Visa posts record $46 billion year as it moves beyond cards

Visa had a record year. The card network reported $46 billion in net revenue for its 2026 fiscal year, which ended Sept. 30, and profit of $23.5 billion, up 17%. Its stock passed $400 a share for the first time. The bigger story is how Visa is trying to show it can stay central as shopping and payments change.

What changed

Earlier this year, investors worried Visa might fall behind new technology, including stablecoins and AI shopping. Stablecoins are digital money designed to hold a steady value. AI shopping, called agentic commerce, means software agents that browse and buy for you. Startups such as Stripe and Adyen have also been gaining ground. Visa's CEO, Ryan McInerney, said revenue grew at its fastest pace in 15 years, leaving out post-pandemic leaps and growth from acquisitions.

The numbers

• Fourth-quarter net income rose 18% to $6 billion.
• Visa handled 281 billion transactions, up 9%.
• Cross-border activity rose 12%.
• Business payment volume grew 12%, faster than consumer payments.

Beyond the card

Visa is building income outside basic card payments. Software services sold to companies grew 19%. Consulting-style services grew 30%. Together they made up about 40% of revenue. Visa also bought fraud prevention firm Biocatch and invested in Overwatch Data, which provides threat intelligence. It works with Shopify and Anthropic on AI shopping and supports five stablecoins and 10 blockchain projects.

The open question

McInerney said AI shopping is still in an early stage. Work remains to make it safe and efficient. Some banks and Amazon have moved to block AI agents from their systems. He said Visa wants a clear path to resolve problems, including disputes and rules. The material does not say when those protections will exist or who would pay if an AI agent makes a mistake.

What happens next

McInerney called trust the next growth area for Visa in 2027. His bet is that people and businesses will pick a name they know when new ways to pay arrive. Whether shoppers agree will depend on how problems get handled.