Visa (V) Q3 FY2026: Value-Added Services Revenue Climbs to $3.8B While FX Revenue Growth Slows to 6%

Visa's core network economics did not deteriorate this quarter — the reported margin did, and for reasons that sit outside the network. Operating margin fell to 59.1% from 60.7%, but stripping out the litigation provision and a $563 million severance charge leaves an underlying margin of 66.1%, against 66.8% a year ago and 66.9% two years ago. The more consequential change is in the revenue mix: value-added services revenue rose to $3.8 billion from $2.8 billion a year earlier (roughly a third higher) and now supplies roughly a third of net revenue, while international transaction revenue — the classic cross-border FX toll — grew just 6% even though cross-border volume rose 14%. Visa is earning a rising share of its money from software and services rather than from currency spreads, and that shift decides how the next several quarters read.

Source: Visa Inc. Form 10-Q for the quarterly period ended June 30, 2026, filed July 29, 2026 (accession 0001403161-26-000104). FY2024 comparatives are drawn from the Form 10-Q for the period ended June 30, 2025 (accession 0001403161-25-000052).

1. Consolidated Balance Sheet

1-1. Asset Composition

Visa is a payment network, so there is no inventory line. The balance sheet turns on settlement plumbing, client incentives, and the litigation escrow.