V · 10-K filed 6 Nov 2025 · year to 30 Sep 2025

Visa

38 named things its latest annual report says its results depend on, each in the company's own words. 24 of them are also named by other companies we've read.

Read the filing on SEC.gov ↗

Customers

Largest financial institution clients

concentrated innamed as a risk

Because a significant portion of our net revenue is concentrated among our largest clients, the loss of business from any one of these larger clients could harm our business, results of operations and financial condition.Risk factors (Item 1A)

Other companies

Cross-border travel

earns from · More than half of our net revenue is earned outside the U.S.named as a risk

Any decline in cross-border travel and spend would impact our cross-border volume, the number of cross-border transactions we process and our currency exchange activities, which in turn would reduce our international transaction revenue.Risk factors (Item 1A)

Prosa

named as a risk

The Prosa acquisition is subject to customary closing conditions, including applicable regulatory approvals.Business (Item 1)

Competitors

American Express

competes withnamed as a risk

Some of our competitors, including American Express, Discover, private-label card networks, virtual currency providers, technology companies that enable the exchange of digital assets, and certain alternative payments systems like Alipay and WeChat Pay, operate closed-loop payments systems, with direct connections to both sellers and consumers.Risk factors (Item 1A)

Also named by COF, CPAY, DAL, GPGI, HLT, MA, MAR

Zelle (Early Warning Services)

competes withnamed as a risk

Examples include initiatives from The Clearing House, an association consisting of large financial institutions that has developed its own faster payments system; Early Warning Services, which operates Zelle, a bank-offered alternative network that provides another platform for faster funds or real-time payments across a variety of payment types, including P2P, corporate and government disbursement, bill pay and deposit check transactions; and cryptocurrency, including stablecoin-based payments initiatives.Risk factors (Item 1A)

Also named by BAC, FISV, FITB, HBAN, JKHY

FedNow

competes withnamed as a risk

In July 2023, the U.S. Federal Reserve launched its FedNow Service with core clearing and settlement functionality, and expects to add more features and enhancements over time.Risk factors (Item 1A)

Also named by JKHY, MA

Unified Payments Interface (UPI)

competes withnamed as a risk

However, with linkages such as PayNow in Singapore and UPI in India, cross-border RTP networks are advancing and will compete with our cross-border business.Business (Item 1)

Also named by MA

UnionPay

competes withnamed as a risk

In China, UnionPay remains the predominant processor of domestic payment card transactions and operates the predominant domestic acceptance market.Risk factors (Item 1A)

Alipay

competes withnamed as a risk

Furthermore, although regulatory barriers shield UnionPay from competition in China, alternative payments providers such as Alipay and WeChat Pay have rapidly expanded into ecommerce, offline and cross-border payments, which could make it difficult for us to compete even if our license is approved in China.Risk factors (Item 1A)

Wero (European Payments Initiative)

competes withnamed as a risk

For example, with the support of the European Central Bank, the European Payments Initiative (EPI), led by a group of European banks, launched a pan-European A2A payment system, Wero.Risk factors (Item 1A)

Digital euro

competes withnamed as a risk

More recently, the European Central Bank has embarked on a multi-year effort to explore a digital euro, an alternative to foreign digital currency and payment service providers.Risk factors (Item 1A)

Mastercard

competes with

Examples include American Express, Diners Club/Discover (now owned by Capital One), JCB, Mastercard and UnionPay.Business (Item 1)

Also named by AXP, CASH, COF, CPAY, DDS, EEFT, FIS, FISV and 7 more

Places

China

operates innamed as a risk

However, notwithstanding such efforts, these restrictions on dual-branded cards have decreased our payments volume and impacted the net revenue we generate in China.Risk factors (Item 1A)

Also named by A, AA, AAOI, AAP, AAPL, AB, ADI, AEHR and 261 more

India

operates innamed as a risk

Furthermore, any inability to meet the requirements of the data localization mandate could impact our ability to do business in India.Risk factors (Item 1A)

Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more

Russia

named as a risk

As a result, we are no longer generating revenue from domestic and cross-border activities related to Russia.Risk factors (Item 1A)

Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more

Brazil

subject tonamed as a risk

Other countries, like Brazil, have adopted regulations that require us to seek government pre-approval for certain of our network rules, which could also impact the way we operate in those markets.Risk factors (Item 1A)

Also named by ADM, ASO, AZO, BALL, CPAY, CPRT, CTVA, DE and 32 more

Thailand

depends onnamed as a risk

Due to our inability to manage the end-to-end processing of transactions for cards in certain countries (e.g., Thailand, Mexico), we depend on our close working relationships with our clients or third-party service providers to ensure transactions involving our products are processed effectively.Risk factors (Item 1A)

Also named by ADI, CB, CIEN, INGR, LITE, LZB, MCHP, NXT and 3 more

Commodities and inputs

Euro

exposed to its price · $2.3 billionnamed as a risk

A hypothetical 10% change in the Euro against the U.S. dollar compared to the exchange rate as of September 30, 2025 and 2024 would result in a foreign currency translation adjustment of $2.3 billion and $2.1 billion, respectively.Market risk (Item 7A)

Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more

Regulators

Consumer Financial Protection Bureau (CFPB)

subject tonamed as a risk

Visa may also be separately examined by the Consumer Financial Protection Bureau (CFPB) as a service provider to the banks that issue Visa-branded consumer credit and debit card products.Business (Item 1)

Also named by ABNB, AFRM, ALLY, AN, AUB, AXP, BAC, CASH and 61 more

U.S. Internal Revenue Service

subject tonamed as a risk

We are currently under examination by, or in disputes with, the U.S. Internal Revenue Service as well as tax authorities in other jurisdictions, and we may be subject to additional examinations or disputes in the future.Risk factors (Item 1A)

Also named by AAPL, ABNB, ADI, AJG, AMGN, BBSI, BMNR, BRO and 39 more

European Commission

subject tonamed as a risk

For example, we agreed to limit certain cross-border interchange rates in a settlement with the European Commission in 2019, which was extended through 2029.Risk factors (Item 1A)

Also named by AAPL, BKNG, CCK, FWONA, IONS, KRYS, META, MRNA and 1 more

European Central Bank

subject tonamed as a risk

Visa Europe is also subject to supervisory oversight by the European Central Bank and certain competent authorities in Europe.Business (Item 1)

Also named by BNY, GS, JPM, NTRS, PYPL, STT

People's Bank of China (PBOC)

subject tonamed as a risk

There is no guarantee that the license to operate a BCCI will be approved or, if we obtain such license, that we will be able to successfully compete with domestic payments networks.Risk factors (Item 1A)

Also named by TW

UK Payment Systems Regulator (PSR)

subject tonamed as a risk

For example, the UK’s PSR is conducting a market review into scheme and processing fees.Risk factors (Item 1A)

Reserve Bank of Australia

subject tonamed as a risk

In Asia Pacific, the Reserve Bank of Australia (RBA) which already regulates interchange, recently proposed reducing existing interchange caps on domestic credit and debit transactions and not allowing differential interchange treatment for consumer and commercial transactions.Risk factors (Item 1A)

Office of Foreign Assets Control (OFAC)

subject to

In addition, we are subject to economic and trade sanctions programs administered by the Office of Foreign Assets Control (OFAC) in the U.S.Business (Item 1)

Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more

Bank of England

subject to

In the UK, Visa Europe is designated as a Recognized Payment System, bringing it within the scope of the Bank of England’s supervisory powers and subjecting it to various requirements, including on issues such as governance and risk management designed to maintain the stability of the UK’s financial system.Business (Item 1)

Also named by GS, ICE, MA, NDAQ

Federal Banking Agencies

subject to

In the U.S., for example, the Federal Banking Agencies (FBA) have supervisory oversight over Visa under applicable federal banking laws and policies as a technology service provider to U.S. financial institutions.Business (Item 1)

Laws and programs

Federal Reserve Regulation II (Durbin Amendment)

subject to · 21 cents plus 5 basis points per transactionnamed as a risk

Regulations adopted by the U.S. Federal Reserve cap the maximum U.S. debit interchange reimbursement rate received by large financial institutions at 21 cents plus 5 basis points per transaction, plus a possible fraud adjustment of 1 cent.Risk factors (Item 1A)

Also named by COF, FISV, PNC

EU Interchange Fee Regulation (IFR)

subject to · 30 basis points and 20 basis pointsnamed as a risk

In Europe, the EU’s IFR places an effective cap on consumer credit and consumer debit interchange fees for both domestic and cross-border transactions within the European Economic Area of 30 basis points and 20 basis points, respectively.Risk factors (Item 1A)

Also named by AXP, MA

EU AI Act

subject tonamed as a risk

For instance, the EU has adopted a comprehensive AI Act that establishes harmonized rules across Europe, with key provisions for high-risk AI systems taking effect in August 2026.Risk factors (Item 1A)

Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more

GENIUS Act

subject tonamed as a risk

In July 2025, the U.S. enacted the Guiding and Establishing National Innovation for U.S. Stablecoins Act (GENIUS Act), establishing a comprehensive framework for regulating stablecoins.Risk factors (Item 1A)

Also named by AUB, C, CFR, COF, COIN, CUBI, EWBC, FCNCA and 15 more

Dodd-Frank Act

subject tonamed as a risk

In the U.S., the Dodd-Frank Act limits network exclusivity and restrictions on seller routing choice for the debit and prepaid market segments.Business (Item 1)

Also named by AFL, AN, BGC, CNX, CPAY, EPD, EQT, FITB and 14 more

Illinois Interchange Fee Prohibition Act

subject tonamed as a risk

While the Illinois law remains subject to legal challenge, if such laws are allowed to go into effect, they may also impose significant technical and compliance burdens on our business.Risk factors (Item 1A)

Also named by SYF, TFC

Credit Card Competition Act

subject tonamed as a risk

It is possible that the Credit Card Competition Act may be reintroduced in Congress or attempted to be offered as an amendment to unrelated legislation.Risk factors (Item 1A)

PSD2

subject tonamed as a risk

PSD2 also includes strong customer authentication requirements for certain transactions that could impose both operational complexity on Visa and impact consumer payment experiences.Business (Item 1)

U.S. retrospective responsibility plan

named as a risk

The failure of one or both of the retrospective responsibility plans to adequately insulate us from the impact of such settlements, judgments, losses or liabilities could materially harm our financial condition or cash flows, or even cause us to become insolvent.Risk factors (Item 1A)

Technology

VisaNet

depends on

Visa’s four global data centers are a critical part of our global processing environment and have a high redundancy of network connectivity, power and cooling designed to provide continuous availability of systems.Business (Item 1)