Visa : Q3 2020 Earnings Release

Visa Inc. Reports Fiscal Third Quarter 2020 Results

San Francisco, CA, July 28, 2020 - Visa Inc. (NYSE: V)

• GAAP net income of $2.4B or $1.07 per share and non-GAAP net income of $2.3B or $1.06 per share
• Net revenues of $4.8B, a decrease of 17%
• While the underlying business drivers declined year-over-year due to the continuing impact of COVID-19, they improved each month throughout the quarter - meaningfully for payments volume and processed transactions and marginally for cross-border volume
• Returned $1.6B of capital to shareholders in the form of share repurchases and dividends

Q3 2020 Results

(Ended June 30, 2020)

		GAAP	Non-GAAP(1)
in billions, except
		YoY		YoY
percentages and
USD		Change	USD	Change
per share data
Net Revenues	$4.8		(17%)	$4.8	(17%)
Net Income	$2.4	(23%)	$2.3	(24%)
Earnings Per Share	$1.07		(22%)	$1.06	(23%)

1. Non-GAAPresults exclude equity investment gains and losses, amortization of acquired intangible assets and non-recurringacquisition-related costs.

Alfred F. Kelly, Jr., Chairman and Chief

Executive Officer, Visa Inc., commented on the results:

"We continue to focus on managing our business for the medium and long-term despite the challenges of the global pandemic. In the quarter, we were pleased to see strong growth in areas that are strategically important, including eCommerce, tap to pay, new flows and value-added services. We remain committed to our strategy and are thoughtfully investing to fuel Visa's future performance."

Q3 2020 Key Business Drivers

(YoY increase / (decrease), volume in constant dollars)

Payments Volume	Cross-Border Volume	Processed Transactions
(10%)	Excluding Intra-Europe(1): (47%)	(13%)
	Total: (37%)

1. Cross-bordervolume excluding transactions within Europe.

Fiscal Third Quarter 2020 - Financial Highlights

GAAP net income in the fiscal third quarter was $2.4 billion or $1.07 per share, decreases of 23% and 22%, respectively, over prior year's results. Current and prior year's results included $51 million and $9 million of net gains from equity investments, respectively. Current and prior year's results also included $17 million and $5 million, respectively, related to the amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding these items, non-GAAP net income for the quarter was $2.3 billion or $1.06 per share, decreases of 24% and 23%, respectively, over prior year's results (refer to the accompanying financial tables for further details and a reconciliation of the non-GAAP measures presented). Non-GAAP earnings per share decrease was approximately 22% on a constant-dollar basis. All references to earnings per share assume fully-diluted class A share count.

Net revenues in the fiscal third quarter were $4.8 billion, a decrease of 17%, driven by the year-over-year declines in payments volume, cross-border volume and processed transactions. Net revenues decrease was approximately 16% on a constant-dollar basis.

Payments volume for the three months ended March 31, 2020, on which fiscal third quarter service revenues are recognized, grew 4% over the prior year on a constant-dollar basis.

Payments volume for the three months ended June 30, 2020, decreased 10% over the prior year on a constant-dollar basis.

Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, declined 47% on a constant-dollar basis for the three months ended June 30, 2020. Including cross-border transactions within Europe, the decline on a constant-dollar basis was 37% in the quarter.

Total processed transactions, which represent transactions processed by Visa, for the three months ended June 30, 2020, were 30.7 billion, a 13% decrease over the prior year.

Fiscal third quarter service revenues were $2.4 billion, flat compared to 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 decreased 5% over the prior year to $2.5 billion. International transaction revenues declined 44% over the prior year to $1.1 billion. Other revenues of $314 million reflected an 8% reduction over the prior year. Client incentives, which are a contra- revenue item, were $1.5 billion and represented 23.8% of gross revenues.

GAAP operating expenses were $1.8 billion for the fiscal third quarter, a 5% decrease over the prior year's results, including the amortization of acquired intangible assets and non-recurringacquisition-related costs in the current and prior year. Excluding these operating expense items, non-GAAP operating expenses decreased 5% over the prior year, primarily driven by marketing and general and administrative expenses reflecting our overall cost management strategy.

GAAP non-operating expense was $67 million for the fiscal third quarter, including $51 million of net equity investment gains.

GAAP effective income tax rate was 19.1% for the quarter ended June 30, 2020, including the tax impacts from net equity investment gains, amortization of acquired intangible assets and non-recurringacquisition-related costs. Excluding the tax impacts from these items, the non-GAAP effective income tax rate was 19.0% for the quarter ended June 30, 2020.

Cash, cash equivalents and investment securities were $17.2 billion as of June 30, 2020.

The weighted-average number of diluted shares of class A common stock outstanding was 2.21 billion for the quarter ended June 30, 2020.

2

Other Notable Items

COVID-19 continues to have an impact globally. In the fiscal third quarter we saw spending improve each month as most countries began to relax domestic restrictions. In the U.S., as the quarter progressed, payments volume meaningfully improved, driven by the relaxing of shelter-in-place restrictions in a number of states. This helped to lift card present spending while eCommerce excluding travel spend remained consistently elevated, as consumers continued to shift their spend online. International markets are at various stages of reopening and recovery, with many large markets having a trajectory comparable to the U.S. Global processed transaction growth has slightly lagged payments volume growth, as the mix of spending shifted away from smaller purchases. Cross-border volume has improved only marginally through the quarter as travel has been heavily affected by most country borders remaining closed, partially offset by strong eCommerce spend excluding travel.

On April 2, 2020 Visa issued fixed-rate senior notes in an aggregate principal amount of $4.0 billion, with maturities ranging between 7 and 20 years, and interest rates from 1.9% to 2.7%. The weighted-average interest rate is 2.16%. The net proceeds will be used for general corporate purposes.

During the three months ended June 30, 2020, Visa repurchased 5.2 million shares of class A common stock, at an average price of $180.47 per share, using $0.9 billion of cash on hand. In the nine months ended June 30, 2020, Visa repurchased a total of 36.0 million shares of class A common stock, at an average price of $180.01 per share, using $6.5 billion of cash on hand. The Company had $7.0 billion of remaining authorized funds for share repurchase as of June 30, 2020.

On July 20, 2020, the board of directors declared a quarterly cash dividend of $0.30 per share of class A common stock (determined in the case of class B and C common stock and series B and C convertible participating preferred stock on an as- converted basis) payable on September 1, 2020, to all holders of record as of August 14, 2020.

Financial Outlook for Fiscal Full-Year 2020

The worldwide spread of COVID-19 has created significant uncertainty in the global economy and the extent to which COVID-19 will continue to impact the Company's future results is difficult to reasonably estimate at this time; therefore we are not providing a fiscal full-year 2020 outlook.

Fiscal Third Quarter 2020 Earnings Results Conference Call Details

Visa's executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern Time (2:00 p.m. Pacific Time) today to discuss the financial results and business highlights. All interested parties are invited to listen to the live webcast athttp://investor.visa.com. A replay of the webcast will be available for 30 days. Investor information, including supplemental financial information, is also available athttp://investor.visa.com.

3

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, the impact on our underlying business drivers and other volume and transaction trends as a result of COVID-19, our future operations, prospects, developments, strategies and business growth. Forward-looking statements generally are identified by words such as "anticipates," "estimates," "expects," "intends," "may," "projects," "outlook," "could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be forward- looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict.

Actual results could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to:

• impact of global economic, political, market, health and social events or conditions, including the impact of COVID-19;
• increased oversight and regulation of the global payments industry and our business;
• impact of government-imposed restrictions on international payment systems;
• outcome of tax, litigation and governmental investigation matters;
• increasingly intense competition in the payments industry, including competition for our clients and merchants;
• proliferation and continuous evolution of new technologies and business models;
• our ability to maintain relationships with our clients, merchants and other third parties;
• brand or reputational damage;
• management changes;
• exposure to loss or illiquidity due to settlement guarantees;
• uncertainty surrounding the impact of the United Kingdom's withdrawal from the European Union;
• a disruption, failure, breach or cyber-attack of our networks or systems;
• risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions and other strategic investments; and
• other factors 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, 2019, and our subsequent reports on Forms 10-Q and 8-K.

Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

About Visa Inc.

Visa Inc. (NYSE: V) is the world's leader in digital payments. Our mission is to connect the world through the most innovative, reliable and secure payment network - enabling individuals, businesses and economies to thrive. Our advanced global processing network, VisaNet, provides secure and reliable payments around the world, and is capable of handling more than 65,000 transaction messages a second. The company's relentless focus on innovation is a catalyst for the rapid growth of digital commerce on any device for everyone, everywhere. As the world moves from analog to digital, Visa is applying our brand, products, people, network and scale to reshape the future of commerce. For more information, visit usa.visa.com/about-visa.html,usa.visa.com/visa-everywhere/blog.html and @VisaNews.

	Contacts		Investor Relations	Media Relations
		Mike Milotich, 650-432-7644,	Will Stickney, 415-805-4892,
			[e-mail]	[e-mail]

4

Fiscal Third Quarter 2020 - Financial Summary

Q3 FISCAL 2020 INCOME STATEMENT SUMMARY

Three Months Ended

(in millions, except percentages and per shareJune 30, 2020YoY Change data)

GAAP Non-GAAP GAAP Non-GAAP

Re ve nue s
Service revenues	$	2,409	$	2,409	0%	0%
Data processing revenues		2,525		2,525	(5%)	(5%)
International transaction revenues		1,102		1,102	(44%)	(44%)
Other revenues		314		314	(8%)	(8%)
Client incentives		(1,513)		(1,513)	(2%)	(2%)
Net revenues		4,837		4,837	(17%)	(17%)
Operating Expenses
Personnel		941		939	8%	8%
Marketing		174		174	(38%)	(38%)
Network and processing		172		171	(7%)	(7%)
Professional fees		95		94	(16%)	(14%)
Depreciation and amortization		197		184	19%	13%
General and administrative		258		258	(18%)	(18%)
Litigation provision		1		1	(40%)	(40%)
Total operating expenses		1,838		1,821	(5%)	(5%)
Operating income		2,999		3,016	(23%)	(23%)
Non-operating expense		(67)		(118)	59%	134%
Effective tax rate		19.1%		19.0%	(1 ppt)	(1 ppt)
Net income	$	2,373	$	2,347	(23%)	(24%)
Earnings per share	$	1 .07	$	1 .06	(22%)	(23%)

Q3 FISCAL 2020 KEY BUSINESS DRIVERS

	YoY Change
	Constant	Nominal
Payments volume	(10%)	(12%)
Cross-border volume excluding intra-Europe(1)	(47%)	(48%)
Cross-border volume total	(37%)	(38%)
Processed transactions	(13%)	(13%)

1. Cross-bordervolume excluding transactions within Europe.

5

Visa Inc. Consolidated Balance Sheets (unaudited)

					June 30,				September 30,
					2020					2019
					(in millions, except per share data)
	Assets
	Cash and cash equivalents			$	13,898				$	7,838
	Restricted cash equivalents-U.S. litigation escrow				1,148					1,205
	Investment securities				2,739					4,236
	Settlement receivable				2,111					3,048
	Accounts receivable				1,453					1,542
	Customer collateral				1,759					1,648
	Current portion of client incentives				1,150					741
	Prepaid expenses and other current assets				753					712
	Total current assets		25,011					20,970
	Investment securities				547					2,157
	Client incentives				3,168					2,084
	Property, equipment and technology, net				2,746					2,695
	Goodwill				15,791					15,656
	Intangible assets, net				27,188					26,780
	Other assets				3,433					2,232
	Total assets			$	77,884				$	72,574
	Liabilities
	Accounts payable			$	153				$	156
	Settlement payable		2,725					3,990
	Customer collateral				1,759					1,648
	Accrued compensation and benefits				703					796
	Client incentives				4,208					3,997
	Accrued liabilities				2,397					1,625
	Current maturities of debt				2,999					-
	Accrued litigation				1,156					1,203
	Total current liabilities				16,100					13,415
	Long-term debt				17,880					16,729
	Deferred tax liabilities				4,728					4,807
	Other liabilities				3,652					2,939
	Total liabilities				42,360					37,890
	Equity
	Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows:
	Series A convertible participating preferred stock, none issued (the "class A equivalent preferred stock")				-					-
	Series B convertible participating preferred stock, 2 shares issued and outstanding at June 30, 2020 and				2,213					2,285
	September 30, 2019 (the "UK&I preferred stock")
	Series C convertible participating preferred stock, 3 shares issued and outstanding at June 30, 2020 and				3,085					3,177
	September 30, 2019 (the "Europe preferred stock")
	Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,687 and 1,718 shares issued and outstanding at				-					-
	June 30, 2020 and September 30, 2019, respectively
	Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at June 30, 2020				-					-
	and September 30, 2019
	Class C common stock, $0.0001 par value, 1,097 shares authorized, 11 shares issued and outstanding at June 30, 2020				-					-
	and September 30, 2019
	Right to recover for covered losses				(24)					(171)
	Additional paid-in capital				16,457					16,541
	Accumulated income				14,072					13,502
	Accumulated other comprehensive income (loss), net:
	Investment securities				4					6
	Defined benefit pension and other postretirement plans				(192)					(192)
	Derivative instruments				(39)					199
	Foreign currency translation adjustments				(52)					(663)
	Total accumulated other comprehensive income (loss), net		(279)					(650)
	Total equity				35,524					34,684
	Total liabilities and equity	$	77,884				$	72,574

6

Visa Inc. Consolidated Statements of Operations (unaudited)

			Three Months Ended				Nine Months Ended
				June 30,						June 30,
			2020						2019					2020					2019
									(in millions, except per share data)
	Net revenues		$	4,837				$	5,840				$	16,745				$	16,840
	Operating Expenses
	Personnel		941					872					2,863					2,573
	Marketing			174					282					683					799
	Network and processing		172					184					536					528
	Professional fees			95					113					304					305
	Depreciation and amortization		197					165					571					484
	General and administrative			258					315					840					855
	Litigation provision		1					1					9					30
	Total operating expenses			1,838					1,932					5,806					5,574
	Operating income		2,999					3,908					10,939					11,266
	Non-operating Income (Expense)
	Interest expense, net			(142)					(128)					(371)					(413)
	Investment income and other		75					86					167					320
	Total non-operating income (expense)			(67)					(42)					(204)					(93)
	Income before income taxes		2,932					3,866					10,735					11,173
	Income tax provision			559					765					2,006					2,118
	Net income	$	2,373				$	3,101				$	8,729				$	9,055
	Basic Earnings Per Share
	Class A common stock		$	1.07				$	1.37				$	3.92				$	3.98
	Class B common stock
	$	1.74		$	2.23		$	6.37		$	6.49
	Class C common stock		$	4.29				$	5.48				$	15.70				$	15.92
	Basic Weighted-average Shares Outstanding
	Class A common stock		1,690					1,735					1,702					1,748
	Class B common stock			245					245					245					245
	Class C common stock
		11					12					11					12
	Diluted Earnings Per Share
	Class A common stock		$	1.07				$	1.37				$	3.92				$	3.97
	Class B common stock
	$	1.74		$	2.23		$	6.36		$	6.48
	Class C common stock		$	4.29				$	5.48				$	15.68				$	15.90
	Diluted Weighted-average Shares Outstanding
	Class A common stock		2,214					2,265					2,227					2,278
	Class B common stock			245					245					245					245
	Class C common stock
		11					12					11					12

7

Visa Inc. Consolidated Statements of Cash Flows (unaudited)

				Nine Months Ended
				June 30,
			2020				2019
				(in	millions)
	Operating Activities
	Net income	$	8,729	$	9,055
	Adjustments to reconcile net income to net cash provided by (used in) operating activities:
	Client incentives		4,966			4,480
	Share-based compensation			322			321
	Depreciation and amortization of property, equipment, technology and intangible assets		571			484
	Deferred income taxes			(116)			234
	VE territory covered losses incurred		(22)			(170)
	Other			(149)			(204)
	Change in operating assets and liabilities:
	Settlement receivable			966			(127)
	Accounts receivable		108			(319)
	Client incentives			(6,261)			(4,778)
	Other assets		(464)			(172)
	Accounts payable			7			(22)
	Settlement payable		(1,324)			280
	Accrued and other liabilities			1,058			257
	Accrued litigation		(47)			(577)
	Net cash provided by (used in) operating activities			8,344			8,742
	Investing Activities
	Purchases of property, equipment and technology			(568)			(507)
	Investment securities:
	Purchases			(549)			(2,321)
	Proceeds from maturities and sales		3,675			3,870
	Acquisitions, net of cash acquired			(77)			(136)
	Purchases of / contributions to other investments		(254)			(482)
	Proceeds / distributions from other investments			5			10
	Other investing activities		76			(21)
	Net cash provided by (used in) investing activities			2,308			413
	Financing Activities
	Repurchase of class A common stock			(6,572)			(6,480)
	Dividends paid		(2,002)			(1,706)
	Proceeds from issuance of senior notes			3,985			-
	Payment of deferred purchase consideration related to Visa Europe acquisition		-			(1,236)
	Cash proceeds from issuance of common stock under employee equity plans			142			127
	Restricted stock and performance-based shares settled in cash for taxes		(158)			(106)
	Other financing activities			(118)			-
	Net cash provided by (used in) financing activities		(4,723)			(9,401)
	Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents			173			(62)
	Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents		6,102			(308)
	Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period			10,832			10,977
	Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period	$	16,934		$	10,669
	Supplemental Disclosure
	Cash paid for income taxes, net	$	1,793	$	1,992
	Interest payments on debt		$	503		$	503
	Accruals related to purchases of property, equipment and technology	$	34	$	87

8

Visa Inc. Fiscal 2020 and 2019 Quarterly Results of Operations (unaudited)

					Fiscal 2020 Quarter Ended					Fiscal 2019 Quarter Ended
				June 30,					March 31,				December 31,				September 30,				June 30,
				2020					2020				2019				2019				2019
													(in millions)
	Net revenues		$	4,837			$	5,854			$	6,054			$	6,137			$	5,840
	Operating Expenses
	Personnel		941					940				982				871				872
	Marketing			174					235				274				306				282
	Network and processing		172					183				181				193				184
	Professional fees			95					103				106				149				113
	Depreciation and amortization		197					192				182				172				165
	General and administrative			258					269				313				341				315
	Litigation provision		1					8				-				370				1
	Total operating expenses			1,838					1,930				2,038				2,402				1,932
	Operating income		2,999					3,924				4,016				3,735				3,908
	Non-operating Income (Expense)
	Interest expense, net			(142)					(118)				(111)				(120)				(128)
	Investment income and other		75					23				69				96				86
	Total non-operating income (expense)			(67)					(95)				(42)				(24)				(42)
	Income before income taxes		2,932					3,829				3,974				3,711				3,866
	Income tax provision			559					745				702				686				765
	Net income	$	2,373				$	3,084			$	3,272			$	3,025			$	3,101

9

Visa Inc. Reconciliation of Non-GAAP Financial Results (unaudited)

We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations and may distort our longer-term operating trends. We consider non-GAAP measures useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance. Starting in fiscal 2020, we revised our non-GAAP methodology to exclude the impact of gains and losses on our equity investments, amortization of acquired intangible assets and acquisition-related costs for acquisitions that closed in fiscal 2019 and subsequent periods. Prior year amounts have been restated to conform to our current presentation.

• Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses and the related tax impacts associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business. During the three and nine months ended June 30, 2020, we recorded net realized and unrealized gains of $51 million and $62 million, respectively, and related tax expense of $11 million and $14 million, respectively. For the same prior-year comparable periods, we recorded net realized and unrealized gains of $9 million and $89 million, respectively, and related tax expense of $3 million and $21 million, respectively.
• Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as developed technology, customer relationships and brands acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount and the related tax impact to facilitate an evaluation of our current operating performance and comparison to our past operating performance. During the three and nine months ended June 30, 2020, we recorded amortization of acquired intangible assets of $13 million and $35 million, respectively, and related tax benefit of $3 million and $8 million, respectively. For the same prior-year comparable periods, we recorded amortization of acquired intangible assets of $2 million.
• Acquisition-relatedcosts. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. It also includes retention equity and deferred equity compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts and the related tax impacts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business. During the three months ended June 30, 2020, we recorded acquisition- related costs of $4 million. During the nine months ended June 30, 2020, we recorded acquisition-related costs of $11 million and related tax benefit of $2 million. For the same prior-year comparable periods, we recorded acquisition-related costs of $3 million and related tax benefit of $1 million.

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Visa Inc. Reconciliation of Non-GAAP Financial Results - continued (unaudited)

Non-GAAP operating expense, non-operating income (expense), income tax provision, effective income tax rate, net income and diluted earnings per share should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. The following tables reconcile our as-reported financial measures, calculated in accordance with U.S. GAAP, to our respective non-GAAP financial measures for the three and nine months ended June 30, 2020 and 2019.

					Three Months Ended June 30, 2020
					Non-					Effective					Diluted
		Operating			operating		Income Tax			Net
				Income			Income Tax				Earnings
		Expenses			(Expense)			Provision		Rate(1)			Income			Per Share(1)
					(in millions,		except percentages and per share data)
As reported	$	1,838	$	(67)	$	559	19.1 %	$	2,373	$	1.07
(Gains) Losses on equity investments, net		-			(51)			(11)					(40)			(0.02)
Amortization of acquired intangible assets		(13)			-			3					10			-
Acquisition-related costs		(4)			-			-					4			-
Non-GAAP	$	1,821	$	(118)	$	551	19.0 %	$	2,347	$	1.06
					Nine Months Ended June 30, 2020
					Non-					Effective					Diluted
		Operating			operating		Income Tax			Net
				Income			Income Tax				Earnings
		Expenses			(Expense)			Provision		Rate(1)			Income			Per Share(1)
					(in millions,		except percentages and per share data)
As reported	$	5,806	$	(204)	$	2,006	18.7 %	$	8,729	$	3.92
(Gains) Losses on equity investments, net		-			(62)			(14)					(48)			(0.02)
Amortization of acquired intangible assets		(35)			-			8					27			0.01
Acquisition-related costs		(11)			-			2					9			-
Non-GAAP	$	5,760	$	(266)	$	2,002	18.7 %	$	8,717	$	3.91
					Three Months Ended June 30, 2019
					Non-					Effective					Diluted
		Operating			operating		Income Tax			Net
				Income			Income Tax				Earnings
		Expenses			(Expense)			Provision		Rate(1)			Income			Per Share(1)
					(in millions,		except percentages and per share data)
As reported	$	1,932	$	(42)	$	765	19.8 %	$	3,101	$	1.37
(Gains) Losses on equity investments, net		-			(9)			(3)					(6)			-
Amortization of acquired intangible assets		(2)			-			-					2			-
Acquisition-related costs		(3)			-			1					2			-
Non-GAAP	$	1,927		$	(51)		$	763	19.8 %	$	3,099		$	1.37
					Nine Months Ended June 30, 2019
					Non-					Effective					Diluted
		Operating			operating		Income Tax			Net
				Income			Income Tax				Earnings
		Expenses			(Expense)			Provision		Rate(1)			Income			Per Share(1)
					(in millions,		except percentages and per share data)
As reported	$	5,574	$	(93)	$	2,118	19.0 %	$	9,055	$	3.97
(Gains) Losses on equity investments, net		-			(89)			(21)					(68)			(0.03)
Amortization of acquired intangible assets		(2)			-			-					2			-
Acquisition-related costs		(3)			-			1					2			-
Non-GAAP	$	5,569	$	(182)	$	2,098	18.9 %	$	8,991	$	3.95

1. Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.

11

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended June 30, 2020, as well as the prior four quarterly reporting periods and the 12 months ended June 30, 2020 and 2019, for cards and other form factors carrying the Visa, Visa Electron, V PAY 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 and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume and transactions for all periods. 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 June 30, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$475		(21.0%)	(18.8%)	$396	(18.2%)	(16.1%)	7,042	$80		(32.2%)	(29.7%)	702		3	4
Canada	62	(15.8%)	(12.5%)	56	(18.4%)	(15.2%)	844	7	15.6%	20.2%	7	63	62
CEMEA	239	(19.3%)	(13.8%)	108	(12.4%)	(5.0%)	4,949	131	(24.2%)	(19.8%)	927	3	3
LAC	162	(30.6%)	(14.3%)	73	(30.1%)	(12.6%)	2,939	89	(31.0%)	(15.6%)	841	2	2
US	1,091	(6.5%)	(6.5%)	949	(7.0%)	(7.0%)	16,095	142	(3.1%)	(3.1%)	709	6	6
Europe		464		(17.5%)	(14.1%)	372	(13.5%)	(10.2%)		8,810	92	(30.7%)	(27.1%)	570		19	22
Visa Inc.		2,494		(15.0%)	(11.9%)	1,953	(12.4%)	(9.9%)		40,679	541	(23.3%)	(18.2%)	3,756		96	101
Visa Credit Programs
US	$424		(21.7%)	(21.7%)	$417	(21.0%)	(21.0%)	4,903		$7	(50.3%)	(50.3%)	8		-		-
International		562		(24.1%)	(20.6%)	529	(23.5%)	(19.9%)		9,319	33	(32.6%)	(29.5%)	134		976	1,124
Visa Inc.		986		(23.1%)	(21.1%)	946	(22.4%)	(20.4%)		14,223	40	(36.6%)	(34.3%)	142		976	1,124
Visa Debit Programs
US	$667	6.8%	6.8%	$532	8.0%	8.0%	11,192	$135	2.0%	2.0%	701	-		-
International		841		(18.2%)	(12.0%)	475	(8.3%)	(2.7%)		15,264			366	(28.2%)	(21.8%)	2,913		2,057	2,244
Visa Inc.		1,507	(8.8%)	(4.6%)	1,007	(0.4%)	2.7%	26,456	501	(22.0%)	(16.5%)	3,615	2,057	2,244
							For the 3 Months Ended March 31, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$545		(8.9%)	(7.1%)	$437	(8.4%)	(6.2%)	7,422	$108		(10.8%)	(10.4%)	989		899	988
Canada	66	2.5%	3.6%	61	1.9%	3.0%	932	6	8.9%	10.1%	11	74	80
CEMEA	291		8.4%	9.3%	130	18.2%	19.4%	5,551	161	1.6%	2.3%	1,160	364	360
LAC	214	(6.8%)	5.3%	101	(0.7%)	14.2%	3,820	114	(11.6%)	(1.5%)	1,028	456	495
US	1,123	4.9%	4.9%	983	5.7%	5.7%	17,624	139	(0.8%)	(0.8%)	855	793	981
Europe		534		1.1%	4.0%	419	3.4%	6.0%		10,346	116		(6.4%)	(2.7%)	814		516	565
Visa Inc.		2,773		0.5%	2.6%	2,130	2.3%	4.1%		45,694	643	(5.0%)	(2.2%)	4,857		3,102	3,469
Visa Credit Programs
US	$507	3.9%	3.9%	$492	3.9%	3.9%	5,941	$15	1.9%	1.9%	14	276	340
International		668		(6.5%)	(3.4%)	624	(6.5%)	(3.4%)		10,547			44		(6.6%)	(4.1%)		186			711	801
Visa Inc.		1,175	(2.3%)	(0.4%)	1,116	(2.2%)	(0.3%)	16,488	59	(4.6%)	(2.6%)	199	987	1,141
Visa Debit Programs
US	$615	5.7%	5.7%	$491	7.6%	7.6%	11,683	$124	(1.1%)	(1.1%)	842	517	641
International		983		0.7%	4.3%	523	7.7%	11.1%		17,522			460		(6.1%)	(2.4%)		3,816			1,598	1,687
Visa Inc.		1,598	2.6%	4.8%	1,014	7.6%	9.4%	29,206	584	(5.1%)	(2.2%)	4,658	2,115	2,328

12

						For the 3 Months Ended December 31, 2019
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$629		2.1%	1.9%	$511			3.7%	4.3%	8,171	$118			(4.5%)	(7.4%)	1,072			903			996
Canada	79		4.4%	4.4%	73			4.1%	4.2%	1,058			6			7.9%	7.9%	11	72	75
CEMEA	322		11.8%	10.6%	142			24.9%	22.9%	5,637	180	3.3%	2.4%	1,276	364	362
LAC	254		1.0%	8.7%	116	7.2%	17.1%	4,111	138	(3.7%)	2.5%	1,236	449	488
US	1,200		7.1%	7.1%	1,055	7.8%	7.8%	19,011	145	2.1%	2.1%	921	787	973
Europe		596		4.5%	5.3%	462			7.8%	8.3%		11,328	134	(5.3%)	(3.6%)	961			516	568
Visa Inc.		3,080		5.4%	6.0%	2,360			7.6%	8.2%		49,316	720	(1.3%)	(0.5%)	5,476			3,091	3,463
Visa Credit Programs
US	$568		6.6%	6.6%	$554	6.7%	6.7%	6,755	$14	1.3%	1.3%	15	276	345
International		780		3.6%	4.9%	731			4.2%	5.6%		11,594	49	(4.2%)	(3.4%)	212			711	797
Visa Inc.		1,348		4.9%	5.6%	1,285			5.3%	6.1%		18,349	63	(3.0%)	(2.4%)	227	987	1,142
Visa Debit Programs
US	$631	7.5%	7.5%	$501	9.0%	9.0%	12,256	$130	2.2%	2.2%	905	511	628
International		1,100		4.8%	5.7%	574			11.9%	12.6%		18,711				526	(1.9%)	(0.9%)	4,344			1,592	1,692
Visa Inc.		1,732		5.8%	6.4%	1,075	10.5%	10.9%	30,967	657	(1.1%)	(0.3%)	5,249			2,103	2,321
						For the 3 Months Ended September 30, 2019
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$610		1.8%	2.9%	$494			3.8%	5.7%	7,908	$116			(6.0%)	(7.5%)	988			872	973
Canada	77		8.1%	9.0%	71	8.0%	8.9%	1,051			6	9.4%	10.2%	12	67	68
CEMEA	308		11.3%	11.6%	133			25.5%	25.0%	5,397	175	2.5%	3.1%	1,259	361	358
LAC	240		4.2%	9.5%	108	11.5%	18.1%	3,821	132	(1.1%)	3.4%	1,213	438	475
US	1,168		7.3%	7.3%	1,021	8.1%	8.1%	18,784	148	2.1%	2.1%	951	766	937
Europe		579		2.1%	6.2%	442			4.8%	9.1%		10,873	137	(5.6%)	(2.3%)	998	510	559
Visa Inc.		2,982		5.2%	6.8%	2,268			7.5%	9.1%		47,835	714	(1.3%)	0.1%	5,420	3,014	3,370
Visa Credit Programs
US	$547		6.7%	6.7%	$533	6.8%	6.8%	6,602	$14	1.7%	1.7%	16	273	337
International		763		5.0%	7.2%	712		5.4%	7.6%		11,286			51		(0.2%)	2.1%		225			711			792
Visa Inc.	1,310		5.7%	7.0%	1,245	6.0%	7.3%	17,889	66	0.2%	2.0%	241	983	1,129
Visa Debit Programs
US	$621	7.8%	7.8%	$488	9.4%	9.4%	12,181	$133	2.2%	2.2%	934	494	599
International		1,051		3.2%	5.9%	536			9.2%	13.2%		17,765		515	(2.3%)	(0.6%)		4,245		1,537		1,641
Visa Inc.	1,672		4.9%	6.6%	1,024	9.3%	11.4%	29,946	648	(1.4%)	(0.1%)	5,179	2,031	2,241
									For the 3 Months Ended June 30, 2019
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$602		(1.9%)	3.0%	$484			(0.3%)	5.4%	7,536	$118			(7.8%)	(5.8%)	992			934	1,034
Canada	74		1.5%	5.5%	68	1.7%	5.6%	999			6	(0.2%)	3.6%	11	64	70
CEMEA	296		5.2%	8.5%	123	17.1%	20.7%	5,098	173	(1.9%)	1.4%	1,250	354	353
LAC	234		(2.6%)	7.3%	104	2.4%	15.4%	3,619	130	(6.3%)	1.7%	1,198	430	467
US	1,167		7.8%	7.8%	1,020	8.8%	8.8%	18,607	147	1.6%	1.6%	946	759	923
Europe		562		(2.6%)	5.2%	430			0.5%	8.0%		10,358	133	(11.5%)	(3.0%)	1,003			506			554
Visa Inc.		2,935		2.4%	6.3%	2,229			4.9%	8.6%		46,218	706	(5.0%)	(0.7%)	5,400			3,047	3,400
Visa Credit Programs
US	$542		7.0%	7.0%	$528	7.1%	7.1%	6,392	$14	5.1%	5.1%	15	270	334
International		740		(0.6%)	5.9%	691			(0.3%)	6.3%		10,756	50	(4.8%)	1.0%	226			705	790
Visa Inc.		1,283		2.5%	6.4%	1,219	2.8%	6.7%	17,149	64	(2.8%)	1.9%	241	975	1,124
Visa Debit Programs
US	$624	8.5%	8.5%	$492	10.7%	10.7%	12,215	$132	1.3%	1.3%	931	489	589
International	1,028		(1.2%)	4.7%	518			4.9%	11.4%		16,855				509	(6.7%)	(1.5%)	4,228	1,583	1,687
Visa Inc.	1,652		2.3%	6.2%	1,010	7.6%	11.0%		29,069	642	(5.2%)	(0.9%)	5,159	2,072	2,276

13

							For the 12 Months Ended June 30, 2020
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$2,259		(6.5%)	(5.1%)	$1,838	(4.8%)	(3.0%)	30,542			$421			(13.2%)	(13.4%)	3,751
Canada	285		(0.3%)	1.1%	261	(1.2%)	0.2%	3,885			25			10.5%	12.1%	40
CEMEA	1,159		2.7%	4.4%	513	13.3%	15.4%	21,535			646			(4.4%)	(2.9%)	4,622
LAC	870		(7.9%)	2.9%	397	(3.2%)	9.8%	14,691			473			(11.6%)	(2.2%)	4,318
US	4,582		3.0%	3.0%	4,008	3.5%	3.5%	71,514			574			0.1%	0.1%	3,436
Europe		2,173		(2.5%)	0.4%	1,694	0.6%	3.3%		41,357			479			(11.9%)	(8.7%)		3,343
Visa Inc.	11,329		(1.1%)	0.9%	8,711	1.1%	2.8%	183,524			2,618			(7.7%)	(5.0%)	19,510
Visa Credit Programs
US	$2,047		(1.4%)	(1.4%)	$1,996	(1.1%)	(1.1%)	24,202			$51			(11.3%)	(11.3%)	53
International		2,773		(5.5%)	(2.8%)	2,595	(5.1%)	(2.4%)		42,747				178			(10.8%)	(8.5%)		756
Visa Inc.	4,820		(3.8%)	(2.2%)	4,591	(3.4%)	(1.9%)	66,948	228			(10.9%)	(9.1%)	809
Visa Debit Programs
US	$2,535		6.9%	6.9%	$2,012	8.5%	8.5%	47,313	$523	1.3%	1.3%	3,383
International		3,975		(2.4%)	1.1%	2,108	5.0%	8.5%		69,262				1,867			(9.5%)	(6.1%)		15,318
Visa Inc.	6,509		1.1%	3.3%	4,120	6.7%	8.5%	116,575			2,390			(7.3%)	(4.6%)	18,701
							For the 12 Months Ended June 30, 2019
		Total	Growth	Growth	Payments	Growth	Growth		Payments		Cash	Growth	Growth		Cash
		Volume	(Nominal	(Constant	Volume	(Nominal	(Constant	Transactions		Volume	(Nominal	(Constant	Transactions Accounts		Cards
	($ billions)	USD)	USD)	($ billions)	USD)	USD)		(millions)	($ billions)	USD)	USD)		(millions)	(millions)	(millions)
All Visa Credit & Debit
Asia Pacific	$2,415		1.1%	5.3%	$1,930	3.2%	7.7%	28,933	$485			(6.5%)	(3.3%)	4,094			934			1,034
Canada	286		2.3%	6.7%	264	2.5%	6.9%	3,812	22	(0.1%)	4.2%	45	64	70
CEMEA	1,129	2.2%	8.3%	453	13.8%	21.3%	18,279	676	(4.3%)	1.0%	4,927	354	353
LAC	945	(7.3%)	6.9%	410	(2.8%)	14.8%	13,884	535	(10.6%)	1.6%	4,819	430	467
US	4,447	8.8%	8.8%	3,874	9.9%	9.9%	70,964	573	1.9%	1.9%	3,716	759	923
Europe		2,228		(1.2%)	6.1%	1,685	1.3%	7.9%		39,321			543			(8.2%)	0.7%		4,079				506				554
Visa Inc.	11,451		2.8%	7.2%	8,616	5.9%	9.6%	175,193			2,835			(5.5%)	0.5%	21,681			3,047			3,400
Visa Credit Programs
US	$2,077		8.1%	8.1%	$2,019	8.3%	8.3%	24,569	$57	2.7%	2.7%	60	270	334
International		2,933		0.9%	7.5%	2,734	1.4%	8.0%		41,086				199			(5.5%)	0.4%		874				705				790
Visa Inc.		5,010		3.8%	7.7%	4,754	4.2%	8.1%		65,655	256	(3.7%)	0.9%	934	975	1,124
Visa Debit Programs
US	$2,370	9.4%	9.4%	$1,854	11.6%	11.6%	46,395	$516	1.8%	1.8%	3,656	489	589
International		4,070		(1.7%)	5.4%	2,008	4.9%	11.5%		63,143				2,062			(7.4%)	0.1%		17,091				1,583				1,687
Visa Inc.		6,441		2.1%	6.9%	3,862	8.0%	11.6%		109,539				2,579			(5.7%)	0.4%		20,747	2,072			2,276

14

2. Cross-Border Volume

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

	Total	Total	Ex. Intra-Europe(1)
	Growth	Growth	Growth
	(Nominal	(Constant	(Constant
Period	USD)	USD)	USD)
3 Months Ended
Jun 30, 2020	(38%)	(37%)	(47%)
Mar 31, 2020	(4%)	(2%)	(4%)
Dec 31, 2019	7%	9%	9%
Sep 30, 2019	4%	7%	9%
Jun 30, 2019	2%	7%	9%
12 Months Ended
Jun 30, 2020	(8%)	(5%)	(8%)

1. Cross-bordervolumes excluding transactions within Europe drive our international transaction revenues.

3. Visa Processed Transactions

The table below represents transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa's networks.

	Processed
	Transactions
Period	(millions)	Growth
3 Months Ended
Jun 30, 2020	30,676	(13%)
Mar 31, 2020	34,941	7%
Dec 31, 2019	37,775	11%
Sep 30, 2019	36,425	11%
Jun 30, 2019	35,428	12%
12 Months Ended
Jun 31, 2020	139,817	4%

15

Footnote

Payments volume, including Visa Direct volume, represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume 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 and 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 transactions processed by Visa and reported 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. 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, Europe 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.

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