Visa Adjusts Stock Conversion Rates After $405M Litigation Escrow Deposit

Visa Inc., the global payments technology company, has made an adjustment to its stock conversion rates. This change was triggered by a $405 million deposit into a U.S. litigation escrow account on September 18, 2026.

The deposit affected class B-1, B-2, and B-3 common stock held mainly by U.S. financial institutions, reducing the conversion rates from class A common stock. The new rates for these classes are: class B-1 moved from 1.5445 to 1.5400, class B-2 from 1.5014 to 1.4924, and class B-3 from 1.4953 to 1.4773.

These adjustments mimic the impact of share repurchases on earnings per share by reducing as-converted share counts. The as-converted share count for class B-1 fell by about 9,804 shares, class B-2 by 4,377 shares, and class B-3 by 1,089,926 shares.

The changes align the treatment of these share classes with Visa’s capital structure and litigation funding framework, slightly benefiting remaining shareholders via lower dilution.