Visa Q3 FY2026 Results: Strong Performance, But Stock Lags Market

Visa's (NYSE: V) Q3 FY2026 results show a company performing well, but its stock returns have diverged from the market. Revenue grew 14% year-over-year in the June quarter, payments volume hit a record, and management raised full-year guidance.

The business has entered a period already priced for high-quality results, which explains why Visa shares gained only about 4% over the past year while the S&P 500 returned over 20%. The key question is not 'is this a good company', but what growth rate the current multiple already assumes.

Visa beat expectations on both lines in Q3 FY2026, with net revenue of $11.6 billion, up 14% year-over-year. GAAP net income was $5.6 billion, or $2.97 per share, up 7% and 10%, respectively.

The company's value-added services segment grew 34% in constant dollars to $3.8 billion, now representing roughly one-third of total revenue. This growth rate is more than three times that of payments volume, changing what Visa is as a business.