Visa reported a strong start to fiscal 2026, delivering $10.9 billion of net revenue in Q1, up 15% year over year, and EPS of $3.17. Growth was broad-based across key pillars: value-added services (VAS) up 28% YoY, commercial and money movement solutions (CMS) up 20% in constant dollars, and data processing up 17%. Service revenue rose 13% YoY. Operating leverage supported by pricing, mix, and stronger cross-border activity contributed to an 13.5% increase in operating income, with a 6.7B EBITDA and a 6.8B operating cash flow in the quarter. Visa processed 69 billion transactions in Q1, with payments volume up 8% YoY to about $4 trillion and cross-border volume up 11% YoY (excluding intra-Europe). US payments volume was up 7% (credit +7%, debit +6%). Management signaled discipline on volatility and maintained guidance for the full year: adjusted net revenue growth in the low double digits, with Q2 expected to be a touch slower due to pricing cadence and incentive dynamics, and a full-year tax rate of 18.0–18.5%. Cash flow generation remained robust, supporting continued buybacks and dividends, and management articulated a multi-year growth framework centered on Visa as a Service (VaaS), tokenization, and edge initiatives like AgenTik Commerce, stablecoins, and issuer processing via Pismo. The quarter also highlighted thoughtful risk management and ongoing investments in capabilities to modernize payments infrastructure globally.