Form 8-K VISA INC. For: Nov 02

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Form 8-K VISA INC. For: Nov 02

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November 2, 2015 6:16 AM

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 2, 2015

VISA INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware

001-33977

26-0267673

(State or Other Jurisdiction

of Incorporation)

(Commission
File Number)

(IRS Employer

Identification No.)

P.O. Box 8999

San Francisco, California

94128-8999

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (650) 432-3200

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

¨	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02

Results of Operations and Financial Condition.

On November 2, 2015, Visa Inc. (the “Company”) issued a press release announcing financial results for the Company’s fiscal fourth quarter and full-year 2015, ended September 30, 2015.

A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

On November 2, 2015, the Company will host a conference call to discuss its fiscal fourth quarter and full-year 2015 financial results.

A copy of the presentation to be used during the conference call is attached hereto as Exhibit 99.2. All information in the presentation is furnished but not filed.

Item 9.01

Financial Statements and Exhibits.

(d)

Exhibits



99.1		Press Release of Visa Inc., dated November 2, 2015
99.2		Presentation of Visa Inc., dated November 2, 2015

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

EXHIBIT INDEX


Exhibit Number		Description
99.1		Press Release of Visa Inc., dated November 2, 2015
99.2		Presentation of Visa Inc., dated November 2, 2015

Exhibit 99.1

LOGO

Visa Inc. Reports Strong Fiscal Fourth Quarter Adjusted Earnings Per Share Growth of 14% and Full-Year 2015 Adjusted Earnings Per Share Growth of 16% and Announces a New $5.0 Billion Share Repurchase Program

•

GAAP quarterly net income of $1.5 billion or $0.62 per diluted class A common share, an increase of 41% and 44% over the prior year, respectively, or an increase of 12% and 14% over the prior year’s adjusted results, respectively

•

GAAP full-year 2015 net income of $6.3 billion or $2.58 per diluted class A common share, an increase of 16% and 20% over the prior year, respectively

•

Adjusted full-year 2015 net income of $6.4 billion or $2.62 per diluted class A common share, an increase of 13% and 16% over the prior year’s adjusted results, respectively

•

The Company authorized a new $5.0 billion repurchase program, in addition to the previously announced 17% quarterly per share dividend increase

Foster City, CA, November 2, 2015 – Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal fourth quarter and full-year 2015. GAAP net income in the fiscal fourth quarter of 2015 was $1.5 billion or $0.62 per share, an increase of 41% and 44% over the prior year, respectively. GAAP net income for the full-year 2015 was $6.3 billion or $2.58 per share, an increase of 16% and 20% over the prior year, respectively. All references to earnings per share assume fully-diluted class A share count unless otherwise noted.

Net income in the fiscal fourth quarter was $1.5 billion or $0.62 per share, an increase of 12% and 14% over the prior year adjusted results, respectively. Adjusted net income for the full-year 2015 was $6.4 billion or $2.62 per share, an increase of 13% and 16% over the prior year’s adjusted results, respectively. The Company’s full-year 2015 adjusted financial results excluded a non-cash, non-operating expense recorded upon the revaluation of the Visa Europe put option of $110 million. The Company’s 2015 results included a one-time tax benefit of $239 million resulting from the successful resolution of uncertain tax positions with taxing authorities during the fiscal third quarter that related to prior years. Prior year adjusted results excluded the impact of a special item related to amounts covered by the retrospective responsibility plan and related tax benefit during the fiscal fourth quarter. Prior year results also included a one-time tax benefit of $191 million related to a deduction for prior years’ U.S. domestic production activities during the fiscal second quarter.

Net operating revenue in the fiscal fourth quarter of 2015 was $3.6 billion, an increase of 11% nominally or 13% on a constant dollar basis over the prior year. The strengthening of the U.S. dollar versus the prior year quarter negatively impacted net operating revenue growth by approximately 3 percentage points.

Net operating revenue for the fiscal full-year 2015 was $13.9 billion, an increase of 9% nominally or 12% on a constant dollar basis over the prior year, driven by solid revenue growth contributions from service, data processing and international transaction revenues. The strengthening of the U.S. dollar versus the prior year negatively impacted net operating revenue growth by approximately 2.5 percentage points.

Adjusted quarterly and full-year operating expenses and net income per class A common share outstanding are non-GAAP financial measures that are reconciled to their most directly comparable GAAP measures in the accompanying financial tables.

“Visa’s fiscal fourth quarter was a strong finish to an equally strong fiscal full-year 2015 in terms of revenue and earnings per share growth in the face of a continued challenging global economic environment. The underlying growth of our franchise continued as evidenced by our strong payments volumes as well as new and renewed partnerships during the year. Most importantly, we continued to build our capabilities at the physical point-of-sale as well as in the digital space,” said Charlie Scharf, Chief Executive Officer of Visa Inc. “Although fiscal 2016 reported growth rates will be negatively impacted by a strong US dollar and an uneven global economy, we are well positioned for strong success in 2017 and well beyond.”

Fiscal Fourth Quarter 2015 Financial Highlights:

Payments volume growth, on a constant dollar basis, for the three months ended June 30, 2015, on which fiscal fourth quarter service revenue is recognized, was 11% over the prior year at $1.3 trillion.

Payments volume growth, on a constant dollar basis, for the three months ended September 30, 2015, was 12% over the prior year at $1.3 trillion.

Cross-border volume growth, on a constant dollar basis, was 5% for the three months ended September 30, 2015.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended September 30, 2015, were 18.4 billion, an 8% increase over the prior year.

Fiscal fourth quarter 2015 service revenues were $1.6 billion, an increase of 9% over the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 6% over the prior year to $1.4 billion. International transaction revenues grew 16% over the prior year to $1.1 billion. Other revenues were $216 million, a 3% increase over the prior year. Client incentives, which are a contra revenue item, were $802 million and represent 18.4% of gross revenues.

Total operating expenses were $1.3 billion for fiscal fourth quarter 2015, a 5% increase over the prior year’s adjusted results, primarily related to an increase in personnel, professional, and marketing expenses, additional depreciation from our ongoing investments in technology assets, offset by lower general and administrative expenses.

GAAP effective tax rate was 33.8% for the quarter ended September 30, 2015.

The weighted-average number of diluted class A common shares outstanding in the fiscal fourth quarter was 2.4 billion.

Cash, cash equivalents, and available-for-sale investment securities were $9.3 billion at September 30, 2015.

Fiscal Full-Year 2015 Financial Highlights:

For the fiscal full-year 2015, service revenues were $6.3 billion, an increase of 9% over the prior year. Data processing revenues rose 7% over the prior year to $5.6 billion. International transaction revenues, which are driven by cross-border volume, grew 14% over the prior year to $4.1 billion. Other revenues were $823 million, a 7% increase over the prior year. Client incentives, which are a contra revenue item, were $2.9 billion and represent 17.1% of gross revenues.

Total processed transactions, which represent transactions processed by VisaNet for the twelve months ended September 30, 2015, totaled 71.0 billion, a 9% increase over the prior year.

Total operating expenses were $4.8 billion for the twelve months ended September 30, 2015, a 6% increase over last year’s adjusted results, primarily related to continued investments in personnel, infrastructure and technology, offset by a reduction in marketing and network and processing fees.

GAAP effective tax rate was 29.6% for the twelve months ended September 30, 2015.

The weighted-average number of diluted class A common shares outstanding for the full year was 2.5 billion.

Notable Events:

During the three months ended September 30, 2015, the Company did not repurchase shares of class A common stock. During the twelve months ended September 30, 2015, class A common stock was reduced by 44.1 million shares, at an average price of $65.98 per share, using $2.9 billion of cash on hand. At September 30, 2015, the Company had $2.8 billion of remaining funds, authorized by the board of directors, available for share repurchase under the current program.

As announced on October 21, 2015, the board of directors declared a quarterly dividend in the aggregate amount of $0.14 per share of class A common stock (determined in the case of class B and class C common stock on an as-converted basis) payable on December 1, 2015, to all holders of record of the Company’s class A, class B and class C common stock as of November 13, 2015.

The board of directors has authorized a new $5.0 billion class A common stock share repurchase program. The shares may be repurchased from time to time as market conditions warrant, and authorization for the program is subject to further change at the discretion of the board.

Financial Outlook:

Visa Inc. provides its financial outlook for the following metrics for fiscal full-year 2016:

•

Annual net revenue growth: High single-digit to low double-digit range on a constant dollar basis, with an expectation of about three percentage points of negative foreign currency impact;

•

Client incentives as a percent of gross revenues: 17.5% to 18.5% range;

•

Annual operating margin: Mid 60s;

•

Tax rate: Low 30s;

•

Annual adjusted diluted class A common stock earnings per share growth: Low-end of the mid-teens range on a constant dollar basis, with an expectation of about four percentage points of negative foreign currency impact; and

•

Annual free cash flow: About $7 billion.

The financial outlook for fiscal full-year 2016 does not include any impact from the Visa Europe transaction.

Fiscal Fourth Quarter 2015 Earnings Results Conference Call Details:

Visa’s executive management team will host a live audio webcast beginning at 5:00 a.m. Pacific Time (8:00 a.m. Eastern Time) today to discuss the financial results and business highlights for the quarter, as well as the Visa Europe transaction. The dial-in information for the call is 888-790-4410 (within the United States) or 773-756-0127 (international). The conference passcode is 7974435. A replay of the call will be available until December 1 and can be accessed by dialing 800-925-1967. The live call and replay, along with supporting materials, can also be accessed through the Investor Relations section of Visa’s website at www.investor.visa.com. A replay of the webcast will be available on Visa’s Investor Relations website for 30 days.

About Visa

Visa Inc. (NYSE: V) is a global payments technology company that connects consumers, businesses, financial institutions, and governments in more than 200 countries and territories to fast, secure and reliable electronic payments. We operate one of the world’s most advanced processing networks — VisaNet — that is capable of handling more than 65,000 transaction messages a second, with fraud protection for consumers and assured payment for merchants. Visa is not a bank and does not issue cards, extend credit or set rates and fees for consumers. Visa’s innovations, however, enable its financial institution customers to offer consumers more choices: pay now with debit, pay ahead of time with prepaid or pay later with credit products. For more information, visit usa.visa.com/about-visa, visacorporate.tumblr.com and @VisaNews.

Forward-Looking Statements:

This Press Release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as “estimates,” “expectation,” “outlook”, “may,” “projects,” “could,” “should,” “will,” “will continue” and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings per share, free cash flow, and the growth of those items.

By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following:

•

the impact of laws, regulations and marketplace barriers, including:

•

increased regulation of fees, transaction routing, payment card practices or other aspects of the payments industry in the United States, including new or revised regulations issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act;

•

increased regulation in jurisdictions outside of the United States;

•

increased government support of national payment networks outside the United States; and

•

increased regulation of consumer privacy, data use and security;

•

developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax;

•

new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings;

•

economic factors, such as:

•

economic fragility in the Eurozone, the United States and in other advanced and emerging markets;

•

general economic, political and social conditions in mature and emerging markets globally;

•

general stock market fluctuations which may impact consumer spending;

•

material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates; and

•

material changes in our financial institution clients’ performance compared to our estimates;

•

industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network;

•

system developments, such as:

•

disruption of our transaction processing systems or the inability to process transactions efficiently;

•

account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and

•

failure to maintain systems interoperability with Visa Europe;

•

any prospective transaction with Visa Europe may not be agreed to or implemented;

•

costs arising if we become obligated to purchase all of Visa Europe’s outstanding capital stock;

•

the loss of organizational effectiveness or key employees;

•

the failure to integrate acquisitions successfully or to effectively develop new products and businesses;

•

natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and

•

various other factors, including those more fully described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2014, and our subsequent reports on Forms 10-Q and 8-K.

You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 650-432-7644, [email protected]

Media Relations: Connie Kim, 212-521-3962, [email protected]

VISA INC.

CONSOLIDATED BALANCE SHEETS

(UNAUDITED)


	September 30, 2015			September 30, 2014
	(in millions, except par value data)
Assets
Cash and cash equivalents	$	3,518		$	1,971
Restricted cash—litigation escrow		1,072			1,498
Investment securities:
Trading		66			69
Available-for-sale		2,431			1,910
Settlement receivable		408			786
Accounts receivable		847			822
Customer collateral		1,023			961
Current portion of client incentives		303			210
Deferred tax assets		871			1,028
Prepaid expenses and other current assets		353			307

Total current assets		10,892			9,562
Investment securities, available-for-sale		3,384			3,015
Client incentives		110			81
Property, equipment and technology, net		1,888			1,892
Other assets		776			855
Intangible assets, net		11,361			11,411
Goodwill		11,825			11,753

Total assets	$	40,236		$	38,569

Liabilities
Accounts payable	$	127		$	147
Settlement payable		780			1,332
Customer collateral		1,023			961
Accrued compensation and benefits		503			450
Client incentives		1,049			1,036
Accrued liabilities		868			624
Accrued litigation		1,024			1,456

Total current liabilities		5,374			6,006
Deferred tax liabilities		4,123			4,145
Other liabilities		897			1,005

Total liabilities		10,394			11,156

Equity
Preferred stock, $0.0001 par value, 25 shares authorized and none issued		—			—
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,950 and 1,978 shares issued and outstanding at September 30, 2015 and 2014, respectively		—			—
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at September 30, 2015 and 2014		—			—
Class C common stock, $0.0001 par value, 1,097 shares authorized, 20 and 22 shares issued and outstanding at September 30, 2015 and 2014, respectively		—			—
Additional paid-in capital		18,073			18,299
Accumulated income		11,843			9,131
Accumulated other comprehensive loss, net:
Investment securities, available-for-sale		5			31
Defined benefit pension and other postretirement plans		(161	)		(84	)
Derivative instruments classified as cash flow hedges		83			38
Foreign currency translation adjustments		(1	)		(2	)

Total accumulated other comprehensive loss, net		(74	)		(17	)

Total equity		29,842			27,413

Total liabilities and equity	$	40,236		$	38,569

VISA INC.

CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)


	Three Months Ended September 30,						Twelve Months Ended September 30,
	2015			2014			2015			2014
	(in millions, except per share data)
Operating Revenues
Service revenues	$	1,637		$	1,499		$	6,302		$	5,797
Data processing revenues		1,429			1,348			5,552			5,167
International transaction revenues		1,091			938			4,064			3,560
Other revenues		216			212			823			770
Client incentives		(802	)		(768	)		(2,861	)		(2,592	)

Total operating revenues		3,571			3,229			13,880			12,702

Operating Expenses
Personnel		521			496			2,079			1,875
Marketing		253			241			872			900
Network and processing		134			128			474			507
Professional fees		107			94			336			328
Depreciation and amortization		119			112			494			435
General and administrative		143			153			547			507
Litigation provision		11			453			14			453

Total operating expenses		1,288			1,677			4,816			5,005

Operating income		2,283			1,552			9,064			7,697
Non-operating (expense) income		—			(2	)		(69	)		27

Income before income taxes		2,283			1,550			8,995			7,724
Income tax provision		771			477			2,667			2,286

Net income	$	1,512		$	1,073		$	6,328		$	5,438

Basic earnings per share
Class A common stock	$	0.62		$	0.43		$	2.58		$	2.16

Class B common stock	$	1.02		$	0.73		$	4.26		$	3.63

Class C common stock	$	2.48		$	1.73		$	10.33		$	8.65

Basic weighted-average shares outstanding
Class A common stock		1,948			1,969			1,954			1,993

Class B common stock		245			245			245			245

Class C common stock		19			24			22			26

Diluted earnings per share
Class A common stock	$	0.62		$	0.43		$	2.58		$	2.16

Class B common stock	$	1.02		$	0.72		$	4.25		$	3.62

Class C common stock	$	2.48		$	1.72		$	10.30		$	8.62

Diluted weighted-average shares outstanding
Class A common stock		2,440			2,493			2,457			2,523

Class B common stock		245			245			245			245

Class C common stock		19			24			22			26

VISA INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)


	For the Years Ended September 30,
	2015			2014			2013
	(in millions)
Operating Activities
Net income	$	6,328		$	5,438		$	4,980
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of client incentives		2,861			2,592			2,321
Fair value adjustment for the Visa Europe put option		110			—			—
Share-based compensation		187			172			179
Excess tax benefit for share-based compensation		(84	)		(90	)		(74	)
Depreciation and amortization of property, equipment, technology and intangible assets		494			435			397
Deferred income taxes		195			(580	)		1,527
Litigation provision		14			453			3
Other		24			37			50
Change in operating assets and liabilities:
Settlement receivable		378			13			(345	)
Accounts receivable		(19	)		(53	)		(38	)
Client incentives		(2,970	)		(2,395	)		(2,336	)
Other assets		(41	)		(379	)		(506	)
Accounts payable		(13	)		(56	)		40
Settlement payable		(552	)		107			506
Accrued and other liabilities		118			513			702
Accrued litigation		(446	)		998			(4,384	)

Net cash provided by operating activities		6,584			7,205			3,022

Investing Activities
Purchases of property, equipment, technology and intangible assets		(414	)		(553	)		(471	)
Proceeds from sales of property, equipment and technology		10			—			—
Investment securities, available-for-sale:
Purchases		(2,850	)		(2,572	)		(3,164	)
Proceeds from maturities and sales		1,925			2,342			2,440
Acquisitions, net of cash received		(93	)		(149	)		—
Purchases of / contributions to other investments		(25	)		(9	)		(3	)
Proceeds / distributions from other investments		12			—			34

Net cash used in investing activities		(1,435	)		(941	)		(1,164	)

Financing Activities
Repurchase of class A common stock		(2,910	)		(4,118	)		(5,365	)
Dividends paid		(1,177	)		(1,006	)		(864	)
Deposits into litigation escrow account—retrospective responsibility plan		—			(450	)		—
Payments from (return to) litigation escrow account—retrospective responsibility plan		426			(999	)		4,383
Cash proceeds from issuance of common stock under employee equity plans		82			91			108
Restricted stock and performance-based shares settled in cash for taxes		(108	)		(86	)		(64	)
Excess tax benefit for share-based compensation		84			90			74
Payments for earn-out related to PlaySpan acquisition		—			—			(12	)
Principal payments on capital lease obligations		—			—			(6	)

Net cash used in financing activities		(3,603	)		(6,478	)		(1,746	)

Effect of exchange rate changes on cash and cash equivalents		1			(1	)		—

Increase (decrease) in cash and cash equivalents		1,547			(215	)		112
Cash and cash equivalents at beginning of year		1,971			2,186			2,074

Cash and cash equivalents at end of year	$	3,518		$	1,971		$	2,186

Supplemental Disclosure
Income taxes paid, net of refunds	$	2,486		$	2,656		$	595
Accruals related to purchases of property, equipment, technology and intangible assets	$	81		$	62		$	46

VISA INC.

FISCAL 2015 AND 2014 QUARTERLY RESULTS OF OPERATIONS

(UNAUDITED)


	Fiscal 2015 Quarter Ended												Fiscal 2014 Quarter Ended
	September 30, 2015			June 30, 2015			March 31, 2015			December 31, 2014			September 30, 2014
	(in millions)
Operating Revenues
Service revenues	$	1,637		$	1,550		$	1,577		$	1,538		$	1,499
Data processing revenues		1,429			1,400			1,340			1,383			1,348
International transaction revenues		1,091			1,039			964			970			938
Other revenues		216			199			204			204			212
Client incentives		(802	)		(670	)		(676	)		(713	)		(768	)

Total operating revenues		3,571			3,518			3,409			3,382			3,229

Operating Expenses
Personnel		521			566			483			509			496
Marketing		253			224			190			205			241
Network and processing		134			117			109			114			128
Professional fees		107			82			77			70			94
Depreciation and amortization		119			130			125			120			112
General and administrative		143			137			141			126			153
Litigation provision		11			—			3			—			453

Total operating expenses		1,288			1,256			1,128			1,144			1,677

Operating income		2,283			2,262			2,281			2,238			1,552
Non-operating (expense) income		—			(94	)		1			24			(2	)

Income before income taxes		2,283			2,168			2,282			2,262			1,550
Income tax provision		771			471			732			693			477

Net income	$	1,512		$	1,697		$	1,550		$	1,569		$	1,073

VISA INC.

RECONCILIATION OF NON-GAAP FINANCIAL RESULTS

(UNAUDITED)

Our financial results for fiscal 2015 and 2014 reflect the impact of significant items that we believe are not indicative of our operating performance in the prior or future years, as they either have no cash impact or are related to amounts covered by the retrospective responsibility plan. As such, we believe the presentation of adjusted financial results excluding the following amounts provides a clearer understanding of our operating performance for the periods presented.

•

Revaluation of Visa Europe put option. During the third quarter of fiscal 2015, we recorded an increase of $110 million in the fair value of the Visa Europe put option, resulting in the recognition of non-cash, non-operating expense in our financial results. This amount is not subject to income tax and therefore has no impact on our reported income tax provision.

•

Litigation provision. During fiscal 2014, we recorded a litigation provision of $450 million and related tax benefits associated with the interchange multidistrict litigation. The tax impact is determined by applying applicable federal and state tax rates to the litigation provision. Monetary liabilities from settlements of, or judgments in, the interchange multidistrict litigation will be paid from the litigation escrow account under the retrospective responsibility plan.


	Three Months Ended September 30,
	Operating Expenses					Operating Margin^(1),(2)				Net Income				Diluted Earnings per Share^(2),(3)
	2015		2014			2015		2014		2015		2014		2015		2014
	(in millions, except percentages and per share data)
As reported	$	1,288	$	1,677			64%		48%	$	1,512	$	1,073	$	0.62	$	0.43
Litigation provision		—		(450	)		—		14%		—		283		—		0.11

As adjusted	$	1,288	$	1,227			64%		62%	$	1,512	$	1,356	$	0.62	$	0.54

Diluted weighted-average shares outstanding, as reported															2,440		2,493

	Twelve Months Ended September 30,
	Operating Expenses					Operating Margin^(1),(2)				Net Income				Diluted Earnings per Share^(2),(3)
	2015		2014			2015		2014		2015		2014		2015		2014
	(in millions, except percentages and per share data)
As reported	$	4,816	$	5,005			65%		61%	$	6,328	$	5,438	$	2.58	$	2.16
Revaluation of Visa Europe put option		—		—			—		—		110		—		0.04		—
Litigation provision		—		(450	)		—		4%		—		283		—		0.11

As adjusted	$	4,816	$	4,555			65%		64%	$	6,438	$	5,721	$	2.62	$	2.27

Diluted weighted-average shares outstanding, as reported															2,457		2,523

⁽¹⁾	Operating margin is calculated as operating income divided by total operating revenues.

⁽²⁾	Figures in the table may not recalculate exactly due to rounding. Operating margin and diluted earnings per share figures are calculated based on unrounded numbers.

⁽³⁾	The per share amounts for the prior periods presented have been retroactively adjusted to reflect the four-for-one stock split effected in the fiscal second quarter of 2015.

LOGO

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended September 30, 2015, as well as the prior four quarterly reporting periods and the 12 months ended September 30, 2015 and 2014, for cards carrying the Visa, Visa Electron and Interlink brands.

1. Branded Volume and Transactions

The tables present regional total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.


	For the 3 Months Ended September 30, 2015
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)
All Visa Credit & Debit
Asia Pacific	$	509		0.6%		11.0%	$	371		5.5%		16.4%		4,664	$	138		-10.4%		-1.3%	1,041
Canada		58		-11.9%		5.4%		54		-12.0%		5.2%		699		5		-10.7%		6.9%	12
CEMEA		231		-17.2%		9.3%		61		-9.4%		17.8%		1,923		170		-19.7%		6.5%	1,203
LAC		227		-17.7%		11.0%		85		-18.6%		13.3%		2,708		142		-17.2%		9.6%	1,093
US		822		8.7%		8.7%		693		9.7%		9.7%		13,648		129		3.8%		3.8%	957

Visa Inc.		1,848		-1.9%		9.6%		1,265		3.9%		12.0%		23,643		584		-12.5%		4.7%	4,305
Visa Credit Programs
US	$	359		9.9%		9.9%	$	345		10.2%		10.2%		4,221	$	14		3.0%		3.0%	17
International		491		-2.8%		14.0%		455		-0.5%		15.5%		6,214		36		-24.9%		-1.7%	164

Visa Inc.		850		2.2%		12.2%		800		3.8%		13.1%		10,436		50		-18.6%		-0.4%	182
Visa Debit Programs
US	$	463		7.9%		7.9%	$	349		9.3%		9.3%		9,427	$	114		3.9%		3.9%	939
International		535		-14.0%		7.0%		116		-9.0%		12.8%		3,780		420		-15.3%		5.5%	3,184

Visa Inc.		999		-5.1%		7.4%		465		4.1%		10.1%		13,207		534		-11.8%		5.2%	4,124

	For the 3 Months Ended June 30, 2015
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	510		4.3%		10.9%	$	364		7.9%		15.3%		4,394	$	145		-3.8%		1.1%	1,003	725	822
Canada		62		-5.0%		6.0%		57		-5.3%		5.7%		679		5		-2.5%		8.9%	12	42	49
CEMEA		238		-13.8%		7.3%		61		-6.0%		15.3%		1,783		177		-16.3%		4.8%	1,195	332	321
LAC		237		-10.9%		11.6%		89		-12.4%		12.5%		2,595		148		-10.0%		11.1%	1,072	420	451
US		809		8.0%		8.0%		683		8.8%		8.8%		13,257		126		3.8%		3.8%	951	629	799

Visa Inc.		1,855		0.6%		9.1%		1,253		5.2%		11.0%		22,709		602		-7.9%		5.2%	4,232	2,147	2,442
Visa Credit Programs
US	$	352		11.3%		11.3%	$	339		11.6%		11.6%		4,072	$	13		3.6%		3.6%	16	246	323
International		490		0.6%		12.9%		453		3.0%		14.5%		5,915		37		-21.7%		-3.8%	160	496	554

Visa Inc.		843		4.8%		12.2%		792		6.5%		13.3%		9,987		51		-16.3%		-1.9%	177	742	876
Visa Debit Programs
US	$	457		5.5%		5.5%	$	344		6.1%		6.1%		9,185	$	113		3.8%		3.8%	935	384	476
International		555		-8.6%		7.4%		117		-4.7%		11.3%		3,537		438		-9.6%		6.4%	3,121	1,021	1,089

Visa Inc.		1,012		-2.7%		6.5%		461		3.1%		7.4%		12,722		551		-7.1%		5.9%	4,056	1,405	1,565

Operational Performance Data


	For the 3 Months Ended March 31, 2015
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	495		2.9%		8.6%	$	343		4.8%		11.6%		4,092	$	152		-1.2%		2.4%		986		711		809
Canada		54		-5.0%		7.1%		49		-5.3%		6.8%		602		5		-1.7%		10.9%		12		42		49
CEMEA		212		-16.0%		11.8%		54		-8.2%		19.9%		1,615		158		-18.4%		9.3%		1,121		329		323
LAC		243		-2.9%		13.4%		93		-1.3%		15.7%		2,529		149		-3.8%		12.0%		1,042		417		450
US		748		8.4%		8.4%		628		9.2%		9.2%		12,206		120		4.3%		4.3%		890		621		789

Visa Inc.		1,751		1.2%		9.5%		1,168		5.4%		10.8%		21,044		583		-6.2%		7.0%		4,051		2,120		2,420
Visa Credit Programs
US	$	316		12.3%		12.3%	$	303		12.3%		12.3%		3,623	$	13		12.1%		12.1%		15		241		318
International		463		0.0%		11.5%		428		2.7%		12.8%		5,533		35		-24.2%		-2.6%		153		489		546

Visa Inc.		779		4.6%		11.8%		731		6.4%		12.6%		9,156		48		-16.8%		1.0%		168		730		864
Visa Debit Programs
US	$	433		5.8%		5.8%	$	325		6.5%		6.5%		8,583	$	107		3.4%		3.4%		875		379		471
International		540		-6.4%		9.4%		111		-3.6%		12.0%		3,306		429		-7.1%		8.7%		3,008		1,011		1,085

Visa Inc.		972		-1.3%		7.7%		437		3.8%		7.9%		11,889		536		-5.1%		7.6%		3,883		1,390		1,556

	For the 3 Months Ended December 31, 2014
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	511		3.6%		8.0%	$	359		5.8%		10.7%		4,186	$	152		-1.4%		1.9%		974		698		797
Canada		66		-0.1%		8.7%		62		-0.1%		8.7%		671		5		0.2%		9.0%		11		42		49
CEMEA		264		-7.8%		15.7%		65		3.2%		26.6%		1,616		199		-10.9%		12.5%		1,213		325		321
LAC		286		-0.4%		13.8%		109		-0.6%		15.3%		2,697		177		-0.2%		12.8%		1,130		415		453
US		772		9.4%		9.4%		651		10.2%		10.2%		12,595		121		5.2%		5.2%		915		611		782

Visa Inc.		1,899		3.3%		10.4%		1,245		7.0%		11.4%		21,765		654		-3.1%		8.6%		4,243		2,090		2,402
Visa Credit Programs
US	$	341		13.7%		13.7%	$	327		13.9%		13.9%		3,957	$	13		9.2%		9.2%		16		236		313
International		511		1.6%		11.0%		468		4.0%		12.2%		5,775		43		-18.3%		-0.4%		173		485		544

Visa Inc.		851		6.1%		12.1%		795		7.8%		12.9%		9,732		56		-13.1%		1.7%		189		721		857
Visa Debit Programs
US	$	431		6.2%		6.2%	$	324		6.6%		6.6%		8,639	$	108		4.7%		4.7%		899		375		469
International		616		-2.2%		11.3%		127		2.6%		15.4%		3,394		490		-3.4%		10.3%		3,155		994		1,076

Visa Inc.		1,048		1.1%		9.1%		450		5.5%		9.0%		12,033		597		-2.0%		9.2%		4,054		1,369		1,545

Operational Performance Data


	For the 3 Months Ended September 30, 2014
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)		Accounts (millions)		Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	506		9.1%		9.1%	$	352		11.9%		12.1%		4,000	$	154		3.2%		2.9%		960		677		774
Canada		66		2.0%		7.4%		61		1.7%		7.0%		651		5		5.5%		11.0%		12		40		47
CEMEA		279		5.3%		15.2%		68		17.8%		25.6%		1,487		212		1.8%		12.1%		1,163		321		318
LAC		276		6.6%		12.2%		105		7.4%		13.3%		2,496		171		6.1%		11.6%		1,056		417		448
US		756		9.2%		9.2%		632		9.9%		9.9%		12,314		124		6.0%		6.0%		952		587		754

Visa Inc.		1,884		7.9%		10.2%		1,217		10.2%		11.2%		20,947		667		4.0%		8.2%		4,143		2,041		2,341
Visa Credit Programs
US	$	327		12.7%		12.7%	$	313		12.8%		12.8%		3,734	$	14		11.8%		11.8%		17		230		304
International		505		7.4%		10.1%		458		9.0%		11.2%		5,554		47		-6.0%		-0.5%		177		484		545

Visa Inc.		832		9.4%		11.2%		770		10.5%		11.9%		9,289		61		-2.5%		2.6%		194		714		850
Visa Debit Programs
US	$	429		6.7%		6.7%	$	319		7.2%		7.2%		8,579	$	110		5.3%		5.3%		935		357		450
International		623		6.8%		11.8%		127		16.6%		20.6%		3,079		496		4.6%		9.7%		3,014		970		1,042

Visa Inc.		1,052		6.8%		9.4%		447		9.7%		10.2%		11,658		606		4.7%		8.7%		3,949		1,327		1,491

Operational Performance Data


	For the 12 Months Ended September 30, 2015
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)
All Visa Credit & Debit
Asia Pacific	$	2,024		2.8%		9.6%	$	1,438		6.0%		13.5%		17,337	$	587		-4.2%		1.1%	4,003
Canada		240		-5.5%		6.8%		221		-5.7%		6.7%		2,651		19		-3.8%		8.9%	46
CEMEA		945		-13.6%		11.0%		241		-5.1%		19.9%		6,937		704		-16.2%		8.3%	4,732
LAC		993		-8.0%		12.5%		376		-8.3%		14.3%		10,529		616		-7.8%		11.4%	4,337
US		3,152		8.6%		8.6%		2,655		9.5%		9.5%		51,706		496		4.3%		4.3%	3,713

Visa Inc.		7,354		0.8%		9.6%		4,931		5.4%		11.3%		89,160		2,422		-7.4%		6.4%	16,832
Visa Credit Programs
US	$	1,367		11.7%		11.7%	$	1,313		11.9%		11.9%		15,873	$	54		6.8%		6.8%	65
International		1,955		-0.2%		12.3%		1,805		2.2%		13.7%		23,437		150		-22.1%		-2.1%	650

Visa Inc.		3,322		4.4%		12.1%		3,118		6.1%		13.0%		39,310		205		-16.1%		0.1%	715
Visa Debit Programs
US	$	1,784		6.3%		6.3%	$	1,342		7.1%		7.1%		35,833	$	442		4.0%		4.0%	3,649
International		2,247		-7.8%		8.8%		471		-3.7%		12.9%		14,017		1,776		-8.8%		7.8%	12,468

Visa Inc.		4,031		-2.0%		7.7%		1,813		4.1%		8.6%		49,850		2,218		-6.5%		7.0%	16,117

	For the 12 Months Ended September 30, 2014
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)		Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	1,968		7.7%		10.8%	$	1,356		10.6%		13.5%		15,072	$	612		1.9%		5.2%	3,638	677		774
Canada		254		0.8%		7.6%		234		0.8%		7.6%		2,439		20		0.6%		7.3%	46	40		47
CEMEA		1,094		6.0%		13.9%		254		18.9%		26.2%		5,363		840		2.6%		10.6%	4,637	321		318
LAC		1,079		0.6%		10.9%		410		2.3%		13.5%		9,776		668		-0.4%		9.4%	4,118	417		448
US		2,902		8.6%		8.6%		2,426		9.3%		9.3%		47,270		476		5.3%		5.3%	3,668	587		754

Visa Inc.		7,297		6.4%		10.1%		4,680		9.0%		11.4%		79,920		2,617		2.1%		7.8%	16,108	2,041		2,341
Visa Credit Programs
US	$	1,224		11.1%		11.1%	$	1,173		11.3%		11.3%		13,902	$	51		6.1%		6.1%	64	230		304
International		1,958		5.7%		10.8%		1,765		6.9%		11.8%		21,283		193		-4.0%		0.8%	733	484		545

Visa Inc.		3,182		7.7%		10.9%		2,938		8.6%		11.6%		35,185		244		-2.0%		2.1%	796	714		850
Visa Debit Programs
US	$	1,678		6.8%		6.8%	$	1,253		7.4%		7.4%		33,368	$	425		5.3%		5.3%	3,604	357		450
International		2,437		4.5%		11.7%		489		15.7%		23.1%		11,367		1,948		2.0%		9.2%	11,707	970		1,042

Visa Inc.		4,115		5.4%		9.5%		1,742		9.6%		10.9%		44,735		2,373		2.5%		8.4%	15,312	1,327		1,491

Operational Performance Data

2. Cross-Border Volume

The table below represents cross-border volume growth for cards carrying the Visa, Visa Electron, Interlink and PLUS brands. Cross-border volume refers to payments and cash volume where the issuing country is different from the merchant country.


Period	Growth (Nominal USD)	Growth (Constant USD)
3 Months Ended
Sep 30, 2015	-4%	5%
Jun 30, 2015	0%	8%
Mar 31, 2015	2%	8%
Dec 31, 2014	4%	8%
Sep 30, 2014	9%	10%
12 Months Ended
Sep 30, 2015	0%	7%
Sep 30, 2014	8%	9%

3. Visa Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.


Period	Processed Transactions (millions)	Growth
3 Months Ended
Sep 30, 2015	18,365	8%
Jun 30, 2015	18,024	8%
Mar 31, 2015	16,980	11%
Dec 31, 2014	17,599	10%
Sep 30, 2014	16,991	10%
12 Months Ended
Sep 30, 2015	70,968	9%
Sep 30, 2014	64,993	11%

Operational Performance Data

Footnote

Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.

Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa’s signature based and Interlink (PIN) debit programs.

The data presented is based on results reported quarterly by Visa’s financial institution clients on their operating certificates. Estimates may be utilized if data is unavailable.

On occasion, previously presented information may be updated. Prior period updates, if any, are not material.

Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. Effective with the 3 months ended September 2013, Croatia moved from the CEMEA region to Visa Europe. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. International includes Asia Pacific, Canada, CEMEA and LAC.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported (“Nominal USD”). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information (“Constant USD”). This presentation represents Visa’s historical methodology which may be subject to review and refinement.

Visa Inc. Fiscal Fourth Quarter 2015 Financial Results November 2, 2015 Exhibit 99.2

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are identified by words such as "estimates," "expectation,“ “outlook,” "will," "continued" and other similar expressions. Examples of forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings per share, free cash flow, and the growth of those items. By their nature, forward-looking statements: (i) speak only as of the date they are made; (ii) are not statements of historical fact or guarantees of future performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following: the impact of laws, regulations and marketplace barriers, including: increased regulation of fees, transaction routing, payment card practices or other aspects of the payments industry in the United States, including new or revised regulations issued under the Dodd-Frank Wall Street Reform and Consumer Protection Act; increased regulation in jurisdictions outside of the United States; increased government support of national payments networks outside the United States; and increased regulation of consumer privacy, data use and security; developments in litigation and government enforcement, including those affecting interchange reimbursement fees, antitrust and tax; new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings; economic factors, such as: economic fragility in the Eurozone, the United States and in other advanced and emerging markets; general economic, political and social conditions in mature and emerging markets globally; general stock market fluctuations, which may impact consumer spending; material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates; and material changes in our financial institution clients' performance compared to our estimates; industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network; system developments, such as: disruption of our transaction processing systems or the inability to process transactions efficiently; account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and failure to maintain systems interoperability with Visa Europe; any prospective transaction with Visa Europe may not be agreed to or implemented; costs arising if we become obligated to purchase all of Visa Europe’s outstanding capital stock; the loss of organizational effectiveness or key employees; the failure to integrate acquisitions successfully or to effectively develop new products and businesses; natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and various other factors, including those more fully described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10−K for the year ended September 30, 2014, and our subsequent reports on Forms 10-Q and 8-K. You should not place undue reliance on such statements. Except as required by law, we do not intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise. Forward-Looking Statements

Note: See appendix for reconciliation of adjusted non-GAAP measures to the closest comparable GAAP measures. Solid Fiscal Fourth Quarter Results Solid operating revenues of $3.6 billion, up 11% over prior year Authorized new $5.0 billion share repurchase program Announced quarterly per share dividend increase of 17% Quarterly net income of $1.5 billion and diluted earnings per share of $0.62 reflecting: 41% and 44% increase, respectively, over prior year 12% and 14% increase, respectively, over prior year’s adjusted results

Quarter ended June Payments Volume US$ in billions, nominal, except percentages YOY Change (constant) 11% 13% 7% YOY Change (nominal) 7% 3% 5% Note: On occasion, previously submitted volume information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. Constant dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance. 2014 2015 U.S.683 INTL563 INTL440 U.S.339 U.S.344

Quarter ended September Payments Volume US$ in billions, nominal, except percentages YOY Change (constant) 12% 13% 10% YOY Change (nominal) 4% 4% 4% Note: Current quarter payments volume and other select metrics are provided in the operational performance data supplement in the press release to provide more recent operating data. Service revenues continue to be recognized based on payments volume in the prior quarter. On occasion, reported payments volume information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. Constant dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance. INTL 420 INTL 457 INTL 109 INTL 127 U.S. 575 U.S. 631 U.S. 277 U.S. 313 U.S. 298 U.S. 319 2014 2015

Quarter ended September Transactions in millions, except percentages Note: Total transactions represent payments and cash transactions as reported by Visa clients on their operating certificates. On occasion, previously submitted transaction information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. Processed transactions represent transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks. As a result of recent changes in Russian National Payment System law, we have transitioned the processing of Russian domestic transactions to the Russian National Payment Card System during the third quarter of fiscal 2015. The number of transactions processed by our VisaNet system does not reflect Russian domestic transactions processed after the transition. Credit 38% YOY Change 11% 8% Debit 62% Credit 38% 2014 2015 62% Debit 38% Credit 38% Credit 62% Debit

Quarter ended June Total Cards in millions, except percentages Note: The data presented is based on results reported quarterly by Visa clients on their operating certificates. Estimates may be utilized if data is unavailable. On occasion, previously submitted card information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. YOY Change 5% 7% 6% 2014 2015

Revenue – Q4 2015 US$ in millions, except percentages Note: Figures may not recalculate exactly due to rounding. Percentages are calculated based on unrounded numbers. YOY Change 5% 11% 9% Fiscal 2015 % of Gross Revenues 18% 82%

Revenue Detail – Q4 2015 US$ in millions, except percentages Note: Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. YOY Change 6% 16% 9% 3%

Adjusted Operating Margin – Q4 2015 US$ in millions, except percentages Note: Operating margin is calculated as operating income divided by net operating revenues. Figures may not recalculate exactly due to rounding. Percentages are calculated based on unrounded numbers. See appendix for reconciliation of adjusted non-GAAP measures to the closest comparable GAAP measures. YOY Change 5% 14% 11% 2 ppt

Adjusted Operating Expenses – Q4 2015 US$ in millions, except percentages Note: Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. See appendix for reconciliation of adjusted non-GAAP measures to the closest comparable GAAP measures. YOY Change 5% 13% 5% (6%) 7% 5% NM

Other Financial Results Cash, cash equivalents and available-for-sale investment securities of $9.3 billion at the end of the fiscal fourth quarter Free cash flow of $1.6 billion for the fiscal fourth quarter Capital expenditures of $138 million during the fiscal fourth quarter

Financial Metrics for Fiscal Year 2016 Note: The financial outlook for fiscal full-year 2016 does not include any impact from the Visa Europe transaction. Annual net revenue growth Client incentives as % of gross revenues Constant dollar revenue growth of high single-digit to low double-digit range Mid 60s Annual adjusted diluted class A common stock earnings per share growth Constant dollar EPS growth of low-end of mid-teens range About $7 billion Annual free cash flow Annual operating margin 17.5% - 18.5% range Tax rate Low 30s Negative 3 ppts foreign currency impact Negative 4 ppts foreign currency impact

Appendix

Reconciliation of Non-GAAP Financial Results US$ in millions, except percentages and per share data A-1 VISA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Years Ended September 30, 2014 2013 2012 (in millions) Operating Activities Net income $5,438 $4,980 $2,142 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Amortization of client incentives 2,592 2,321 2155 Share-based compensation 172 179 147 Excess tax benefit for share-based compensation -90 -74 -71 Depreciation and amortization of property, equipment, technology and intangible assets 435 397 333 Deferred income taxes -,580 1,527 -1,690 Litigation provision 453 3 4,101 Other 37 50 -8 Change in operating assets and liabilities: Income tax receivable 51 37 -67 Settlement receivable 13 -,345 -42 Accounts receivable -53 -38 -161 Client incentives -2,395 -2,336 -1757 Other assets -,430 -,543 41 Accounts payable -56 40 -17 Settlement payable 107 506 270 Accrued and other liabilities 513 702 -,227 Accrued litigation 998 -4,384 -140 Net cash provided by operating activities 7205 3022 5009 Investing Activities Purchases of property, equipment, technology and intangible assets -,553 -,471 -,376 Proceeds from disposal of property, equipment and technology 0 0 2 Investment securities, available-for-sale: Purchases -2,572 -3,164 -4,140 Proceeds from maturities and sales 2,342 2,440 2,093 Acquisitions, net of cash received -,149 0 -3 Purchases of / contributions to other investments -9 -3 -12 Proceeds / distributions from other investments 0 34 22 Net cash used in investing activities -,941 -1,164 -2,414 Financing Activities Repurchase of class A common stock -4,118 -5,365 -,710 Dividends paid -1,006 -,864 -,595 Deposits into litigation escrow account—retrospective responsibility plan -,450 0 -1,715 (Return to) payments from litigation escrow account—retrospective responsibility plan -,999 4,383 140 Cash proceeds from exercise of stock options 91 108 174 Restricted stock and performance-based shares settled in cash for taxes -86 -64 0 Excess tax benefit for share-based compensation 90 74 71 Payments for earn-out related to PlaySpan acquisition 0 -12 -14 Principal payments on capital lease obligations 0 -6 -6 Net cash used in financing activities -6,478 -1,746 -2,655 Effect of exchange rate changes on cash and cash equivalents -1 0 0 7 (Decrease) increase in cash and cash equivalents -,215 112 -53 Cash and cash equivalents at beginning of year 2,186 2,074 2,127 Cash and cash equivalents at end of period $1,971 $2,186 $2,074 Supplemental Disclosures Income taxes paid, net of refunds $2,656 $595 $2,057 Non-cash accruals related to purchases of property, equipment, technology and intangible assets $62 $46 $67 VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended September 30, Twelve Months Ended September 30, 2014 2013 2014 2013 (in millions, except per share data) Operating Revenues Service revenues $1,499 $1,385 $5,797 $5,352 Data processing revenues 1,348 1,186 5,167 4,642 International transaction revenues 938 899 3,560 3,389 Other revenues 212 183 770 716 Client incentives -,768 -,680 -2,592 -2,321 Total operating revenues 3,229 2,973 12,702 11,778 Operating Expenses Personnel 496 499 1,875 1,932 Marketing 241 236 900 876 Network and processing 128 122 507 468 Professional fees 94 130 328 412 Depreciation and amortization 112 106 435 397 General and administrative 153 129 507 451 Litigation provision 453 0 453 3 Total operating expenses 1,677 1,222 5,005 4,539 Operating income 1,552 1,751 7,697 7,239 Non-operating (expense) income -2 15 27 18 Income before income taxes 1,550 1,766 7,724 7,257 Income tax provision 477 574 2,286 2,277 Net income $1,073 $1,192 $5,438 $4,980 Basic earnings per share Class A common stock $1.73 $1.86 $8.65 $7.61 Class B common stock $0.73 $0.78 $3.63 $3.2 Class C common stock $1.73 $1.86 $8.65 $7.61 Basic weighted-average shares outstanding Class A common stock 492 509 498 520 Class B common stock 245 245 245 245 Class C common stock 24 27 26 28 Diluted earnings per share Class A common stock $1.72 $1.85 $8.6199999999999992 $7.59 Class B common stock $0.72 $0.78 $3.62 $3.19 Class C common stock $1.72 $1.85 $8.6199999999999992 $7.59 Diluted weighted-average shares outstanding Class A common stock 623 644 631 656 Class B common stock 245 245 245 245 Class C common stock 24 27 26 28 VISA INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30,2014 September 30,2013 (in millions, except par value data) Assets Cash and cash equivalents $1,971 $2,186 Restricted cash—litigation escrow 1,498 49 Investment securities: Trading 69 75 Available-for-sale 1,910 1,994 Income tax receivable 91 142 Settlement receivable 786 799 Accounts receivable 822 761 Customer collateral 961 866 Current portion of client incentives 210 282 Current portion of deferred tax assets 1,028 481 Prepaid expenses and other current assets 216 187 Total current assets 9,562 7,822 Investment securities, available-for-sale 3,015 2,760 Client incentives 81 89 Property, equipment and technology, net 1,892 1,732 Deferred tax assets 8 0 Other assets 847 521 Intangible assets, net 11,411 11,351 Goodwill 11,753 11,681 Total assets $38,569 $35,956 Liabilities Accounts payable $147 $184 Settlement payable 1,332 1,225 Customer collateral 961 866 Accrued compensation and benefits 450 523 Client incentives 1,036 919 Accrued liabilities 624 613 Accrued litigation 1,456 5 Total current liabilities 6,006 4,335 Deferred tax liabilities 4,145 4,149 Other liabilities 1,005 602 Total liabilities 11,156 9,086 Equity Preferred stock, $0.0001 par value, 25 shares authorized and none issued 0 0 Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 495 and 508 shares issued and outstanding at September 30, 2014 and 2013, respectively 0 0 Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at September 30, 2014 and 2013 0 0 Class C common stock, $0.0001 par value, 1,097 shares authorized, 22 and 27 shares issued and outstanding at September 30, 2014 and 2013, respectively 0 0 Additional paid-in capital 18,299 18,875 Accumulated income 9,131 7,974 Accumulated other comprehensive (loss) income, net: Investment securities, available-for-sale 31 59 Defined benefit pension and other postretirement plans -84 -60 Derivative instruments classified as cash flow hedges 38 23 Foreign currency translation adjustments -2 -1 Total accumulated other comprehensive (loss) income, net -17 21 Total equity 27,413 26,870 Total liabilities and equity $38,569 $35,956 Our financial results for fiscal 2015 and 2014 reflect the impact of significant items that we believe are not indicative of our operating performance in the prior or future years, as they either have no cash impact or are related to amounts covered by the retrospective responsibility plan. As such, we believe the presentation of adjusted financial results excluding the following amounts provides a clearer understanding of our operating performance for the periods presented. ● Revaluation of Visa Europe put option. During the third quarter of fiscal 2015, we recorded an increase of $110 million in the fair value of the Visa Europe put option, resulting in the recognition of non-cash, non-operating expense in our financial results. This amount is not subject to income tax and therefore has no impact on our reported income tax provision. ● Litigation provision. During fiscal 2014, we recorded a litigation provision of $450 million and related tax benefits associated with the interchange multidistrict litigation. The tax impact is determined by applying applicable federal and state tax rates to the litigation provision. Monetary liabilities from settlements of, or judgments in, the interchange multidistrict litigation will be paid from the litigation escrow account under the retrospective responsibility plan. Three Months Ended September 30, Operating Expenses Operating Margin(1),(2) Net Income Diluted Earnings per Share(2),(3) 2015 2014 2015 2014 2015 2014 2015 2014 As reported $1,288 $1,677 0.64 0.48 $1,512 $1,073 $0.62 $0.43 Litigation provision 0 -,450 0 0.14000000000000001 0 283 0 0.11 As adjusted $1,288 $1,227 0.64 0.62 $1,512 $1,356 $0.62 $0.54 Diluted weighted-average shares outstanding, as reported 2,440 2,493 Twelve Months Ended September 30, Operating Expenses Operating Margin(1),(2) Net Income Diluted Earnings per Share(2),(3) 2015 2014 2015 2014 2015 2014 2015 2014 As reported $4,816 $5,005 0.65 0.61 $6,328 $5,438 $2.58 $2.16 Revaluation of Visa Europe put option 0 0 0 0 110 0 0.04 0 Litigation provision 0 -,450 0 0.04 0 283 0 0.11 As adjusted $4,816 $4,555 0.65 0.64 $6,438 $5,721 $2.62 $2.27 Diluted weighted-average shares outstanding, as reported 2,457 2,523 (1) Operating margin is calculated as operating income divided by total operating revenues. (2) Figures in the table may not recalculate exactly due to rounding. Operating margin and diluted earnings per share figures are calculated based on unrounded numbers. (3) The per share amounts for the prior periods presented have been retroactively adjusted to reflect the four-for-one stock split effected in the fiscal second quarter of 2015. VISA INC. FISCAL 2014 AND 2013 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Fiscal 2014 Quarter Ended Fiscal 2013 Quarter Ended September 30,2014 June 30,2014 March 31,2014 December 31,2013 September 30,2013 (in millions) Operating Revenues Service revenues $1,499 $1,417 $1,462 $1,419 $1,385 Data processing revenues 1,348 1,321 1,234 1,264 1,186 International transaction revenues 938 860 871 891 899 Other revenues 212 195 183 180 183 Client incentives -,768 -,638 -,587 -,599 -,680 Total operating revenues 3,229 3,155 3,163 3,155 2,973 Operating Expenses Personnel 496 463 446 470 499 Marketing 241 228 245 186 236 Network and processing 128 127 120 132 122 Professional fees 94 82 77 75 130 Depreciation and amortization 112 109 107 107 106 General and administrative 153 126 120 108 129 Litigation provision 453 0 — 0 0 Total operating expenses 1,677 1,135 1,115 1,078 1,222 Operating income 1,552 2,020 2,048 2,077 1,751 Non-operating (expense) income -2 10 13 6 15 Income before income taxes 1,550 2,030 2,061 2,083 1,766 Income tax provision 477 670 463 676 574 Net income $1,073 $1,360 $1,598 $1,407 $1,192 VISA INC. CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) For the Years Ended September 30, 2014 2013 2012 (in millions) Operating Activities Net income $5,438 $4,980 $2,142 Adjustments to reconcile net income to net cash provided by (used in) operating activities: Amortization of client incentives 2,592 2,321 2155 Share-based compensation 172 179 147 Excess tax benefit for share-based compensation -90 -74 -71 Depreciation and amortization of property, equipment, technology and intangible assets 435 397 333 Deferred income taxes -,580 1,527 -1,690 Litigation provision 453 3 4,101 Other 37 50 -8 Change in operating assets and liabilities: Income tax receivable 51 37 -67 Settlement receivable 13 -,345 -42 Accounts receivable -53 -38 -161 Client incentives -2,395 -2,336 -1757 Other assets -,430 -,543 41 Accounts payable -56 40 -17 Settlement payable 107 506 270 Accrued and other liabilities 513 702 -,227 Accrued litigation 998 -4,384 -140 Net cash provided by operating activities 7205 3022 5009 Investing Activities Purchases of property, equipment, technology and intangible assets -,553 -,471 -,376 Proceeds from disposal of property, equipment and technology 0 0 2 Investment securities, available-for-sale: Purchases -2,572 -3,164 -4,140 Proceeds from maturities and sales 2,342 2,440 2,093 Acquisitions, net of cash received -,149 0 -3 Purchases of / contributions to other investments -9 -3 -12 Proceeds / distributions from other investments 0 34 22 Net cash used in investing activities -,941 -1,164 -2,414 Financing Activities Repurchase of class A common stock -4,118 -5,365 -,710 Dividends paid -1,006 -,864 -,595 Deposits into litigation escrow account—retrospective responsibility plan -,450 0 -1,715 (Return to) payments from litigation escrow account—retrospective responsibility plan -,999 4,383 140 Cash proceeds from exercise of stock options 91 108 174 Restricted stock and performance-based shares settled in cash for taxes -86 -64 0 Excess tax benefit for share-based compensation 90 74 71 Payments for earn-out related to PlaySpan acquisition 0 -12 -14 Principal payments on capital lease obligations 0 -6 -6 Net cash used in financing activities -6,478 -1,746 -2,655 Effect of exchange rate changes on cash and cash equivalents -1 0 0 7 (Decrease) increase in cash and cash equivalents -,215 112 -53 Cash and cash equivalents at beginning of year 2,186 2,074 2,127 Cash and cash equivalents at end of period $1,971 $2,186 $2,074 Supplemental Disclosures Income taxes paid, net of refunds $2,656 $595 $2,057 Non-cash accruals related to purchases of property, equipment, technology and intangible assets $62 $46 $67 VISA INC. CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended September 30, Twelve Months Ended September 30, 2014 2013 2014 2013 (in millions, except per share data) Operating Revenues Service revenues $1,499 $1,385 $5,797 $5,352 Data processing revenues 1,348 1,186 5,167 4,642 International transaction revenues 938 899 3,560 3,389 Other revenues 212 183 770 716 Client incentives -,768 -,680 -2,592 -2,321 Total operating revenues 3,229 2,973 12,702 11,778 Operating Expenses Personnel 496 499 1,875 1,932 Marketing 241 236 900 876 Network and processing 128 122 507 468 Professional fees 94 130 328 412 Depreciation and amortization 112 106 435 397 General and administrative 153 129 507 451 Litigation provision 453 0 453 3 Total operating expenses 1,677 1,222 5,005 4,539 Operating income 1,552 1,751 7,697 7,239 Non-operating (expense) income -2 15 27 18 Income before income taxes 1,550 1,766 7,724 7,257 Income tax provision 477 574 2,286 2,277 Net income $1,073 $1,192 $5,438 $4,980 Basic earnings per share Class A common stock $1.73 $1.86 $8.65 $7.61 Class B common stock $0.73 $0.78 $3.63 $3.2 Class C common stock $1.73 $1.86 $8.65 $7.61 Basic weighted-average shares outstanding Class A common stock 492 509 498 520 Class B common stock 245 245 245 245 Class C common stock 24 27 26 28 Diluted earnings per share Class A common stock $1.72 $1.85 $8.6199999999999992 $7.59 Class B common stock $0.72 $0.78 $3.62 $3.19 Class C common stock $1.72 $1.85 $8.6199999999999992 $7.59 Diluted weighted-average shares outstanding Class A common stock 623 644 631 656 Class B common stock 245 245 245 245 Class C common stock 24 27 26 28 VISA INC. CONSOLIDATED BALANCE SHEETS (UNAUDITED) September 30,2014 September 30,2013 (in millions, except par value data) Assets Cash and cash equivalents $1,971 $2,186 Restricted cash—litigation escrow 1,498 49 Investment securities: Trading 69 75 Available-for-sale 1,910 1,994 Income tax receivable 91 142 Settlement receivable 786 799 Accounts receivable 822 761 Customer collateral 961 866 Current portion of client incentives 210 282 Current portion of deferred tax assets 1,028 481 Prepaid expenses and other current assets 216 187 Total current assets 9,562 7,822 Investment securities, available-for-sale 3,015 2,760 Client incentives 81 89 Property, equipment and technology, net 1,892 1,732 Deferred tax assets 8 0 Other assets 847 521 Intangible assets, net 11,411 11,351 Goodwill 11,753 11,681 Total assets $38,569 $35,956 Liabilities Accounts payable $147 $184 Settlement payable 1,332 1,225 Customer collateral 961 866 Accrued compensation and benefits 450 523 Client incentives 1,036 919 Accrued liabilities 624 613 Accrued litigation 1,456 5 Total current liabilities 6,006 4,335 Deferred tax liabilities 4,145 4,149 Other liabilities 1,005 602 Total liabilities 11,156 9,086 Equity Preferred stock, $0.0001 par value, 25 shares authorized and none issued 0 0 Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 495 and 508 shares issued and outstanding at September 30, 2014 and 2013, respectively 0 0 Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at September 30, 2014 and 2013 0 0 Class C common stock, $0.0001 par value, 1,097 shares authorized, 22 and 27 shares issued and outstanding at September 30, 2014 and 2013, respectively 0 0 Additional paid-in capital 18,299 18,875 Accumulated income 9,131 7,974 Accumulated other comprehensive (loss) income, net: Investment securities, available-for-sale 31 59 Defined benefit pension and other postretirement plans -84 -60 Derivative instruments classified as cash flow hedges 38 23 Foreign currency translation adjustments -2 -1 Total accumulated other comprehensive (loss) income, net -17 21 Total equity 27,413 26,870 Total liabilities and equity $38,569 $35,956 Our financial results for fiscal 2015 and 2014 reflect the impact of significant items that we believe are not indicative of our operating performance in the prior or future years, as they either have no cash impact or are related to amounts covered by the retrospective responsibility plan. As such, we believe the presentation of adjusted financial results excluding the following amounts provides a clearer understanding of our operating performance for the periods presented. ● Revaluation of Visa Europe put option. During the third quarter of fiscal 2015, we recorded an increase of $110 million in the fair value of the Visa Europe put option, resulting in the recognition of non-cash, non-operating expense in our financial results. This amount is not subject to income tax and therefore has no impact on our reported income tax provision. ● Litigation provision. During fiscal 2014, we recorded a litigation provision of $450 million and related tax benefits associated with the interchange multidistrict litigation. The tax impact is determined by applying applicable federal and state tax rates to the litigation provision. Monetary liabilities from settlements of, or judgments in, the interchange multidistrict litigation will be paid from the litigation escrow account under the retrospective responsibility plan. Three Months Ended September 30, Operating Expenses Operating Margin(1),(2) Net Income Diluted Earnings per Share(2),(3) 2015 2014 2015 2014 2015 2014 2015 2014 As reported $1,288 $1,677 0.64 0.48 $1,512 $1,073 $0.62 $0.43 Litigation provision 0 -,450 0 0.14000000000000001 0 283 0 0.11 As adjusted $1,288 $1,227 0.64 0.62 $1,512 $1,356 $0.62 $0.54 Diluted weighted-average shares outstanding, as reported 2,440 2,493 Twelve Months Ended September 30, Operating Expenses Operating Margin(1),(2) Net Income Diluted Earnings per Share(2),(3) 2015 2014 2015 2014 2015 2014 2015 2014 As reported $4,816 $5,005 0.65 0.61 $6,328 $5,438 $2.58 $2.16 Revaluation of Visa Europe put option 0 0 0 0 110 0 0.04 0 Litigation provision 0 -,450 0 0.04 0 283 0 0.11 As adjusted $4,816 $4,555 0.65 0.64 $6,438 $5,721 $2.62 $2.27 Diluted weighted-average shares outstanding, as reported 2,457 2,523 (1) Operating margin is calculated as operating income divided by total operating revenues. (2) Figures in the table may not recalculate exactly due to rounding. Operating margin and diluted earnings per share figures are calculated based on unrounded numbers. (3) The per share amounts for the prior periods presented have been retroactively adjusted to reflect the four-for-one stock split effected in the fiscal second quarter of 2015. VISA INC. FISCAL 2014 AND 2013 QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) Fiscal 2014 Quarter Ended Fiscal 2013 Quarter Ended September 30,2014 June 30,2014 March 31,2014 December 31,2013 September 30,2013 (in millions) Operating Revenues Service revenues $1,499 $1,417 $1,462 $1,419 $1,385 Data processing revenues 1,348 1,321 1,234 1,264 1,186 International transaction revenues 938 860 871 891 899 Other revenues 212 195 183 180 183 Client incentives -,768 -,638 -,587 -,599 -,680 Total operating revenues 3,229 3,155 3,163 3,155 2,973 Operating Expenses Personnel 496 463 446 470 499 Marketing 241 228 245 186 236 Network and processing 128 127 120 132 122 Professional fees 94 82 77 75 130 Depreciation and amortization 112 109 107 107 106 General and administrative 153 126 120 108 129 Litigation provision 453 0 — 0 0 Total operating expenses 1,677 1,135 1,115 1,078 1,222 Operating income 1,552 2,020 2,048 2,077 1,751 Non-operating (expense) income -2 10 13 6 15 Income before income taxes 1,550 2,030 2,061 2,083 1,766 Income tax provision 477 670 463 676 574 Net income $1,073 $1,360 $1,598 $1,407 $1,192

Calculation of Free Cash Flow US$ in millions A-2 (1) Includes changes in client incentives, trade receivable/payable, settlement receivable/payable and personnel incentives. Additions (+) / Reductions (-) to Net income Net income (as reported) 1,512 6,328 Capital Assets + Depreciation and amortization 119 494 - Capital expenditures (138) (414) (19) 80 Litigation + Litigation provision 11 14 - Settlement payments (84) (446) + Settlement payments funded by litigation escrow 71 426 (2) (6) Share-based Compensation + Share-based compensation 48 187 Pension + Pension expense 5 19 - Pension contribution — (2) 5 17 Taxes + Income tax provision 771 2,667 - Income taxes paid (594) (2,486) 177 181 Visa Europe Put Option + Fair value adjustment — 110 Changes in Working Capital (1) +/- Changes in other working capital accounts (91) (269) Total Free Cash Flow 1,630 6,628 Three Months Ended September 30, 2015 Twelve Months Ended September 30, 2015

Date: November 2, 2015

/s/ Vasant M. Prabhu

Vasant M. Prabhu

Chief Financial Officer