

Change in closing price from the first day shown, or with Price the closing price itself. Prices: Yahoo Finance, to Nov 12, 2026. Dashed lines: the days the company released earnings (its SEC 8-K filings); EPS estimates: Yahoo Finance. The stock's move after a release runs from the last close before its day to the close the day after (or five days after), so a release before the open counts like one after the close.

Is the business growing?

In the fiscal year to Sep 2026, Outside the United States was 62% and United States was 38% of revenue; United States fell from 41% in the fiscal year to Sep 2024.

Quarters: Visa Inc.'s SEC filings, named by the month they end. Fiscal years: Visa Inc.'s annual reports to the SEC.

How it makes money

Of every $100 in revenue, $50.1 ends up as net income. Net margin was roughly flat over the past 3 years.

Each margin is that line of the income statement divided by revenue. Fiscal year: Visa Inc.'s annual reports to the SEC.

Customers and suppliers

Visa's latest annual report names none of its suppliers or customers, but one customer it does not name accounts for 11% of its revenue.

 

VVisa

Customers

Unnamed customer 11%

Visa's 10-K for the year to Sep 2026 gives one customer's share of its revenue: Customer One (11%).

From Visa Inc.'s 10-Q and 10-K filings (XBRL): each customer whose share of revenue a filing tags, under the filing's own label, so “Customer A” in one filing can be another company in the next; a later filing's figures for a period replace an earlier one's.

Named in other companies’ filings

Fiserv FISVcalls it a partner · Payment network membership for merchant acquiring

Only the companies Visa names in its 10-K filed Nov 5, 2026 (SEC). Named in other companies' filings: those whose own latest annual report or an 8-K since names Visa. The supply chain joins the latest annual reports of the companies on it and the 8-Ks they filed since: a link shows when either side's report names the other, so it grows as more reports are read. Hover a name for the filing's own words. Customers it does not name are listed as the filing describes them.

Is it expensive?

P/E of 34.1x, above the peer median of 11.9x, so it needs earnings to keep growing to hold up.

Priced 188% above the peer median of 11.9x.

What analysts expect

The average analyst price target is $447, 6% above the current price; 88% of 40 analysts rate it a buy; earnings beat estimates in all of the last 4 quarters.

Buy or Strong Buy: 35 analysts (88%). Sell or Strong Sell: 1.

Over the past year the average of the analysts' latest price targets went from $411.92 to $454.00 (+10%), while V went from $336.08 to $420.31 (+25%). In the past three months targets were raised 17 times and never cut. 3 upgrades and no downgrades over the year; the latest: Freedom Broker moved it to Buy from Hold on Feb 17, 2026.

The day after each of these reports the stock moved −1.6% (Dec 2025, beat); +8.1% (Mar 2026, beat); +1.7% (Jun 2026, beat); −0.9% (Sep 2026, beat).

For the quarter ending Dec 2026 (Visa reports on Jan 26, 2027), analysts expect adjusted earnings of $3.63 a share, 15% more than the $3.17 of a year earlier, and revenue of $12.2B, up 12% on a year earlier. For the fiscal year ending Sep 2027, they expect adjusted earnings of $15.03 a share, 13% more than the $13.28 of the year before, and revenue of $51.1B, up 11% on the year before.

Targets, ratings and earnings estimates: Yahoo Finance. Rating and target changes: Yahoo Finance's list of upgrades and downgrades. The average target on each day is the average of every listed firm's latest target set in the 180 days before it, so it counts fewer analysts than the average target above, and the band is the middle half of those targets (a quarter of the firms are above it, a quarter below); a target set before a stock split is divided by the split. Expected figures: the average of the analysts' estimates (Yahoo Finance). Their EPS is adjusted, as analysts estimate it, so it is set against the adjusted EPS Yahoo reports for the same quarters, not the GAAP EPS of the growth and valuation sections; revenue against the SEC filings. No change is given against a quarter whose reported EPS was more than 50% off its own estimate (often a one-off gain or charge), nor against a year that counts one. Each estimate is pinned to its fiscal period by the report date or the period's end, and one that cannot be is left out.

Where the cash goes

Generated $22.1B in free cash flow over the year and returned more than it generated: $25.6B went back to shareholders (dividends plus buybacks), so $3.5B came from cash on hand or borrowing.

Free cash flow: operating cash flow minus capital spending on property, plant and equipment, from SEC filings, for the last 4 quarters and by quarter.

Financial health

Current ratio 1.1, short-term debt is manageable; debt-to-equity 0.7, debt is moderate.

Latest fiscal year balance sheet. Source: Yahoo Finance.

Who holds it

In the filings of 5 members of Congress and 19 funds whose copy leaves V out (not traded on the exchange): ValueAct Holdings, WELLCOME TRUST LTD (THE) as trustee of the WELLCOME TRUST, Nancy Pelosi, Wedgewood Partners, Temasek Holdings (Private), Pershing Square Capital Management and 18 more.

What did the funds Hunch tracks do?

Of the 83 funds whose 13F filings Hunch reads, 35 held V at the end of their latest quarter (for most, Q2 2026). Over that quarter 12 added shares, 15 cut, 3 bought new, 2 sold all and 5 held the same. The largest of them is Norges Bank, 16.22M shares worth $5.6B at Jun 30, 2026, 3.2% fewer than at Dec 31, 2025.

From the 13F filings of the 83 funds Hunch tracks, not of every institution: each fund's shares of V at its latest quarter end against the quarter before, as filed (long positions only, options left out), the quarter before put on the latest quarter's share count across a split. A fund files 45 days after its quarter ends, so some have a newer quarter than others. Value is at the quarter end. Norges Bank filed its 13F for Q1 2026 confidentially, with no holdings made public, so its row compares Q2 2026 with Q4 2025.

Insights that mention V