维萨 2024年度报告

Our purpose is touplift everyone,everywhere bybeing the best wayto pay and be paid. Operational highlights Financial highlights (GAAP) Financial highlights (non-GAAP)4 Stock performance The accompanying graph and chart compare the five-year cumulative total return on Visa’s class A common stock with thecumulative total return on Standard & Poor’s 500 Index and Standard & Poor’s 500 Financials Index from September 30, 2020through September 30, 2025. The comparison assumes an initial investment of $100 in Visa’s class A common stock and in eachindex on September 30, 2020, and that all dividends were reinvested. There is currently no established public trading market forVisa’s class B-1, B-2 or C common stock. The accompanying chart compares the 10-year cumulative total return on Visa’s class A common stock with the cumulative totalreturn on Standard & Poor’s 500 Index and Standard & Poor’s 500 Financials Index from September 30, 2015 through September30, 2025. The comparison assumes that all dividends were reinvested. Dear fellow shareholders, In 2025, the payments industryexperienced one of its most dynamicyears on record. We are witnessing apowerful convergence of technologytrends: the rise of AI-driven commerce, thebroad adoption of tokenized payments and data,the growing role of stablecoins and the digitization ofidentity. This isn’t an incremental change; it’s a fundamentalrewiring of how money moves around the world. Visa is driving this transformation. As anetwork of networks with approximately12 billion endpoints connecting billionsof people, more than 175 millionmerchant locations and nearly 14,500financial institutions, we are uniquelypositioned to shape the future of globalcommerce. In partnership with ourclients across the ecosystem, we aredelivering breakthrough innovations thatredefine what’s possible in payments.We enable our partners to achieveglobal scale quickly and securely.This is the power and trust that Visadelivers, in 2025 and for years to come. In 2025, Visa’s solutions helpedour clients and partners deliverdigital payments to individuals andbusinesses around the world, benefitingcommunities and economies globally.We ended the year with nearly five billionpayment credentials, up six percentfrom last year. Additionally, we havemade significant progress against eachof our three growth levers: consumerpayments, commercial and moneymovement solutions and value-addedservices. A strong 2025 During fiscal year 2025, Visa deliveredstrong financial results. Net revenueincreased 11 percent to $40 billion. GAAPearnings per share was $10.20 and non-GAAP earnings per share was $11.47, up5 percent and 14 percent from the prioryear, respectively.4Visa’s total paymentsand cash volume was $17 trillion and 329billion total Visa-branded transactionswere processed by Visa or othernetworks, equating to an average of 901million transactions per day. share of about 40 percent in commercialcard payments and are expanding intonew use cases, like virtual cards forsupplier payments and embeddedfinance for small businesses.⁷ In our VisaDirect business, transactions have grownroughly eightfold since 2019 to morethan 12.5 billion in 2025, making it one ofthe world’s largest money movementplatforms. constant dollars. This year, we expandedPismo’s offerings to clients in more thanfive countries across four regions. InRisk and Security Solutions, our award-winning product, Visa Protect for A2A,is helping to detect and prevent fraudthrough the power of AI. In Consulting,we estimate that we helped clients realizeover $6.5 billion of incremental revenueacross almost 4,500 engagements. Inconsumer payments, Visa’s opportunity is enormous: Over half of themore than $40 trillion in global consumerspending is still made with cash, check,legacy Automated Clearing House (ACH),account to account (A2A) payments andreal time payments (RTP) or other lesseffective forms of digital payments.5Weare targeting high-growth segments suchas ecommerce, affluent, credit expansionand cross-border commerce. We areproud of the progress we’ve made withinnovative solutions that expand choice,reach and convenience. For example: In each one of our growth levers, clientsare at the center of everything we do. Wework with many of the most influentialfinancial institutions and technologyinnovators to drive shared success. Ourlatest Annual Global Client EngagementSurvey reflected this commitment,showcasing a Global Net PromoterScore of 76, a clear signal of the strongrelationships and trust we continue tobuild with clients worldwide. Throughvalue-added services, we’vedeepened our relationships with clientsto address the approximately $520 billionof revenue opportunity, delivering valueacross a diverse portfolio of servicesencompassing Issuing Solutions,Acceptance Solutions, Risk and SecuritySolutions and Advisory and OtherServices.⁸ These offerings drove revenueof nearly $11 billion in 2025 and havegrown at a compound annual growth ra