#1VISA Fiscal Second Quarter 2023 Financial Results April 25, 2023 ©2023 Visa. All rights reserved.#2Fiscal Second Quarter 2023 Results (1) YOY Increase / (Decrease) GAAP Nominal-Dollar Basis Non-GAAP Nominal-Dollar Basis(²) Foreign Currency Impact Acquisition Impact Adjusted Constant-Dollar Basis (2) Adjusted Constant-Dollar Basis excluding Russia-Related Results s(2) VISA Net Revenues 11.1% Fiscal Second Quarter 2023 Financial Results N/A ~2.0% ~0% 13.0% 17.9% Client Incentives as a % of Gross Revenues 26.7% N/A 0.0% 26.7% 26.7% Operating Expenses 10.9% 12.9% ~0% (-1.0%) 11.8% 15.2% Effective Income Tax Rate 19.3% 19.4% (0.1%) 19.3% 19.3% Diluted Class A Common Stock Earnings Per Share 19.5% 17.0% -3.0% ~0.5% 20.9% (1) As previously disclosed, in March 2022, we suspended our operations in Russia and therefore our financial highlights from April 2022 through March 2023 do not include Russia-related results. Refer to the Non-GAAP and Adjusted Constant-Dollar Results Footnote for further information. 27.3% Ⓒ2023 Visa. All rights reserved. 1#3Fiscal Second Quarter 2023 Results and Other Highlights Payments volume, processed transaction and cross-border volume growth remained stable Share repurchases and dividends of $3.2B ● Income Statement Summary In billions, except percentages and per share data. % change is calculated over the comparable prior-year period. Net Revenues GAAP Net Income GAAP Earnings Per Share Non-GAAP Net Income(¹) Non-GAAP Earnings Per Share(¹) (1) Refer to the Non-GAAP and Adjusted Constant-Dollar Results Footnote for further details. Key Business Drivers YoY increase / (decrease), volume in constant dollars Payments Volume Cross-Border Volume Excluding Intra-Europe (²) Cross-Border Volume Total Processed Transactions (2) Cross-border volume excluding transactions within Europe. VISA Fiscal Second Quarter 2023 Financial Results USD $8.0 $4.3 $2.03 $4.4 $2.09 Q2 2023 Q2 2023 10% 32% 24% 12% % Change 11% 17% 20% 14% 17% Ⓒ2023 Visa. All rights reserved. 2#4Non-GAAP and Adjusted Constant-Dollar Results Footnote We use non-GAAP and adjusted constant-dollar financial measures of our performance, which exclude certain items that we believe 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 consider non-GAAP and adjusted constant-dollar measures useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance. Non-GAAP and adjusted constant-dollar financial measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP. We exclude the following to arrive at our adjusted constant-dollar financial results: impact of non-GAAP items (refer to the Reconciliation of GAAP to Non-GAAP Financial Results for further details and a reconciliation of the GAAP to non- GAAP measures presented); ● ● ● impact of foreign currency to provide currency-neutral growth rates, which management believes are a better reflection of the underlying performance of our business. Our results are denominated in U.S. dollars and are calculated each quarter by applying an established U.S. dollar/foreign currency exchange rate for each local currency. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring financial performance, we report year-over-year growth using a fixed current year U.S. dollar/foreign currency exchange rate for the current and prior year periods; and impact of acquisitions, which include operating revenues and expenses of the acquired entities that were not reflected in the full 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. As previously disclosed, in March 2022, we suspended our operations in Russia. As a result, we are no longer generating revenue from domestic and cross-border activities related to Russia. To eliminate the impact of Russia-related activities in our adjusted constant-dollar financial results, we have excluded relevant revenues and expenses from all periods ("excluding Russia-related results"). VISA Fiscal Second Quarter 2023 Financial Results Ⓒ2023 Visa. All rights reserved. 3#530% 20% 10% 0% Operational Performance Metrics Monthly Growth Total Credit Debit 2022 2023 U.S. Payments Volume Growth Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Feb Fiscal Second Quarter 2023 Financial Results Mar Apr 1-21 30% 20% 10% 0% Total Card Present Jan Feb Mar Apr May Jun Note: Results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA Card Not Present Jul Aug Sep Card Not Present, Excluding Travel Oct Nov Dec Jan Feb Mar Apr 1-21 Ⓒ2023 Visa. All rights reserved. 4#6Operational Performance Metrics Monthly Index vs. 4 years ago 200 190 180 170 160 150 140 130 120 Oct Nov Total Dec Credit Fiscal Second Quarter 2023 Financial Results Jan 2022 2023 U.S. Payments Volume Index vs. 4 years ago Debit Feb Mar Apr 1-21 200 190 180 170 160 150 140 130 120 Total Oct Card Present Nov Card Not Present Dec Note: The charts reflect a comparison of volume and transactions indexed to four years ago, with October - December 2022 indexed to 2018 and January - April 2023 indexed to 2019. Refer to Operational Performance Data footnote for further information on these metrics. VISA Jan Card Not Present, Excluding Travel Feb Mar Apr 1-21 Ⓒ2023 Visa. All rights reserved. 5#7Operational Performance Metrics Monthly Growth 40% 30% 20% 10% 0% 2022 2023 Processed Transactions Growth Fiscal Second Quarter 2023 Financial Results Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Jan Note: Results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA Feb Mar Apr 1-21 Ⓒ2023 Visa. All rights reserved. 6#8Operational Performance Metrics Monthly Index vs. 4 years ago 2022 2023 Processed Transactions Index vs. 4 years ago 170 160 150 140 Oct Nov Dec Jan Feb Mar Apr 1-21 Note: The chart reflects a comparison of transactions indexed to four years ago, with October - December 2022 indexed to 2018 and January - April 2023 indexed to 2019. Refer to Operational Performance Data footnote for further information on these metrics. Fiscal Second Quarter 2023 Financial Results VISA Ⓒ2023 Visa. All rights reserved. 7#9#10Operational Performance Metrics Monthly Index vs. 4 years ago 180 160 140 120 100 2022 2023 Cross-Border Volume Index vs. 4 years ago (Constant Dollar) Oct Nov Excluding Intra-Europe Dec Jan Total Feb Mar Apr 1-21 180 160 140 120 100 2022 2023 Cross-Border Volume Index vs. 4 years ago Excluding Intra-Europe (Constant Dollar) Total Card Not Present Oct Nov Note: The charts reflect a comparison of volume indexed to four years ago, with October - December 2022 indexed to 2018 and January - April 2023 indexed to 2019. Refer to Operational Performance Data footnote for further information on these metrics. Fiscal Second Quarter 2023 Financial Results VISA Dec Jan Card Present + Card Not Present Travel Card Not Present, Excluding Travel Feb Mar Ⓒ2023 Visa. All rights reserved. Apr 1-21 9#11Payments Volume Results Q2 FY2023 Visa Inc. 6% Total Nominal USD (in billions) U.S. $1,471 $1,484 $2,955 International 10% 9% Fiscal Second Quarter 2023 Financial Results Credit $704 $782 $1.486 13% Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA 4% Debit $767 $702 $1,468 Nominal Constant 7% ©2023 Visa. All rights reserved. 10#12Payments Volume Results Q1 FY2023 Visa Inc. 2% Total Nominal USD (in billions) U.S. $1,522 $1,495 $3,018 International 7% 4% Fiscal Second Quarter 2023 Financial Results Credit $746 $783 $1.529 11% Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA (1%) Debit $777 $712 $1,489 Nominal Constant 3% Ⓒ2023 Visa. All rights reserved. 11#13Transactions and Cross-Border Volume Results Q2 FY2023 6% Total Transactions 7% Payments Transaction Count (in millions) Credit 22,110 21,917 Debit 43,002 39,024 Total 65,113 60,940 12% Fiscal Second Quarter 2023 Financial Results Processed 50,069 19% Total Nominal Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA Cross-Border 24% Total Constant 32% Constant (excluding (1) Intra-Europe) (1) Cross-border volume excluding transactions within Europe. Ⓒ2023 Visa. All rights reserved. 12#14Total Cards (in millions) Q1 FY2023 Total Visa Inc. 7% 3,934 4,227 1,206 Fiscal Second Quarter 2023 Financial Results Credit 6% 1,283 Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA 2,728 Debit 8% 2,944 2022 2023 Ⓒ2023 Visa. All rights reserved. 13#15Operational Data Performance Footnote Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent operating data. Service revenues continue to be recognized based on payments volume in the prior quarter. Total transactions represent payments and cash transactions as reported by Visa clients on their operating certificates. Processed transactions represent transactions involving cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa's networks. Reported volume, transaction and 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 and totals 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. The data no longer includes volumes and transactions for Russia clients starting the three months ended June 30, 2022 and accounts and cards starting the three months ended March 31, 2022. VISA Fiscal Second Quarter 2023 Financial Results Ⓒ2023 Visa. All rights reserved. 14#16Revenue Results Q2 FY2023 7% Service Revenues 10% Data Processing Revenues Reported Nominal USD (in millions) $3,771 $3,819 24% International Transaction Revenues $2,749 16% Other Revenues $551 Note: The chart results are calculated over the comparable prior-year period. Percentage changes are calculated based on unrounded numbers. Fiscal Second Quarter 2023 Financial Results VISA 12% Gross Revenues $10,890 16% Client Incentives ($2,905) Client Incentives as a % of Gross Revenues 26.7% 11% Net Revenues $7,985 Ⓒ2023 Visa. All rights reserved. 15#17Operating Expenses Results Q2 FY2023 24% Personnel (2%) Marketing Reported Nominal USD (in millions) $1,515 $309 (6%) Network & Processing $179 5% Professional Fees $130 13% Depreciation & Amortization $234 NM - Not Meaningful Note: The chart results are calculated over the comparable prior-year period. Percentage changes are calculated based on unrounded numbers. Fiscal Second Quarter 2023 Financial Results VISA (13%) General & Administrative $282 NM Litigation Provision $- 11% Total Operating Expenses $2,649 Ⓒ2023 Visa. All rights reserved. 16#18Reconciliation of GAAP to Non-GAAP Financial Results As reported (Gains) losses on equity investments, net Amortization of acquired intangible assets Acquisition-related costs Non-GAAP Operating Expenses Fiscal Second Quarter 2023 Financial Results 2,649 (46) (22) 2,581 $ Operating Expenses Non- operating Income (Expense) 2,387 $ Non- operating Income (Expense) || 8. 90 (in millions, except percentages and per share data) (58) $ 19.3% $ 32 Three Months Ended March 31, 2023 Income Tax Provision (260) $ 127 1,021 19 10 Effective Income Tax Rate (¹) 2 1,052 19.4% Three Months Ended March 31, 2022 Effective Income Tax Provision Income Tax Rate(¹ (1) (in millions, except percentages and per share data) 19.7% $ Net Income Net Income 4,257 $ 71 36 20 4,384 $ Diluted Earnings Per Share (¹) As reported 895 3,647 $ (Gains) losses on equity investments, net 28 99 Amortization of acquired intangible assets (20) 4 16 Acquisition-related costs (20) 2 18 4 56 Russia-Ukraine charges Non-GAAP (60) 2,287 $ (133) $ 933 19.6% $ 3,836 $ (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. Note: Refer to the following slides for further information on Non-GAAP items. VISA Diluted Earnings Per Share (¹) 2.03 0.03 0.02 0.01 2.09 Ⓒ2023 Visa. All rights reserved. 1.70 0.05 0.01 0.01 0.03 1.79 17#19Reconciliation of GAAP to Non-GAAP Financial Results continued As reported Amortization of acquired intangible assets Acquisition-related costs Non-GAAP Personnel 1,515 $ Fiscal Second Quarter 2023 Financial Results (21) 1,494 $ Marketing Note: Refer to the following slide for further information on Non-GAAP items. VISA 309 $ 309 $ Network and processing 179 Three Months Ended March 31, 2023 Depreciation General and and amortization administrative (in millions, except percentages) 130 $ 234 $ Professional fees (1) 178 $ 1 131 $ (46) (1) 187 $ 282 $ 282 $ Litigation provision Total operating expenses 2,649 (46) (22) 2,581 YoY Change Ⓒ2023 Visa. All rights reserved. 11 % 13 % 18#20Reconciliation of GAAP to Non-GAAP Financial Results - continued 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. 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. Acquisition-related costs. 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. These costs also include 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. Litigation provision. During the six months ended March 31, 2023 and 2022, we recorded additional accruals to address claims associated with the interchange multidistrict litigation of $341 million and $145 million, respectively, and related tax benefit of $76 million and $32 million, respectively, determined by applying applicable tax rates. Under the U.S. retrospective responsibility plan, we recover the monetary liabilities related to the U.S. covered litigation through a downward adjustment to the rate at which shares of our class B common stock convert into shares of class A common stock. Russia-Ukraine charges. During the three and six months ended March 31, 2022, we recorded a loss within general and administrative expense of $35 million from the deconsolidation of our Russian subsidiary. We also incurred charges of $25 million in personnel expense as a result of steps taken to support our employees in Russia and Ukraine. We have excluded these amounts and the related tax benefit of $4 million, determined by applying applicable tax rates, as they are one-time charges and do not reflect the underlying performance of our business. VISA Fiscal Second Quarter 2023 Financial Results ©2023 Visa. All rights reserved. 19#21Other Notable Items On March 15, 2023, the United States Court of Appeals for the Second Circuit affirmed the 2018 damages class settlement, rejecting various objections made by members of the merchant class in the multidistrict litigation. While the Second Circuit decision is a significant step toward resolving this long-standing litigation, the case is not yet fully resolved. In addition, claims by merchants that opted out of the class settlement and by a class of merchants seeking injunctive relief against certain of Visa's rules and practices remain pending. VISA Fiscal Second Quarter 2023 Financial Results Ⓒ2023 Visa. All rights reserved. 20#22Free Cash Flow Cash, cash equivalents and investment securities were $19.4 billion as of March 31, 2023. (in millions) Calculation of Free Cash Flow Net cash provided by operating activities Less: capital expenditures Free cash flow(1) (1) Free Cash Flow is cash provided by operating activities adjusted to reflect capital investments made in the business. (in millions) Returns to Shareholders Share repurchases (²) Dividends Q2 2023 Fiscal Second Quarter 2023 Financial Results $3,860 (210) $3,650 Q2 2023 $2,215 $941 Q2 2023 YTD $8,031 (459) $7,572 Q2 2023 YTD $5,310 $1,886 (2) Share repurchases include applicable taxes. Note: Management believes that this presentation is useful to measure Visa's generation of cash available to first re-invest in the business, and then return excess cash to shareholders through share repurchases and cash dividends. Ⓒ2023 Visa. All rights reserved. VISA 21#23Forward-Looking Statements Our earnings release and related materials contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth and anticipated timing and benefits of our acquisitions. Forward-looking statements generally are identified by words such as "anticipates," "believes," "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 war in Ukraine and the sanctions and other measures being imposed in response, and the ongoing effects of the COVID-19 pandemic, including the resumption of international travel; increased oversight and regulation of the global payments industry and our business; impact of government-imposed obligations and/or 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 in the payments industry; continued efforts to lower acceptance costs and challenge industry practices; our ability to maintain relationships with our clients, acquirers, processors, merchants, payments facilitators, ecommerce platforms, fintechs and other third parties; brand or reputational damage; ● ● ● exposure to loss or illiquidity due to settlement guarantees; 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, joint ventures 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, 2022, and any 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. ● ● ● VISA Fiscal Second Quarter 2023 Financial Results Ⓒ2023 Visa. All rights reserved. 22