Bull case
Visa is positioned favorably because it continues to deliver top- and bottom-line beats, with F3Q net revenues of $11.6 billion, adjusted EBIT of $7.8 billion, and adjusted EPS of $3.32, while also raising revenue expectations and reaffirming disciplined expense and EPS targets. Its core payments franchise remains resilient, supported by nearly $17 trillion in fiscal 2025 processed volume, U.S. payment volume growth accelerating to 10% y/y, and strong international growth, while value-added services expanded 34% y/y to $3.8 billion and broad-based portfolio momentum outpaced historical trends. Shareholder returns and optionality also support the bullish view, as Visa repurchased $4.9 billion of shares in F3Q, had $28.4 billion remaining in buyback authorization, and is gaining early traction in stablecoins and agentic commerce, which could add incremental long-term transaction flows.