+18.1%
Revenue — year over year
$11.2B vs $9.5B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
Earnings thesis change · rubric v1.0
V VISA INC.
Fiscal Q4 FY2026 · quarter ended September 30, 2026 · reported 2026-10-27
SEC filings and exhibits only
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 27, 2026 at 8:20 PM UTC
Earnings filing (8-K) · Latest 10-Q filings
Last updated: Oct 27, 2026 at 8:20 PM UTC
ACCOUNTING RISK · CLEAR
No auditor changes, restatements, late filings, or listing notices in the last 12 months.
from SEC filings · 2026-10-09
Thesis change
Weakened
Legacy analysis
Detailed dimension scores were not computed for pre-v1 analyses. Full six-dimension scoring resumes with filings processed by the current pipeline.
- Legacy analysis: scored by the pre-v1 pipeline; deep evidence has not been re-verified.
- 6 thesis dimension(s) lack comparable evidence
Reported facts
GAAP facts are reported by the company. Comparable figures are EarnIQ arithmetic using only quantified adjustments disclosed in the linked SEC exhibit.
Reported EPS and revenue have not yet been extracted from the filing.
1. Three decisive changes
Largest quantified changes versus the company's own history.
+17.6%
Net income — year over year
$6.0B vs $5.1B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
+16.0%
Operating income — year over year
$7.2B vs $6.2B a year ago · quarter ended Mar 31, 2026 · from 10-Q XBRL filings.
2. Was it already expected?
Consensus classifications require timestamped pre-report snapshots and eight-quarter surprise history.
| Item | Actual | Expected | Gap | Class |
|---|---|---|---|---|
| Consensus comparison coming soon. | ||||
3. Management consistency
Only attributable, measurable and dated commitments are counted. Delivery record: Not available.
| Promise | Target | Outcome | Status | Evidence |
|---|---|---|---|---|
| No measurable, dated management promises have been verified for this record. | ||||
4. What matters next
One deciding measurable condition plus up to two supporting checkpoints.
No source-backed deciding threshold is available yet.
No explicit forward-looking numeric guidance ranges were provided in the release text.
5. Risks that changed
New or materially worsened items only; unchanged boilerplate is omitted.
No new or materially worsened risk has been source-verified.
From 10-K filings · EDGAR
25
new risk disclosures added
32
old ones removed
FY2025 10-K vs prior year, boilerplate filtered out — these are idiosyncratic changes, and tone is slightly more negative.
New risk disclosure #1
“• In addition, industry participants in some countries, including Argentina, Chile, Colombia, the Dominican Republic, Paraguay, Peru, South Africa and Turkey have sought intervention from competition regulators or filed …”
New risk disclosure #2
“• Participants in the payments industry may merge, form joint ventures or enable or enter into other business combinations or bilateral agreements that strengthen their existing business propositions or create new, compe…”
New risk disclosure #3
“— Government Regulation for more information on the most significant areas of regulation that affect our business. The impact of these regulations on us, our clients, and other third parties could limit our ability to en…”
6. Evidence drawer
Source location, short anchor and visible arithmetic for every verified claim.
DC1 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Revenue · quarter ended 2026-03-31Revenue: +18.1% year over year
(11,230,000,000 − 9,510,000,000) ÷ 9,510,000,000 = +18.1% YoYDC2 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Net income · quarter ended 2026-03-31Net income: +17.6% year over year
(6,021,000,000 − 5,119,000,000) ÷ 5,119,000,000 = +17.6% YoYDC3 10-Q / 10-K XBRL filings (US-GAAP, via EDGAR)
Operating income · quarter ended 2026-03-31Operating income: +16.0% year over year
(7,234,000,000 − 6,234,000,000) ÷ 6,234,000,000 = +16.0% YoY