VISA $V Q2'26 EARNINGS HIGHLIGHTS
🔹 Net Revenue: $11.23B (Est. $10.74B) 🟢; +17% y/y
🔹 Adj. EPS: $3.31 (Est. $3.10) 🟢; +20% y/y
🔹 Payments Volume: +9% y/y
🔹 Cross-Border Volume: +12% y/y
🔹 Processed Transactions: 66.1B (Est. 66.39B) 🟡; +9% y/y
🔸 New Authorization: $20.0B multi-year share repurchase program
Other Metrics:
🔹 Cross-Border Volume Ex-Intra-Europe: +11% y/y
🔹 Service Revenue: $5.0B; +13% y/y
🔹 Data Processing Revenue: $5.5B; +18% y/y
🔹 International Transaction Revenue: $3.6B; +10% y/y
🔹 Other Revenue: $1.3B; +41% y/y
🔹 Client Incentives: $4.2B; +14% y/y
Capital Return:
🔹 Share Repurchases & Dividends: $9.2B
🔹 Buybacks: Repurchased approx. 25M shares for $7.9B
🔹 Remaining Authorization: $13.2B as of March 31, 2026
🔹 Dividend: $0.670/share declared
Commentary:
🔸 “Visa’s second quarter net revenue growth of 17% was the highest since 2022, driving GAAP EPS up 36% and non-GAAP EPS up 20%.”
🔸 “Consumer spending remained resilient, and our strategy and innovations fueled strong performance in consumer payments, commercial and money movement solutions and value-added services.”
🔸 “Throughout the quarter, we continued to enhance our Visa as a Service stack, including with agentic and stablecoin capabilities, to further strengthen our position as the leading hyperscaler of payments globally and drive growth for years to come.”
Tech layoffs so far this year:
• ASML 1,700 people
• Atlassian 1,600 people
• Amazon 16,000 people
• Salesforce 1,500 people
• Epic Games 1,000 people
• Block 4,000 – 5,100 people
• WiseTech Global 2,000 people
• Oracle: 20,000 – 30,000 people
• Meta (Reality Labs) 1,500 people
BofA Securities Resumes $ORCL at Buy, PT $200
Analyst comments: "We are reinstating coverage of Oracle with a Buy rating and a $200 PO (~30% upside potential), reflecting a balanced view of accelerating AI infrastructure demand against the timing, concentration, and capital requirements of Oracle’s transformation.
Oracle has large revenue potential ahead, supported by $553bn in RPO tied to long duration AI training and cloud infrastructure commitments. This provides solid visibility for a meaningful growth opportunity, but the company will need to demonstrate it can deliver capacity, convert long-dated contracts into revenues, and manage a capital intensive buildout."
Analyst: Tal Liani
$ORCL ON WHY IT WILL BE THE AI LAYER:
“If you’re going to build a bunch of AI agents... you’d start inside the system of record. You’d start inside the system of gravity, because that is where the mission-critical data lives.”
“Fusion is the custodian of our customers’ operational data... highly relevant, highly specific data that adds context to AI.”
“The AI Agent Studio we released in Fusion allows customers and partners to build agents not just across Fusion, but across industry applications and third-party applications as well.”
“We provide a lot of pre-built agents for our applications, but we also provide the development environment... the AI data platform... so customers and partners can build their own agents using any AI model in Oracle Cloud.”
“In the not-too-distant future, when you close your books with Fusion... it will be an autonomous agent. You’ll simply tell the AI agent to close your books, and it will return the results.”
“That’s what AI is allowing us to do... expand the scope of SaaS to automate entire ecosystems like healthcare, financial services, and retail.”