​Visa Reports 19% YoY Rise in Q3 FY2022 Net Income

​Visa today released its financial results for the Third quarter (Q3) of Fiscal Year 2022 (FY 2022), revealing increases in various key metrics over the same period last year.  

Financial Highlights in Q3 FY 2022 (Ended June 30, 2022)

• GAAP net income was $3.4 billion or $1.60 per share, an increase of 32% and 36%, respectively, over prior year's results. 

• Net revenues were $7.3 billion, an increase of 19%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. 

• Payments volume for the three months, increased 12% over the prior year on a constant-dollar basis.

• Cross-border volume excluding transactions within Europe, which drive our international transaction revenues, increased 48% on a constant-dollar basis for the three months. Total cross-border volume on a constant-dollar basis increased 40% in the quarter.

• Total processed transactions, which represent transactions processed by Visa, for the three months, were 49.3 billion, a 16% increase over the prior year.

• Service revenues were $3.2 billion, an increase of 13% over the prior year, and are recognized based on payments volume in the prior quarter.

• Data processing revenues rose 8% over the prior year to $3.6 billion.

• International transaction revenues grew 51% over the prior year to $2.6 billion. 

• GAAP operating expenses were $3.1 billion for the fiscal third quarter, a 51% increase over the prior year's results, primarily driven by increases in the litigation provision and personnel expenses. 

• GAAP non-operating expense was $319 million for the fiscal third quarter, including $246 million of net equity investment losses. 

• GAAP effective income tax rate was 10.9%, including the tax impacts from the nonGAAP items. 

• Cash, cash equivalents and investment securities were $19.6 billion in the quarter.

• The weighted-average number of diluted shares of class A common stock outstanding was 2.13 billion for the quarter.

Alfred F. Kelly, Jr., Chairman and Chief Executive Officer, Visa Inc., commented on the results: "Against the backdrop of macroeconomic uncertainty, significant exchange rate headwinds and the suspension of our business in Russia, Visa had a very strong quarter, with net revenues up 19%, GAAP EPS up 36% and non-GAAP EPS up 33%. Sustained levels of growth in overall payments volume, cross-border volume and processed transactions demonstrated the resiliency of our business model. Consumers are back on the road, visiting various corners of the world, resulting in cross-border travel volume surpassing 2019 levels for the first time since the pandemic began in early 2020. While the economic outlook is unclear, we remain confident in our ability to execute with discipline and expand Visa's role at the center of money movement."