Visa Inc.: F3Q26 Recap - Impressive Growth at Scale as Underlying Drivers Accelerate

研报英文原文证据摘录

Visa Inc.: F3Q26 Recap - Impressive Growth at Scale as Underlying Drivers Accelerate

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

29 July 2026

Visa Inc. Overweight

V, V US

F3Q26 Recap - Impressive Growth at Scale as Price (28 Jul 26):$366.59

Underlying Drivers Accelerate ▲Price Target (Dec-27):$450.00 Prior (Dec-26):$400.00

Visa reported another impressive quarter highlighted by robust 12% organic

growth, a stand-out in our large cap coverage, on healthy drivers including U.S. Payments, Processors & IT Services

volume accelerating 2ppts to 10% growth (the fastest rate since late 2018, Tien-tsin Huang, CFA AC

excluding COVID) and cross border accelerating to 13% growth. While this (1-212) 622-6632

momentum was partially supported by one-offs like the World Cup, tax refunds and tien-tsin.huang@jpmorgan.com

fuel prices, headline results also overcame headwinds like tough currency Connor Allen

volatility and incentive comps. We came away feeling incrementally constructive (1-212) 270-2895

connor.allen@jpmorgan.com

on underlying drivers (Visa articulated broad-based strength in spend across

Abbey Hochreiner

income levels and spend types) and we raise our volume estimates somewhat, also

(1-212) 270-5798

supported by wins in Europe (NatWest credit). Stepping back, Visa’s last quarter abbey.hochreiner@jpmchase.com

was a challenging act to follow (organic growth accelerated to 15%, a level rarely J.P. Morgan Securities LLC

seen in Visa’s even extended history), and expectations were high going into this

print. Results cleared our bar, but weren’t without sticking points among some

investors, including the degree of incentive (+18%) and adj. opex growth (17%), Quarterly Forecasts (FYE Sep)

and difficult comparisons going into Visa’s FY27 guide (JPMe 10% organic Adj. EPS ($)