Visa (V), the digital payments network, reported fiscal fourth-quarter net revenue of $12.1 billion, up 13% from a year earlier, a slower pace than the 14% increase in the fiscal third quarter and the 17% rise in the fiscal second quarter.

GAAP net income was $6.0 billion, or $3.19 a share, up 18% and 22% from a year earlier. Non-GAAP net income was $6.6 billion, or $3.48 a share, up 13% and 17%.

The company said net revenue growth was driven by year-over-year increases in payments volume, cross-border volume and processed transactions. Payments volume rose 9% in constant dollars for the three months ended September 30, 2026, after 10% in the fiscal third quarter. Cross-border volume excluding intra-Europe transactions rose 14% in constant dollars, and total cross-border volume rose 14%. Processed transactions were 74.2 billion, a 10% increase.

Service revenue, recognized on prior-quarter payments volume, was $5.3 billion, up 14%. Data processing revenue rose 16% to $6.2 billion. International transaction revenue grew 8% to $4.1 billion. Other revenue of $1.6 billion rose 40%. Client incentives were $5.1 billion, up 21%.

GAAP operating expenses were $4.9 billion, up 7%, primarily from higher general and administrative costs. Excluding special items and amortization of acquired intangibles, non-GAAP operating expenses increased 12%, primarily from marketing and personnel. The GAAP effective tax rate was 18.5%; the non-GAAP rate was 18.4%.

Current-year results included a $469 million litigation provision tied to the interchange multidistrict litigation, $282 million related to a donation of investments to the Visa Foundation, and $37 million of deferred tax expense from a change in U.S. taxation of certain foreign earnings. The year-ago quarter included an $899 million MDL-related litigation provision.

For the full fiscal year ended September 30, 2026, net revenue was $45.9 billion, an increase of 15%, or 14% in constant dollars. GAAP net income was $23.5 billion, or $12.32 a share, up 17% and 21%. Non-GAAP net income was $25.3 billion, or $13.27 a share, up 12% and 16%. Full-year payments volume rose 9% in constant dollars; cross-border volume excluding intra-Europe rose 12%; total cross-border volume rose 13%; and processed transactions were 281.3 billion, up 9%.

Chief Executive Officer Ryan McInerney said Visa achieved record net revenue of $46 billion, up 15%, which the company described as the strongest growth in over 15 years excluding the post-pandemic recovery and acquisitions.

On August 3, 2026, Visa said it signed a definitive agreement to acquire BioCatch, a behavioral-first fraud-intelligence provider, for $2.4 billion in cash, with the deal expected to close by the end of the fiscal second quarter of 2027. On September 18, the company deposited $405 million into its litigation escrow account.

In the three months ended September 30, 2026, Visa repurchased about 11 million class A shares at an average $369.12 for $4.0 billion. Remaining authorized repurchase funds were $24.4 billion as of September 30, 2026. The board increased the quarterly cash dividend 16% to $0.780 a share, payable December 1, 2026.