Built by Codex Sol 5.6Reports Tuesday, October 27, 2026, on the current FMP calendar; Visa has not confirmed the date or time. Prepared Friday, September 25, 2026. This previews the unreported fiscal quarter ending September 30. The last reported quarter was FY2026Q3, released July 28.
V | Earnings Preview
| FMP Q4 net revenue | $12.077 billion; +12.6% YoY | Company Q4 revenue view | Adjusted constant-dollar growth: high end of low double digits |
| Company Q4 EPS view | Adjusted growth: low end of mid-teens | Q4 adjusted expense view | Low-double-digit constant-dollar growth |
| FY2027 | No company EPS or revenue guide |
Visa's FMP Q4 revenue estimate of $12.077 billion implies +12.6% YoY against FY2025Q4 net revenue of $10.724 billion. The $3.43 adjusted EPS estimate implies +15.1% against $2.98. On the July 28 FY2026Q3 call, management described Q4 adjusted constant-dollar revenue growth at the high end of low double digits and adjusted EPS growth at the low end of mid-teens. Those verbal bands are close to the nominal street estimates but use a different adjustment basis; they are not numeric dollar guides.
The revenue bar slows from FY2026Q3's 14.4% nominal growth, while the EPS bar asks for modest reacceleration from 10% adjusted constant-dollar growth. Management expects Q4 adjusted constant-dollar operating-expense growth in low double digits even though some marketing moved out of Q3. That expense bridge matters more than a small revenue beat. Payments volume, cross-border growth, transaction yield, incentives, and value-added-services growth need to be assessed with their disclosed bases; FMP has no KPI-level estimates for those lines in the saved snapshot.
FMP's FY2026 annual averages are $45.854 billion revenue and $13.23 EPS; its FY2027 averages are $50.824 billion and $15.02. Visa has not guided FY2027. The FY2026Q3 $563 million severance charge was in the quarter ended June 30 and should not be booked again into Q4 absent a new charge. Q4 non-operating expense was framed around $80 million, with a tax rate around 19%. Source: Visa quarterly earnings and saved FY2026Q3 transcript.
Visa beat FMP revenue and adjusted EPS in each of the last four reported quarters. Over twelve quarters, each line beat in 11 of 12; adjusted EPS was in line once. Revenue surprise has widened across four-quarter blocks, but EPS surprise has not. This history supports a positive beat bias while the Q4 growth language remains close to the existing street bar. It does not supply a KPI-level consensus that the saved FMP feed lacks.
The post-July announcements are mostly future-rail and service investments. The BioCatch agreement concerns fraud detection and is expected to close in FY2027; it is outside Q4 operating results. Stablecoin settlement and agentic-commerce initiatives are strategic indicators, not a disclosed Q4 net-revenue forecast. Q4's fundamental read is payment and cross-border volume, incentives, service growth, and whether operating-expense growth remains below revenue growth despite shifted marketing. See the saved Tasks 5 and 6 for the dated event log and KPI history.
Five fiscal years of net revenue show the network's growth: $24.105bn in FY2021, $29.310bn in FY2022, $32.653bn in FY2023, $35.926bn in FY2024, and $40.000bn in FY2025. FY2025 grew +11.3%. Adjusted EPS rose from $5.91 to $7.50, $8.77, $10.05, and $11.47, +14.1% in FY2025. Constant-dollar payments-volume growth cooled from 16% in FY2021 to 8% in FY2025; the earnings engine increasingly depends on cross-border mix and value-added services alongside volume.
Across the last eight reported fiscal quarters, from FY2024Q4 to FY2026Q3, net revenue was $9.617bn, $9.510bn, $9.594bn, $10.172bn, $10.724bn, $10.901bn, $11.230bn, and $11.633bn. Constant-dollar payments-volume growth was 8%, 9%, 8%, 8%, 9%, 8%, 9%, and 10%. FY2026Q3 volume growth accelerated 200 bps YoY while adjusted constant-dollar net-revenue growth stepped down from 15% in Q2 to 12% in Q3. Incentives, volatility, and acquisition mix explain why improving volume did not lift adjusted revenue growth.
The saved scorecard compares FMP consensus with Daloopa net revenue and adjusted Class A diluted EPS. Revenue beat in 11/12 quarters; adjusted EPS beat in 11/12, with one exact tie. Both were 4/4 in the latest four. Q4 2026 remains unreported. The source basis, including a corrected FMP actuals row, is recorded in the research workspace's task_7_beat_miss_record.md.