Visa Inc. (V) 2026 Q3 法說會逐字稿

Welcome to Visa's fiscal third-quarter 2026 earnings conference call.

歡迎參加 Visa 2026 會計年度第三季財報電話會議。

(Operator Instructions)

(接線員指示)

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.

今天的會議將被錄音。如有任何異議，您可於此時中斷連線。現在我想將會議交給您的主持人——投資人關係資深副總裁暨全球主管 Jennifer Como 女士。Como 女士，您可以開始了。

Thank you. Good afternoon, everyone, and welcome to Visa's fiscal third-quarter 2026 earnings call. Joining us today are Ryan McInerney, Visa's Chief Executive Officer; and Chris Suh, Visa's Chief Financial Officer. 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.

謝謝。各位下午好，歡迎參加 Visa 2026 會計年度第三季財報電話會議。今天與會者包括 Visa 執行長 Ryan McInerney，以及 Visa 財務長 Chris Suh。本次電話會議將於 investor.visa.com 我們網站的投資人關係專區進行網路直播。重播將在我們網站上存檔 30 天。

A slide deck containing financial and statistical highlights has been posted on our IR website. Let me also remind you that this presentation includes forward-looking statements.

包含財務與統計重點的簡報已張貼於我們的投資人關係網站。也提醒各位，本次簡報包含前瞻性陳述。

These statements are not guarantees of future performance, and our actual results, outcomes or timing 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.

這些陳述不保證未來績效，且由於多項因素，我們的實際結果、成果或時程可能出現重大差異。關於這些因素的更多資訊，請參閱我們最新的 Form 10-K 年度報告以及其後提交的 Form 10-Q 與 8-K 報告，您可在美國證券交易委員會（SEC）網站及我們網站的投資人關係專區查閱。

Except as required by law, we do not undertake any responsibility to update these forward-looking statements. 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. And with that, let me turn the call over to Ryan.

除法律要求外，我們不承擔更新這些前瞻性陳述的任何責任。除非另有說明，我們今天對財務結果的評論將以 GAAP 基礎呈現營收，其他所有結果則以非 GAAP 名目基礎呈現。相關 GAAP 指標與調節表可於今日的財報新聞稿及投資人關係網站上的相關資料中取得。接下來，我把電話交給 Ryan。

Thanks, Jennifer. In our fiscal third-quarter, net revenue was up 14% year-over-year to $11.6 billion, and EPS was up 11%, both ahead of expectations. Quarterly payments volume grew 10% year-over-year in constant dollars to cross $4 trillion, the first time in Visa's history, and processed transactions grew 10% year-over-year to $72 billion, reflecting strong and resilient consumer spending.

謝謝，Jennifer。在我們的會計年度第三季，淨營收年增 14% 至 116 億美元，EPS 年增 11%，兩者皆優於預期。本季支付金額（payments volume）以固定匯率計年增 10%，突破 4 兆美元，為 Visa 歷史首次；處理交易筆數年增 10% 至 720 億筆，反映消費支出強勁且具韌性。

After record-setting net revenue growth in our second-quarter, we continued to build on our momentum in the third-quarter in three important ways. One, through our wins in consumer payments, commercial payments and money movement with a focus on serving our clients; two, with product innovation and development across our business, both what we are building and how we are building it; and three, in continuing to position our value-added services as a key driver of our growth, not just this year, but for years to come.

在第二季創下破紀錄的淨營收成長之後，我們在第三季持續延續動能，主要體現在三個重要面向。第一，透過在消費者支付、商業支付與資金移轉（money movement）方面的勝出，並聚焦服務客戶；第二，在全公司推動產品創新與開發，包含我們打造什麼，以及我們如何打造；第三，持續將加值服務定位為我們成長的關鍵驅動力，不僅是今年，更是未來多年。

I'll cover all three, starting with our wins across the business. Our Visa-as-a-Service stack is rooted in serving our clients. We remain obsessed with helping our clients and the entire payments ecosystem scale and grow. A tangible sign of the trust our clients have in Visa and our capabilities is our Net Promoter Score. For the third consecutive year, we received a score of 76 in our annual global client engagement survey, an enviable number in any industry.

我將依序說明這三點，先從我們在各項業務的勝出談起。我們的 Visa-as-a-Service 堆疊以服務客戶為核心。我們始終專注於協助客戶以及整個支付生態系擴大規模並成長。客戶對 Visa 與我們能力信任的一個具體指標，是我們的淨推薦值（Net Promoter Score, NPS）。連續第三年，我們在年度全球客戶互動調查中獲得 76 分，這在任何產業都是令人稱羨的數字。

Most notably, the NPS from both sellers and fintechs each increased several points with respondents valuing our strong brand, trusted partner relationships, global network strength, reliability and innovation. We see the strength of these relationships in our consumer and commercial and money movement solutions business with our credentials growing 8% year-over-year in the third-quarter and our tokenized penetration nearing 60% of our e-commerce transactions globally.

尤其值得一提的是，來自商戶（sellers）與金融科技公司（fintechs）的 NPS 都各自提升了數個百分點，受訪者重視我們強大的品牌、值得信賴的合作夥伴關係、全球網路實力、可靠性與創新。我們在消費、商業與資金移轉解決方案業務中也看見這些關係的強度：第三季我們的憑證（credentials）年增 8%，而我們在全球電商交易中的代碼化（tokenized）滲透率已接近 60%。

Let me provide some specific examples. First, in Europe, through portfolio migrations and organic expansion, we have grown credentials by more than 40 million in the last 12 months, which is over 70% faster than the annualized credentials growth we saw in the region from fiscal year 2019 to 2024. And in the next several years, we expect over 30 million more credentials from wins alone in Europe.

我提供一些具體例子。首先在歐洲，透過投資組合遷移與自然擴張，我們在過去 12 個月新增憑證超過 4,000 萬個，較 2019 至 2024 會計年度期間該區域的年化憑證成長速度快了 70% 以上。而在未來幾年，僅就歐洲的勝出案而言，我們預期還將新增超過 3,000 萬個憑證。

An example from this quarter is NatWest, where we have won the entire consumer credit portfolio of their retail bank, demonstrating the strength of our strategic partnership that has been restored over the past five years. In Latin America, we have continued to bring our innovation and strong relationship management to drive processing penetration and value-added services.

本季的一個例子是 NatWest：我們贏得其零售銀行的全部消費者信用卡投資組合，展現過去五年我們重建的策略夥伴關係之強度。在拉丁美洲，我們持續帶來創新與強健的關係管理，以推動處理滲透率與加值服務。

We recently renewed our 55-year relationship with Bradesco in Brazil across consumer credit and debit, commercial credit and debit and several value-added services. In Colombia, we signed an agreement with Grupo Aval, representing four banks in the country to drive domestic processing, enable Visa Direct cross-border transactions and support commercial card issuance in small business.

我們近期在巴西與 Bradesco 續約，延續 55 年合作關係，涵蓋消費者信用與簽帳金融卡、商業信用與簽帳金融卡，以及多項加值服務。在哥倫比亞，我們與 Grupo Aval 簽署協議，代表該國四家銀行推動國內處理（domestic processing）、啟用 Visa Direct 跨境交易，並支持小型企業的商務卡發卡。

Our processing penetration in the country, which was in the single digits five years ago, is now above 90%. In the US, we won the consumer debit portfolio of large Southeast community institution Colony Bank, which is a testament to our clear strategic alignment with our clients and the strength of Visa's debit network and value-added services.

該國的處理滲透率在五年前仍為個位數，如今已超過 90%。在美國，我們贏得東南部大型社區型金融機構 Colony Bank 的消費者簽帳金融卡投資組合，這證明我們與客戶明確的策略一致性，以及 Visa 簽帳金融卡網路與加值服務的實力。

Our commercial and money movement solutions revenue grew 17% year-over-year with 13% year-over-year commercial payments volume growth, both in constant dollars as our product development continued to help us win business. For example, in Europe, we signed an agreement with Corpay to bring our Fleet 2.0 solution to their fleet card platform, supporting new opportunities across the region with capabilities such as EMV chips, digital wallet provisioning, contactless payments, rich transaction data and global acceptance.

我們的商業與資金移轉解決方案營收年增 17%，商業支付金額以固定匯率計年增 13%；隨著產品開發持續推進，協助我們贏得更多業務。例如在歐洲，我們與 Corpay 簽署協議，將 Fleet 2.0 解決方案導入其車隊卡平台，透過 EMV 晶片、數位錢包綁定（provisioning）、感應式支付、豐富交易資料與全球受理等能力，支持全區域的新機會。

In our CEMEA region, we signed an inaugural B2B travel portfolio in Saudi Arabia with Alrajhi Bank, one of the largest banks in the region for our Visa Commercial Choice travel product, providing flexible interchange, automation, controls and reconciliation for their OTA clients. And in the US and across six countries in Europe and Asia Pacific, we renewed with Nium, a fast-growing B2B travel issuer for virtual cards.

在我們的 CEMEA 區域，我們在沙烏地阿拉伯與該區域最大銀行之一的 Alrajhi Bank 簽下首個 B2B 旅遊投資組合，採用我們的 Visa Commercial Choice 旅遊產品，為其 OTA 客戶提供彈性的交換費率（interchange）、自動化、控管與對帳。此外，在美國以及歐洲與亞太地區的六個國家，我們與 Nium（快速成長的 B2B 旅遊虛擬卡發卡機構）完成續約。

In money movement, Visa Direct transactions grew 21% year-over-year this quarter to $4 billion. Expanding relationships to activate new use cases is one key way we enable growth for Visa Direct. For years, DoorDash, the largest food and grocery delivery platform in North America, has been utilizing Visa Direct for Dasher payouts in the US, Australia and Canada as well as Visa virtual commercial cards to enable Dashers to pay for customer orders at physical locations. This past quarter, we enabled Visa Direct to-card for DoorDash's Crimson platform, a dedicated personal banking and rewards program built specifically for Dashers who receive a Visa debit card when they sign up.

在資金移轉方面，本季 Visa Direct 交易量年增 21% 至 40 億筆。擴展合作關係以啟用新的使用情境，是我們推動 Visa Direct 成長的關鍵方式之一。多年來，北美最大的餐飲與雜貨外送平台 DoorDash 一直在美國、澳洲與加拿大使用 Visa Direct 進行外送員（Dasher）款項發放，並使用 Visa 虛擬商務卡讓外送員能在實體地點為顧客訂單付款。在上一季，我們為 DoorDash 的 Crimson 平台啟用 Visa Direct 的 to-card 功能；Crimson 是專為外送員打造的個人銀行與獎勵計畫，外送員註冊時會收到一張 Visa 簽帳金融卡。

With all of these examples, it's clear that our people, products and technology are resonating and building trust with our clients globally, positioning us for the future. Now I'll turn to product innovation at Visa. Technology and commerce are evolving faster than ever. As the leading hyperscaler of payments globally, Visa is at the center of this transformation, bringing trust to whatever form commerce takes next. This is showing up in our product development in two ways, in both what we are building and how we are building it.

從這些例子可以清楚看出，我們的人才、產品與技術正在全球範圍內引起共鳴並與客戶建立信任，讓我們為未來做好布局。接下來我將談談 Visa 的產品創新。科技與商務的演進速度前所未有。作為全球支付領域領先的超大規模平台（hyperscaler），Visa 位於這場轉型的核心，為下一種商務形態帶來信任。這在我們的產品開發上以兩種方式呈現：我們打造什麼，以及我們如何打造。

Let me start with the how. AI is changing how work gets done at Visa. With the dawn of the generative AI era, we moved quickly to deploy AI across our enterprise to assist us in areas like engineering, client service and model orchestration. Now as we enter the era of agentic AI, we are going beyond AI assistance and harnessing the power of AI to execute work and tasks with our supervision. We have progressed materially in product development and engineering, deploying new tools, plug-ins, agent skills and persistent sessions to create an end-to-end pipeline with human oversight and autonomous capability.

讓我先從「如何」談起。AI 正在改變 Visa 的工作完成方式。隨著生成式 AI 時代的到來，我們迅速在全企業部署 AI，協助工程、客戶服務與模型編排等領域。如今，隨著我們進入代理式 AI（agentic AI）時代，我們不僅止於 AI 輔助，而是在我們監督下運用 AI 的力量來執行工作與任務。我們在產品開發與工程方面已取得實質進展，部署了新工具、外掛、代理技能與持久會話，打造一條具有人類監督與自主能力的端到端管線。

As a result of the unlocks we can realize with this new tooling, we are reforming our product development teams that used to be 10 or more into smaller and more nimble agentic squads of two to four. And the results are meaningful for those teams that are using the agentic tool chain with 80% more code commits and 80% plus improvement in requirement definition from 30 days to 5 days, which has translated to 65% plus faster feature development.

由於這套新工具鏈帶來的解鎖效益，我們正在重塑原本通常由 10 人或以上組成的產品開發團隊，改為由 2 到 4 人組成、更小且更敏捷的代理式小隊。而對於使用代理式工具鏈的團隊而言，成果相當顯著：程式碼提交（code commits）增加 80%，需求定義也提升 80% 以上，將週期從 30 天縮短到 5 天，進而帶來功能開發速度提升 65% 以上。

Now to the what. As a result of this new way of working, we are able to design, build and ship products at an increased velocity with continuous innovation and improvement. I want to touch on two areas where we are deploying our new way of working with great impact, stablecoin and agentic commerce. We are active and investing in each layer of the stablecoin stack from blockchain to issuance, wallets, infrastructure and orchestration and applications. This quarter, we have made progress in both the issuance and application layers.

接著談「做什麼」。由於這種新的工作方式，我們能以更快的速度設計、建置並交付產品，並持續創新與改進。我想談兩個我們以新工作方式產生重大影響的領域：穩定幣與代理式商務。我們在穩定幣堆疊的每一層都積極投入並投資，從區塊鏈到發行、錢包、基礎設施與編排，以及應用。本季，我們在發行層與應用層都取得進展。

We recently joined Open Standard alongside a strong group of partners. Open Standard plans to issue Open USD, a new stablecoin designed for global money movement. We look forward to helping connect Open USD to real-world payments. And in the application layer, we launched the Visa Stablecoin Platform for stablecoin minting, movement and management. It is designed to enable our partners to settle with Visa and stablecoins, provide on-chain wallet as-a-service infrastructure and move money between fiat and stablecoins beginning with Open USD across a wide variety of use cases.

我們近期與一群強大的合作夥伴一同加入 Open Standard。Open Standard 計畫發行 Open USD，這是一種為全球資金流動而設計的新穩定幣。我們期待協助將 Open USD 連結到現實世界的支付。在應用層方面，我們推出了 Visa Stablecoin Platform，用於穩定幣的鑄造、移轉與管理。該平台旨在讓合作夥伴能以 Visa 與穩定幣進行結算，提供鏈上錢包即服務（wallet as-a-service）基礎設施，並在多元使用情境下，從 Open USD 開始，實現法幣與穩定幣之間的資金移動。

Furthermore, Visa Stablecoin Platform's infrastructure will be integrated with Pismo, which can enable tokenized deposits for financial institutions and Pismo plans to add third-party tokenized deposit infrastructure providers in the future. There is much more to come in this space, and Visa is participating and will continue to participate in all of these layers, whether through building Visa products and services, integrating with partners, investing or acquiring.

此外，Visa Stablecoin Platform 的基礎設施將與 Pismo 整合，這可讓金融機構啟用代幣化存款（tokenized deposits），而 Pismo 未來也計畫加入第三方代幣化存款基礎設施供應商。這個領域還有更多進展值得期待，Visa 正在參與並將持續參與所有這些層面，無論是透過打造 Visa 產品與服務、與合作夥伴整合、投資或併購。

If stablecoins are reshaping the back end of commerce, we see AI as transforming the front end. We believe agentic commerce will expand our addressable market and drive future growth for Visa. This quarter, we continued to work across the ecosystem by enabling new seller capabilities such as our agent score and agent directory and building infrastructure such as our token assurance framework to ensure agent-initiated transactions are transparent and trusted.

如果說穩定幣正在重塑商務的後端，我們則認為 AI 正在改變前端。我們相信代理式商務將擴大我們的可服務市場，並推動 Visa 未來成長。本季，我們持續在整個生態系中推進，啟用新的賣方能力，例如我們的代理評分（agent score）與代理目錄（agent directory），並建置如代幣保證框架（token assurance framework）等基礎設施，以確保由代理發起的交易具備透明度與可信度。

Across payments, partnerships are critical in driving adoption and AI is no different. We are excited to be partnering with OpenAI to enable secure Visa payments within agentic commerce. Through the partnership, Visa will provide its global network, credentialing capabilities and security infrastructure to support agentic commerce experiences, helping consumers and businesses interact and transact with confidence. And as part of our partnership with Meta, Visa is enabling new ways to pay across Facebook and Instagram, powered by Visa Intelligent Commerce, allowing consumers to transact seamlessly and securely with Visa tokens.

在支付領域，合作夥伴關係對推動採用至關重要，AI 也不例外。我們很高興與 OpenAI 合作，在代理式商務中啟用安全的 Visa 支付。透過此合作，Visa 將提供其全球網路、憑證化能力（credentialing capabilities）與安全基礎設施，以支援代理式商務體驗，協助消費者與企業能更有信心地互動與交易。此外，作為我們與 Meta 合作的一部分，Visa 正在 Facebook 與 Instagram 上啟用新的支付方式，由 Visa Intelligent Commerce 驅動，讓消費者可使用 Visa 代幣（Visa tokens）順暢且安全地完成交易。

All of this progress across stablecoin and agentic demonstrates that we have fundamentally shifted the what and how in our product development life cycle. We now have more than 150 AI-powered applications. And over the last 12 months, we have shipped more than 300 major product releases. Changes in the way we work and where we invest also impact how we operate the company. Today, we announced that we are eliminating roles with the majority being in our technology and product teams to ensure that we are continuing to position Visa for future growth.

在穩定幣與代理式領域的這些進展，顯示我們已從根本上改變了產品開發生命週期中的「做什麼」與「如何做」。我們目前已有超過 150 個由 AI 驅動的應用。在過去 12 個月中，我們已推出超過 300 次重大產品發布。工作方式與投資方向的改變，也會影響我們如何營運公司。今天，我們宣布將裁撤部分職位，其中多數位於技術與產品團隊，以確保我們持續讓 Visa 站在未來成長的有利位置。

Another important area of product development has been in our value-added services, which grew revenue by 34% in constant dollars in Q3 with the vast majority of the revenue linked to transactions, cards and accounts. In issuing solutions, our network products continue to be key drivers of growth, creating valuable customer experiences. For example, two of our most popular network products, Subscription Manager and Stop Payment Services, which help cardholders view and decide where their card is on file for a subscription or recurring payment now have 2 billion credentials enrolled.

產品開發的另一個重要領域是我們的附加價值服務（value-added services）。在第三季，以固定匯率計算，其營收成長 34%，且絕大多數營收與交易、卡片與帳戶相關。在發卡解決方案方面，我們的網路產品持續是成長的關鍵驅動力，創造有價值的客戶體驗。例如，我們最受歡迎的兩項網路產品 Subscription Manager 與 Stop Payment Services，可協助持卡人查看並決定其卡片在哪些訂閱或定期付款中被留存（on file），目前已有 20 億筆憑證（credentials）完成註冊。

And we continue to develop new products, including our AI financial assistant, enabling banks to white label our AI-powered financial insights from their data and Visa's network data for their cardholders right in the bank's own app and website. We are also expanding our issuer processing capabilities with DPS Full Service credit, bringing the best of Visa, DPS and Pismo into an integrated credit issuer processing solution designed for fintechs and small to midsized banks. We will be piloting it in Q4 with our first client secured in the US, and it will be generally available next year.

我們也持續開發新產品，包括我們的 AI 財務助理，讓銀行能以白標（white label）方式，將基於其自身資料與 Visa 網路資料所產生的 AI 財務洞察，直接提供給持卡人，並整合在銀行自有的 App 與網站中。我們也正透過 DPS Full Service credit 擴展發卡機構處理（issuer processing）能力，將 Visa、DPS 與 Pismo 的優勢整合為一套整合式信用卡發卡處理解決方案，專為金融科技公司與中小型銀行設計。我們將於第四季與首位已在美國簽約的客戶進行試點，並於明年正式全面推出。

In Acceptance Solutions, I just mentioned our new agentic tools for sellers and enhanced tokens, but this portfolio includes many other capabilities that are driven by both carded and non-carded transactions. Within CyberSource, for example, some of the largest bank acquirers and sellers globally access the latest solutions such as Unified Checkout that launched globally in March. Unified Checkout acts as a seamless orchestrator across multiple payment types with Visa hosting and securing the experience so sellers don't have to rebuild every time commerce evolves.

在受理解決方案（Acceptance Solutions）方面，我剛提到我們為賣方推出的新代理式工具與強化代幣，但此產品組合還包含許多其他能力，並同時由有卡（carded）與無卡（non-carded）交易所驅動。以 CyberSource 為例，全球一些最大的收單銀行與賣方正在使用最新解決方案，例如於 3 月全球推出的 Unified Checkout。Unified Checkout 可在多種支付類型之間扮演無縫的編排器（orchestrator），由 Visa 託管並保護整體體驗，使賣方不必在商務演進時每次都重新建置。

Over 4,500 sellers and acquirers globally have enabled this with more to come, including one of our largest acquirers in the UK. In Risk and Security solutions, we continue to deliver capabilities to the entire ecosystem, leveraging the latest in AI to help clients protect themselves in an increasingly complex threat environment. We built the Visa Vulnerability agentic harness, an orchestration layer that allows us to use models like Mythos to find and fix issues at AI speed. It is available now on GitHub to our clients, along with the technical blueprint, remediation and validation agents, and we can provide consulting and solutions to help.

全球已有超過 4,500 家賣方與收單機構啟用此方案，後續還會有更多加入，包括我們在英國最大的收單機構之一。在風險與安全解決方案方面，我們持續為整個生態系提供能力，運用最新 AI 協助客戶在日益複雜的威脅環境中保護自身。我們打造了 Visa Vulnerability 代理式支架（agentic harness），這是一個編排層，使我們能使用如 Mythos 等模型，以 AI 的速度找出並修復問題。目前它已在 GitHub 上提供給客戶使用，並附上技術藍圖、修復與驗證代理（agents）；我們也可提供顧問服務與解決方案協助。

In Advisory and other, this quarter marked significant engagement for the FIFA World Cup. In Marketing Services, over the last 12 months, we delivered more than 300 FIFA engagements to more than 240 unique clients with about 20% of our clients utilizing our services for the first time with far-reaching impact in our regions across 70 markets. In the US, you likely saw some of our largest clients such as Chase, Bank of America, Wells Fargo and Marriott activate our FIFA offerings and promotions for their customers to drive acquisition and loyalty.

在顧問與其他（Advisory and other）方面，本季在 FIFA 世界盃上有顯著的客戶參與。在行銷服務（Marketing Services）方面，過去 12 個月我們為超過 240 家獨特客戶交付了 300 多項 FIFA 相關合作，其中約 20% 的客戶是首次使用我們的服務，並在涵蓋 70 個市場的各區域產生深遠影響。在美國，你可能看到我們一些最大的客戶，如 Chase、Bank of America、Wells Fargo 與 Marriott，為其客戶啟動我們的 FIFA 方案與促銷活動，以推動獲客與忠誠度。

In Latin America, we also saw great engagement. Two examples I would highlight. In Brazil, a leading bank worked with Visa to launch multiple campaigns, including a promotion entering cardholders for a chance to win tickets for every BRL 100 spent with more chances for new cardholders. From February to June, this campaign had 1 million cardholder participants with an 8% lift in card activation and $400 million in incremental payments volume.

在拉丁美洲，我們也看到高度參與。我想特別舉兩個例子。在巴西，一家領先銀行與 Visa 合作推出多項活動，包括一項促銷：持卡人每消費 100 巴西雷亞爾（BRL 100）即可獲得一次抽獎機會，有機會贏得門票；新持卡人還可獲得更多機會。從 2 月到 6 月，該活動吸引 100 萬名持卡人參與，帶動卡片啟用率提升 8%，並新增 4 億美元的支付量。

In Mexico, the launch of a new FIFA card helped drive significant card issuance for one issuer with nearly 400,000 new debit cards and more than 250,000 new credit cards. And 5 joint FIFA campaigns, which included rewards bonuses on Team Mexico game days that multiplied upon a win drove a more than 5x increase in average transaction size. With all of the enthusiasm around FIFA, we are very pleased to have extended our long-standing global partnership agreement as the official payment technology partner for FIFA tournaments.

在墨西哥，一張全新的 FIFA 卡片推出，協助某一發卡機構大幅帶動發卡量，新增近 40 萬張簽帳卡以及超過 25 萬張信用卡。此外，5 項聯合 FIFA 行銷活動（包含在墨西哥隊比賽日提供獎勵加碼，且在獲勝時倍增）推動平均交易金額提升逾 5 倍。在 FIFA 熱潮帶動下，我們非常高興將長期的全球合作夥伴協議延長，繼續擔任 FIFA 賽事的官方支付技術合作夥伴。

It is unique sponsorship assets like these that make Visa a partner of choice for our value-added services. In our first three quarters of 2026, I have seen the momentum across our business continue to build through the Net Promoter Score from our clients, through the rate of client renewals and wins, through the accelerated rollout of innovative products and solutions, through the increasing engagement in our value-added services, and by consistently delivering strong financial results to our investors. The opportunity ahead is significant, and I'm confident that we have significantly shifted our ability to build and grow the future of payments faster and better than ever before. Now over to Chris to discuss our financial performance.

正是像這樣獨特的贊助資產，使 Visa 成為我們加值服務的首選合作夥伴。在 2026 會計年度前三季，我看到我們業務動能持續累積：來自客戶的淨推薦值（Net Promoter Score）、客戶續約與贏單的比率、創新產品與解決方案的加速推出、加值服務參與度的提升，以及我們持續為投資人交出強勁的財務成果。未來機會相當可觀，我有信心我們已大幅提升自身能力，以比以往更快、更好地打造並成長支付的未來。接下來交給 Chris 說明我們的財務表現。

Thanks, Ryan. Good afternoon, everyone. We delivered a strong quarter, a reflection of resilient consumer spending, improved key business drivers and effective execution of our strategy. In constant dollars, global payments volume was up 10% year-over-year. Cross-border volume, excluding intra-Europe, was up 12% and total processed transactions grew 10%.

謝謝，Ryan。各位下午好。我們交出強勁的一季，反映出消費支出具韌性、關鍵業務驅動因素改善，以及我們策略執行到位。以固定匯率計算，全球支付金額年增 10%。跨境交易量（不含歐洲區內）年增 12%，處理交易筆數總量成長 10%。

Fiscal third-quarter net revenue was up 14% year-over-year, better than our expectations, primarily due to stronger-than-expected key business drivers, higher-than-expected value-added services revenue and better-than-expected FX.

會計年度第三季淨營收年增 14%，優於我們預期，主要受惠於關鍵業務驅動因素強於預期、加值服務營收高於預期，以及匯率（FX）表現優於預期。

third-quarter net revenue was up 13% in constant dollars. EPS was up 11% year-over-year in both nominal and constant dollars, better than expected, primarily due to stronger-than-expected net revenue growth. Let's go into the details. US payment volume grew 10% year-over-year, up about 2 points from Q2, a growth rate not seen since fiscal 2019, excluding the post-COVID recovery, with both card-present and card-not-present growth accelerating strongly.

第三季淨營收以固定匯率計算年增 13%。每股盈餘（EPS）在名目與固定匯率口徑下皆年增 11%，優於預期，主要因淨營收成長強於預期。我們來看細節。美國支付金額年增 10%，較第二季提升約 2 個百分點；若不含 COVID 後復甦期間，這是自 2019 會計年度以來未見的成長率，且實體刷卡與非實體刷卡的成長皆明顯加速。

US payments volume growth was the result of several factors, including higher tax refunds, the cost of fuel, retail, including the timing of promotional shopping events, strong Visa Direct growth and FIFA-related spend.

美國支付金額的成長來自多項因素，包括退稅金額較高、燃油成本、零售（包含促銷購物活動時點）、Visa Direct 的強勁成長，以及與 FIFA 相關的支出。

US credit rose 11% year-over-year, up more than 1 point from Q2. Debit accelerated by more than 2 points from Q2 to grow 9% year-over-year. Growth across consumer spend bands saw incremental improvement from Q2 with the highest spend band continuing to grow the fastest. Across our volume, both discretionary and nondiscretionary spend remains strong.

美國信用卡年增 11%，較第二季提升超過 1 個百分點。簽帳卡較第二季加速超過 2 個百分點，年增 9%。各消費支出區間的成長較第二季略有改善，其中最高支出區間仍維持最快成長。就我們的交易量而言，無論是選擇性或非選擇性支出都仍然強勁。

We do not see signs of the lower spend consumer weakening in our volumes. third-quarter total international payments volume was up 10% year-over-year in constant dollars, generally consistent with the growth we've seen over the past several quarters.

我們在交易量中未看到低支出消費者走弱的跡象。第三季國際支付金額以固定匯率計算年增 10%，大致與過去幾季的成長一致。

Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions. Q3 total cross-border volume grew 12% year-over-year, up more than 1 point from Q2. Cross-border e-commerce volume was up 16%, 3 points above Q2, primarily driven by retail, including the timing of promotional shopping events.

接著談跨境交易量；我將以固定匯率口徑並排除歐洲區內交易來說明。第三季跨境交易量總計年增 12%，較第二季提升超過 1 個百分點。跨境電商交易量年增 16%，較第二季高 3 個百分點，主要由零售帶動，包含促銷購物活動時點的影響。

Travel-related cross-border volume was up 10%, consistent with Q2. While the conflict continued to be an offsetting factor, commercial and US inbound continued to improve. And in June, the FIFA World Cup boosted inbound North America and Latin America volume.

旅遊相關跨境交易量年增 10%，與第二季一致。儘管衝突仍是抵銷因素，商業交易與美國入境交易持續改善。而在 6 月，FIFA 世界盃帶動北美與拉丁美洲的入境交易量。

I want to zoom in on the tournament's impact on our key business drivers. As we all know, the FIFA World Cup brought many visitors to the US From the first whistle on June 11 through the Round of 32 matches on June 30, we saw both host cities as well as destination cities benefit from the influx of fans. A few highlights. Total card-present spend in the US accelerated with card-present transactions up as much as 20% in select host cities on match days.

我想聚焦說明本次賽事對我們關鍵業務驅動因素的影響。眾所周知，FIFA 世界盃為美國帶來大量訪客。從 6 月 11 日第一聲哨響到 6 月 30 日 32 強賽期間，我們看到主辦城市以及旅遊目的地城市都受惠於球迷湧入。幾個重點。美國實體刷卡支出加速成長，在部分主辦城市的比賽日，實體刷卡交易筆數最高年增達 20%。

We saw acceleration in tap-to-pay with weekly tapped transit transactions reaching a peak of nearly 40% year-over-year growth in US host cities. Tap-to-pay transit transactions in Boston were up more than 50% for the June tournament period. Focusing on inbound cross-border card-present spend, US host cities increased by nearly 25% year-over-year from June 11 to June 30, with the most significant increases driven by fans from Norway, Uruguay, and Ecuador.

我們也看到感應支付（tap-to-pay）加速成長，美國主辦城市每週的交通感應支付交易筆數年增率高峰接近 40%。在 6 月賽事期間，波士頓的交通感應支付交易筆數年增超過 50%。聚焦入境跨境的實體刷卡支出，從 6 月 11 日到 6 月 30 日，美國主辦城市年增近 25%，其中增幅最顯著的主要來自挪威、烏拉圭與厄瓜多的球迷。

By spend categories in host cities, entertainment and restaurants saw the highest growth in cross-border spend. Match days drove spikes in host cities with Kansas City topping out at 1,000% year-over-year cross-border card-present transaction growth. And for destinations like D.C. Metro and Las Vegas, we saw a pickup in spend prior to the knockout matches. And the US wasn't the only beneficiary as Mexico and Canada saw inbound cross-border card-present volume growth of more than 70% and 35% year-over-year, respectively, from fans from countries with matches there.

以主辦城市的支出類別來看，娛樂與餐廳的跨境支出成長最高。比賽日帶動主辦城市出現尖峰，其中堪薩斯市的跨境實體刷卡交易筆數年增最高達 1,000%。而在像華盛頓特區都會區與拉斯維加斯等目的地城市，我們在淘汰賽前看到支出回升。受惠的不僅是美國；墨西哥與加拿大的入境跨境實體刷卡交易量，分別年增超過 70% 與 35%，主要來自在當地有比賽的國家之球迷。

With that as a backdrop, I'll move to discuss our financial results. Starting with the revenue components. Service revenue grew 14% year-over-year versus the 9% growth in Q2 constant dollar payments volume growth, primarily due to pricing and card benefits. Data processing revenue grew 17%, above the 10% growth in processed transactions, primarily due to pricing, strong value-added services performance and higher cross-border transaction mix. International transaction revenue was up 6%, below the 12% increase in constant dollar cross-border volume growth, excluding intra-Europe, primarily due to lapping the currency volatility peak last year and mix.

在此背景下，我接著說明我們的財務結果。先從營收組成開始。服務營收年增 14%，相較第二季以固定匯率計算支付金額年增 9%，主要受惠於定價與卡片權益。資料處理營收成長 17%，高於處理交易筆數 10% 的成長，主要受惠於定價、加值服務的強勁表現，以及跨境交易占比提高。國際交易營收成長 6%，低於（不含歐洲區內）以固定匯率計算跨境交易量 12% 的成長，主要因去年匯率波動高峰的基期效應以及組合因素。

Other revenue grew 45%, primarily driven by growth in advisory and other value-added services, especially marketing services revenue as well as pricing. Client incentives grew 18%, a step-up of 4 points from Q2, primarily due to lapping low incentive growth last year and strong client performance.

其他營收成長 45%，主要由顧問與其他加值服務的成長帶動，尤其是行銷服務營收，以及定價因素。客戶獎勵（Client incentives）成長 18%，較第二季提高 4 個百分點，主要因去年獎勵成長偏低的基期效應，以及客戶表現強勁。

Now to our 3 growth engines. Consumer payments revenue was driven by strong payments volume, cross-border volume and processed transaction growth. Commercial and money movement solutions revenue grew 17% year-over-year in constant dollars. CMS revenue stepped down from Q2 due to the absence of performance adjustments benefits that helped Q2 and lapping pricing impacts that started in Q3 of fiscal 2025. Commercial payments volume grew faster than Visa's overall payments volume, up 13% in constant dollars and accelerating 2 points from Q2, driven by a point of acceleration from both US and international volume growth.

接著談我們的三大成長引擎。消費者支付營收由強勁的支付金額、跨境交易量與處理交易筆數成長所帶動。商業與資金移動解決方案（CMS）營收以固定匯率計算年增 17%。CMS 營收較第二季放緩，原因是第二季受惠的績效調整利益在本季缺席，以及 2025 會計年度第三季開始的定價影響在本季形成基期效應。商業支付金額成長快於 Visa 整體支付金額，以固定匯率計算年增 13%，較第二季加速 2 個百分點，主要由美國與國際交易量成長各自帶來 1 個百分點的加速所驅動。

While we have a handful of client wins that have helped us since Q4 of fiscal 2025, the bulk of the strength in our commercial payments volumes has been from our underlying business in both domestic and cross-border portfolios, which we expect to continue well into the future.

雖然自 2025 會計年度第四季以來，我們有少數客戶贏單對表現有所助益，但我們商業支付金額的主要強勢，仍來自國內與跨境投資組合中我們的基本面業務；我們預期這股動能將在未來相當長一段時間持續。

Visa Direct transactions grew 21% year-over-year with continued strength in both domestic and cross-border. Value-added services revenue grew 34% year-over-year in constant dollars to $3.8 billion, primarily due to three factors. One, underlying business drivers, which included strength in marketing services engagements related to FIFA; two, pricing; and three, the acquisition of Prisma.

Visa Direct 交易筆數年增 21%，國內與跨境皆持續強勁。加值服務營收以固定匯率計算年增 34% 至 38 億美元，主要來自三項因素。第一，基本面業務驅動因素，包括與 FIFA 相關的行銷服務合作案表現強勁；第二，定價；第三，收購 Prisma。

While we had strong growth in all of our portfolios, value-added services revenue was higher than expected, primarily due to greater utilization of our network products in issuing solutions and acceptance solutions. In fact, when we look at VAS results over the past 12 months, all 4 of our VAS portfolios have individually grown faster than their respective historical growth rates disclosed at Investor Day.

雖然我們在所有產品組合都實現了強勁成長，但加值服務（VAS）營收高於預期，主要是因為我們的網路產品在發卡解決方案與受理解決方案中的使用率提高。事實上，回顧過去12個月的VAS表現，我們4個VAS產品組合各自的成長速度都快於我們在投資人日所揭露的各自歷史成長率。

Looking collectively at Issuing Solutions, Acceptance Solutions, and Risk and Security solutions, the revenue has grown more than 20% year-over-year every quarter over the last 12 months in constant dollars. This is faster than the fiscal 2021 to 2024 CAGR for total VAS revenue that we disclosed at Investor Day in February of 2025.

綜合來看發卡解決方案、受理解決方案以及風險與安全解決方案，過去12個月中，每一季在固定匯率下的營收年增率都超過20%。這一速度快於我們在2025年2月投資人日所揭露、2021至2024財年VAS總營收的年複合成長率（CAGR）。

For our advisory and other portfolio, in addition to the strong marketing services revenue growth, we've also increased the velocity of our consulting projects through the help of AI. Just this past quarter alone, for over 700 clients across 100-plus countries and territories, we delivered 1,200 consulting projects, which is more than we delivered for all of 2019. Advisory and other continues to grow the fastest of the VAS portfolios, and we expect it to continue to well into the future, driven by a focus to better serve our clients.

就我們的顧問與其他產品組合而言，除了行銷服務營收的強勁成長外，我們也在AI的協助下提升了顧問專案的推進速度。僅在上一季，我們就為遍及100多個國家與地區的700多家客戶交付了1,200個顧問專案，超過我們在2019年全年交付的數量。顧問與其他仍是VAS產品組合中成長最快的，我們預期在更長的未來仍將持續成長，動能來自於我們專注於更好地服務客戶。

Operating expenses grew 17%, primarily driven by marketing and personnel expenses. This was above our expectations, primarily due to larger-than-expected FX impact from balance sheet remeasurement and higher-than-expected personnel expense as a result of deferred compensation mark-to-market, which, as a reminder, is EPS neutral. This was partially offset by the timing of some marketing expenses that shifted into Q4. In our GAAP results, we had $563 million in severance costs related to changes to our workforce, including those that Ryan discussed, as we continue to focus on driving efficiency across the company and reinvest those savings in our highest potential growth opportunities.

營業費用成長17%，主要由行銷與人員費用所帶動。這高於我們的預期，主要是因為資產負債表重估帶來的外匯影響大於預期，以及遞延薪酬按市價評價（mark-to-market）導致的人員費用高於預期；提醒一下，這對每股盈餘（EPS）為中性影響。部分被一些行銷費用時點移轉至第四季所抵銷。在我們的GAAP結果中，因應人力結構調整（包含Ryan提到的部分），我們認列了5.63億美元的資遣費用；我們持續聚焦於提升全公司效率，並將節省下來的成本再投資於最具成長潛力的機會。

Non-operating expense was $35 million, better than our expectations, primarily due to the investment income from the deferred compensation mark-to-market impact I just mentioned. Our tax rate for the quarter was 18.4%, consistent with our expectations. EPS was $3.32, up 11% year-over-year, better than expected with an approximately 0.5 point of benefit from exchange rates. For our non-GAAP results, Prisma and NewPay added a little under 1.5 points to net revenue growth, approximately 2 points to operating expense growth, and approximately 0.5 point to EPS growth.

非營業費用為3,500萬美元，優於我們的預期，主要來自我剛提到的遞延薪酬按市價評價所帶來的投資收益。本季稅率為18.4%，符合我們的預期。每股盈餘（EPS）為3.32美元，年增11%，優於預期，其中匯率帶來約0.5個百分點的助益。就我們的非GAAP結果而言，Prisma與NewPay對淨營收成長貢獻略低於1.5個百分點，對營業費用成長貢獻約2個百分點，對EPS成長貢獻約0.5個百分點。

In Q3, we bought back $4.9 billion in stock and distributed $1.3 billion in dividends to our shareholders. In May, we settled our previously announced exchange offer for Class B1 and Class B2 common stock. We also funded the litigation escrow account by $250 million, which has the same effect as a stock buyback. At the end of June, we had $28.4 billion remaining in our buyback authorization. And in July, we expanded our commercial paper capacity to $7 billion.

在第三季，我們回購了49億美元股票，並向股東發放了13億美元股利。5月，我們完成先前公告的B1類與B2類普通股交換要約的交割。我們也向訴訟託管（escrow）帳戶注資2.5億美元，其效果等同於股票回購。截至6月底，我們剩餘的回購授權額度為284億美元。7月，我們將商業本票（commercial paper）額度擴大至70億美元。

Now let's look at drivers through July 21 with volume growth in constant dollars. US payments volume was up 9%, with both credit and debit up 9% year-over-year, a step down from June primarily due to retail, including the timing of promotional shopping events, the lack of a days mix benefit that helped June and the change in the cost of fuel. For cross-border volume, excluding transactions within Europe, total volume grew 14% year-over-year, with e-commerce up 18% and travel up 12%. Processed transactions grew 9% year-over-year.

接下來我們看看截至7月21日、以固定匯率計的量能成長驅動因素。美國支付量成長9%，其中信用卡與簽帳金融卡（debit）皆年增9%；相較6月有所放緩，主要因零售因素所致，包括促銷購物活動的時點、6月受惠的天數組合效益在本期缺席，以及燃油成本的變動。跨境量方面（不含歐洲境內交易），總量年增14%，其中電商年增18%，旅遊年增12%。處理交易筆數年增9%。

As we move to our guidance, let me remind you that it is on an adjusted growth 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. Now moving to Q4 and the full year financial expectations. We expect Q4 net revenue growth in the high end of low-double digits, similar to Q3 on an adjusted basis. For drivers, we are assuming that the broader consumer spend stability continues from a macro perspective and our overall drivers remain resilient and strong.

在進入我們的財測指引之前，提醒各位：我們的指引是以「調整後成長」為基礎，定義為以固定匯率呈現的非GAAP結果，並排除併購影響。更多細節可在我們的財報簡報中查看相關揭露。接著談第四季與全年財務預期。我們預期第四季淨營收成長將落在低雙位數的高端，按調整後基礎與第三季相近。在驅動因素方面，我們假設從總體角度看，整體消費支出維持穩定，而我們的整體驅動因素仍具韌性且強勁。

On volatility, we are assuming that current levels, which are generally in line with Q1, persist, implying more of a drag than was incorporated previously. On incentives, we expect to have renewed about 20% of our payments volume by the end of the fiscal year. And when we combine that with some new business we won, this puts Q4 incentive growth slightly above Q3 on a nominal basis. We expect Q4 operating expense growth in the low-double digits, which includes some Q3 expenses shifting to Q4. Nonoperating expense is expected to be about $80 million, and our tax rate in the fourth-quarter is expected to be around 19%.

就波動性而言，我們假設目前水準（大致與第一季一致）將持續，意味著相較先前納入的假設，拖累更大。就激勵（incentives）而言，我們預期在本財年結束前將完成約20%的支付量續約。再加上我們贏得的一些新業務，這使得第四季激勵成長在名目基礎上略高於第三季。我們預期第四季營業費用成長落在低雙位數，其中包含部分第三季費用移轉至第四季。非營業費用預期約為8,000萬美元，而第四季稅率預期約為19%。

As a result, we expect fourth-quarter EPS growth to be in the low end of mid-teens. For our non-GAAP nominal Q4 financials, Prisma and NewPay will add approximately 1 point to net revenue growth, approximately 1.5 points to operating expense growth, and approximately 0.5 point to EPS growth.

因此，我們預期第四季EPS成長將落在中十位數的低端。以非GAAP名目口徑的第四季財務來看，Prisma與NewPay將對淨營收成長貢獻約1個百分點，對營業費用成長貢獻約1.5個百分點，對EPS成長貢獻約0.5個百分點。

Pulling it all together for the full year, we expect full year net revenue growth to now be in the low end of low teens. We expect full year operating expense growth in the low end of low teens. Nonoperating expense for the full year is expected to be about $165 million. Our tax rate for the full year is expected to be between 18% and 18.25%.

綜合全年來看，我們現在預期全年淨營收成長將落在低十位數的低端。我們預期全年營業費用成長落在低十位數的低端。全年非營業費用預期約為1.65億美元。全年稅率預期介於18%至18.25%。

As a result, we expect full year EPS growth to now be in the low end of mid-teens. In closing, we are already several weeks into our fourth-quarter and engaging in our strategic and financial planning work for 2027, and I wanted to make a few comments. As we do every year, we are running a number of scenarios to arrive at our assumptions for the macroeconomic environment, key business drivers and volatility. We have clear line of sight into our expected renewals, product pipeline and the expected pricing impact across our solutions, which, as you know, has tended to be similar in its contribution in the past few years.

因此，我們現在預期全年EPS成長將落在中十位數的低端。最後，我們已進入第四季數週，並正進行2027年的策略與財務規劃工作，我想補充幾點。如同每一年，我們會推演多種情境，以形成我們對總體經濟環境、關鍵業務驅動因素與波動性的假設。我們對預期續約、產品管線，以及各項解決方案的預期定價影響都有清晰掌握；如各位所知，過去幾年其貢獻度往往相近。

We have conviction in our strategy and our ability to continue to deliver strong results across consumer payments, commercial and money movement solutions, and value-added services. All of this will result in our guidance that we will provide next quarter. As the leading hyperscaler of payments globally, we're excited about the opportunities ahead, the investment decisions we're making, and our ability to drive Visa's future revenue growth. And now, Jennifer, hand it back to you.

我們對自身策略以及持續在消費者支付、商業與資金移動解決方案，以及加值服務方面交出強勁成果的能力充滿信心。這些都將反映在我們下季提供的財測指引中。作為全球支付領域的領先超大規模平台（hyperscaler），我們對未來的機會、我們正在做出的投資決策，以及推動Visa未來營收成長的能力感到振奮。接下來，Jennifer，交回給你。

Thanks, Chris. And with that, we're ready to take questions. (Event Instructions).

謝謝你，Chris。那麼，我們準備開始提問。（活動說明）。

(Operator Instructions)U

（接線員指示）U

Will Nance, Goldman Sachs.

Will Nance，高盛。

Obviously, very strong results. Chris, I wanted to maybe double-click on some of the cross-border trends that you called out around the US inbound and the World Cup. And maybe I missed it. It sounds like some very strong impacts in specific cities.

顯然，結果非常強勁。Chris，我想就你提到的部分跨境趨勢再深入追問一下，特別是美國入境（inbound）以及世界盃相關的部分。也許是我漏聽了。聽起來在某些特定城市的影響非常顯著。

Do you have any color or quantification on the degree to which that boosted the cross-border travel numbers in aggregate in June and July and just how we should be thinking about kind of normalizing for that as we look for the remainder of the quarter? Appreciate it.

您能否就這在6月與7月整體上對跨境旅遊數據的拉抬幅度提供一些顏色或量化說明？以及當我們展望本季剩餘時間時，應該如何思考把這個因素常態化（調整回正常水準）？感謝。

Sure. Will, thanks for the question. Overall, it was a very good quarter for cross-border across both travel and e-commerce. Now you were specifically asking about inbound and sort of the relationship with FIFA. We did see inbound into the US continue to improve this quarter, and FIFA did help both North America and Latin America in the month of June. The thing that I'd point out also is that, as we've spoken about many times, our cross-border volumes are very well distributed.

當然可以。Will，謝謝你的提問。整體而言，本季跨境業務在旅遊與電商兩方面都表現非常好。你特別問到的是入境（美國）以及與FIFA之間的關係。我們確實看到本季入境美國持續改善，而FIFA在6月對北美與拉丁美洲都有所助益。另外我也想指出的是，正如我們多次提到的，我們的跨境交易量分布非常均衡。

No region comprises more than 25%. And so while there is good enthusiasm around FIFA, and that was great to see, the overall underlying health of travel and e-commerce continues to be healthy, and that's something that we anticipate will continue into Q4.

沒有任何一個地區占比超過25%。因此，雖然大家對FIFA的熱情很高、看到這點也很棒，但旅遊與電商的整體基本面仍然健康，而我們預期這樣的態勢會延續到Q4。

James Friedman, Susquehanna.

Susquehanna 的 James Friedman。

I wanted to ask about the delta between cross-border and international revenue, the volume versus revenue mix. I think you alluded to some of this, Chris, in your prepared remarks, but if you could elaborate on that, that would be helpful.

我想問一下跨境與國際收入之間的差異，也就是量與收入組合（volume versus revenue mix）之間的落差。我想你在事先準備的發言中有提到一些，Chris，但如果你能再多闡述一下會很有幫助。

Sure. Happy to do so. James, I mean, building a little bit on the question Will asked, first, we start with the fact that our cross-border business remains healthy. We saw strong underlying health and stability across both travel and e-commerce. That's the first place I'd start.

當然。很樂意說明。James，我先在Will剛才的問題上再延伸一下：首先，我們的跨境業務仍然健康。我們看到旅遊與電商兩端都呈現強勁的基本面健康度與穩定性。我會先從這裡開始。

The difference that you point out between international transaction revenue and the volume -- the cross-border volume I talked to is really related to two things. And there are similar things that I've spoken about in previous quarters. One is volatility and volatility primarily related to the fact that last year in Q3, we're lapping the peak of the year. The highest volatility quarter was Q3 of last year, and we're lapping that in this quarter.

你指出的國際交易收入與交易量——也就是我談到的跨境交易量——之間的差異，主要與兩個因素有關。而且這些因素我在前幾季也談過類似的內容。第一是波動性，而波動性主要來自於去年Q3我們正好處在全年高峰的比較基期。去年波動最大的一季是Q3，而本季我們正在與那一季做同比比較（lap）。

And then the second factor is the mix of the business and the composition of our yields within international transaction revenue can and does vary across our business. For example, different clients or different products like Visa Direct, which typically has a lower yield than our carded transactions and different regions or currencies can also contribute to that mix difference. So those are the two primary factors. But the main message I'd send is that the underlying cross-border business remains quite healthy.

第二個因素是業務組合：國際交易收入中的收益率（yield）結構與組成，確實會在我們的業務中有所變動。例如，不同客戶或不同產品（像Visa Direct，其收益率通常低於我們的卡片交易），以及不同地區或幣別，也都可能造成這種組合差異。所以主要就是這兩個因素。但我想傳達的核心訊息是：跨境業務的基本面仍然相當健康。

Timothy Chiodo, UBS.

UBS 的 Timothy Chiodo。

Great. I want to touch a little bit on Pismo, DPS and the broader core banking and issuer processing business that you're combining here. Really often investors have two big broad questions about these initiatives. One is around strategy and one is around bank size. On the strategy side, the topic is usually, hey, is this about new revenue streams?

很好。我想稍微談一下你們正在整合的Pismo、DPS，以及更廣泛的核心銀行（core banking）與發卡行處理（issuer processing）業務。投資人對這些計畫通常有兩個很大的問題。一個是策略，另一個是銀行規模。在策略面，常見的問題是：這是否是在開拓新的收入來源？

Is it about expanding the pie in negotiations? Is it about deepening relationships with issuers? And the answer might be all of the above. And on the bank side focus, it's often, is it about large banks like the big names we've seen announced like Wells Fargo and Citi? Or is it about smaller banks and fintechs?

是否是在談判中擴大可分配的「餅」？是否是在加深與發卡行的關係？答案可能是以上皆是。而在銀行規模的焦點上，常見問題是：這是針對大型銀行（例如我們看到已宣布的Wells Fargo與Citi這些大牌）嗎？還是針對較小的銀行與金融科技公司（fintech）？

And again, the answer might be both. But I'm hoping you could elaborate on those two topics, the strategy and then the bank size. And really for the bank size, it's more about what are the different things that you're doing for the different sizes of banks.

同樣地，答案可能也是兩者皆是。但我希望你能就這兩個主題——策略以及銀行規模——再多做一些說明。而就銀行規模而言，更想了解的是：你們針對不同規模的銀行，分別在做哪些不同的事情。

It's Ryan. I guess stepping back at the broadest level, the Pismo strategy is about identifying and understanding client needs and then bringing solutions to help solve those client needs. And when I first described the Pismo acquisition to investors, I explained that it was based on, for the last several years, hearing from our clients around the world that there were two important priorities that they had.

我是Ryan。我想先退一步，從最宏觀的層面來看，Pismo的策略是辨識並理解客戶需求，然後提供解決方案來協助滿足這些需求。當我最初向投資人介紹收購Pismo時，我解釋過這項收購的基礎在於：過去幾年我們從全球客戶那裡聽到，他們有兩個重要優先事項。

One is modernizing their stacks, moving to the cloud, moving to API-based services, so on and so forth. And then the second was helping clients move more quickly into more geographies with a cloud-based issuer processing stack that would help them do that.

第一是現代化他們的技術堆疊（stack），遷移到雲端、採用以API為基礎的服務等等。第二是協助客戶更快速地進入更多地理市場，透過雲端化的發卡行處理技術堆疊，來幫助他們做到這點。

And as you fast forward to today, we're seeing product market fit broadly in those areas. And we believe, over time, that will help us deepen our relationships with clients. That will help us generate more revenue, that will help us strengthen our partnership with our clients, to your question, by helping them meet these needs. So that I think gets to the first part of your question.

而快轉到今天，我們看到在這些領域整體上都有產品與市場契合（product-market fit）。我們相信，隨著時間推進，這將幫助我們加深與客戶的關係。這將幫助我們創造更多收入，也將幫助我們強化與客戶的合作夥伴關係——回到你的問題——因為我們在協助他們滿足這些需求。我想這回答了你問題的第一部分。

To the second part of your question, I guess, let me step back and put it in the context of our overall issuer processing and core bank strategy. I'll start in the US So in the US, we have two assets. We have DPS and we have Pismo. I'll try to go through this systematically. So the first thing I'll do is talk about issuer processing. So DPS is and has been the leading debit issuer processing platform in the US DPS services banks of all sizes, big and small and will continue to do so in the future.

至於你問題的第二部分，我想先退一步，把它放在我們整體的發卡行處理與核心銀行策略脈絡下來說明。我先從美國談起。在美國，我們有兩項資產。我們有DPS，也有Pismo。我會盡量有系統地說明。首先我先談發卡行處理。DPS一直以來都是美國領先的簽帳卡（debit）發卡行處理平台。DPS服務各種規模的銀行，不論大型或小型，未來也會持續如此。

And now if I shift to Pismo, as a reminder, Pismo is a cloud-native API-based issuer processing and core banking platform. It does -- it essentially provides processing for all payment products, whether it's debit, credit, commercial, DDAs, current accounts and the like. And increasingly in the US, what we're seeing is smaller banks and midsized banks as well as fintechs are looking for an integrated debit and credit processing solution that will help them simplify their operations and accelerate product innovation. And that's the market need that has led us to the DPS Pismo solution that we've talked about.

接著如果我轉到Pismo，提醒一下，Pismo是一個雲原生、以API為基礎的發卡行處理與核心銀行平台。它——本質上——為所有支付產品提供處理服務，不論是簽帳卡、信用卡、商業（commercial）、活期存款帳戶（DDA）、往來帳戶（current accounts）等等。而在美國，我們越來越看到小型銀行、中型銀行以及金融科技公司，正在尋找一個整合式的簽帳卡與信用卡處理解決方案，以協助他們簡化營運並加速產品創新。這就是促使我們推出並討論過的DPS Pismo解決方案的市場需求。

It's not a market need we've seen from large issuers. We expect that large issuers will continue to run their highly customized debit platforms and credit platforms separately. But we do see a market need with small, midsized issuers and fintechs. So we launched the new platform in the US, which essentially combines Visa DPS and Pismo capabilities into an integrated issuer processing solution that we can put to work.

這並不是我們從大型發卡行看到的市場需求。我們預期大型發卡行仍會分別運行他們高度客製化的簽帳卡平台與信用卡平台。但我們確實在小型與中型發卡行以及金融科技公司身上看到市場需求。因此我們在美國推出了新平台，基本上把Visa DPS與Pismo的能力結合成一個整合式的發卡行處理解決方案，並可投入實際運作。

And as I said in my prepared remarks, we've already had success with one client. We're also, to your question, deploying Pismo in the US to help banks of all sizes migrate their core bank platforms to the cloud. And as you referenced, we announced Wells Fargo in that space. So that gives you, hopefully, to your question, a very clear sense of kind of the product and segment strategy we're pursuing in the US.

正如我在事先準備的發言中提到的，我們已經在一個客戶身上取得成功。另外，回到你的問題，我們也在美國部署Pismo，協助各種規模的銀行把他們的核心銀行平台遷移到雲端。如你所提到的，我們在這個領域宣布了Wells Fargo。所以希望這能讓你非常清楚地了解我們在美國所採取的產品與客群分段策略。

Outside the US, our single go-to-market platform is Pismo. And we've now entered 19 new markets since the acquisition. We're seeing market demand from a range of different client types, both for issuer processing and for core banking.

在美國以外，我們單一的市場推進（go-to-market）平台是Pismo。自收購以來，我們已經進入19個新市場。我們看到來自多種不同客戶類型的市場需求，涵蓋發卡行處理以及核心銀行。

Fahed Kunwar, Rothschild & Co Redburn.

Fahed Kunwar，Rothschild & Co Redburn。

I just wanted to ask about the revenue algo. Chris, I think you talked about this in your remarks around VAS and CMS. From memory, it was kind of like 9% to 11% net revenue growth based on 15% to 17% of CMS and VAS and 5% to 7% of consumer payments. It does now appear for probably the past two years that has been quite different with CMS and VAS growing heavily, close to mid-20s and consumer payments probably growing more like low double -- low single digit. And obviously, the 13% to 14% revenue growth well ahead of 9% to 11%.

我想請教一下營收的演算法（revenue algo）。Chris，我記得你在談到 VAS 與 CMS 時有提到這點。依我記憶，大概是以 CMS 與 VAS 成長 15% 到 17%，以及消費者支付成長 5% 到 7% 為基礎，對應到淨營收成長約 9% 到 11%。但現在看起來，可能過去兩年情況相當不同：CMS 與 VAS 強勁成長，接近 20% 中段，而消費者支付可能更像是低雙位數——或低單位數成長。而且顯然，13% 到 14% 的營收成長遠高於 9% 到 11%。

If we think about that algo now going out, kind of, beyond this year into the longer term? I'm not asking for new long-term guidance, but just in general, like is there something that will change this algo? Or do you see this as more sustainable and this mix between the three areas being more in the kind of like growth in the last couple of years versus what we identified at the Investor Day.

如果我們把這個 algo 往外推，某種程度上，超過今年、放到更長期來看呢？我不是在要求新的長期指引，但只是一般性地問：這個 algo 會有什麼改變嗎？或者你們認為這樣的表現更可持續，而這三個領域之間的組合，會更接近過去幾年的成長樣貌，而不是我們在投資人日所辨識的那種？

Yes, thanks for the question. I mean we're obviously very pleased with how the year has played out across value-added services, across CMS business, value-added services this quarter, almost 1/3 of our revenue growing at 34%, that's an awesome result. It really reflects the strong execution against the strategy that we laid out at our Investor Day, which is I think the point you're referencing against. And that's what we're focused on. We're focused on running the company.

是的，謝謝你的問題。我的意思是，我們當然對今年在加值服務、以及 CMS 業務的表現感到非常滿意；本季加值服務幾乎占我們營收的 1/3，成長 34%，這是非常棒的成果。這確實反映了我們對投資人日所提出策略的強力執行，我想這就是你所提到的重點。而這也是我們專注的方向。我們專注於把公司經營好。

We're focused on executing our strategy, driving product innovation, delivering for our clients and taking all the steps that we've talked about to continue to run the company better and position us for sustained long-term growth. That's our focus right now. We'll continue to focus on that as we close out FY26.

我們專注於執行策略、推動產品創新、為客戶交付成果，並採取我們談過的所有步驟，持續把公司經營得更好，讓我們具備可持續的長期成長定位。這是我們目前的重點。在 FY26 收官之際，我們也會持續專注於此。

Tien-Tsin Huang, JPMorgan.

Tien-Tsin Huang，摩根大通。

Great results. On the US side, it looks like volume up 10%. You called out that is the highest in quite a bit of time here. So can you -- do you mind just going back and maybe unpacking the growth a little bit more across the items you called out, I heard tax refunds, fuel prices, Visa Direct.

成果很亮眼。在美國這邊，看起來交易量成長 10%。你提到這是相當長一段時間以來的最高水準。所以你能不能——方便的話回頭再把你提到的幾個項目，將成長拆解得更細一點？我聽到有退稅、油價、Visa Direct。

I think there's some timing in World Cup of course. Just trying to separate the event-driven spend versus the strong underlying trends and maybe some wins in there as well.

我想當然也有世界盃的時間點因素。我只是想把事件驅動的支出，和強勁的基本面趨勢區分開來，另外也看看是否有一些贏單（wins）在裡面。

Yes, sure. Happy to do so, Tien-Tsin. Yes, it was a great quarter for the US I mean the place I'd start with is, as Ryan remarked, the consumer spend environment remains strong, resilient. I think the results reflect that.

好的，當然可以。很樂意說明，Tien-Tsin。是的，美國這季表現很棒；我會先從一點開始：如 Ryan 所說，消費者支出環境依然強勁且具韌性。我認為結果反映了這一點。

And the strength I would also note is pretty broad-based. We're seeing improvements around credit and debit, discretionary spend, non-discretionary spend, card-present, card-not-present, and across the spend bands as well, as I remarked in my commentary, we didn't see any signs of weakening across the lower parts of the spend band either.

我也要指出，這樣的強勁相當廣泛。我們看到信用卡與簽帳卡、選擇性支出與非選擇性支出、實體刷卡（card-present）與非實體刷卡（card-not-present），以及各個支出區間（spend bands）都有改善；正如我在評論中提到的，我們在較低支出區間也沒有看到任何走弱跡象。

And so again, point to broad-based strength, reflecting consumer resiliency. And then as you called out some of the ones, I called these out on the call. Happy to give more color. But there was a number of factors that contributed to that acceleration that we saw in Q3. Go through the whole list of with higher tax returns, the cost of fuel, retail, which included the timing of some promotional shopping events, strength in Visa Direct and, of course, the enthusiasm around FIFA that we've seen. Those were all contributors. And all in all, when you put that all together, great quarter for the US in Q3.

所以再次強調，這是廣泛性的強勁，反映消費者的韌性。然後就像你點到的幾項，我在電話會議中也提過。很樂意補充更多細節。但確實有多個因素促成我們在第三季看到的加速。把整個清單都過一遍：較高的退稅金額、燃油成本、零售（其中包含部分促銷購物活動的時間點）、Visa Direct 的強勁表現，當然還有我們看到圍繞 FIFA 的熱度。這些都是貢獻因素。總之，把這些加總起來，美國在第三季表現非常出色。

Jeff Cantwell, Seaport Research.

Jeff Cantwell，Seaport Research。

Just on the Open USD initiative, Ryan, this question is for you since you seem to be like you would be the kind of person who would never backed out from a good old skirmish, verbally, of course. So my question to you is, in your opinion, is Open USD going after Circle and Tether and the established players in the stablecoin realm? Is this the one that's ultimately going to be the winner. I would love to hear your thoughts there.

關於 Open USD 計畫，Ryan，這題是問你的，因為你看起來像是那種不會在一場老派的小衝突中退縮的人——當然是口頭上的。所以我想問你的是：依你看，Open USD 是否是在對標 Circle、Tether 以及穩定幣領域既有的玩家？這個會不會最終成為贏家？我很想聽聽你的看法。

Let me start with kind of Visa. Visa going forward will remain multi-coin, multi chain. Our role is not to pick winners. Our role is to help clients connect to the stablecoin ecosystem securely and at scale regardless of which stablecoin, which network, which infrastructure ultimately gain adoption. And so now going back to the open standard, the open standard is designed with neutral governance and shared economics in mind.

我先從 Visa 的角度談起。未來 Visa 仍將維持多幣種（multi-coin）、多鏈（multi-chain）。我們的角色不是去選出贏家。我們的角色是協助客戶以安全且可規模化的方式連接到穩定幣生態系，不論最終是哪一種穩定幣、哪一個網路、哪一套基礎設施獲得採用。回到開放標準：這個開放標準在設計時就考量了中立治理與共享經濟（shared economics）。

And it designed that way because they believe that model will help scale stablecoins for payments. As much as we talk about stablecoins on this call and in other venues, stablecoins really have yet to scale beyond a few use cases like stablecoin linked cards that we've issued in various places around the world.

之所以這樣設計，是因為他們相信這種模式有助於把穩定幣擴展到支付場景。儘管我們在這通電話會議以及其他場合談了很多穩定幣，但穩定幣其實仍尚未在少數幾個用例之外實現規模化，例如我們在全球多地發行的「穩定幣連結卡（stablecoin linked cards）」。

So we're proud to be a partner of Open USD. We do think that Open USD has the chance to scale as a payment-based stablecoin. We think that it is designed in such a way that it creates the incentives for players in our ecosystem to drive it and to use it. But like I said at the beginning, our view of the future is multi-chain, multi-coin. We're not here to pick winners and losers. We're here to enable our clients to be successful, and that will be our strategy continuing going forward.

所以我們很自豪能成為 Open USD 的合作夥伴。我們確實認為 Open USD 有機會作為以支付為導向的穩定幣實現規模化。我們認為它的設計方式能為我們生態系中的參與者創造誘因，去推動並使用它。但如我一開始所說，我們對未來的看法是多鏈、多幣。我們不是來選擇贏家與輸家的。我們是來讓客戶能成功，而這也將是我們未來持續的策略。

Andrew Schmidt, KeyBanc Capital Markets.

Andrew Schmidt，KeyBanc Capital Markets。

I just want to ask about value-added services growth. Chris, I think you did a great job sort of illustrating the durability of the growth drivers beyond just the marketing services. But maybe you could just dimensionalize just the go-forward path for perspective? I know there's some things that obviously may not recur, but at the same time, the portfolio is getting larger. The other components are accelerating.

我想問一下加值服務的成長。Chris，我覺得你很清楚地說明了，除了行銷服務之外，成長驅動因素的持久性。但也許你可以把未來的路徑用更具體的量化方式呈現，讓我們有個參考？我知道有些事情顯然不一定會重複發生，但同時，產品組合（portfolio）也在變大。其他組成部分也在加速。

I would love to understand the growth profile going forward a little bit better. And then just on the expense side, remind us the expenses attached with some of these marketing-related revenues. I know there's a little bit of linkage there. A reminder there would be helpful, too.

我很想更了解未來的成長輪廓。另外在費用端，請提醒我們：與這些行銷相關營收所連帶的費用是哪些？我知道那裡有一些連動關係。也請你再提醒一下，會很有幫助。

Thanks for the question, Andrew. Yes, as I said, VAS is having an outstanding year and that strength, that performance is broadly across all the portfolios. I gave a lot of detail, as you pointed out, in my prepared commentary, but I'll just maybe highlight by saying the key point, all 4 portfolios are growing faster over the past 12 months compared to the growth rates that we shared at Investor Day.

謝謝你的問題，Andrew。是的，如我所說，VAS 今年表現非常出色，而這樣的強勁與表現是遍及所有產品組合。正如你提到的，我在事先準備的評論中提供了很多細節；但我想用一句話強調重點：過去 12 個月，四大產品組合的成長速度都比我們在投資人日分享的成長率更快。

And so we've seen acceleration broadly across. And it's -- and certainly, marketing services is having a great year with the enthusiasm around FIFA but again, clearly, the other 3 portfolios issuing solutions, acceptance solutions and risk and security are also collectively growing north of 20%.

因此我們看到的是全面性的加速。而且——當然，行銷服務在 FIFA 熱潮帶動下表現很棒；但同樣很清楚的是，另外三個產品組合：發卡解決方案（issuing solutions）、受理解決方案（acceptance solutions）以及風險與安全（risk and security），合計也都成長超過 20%。

So that really indicates the breadth of the strength of the business. As I said in the last question, it's really a reflection, I think, of our strong execution against our strategy. There's great momentum. And maybe obviously, we're not speaking about FY27 at this point, but I will just -- directionally it's a big opportunity in front of us. We continue to execute really, really well. And I think that -- we anticipate that those businesses will continue to be strong.

這確實顯示了業務實力的廣度。如同我在上一個問題中所說，我認為這其實反映了我們在策略執行上的強勁表現。動能非常強。而且也許很明顯地，我們此刻不談FY27，但我只想說——就方向性而言，我們面前有很大的機會。我們持續執行得非常、非常好。我認為——我們預期這些業務將會持續強勁。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I wanted to just touch on the workforce reductions and the associated cost savings. I'm just curious, is the expectation to reinvest all of those savings or actually sort of drop some of those down to the bottom line? And then as we think about the reinvestment of those savings over what period of time do you guys anticipate a return?

我想簡單談一下人力縮減以及相關的成本節省。我只是好奇，預期是把這些節省全部再投資，還是會把其中一部分直接落到損益表的底線（獲利）？另外，若考量把這些節省再投資，你們預期在多長時間內能看到回報？

It's Ryan. Let me just start, and then, Chris, feel free to add or correct or not. The investments that we have in front of us are enormous. I think what we've shown over the last couple of years is that we can drive efficiencies. We can take the savings that we generate from those efficiencies, and we can invest those savings against the strategic levers that we laid out at our strategy at our Investor Day and deliver accelerated performance as a result.

我是Ryan。我先開始回答，然後Chris，你可以補充、修正，或不需要。我們眼前的投資機會非常龐大。我認為過去幾年我們已經證明，我們能夠推動效率提升。我們可以把由這些效率提升所產生的節省，投入到我們在投資人日策略中所提出的策略槓桿上，並因此帶來加速的表現。

And we continue to feel good about the opportunities ahead of us. You look out in the consumer payments opportunities, we're continuing to invest against expanding acceptance in cash-rich markets around the world, strengthening our differentiated affluent value proposition, winning in cross-border and e-com. We talked a lot about VAS on this call, but just enormous investment opportunities in risk and security and marketing services and to the earlier discussion, scaling Pismo and Featurespace. In CMS, we're just a range of investment opportunities, whether it's unified B2B payments and acceptance, embedded finance, Visa Direct, which we've talked about.

而且我們對未來的機會仍然感到很有信心。放眼消費者支付的機會，我們持續投資於在全球現金使用率高的市場擴大受理範圍、強化我們差異化的高端客群價值主張、在跨境與電商領域取得勝利。我們在這通電話中談了很多VAS，但在風險與安全、行銷服務方面也有極其龐大的投資機會；並且如先前討論所提，擴大Pismo與Featurespace的規模。在CMS方面，我們也有一系列投資機會，無論是整合式B2B支付與受理、嵌入式金融、或我們已談過的Visa Direct。

And then on top of that, stablecoins, agentic, our brand and our advertising, growing kind of in emerging markets and obviously the Visa-as-a-Service stack. So the timing of it is continual. It's just we're constantly driving improvements and efficiency, identifying savings opportunities. We've done the work in advance to identify the return on investment of redirecting those savings and putting that into the business to drive the results. And the track record is what the track record is, which we feel really good about.

此外，還有穩定幣、代理式（agentic）、我們的品牌與廣告、在新興市場的成長，以及顯然還有Visa-as-a-Service技術堆疊。所以時點是持續性的。也就是說，我們不斷推動改善與效率提升，辨識節省機會。我們已事先完成工作，評估把這些節省重新導向並投入業務以推動成果的投資報酬率。而我們的過往成績就是那樣的成績，我們對此感到非常滿意。

And the opportunities are the opportunities that are ahead of us, which are enormous. So that's kind of the context for all of this.

而我們面前的機會也就是那些機會——非常龐大。這就是整體的背景脈絡。

Yes. I would only add. I think Ryan covered it really, really well. The flywheel is working. The thing I'd add is over the past several years, as Ryan kind of referenced, we've grown and diversified our business. And we've done that while maintaining our industry-leading operating margins. Looking forward, we do expect that we'll continue to be able to deliver strong margins into the future as well.

是的。我只補充一點。我認為Ryan已經講得非常、非常好。飛輪正在運轉。我想補充的是，過去幾年，如Ryan剛才提到的，我們擴大並多元化了業務。而且我們是在維持業界領先的營業利益率的同時做到這一點。展望未來，我們確實預期也將能持續在未來交出強勁的利潤率表現。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Your guidance for fiscal fourth-quarter calls for low double digits to low teens, including M&A, and that's incorporating, I think, tough levels of FX volume you mentioned, but it also likely incorporates uncertainty around the Middle East and less FIFA revenue. So I'm trying to just reconcile the strength we're seeing in that kind of guide for fiscal fourth-quarter despite those headwinds. So maybe just help us understand I know VAS is going well. Is there any other key drivers that are providing your conviction on the strength exiting the year? And are any of those unsustainable as we look forward?

你們對財年第四季的指引是低雙位數到低十幾（%），包含併購（M&A），而這也納入了你提到的外匯量（FX volume）較具挑戰的比較基期，但同時也很可能納入了中東局勢的不確定性以及較少的FIFA收入。因此我想試著調和一下：儘管有這些逆風，你們給出的財年第四季指引仍顯示出我們看到的強勁力道。所以也許請協助我們理解：我知道VAS表現很好。是否還有其他關鍵驅動因素，讓你們對年末出場時的強勁表現有信心？而其中是否有任何因素在往後看可能不可持續？

Thanks for the question, Darrin. We've had strong revenue growth really every quarter this year in Q3, and we expect Q4 to be strong as well. And as I guided Q3 to be in line with Q4 on an adjusted basis -- sorry, Q4 to be in line with Q3 on an adjusted basis. And underlying that is the strong drivers that you're referencing, strong VAS growth.

謝謝你的問題，Darrin。今年每一季我們的營收成長都很強勁，第三季也是如此，而我們也預期第四季同樣會很強。而且我先前指引第三季在調整後基礎上會與第四季一致——抱歉，是指引第四季在調整後基礎上會與第三季一致。其背後就是你所提到的強勁驅動因素，包括VAS的強勁成長。

From a technical perspective, there are two offsetting factors as you think about the models. One is volatility, which as we exit Q3, we think Q4 will be closer to the Q1 levels. Obviously, that could change. But that's the level that we're anticipating. And the second is incentives, which we talked about, which is really a reflection of our new and renewal business.

從技術面來看，當你思考模型時，有兩個相互抵銷的因素。其一是波動性；隨著我們走出第三季，我們認為第四季會更接近第一季的水準。當然，這可能會改變。但這是我們目前預期的水準。第二個是獎勵（incentives），我們也談過，這其實反映了我們的新案與續約業務。

But if I just step back a little bit, I mean, throughout the course of this year, I referenced we've got strong results all year, and we've done what any good company would do, which is from this position of strength, we've taken the opportunity to continue to lean into our investments to fuel our future growth. We've increased the velocity of product innovation. We've engaged with clients in a deeper way. That's all in an effort to continue to secure our industry leadership position and propel our long-term future growth.

但如果我稍微退一步看，整個今年我提到過，我們全年都有強勁的成果；而我們也做了任何一家好公司都會做的事：在這樣的優勢地位下，我們把握機會持續加大投資，以驅動未來成長。我們提高了產品創新的速度。我們以更深入的方式與客戶互動。這一切都是為了持續鞏固我們的產業領導地位，並推動我們長期的未來成長。

So we do expect a strong Q4. We feel great about that as a launching point and think that we're well positioned for FY27 as well.

因此我們確實預期第四季會很強。我們對此感到非常有信心，並認為這是很好的起跑點；同時也認為我們在FY27方面也處於有利位置。

(technical difficulty) capital.

(技術問題) 資本。

I just wanted to ask around AI. It seems like it's factoring in more prominently or in a tangible way in the business. We heard the comments around product development and the advisory project turnaround cadence. Just wanted to ask what inning you'd say we're in, in terms of penetration across the enterprise of AI solutions that are helping accelerate the business?

我想問一下關於AI。看起來它在業務中更明顯、或以更具體的方式被納入考量。我們聽到你們談到產品開發以及顧問專案周轉節奏的評論。我想問的是，就AI解決方案在整個企業內的滲透程度而言——這些解決方案正在幫助加速業務——你會說我們現在處於第幾局（inning）？

It's tough for me to say what inning. I feel really good about the progress that we've made in kind of a post generative AI world. But again, just if you zoom out a bit, like we've had a long history of AI at Visa. We are an early adopter of AI many, many years ago. And then you kind of jump forward to where we are today.

我很難說是第幾局。我對我們在生成式AI之後的世界所取得的進展感到非常滿意。但同樣地，如果你把視角拉遠一點，Visa在AI方面其實有很長的歷史。我們在很多很多年前就是AI的早期採用者。然後你再跳到今天我們所處的位置。

I mentioned some metrics in my prepared remarks, but we're just -- we're seeing fantastic results. And yes, I really don't know. I don't know how to predict what inning we're in other than to say we've had very good deployment of the AI tools across the company, especially in product and engineering, as I mentioned. We're getting good adoption in other parts of the company. I think we still have enormous opportunity ahead of us there.

我在事先準備的發言中提到了一些指標，但我們只是——我們看到非常出色的成果。而且是的，我真的不知道。我不知道該如何預測我們處於第幾局；只能說，我們已在全公司範圍內很好地部署了AI工具，尤其是在產品與工程領域，如我所提到的。我們也在公司其他部門看到良好的採用。我認為我們在那方面仍有非常龐大的機會。

And we're just going to continue to lean into using these tools to drive efficiency and effectiveness shipping products better, faster and ultimately better serving our clients in the ecosystem.

而我們將持續加大使用這些工具，以提升效率與效能，更好、更快地交付產品，並最終在生態系中更好地服務我們的客戶。

Dominick Gabriele, Loop Capital.

Dominick Gabriele，Loop Capital。

I was just wondering, Ryan, if you could talk about your ability to capture market share against local European schemes and how that competition has changed over time?

我只是想問，Ryan，你能否談談你們相對於歐洲本地支付方案（local European schemes）取得市占的能力，以及這種競爭隨時間如何變化？

Yes. So in Europe, we -- and I had some of this in my prepared remarks, we continue to win. And we're winning from a number of players across the board, but local schemes is one of them. In the environment that we're in right now, issuers, whether they be fintechs or banks around the world to serve their customers, they need innovation. They need new products.

是的。所以在歐洲，我們——我在事先準備的發言中也提到一些——我們持續獲勝。而且我們是在各類參與者中全面取勝，其中之一就是本地支付方案。在我們目前所處的環境下，發卡機構，無論是金融科技公司或是全球各地的銀行，為了服務其客戶，都需要創新。他們需要新產品。

They need reliability. They need resilience. They want access to products like Visa Flex. They want access to Visa Direct. They want affluent propositions. They want more sophisticated virtual card propositions.

他們需要可靠性。他們需要韌性。他們希望能使用像 Visa Flex 這樣的產品。他們希望能使用 Visa Direct。他們希望有高端客群方案。他們希望有更精密的虛擬卡方案。

All of those types of innovations and those investments, like those are the things we've been investing in for years. We've been deploying billions of dollars. We've been driving our road map out all around the world. And it's hard to keep up, I think, for many domestic schemes around the world and that presents opportunities for us, ultimately, again, in service of our clients. So we feel good about our track record, we feel good about our ability to win.

所有這些類型的創新與投資，正是我們多年來一直在投入的方向。我們已投入數十億美元。我們一直在全球推進我們的產品路線圖。我認為對於全球許多國內支付方案而言，要跟上並不容易，而這最終也為我們帶來機會——再次強調，是為了更好地服務我們的客戶。因此我們對自身的戰績感到樂觀，也對我們持續取勝的能力感到有信心。

I mentioned some of the, I guess, 30 million cards or so that we expect to convert from wins over the coming years in Europe, and we're excited about that.

我提到過一些——我想大約有 3,000 萬張卡——我們預期在未來幾年會因為在歐洲的勝出而完成轉換，我們對此感到非常振奮。

Dave Koning, Baird.

Dave Koning，Baird。

You called out cross-border e-comm very strong through the last quarter, I think you said promotions, FIFA, et cetera. It stayed really high in July. Were those factors influencing July too and that we should expect a little bit of a falloff in the next couple of months?

你提到跨境電商在上一季非常強勁，我記得你說是因為促銷、FIFA 等等。7 月仍然維持在很高的水準。這些因素也影響了 7 月嗎？我們是否應該預期接下來幾個月會稍微回落？

Yes. Let me go through that, Dave, in detail. It's a good question. We did see cross-border volumes in e-commerce at 16%. But even intra-quarter, if you notice what we published in our slides, it accelerated through the quarter, and we actually hit a higher level in the month of June.

是的。Dave，我來詳細說明一下。這是個好問題。我們確實看到電商的跨境交易量成長 16%。但即使在單季內，如果你注意我們在投影片中公布的內容，它在該季內是加速的，而且我們在 6 月其實達到更高的水準。

And the July number that you pointed out is a little bit of a moderation from the June peak. And so the acceleration intra-quarter for the quarter as I pointed out, was driven by retail, which included the timing of the promotional shopping events.

而你指出的 7 月數字，相較於 6 月高峰略有降溫。因此，如我所說，該季內的加速主要由零售帶動，其中包含促銷購物活動的時點因素。

And then the June, the intra-quarter June was benefited by days mix, and retail, the retail event that I just spoke about. And then as we pull that forward through the first three weeks of July, it is slightly lower than the month of June, and it's the inverse of the things that helped June.

接著在 6 月，單季內的 6 月受惠於天數組合，以及我剛提到的零售活動。而當我們把趨勢往前拉到 7 月前三週時，它比 6 月略低，且原因正好與推升 6 月的因素相反。

So days mix and the reversal of the timing of the retail, including the timing of the retail promotional shopping event. Those are the factors. When I zoom out, I do think June and July are unusually high, and I would anticipate that it settled back down to a more typical relationship relative to travel.

也就是天數組合，以及零售時點的反轉，包括零售促銷購物活動的時點。這些就是相關因素。從更宏觀的角度看，我確實認為 6 月與 7 月都異常偏高，我預期它會回落到相對於旅遊更典型的關係水準。

And last question, please.

最後一個問題，請。

Harshita Rawat, Bernstein.

Harshita Rawat，Bernstein。

Ryan, I want to ask about your updated thinking related to agentic commerce and Visa. There were quite a few announcements coming out of your payments forum on OpenAI partnership, new capabilities. Tell us more about how you see Visa's opportunity within agentic commerce not just with regards to capturing and tokenizing the volumes, but also creating an opportunity for you to sell more of your services and expand your addressable market into new economic constructs like agent-to-agent transactions.

Ryan，我想請教你對於代理型商務（agentic commerce）與 Visa 的最新看法。你們在支付論壇上發布了不少消息，包括與 OpenAI 的合作夥伴關係、新能力等。請多談談你如何看待 Visa 在代理型商務中的機會，不僅是捕捉並代幣化交易量，也包括為你們創造更多服務銷售機會，並將可服務市場擴展到新的經濟形態，例如代理對代理（agent-to-agent）的交易。

Sure. I guess let me start at the highest level. We believe that AI and agentic commerce will expand our addressable market. We believe we're in the very early stages of what's going to be a major adoption curve in payments. I think to get a sense of like how this progresses from here, it's instructive to look at other kind of major cycles that we've been through, whether it was e-commerce or mobile commerce, tokenization, tap to pay.

當然。我想先從最高層次談起。我們相信 AI 與代理型商務將擴大我們的可服務市場。我們相信我們正處於支付領域一條重大採用曲線的非常早期階段。我認為要理解接下來會如何發展，回顧我們經歷過的其他重大週期很有啟發性，無論是電商或行動商務、代幣化、感應支付（tap to pay）。

These innovations and these kind of major forces they followed a similar pattern, right? You have an early period where Visa and other players are establishing standards. We're announcing, launching and shipping new products, as you mentioned.

這些創新與重大力量都遵循相似的模式，對吧？你會先有一個早期階段，由 Visa 與其他參與者建立標準。如你提到的，我們會宣布、推出並交付新產品。

And then you migrate into the early adoption period of the curve, which ultimately then leads to growing consumer momentum and ultimately broad scale. And all of those kind of ones that I mentioned previously have gone through that and they've achieved that broad scale. And we don't think agentic commerce will be any different, but we're in the very early stages. So you have consumers that are already using AI to shop and then the next phase will be enabling agents to transact on their behalf, whether with or without them in the loop. And that's where we come in.

接著你會進入採用曲線的早期採用階段，最終帶動消費者動能成長，並走向大規模普及。我先前提到的那些創新都走過這條路，也都達到了大規模普及。我們不認為代理型商務會有任何不同，但我們仍在非常早期的階段。因此，消費者已經在使用 AI 來購物，而下一階段將是讓代理代表他們進行交易，無論是否需要他們在流程中參與。而這正是我們發揮作用的地方。

I think the ultimate thing that's going to accelerate that adoption is going to be trust. Trust that the payment is secure, trust that the agent is authorized, trust that the transaction reflects the consumer's actual intent and then the protections exist if something goes wrong. If you look at the products that we've announced over the last several quarters, they're all directly intended to address that trust and ensure that our users have trust in using Visa credentials to make agentic commerce transactions.

我認為最終會加速採用的關鍵是信任。信任支付是安全的、信任代理是經授權的、信任交易反映消費者的真實意圖，並且在出問題時有相應的保障。如果你看看我們在過去幾個季度宣布的產品，它們都直接旨在建立這種信任，並確保我們的使用者在使用 Visa 憑證進行代理型商務交易時能夠放心。

So that's where we're investing. I think across all of this, the timing is tough to predict, I think to the latter part of your question, but our view is pretty simple. Agentic commerce is a when, not an if. We're building like the products, the services, the protocols, ensuring that the ecosystem has what it takes and this will happen, and it will be a positive tailwind for Visa once we get through those steps of the journey.

所以這就是我們投資的方向。我認為在這一切之中，時點很難預測——我想這也回應你問題的後半段——但我們的看法很簡單。代理型商務是「何時」的問題，而不是「是否」的問題。我們正在打造產品、服務與協議，確保生態系具備所需能力；這件事會發生，而且當我們走完這些旅程步驟後，它將成為 Visa 的正向順風。

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

最後，我們感謝各位今天加入我們。如果你有其他問題，歡迎致電或寄電子郵件給我們的投資人關係團隊。再次感謝，祝各位有美好的一天。

Thank you all for participating in Visa's fiscal third-quarter 2026 earnings conference call. That concludes today's call. You may disconnect at this time, and please enjoy the rest of your day.

感謝各位參與 Visa 2026 會計年度第三季財報電話會議。今天的會議到此結束。您現在可以掛線，並祝您今天剩餘時間愉快。