Visa / Mastercard - C2Q26 Earnings Preview - Positive on Both Names but Maintain Preference for Visa Near-Term

研报英文原文证据摘录

Visa / Mastercard - C2Q26 Earnings Preview - Positive on Both Names but Maintain Preference for Visa Near-Term

J P M O R G A N North America Equity Research

22 July 2026

Visa / Mastercard

C2Q26 Earnings Preview - Positive on Both Names but

Maintain Preference for Visa Near-Term

Visa reports F3Q26 results July 28 (AMC) while Mastercard reports 2Q26 results Payments, Processors & IT Services

ACJuly 30 (BMO). Spending data show a comfortable acceleration of U.S. volume Tien-tsin Huang, CFA

growth with only a modest deceleration into early July (through 7/10). This, plus (1-212) 622-6632

compelling relative valuation (particularly for Mastercard) and identified price tien-tsin.huang@jpmorgan.com

actions (Visa’s notable tokenization VAS fees which started in April) lead us to feel Connor Allen

fundamentally constructive into both networks’ results, though we maintain our (1-212) 270-2895

preference for Visa. While Mastercard screens as more attractive from a relative connor.allen@jpmorgan.com

valuation standpoint, we think the debates pressuring its multiple will sustain in the Abbey Hochreiner

near term, including: (1) growth comparisons vs. Visa across key metrics (U.S. (1-212) 270-5798

abbey.hochreiner@jpmchase.com

volume, cross border, organic revenue growth, VAS), (2) 2H26 guidance risks J.P. Morgan Securities LLC

considering ongoing conflicts in the Middle East (current guidance assumes an end

in 2Q) as well as (3) typical investor acclimation to recent management changes.

These dynamics, coupled with our expectation that Visa will show comfortable

upside to estimates and guide 4Q constructively, lead us to prefer Visa shares near-

term. See details below and within.

• Visa Expectation Summary. Visa reports F3Q26 results July 28 (after market