Visa Inc FQ3 2026 Earnings Recap

Research evidence excerpt

Visa Inc FQ3 2026 Earnings Recap

and credit processing. Pismo also support banks looking to modernize their core

banking stack with a modular cloud based platform, including the previously announced

Wells Fargo win (related to the core account ledger). Outside the US, Pismo serves as

Visa’s single go-to-market platform, with the company having entered 19 new markets

since the acquisition and seeing demand across both issuer-processing and core-banking

use cases. Management also highlighted Pismo as an increasingly important enabler of

Visa’s broader infrastructure strategy, noting that the newly launched Visa Stablecoin

Platform will be integrated with Pismo and is intended to support tokenized deposits for

financial institutions, while also enabling connections to third-party tokenized deposit

infrastructure providers over time. Visa continues to view Pismo as a key driver of deeper

client relationships, incremental revenue growth, faster product innovation, and its

long-term modernization strategy across payments, banking, stablecoins, and money

movement.

International transaction revenue growth vs. cross-border volume growth: Visa

saw a negative spread between nominal international transaction revenue growth and

nominal cross-border ex intra-Europe growth of ~(8%) in FQ3 from ~(7%) in FQ2 and

~(9%) in FQ1 2026, with the majority of the negative spread due to CVIX and business

mix. We note there are several reasons for why international transaction revenue can

grow above or below volume growth including:

Currency volatility (using the CVIX as a proxy, although noting the basket of

currencies is not a perfect 1 for 1 comparison to Visa which likely leads to some

potential deviation), which is often the most important of these factors