Visa reported a 2% decline in GAAP net income for the fiscal second quarter of 2025 (Q2 2025), bringing profit to $4.6bn, or $2.32 per share.
The decrease was attributed to a $992m litigation provision related to ongoing legal proceedings. On a non-GAAP basis, net income rose 6% to $5.4bn, with adjusted earnings per share increasing 10% to $2.76.
Revenue for the quarter ending 31 March 2025 grew 9% year-on-year to $9.6bn, driven by a steady rise in payments volume, cross-border activity and processed transactions.
On a constant-currency basis, revenue rose 11%. Payment volume increased by 8% compared to the previous year, while cross-border volume excluding intra-Europe transactions rose by 13%. Total processed transactions reached 60.7 billion, also up 9%.
GAAP operating expenses increased 22% to $4.2bn, primarily due to the litigation charge. Excluding special items, non-GAAP operating expenses were $3.1bn, a 7% increase largely resulting from higher spending on personnel, marketing and depreciation.
Visa’s service revenue totalled $4.4bn, reflecting a 9% rise from the prior year, based on payments volume from the previous quarter. Data processing revenue increased 10% to $4.7bn, and international transaction revenue also rose 10% to $3.3bn.
Other revenue stood at $937m, marking a 24% year-on-year increase. Client incentives reached $3.7bn, up 15%.
Visa CEO Ryan McInerney said: “Visa’s strong 9% fiscal second quarter net revenue growth was driven by healthy trends in payments volume, cross-border volume and processed transactions. Consumer spending remained resilient, even with macroeconomic uncertainty.
“Our strategy across consumer payments, commercial and money movement solutions and value-added services, our diversified business model, and our focus on innovation position us well for the rest of the fiscal year and beyond.”
