Visa (V) official guidance

Our tax rate for the full year is expected to be between 18% and 18.25%.

Our tax rate in the fourth quarter is expected to be around 19%.

As a result, we expect full-year EPS growth to now be in the low end of mid-teens.

As a result, we expect fourth quarter EPS growth to be in the low end of mid-teens.

When we combine that with some new business we've won, this puts Q4 incentive growth slightly above Q3 on a nominal basis.

Non-operating expense for the full year is expected to be about $165 million.

Non-operating expense is expected to be about $80 million.

We expect full-year operating expense growth in the low end of low teens.

We expect Q4 operating expense growth in the low double digits, which includes some Q3 expenses shifting to Q4.

On incentives, we expect to have renewed about 20% of our payments volume by the end of the fiscal year.

Pulling it all together for the full year, we expect full-year net revenue growth to now be in the low end of low teens.

We expect Q4 net revenue growth in the high end of low double digits, similar to Q3 on an adjusted basis.

Non-operating expense is expected to be about $55 million, and our tax rate in the third quarter is expected to be around 18.5%.

As a result, we expect third quarter EPS growth to be in the mid to high single digits.

Non-operating expense is expected to be about $55 million, and our tax rate in the third quarter is expected to be around 18.5%.

We expect Q3 operating expense growth in the low teens, a slight step up from Q2, primarily due to FIFA-related marketing.

Moving to Q3 financial expectations, which again are on an adjusted basis. We expect Q3 net revenue growth in the low double digits.

Non-operating expense is expected to be about $30 million, and our tax rate in the second quarter is expected to be around 16.5%, primarily as a result of the claim of right benefits I mentioned previously that we expect to realize in the second quarter.

As a result, we expect adjusted second-quarter EPS growth to be in the high end of low double digits.

Non-operating expense is expected to be about $30 million, and our tax rate in the second quarter is expected to be around 16.5%, primarily as a result of the claim of right benefits I mentioned previously that we expect to realize in the second quarter.

Moving to Q2 financial expectations, we expect Q2 adjusted net revenue growth in the low double digits.

Non-operating expense is expected to be about $15 million, and our tax rate in the first quarter is expected to be around 18%.

As a result, we expect adjusted first quarter EPS growth to be in the low teens.

Non-operating expense is expected to be about $15 million, and our tax rate in the first quarter is expected to be around 18%.

We expect adjusted operating expense growth in the low double digits.

As we think about the cadence of spend, we expect Q2 and Q3 to have the largest year-over-year growth rates as a result of marketing expense related to the Olympic and Paralympic Games and FIFA World Cup.

When we look on a nominal basis for net revenue growth in Q1, we expect an approximately half point benefit from FX, and for our expense growth, we expect an approximately half point drag from FX and a one point impact from acquisitions, which taken together result in nominal net revenue and expense growth that are more matched at the high end of low double digits.

We expect Q1 adjusted net revenue growth in the high end of low double digits.

On a nominal basis, we expect an approximately half point benefit from FX, which implies nominal net revenue growth that is generally consistent with fiscal 2025, which was 11%.

First, we expect Q1 to have the highest year-over-year net revenue growth rate, primarily due to the timing impact of our FY25 pricing actions.

Second, we expect Q3 to have the lowest year-over-year net revenue growth rate, primarily due to the lapping impacts of strong volatility and lower than expected incentives in Q3 of 2025.