Visa Inc. Reports Fiscal Fourth Quarter and Full-Year 2020 Results San Francisco, CA, October 28, 2020 – Visa Inc. (NYSE: V) Fiscal Fourth Quarter Results:  GAAP net income of $2.1B or $0.97 per share and non-GAAP net income of $2.5B or $1.12 per share  Net revenues of $5.1B, a decrease of 17% or approximately 11% with service revenues recognized on current quarter payments volume Fiscal Full-Year Results:  GAAP net income of $10.9B or $4.89 per share and non-GAAP net income of $11.2B or $5.04 per share  Net revenues of $21.8B, a decrease of 5% Other Highlights:  Payments volume, cross-border volume and processed transactions growth all improved through the quarter and were at varying stages of recovery. Full-year business drivers were all impacted by COVID-19 starting in March, with an improving trend exiting September.  Returned $2.3B and $10.8B of capital to shareholders for Q4 and full-year, respectively, in the form of share repurchases and dividends  The board of directors increased Visa’s quarterly cash dividend to $0.32 per share Q4 and Full-Year 2020 Results (Ended September 30, 2020) Q4 2020 Full-Year 2020 Alfred F. Kelly, Jr., Chairman In billions, except percentages and per share data. % change is and Chief Executive Officer, calculated over the comparable prior-year period. USD % Change USD % Change Visa Inc., commented on the Net Revenues $5.1 (17%) $21.8 (5%) results: GAAP Net Income $2.1 (29%) $10.9 (10%) “While our business drivers and financial results were impacted by GAAP Earnings Per Share $0.97 (28%) $4.89 (8%) COVID-19 in 2020, we’ve made significant progress in advancing Non-GAAP Net Income(1) $2.5 (25%) $11.2 (9%) our growth strategy. Visa drove the adoption of eCommerce and (1) Non-GAAP Earnings Per Share $1.12 (23%) $5.04 (7%) tap to pay to accelerate cash (1) Non-GAAP results exclude special items, equity investment gains and losses, amortization of digitization, successfully unlocked acquired intangible assets and non-recurring acquisition-related costs. new flows by expanding Visa Direct and B2B partnerships, and Q4 and Full-Year 2020 Key Business Drivers facilitated client innovation (YoY increase / (decrease), volume in constant dollars) through our value added services. Q4 2020 Full-Year 2020 As the world turns increasingly to digital payments, we see tremendous opportunity for Payments Volume 4% 2% growth. We’ll remain thoughtful in (1) Cross-Border Volume Excluding Intra Europe (41%) (22%) our investments as we advance our strategy to enable the Cross-Border Volume Total (29%) (16%) movement of money for everyone, everywhere.” Processed Transactions 3% 2% (1) Cross-border volume excluding transactions within Europe.


 
Fiscal Fourth Quarter 2020 — Financial Highlights GAAP net income in the fiscal fourth quarter was $2.1 billion or $0.97 per share, decreases of 29% and 28%, respectively, over prior year’s results. Current year’s results included $357 million from special items related to the remeasurement of deferred tax balances and the resolution of a tax item, $39 million of net gains from equity investments and $17 million related to the amortization of acquired intangible assets and non-recurring acquisition-related costs. Prior year’s results included a special item of $370 million for a litigation provision associated with the interchange multi-district litigation (“MDL”) case, $42 million of net gains from equity investments and $5 million related to the amortization of acquired intangible assets and non-recurring acquisition-related costs. Excluding these items and the related tax impacts, non-GAAP net income for the quarter was $2.5 billion or $1.12 per share, decreases of 25% and 23%, respectively, over prior year’s results (refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented). Non-GAAP earnings per share decrease was approximately 23% on a constant-dollar basis. All references to earnings per share assume fully-diluted class A share count. Net revenues in the fiscal fourth quarter were $5.1 billion, a decrease of 17%, primarily driven by the year-over-year declines in prior quarter payments volume and current quarter cross-border volume, partially offset by growth in processed transactions. Net revenues decrease was approximately 17% on a constant-dollar basis. Had we recognized service revenues on current quarter payments volume and other revenue components remained unchanged, net revenues would have decreased approximately 11%. Payments volume for the three months ended June 30, 2020, on which fiscal fourth quarter service revenue is recognized, decreased 10% over the prior year on a constant-dollar basis. Payments volume for the three months ended September 30, 2020, increased 4% over the prior year on a constant-dollar basis. Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, declined 41% on a constant-dollar basis for the three months ended September 30, 2020. Total cross-border volume on a constant-dollar basis declined 29% in the quarter. Total processed transactions, which represent transactions processed by Visa, for the three months ended September 30, 2020, were 37.4 billion, a 3% increase over the prior year, led by domestic transactions. Fiscal fourth quarter service revenues were $2.2 billion, a decrease of 13% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues grew 4% over the prior year to $2.9 billion. International transaction revenues declined 38% over the prior year to $1.3 billion. Other revenues of $361 million rose 5% over the prior year. Client incentives, a contra-revenue item, were $1.7 billion and represent 25.0% of gross revenues. GAAP operating expenses were $2.0 billion for the fiscal fourth quarter, an 18% decrease over the prior year's results, including the amortization of acquired intangible assets and non-recurring acquisition-related costs in the current and prior year and the special item related to the litigation provision associated with the MDL case in the prior year. Excluding these operating expense items, non-GAAP operating expenses decreased 4% over the prior year, primarily driven by general and administrative, professional fees and marketing expenses. GAAP non-operating expense was $87 million for the fiscal fourth quarter, including $39 million of net equity investment gains. Excluding this item, non-GAAP non-operating expense was $126 million. GAAP effective income tax rate was 30.0% for the quarter ended September 30, 2020, including the special items related to the remeasurement of deferred tax balances and the resolution of a tax item as well as the tax impacts of the net equity investment gains, amortization of acquired intangible assets and non-recurring acquisition-related costs. Excluding these items, the non-GAAP effective income tax rate was 18.3% for the quarter ended September 30, 2020. Cash, cash equivalents and investment securities were $20.3 billion at September 30, 2020. The weighted-average number of diluted shares of class A common stock outstanding was 2.21 billion for the quarter ended September 30, 2020. 2


 
Fiscal Full-Year 2020 — Financial Highlights GAAP net income in the fiscal full-year 2020 was $10.9 billion or $4.89 per share, decreases of 10% and 8%, respectively, over prior year’s results. Current year’s results included $357 million from special items related to the remeasurement of deferred tax balances and the resolution of a tax item, $101 million of net gains from equity investments and $63 million related to the amortization of acquired intangible assets and non-recurring acquisition-related costs. Prior year’s results included a special item of $370 million for a litigation provision associated with the MDL case, $131 million of net gains from equity investments and $10 million related to the amortization of acquired intangible assets and non-recurring acquisition-related costs. Excluding these items and the related tax impacts, non-GAAP net income for the full-year was $11.2 billion or $5.04 per share, decreases of 9% and 7%, respectively, over prior year’s results (refer to the accompanying financial tables for further details and a reconciliation of the non- GAAP measures presented). Non-GAAP earnings per share decrease was approximately 6% on a constant-dollar basis. Net revenues in the fiscal full-year 2020 were $21.8 billion, a decrease of 5%, driven by the year-over-year changes in payments volume, cross-border volume and processed transactions. These key business drivers began to be significantly impacted by COVID-19 in March and are exiting the fiscal year on an improving trajectory. Net revenues decrease was approximately 4% on a constant-dollar basis. Payments volume for the twelve months ended September 30, 2020, increased 2% over the prior year on a constant-dollar basis. Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, declined 22% on a constant-dollar basis for the twelve months ended September 30, 2020. Total cross-border volume on a constant-dollar basis declined 16% for the fiscal year. Total processed transactions, which represent transactions processed by Visa, for the twelve months ended September 30, 2020, were 140.8 billion, a 2% increase over the prior year. Fiscal full-year 2020 service revenues were $9.8 billion, an increase of 1% over the prior year. Data processing revenues rose 6% over the prior year to $11.0 billion. International transaction revenues declined 19% over the prior year to $6.3 billion. Other revenues of $1.4 billion rose 9% over the prior year. Client incentives, a contra-revenue item, were $6.7 billion and represent 23.4% of gross revenues. GAAP operating expenses were $7.8 billion for the fiscal full-year 2020, a 3% decrease over the prior year's results, including the amortization of acquired intangible assets and non-recurring acquisition-related costs in the current and prior year and the special item related to the litigation provision associated with the MDL case in the prior year. Excluding these operating expense items, non-GAAP operating expenses increased 1% over the prior year, primarily driven by an increase in personnel expenses mostly offset by decreases in marketing and general and administrative expenses. GAAP non-operating expense was $291 million for the fiscal full-year 2020, including $101 million of net equity investment gains. Excluding this item, non-GAAP non-operating expense was $392 million. GAAP effective income tax rate was 21.2% for the twelve months ended September 30, 2020, including the special items related to the remeasurement of deferred tax balances and the resolution of a tax item as well as the tax impacts from net equity investment gains, amortization of acquired intangible assets and non-recurring acquisition-related costs. Excluding the tax impacts from these items, the non-GAAP effective income tax rate was 18.6% for the fiscal full-year ended September 30, 2020. The weighted-average number of diluted shares of class A common stock outstanding was 2.22 billion for the fiscal full-year ended September 30, 2020. 3


 
Other Notable Items Visa continues to monitor the COVID-19 impact globally. Many countries had stable to positive year-over-year domestic spending growth in the fiscal fourth quarter. Overall cross-border spending remains depressed, led by travel spending, as the majority of borders remain closed. Card not present excluding travel in both domestic and cross-border volume continued to grow at elevated levels even with the gradual recovery of card present spend. On August 17, 2020, Visa issued fixed-rate senior notes in an aggregate principal amount of $3.25 billion with maturities ranging between 7 and 30 years, and interest rates from 0.75% to 2.0%. The weighted-average interest rate is 1.53%. The net proceeds from the offering of the 2027 Notes will be used to fund eligible green projects and the net proceeds from the offering of the 2031 Notes and the 2050 Notes will be used for general corporate purposes. At the closing of the acquisition of Visa Europe in June 2016, Visa Inc. issued preferred stock to cover certain expenses incurred by Visa in defending and resolving multilateral interchange fee-related claims asserted in the UK and Europe. Visa is required to undertake periodic release assessments to determine if value should be released from the series B and C preferred stock. The first such release assessment occurred on June 21, 2020, the 4th anniversary of the closing of the Visa Europe acquisition. On September 24, 2020, Visa released approximately $7.3 billion from the series B and C convertible participating preferred stock. This did not affect the fully diluted share count. On October 27, 2020, Visa announced it signed a definitive agreement to acquire YellowPepper. We believe this acquisition will accelerate the adoption of Visa’s "network of networks" strategy in Latin America and the Caribbean by significantly reducing the time-to-market and cost for issuers and processors associated with accessing innovative and interoperable solutions, regardless of who owns or operates the payment rails. During the three months ended September 30, 2020, Visa repurchased 8.2 million shares of class A common stock at an average price of $197.73 per share for $1.6 billion. In the twelve months ended September 30, 2020, Visa repurchased a total of 44.2 million shares of class A common stock at an average price of $183.30 per share for $8.1 billion. The Company had $5.4 billion of remaining authorized funds for share repurchase as of September 30, 2020. On October 23, 2020, the board of directors declared an increase to Visa’s quarterly cash dividend to $0.32 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C convertible participating preferred stock on an as-converted basis) payable on December 1, 2020, to all holders of record as of November 13, 2020. Financial Outlook for Fiscal Full-Year 2021 Given the continuing impact of COVID-19 and the significant uncertainty in the global economy, it is difficult to reasonably estimate the Company's annual results; therefore we are not providing a fiscal full-year 2021 outlook at this time. 4


 
Fiscal Fourth Quarter and Full-Year 2020 Earnings Results Call Details Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast at http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days. Investor information, including supplemental financial information, is available on Visa Inc.’s Investor Relations website at http://investor.visa.com. Forward-Looking Statements This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, the impact on our underlying business drivers and other volume and transaction trends as a result of COVID-19, our future operations, prospects, developments, strategies and business growth. Forward-looking statements generally are identified by words such as “anticipates,” “estimates,” “expects,” “intends,” “may,” “projects,” “outlook,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward- looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. Actual results could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to:  impact of global economic, political, market, health and social events or conditions, including the impact of COVID-19;  increased oversight and regulation of the global payments industry and our business;  impact of government-imposed obligations and/or restrictions on international payment systems;  outcome of tax, litigation and governmental investigation matters;  increasingly intense competition in the payments industry, including competition for our clients and merchants;  proliferation and continuous evolution of new technologies and business models;  our ability to maintain relationships with our clients, acquirers, processors, merchants and other third parties;  brand or reputational damage;  exposure to loss or illiquidity due to settlement guarantees;  the impact of the United Kingdom’s withdrawal from the European Union;  a disruption, failure, breach or cyber-attack of our networks or systems;  risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions and other strategic investments; and  other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2019, and our subsequent reports on Forms 10-Q and 8-K. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. About Visa Inc. Visa Inc. (NYSE: V) is the world’s leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network – enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. Our relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa.html, usa.visa.com/visa- everywhere/blog.html and @VisaNews. Investor Relations Media Relations Contacts Mike Milotich, 650-432-7644 Andy Gerlt, 415-805-5070 InvestorRelations@visa.com Press@visa.com 5


 
Fiscal Fourth Quarter 2020 — Financial Summary Q4 FISCAL 2020 INCOME STATEMENT SUMMARY Three Months Ended (in millions, except percentages and per share YoY Change September 30, 2020 data) GAAP Non-GAAP GAAP Non-GAAP Revenues Service revenues$ 2,217 $ 2,217 (13%) (13%) Data processing revenues 2,875 2,875 4% 4% International transaction revenues 1,346 1,346 (38%) (38%) Other revenues 361 361 5% 5% Client incentives (1,698) (1,698) 0% 0% Net revenues 5,101 5,101 (17%) (17%) Operating Expenses Personnel 922 919 6% 6% Marketing 288 288 (6%) (6%) Network and processing 191 190 (1%) (2%) Professional fees 104 103 (30%) (31%) Depreciation and amortization 196 184 14% 10% General and administrative 256 256 (25%) (25%) Litigation provision 2 2 (99%) NM Total operating expenses 1,959 1,942 (18%) (4%) Operating income 3,142 3,159 (16%) (23%) Non-operating expense (87) (126) 252% 91% Effective tax rate 30.0% 18.3% 12 ppt 0 ppt Net income$ 2,137 $ 2,476 (29%) (25%) Earnings per share$ 0.97 $ 1.12 (28%) (23%) NM - Not Meaningful Q4 FISCAL 2020 KEY BUSINESS DRIVERS YoY Change Constant Nominal Payments volume 4% 4% Cross-border volume excluding intra-Europe(1) (41%) (41%) Cross-border volume total (29%) (28%) Processed transactions 3% 3% (1) Cross-border volume excluding transactions within Europe. 6


 
Fiscal Full-Year 2020 — Financial Summary FISCAL FULL-YEAR 2020 INCOME STATEMENT SUMMARY Twelve Months Ended (in millions, except percentages and per share YoY Change September 30, 2020 data) GAAP Non-GAAP GAAP Non-GAAP Revenues Service revenues$ 9,804 $ 9,804 1% 1% Data processing revenues 10,975 10,975 6% 6% International transaction revenues 6,299 6,299 (19%) (19%) Other revenues 1,432 1,432 9% 9% Client incentives (6,664) (6,664) 8% 8% Net revenues 21,846 21,846 (5%) (5%) Operating Expenses Personnel 3,785 3,777 10% 10% Marketing 971 971 (12%) (12%) Network and processing 727 723 1% 0% Professional fees 408 404 (10%) (10%) Depreciation and amortization 767 720 17% 11% General and administrative 1,096 1,096 (8%) (8%) Litigation provision 11 11 (97%) (63%) Total operating expenses 7,765 7,702 (3%) 1% Operating income 14,081 14,144 (6%) (8%) Non-operating expense (291) (392) 148% 59% Effective tax rate 21.2% 18.6% 2 ppt 0 ppt Net income$ 10,866 $ 11,193 (10%) (9%) Earnings per share$ 4.89 $ 5.04 (8%) (7%) FISCAL FULL-YEAR 2020 KEY BUSINESS DRIVERS YoY Change Constant Nominal Payments volume 2% 0% Cross-border volume excluding intra-Europe(1) (22%) (23%) Cross-border volume total (16%) (16%) Processed transactions 2% 2% (1) Cross-border volume excluding transactions within Europe. 7


 
Visa Inc. Consolidated Balance Sheets (unaudited) September 30, 2020 2019 (in millions, except par value data) Assets Cash and cash equivalents $ 16,289 $ 7,838 Restricted cash equivalents—U.S. litigation escrow 901 1,205 Investment securities 3,752 4,236 Settlement receivable 1,264 3,048 Accounts receivable 1,618 1,542 Customer collateral 1,850 1,648 Current portion of client incentives 1,214 741 Prepaid expenses and other current assets 757 712 Total current assets 27,645 20,970 Investment securities 231 2,157 Client incentives 3,175 2,084 Property, equipment and technology, net 2,737 2,695 Goodwill 15,910 15,656 Intangible assets, net 27,808 26,780 Other assets 3,413 2,232 Total assets $ 80,919 $ 72,574 Liabilities Accounts payable $ 174 $ 156 Settlement payable 1,736 3,990 Customer collateral 1,850 1,648 Accrued compensation and benefits 821 796 Client incentives 4,176 3,997 Accrued liabilities 1,840 1,625 Current maturities of debt 2,999 — Accrued litigation 914 1,203 Total current liabilities 14,510 13,415 Long-term debt 21,071 16,729 Deferred tax liabilities 5,237 4,807 Other liabilities 3,891 2,939 Total liabilities 44,709 37,890 Equity Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows: Series A convertible participating preferred stock, less than one and no shares issued and outstanding at 2,437 — September 30, 2020 and 2019 (the “series A preferred stock”), respectively Series B convertible participating preferred stock, 2 shares issued and outstanding at September 30, 2020 and 1,106 2,285 2019 (the “UK&I preferred stock”) Series C convertible participating preferred stock, 3 shares issued and outstanding at September 30, 2020 and 1,543 3,177 2019 (the “Europe preferred stock”) Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,683 and 1,718 shares issued and outstanding at — — September 30, 2020 and 2019, respectively Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at September 30, — — 2020 and 2019 Class C common stock, $0.0001 par value, 1,097 shares authorized, 11 shares issued and outstanding at September 30, — — 2020 and 2019 Right to recover for covered losses (39) (171) Additional paid-in capital 16,721 16,541 Accumulated income 14,088 13,502 Accumulated other comprehensive income (loss), net: Investment securities 3 6 Defined benefit pension and other postretirement plans (196) (192) Derivative instruments (291) 199 Foreign currency translation adjustments 838 (663) Total accumulated other comprehensive income (loss), net 354 (650) Total equity 36,210 34,684 Total liabilities and equity $ 80,919 $ 72,574 8


 
Visa Inc. Consolidated Statements of Operations (unaudited) Three Months Ended Twelve Months Ended September 30, September 30, 2020 2019 2020 2019 (in millions, except per share data) Net revenues $ 5,101 $ 6,137 $ 21,846 $ 22,977 Operating Expenses Personnel 922 871 3,785 3,444 Marketing 288 306 971 1,105 Network and processing 191 193 727 721 Professional fees 104 149 408 454 Depreciation and amortization 196 172 767 656 General and administrative 256 341 1,096 1,196 Litigation provision 2 370 11 400 Total operating expenses 1,959 2,402 7,765 7,976 Operating income 3,142 3,735 14,081 15,001 Non-operating Income (Expense) Interest expense, net (145) (120) (516) (533) Investment income and other 58 96 225 416 Total non-operating income (expense) (87) (24) (291) (117) Income before income taxes 3,055 3,711 13,790 14,884 Income tax provision 918 686 2,924 2,804 Net income $ 2,137 $ 3,025 $ 10,866 $ 12,080 Basic Earnings Per Share Class A common stock $ 0.97 $ 1.34 $ 4.90 $ 5.32 Class B common stock $ 1.57 $ 2.19 $ 7.94 $ 8.68 Class C common stock $ 3.88 $ 5.38 $ 19.58 $ 21.30 Basic Weighted-average Shares Outstanding Class A common stock 1,685 1,724 1,697 1,742 Class B common stock 245 245 245 245 Class C common stock 11 11 11 12 Diluted Earnings Per Share Class A common stock $ 0.97 $ 1.34 $ 4.89 $ 5.32 Class B common stock $ 1.57 $ 2.19 $ 7.93 $ 8.66 Class C common stock $ 3.87 $ 5.37 $ 19.56 $ 21.26 Diluted Weighted-average Shares Outstanding Class A common stock 2,208 2,253 2,223 2,272 Class B common stock 245 245 245 245 Class C common stock 11 11 11 12 9


 
Visa Inc. Consolidated Statements of Cash Flows (unaudited) For the Years Ended September 30, 2020 2019 (in millions) Operating Activities Net income $ 10,866 $ 12,080 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Client incentives 6,664 6,173 Share-based compensation 416 407 Depreciation and amortization of property, equipment, technology and intangible assets 767 656 Deferred income taxes 307 214 VE territory covered losses incurred (37) (172) Other (145) (271) Change in operating assets and liabilities: Settlement receivable 1,858 (1,533) Accounts receivable (43) (333) Client incentives (8,081) (6,430) Other assets (402) (310) Accounts payable 21 (24) Settlement payable (2,384) 1,931 Accrued and other liabilities 923 627 Accrued litigation (290) (231) Net cash provided by (used in) operating activities 10,440 12,784 Investing Activities Purchases of property, equipment and technology (736) (756) Investment securities: Purchases (2,075) (2,653) Proceeds from maturities and sales 4,510 3,996 Acquisitions, net of cash and restricted cash acquired (77) (699) Purchases of / contributions to other investments (267) (501) Other investing activities 72 22 Net cash provided by (used in) investing activities 1,427 (591) Financing Activities Repurchase of class A common stock (8,114) (8,607) Proceeds from issuance of senior notes 7,212 — Dividends paid (2,664) (2,269) Payment of deferred purchase consideration related to the Visa Europe acquisition — (1,236) Cash proceeds from issuance of common stock under employee equity plans 190 162 Restricted stock and performance-based shares settled in cash for taxes (160) (111) Payments to settle derivative instruments (333) — Other financing activities (99) — Net cash provided by (used in) financing activities (3,968) (12,061) Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 440 (277) Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents 8,339 (145) Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of year 10,832 10,977 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of year $ 19,171 $ 10,832 Supplemental Disclosure Cash paid for income taxes, net $ 2,671 $ 2,648 Interest payments on debt $ 537 $ 537 Accruals related to purchases of property, equipment and technology $ 38 $ 95 10


 
Visa Inc. Fiscal 2020 and 2019 Quarterly Results of Operations (unaudited) Fiscal 2019 Fiscal 2020 Quarter Ended Quarter Ended September 30, June 30, March 31, December 31, September 30, 2020 2020 2020 2019 2019 (in millions) Net revenues $ 5,101 $ 4,837 $ 5,854 $ 6,054 $ 6,137 Operating Expenses Personnel 922 941 940 982 871 Marketing 288 174 235 274 306 Network and processing 191 172 183 181 193 Professional fees 104 95 103 106 149 Depreciation and amortization 196 197 192 182 172 General and administrative 256 258 269 313 341 Litigation provision 2 1 8 — 370 Total operating expenses 1,959 1,838 1,930 2,038 2,402 Operating income 3,142 2,999 3,924 4,016 3,735 Non-operating Income (Expense) Interest expense, net (145) (142) (118) (111) (120) Investment income and other 58 75 23 69 96 Total non-operating income (expense) (87) (67) (95) (42) (24) Income before income taxes 3,055 2,932 3,829 3,974 3,711 Income tax provision 918 559 745 702 686 Net income $ 2,137 $ 2,373 $ 3,084 $ 3,272 $ 3,025 11


 
Visa Inc. Reconciliation of Non-GAAP Financial Results (unaudited) We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We consider non-GAAP measures useful to investors because they provide greater transparency into management’s view and assessment of our ongoing operating performance. Starting in fiscal 2020, we revised our non-GAAP methodology to also exclude the impact of gains and losses on our equity investments, amortization of acquired intangible assets and acquisition-related costs for acquisitions that closed in fiscal 2019 and subsequent periods. Prior year amounts have been restated to conform to our current presentation. ▪ Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses and the related tax impacts associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business. ▪ Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as developed technology, customer relationships and brands acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount and the related tax impact to facilitate an evaluation of our current operating performance and comparison to our past operating performance. ▪ Acquisition-related costs. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. It also includes retention equity and deferred equity compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts and the related tax impacts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business. ▪ Litigation provision. During the three and twelve months ended September 30, 2019, we recorded a litigation provision of $370 million and related tax benefit of $83 million associated with the interchange multidistrict litigation. The tax impact is determined by applying applicable federal and state tax rates to the litigation provision. Under the U.S. retrospective responsibility plan, we recover the monetary liabilities related to the U.S. covered litigation through a reduction to the conversion rate of our class B common stock to shares of class A common stock. ▪ Remeasurement of deferred tax balances. During the three and twelve months ended September 30, 2020, in connection with the UK enacted legislation that repealed the previous tax rate reduction from 19% to 17% that was effective on April 1, 2020, we remeasured our net deferred tax liabilities as of the enactment date, resulting in the recognition of a non-recurring, non-cash income tax expense of $329 million. ▪ Resolution of a tax item. During the three and twelve months ended September 30, 2020, we resolved a long- outstanding tax matter, dating back more than 12 years, relating to certain tax filing positions taken prior to our initial public offering. The resolution of this matter resulted in the recognition of a one-time charge to income tax expense of $28 million, which we believe is not representative of our continuing operations and ongoing effective tax rate. 12


 
Visa Inc. Reconciliation of Non-GAAP Financial Results - continued (unaudited) Non-GAAP operating expenses, non-operating income (expense), income tax provision, effective income tax rate, net income and diluted earnings per share should not be relied upon as substitutes for measures calculated in accordance with U.S. GAAP. The following tables reconcile our as-reported financial measures, calculated in accordance with U.S. GAAP, to the respective non-GAAP financial measures for the three and twelve months ended September 30, 2020 and 2019. Three Months Ended September 30, 2020 Non- operating Effective Diluted Operating Income Income Tax Income Tax Earnings Per Expenses (Expense) Provision Rate(1) Net Income Share(1) (in millions, except percentages and per share data) As reported $ 1,959 $ (87) $ 918 30.0 % $ 2,137 $ 0.97 (Gains) Losses on equity investments, net (39) (9) (30) (0.01) — Amortization of acquired intangible assets (11) — 3 8 — Acquisition-related costs (6) — 2 4 — Remeasurement of deferred tax balances — — (329) 329 0.15 Resolution of a tax item — — (28) 28 0.01 Non-GAAP $ 1,942 $ (126) $ 557 18.3 % $ 2,476 $ 1.12 Twelve Months Ended September 30, 2020 Non- operating Effective Diluted Operating Income Income Tax Income Tax Earnings Per Expenses (Expense) Provision Rate(1) Net Income Share(1) (in millions, except percentages and per share data) As reported $ 7,765 $ (291) $ 2,924 21.2 % $ 10,866 $ 4.89 (Gains) Losses on equity investments, net — (101) (23) (78) (0.04) Amortization of acquired intangible assets (46) — 11 35 0.02 Acquisition-related costs (17) — 4 13 0.01 Remeasurement of deferred tax balances — — (329) 329 0.15 Resolution of a tax item — — (28) 28 0.01 Non-GAAP $ 7,702 $ (392) $ 2,559 18.6 % $ 11,193 $ 5.04 Three Months Ended September 30, 2019 Non- operating Effective Diluted Operating Income Income Tax Income Tax Earnings Per Expenses (Expense) Provision Rate(1) Net Income Share(1) (in millions, except percentages and per share data) As reported $ 2,402 $ (24) $ 686 18.5 % $ 3,025 $ 1.34 (Gains) Losses on equity investments, net — (42) (9) (33) (0.01) Amortization of acquired intangible assets (4) — 1 3 — Acquisition-related costs (1) — — 1 — Litigation provision (370) — 83 287 0.13 Non-GAAP $ 2,027 $ (66) $ 761 18.8 % $ 3,283 $ 1.46 13


 
Visa Inc. Reconciliation of Non-GAAP Financial Results - continued (unaudited) Twelve Months Ended September 30, 2019 Non- operating Effective Diluted Operating Income Income Tax Income Tax Earnings Per Expenses (Expense) Provision Rate(1) Net Income Share(1) (in millions, except percentages and per share data) As reported $ 7,976 $ (117) $ 2,804 18.8 % $ 12,080 $ 5.32 (Gains) Losses on equity investments, net — (131) (30) (101) (0.04) Amortization of acquired intangible assets (6) — 1 5 — Acquisition-related costs (4) — 1 3 — Litigation provision (370) — 83 287 0.13 Non-GAAP $ 7,596 $ (248) $ 2,859 18.9 % $ 12,274 $ 5.40 (1) Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers. 14


 
Operational Performance Data The tables below provide information regarding the available operational results for the 3 months ended September 30, 2020, as well as the prior four quarterly reporting periods and the 12 months ended September 30, 2020 and 2019, for cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands. 1. Branded Volume and Transactions The tables present regional total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume and transactions for all periods. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data. For the 3 Months Ended September 30, 2020 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $545 (10.6%) (11.2%) $452 (8.5%) (9.6%) 8,003 $93 (19.8%) (18.3%) 820 3 4 Canada 75 (3.4%) (2.4%) 69 (3.5%) (2.5%) 1,055 6 (2.4%) (1.3%) 10 63 62 CEMEA 301 (2.3%) 4.0% 141 6.3% 14.8% 6,406 159 (8.9%) (4.0%) 1,108 3 3 LAC 201 (16.4%) (0.1%) 94 (12.4%) 6.2% 3,652 106 (19.7%) (5.0%) 975 2 2 US 1,262 8.0% 8.0% 1,097 7.5% 7.5% 18,853 165 11.8% 11.8% 813 6 6 Europe 613 5.9% 3.6% 495 12.2% 9.1% 11,680 117 (14.3%) (14.6%) 741 19 22 Visa Inc. 2,995 0.5% 1.9% 2,349 3.5% 4.0% 49,649 647 (9.4%) (5.3%) 4,467 96 101 Visa Credit Programs US $500 (8.7%) (8.7%) $493 (7.4%) (7.4%) 5,865 $6 (56.0%) (56.0%) 10 - - International 667 (12.6%) (11.6%) 628 (11.8%) (10.8%) 10,989 39 (24.1%) (23.5%) 164 976 1,124 Visa Inc. 1,166 (11.0%) (10.4%) 1,121 (9.9%) (9.3%) 16,854 45 (31.1%) (30.7%) 174 976 1,124 Visa Debit Programs US $762 22.7% 22.7% $603 23.7% 23.7% 12,988 $159 19.1% 19.1% 803 - - International 1,067 1.6% 4.9% 624 16.5% 17.1% 19,807 443 (14.0%) (8.5%) 3,490 2,057 2,244 Visa Inc. 1,829 9.4% 11.6% 1,227 19.9% 20.2% 32,795 602 (7.2%) (2.6%) 4,293 2,057 2,244 For the 3 Months Ended June 30, 2020 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $475 (21.0%) (18.8%) $396 (18.2%) (16.1%) 7,040 $80 (32.1%) (29.7%) 702 903 995 Canada 63 (15.5%) (12.2%) 56 (18.2%) (15.0%) 845 7 15.6% 20.1% 7 74 81 CEMEA 238 (19.5%) (14.0%) 108 (12.5%) (5.2%) 4,948 130 (24.5%) (20.2%) 907 355 353 LAC 162 (30.8%) (14.5%) 72 (30.5%) (13.0%) 2,931 89 (31.0%) (15.6%) 841 463 503 US 1,092 (6.4%) (6.4%) 950 (6.9%) (6.9%) 16,120 142 (3.1%) (3.1%) 710 803 992 Europe 463 (17.7%) (14.4%) 373 (13.3%) (10.0%) 8,794 90 (32.2%) (28.7%) 558 522 570 Visa Inc. 2,493 (15.1%) (11.9%) 1,954 (12.4%) (9.9%) 40,677 539 (23.6%) (18.6%) 3,724 3,120 3,493 Visa Credit Programs US $424 (21.7%) (21.7%) $417 (21.0%) (21.0%) 4,903 $7 (49.5%) (49.5%) 8 275 340 International 563 (24.0%) (20.5%) 529 (23.4%) (19.9%) 9,299 34 (31.9%) (28.8%) 134 710 800 Visa Inc. 987 (23.0%) (21.0%) 946 (22.4%) (20.4%) 14,202 41 (35.9%) (33.6%) 142 985 1,139 Visa Debit Programs US $667 6.9% 6.9% $532 8.2% 8.2% 11,217 $135 1.9% 1.9% 702 528 653 International 838 (18.4%) (12.3%) 475 (8.3%) (2.6%) 15,259 363 (28.8%) (22.4%) 2,881 1,607 1,701 Visa Inc. 1,506 (8.9%) (4.7%) 1,008 (0.3%) 2.8% 26,475 498 (22.4%) (17.0%) 3,583 2,135 2,354 15


 
For the 3 Months Ended March 31, 2020 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $545 (8.9%) (7.1%) $437 (8.4%) (6.2%) 7,422 $108 (10.8%) (10.4%) 987 898 988 Canada 66 2.6% 3.7% 61 2.0% 3.2% 932 6 9.0% 10.2% 11 74 80 CEMEA 291 8.4% 9.4% 130 18.3% 19.5% 5,553 161 1.6% 2.3% 1,160 363 359 LAC 219 (4.5%) 7.8% 101 (0.6%) 14.3% 3,824 119 (7.7%) 2.8% 1,108 455 493 US 1,123 4.9% 4.9% 983 5.8% 5.8% 17,629 139 (1.0%) (1.0%) 853 794 978 Europe 534 1.1% 4.0% 419 3.4% 6.0% 10,346 116 (6.5%) (2.7%) 814 516 565 Visa Inc. 2,779 0.7% 2.7% 2,131 2.3% 4.1% 45,706 648 (4.4%) (1.5%) 4,933 3,100 3,464 Visa Credit Programs US $508 4.0% 4.0% $493 4.0% 4.0% 5,943 $15 2.8% 2.8% 14 276 340 International 668 (6.5%) (3.4%) 624 (6.5%) (3.4%) 10,552 44 (6.7%) (4.3%) 186 712 802 Visa Inc. 1,176 (2.2%) (0.4%) 1,116 (2.1%) (0.2%) 16,495 59 (4.5%) (2.5%) 199 988 1,142 Visa Debit Programs US $615 5.6% 5.6% $491 7.6% 7.6% 11,687 $124 (1.4%) (1.4%) 839 518 638 International 988 1.3% 4.9% 523 7.7% 11.1% 17,524 465 (5.1%) (1.4%) 3,894 1,594 1,684 Visa Inc. 1,603 2.9% 5.2% 1,014 7.6% 9.4% 29,211 589 (4.3%) (1.4%) 4,733 2,111 2,322 For the 3 Months Ended December 31, 2019 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $629 2.1% 1.9% $511 3.7% 4.3% 8,171 $118 (4.4%) (7.3%) 1,072 902 995 Canada 79 4.5% 4.6% 73 4.3% 4.3% 1,059 6 7.9% 7.9% 11 72 75 CEMEA 322 11.9% 10.6% 142 25.1% 23.0% 5,639 180 3.3% 2.5% 1,276 362 360 LAC 254 1.0% 8.7% 116 7.2% 17.0% 4,114 138 (3.7%) 2.5% 1,236 447 486 US 1,200 7.1% 7.1% 1,055 7.8% 7.8% 19,019 144 2.1% 2.1% 919 787 969 Europe 596 4.5% 5.3% 462 7.7% 8.2% 11,328 134 (5.3%) (3.6%) 961 516 568 Visa Inc. 3,080 5.4% 6.1% 2,360 7.6% 8.2% 49,329 720 (1.3%) (0.4%) 5,475 3,087 3,454 Visa Credit Programs US $568 6.6% 6.6% $554 6.7% 6.7% 6,756 $14 1.3% 1.3% 15 276 340 International 779 3.6% 4.9% 731 4.2% 5.5% 11,595 49 (4.2%) (3.4%) 212 711 797 Visa Inc. 1,348 4.9% 5.6% 1,285 5.3% 6.1% 18,350 63 (3.0%) (2.4%) 227 987 1,138 Visa Debit Programs US $631 7.6% 7.6% $501 9.1% 9.1% 12,264 $130 2.1% 2.1% 904 511 629 International 1,101 4.9% 5.8% 574 11.9% 12.6% 18,716 526 (1.9%) (0.8%) 4,344 1,588 1,688 Visa Inc. 1,732 5.8% 6.4% 1,076 10.6% 10.9% 30,979 657 (1.1%) (0.3%) 5,248 2,099 2,316 For the 3 Months Ended September 30, 2019 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $609 1.8% 2.9% $494 3.8% 5.6% 7,908 $115 (6.0%) (7.4%) 987 879 973 Canada 77 8.4% 9.2% 71 8.1% 9.0% 1,052 6 10.8% 11.7% 12 67 68 CEMEA 308 11.3% 11.4% 133 25.5% 24.8% 5,397 175 2.5% 3.1% 1,259 361 358 LAC 240 4.2% 9.4% 108 11.5% 17.8% 3,820 132 (1.1%) 3.5% 1,213 438 475 US 1,168 7.3% 7.3% 1,021 8.1% 8.1% 18,786 148 2.1% 2.1% 950 766 937 Europe 579 2.1% 6.2% 442 4.8% 9.1% 10,873 137 (5.6%) (2.4%) 998 510 559 Visa Inc. 2,982 5.3% 6.7% 2,268 7.5% 8.9% 47,836 714 (1.2%) 0.0% 5,420 3,022 3,371 Visa Credit Programs US $547 6.7% 6.7% $533 6.8% 6.8% 6,603 $14 1.7% 1.7% 16 273 337 International 763 5.0% 6.9% 712 5.4% 7.3% 11,285 51 (0.2%) 1.9% 225 711 792 Visa Inc. 1,310 5.7% 6.8% 1,245 6.0% 7.1% 17,889 66 0.2% 1.8% 241 983 1,130 Visa Debit Programs US $621 7.8% 7.8% $488 9.4% 9.4% 12,183 $133 2.2% 2.2% 934 494 600 International 1,051 3.3% 5.9% 536 9.2% 12.8% 17,765 515 (2.3%) (0.8%) 4,245 1,545 1,642 Visa Inc. 1,672 4.9% 6.6% 1,024 9.3% 11.2% 29,948 648 (1.4%) (0.2%) 5,179 2,039 2,241 16


 
For the 12 Months Ended September 30, 2020 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $2,194 (9.5%) (8.7%) $1,796 (7.8%) (6.8%) 30,635 $398 (16.6%) (16.1%) 3,581 Canada 283 (3.1%) (1.6%) 259 (4.0%) (2.5%) 3,891 25 7.3% 8.9% 38 CEMEA 1,152 (0.7%) 2.6% 522 8.7% 13.1% 22,546 630 (7.3%) (4.8%) 4,451 LAC 836 (12.5%) 1.0% 383 (9.0%) 6.7% 14,521 452 (15.3%) (3.3%) 4,160 US 4,676 3.3% 3.3% 4,085 3.4% 3.4% 71,622 591 2.5% 2.5% 3,295 Europe 2,206 (1.5%) (0.3%) 1,749 2.5% 3.5% 42,147 457 (14.6%) (12.4%) 3,073 Visa Inc. 11,347 (2.2%) (0.3%) 8,793 0.2% 1.6% 185,362 2,553 (9.6%) (6.3%) 18,598 Visa Credit Programs US $2,000 (5.2%) (5.2%) $1,957 (4.7%) (4.7%) 23,467 $43 (25.3%) (25.3%) 47 International 2,676 (9.9%) (7.6%) 2,511 (9.4%) (7.1%) 42,435 166 (16.8%) (15.0%) 695 Visa Inc. 4,677 (7.9%) (6.6%) 4,468 (7.4%) (6.0%) 65,901 208 (18.7%) (17.4%) 742 Visa Debit Programs US $2,676 10.8% 10.8% $2,128 12.2% 12.2% 48,155 $548 5.6% 5.6% 3,248 International 3,994 (2.7%) 1.0% 2,197 7.0% 9.7% 71,306 1,797 (12.4%) (8.0%) 14,609 Visa Inc. 6,670 2.3% 4.7% 4,325 9.5% 10.9% 119,460 2,345 (8.7%) (5.2%) 17,857 For the 12 Months Ended September 30, 2019 Total Growth Growth Payments Growth Growth Payments Cash Growth Growth Cash Volume (Nominal (Constant Volume (Nominal (Constant Transactions Volume (Nominal (Constant Transactions Accounts Cards ($ billions) USD) USD) ($ billions) USD) USD) (millions) ($ billions) USD) USD) (millions) (millions) (millions) All Visa Credit & Debit Asia Pacific $2,425 0.3% 4.0% $1,948 2.3% 6.6% 29,779 $477 (7.2%) (5.3%) 4,039 879 973 Canada 292 3.5% 6.9% 269 3.7% 7.0% 3,925 23 2.2% 5.5% 46 67 68 CEMEA 1,160 4.6% 9.2% 480 17.0% 22.3% 19,466 680 (2.7%) 1.5% 4,960 361 358 LAC 955 (4.1%) 7.4% 421 1.1% 15.5% 14,418 534 (7.9%) 1.9% 4,834 438 475 US 4,526 7.9% 7.9% 3,949 8.8% 8.8% 72,265 577 1.9% 1.9% 3,708 766 937 Europe 2,240 (1.1%) 5.8% 1,705 1.4% 8.0% 40,733 535 (8.6%) (0.8%) 3,989 510 559 Visa Inc. 11,599 2.9% 6.7% 8,773 5.7% 9.0% 180,585 2,825 (4.7%) 0.0% 21,575 3,022 3,371 Visa Credit Programs US $2,111 7.1% 7.1% $2,053 7.2% 7.2% 25,025 $58 3.0% 3.0% 61 273 337 International 2,969 1.3% 7.0% 2,770 1.8% 7.4% 42,384 199 (4.4%) 0.8% 879 711 792 Visa Inc. 5,080 3.6% 7.0% 4,824 4.0% 7.3% 67,408 256 (2.9%) 1.3% 939 983 1,130 Visa Debit Programs US $2,415 8.6% 8.6% $1,896 10.5% 10.5% 47,240 $519 1.8% 1.8% 3,647 494 600 International 4,103 (0.9%) 5.2% 2,053 5.3% 11.6% 65,937 2,050 (6.5%) (0.6%) 16,988 1,545 1,642 Visa Inc. 6,518 2.4% 6.4% 3,949 7.8% 11.1% 113,176 2,569 (4.9%) (0.1%) 20,635 2,039 2,241 17


 
2. Cross-Border Volume The table below represents cross-border volume growth for cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands. Cross-border volume refers to payments and cash volume where the issuing country is different from the merchant country. Total Total Ex. Intra-Europe (1) Growth Growth Growth (Nominal (Constant (Constant Period USD) USD) USD) 3 Months Ended Sep 30, 2020 (28%) (29%) (41%) Jun 30, 2020 (38%) (37%) (47%) Mar 31, 2020 (4%) (2%) (4%) Dec 31, 2019 7% 9% 9% Sep 30, 2019 4% 7% 9% 12 Months Ended Sep 30, 2020 (16%) (16%) (22%) (1) Cross-border volumes excluding transactions within Europe drive our international transaction revenues. 3 . Visa Processed Transactions The table below represents transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa’s networks. Processed Transactions Period (millions) Growth 3 Months Ended Sep 30, 2020 37,448 3% Jun 30, 2020 30,676 (13%) Mar 31, 2020 34,941 7% Dec 31, 2019 37,775 11% Sep 30, 2019 36,425 11% 12 Months Ended Sep 30, 2020 140,839 2% 18


 
Footnote Payments volume, including Visa Direct volume, represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume for the relevant period, and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks, but excludes proprietary PLUS volume. Total volume represents payments and cash volume. Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa’s signature based and Interlink (PIN) debit programs. The data presented is based on transactions processed by Visa and reported by Visa’s financial institution clients on their operating certificates. Estimates may be utilized if data is unavailable. On occasion, previously presented information may be updated. Prior period updates, if any, are not material. Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. International includes Asia Pacific, Canada, CEMEA, Europe and LAC. Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported (“Nominal USD”). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information (“Constant USD”). This presentation represents Visa’s historical methodology which may be subject to review and refinement. 19


 

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Financial Stability Report


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Screenshot of financial stability report for Coco-Cola (2019)
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Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

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Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
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See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

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