Visa : Q3 2021 Earnings Presentation

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CliFisckalToThirdEditQuMasrter Title2021 Financial Results

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Fiscal Third Quarter 2021 Results

	Net	Client Incentives	Operating	Effective Income	Diluted Class A
YoY Increase / (Decrease)	as a % of	Common Stock
Revenues	Gross Revenues	Expenses	Tax Rate	Earnings Per Share
GAAP Nominal-Dollar Basis	27%*	25.8%	12%	41.3%	10%
Non-GAAPNominal-Dollar Basis(1)	12%	17.9%	41%
Foreign Currency Impact	(~1%)		(~0.5%)		(~2%)
Acquisition Impact	~0%	0%	~0%	0%	~0%
Adjusted Constant-Dollar Basis(2)	26%	25.8%	12%	17.9%	39%

• Had we recognized service revenues on current quarter's payments volume and other revenue components remained unchanged, net revenues would have increased 39%.

1. Non-GAAPresults exclude a special item, equity investment gains and losses, amortization of acquired intangible assets for acquisitions in fiscal year 2019 and subsequent periods, non-recurringacquisition-related costs and the related tax impacts.
2. Adjusted financial results are on a constant-dollar basis and exclude the impact of the non-GAAP items and operating revenues and expenses of the acquired entities that were not in the entire quarter of the previous year and the incremental interest expense or forgone interest income as a result of funding the acquisition through debt or cash, respectively.

Note: Refer to Non-GAAP and Adjusted Constant-Dollar Results Footnote for further information.

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Fiscal Third Quarter 2021 Financial Results

©2021 Visa. All rights reserved.

Non-GAAP and Adjusted Constant-Dollar Results Footnote

We consider non-GAAP measures useful to investors because they provide greater transparency into management´s view and assessment of the Company´s ongoing operating performance by removing items management believes are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We believe these measures to be useful to enhance the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not associated with the Company´s core operations. The Company does not, nor does it suggest investors should, consider such non-GAAP financial measures in isolation from, or as a substitute for, GAAP financial information.

We exclude the following to arrive at our Adjusted Constant -Dollar Financial Results:

◦ non-GAAP impacts of (refer to the financial tables in the earnings release for further details): ▪ special item(s);

▪ equity investment gains and losses;

▪ amortization of acquired intangible assets for acquisitions in fiscal year 2019 and subsequent periods; ▪ non-recurringacquisition-related costs;

◦ impact of foreign currency to provide currency-neutral growth rates which management believes are a better reflection of the underlying performance of our business; and

◦ impact of acquisitions, which include operating revenues and expenses of the acquired entities that were not in the entire quarter of the previous year and the incremental interest expense or forgone interest income as a result of funding the acquisition through debt or cash, respectively, which management believes enhances the comparability of our results. These amounts will be adjusted until we lap the quarter that the entity was acquired in, at which time there will be comparable results within each reported period.

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Fiscal Third Quarter 2021 Financial Results

©2021 Visa. All rights reserved.

Fiscal Third Quarter 2021 Results

• Our key business driver growth rates increased significantly from the COVID-19 impacted levels in 2020, making year-over-year comparisons difficult to interpret
• Indexed to 2019, fiscal third quarter payments volume, cross-border volume and processed transactions all accelerated from the fiscal second quarter
• Returned $2.9B of capital to shareholders in the form of share repurchases and dividends

Income Statement Summary

In billions, except percentages and per share data. % change is calculated over the comparable prior-year period.		Q3 2021
USD		% Change
Net Revenues	$6.1		27%
GAAP Net Income	$2.6		9%
GAAP Earnings Per Share	$1.18		10%
Non-GAAP Net Income(1)	$3.3		39%
Non-GAAP Earnings Per Share(1)	$1.49		41%

1. Non-GAAPresults exclude a special item, equity investment gains and losses, amortization of acquired intangible assets, non-recurringacquisition-related costs and the related tax impacts.

Key Business Drivers
YoY increase / (decrease), volume in constant dollars
Q3 2021
Payments Volume	34%
Cross-Border Volume Excluding Intra-Europe(1)	53%
Cross-Border Volume Total	47%
Processed Transactions	39%

1. Cross-bordervolume excluding transactions within Europe.

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Fiscal Third Quarter 2021 Financial Results

©2021 Visa. All rights reserved.

Operational Performance Metrics Monthly Growth

U.S. Payments Volume

Total	Credit	Debit	Total	Card Present	Card Not Present	Card Not Present, Excluding Travel
90%			90%
70%			70%
50%			50%
30%			30%
10%			10%
(10%)			(10%)
(30%)			(30%)
(50%)			(50%)

Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul	Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun Jul
	1-21		1-21
	2021
2020	2020	2021

Note: February growth rates for total U.S. payments volume would have been 10% and 9% in 2020 and 2021, respectively, if the impact of February 29, 2020 was excluded. Results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics.

4 Fiscal Third Quarter 2021 Financial Results

©2021 Visa. All rights reserved.