Visa Inc (V) 2025 Q4 法說會逐字稿

Welcome to Visa's Fiscal Fourth Quarter and Full Year 2025 Earnings Conference Call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time. I would now like to turn the conference over to your host, Ms. Jennifer Como, Senior Vice President and Global Head of Investor Relations. Ms. Como, you may begin.

歡迎參加 Visa 2025 財年第四季及全年業績電話會議。（操作說明）今天的會議正在錄音。如果您有任何異議，可以立即斷開連接。現在，我謹將會議交給主持人，高級副總裁兼全球投資者關係主管珍妮佛·科莫女士。科莫女士，您可以開始了。

Thank you. Good afternoon, everyone, and welcome to Visa's Fiscal Fourth Quarter and Full Year 2025 Earnings Call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer.

謝謝。各位下午好，歡迎參加 Visa 2025 財年第四季及全年業績電話會議。今天和我們一起的是 Visa 執行長 Ryan McInerney 和 Visa 財務長 Chris Suh。

This call is being webcast on the Investor Relations section of our website at investor.visa.com. A replay will be archived on our site for 30 days. A slide deck containing financial and statistical highlights has been posted on our IR website.

本次電話會議正在我公司網站投資者關係頁面（investor.visa.com）進行網路直播。錄音回放將在我公司網站存檔30天。一份包含財務和統計要點的幻燈片已發佈在我們的投資者關係網站上。

Let me also remind you that this presentation includes forward-looking statements. These statements are not guarantees of future performance, and our actual results could differ materially as a result of many factors. Additional information concerning those factors is available in our most recent annual report on Form 10-K and any subsequent reports on Forms 10-Q and 8-K, which you can find on the SEC's website and the Investor Relations section of our website.

我還要提醒各位，本次簡報包含前瞻性陳述。這些聲明並非對未來業績的保證，我們的實際結果可能會因多種因素而與預期有重大差異。有關這些因素的更多信息，請參閱我們最新的 10-K 表格年度報告以及任何後續的 10-Q 表格和 8-K 表格報告，這些報告可在美國證券交易委員會網站和我們網站的投資者關係部分找到。

Our comments today regarding our financial results will reflect revenue on a GAAP basis and all other results on a non-GAAP nominal basis unless otherwise noted. The related GAAP measures and reconciliation are available in today's earnings release and related materials available on our IR website.

除非另有說明，我們今天對財務業績的評論將反映按美國通用會計準則 (GAAP) 計算的收入，以及所有其他按非美國通用會計準則 (non-GAAP) 名義基礎計算的業績。相關GAAP指標和調整表可在今天的獲利報告以及我們投資者關係網站上的相關資料中找到。

And with that, let me turn the call over to Ryan.

那麼，現在讓我把電話交給瑞恩。

Thanks, Jennifer. We finished fiscal full year 2025 with strong financial performance, an ever-growing obsession for our clients and a sharp focus on innovation as we build the future of payments. Fiscal fourth quarter net revenue grew 12% year-over-year to $10.7 billion, and EPS was up 10%, resulting in full year net revenue and EPS year-over-year growth of 11% and 14%, respectively.

謝謝你，珍妮弗。我們在 2025 財年取得了強勁的財務業績，對客戶的關注度與日俱增，並高度重視創新，致力於建立支付的未來。第四財季淨收入年增 12% 至 107 億美元，每股收益成長 10%，全年淨收入和每股收益分別年增 11% 和 14%。

Total full year payments volume was $14 trillion, up 8% year-over-year in constant dollars, and process transactions totaled $258 billion, up 10% year-over-year. Our financial performance and growth demonstrate how Visa has become a hyperscaler, enabling anyone that wants to be in the money movement or payments business to build on top of the Visa as a Service stack. You may recall the layers of the stack, the foundation layer, the services layer, the solutions layer and the access layer. Throughout 2025 and most recently in Q4, we have intensified our investment in innovation.

全年支付總額為 14 兆美元，以不變美元計算年增 8%；處理交易總額為 2,580 億美元，年增 10%。我們的財務表現和成長表明 Visa 已成為超大規模企業，使任何想要從事資金流動或支付業務的人都能在 Visa 即服務堆疊之上進行建構。你可能還記得堆疊的各個層級：基礎層、服務層、解決方案層和存取層。2025 年全年，尤其是在第四季度，我們加大了對創新的投入。

Today, I want to highlight Visa's progress with our clients and the ecosystem at large across the Visa as a Service stack, starting with the foundation layer. At the foundation of the stack is our global connectivity, our network and our network of networks that enable global commerce and money movement.

今天，我想重點介紹 Visa 在 Visa 即服務堆疊中與我們的客戶以及整個生態系統共同取得的進展，首先從基礎層開始。這個技術堆疊的基礎是我們的全球連結性、我們的網路以及我們的網路之網絡，它們實現了全球商業和資金流動。

In full year 2025, we expanded our network of networks in three important ways: first, more connection points, visa's network of networks now has approximately 12 billion end points. That's about 4 billion cards, bank accounts and digital wallets each; second, more settlement currencies, we are adding support for four stablecoins running on four unique blockchains representing two currencies that we can accept and convert to over 25 traditional fiat currencies; and third, we have begun deployment of the next generation of VisaNet, the core processing platform in our Visa as a Service stack. It offers a cloud-ready micro services distributed modular architecture that uses open languages and technologies, enabling easier scaling, configuration and faster feature deployment. Over half of the new code base was built with the assistance of generative AI, improving development speed, security and maintainability. We have specific modules in market today with plans to roll out additional modules and markets.

2025 年全年，我們透過三種重要方式擴展了我們的網路：首先，連接點更多，Visa 的網路現在擁有大約 120 億個終端點。這相當於大約 40 億張卡、銀行帳戶和數位錢包；其次，我們正在增加對四種穩定幣的支持，這些穩定幣運行在四個不同的區塊鏈上，代表我們可以接受並兌換成 25 多種傳統法定貨幣的兩種貨幣；第三，我們已經開始部署下一代 VisaNet，這是我們 Visa 即服務堆棧中的核心處理平台。它提供了一種雲端就緒的微服務分散式模組化架構，使用開放的語言和技術，從而可以更輕鬆地擴展、配置和更快地部署功能。超過一半的新程式碼庫是在生成式人工智慧的幫助下建構的，提高了開發速度、安全性和可維護性。我們目前在市場上已有特定模組，並計劃推出更多模組和拓展市場。

The next level of the Visa as a Service stack is our services layer, which encompasses the building blocks of our core capabilities, including credentials, tokens, authentication, risk management, fraud detection and more, which we've turned into discrete modular components. We grew the number of Visa credentials by 270 million this year, and we continue to sign many deals this past quarter to drive further growth. I'll share a few regional highlights.

Visa 即服務堆疊的下一層是我們的服務層，它包含了我們核心功能的建置模組，包括憑證、令牌、身分驗證、風險管理、詐欺偵測等等，我們已將這些模組轉換為獨立的模組化元件。今年，我們的 Visa 卡數量增加了 2.7 億張，並在上個季度繼續簽署了許多協議，以推動進一步成長。我將分享一些地區亮點。

We are pleased to have renewed our nearly 60-year relationship with Barclays in the UK and the US across their millions of customers in consumer and commercial issuing and acquiring, and enabling increased focus on value-added services utilization. In the US, Visa continues to be the exclusive payment network for the Southwest Airlines co-brand program, and we will soon be expanding our relationship into a co-brand debit offering, providing customers a new way to earn Rapid Rewards points on everyday purchases.

我們很高興與巴克萊銀行在英國和美國續簽了近 60 年的合作關係，為數百萬消費者和商業發卡及收單客戶提供服務，並使我們能夠更加專注於增值服務的利用。在美國，Visa 仍然是西南航空聯名計劃的獨家支付網絡，我們很快就會把合作關係擴展到聯名借記卡產品，為客戶提供在日常購物中賺取 Rapid Rewards 積分的新方式。

In Latin America, We won the new Scotiabank wealth management credit card issuance with our Visa Infinite product across seven countries. And in Mainland China, one of our largest clients, China Merchants Bank, has renewed their long-standing relationship with us as we continue to upgrade China's magstripe dual-branded cards to contactless EMV chip cards.

在拉丁美洲，我們的 Visa Infinite 產品贏得了加拿大豐業銀行在七個國家發行新的財富管理信用卡的業務。在中國大陸，我們最大的客戶之一招商銀行與我們續簽了長期合作關係，我們將繼續將中國的磁條雙品牌卡升級為非接觸式 EMV 晶片卡。

Moving to tokens. We now have over 16 billion Visa tokens, up from 10 billion just in May of 2024. We continue to increase the amount of Visa tokens globally in pursuit of our ultimate goal of 100% of e-commerce transactions tokenized. We continue to enhance our risk management capabilities, including Visa scam disruption, which proactively detects scam activity at the network level that no single issuer, acquirer or a merchant could see alone and leverages AI-enhanced merchant monitoring external intelligence feeds and our global expertise. Just a year since launch, we have worked closely with our clients and law enforcement to dismantle more than 25,000 scam merchants representing more than $1 billion in fraud attempts.

轉向代幣化。我們現在擁有超過 160 億枚 Visa 代幣，而 2024 年 5 月時只有 100 億枚。我們將繼續在全球範圍內增加 Visa 代幣的數量，以實現 100% 電子商務交易代幣化的最終目標。我們不斷提升風險管理能力，包括 Visa 詐騙幹擾，它可以主動檢測網路層面的詐騙活動，這是任何單一發卡機構、收單機構或商家都無法單獨發現的，並且利用了人工智慧增強的商家監控外部情報來源和我們的全球專業知識。自成立以來僅一年，我們就與客戶和執法部門密切合作，搗毀了超過 25,000 家詐騙商戶，涉案金額超過 10 億美元。

Our stablecoin platform is another key component of our services layer. Since 2020, we facilitated over $140 billion in crypto and stablecoin flows, including Visa users purchasing more than $100 billion of crypto and stablecoin assets using their Visa credentials and spending more than $35 billion in crypto and stablecoin assets using Visa credentials. Within this, we see particular momentum with stablecoins. We now have more than 130 stablecoin-linked card issuing programs in over 40 countries. And in Q4, stablecoin-linked Visa card spend quadrupled versus a year ago.

我們的穩定幣平台是我們服務層的另一個關鍵組成部分。自 2020 年以來，我們促成了超過 1,400 億美元的加密貨幣和穩定幣交易，其中包括 Visa 用戶使用 Visa 憑證購買了超過 1,000 億美元的加密貨幣和穩定幣資產，以及使用 Visa 憑證消費了超過 350 億美元的加密貨幣和穩定幣資產。其中，穩定幣的發展勢頭尤為強勁。目前，我們在 40 多個國家擁有超過 130 個與穩定幣掛鉤的發卡項目。第四季度，與去年同期相比，與穩定幣掛鉤的 Visa 卡消費額增加了四倍。

We expanded the number of stablecoins and blockchains available for settlement, and monthly volume has now passed a $2.5 billion annualized run rate. We are starting to enable banks to mint and burn their own stablecoins with the Visa Tokenized Asset Platform, and we are adding stablecoin capabilities to enhance cross-border money movement with Visa Direct. In September 2025, we announced a stablecoin prefunding Visa Direct pilot targeting banks, remitters and financial institutions seeking faster, more flexible ways to manage liquidity, and there is much more to come in this space.

我們擴大了可用於結算的穩定幣和區塊鏈的數量，每月交易量現已超過 25 億美元的年化運行率。我們正在透過 Visa 代幣化資產平台，讓銀行能夠鑄造和銷毀自己的穩定幣，並且我們正在透過 Visa Direct 添加穩定幣功能，以增強跨境資金流動。2025 年 9 月，我們宣布了一項穩定幣預注資 Visa Direct 試點項目，旨在為銀行、匯款機構和金融機構提供更快、更靈活的流動性管理方式，未來在這個領域還將有更多舉措。

The next level of the Visa as a Service stack is our solutions layer, a comprehensive portfolio of solutions where we have taken the componentized capabilities from the services layer and invested in and enhanced them to create new features and capabilities we deliver to a broader array of customers and partners. If we look across our growth levers in this layer, I would note progress in a number of areas.

Visa 即服務堆疊的下一層是我們的解決方案層，這是一個全面的解決方案組合，我們從服務層提取了組件化的功能，並對其進行了投資和增強，從而創造了新的特性和功能，並將其提供給更廣泛的客戶和合作夥伴。如果我們縱觀這一層面的成長槓桿，我會注意到許多領域都取得了進展。

In consumer payments, Visa Intelligent Commerce integrates Visa's token technology with authentication and predictive analytics empowering partners to deploy secure, personalized digital commerce experiences. And I'm pleased to announce that we are now powering live agentic transactions and recently released a merchant agent toolkit to make it easy for developers to embed our solutions into workflows and agentic processes.

在消費者支付領域，Visa Intelligent Commerce 將 Visa 的令牌技術與身分驗證和預測分析相結合，使合作夥伴能夠部署安全、個人化的數位商務體驗。我很高興地宣布，我們現在為即時代理交易提供支持，並且最近發布了商戶代理工具包，以便開發人員可以輕鬆地將我們的解決方案嵌入到工作流程和代理流程中。

Just two weeks ago, we announced the Visa Trusted Agent Protocol, a framework that enables safer agent-driven checkout by helping merchants verify agents and avoid malicious bots. And since it's built on existing messaging standards, minimal integration is required for merchants.

就在兩週前，我們宣布了 Visa 可信任代理協議，該框架透過幫助商家驗證代理並避免惡意機器人，從而實現更安全的代理驅動結帳。由於它是基於現有的訊息傳遞標準，因此商家只需進行極少的整合。

Next, our Visa Flex Credential continues to gain momentum, enabling consumers to access many underlying funding sources with a single credential powered by Visa token technology, for example, the Klarna card launched in 15 European markets, building on its success in the US where it had over 1 million sign-ups in less than three months, and they will expand to even more markets soon. Our Visa Flex pipeline is strong, and we now have more than 20 signed clients in more than 20 countries across all regions, including our first Visa Flex announcement in LAC with [Niko].

接下來，我們的 Visa Flex 憑證繼續發展壯大，使消費者能夠透過 Visa 代幣技術支援的單一憑證存取許多底層資金來源。例如，Klarna 卡已在 15 個歐洲市場推出，延續了在美國的成功，該卡在不到三個月的時間內註冊用戶超過 100 萬，他們很快就會擴展到更多市場。我們的Visa Flex專案儲備充足，目前已與遍佈全球20多個國家的20多家客戶簽約，其中包括我們在拉丁美洲和加勒比海地區的首個Visa Flex專案。[尼可]

Our Visa Accept Solution enables even the smallest of sellers to accept card payments with just a Visa debit card and an NFC capable smartphone. Our first live launch of Visa Accept was in Sri Lanka, which represents an opportunity to bring an estimated 7 million sellers onto the Visa network, most of which are informal sellers who primarily transact in cash today. And this is just our first launch. We are targeting 25 countries across several regions where we expect to launch Visa Accept soon with even more expansion to follow.

我們的 Visa Accept 解決方案使即使是最小的商家也能僅使用 Visa 金融卡和支援 NFC 功能的智慧型手機來接受銀行卡付款。Visa Accept 的首次正式上線是在斯里蘭卡，這為我們提供了一個機會，可以將大約 700 萬商家納入 Visa 網絡，其中大多數是目前主要以現金交易的非正規商家。而這僅僅是我們的首次發布。我們的目標是覆蓋多個地區的 25 個國家，預計很快就會在這些國家推出 Visa Accept 服務，並隨後進一步擴展。

Our Visa Pay solution connects any participating wallet to any Visa accepting seller worldwide, local or international, in-store or online. We are pleased to now be processing live Visa Pay transactions in four markets across AP and CEMEA, including our recently announced market launch in the Democratic Republic of Congo.

我們的 Visa Pay 解決方案可將任何參與的錢包連接到全球任何接受 Visa 的商家，無論是本地還是國際，無論是在店內還是線上。我們很高興現在可以在亞太和中東歐地區的四個市場處理 Visa Pay 即時交易，包括我們最近宣佈在剛果民主共和國推出的市場。

In addition, we have a pipeline with more than 70 clients to expand across more markets in 2026 and beyond. Rounding out consumer payments is tapped to everything. 79% of all face-to-face transactions are taps, up 8 percentage points this year with the US at 66%. Our transit initiatives contributed to this expansion, and this year, we enabled more than 100 new transit systems to now total approximately 1,000 systems globally, delivering 19% year-over-year growth in transactions.

此外，我們還有 70 多位客戶正在洽談中，計劃在 2026 年及以後拓展到更多市場。消費支付方式日趨完善，幾乎無所不包。所有面對面交易中，79%都是透過非接觸式支付完成的，比今年增加了8個百分點，其中美國的比例為66%。我們的交通運輸計畫促進了這項擴張，今年，我們新增了 100 多個交通運輸系統，使全球交通運輸系統總數達到約 1,000 個，交易量較去年同期成長 19%。

In Europe, BBVA recently launched BBVA Pay, enabling tapping from an iOS device for all Visa cards within their banking app. They also have enabled customers to use AI to create their own personalized Visa cards starting in Spain.

在歐洲，BBVA 最近推出了 BBVA Pay，用戶可以透過 iOS 裝置在其銀行應用程式中使用任何 Visa 卡進行支付。他們也讓客戶能夠使用人工智慧技術，從西班牙開始創建自己的個人化Visa卡。

Tap to Phone, which provides an easy, low-cost method for micro sellers to begin accepting card payments or large sellers to add additional mobile terminals, has now passed 20 million transacting devices, more than doubling since last year with strong growth across all regions. And Tap to Add Card launched a little over a year ago, has strong adoption as consumers and our partners see the value of a simplified, more secure customer experience where a simple card tap to a mobile device can add a Visa credential to a digital wallet. Since Q3, we have doubled the count of issuers participating globally to more than 600 across all regions resulting in the service being live for more than 1.4 billion Visa credit and debit cards around the world.

Tap to Phone 為微型賣家提供了一種簡單、低成本的方式，使其能夠開始接受銀行卡付款，或為大型賣家添加額外的行動終端。目前，Tap to Phone 的交易設備數量已超過 2000 萬台，比去年翻了一番還多，並且在所有地區都實現了強勁增長。「輕觸添加卡」功能於一年多前推出，並得到了廣泛應用，因為消費者和我們的合作夥伴看到了簡化、更安全的客戶體驗的價值，只需將卡片輕觸行動裝置即可將 Visa 憑證添加到數位錢包中。自第三季以來，我們已將全球參與的發卡機構數量增加了一倍，達到 600 多家，覆蓋所有地區，從而使該服務得以在全球範圍內為超過 14 億張 Visa 信用卡和借記卡提供服務。

Shifting to CMS and starting with Visa Commercial Solutions. Our full year 2025 commercial payments volume grew 7% in constant dollars to $1.8 trillion. This was helped by targeting specific segments including business owners and online travel agencies. In the premium card segment, we supported Chase with the launch of Chase Sapphire Reserve for Business on Visa Infinite, an expansion of the Sapphire Reserve product line. The Sapphire Reserve for Business card is designed to meet the needs of business owners by elevating their travel experience and offering premium benefits and value toward business services to help fuel their growth.

轉向CMS，首先採用Visa商業解決方案。我們2025年全年商業支付額以不變美元計算成長7%，達到1.8兆美元。透過瞄準特定群體，包括企業主和線上旅行社，取得了成功。在高階信用卡領域，我們支援 Chase 推出了基於 Visa Infinite 的 Chase Sapphire Reserve for Business，這是 Sapphire Reserve 產品線的擴展。藍寶石商務卡旨在透過提升商務旅遊體驗，提供優質的商務服務及優惠，滿足企業主的出行需求，並協助其業務成長。

And also in the US, we are excited to have partnered with Truist to launch the Truist Business Premium Visa Infinite card, a premium credit card designed for small businesses with meaningful annual spend. They are the first super regional to do so in this country.

此外，我們很高興與 Truist 在美國合作推出了 Truist Business Premium Visa Infinite 卡，這是一款專為年度支出可觀的小型企業設計的優質信用卡。他們是全國首個這樣做的超級區域性俱樂部。

Our purpose-built travel solution offers virtual card credentials, automated reconciliation and rich data. We recently won Trip.com's global virtual travel card issuing business, which will be issued through their fintech, TripLink.

我們專門打造的旅遊解決方案提供虛擬卡憑證、自動對帳和豐富的資料。我們最近贏得了 Trip.com 的全球虛擬旅行卡發行業務，該卡將透過其金融科技公司 TripLink 發行。

In our traditional carded business, our global network agnostic enhanced spend management capabilities have helped us to expand our partnership with BMO. We recently won new commercial issuance, and BMO will offer our Spend Clarity for Enterprise tool to their corporates in the US and Canada.

在我們傳統的信用卡業務中，我們與全球網路無關的增強支出管理能力幫助我們擴大了與 BMO 的合作關係。我們最近贏得了新的商業發行業務，BMO 將向其在美國和加拿大的企業提供我們的企業支出明細工具。

Our unique FX capabilities enabled us to win a de novo issuing relationship with ICICI Bank for India's first corporate ForEx prepaid card, targeting both SMBs and large corporates to meet foreign exchange payment needs for business travel. In fact, in India, Visa SMB cards have doubled since 2020 and now total more than 10 million, helping us to grow total commercial cards to 340 million worldwide.

我們獨特的 FX 能力使我們贏得了與 ICICI 銀行的全新發卡關係，發行了印度第一張企業外匯預付卡，目標客戶是中小企業和大型企業，以滿足商務旅行的外匯支付需求。事實上，在印度，Visa 中小企業卡自 2020 年以來翻了一番，目前總數超過 1,000 萬張，這有助於我們將全球商業卡總數增加到 3.4 億張。

Moving on to Visa Direct, which reached 12.6 billion transactions in full year 2025, up 27% year-over-year. Our push to account and wallet funding capabilities continue to help us to expand cross-border payouts. We signed with KCB in East Africa, where they will use Visa Direct to account for eight corridors across their more than 30 million individual and business customers.

接下來是 Visa Direct，預計到 2025 年全年交易量將達到 126 億筆，年增 27%。我們不斷推進帳戶和錢包充值功能，這有助於我們擴大跨境支付範圍。我們與東非的 KCB 銀行簽署了協議，他們將使用 Visa Direct 為其超過 3,000 萬個人和企業客戶提供八條交易通道的服務。

Touch 'n Go eWallet, the largest wallet in Malaysia with more than 24 million users, will leverage Visa Direct to enable tourists to fund their wallets across eight corridors. And Al Rajhi, a leading remitter with the largest branch network in the Kingdom of Saudi Arabia, expanded on its Visa Direct to card usage to now include Visa Direct to account.

Touch 'n Go eWallet 是馬來西亞最大的電子錢包，擁有超過 2400 萬用戶，它將利用 Visa Direct 為遊客提供在八個通道內為其錢包充值的服務。沙烏地阿拉伯王國最大的匯款機構 Al Rajhi 擁有最大的分支機構網絡，該公司已將其 Visa Direct 卡的使用範圍擴大到 Visa Direct 帳戶。

And our interoperability capabilities unlocked through our YellowPepper acquisition enabled us to renew with Yape and Plin, securing our position as the leader for interoperable transactions in Peru.

我們透過收購 YellowPepper 解鎖的互通性能力使我們能夠與 Yape 和 Plin 續約，從而鞏固了我們在秘魯互通性交易領域的領先地位。

Now moving to value-added services, where we have seen our innovations across issuing, acceptance, risk and advisory continue to power our growth. We have achieved our goal to expand Pismo's offerings to clients in more than five countries across four regions in 2025. In the fourth quarter, we signed our first Pismo deal for a stablecoin-linked card with Gnosis Pay in Europe.

現在轉向加值服務，我們在發行、承銷、風險和諮詢方面的創新繼續推動我們的成長。我們已經實現了目標，在 2025 年將 Pismo 的產品和服務擴展到四個地區五個以上的國家的客戶。第四季度，我們與歐洲的 Gnosis Pay 簽署了第一筆 Pismo 穩定幣關聯卡協議。

In Acceptance Solutions, our Token Management Service, or TMS, provides a single network and payment service provider agnostic integration to simplify token adoption, access and management for merchants and acquiring clients. This quarter, we signed with Booking.com for TMS and account updater across more than 65 markets, deepening our presence in the online travel platform space.

在 Acceptance Solutions 中，我們的代幣管理服務 (TMS) 提供單一的網路和支付服務提供者無關的集成，以簡化商家和收單客戶的代幣採用、存取和管理。本季度，我們與 Booking.com 簽署了 TMS 和帳戶更新協議，涵蓋超過 65 個市場，進一步鞏固了我們在線上旅遊平台領域的地位。

Many of our risk and security solutions are also network agnostic. Let me highlight a few points of progress. Visa Advanced Authorization evaluates more than 400 unique attributes in a few milliseconds, and this quarter, Banco Diners in Ecuador deployed our network agnostic solution to score both Visa and non-Visa transactions, the first bank in LAC to do so.

我們的許多風險和安全解決方案也與網路無關。讓我重點介紹幾個取得的進展。Visa 高級授權可在幾毫秒內評估 400 多個獨特屬性，本季度，厄瓜多爾的 Banco Diners 部署了我們與網絡無關的解決方案，對 Visa 和非 Visa 交易進行評分，成為拉丁美洲和加勒比地區第一家這樣做的銀行。

Our award-winning product, Visa Protect for A2A, is delivering value with AI. Our pilot in Brazil scored nearly $500 billion of our bank partner's, Pix, volume over a six-month period and identified over $90 million of fraud, which could have been prevented with a detection rate of more than 80%. We believe Visa Protect for A2A can play an important role in Brazil by providing real-time fraud monitoring on Pix, helping to reduce fraud for our bank partners and ensure a safer payment experience for buyers and sellers.

我們屢獲殊榮的產品 Visa Protect for A2A 利用人工智慧創造價值。我們在巴西的試點計畫在六個月內從我們的銀行合作夥伴 Pix 獲得了近 5000 億美元的交易量，並發現了超過 9000 萬美元的詐欺行為，如果檢測率超過 80%，這些詐欺行為是可以避免的。我們相信 Visa Protect for A2A 可以透過在 Pix 上提供即時詐欺監控，在巴西發揮重要作用，幫助我們的銀行合作夥伴減少詐欺，並確保買家和賣家獲得更安全的支付體驗。

Our most recently acquired risk capabilities from Featurespace are being sought after by our clients with more than 100 closed client deals since January. And our advisory services continued to deliver revenue and deepen our client relationships across Visa. In consulting, we estimate that we helped clients realize over $6.5 billion of incremental revenue as a result of delivering almost 4,500 engagements during the year, including GenAI and stablecoin engagements.

我們最近從 Featurespace 收購的風險管理能力受到了客戶的青睞，自 1 月以來，我們已經完成了 100 多筆客戶交易。我們的諮詢服務持續為 Visa 帶來收入，並加深了與客戶的關係。在諮詢方面，我們估計，由於一年內完成了近 4,500 個項目，包括 GenAI 和穩定幣項目，我們幫助客戶實現了超過 65 億美元的增量收入。

In marketing services, our flagship sponsorships include the FIFA World Cup 2026 in the US, Canada and Mexico as well as the Olympic and Paralympic Winter Games in Milano Cortina. We are already seeing significant interest from our clients as they seek to offer unique cardholder experiences and build their brand in addition to helping drive issuance, acceptance and engagement. One Olympic and Paralympic related marketing example was our first large-scale campaign created using generative AI tools for Intesa Sanpaolo, which showcased a ski race down the streets of Italy's seaside villages. We already have over 35 clients engaged with us for marketing services for the 2026 Olympic and Paralympic Games and more than 70 for the FIFA World Cup 2026 with more than 100 already in our pipeline.

在行銷服務方面，我們的旗艦贊助項目包括在美國、加拿大和墨西哥舉辦的 2026 年 FIFA 世界杯，以及在米蘭科爾蒂納舉辦的冬季奧運會和殘奧會。我們已經看到客戶對此表現出濃厚的興趣，他們希望提供獨特的持卡人體驗並建立品牌，同時幫助推動發卡、受理和用戶互動。一個與​​奧運和殘奧會相關的行銷案例是我們首次使用生成式人工智慧工具為義大利聯合聖保羅銀行（Intesa Sanpaolo）創建的大規模宣傳活動，該活動展示了一場在義大利海濱村莊街道上進行的滑雪比賽。我們已經與 35 家以上的客戶簽訂了 2026 年奧運會和殘奧會的營銷服務合同，與 70 多家客戶簽訂了 2026 年 FIFA 世界杯的營銷服務合同，另有 100 多家客戶正在洽談中。

The fourth and final layer of the Visa as a Service stack on top of the foundation layer, the services layer and the solutions layer is the access layer, the client entry point to access Visa solutions. We take an open partnership approach and seek to provide value by enabling access to our Visa as a Service stack through multiple integration methods, including custom integrations, programmatic access via APIs and structured data exchange through our Model Context Protocol, or MCP, server.

Visa 即服務堆疊的第四層也是最後一層位於基礎層、服務層和解決方案層之上，即存取層，是用戶端存取 Visa 解決方案的入口點。我們採取開放的合作方式，力求透過多種整合方式（包括自訂整合、透過 API 進行程式化存取以及透過我們的模型上下文協定 (MCP) 伺服器進行結構化資料交換）提供對我們 Visa 即服務堆疊的訪問，從而創造價值。

We remain the payments platform of choice in full year 2025 with more than 700 billion API calls across our more than 3,700 end points. And we recently launched our MCP server, providing access for AI systems to interface with our Visa Intelligent Commerce APIs. Our open, flexible access layer enables anyone, whether a small business, a tech partner or a global bank, to build on top of the Visa as a Service stack and operate at scale instantly.

預計到 2025 年全年，我們仍將是首選的支付平台，透過我們超過 3700 個終端節點，API 呼叫次數將超過 7000 億次。我們最近推出了 MCP 伺服器，為 AI 系統提供與 Visa 智慧商務 API 互動的途徑。我們開放、靈活的存取層使任何人，無論是小型企業、技術合作夥伴或全球銀行，都能在 Visa 即服務堆疊之上進行建置並立即大規模運作。

In conclusion, you can see our intense focus on innovation is delivering results for Visa and our clients. The Visa as a Service stack has positioned Visa to be a hyperscaler for the payments ecosystem. Our strong fiscal year 2025 performance is a result of our products resonating in the market and our commitment to our clients every day. I want to thank our more than 34,000 employees around the world who will continue to obsess about our clients and work tirelessly in 2026 and beyond to deliver value through the Visa as a Service stack to our clients and across our partner ecosystem.

總之，可以看出我們對創新的高度重視正在為 Visa 和我們的客戶帶來成果。Visa 即服務架構使 Visa 成為支付生態系統中的超大規模服務供應商。我們在 2025 財年取得的強勁業績，得益於我們的產品在市場上的良好反響以及我們每天對客戶的承諾。我要感謝我們遍佈全球的 34,000 多名員工，他們將繼續以客戶為中心，在 2026 年及以後不懈努力，透過 Visa 即服務技術堆疊為我們的客戶和整個合作夥伴生態系統創造價值。

We live in remarkable times in payments as technologies are converging to reshape commerce. And at Visa, with our clients, partners, sellers and consumers, we are keeping our focus on innovation and product development, positioning Visa to lead this transformation.

我們生活在一個非凡的支付時代，各種科技正在融合，重塑商業格局。Visa 與我們的客戶、合作夥伴、賣家和消費者一起，始終專注於創新和產品開發，使 Visa 能夠引領這場變革。

Now to Chris, where he will discuss our financial performance and outlook for 2026.

接下來請克里斯談談我們的財務表現和2026年的展望。

Thanks, Ryan, and good afternoon, everyone. Building on the momentum we saw through the first three quarters, we had a very good Q4 to finish the year with continued strong and stable business drivers. In constant dollars, global payments volume was up 9% year-over-year, improving slightly from Q3. Cross-border volume excluding intra Europe, was up 11% and total processed transactions grew 10%, both relatively stable to Q3.

謝謝你，瑞恩，大家午安。延續前三個季度的發展勢頭，我們在第四季度取得了非常好的成績，並以持續強勁穩定的業務驅動力為這一年畫上了圓滿的句號。以不變美元計算，全球支付額年增 9%，較第三季略有改善。不包括歐洲內部交易的跨國交易量增加了 11%，處理的交易總量增加了 10%，兩者均與第三季相比相對穩定。

Fiscal fourth quarter net revenue was up 12% year-over-year, better than expected, primarily due to value-added services revenue, commercial and money movement solutions revenue, and a benefit from FX. Fourth quarter net revenue was up 11% in constant dollars. EPS was up 10% year-over-year in both nominal and constant dollars, better than expected -- primarily due to better-than-expected net revenue.

第四財季淨收入年增 12%，優於預期，主要得益於增值服務收入、商業和資金流動解決方案收入以及外匯收益。第四季淨收入以固定匯率計算成長11%。以名目美元和固定美元計算，每股盈餘年增 10%，好於預期——主要原因是淨收入優於預期。

Let's go into the details. Total international payments volume was up 10% year-over-year in constant dollars in Q4, generally consistent with Q3. Of note, we saw acceleration in Asia Pacific of approximately 2.5 points on a constant dollar basis, driven by timing effects and a modest improvement in Mainland China.

讓我們深入了解一下細節。第四季國際支付總額以固定美元計算年增 10%，與第三季基本一致。值得注意的是，受時機效應和中國大陸經濟小幅改善的推動，亞太地區經濟以固定美元計算加速成長了約 2.5 個百分點。

US payments volume was up 8%, slightly above Q3 with e-commerce growing faster than face-to-face spend. Credit and debit were both up 8%, reflecting resilience in consumer spending.

美國支付額成長了 8%，略高於第三季度，其中電子商務的成長速度超過了面對面消費的成長速度。信用卡和金融卡消費均成長了 8%，反映出消費者支出的韌性。

When we look at quarterly spend category data in the US, we saw broad-based strength, including improvements in retail services and goods, travel and fuel. Both discretionary and nondiscretionary spend were up from Q3. And growth across consumer spend bands remained relatively consistent with Q3 with the highest spend band continuing to grow the fastest.

當我們查看美國季度支出類別數據時，我們發現各方面都呈現強勁成長，包括零售服務和商品、旅遊和燃料等方面的改善。無論是可自由支配支出還是不可自由支配支出，都比第三季有所成長。各消費支出區間的成長與第三季基本保持一致，其中最高支出區間的成長速度仍然最快。

Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions.

現在來說說跨國交易量，我將以不變美元計算，並且不包括歐洲內部的交易。

Q4 total cross-border volume was up 11% year-over-year relatively stable to last quarter, with e-commerce up 13%, and travel improving sequentially to 10%. eCommerce remains strong as it has for the last eight quarters now and still represented about 40% of our total cross-border volume. Travel spend continued to grow above pre-COVID levels. The slight step-up from Q3 was led by a combination of factors, including increased commercial volumes, helped by our efforts in virtual card and some improvement in CEMEA outbound due to holiday timing.

第四季跨境交易總額年增11%，與上季基本持平，其中電子商務成長13%，旅遊交易較上季成長10%。電子商務表現依然強勁，與過去八個季度一樣，仍佔跨境交易總額的約40%。旅遊支出持續成長，高於新冠疫情前的水準。與第三季相比略有成長，主要得益於多種因素，包括商業交易量的增加（這得益於我們在虛擬卡方面的努力）以及由於假期時間安排，中東歐及非洲地區出境業務的一些改善。

With that as a backdrop, I'll move to discuss our financial results. Starting with the revenue components. Service revenue grew 10% year-over-year versus the 8% growth in Q3 constant dollars payments volume, primarily due to card benefits and pricing. Data processing revenue grew 17% versus the 10% growth in process transactions, primarily due to pricing and higher cross-border transaction mix. International transaction revenue was up 10%, below the 11% increase in constant dollar cross-border volume growth, excluding intra Europe, primarily due to mix, partially offset by exchange rates.

在此背景下，我將討論我們的財務表現。首先來看收入構成部分。服務收入年增 10%，而第三季以固定匯率計算的支付額僅成長 8%，這主要是由於信用卡優惠和定價策略。資料處理收入成長了 17%，而流程交易收入僅成長了 10%，這主要是由於定價和跨境交易比例較高所致。國際交易收入成長了 10%，低於以固定美元計算的跨國交易量成長 11%（不包括歐洲內部交易），這主要是由於產品組合變化，部分被匯率波動所抵銷。

Other revenue grew 21%, primarily driven by growth in advisory and other value-added services and pricing. Client incentives grew 17%, in line with our expectations as we lapped onetime adjustments from Q4 of fiscal '24.

其他收入成長了 21%，主要得益於諮詢和其他增值服務及定價的成長。客戶激勵成長了 17%，符合我們的預期，因為我們已經扣除了 2024 財年第四季的一次性調整。

Now to our three growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume and process transaction growth. Commercial and money movement solutions revenue grew 14% year-over-year in constant dollars as we lap the onetime adjustment we saw in Q4 FY24. CMS revenue was better than expected, driven primarily by our Commercial Solutions business.

接下來介紹我們的三大成長引擎。消費者支付收入主要得益於支付量、跨境支付量和流程交易量的成長。由於我們已扣除 2024 財年第四季的一次性調整，商業和資金流動解決方案營收以固定匯率計算年增 14%。CMS 收入超出預期，主要得益於我們的商業解決方案業務。

Commercial payments volume grew 10% in constant dollars, 3 points above Q3 growth and faster than Visa's overall payments volume growth primarily due to new portfolio wins and the lapping of certain portfolio losses with strong client performance, especially in cross-border.

商業支付額以固定美元計算增長了 10%，比第三季度增長了 3 個百分點，並且比 Visa 的整體支付額增長更快，這主要是由於新客戶的加入以及強勁的客戶表現彌補了某些客戶組合的損失，尤其是在跨境支付方面。

Visa Direct transactions grew 23% to 3.4 billion transactions with strength in both domestic and cross-border. Value-added services revenue grew 25% in constant dollars to $3 billion, driven by issuing solutions, advisory and other services, and pricing. Value-added services revenue growth was better than expected, primarily due to issuing solutions, both in network products and card benefits.

Visa Direct交易量成長23%，達到34億筆交易，國內和跨國交易均表現強勁。增值服務收入以固定匯率計算成長 25%，達到 30 億美元，主要得益於發行解決方案、諮詢和其他服務以及定價的成長。增值服務收入成長優於預期，主要得益於網路產品和卡片權益方面的發行解決方案。

Operating expenses grew 13%, above our expectations due to a larger-than-expected FX impact and higher-than-expected personnel expenses as a result of deferred compensation mark to market, which, as a reminder, is EPS neutral. Excluding those two factors, adjusted operating expense growth would have been as expected. Nonoperating income was $29 million, higher than expected due to investment income from the deferred compensation mark-to-market benefit that offsets the expense I just mentioned and higher returns on our investments.

由於外匯影響超出預期，以及遞延薪酬按市值計價導致人員費用高於預期，營運費用增長了 13%，超出我們的預期。需要提醒的是，這與每股盈餘無關。排除這兩個因素，調整後的營運費用成長將符合預期。非經營收入為 2,900 萬美元，高於預期，原因是遞延薪酬按市值計價收益帶來的投資收入抵消了我剛才提到的費用，以及我們投資的更高回報。

Our tax rate for the quarter was 18.8%, in line with expectations. EPS was $2.98, up 10% year-over-year with minimal impacts from exchange rates and acquisitions. In Q4, we bought back approximately $4.9 billion in stock and distributed $1.1 billion in dividends to our shareholders. We also funded the litigation escrow account by $500 million, which has the same effect on EPS as a stock buyback. At the end of September, we had $24.9 billion remaining in our buyback authorization.

本季稅率為18.8%，符合預期。每股收益為 2.98 美元，年增 10%，匯率和收購的影響微乎其微。第四季度，我們回購了約 49 億美元的股票，並向股東發放了 11 億美元的股利。我們也向訴訟託管帳戶注資 5 億美元，這對每股盈餘的影響與股票回購相同。截至9月底，我們的股票回購授權額度還剩249億美元。

With a strong finish to the fiscal year, our full year net revenue grew 11% to $40 billion, and EPS grew 14% to $11.47. Full year 2025 CMS revenue growth was 15%, and value-added services revenue growth was 23% on a constant dollar basis. In a year marked by a significant step-up in uncertainty around the globe, we delivered strong results above our expectations. As we think about 2026, our guidance philosophy holds. We give you our best perspective based on current information. So let's get into the guidance details and a quick note, when I reference 2025 and 2026, I am referring to our fiscal years.

財年收官強勁，全年淨收入成長11%至400億美元，每股收益成長14%至11.47美元。 2025年全年CMS收入成長15%，增值服務收入以固定匯率計算成長23%。在全球不確定性顯著加劇的一年裡，我們取得了超乎預期的強勁業績。展望2026年，我們的指導理念依然不變。我們會根據現有信息，為您提供最佳觀點。那麼讓我們來詳細了解指導意見，並簡單說明一下，當我提到 2025 年和 2026 年時，我指的是我們的財政年度。

First, let's cover our underlying assumptions for net revenue growth. As we regularly say, we are not economic forecasters, so we're assuming the macroeconomic environment stays generally where it is today and consumer spending remains resilient. On key business drivers, we are assuming no material change from the Q4 2025 growth levels in 2026. On pricing, for 2026, we expect the benefits of new pricing to be similar in magnitude and timing as in 2025, with the majority going into effect in the back half. When you combine that with the 2025 pricing timing, this implies a relatively uniform contribution each quarter with Q1 seeing the largest contribution.

首先，讓我們來了解我們對淨收入成長的基本假設。正如我們常說的，我們不是經濟預測者，所以我們假設宏觀經濟環境總體上保持現狀，消費者支出保持韌性。對於關鍵業務驅動因素，我們假設 2026 年的成長水準與 2025 年第四季相比不會發生實質變化。關於定價，我們預計 2026 年新定價帶來的好處在規模和時間上將與 2025 年類似，大部分將在下半年生效。結合 2025 年的定價時間，這意味著每季的貢獻相對均衡，其中第一季的貢獻最大。

On incentives, we expect around 20% of our payments volume to be impacted by renewals this year, which implies incentive growth generally similar to 2025, with Q3 having the toughest comparable to 2025. On volatility, we expect volatility throughout the year to be generally consistent to where we exited Q4, which implies a drag for the first three quarters, with Q3 having the toughest comparable to 2025.

關於激勵措施，我們預計今年約有 20% 的支付量將受到續約的影響，這意味著激勵成長總體上與 2025 年類似，其中第三季與 2025 年的比較最為艱難。關於波動性，我們預計全年波動性將與第四季末的水平基本一致，這意味著前三個季度將受到拖累，其中第三季度與 2025 年的比較最為艱難。

We pull these assumptions together on an adjusted basis defined as non-GAAP results in constant dollars and excluding acquisition impacts. You can review these disclosures in our earnings presentation for more detail.

我們將這些假設匯總起來，並進行調整，調整後的結果定義為以固定美元計算的非GAAP結果，且不包括收購的影響。您可以在我們的盈利報告中查看這些披露信息，以了解更多詳情。

In 2026, we expect full year adjusted net revenue growth to be in the low double digits. On a nominal basis, we expect an approximately 0.5 point benefit from FX, which implies nominal net revenue growth that is generally consistent with fiscal 2025, which was 11%.

我們預計 2026 年全年調整後淨收入成長將達到兩位數低段。從名義上看，我們預期匯率將帶來約 0.5 個百分點的收益，這意味著名目淨收入成長與 2025 財年（11%）基本一致。

We have an exciting year with the Olympic and Paralympic Games in Q2 and the FIFA World Cup in Q3 and Q4. I'll speak to expense in a moment, but as far as net revenue impacts, we expect the benefit from value-added services to be spread throughout the year as our clients will utilize our solutions in the buildup to and during the events.

今年對我們來說是激動人心的一年，第二季有奧運和殘奧會，第三季和第四季有國際足總世界盃。我稍後會談到費用問題，但就淨收入影響而言，我們預計增值服務帶來的收益將全年分攤，因為我們的客戶將在活動籌備期間和活動期間使用我們的解決方案。

In terms of quarterly variability of net revenue, two items I would call out. 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.

就淨收入的季度波動而言，我想重點指出兩點。首先，我們預期第一季淨收入年增率最高，這主要是由於我們 2025 財年定價措施的時機影響。其次，我們預計第三季淨收入年增率將最低，這主要是由於 2025 年第三季強勁的市場波動和低於預期的激勵措施的疊加影響。

Now moving to expenses. We expect to continue our significant investments in our Visa as a Service stack across consumer payments, commercial and money movement solutions and value-added services in FY26. Let me share a few examples.

接下來是費用部分。我們預計在 2026 財年將繼續對 Visa 即服務技術堆疊進行大量投資，涵蓋消費者支付、商業和資金流動解決方案以及增值服務。我舉幾個例子。

Within consumer payments, we will enhance our cross-border and affluent offerings, scale recently launched products and expand our stablecoin capabilities, in addition to utilizing our marketing dollars for both the Olympics and FIFA to amplify the Visa brand. Within CMS, we'll focus our investments in specific commercial vertical opportunities and build out new Visa Direct product capabilities focused on cross-border money movement. And within VAS, we'll invest in our product development as well as our sales engineering teams to deepen customer engagement and shortened deal cycles. In addition, we're also investing in our AI efforts. In fact, every leader at the company has AI targets to drive efficiencies that we intend to invest back in the business to further our differentiation, competitive advantage and drive long-term growth.

在消費者支付領域，我們將加強跨國和富裕人群服務，擴大近期推出的產品規模，並拓展穩定幣業務，此外，我們還將利用奧運和國際足總的營銷預算來提升 Visa 品牌知名度。在 CMS 內部，我們將把投資重點放在特定的商業垂直領域機會上，並建立專注於跨國資金流動的 Visa Direct 新產品功能。在加值服務 (VAS) 方面，我們將投資於產品開發和銷售工程團隊，以加深客戶互動並縮短交易週期。此外，我們也在加大對人工智慧領域的投入。事實上，公司的每位領導者都設定了人工智慧目標，旨在提高效率，並將這些效率再投資於業務，以進一步增強我們的差異化優勢、競爭優勢並推動長期成長。

We currently expect to grow adjusted operating expense in the low double digits, consistent with our net revenue growth. 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 Olympics and FIFA.

我們目前預計調整後的營運費用將以較低的兩位數成長，與我們的淨收入成長保持一致。在考慮支出節奏時，我們預計第二季和第三季將出現最大的年成長率，這是由於與奧運和國際足總相關的行銷支出所致。

Now moving to nonoperating income. The nonoperating income we've had for the past three years has been a function of cash balances, interest rates and onetime items. In 2026, based on current interest rate forward curves, we now expect nonoperating expense of $125 million to $175 million.

現在來看非經營性收入。過去三年我們的非經營性收入主要取決於現金餘額、利率和一次性項目。根據目前的利率遠期曲線，我們預計 2026 年的非經營性支出將達到 1.25 億美元至 1.75 億美元。

Now to our non-GAAP tax rate. You may recall that we've historically estimated our long-term tax rate to be between 19% and 20%, and this remains unchanged. In both fiscal 2024 and 2025, our actual tax rate was below 18%, helped primarily by our geographic mix of earnings and certain onetime benefits, such as the resolution of tax matters and positions taken on certain taxes. In 2026, we still expect to be below our long-term tax rate. When we incorporate our current tax planning strategies, we expect the tax rate to be between 18.5% and 19%, up from 2024 and 2025, primarily due to the absence of onetime benefits.

接下來我們來看看非GAAP稅率。您可能還記得，我們​​歷來估計長期稅率在 19% 到 20% 之間，這一估計至今仍未改變。在 2024 財年和 2025 財年，我們的實際稅率均低於 18%，這主要得益於我們收入的地域組合以及某些一次性收益，例如稅務問題的解決和對某些稅種採取的立場。預計到 2026 年，我們的稅率仍將低於長期稅率。當我們把目前的稅務規劃策略納入考慮時，我們預計稅率將在 2024 年和 2025 年達到 18.5% 至 19% 之間，這主要是由於沒有一次性收益。

On capital return, the Board has declared an increase to our quarterly dividend by 14%, and we intend to return excess free cash flow to shareholders through buybacks. All of this results in our adjusted EPS growth to be in the low double digits.

在資本回報方面，董事會已宣布將季度股利提高 14%，我們計劃透過股票回購將多餘的自由現金流返還給股東。所有這些因素導致我們調整後的每股盈餘成長率僅為兩位數左右。

Moving to Q1. Through October 21, with volume growth in constant dollars, US payments volume was up 7%, with credit and debit both up 7%. Process transactions grew 9% year-over-year. For constant dollar cross-border volume, excluding transactions within Europe, total volume grew 12% year-over-year, with eCommerce up 14% and travel up 11%.

進入第一季。截至 10 月 21 日，以不變美元計算，美國支付額增加了 7%，其中信用卡和金融卡支付額均增加了 7%。流程交易量較去年同期成長 9%。以固定美元計算的跨境交易量（不包括歐洲境內的交易）年增 12%，其中電子商務成長 14%，旅遊成長 11%。

Now on to our financial expectations. We expect Q1 adjusted net revenue growth in the high end of low double digits. We expect adjusted operating expense growth in the low double digits. Nonoperating 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.

接下來談談我們的財務預期。我們預計第一季調整後淨收入成長將達到兩位數低段的高端水準。我們預計調整後的營運費用成長將達到較低的兩位數。非經營性支出預計約1500萬美元。我們第一季的稅率預計在 18% 左右。因此，我們預計第一季調整後每股盈餘成長將處於10%左右。

When we look on a nominal basis for net revenue growth in Q1, we expect an approximately 0.5 point benefit from FX. And for our expense growth, we expect an approximately 0.5 point drag from FX and a 1 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. As always, if the environment changes and there are events that impact our business, we will remain flexible and thoughtful on balancing short- and long-term considerations.

從名目來看，第一季淨收入成長預計會受到匯率的影響，增幅約為 0.5 個百分點。至於我們的支出成長，我們預期匯率波動將造成約 0.5 個百分點的拖累，收購將造成 1 個百分點的影響，兩者加在一起，將導致名義淨收入和支出增長更加接近兩位數低段的高端水平。與以往一樣，如果環境發生變化，出現影響我們業務的事件，我們將保持靈活和深思熟慮，平衡短期和長期的考慮。

Visa's underlying business continues to be healthy and the growth opportunities are significant, together giving us conviction as we make investment decisions to build the future payments to drive compelling net revenue and earnings per share growth.

Visa 的基礎業務依然健康，成長機會也十分顯著，這讓我們更有信心做出投資決策，建構未來的支付體系，進而推動淨收入和每股盈餘的顯著成長。

And now, Jennifer, I'll hand it back to you.

現在，珍妮弗，我把它還給你。

Thanks, Chris. And with that, we're ready to take questions.

謝謝你，克里斯。接下來，我們準備好回答問題。

(Operator Instructions)

（操作說明）

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

Thank you. Like the outlook. It's very strong. I guess when I think through some of the assumptions that are embedded in it, I know, Chris, you talked about assuming the macro is stable. But we've heard some of your competitors talk about choppiness in the economy, different spending habits, especially for consumers as they've been trading down on discretionary items. I mean have you guys seen anything like that? And sort of how does that factor into your outlook? Thank you.

謝謝。喜歡這種前景。它非常強。我想，當我仔細思考其中隱含的一些假設時，我知道，克里斯，你之前說過假設宏觀經濟是穩定的。但我們聽到一些競爭對手談到經濟波動、消費習慣改變，尤其是消費者，他們一直在減少非必需品的支出。我的意思是，你們有看過類似的情況嗎？那麼，這又是如何影響你的看法的呢？謝謝。

Sanjay, yes, we have great momentum exiting FY25, and that's the underlying assumption as we go into '26 for another strong year. But let me address some of the specific points you've made about questions you had around sort of, I guess, spend and the strength of the macro economy. I mean if I just zoom out a little bit, really, one of the real strengths of our business here, Visa is the diversification of our business. And so we have the broadest exposure to credit, to debit. Our volumes are comprised of everyday spend, the special occasion spend, nondiscretionary like fuel and groceries and discretionary items like travel or holidays, goods, services, consumer, commercial and so really some of the broadest spend categories that you can imagine.

Sanjay，是的，我們在 2025 財年結束時勢頭強勁，這也是我們進入 2026 年並迎來又一個強勁年份的基本假設。但是，我想就您提出的關於支出和宏觀經濟實力等問題，具體談談您的看法。我的意思是，如果我稍微放眼全局，Visa 的真正優勢之一就是業務多元化。因此，我們在信貸和借記方面都有最廣泛的業務。我們的消費額包括日常消費、特殊場合消費、非必需消費（如燃料和食品雜貨）以及非必需消費（如旅行或假期）、商品、服務、消費品、商業等，因此涵蓋了你能想像到的最廣泛的消費類別。

And what we do is we remain data-driven and across this broad and diverse set, the growth across our spend bands has remained quite consistent all year. And it was again, in Q4, with higher spending cardholders driving more of the growth, and that's consistent with what we see across the US economy. And so that all gives us good reason over that data to say that consumer has remained resilient. That is our -- that is what we saw in FY25, and that is our assumption going into FY26.

我們始終堅持數據驅動，在這個廣泛而多元化的群體中，我們各個消費檔次的成長全年都保持了相當穩定。第四季度，消費額較高的持卡人再次推動了經濟成長，這與我們在美國經濟中看到的情況一致。因此，這些數據足以讓我們有理由說，消費者依然保持韌性。這就是我們在 2025 財年看到的情況，也是我們對 2026 財年的假設。

James Faucette, Morgan Stanley.

詹姆斯‧福塞特，摩根士丹利。

Great, thank you very much. Really appreciate all the work that you guys are doing on new initiatives, et cetera. One that's quite topical, obviously, is all things agentic commerce. And I know you've had some recent announcements on that topic. Can you paint a picture for us like the role that you expect Visa to play in agentic commerce transactions and ramp and kind of milestones we should expect to see in its development? Thanks.

太好了，非常感謝。非常感謝你們在新專案等方面所做的所有工作。顯然，其中一個非常熱門的話題是所有與代理商商業相關的事物。我知道你們最近就此主題發布了一些公告。您能否為我們描繪一下您期望 Visa 在代理商務交易中扮演的角色，以及我們應該期待在其發展過程中看到哪些里程碑？謝謝。

We see considerable opportunity in agentic commerce. But just to put it in context, when we had the first wave of digital commerce with eCommerce, we set the standards. We led the product development, and Visa was a significant beneficiary. Then you saw a second wave of commerce, which was mobile commerce. And again, Visa was the leader in terms of standards, in terms of product innovation, in terms of the capabilities enabling that to happen. And we've been a big beneficiary. You've seen that both in people buying things on their phones but also using their phones to buy things, especially with Tap to Pay.

我們看到了代理商業領域的巨大機會。但為了更好地理解這一點，當電子商務迎來第一波數位商務浪潮時，我們就制定了標準。我們主導了產品開發，Visa 從中受益匪淺。然後出現了第二波商業浪潮，那就是行動商務。再次強調，Visa 在標準制定、產品創新以及實現這些目標的能力方面都處於領先地位。而我們正是最大的受益者。你已經看到，人們不僅在手機上購物，而且還使用手機購物，尤其是使用「一觸即付」功能。

And now in this third wave of agentic commerce, we've been leading in terms of our role of setting the standards. I think one great example of that is Visa Intelligent Commerce, where we put out a set of capabilities for AI-ready cards, leveraging tokenization, AI-powered personalization, leveraging our data token service. We put out a set of standards with payment instructions that are going to allow customers like you and I to easily set spending limits and conditions to provide clear guidance for agent transactions and also our payment signals, which are going to share those data payloads in real time with Visa, enabling us to help set transaction controls, manage disputes and Chargebacks and those types of things. So I think that's a great example of the leadership role that we're taking in agentic commerce.

如今，在第三波智慧商業浪潮中，我們在製定標準方面一直處於領先地位。我認為 Visa Intelligent Commerce 就是一個很好的例子，我們推出了一系列支援 AI 的卡片功能，利用了令牌化、AI 驅動的個人化以及我們的資料令牌服務。我們發布了一套包含支付說明的標準，讓像你我這樣的客戶能夠輕鬆設置消費限額和條件，為代理交易提供清晰的指導，同時我們的支付信號也將與 Visa 實時共享這些數據有效載荷，使我們能夠幫助設置交易控制、管理爭議和退款等事項。所以我認為這很好地體現了我們在代理型商業中所扮演的領導角色。

And then just two weeks ago, we announced the Visa Trusted Agent Protocol. The Visa Trusted Agent Protocol is meant to really ensure that merchants know when an agent is coming to buy something on my behalf, it is actually a real agent that I have authorized to make purchases on my behalf. And I think what differentiates the Visa Trusted Agent Protocol is two things. One is it's open. It's an open set of standards, and we think that an open framework is critical to drive mass adoption in the way that's needed for agentic commerce. And the second is it's easy to integrate. We built it on existing web infrastructure so that it's going to be easy for merchants to integrate into existing messaging standards and get up and running quickly. So those would be two examples. We're very excited about it. We think it's a significant opportunity for Visa and for everyone involved in the ecosystem.

就在兩週前，我們宣布了 Visa 可信代理協議。Visa 可信任代理協議旨在確保商家知道，當代理人前來代表我購買商品時，該代理人確實是我授權代表我進行購買的合法代理人。我認為 Visa 可信任代理協定的獨特之處在於兩點。第一點是它是開放的。這是一套開放的標準，我們認為開放的框架對於推動智慧商務所需的大規模普及至關重要。其次，它很容易整合。我們基於現有的網路基礎架構建立了該系統，以便商家能夠輕鬆地將其整合到現有的訊息傳遞標準中，並快速啟動和運行。以上就是兩個例子。我們對此感到非常興奮。我們認為這對 Visa 以及生態​​系統中的所有參與者來說都是一個重要的機會。

Jason Kuperberg, Wells Fargo.

傑森庫柏伯格，富國銀行。

Hey, thanks guys. I actually wanted to ask a follow-up on agentic. Seems to be topic of the day. I'm just curious to get your perspective on when do you think we start seeing material volumes across the industry from agentic commerce. Obviously, there's still some important security considerations to be addressed. And would also love your perspective on to what extent you see agentic as more of a substitute for traditional e-commerce versus being additive to the TAM of the overall payments industry. Thanks.

嘿，謝謝大家。我其實想問一個關於代理的後續問題。這似乎是今天的熱門話題。我很好奇，您認為我們什麼時候才能看到整個產業從代理商商務中獲得實質的成長？顯然，還有一些重要的安全問題需要解決。另外，我還想聽聽您對代理商支付在多大程度上會取代傳統電子商務，還是會為整個支付行業的潛在市場規模（TAM）增加價值的看法。謝謝。

Jason, let me address the second part of your question first and then the first part. On the second part of your question, I think the base case is it continues to accelerate the adoption of e-commerce and mobile commerce as we all know it. I think there's an upside case on that where you could actually see users buying from a much larger and more diverse set of merchants than they do today in traditional e-commerce given the power of these agents and their ability to go out and search the world's inventory based on whatever it is that you prefer for your agent. That might be value. That might be price. That might be inventory. That might be speed of delivery and so on and so forth.

傑森，讓我先回答你問題的第二部分，然後再回答第一部分。關於你問題的第二部分，我認為基本情況是，它將繼續加速電子商務和行動商務的普及，正如我們所知。我認為這其中存在一個積極的方面，那就是用戶實際上可以從比現在傳統電子商務中更大、更多樣化的商家那裡購買商品，這得益於這些代理商的強大能力，以及他們能夠根據你對代理商的任何偏好去搜索全球庫存。那或許很有價值。那可能是價格問題。那可能是庫存。這可能指的是配送速度等等。

I think that could ultimately result in consumers buying more things from more merchants, which ultimately means more transactions on Visa. I also think there's a significant upside in the delivery and the relevance of our portfolio of value-added services for the entire ecosystem, especially as you said, they have to work through a number of things that involve potential fraud and disputes and chargebacks and things like that.

我認為這最終可能會導致消費者從更多商家購買更多商品，最終意味著Visa的交易量會增加。我也認為，我們為整個生態系統提供的增值服務組合在交付和相關性方面具有很大的優勢，尤其正如您所說，他們必須處理許多涉及潛在詐欺、糾紛、退款等問題。

Right. Back to the first part of your question. Listen, it's still early days. And I think what you're likely to see in the evolution of agentic commerce is not different or dissimilar to what we saw in e-commerce. I think early on, you're seeing consumers use these agents and these platforms for discovery. They're shopping. They're looking for what might be available for any given gift I'm trying to buy or any clothing item that I might try to buy. But then I might jump to the actual merchant site to make the purchase.

正確的。回到你問題的第一部分。聽著，現在還為時過早。我認為，在代理型商務的發展過程中，你可能會看到與我們在電子商務中看到的情況並無不同或差異。我認為在早期階段，你會看到消費者利用這些代理商和這些平台進行資訊發現。他們在購物。他們正在尋找我想要購買的任何禮物或任何服裝可能有哪些替代品。但之後我可能會直接跳到商家網站購買。

Then the next step of what you're starting to see is the integration of the buy capabilities into that shopping journey. We're just starting to see that in the marketplace today. We've been working on that for many, many months with the ecosystem.

接下來，您將會看到購買功能融入購物流程。我們現在才開始在市場上看到這種情況。我們已經與生態系統合作，為此努力了好幾個月。

And then I think the ultimate kind of user experience and the promise of agentic commerce will be truly empowering agents to go out to search for things on our behalf and ultimately make purchases and buy things without human intervention. That, we haven't really seen in the marketplace today, but we're working very hard with the platform players to ensure that the capabilities are in place to enable that.

我認為，使用者體驗的終極目標和智慧商務的願景，將是真正賦予智能體權力，讓他們代表我們去尋找商品，並最終在無需人工幹預的情況下完成購買。目前我們在市場上還沒有真正看到這種情況，但我們正在與平台參與者密切合作，確保具備實現這一目標所需的能力。

Thanks, Jason.

謝謝你，傑森。

David Koning, Baird.

David Koning，貝爾德。

Yeah, hey guys. Great job. The data processing yield was up a lot, and I know that was explained somewhat. But I'm wondering, is some of that due to VAS, the biggest part of VAS outside of others probably in data processing? And I guess the question is, is there a sustainability to big yield growth in DP given VAS just keeps building. I guess that's the question.

嗨，大家好。幹得好。數據處理效率大幅提高，我知道這在一定程度上得到了解釋。但我很好奇，這其中一部分原因是否與加值服務 (VAS) 有關？增值服務 (VAS) 除其他部分外，最大的部分可能在於資料處理？我想問題是，鑑於 VAS 不斷增長，DP 的收益大幅增長是否具有可持續性。我想這就是問題所在。

David, I'll take this one. So yes, as you pointed out, data processing revenue, 17% versus the 10% underlying transaction growth. The factors I called out in my prepared comments was around pricing and mix. And those were the two biggest variables. As you know, we implemented new pricing in FY25 in the second half of the year. That's really benefiting in Q3 and Q4, and that will benefit into Q1, as I talked about as well.

大衛，這個我來做。是的，正如您所指出的，資料處理收入成長了 17%，而基礎交易成長了 10%。我在準備好的評論中提到的因素主要圍繞著定價和產品組合。這就是兩個最大的變數。如您所知，我們在 2025 財年下半年實施了新的定價策略。這在第三季和第四季確實會帶來好處，而且正如我之前提到的，這將對第一季產生好處。

In terms of mix, now what does mix mean? Mix does -- across our business, different products and services, different clients in different regions can have different varying yields. And obviously, through the course of any quarter, we see different growth performance across any of those particular elements that will drive different yield outcomes.

就混合而言，混合究竟是什麼意思？混合效應確實存在——在我們整個業務中，不同的產品和服務，不同地區的不同客戶，可能會產生不同的收益。顯然，在任何一個季度中，我們都會看到各個特定因素的成長表現各不相同，這將導致不同的收益結果。

So in this particular quarter, with data processing, we did see faster growth in higher-yielding cross-border regions, and that's what contributed to the acceleration that you saw in between transactions and revenue in data processing.

因此，在本季度，在數據處理方面，我們確實看到高收益跨境地區的成長速度更快，這也促成了您在數據處理交易和收入之間看到的加速成長。

Next question, please.

下一個問題。

Darrin Peller, Wolf Research.

達林‧佩勒，狼研究公司。

Hey, thanks guys. I just want to follow up one more time on AI and then a bigger question on the new VisaNet rollout. So first, just to be clear on AI, I mean, do you see your suite of services as a big part of what's being offered by other payments ecosystem partners? And how much are you going to participate in some of those VAS in terms of fraud versus others?

嘿，謝謝大家。我只想再跟進一下人工智慧方面的問題，然後再問一個關於新VisaNet推廣計劃的更重要的問題。首先，為了明確人工智慧的概念，我的意思是，您是否認為您的服務套件是其他支付生態系統合作夥伴所提供服務的重要組成部分？那麼，你打算在多大程度上參與某些加值服務（VAS）的詐欺行為，又會在其他加值服務中扮演怎樣的角色呢？

And then just I know we talked -- Ryan, you talked about VisaNet rollout, the new rollout. And just help us understand what that can mean for product development or velocity and how it positions the network for things like agentic commerce or stablecoins going forward.

然後我知道我們聊了聊——瑞恩，你談到了 VisaNet 的推出，新的推出。請幫助我們理解這對於產品開發或速度意味著什麼，以及它如何為未來的代理商務或穩定幣等事物奠定網路基礎。

Thanks guys.

謝謝各位。

Darrin, short answer, long answer. Short answer is yes and yes, but let me dive into both of those. On kind of agentic commerce, I think you've seen from us, really over the course of the year, is Visa doing what we do, which is when there's new technology, new platforms emerging, take a leadership role in establishing kind of the way that payments can work most efficiently and most effectively for buyers and sellers, and we're doing that in the agentic commerce space today.

達林，簡短回答，詳細回答。簡而言之，答案是肯定的，但讓我詳細解釋這兩個問題。關於代理商務，我認為你們已經從我們這一年來所做的一切中看到了，Visa 一直在做我們一直在做的事情，那就是當新技術、新平台出現時，在建立支付方式方面發揮領導作用，使支付方式能夠最高效、最有效地為買賣雙方服務，而我們今天正在代理商務領域這樣做。

And I think to the first part of your first question, yes, you should assume that we're doing the work to build the infrastructure, the operating regulations and rules, the processes to enable a lot of the things that you're seeing kind of in the marketplace today.

對於你第一個問題的第一部分，我認為是的，你應該認為我們正在努力建立基礎設施、營運法規和規則、流程，以實現你今天在市場上看到的許多事物。

As I said on the earlier question, I think it was Jason, it's still very early days. You're going to see a lot of announcements. You're going to see a lot of things coming out. What ultimately is going to help kind of agentic commerce achieve its promise is collaboration, collaboration among all of these various ecosystem partners that make e-commerce and mobile commerce and all of these things work today, and you should expect us to take a leadership role that we're taking.

正如我在之前的問題中所說，我認為是傑森，但現在下結論還為時過早。你會看到很多公告。你會看到很多事情發生。最終能夠幫助智慧商務實現其承諾的是協作，是所有讓電子商務、行動商務以及所有這些如今得以運作的生態系統合作夥伴之間的協作，你們應該期待我們發揮我們正在發揮的領導作用。

On the next generation of VisaNet, so this has been something we've been focused on as we continue to invest in our stack. We've deployed the next generation of VisaNet, which is our core processing platform at the base of our stack. And the answer to your second question is yes as well. It allows us to ship product more quickly. It allows us to adapt to ecosystem changes more quickly. It allows us to adapt to regional and country-specific requirements more quickly. Here, too, it's early days. We've just begun the deployment of it, but it's a very exciting milestone for us, and ultimately, we think it will be great for the ecosystem and our partners.

下一代 VisaNet 是我們一直關注的重點，我們將繼續投資於我們的技術堆疊。我們已經部署了下一代 VisaNet，這是我們技術堆疊底層的核心處理平台。你的第二個問題的答案也是肯定的。它使我們能夠更快地發貨。它使我們能夠更快地適應生態系統的變化。它使我們能夠更快地適應地區和國家的具體要求。這裡也還處於早期階段。我們才剛開始部署，但這對我們來說是一個非常令人興奮的里程碑，最終，我們認為這對生態系統和我們的合作夥伴來說都將是一件好事。

Next question, please.

下一個問題。

Rayna Kumar, Oppenheimer.

Rayna Kumar，奧本海默。

Good evening. Thanks for taking my question. I noticed in Latin America, there was a slight deceleration in volume versus last quarter. Anything you can call out there?

晚安.謝謝您回答我的問題。我注意到拉丁美洲的銷量與上一季相比略有下降。有什麼可以打給那邊的嗎？

Thank you.

謝謝。

Sure. Yes. In Latin America, we did see a bit of a slowdown. It still grew strong, but it was slower than we saw in Q3. And the biggest single contributor I would point to is the moderating inflation that we've seen in Argentina. But overall, across Latin America, it remains a high-growth region, and we're very pleased with the performance.

當然。是的。在拉丁美洲，我們確實看到了一些放緩的跡象。雖然增速依然強勁，但比第三季慢了些。而我認為最大的單一因素是阿根廷通膨的緩和。但總體而言，拉丁美洲仍然是一個高成長地區，我們對該地區的表現非常滿意。

Next question, please.

下一個問題。

Ken Suchoski, Anonymous Research.

Ken Suchoski，匿名研究。

Hey, good afternoon. Thanks for taking the question. Maybe just one more on agentic commerce. I was wondering if you could talk about some of the differences and similarities between Visa's Trusted Agent Protocol and Stripe's Agentic Commerce Protocol. I mean, anything you could talk about in terms of what layer is the value chain you're tackling and how your offering is differentiated versus theirs? And then maybe just talk about the broader tokenization opportunity and your leadership there with over 16 billion tokens and just how the agentic commerce ecosystem will leverage that.

嘿，下午好。感謝您回答這個問題。或許可以再補充一點關於代理型商業的內容。我想請您談談 Visa 的 Trusted Agent Protocol 和 Stripe 的 Agentic Commerce Protocol 之間的一些異同。我的意思是，您能否談談您正在攻克價值鏈的哪個環節，以及您的產品或服務與他們的產品有何不同？然後或許可以談談更廣泛的代幣化機遇，以及您在超過 160 億個代幣方面的領導地位，以及代理商商業生態系統將如何利用這一點。

Thank you.

謝謝。

Yes. Thanks, Ken. On the second part of your question, tokenization, I think, is the critical building block that ultimately will help Agentic commerce reach its promise. And if you go back -- I know you asked about the Trusted Agent Protocol, but if you go back to the Visa Intelligent Commerce set of products and standards that we put out, tokenization as a platform is what enables the bulk of that functionality and ultimately is what's going to enable us all to have safe, secure, trusted transactions with agents on our behalf. So tokenization, critical building block of that. And as you noted, with kind of 16 billion Visa tokens embedded across the ecosystem, the technology, the standards are well known, well adopted globally in countries all around the world, both on the seller side of the ecosystem and the issuer side of the ecosystem, which is ultimately why it will help scale our standards.

是的。謝謝你，肯。關於你問題的第二部分，我認為，代幣化是最終幫助智慧商務實現其承諾的關鍵組成部分。如果你回顧一下——我知道你問的是可信任代理協議，但如果你回顧我們推出的 Visa 智慧商務產品和標準集，就會發現令牌化平台實現了大部分功能，並最終使我們能夠與代表我們的代理商進行安全、可靠、可信賴的交易。所以，標記化是其中的關鍵組成。正如您所指出的，Visa 生態系統中嵌入了大約 160 億個代幣，這項技術和標準廣為人知，並在全球各國得到廣泛採用，無論是在生態系統的賣家端還是發卡機構端，這最終將有助於擴大我們的標準。

As it relates to the Trusted Agent Protocol -- and I'll go back a moment to what I said to a couple of questions ago. Ultimately, what's going to make this all work is collaboration. And so I think you're seeing a lot of different players across the ecosystem, whether it's Visa or other networks or acquirers or PSPs or platforms start to put out their capabilities and standards.

關於可信代理協議——我先回顧一下我之前回答幾個問題時所說的內容。歸根究底，讓這一切成功的關鍵在於合作。因此，我認為你會看到整個生態系統中有很多不同的參與者，無論是 Visa 還是其他網路、收單機構、支付服務提供者或平台，都開始推出他們的能力和標準。

And again, here, too, I think it's where the Visa Trusted Agent Protocol can form a base layer for everyone to build on and everyone to ultimately leverage. And what we're -- the reason we're excited about the Trusted Agent Protocol scaling is the two things I mentioned. One is it's an open standard; and two, it is designed to be inherently lightweight and easy for merchants especially to integrate to.

同樣，我認為 Visa 可信任代理協定可以成為一個基礎層，供所有人在此基礎上進行構建，並最終供所有人利用。我們對可信任代理協議的擴展感到興奮的原因，正是我提到的兩點。第一，它是一個開放標準；第二，它的設計本身就非常輕便，尤其方便商家整合。

Next question?

下一個問題？

[Bryan Keane], Citi.

[布萊恩·基恩]，花旗銀行。

Hi, good afternoon. Thanks for taking the questions. Just kind of a two quick parter. Just thinking about holiday sales growth rate this year versus last, there's some expectation that maybe holiday sales will be a little bit weaker in terms of growth rate. Just how is Visa thinking about that? And then secondly, just cross-border growth versus e-comm versus travel, any differentiation kind of what we've seen on trend line as we go through this fiscal year?

您好，下午好。謝謝您回答問題。就是一個簡單的兩部分故事。僅從今年和去年的假期銷售成長率來看，人們普遍預期今年的假期銷售成長率可能會略低一些。Visa對此有何看法？其次，跨境成長、電子商務和旅遊業之間，在本財年的發展趨勢中，我們觀察到哪些差異？

Thank you.

謝謝。

Okay. I'll take both of those. In terms of upcoming holiday quarter, I've provided our guidance for Q1. It is for a strong Q1, carrying the momentum that we saw coming out of Q4 with strong and stable underlying drivers as well as benefiting from the pricing from a year ago. And so when you add that all up, it makes for a resilient consumer, a stable macro environment and the resiliency that I talked about across spend bands as well. And so we are anticipating a strong quarter going into the holiday -- our fiscal Q1, the holiday quarter that we see.

好的。這兩個我都要。關於即將到來的假期季，我已經提供了我們對第一季的業績指引。預計第一季將表現強勁，延續第四季的成長勢頭，這得益於強勁穩定的基本面驅動因素，以及去年同期的價格優勢。因此，把所有這些因素加起來，就造就了具有韌性的消費者、穩定的宏觀環境，以及我之前提到的各個消費階層的韌性。因此，我們預計在假期到來之際，我們的第一個財季（也就是我們所謂的假期季度）將迎來強勁的成長。

In terms of cross-border, your second question was really around sort of the mix. At the total level, we shared our numbers. It's been stable. It's been a good, strong number, 11% growth in Q3, 11% growth again in Q4. As we click down into the categories of e-commerce and travel, e-commerce has been strong, continued to be strong and steady, 13% in Q3 and 13% in Q4. Travel did improve a point from Q3 as we talked about previously as well.

就跨國而言，你的第二個問題其實是關於混合方面的。在整體層面上，我們分享了我們的數據。它一直很穩定。這是一個非常好的強勁數字，第三季成長了 11%，第四季再次成長了 11%。當我們深入電子商務和旅遊這兩個類別時，電子商務一直表現強勁，並且持續保持強勁和穩定，第三季度佔 13%，第四季度佔 13%。正如我們之前討論過的，旅遊業確實比第三季度有所改善。

So the thing that I would call out, though, is that when you add that all up, total cross-border growth continues to be above the trend that we saw pre-COVID. And part of the reason for that is that the e-commerce part of the mix of the volume is bigger. It was about one-third of the business pre-COVID. It's about 40% now and continue to grow at a faster clip than travel. And so should that trend continue, we'll continue to see a bigger weight toward the e-commerce side of the business. But all in all, again, if you zoom out, strong and stable cross-border trends, and we'll continue to see how they perform through the rest of the year.

不過，我想指出的是，綜合所有因素來看，跨境成長總量仍然高於我們在新冠疫情爆發前看到的趨勢。部分原因是電子商務在交易量中所佔比例更大。這大約是新冠疫情前業務量的三分之一。目前佔比約 40%，且成長速度比旅遊業更快。因此，如果這種趨勢持續下去，我們將繼續看到企業對電子商務的重視程度越來越高。但總而言之，從更宏觀的角度來看，跨境趨勢強勁且穩定，我們將繼續觀察它們在今年餘下的時間裡的表現。

Question please.

請提問。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

Hi, good afternoon. I want to ask about stablecoins. As the dust is settling a bit with the passage of the GENIUS Act, it increasingly appears that what was initially thought of as a risk to Visa could, in fact, be an opportunity in cross-border money movement, merchant acceptance in certain markets and services. Ryan, you talked about the momentum in stablecoin-linked cards. This quarter, Visa Direct kind of announced a new stablecoin prefunding option, a number of things you're doing here. I guess my question is what are the most tangible areas of opportunities as it relates to stablecoins in the coming years, maybe in cards, VAS, [Niko], et cetera?

您好，下午好。我想諮詢一下穩定幣。隨著《GENIUS 法案》的通過，塵埃逐漸落定，人們越來越發現，最初被認為是 Visa 面臨的風險，實際上可能成為跨境資金流動、某些市場商家接受度和服務方面的機會。Ryan，你談到了穩定幣關聯信用卡的發展勢頭。本季度，Visa Direct 宣布推出新的穩定幣預注資選項，以及你們在這裡做的一些事情。我想問的是，在未來幾年裡，與穩定幣相關的最切實的機會領域是什麼？例如信用卡、加值服務 (VAS)、Niko 等等？

Thank you.

謝謝。

Harshita, we've seen it as an opportunity for a while now. And the short answer to your question is we see opportunities in issuance, in modernizing our settlement network. I think I talked about some of the opportunities we've captured with our Pismo platform. As you said, we're leveraging stablecoins and cross-border money movement. We announced the Visa Direct prefunding work. We're minting and burning on behalf of our clients with the Visa Tokenized Asset Platform. We've been working with our clients in our consulting business with stablecoins. I mean the list goes on and on.

Harshita，我們早就把它視為一個機會了。簡而言之，我們認為在發行方面以及結算網絡的現代化方面都存在著機會。我想我談到了我們透過 Pismo 平台所抓住的一些機會。正如你所說，我們正在利用穩定幣和跨境資金流動。我們公佈了 Visa Direct 預付款工作。我們正在使用 Visa 代幣化資產平台代表客戶進行代幣的鑄造和銷毀。我們在諮詢業務中一直與客戶合作，使用穩定幣。我的意思是，這樣的例子不勝枚舉。

But just stepping back, as I've said, the areas where there's product market fit for stablecoins in the world are the areas where there's significant TAMs and largely where we're underpenetrated. And that's emerging markets and that's cross-border money movement. And we are -- we have a deep product pipeline focused on putting products to market against both of those areas of opportunity and cross-border money movement broadly, whether that's remittances or B2B or gig economy payouts or the like.

但退一步說，如我所說，世界上穩定幣產品市場契合度高的領域，正是潛在市場規模龐大的領域，也是我們滲透率較低的領域。這就是新興市場，這就是跨國資金流動。我們擁有豐富的產品線，專注於針對這兩個機會領域以及廣泛的跨國資金流動（無論是匯款、B2B、零工經濟支付等等）推出產品。

So we definitely see it as an opportunity. We have targeted a significant portion of our product road map to capture that opportunity and hope to talk to you more about some products that we're bringing to market in the future.

所以我們絕對將其視為一個機會。我們已將產品路線圖的很大一部分用於抓住這一機遇，並希望未來能與您進一步探討我們即將推向市場的一些產品。

We're going to take a few more questions, so we are going to go a little over. Just want to try to get in a few more.

我們還要回答幾個問題，所以時間會稍微延長一點。還想再嘗試多進幾個。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

Hi Ryan, hey Chris, thanks for taking the question. Appreciate the Visa stack discussion. That was a good one. Maybe I could ask about the Asia Pac improvement. Chris, I know you mentioned timing in China improvement, but if we could peel back the layers there and maybe talk a little bit more about what's going on and whether that improvement is sustainable, that would be great.

嗨，瑞恩，嗨，克里斯，謝謝你們回答這個問題。感謝大家對 Visa 協議堆疊的討論。那真是個好例子。或許我可以問問亞太地區的改進情況。克里斯，我知道你提到了中國經濟改善的時機，但如果我們能更深入地探討一下，多談談正在發生的事情以及這種改善是否可持續，那就太好了。

Thanks so much.

非常感謝。

Yes. Thanks, Andrew. As I talked about in my prepared comments, we did -- we were pleased to see the improved results, 2.5 points, and the things that I noted, improvement in Mainland China and some smaller but idiosyncratic sorts of things around timing, those will normalize its way out. All in all, we're pleased with the momentum in China and in -- across AP in general and think that, that is going to continue to be an important growth opportunity for us. And so when we zoom out from all of that, I think AP is on a directionally a good track.

是的。謝謝你，安德魯。正如我在準備好的評論中所說，我們確實——我們很高興看到結果有所改善，提高了 2.5 分，而且我注意到，中國大陸的情況有所改善，以及一些較小但特殊的時間安排方面的問題，這些問題都會逐漸正常化。總而言之，我們對中國以及整個亞太地區的成長勢頭感到滿意，並認為這將繼續成為我們重要的成長機會。所以當我們從所有這些角度來看，我認為AP在方向上走對了路。

Next question, please.

下一個問題。

Tim Chiodo. UBS.

提姆·奇奧多。瑞銀集團。

Great, thank you. Great. I want to talk a little bit about the evolution of the growth algorithm. Just looking at it numerically, it looks like the biggest change really is, a few years ago, not too long ago, value-added services was about 20% of revenue, growing in the high teens. And now it's approaching 30% of revenue and growing in the mid-20s, so the growth contribution has stepped up at least 200 basis points, if not, closer to 300 basis points.

太好了，謝謝。偉大的。我想簡單談談成長演算法的演變。單從數字上看，最大的變化似乎是，幾年前，也就是不久之前，增值服務約佔收入的 20%，成長率接近 10%。現在，它已接近收入的 30%，並且仍在以 20% 左右的速度增長，因此，增長貢獻至少提高了 200 個基點，甚至可能接近 300 個基點。

And part of that has been we've seen the RPO tick up over the years. And even this year, the RPO has been up roughly, give or take, 30%. And I was hoping you could talk a little bit about that RPO. What's been driving that roughly 30% growth? I appreciate part of that is valuing timed incentives, but maybe dig into that and other drivers of the RPO.

部分原因是我們看到 RPO 近年來有所上升。即使是今年，RPO 也上漲了約 30%。我希望您能談談RPO（招募流程外包）的情況。是什麼因素推動了這大約 30% 的成長？我理解其中一部分原因是重視限時激勵，但或許應該深入研究這一點以及 RPO 的其他驅動因素。

Yes. Why don't I take the first part of the question, and then, Chris, you can take the second part of the question. Tim, I think you summarized it very well. And I think if you go back to Investor Day and you look at kind of the growth framework that we laid out and the strategies that we laid out -- by the way, both for VAS and for CMS -- and you jump forward to today, we're delivering in market those strategies, and we're delivering the results that I think we laid out in that framework that come with those strategies, and you summarized it pretty well on the VAS side of things. Do you want to talk about the --

是的。不如我來回答問題的第一部分，然後，克里斯，你來回答問題的第二部分。提姆，我覺得你總結得很好。我認為，如果你回顧一下投資者日，看看我們制定的成長框架和策略——順便說一句，包括VAS和CMS——再看看今天，我們正在市場上實施這些戰略，並且正在實現我認為我們在該框架中製定的戰略所帶來的結果，你對VAS方面的情況總結得相當不錯。你想談談…--

Sure, sure. Tim, I think you know this. Obviously, the RPO constitutes many things, but included in that is what you've asked about previously, which is value in kind. This is an important lever for us. It -- when we are able -- it represents a form of incentive that the clients can then use to drive value for themselves, and it's good for our client engagement and continues to drive value to Visa, sometimes in value-added services but in other parts of the business.

當然，當然。提姆，我想你知道這一點。顯然，RPO 包含很多方面，但其中也包括你之前問過的實體價值。這對我們來說是一個重要的槓桿。當我們能夠做到時，它代表了一種激勵形式，客戶可以利用這種激勵措施為自己創造價值，這對我們的客戶參與度有好處，並且會持續為 Visa 創造價值，有時體現在增值服務中，有時體現在業務的其他方面。

Now it doesn't drive sort of the majority of value-added services, but it is an important lever. And I think it's an area where we'll continue to see clients really take advantage of it.

雖然它並非大多數增值服務的驅動力，但它是一個重要的槓桿。我認為在這個領域，我們會繼續看到客戶真正利用它。

All right, I think we're ready for our last question.

好了，我想我們準備好回答最後一個問題了。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

All right. Let's close it out. Let's close it out. I got -- I'll ask about investments and OpEx if that's okay. Just thinking about growth and OpEx being in line with revenue, I'm curious if there's anything to share on that. Is Visa just being opportunistic with spending or perhaps it's a structural issue as you scale different layers in your service stack and some of those are less mature? Just trying to better understand incremental margins and how that might be changing.

好的。我們結束今天的討論吧。我們結束今天的討論吧。我明白了——如果可以的話，我想問投資和營運支出方面的情況。考慮到成長和營運支出與收入保持一致，我很想知道這方面有沒有什麼可以分享的。Visa 只是在消費方面投機取巧，還是因為服務堆疊中不同層級的擴展存在結構性問題，而其中一些層級還不夠成熟？我只是想更好地了解增量利潤率以及它可能發生的變化。

Thanks.

謝謝。

Sure. Tien-Tsin, as you know, as we've said in the past, explicitly, we don't manage our company to a margin target, at least not in the classical sense, but we do focus on many things. We focus on growing volumes with our clients. We focus on driving revenue across consumer payments, VAS and CMS, and we also focus on running our business as efficiently and as effectively as we can. And part of that is balancing the investments that we make for short-, medium- and long-term return.

當然。天心，正如你所知，正如我們過去明確說過的那樣，我們管理公司並不以利潤率為目標，至少不是傳統意義上的利潤率目標，但我們確實關注很多方面。我們專注於與客戶共同提升銷售。我們專注於推動消費者支付、增值服務和內容管理系統的收入成長，同時也致力於盡可能有效率、有效地經營我們的業務。其中一部分工作是平衡我們為短期、中期和長期回報而進行的投資。

And when we do this well, as we have, we continue to deliver the financial performance that you've seen, which is strong growth at margins that lead the industry. So I would say in terms of where we're investing now as we talk about '26, we -- I would point you back to actually our Investor Day back in February. We laid out a pretty extensive view of the, a, the big opportunity that we're going after, the massive addressable opportunity; and two, the clear strategies, the things that we're going to go do to go capture that opportunity. And so across our industry as things continue to move as fast as they are, you've heard a lot of the conversation even today around agentic and stablecoin. We think it's important that we continue to invest in these opportunities from our position. And if we do so, we'll continue to deliver on the growth framework that we outlined at Investor Day, which means we'll deliver compelling profit growth and drive strong shareholder returns.

當我們把這件事做好時（就像我們一直以來所做的那樣），我們就能繼續取得你們所看到的財務業績，即在行業領先的利潤率下實現強勁增長。所以，就我們現在在談論 2026 年的投資方向而言，我想說的是——我建議大家回顧一下我們 2 月份的投資者日。我們詳細闡述了兩個面向：一是我們正在追求的巨大機遇，巨大的潛在機會；二是明確的策略，即我們將採取哪些措施來抓住這個機會。因此，隨著我們整個行業的發展日新月異，即使在今天，你仍然會聽到很多關於代理和穩定幣的討論。我們認為，從我們目前的地位出發，繼續投資這些機會至關重要。如果我們這樣做，我們將繼續落實我們在投資者日上概述的成長框架，這意味著我們將實現令人矚目的利潤成長，並為股東帶來強勁的回報。

And Tien-Tsin, the only thing I would add on what Chris said is I don't ever recall being so excited about the opportunities ahead of this company. And I don't ever recall being so pleased with how well our teams have lined up our product pipeline, our go-to-market sales motions, our client teams, the things that we talked about today, whether it's agentic, stablecoins, Visa Pay, Visa Accept, tap to everything, the great momentum in the VAS business, the great momentum in Visa Direct, the great momentum and results we're seeing in Visa Commercial. It's just an extraordinarily exciting time for the company, and I'm just super proud of the investments that everybody is making across the place.

田進，我唯一想補充的是，克里斯剛才說的，我從未像現在這樣對這家公司未來的發展機會感到如此興奮。我從未像今天這樣滿意過我們的團隊，他們出色地完成了產品線、市場推廣策略、客戶團隊的部署，以及我們今天討論的各項內容，無論是代理、穩定幣、Visa Pay、Visa Accept、萬物互聯，還是增值服務業務的強勁勢頭、Visa Direct 的強勁勢頭，以及我們在 Visa Commercial 領域看到的巨大發展勢頭和成果。對公司而言，這是一個無比令人興奮的時刻，我為大家在各方面所做的投資感到無比自豪。

So appreciate that question. I appreciate everybody's questions. Jennifer, back to you to close.

非常感謝你的提問。感謝大家的提問。珍妮弗，現在輪到你來收尾了。

Yes. And with that, we'd like to thank you for joining us today. If you have any additional questions, please feel free to call or e-mail our Investor Relations team. Thanks again, and have a great day.

是的。最後，我們衷心感謝各位今日的參與。如果您還有其他疑問，請隨時致電或發送電子郵件至我們的投資者關係團隊。再次感謝，祝您今天過得愉快。

Thank you all for participating in Visa's Fiscal Fourth Quarter and Full Year 2025 Earnings Conference Call. That concludes today's call. You may disconnect at this time, and please enjoy the rest of your day.

感謝各位參加 Visa 2025 財年第四季及全年業績電話會議。今天的電話會議到此結束。您可以斷開連接了，祝您今天餘下的時間愉快。