Visa Inc. (V) 2026 Q4 法說會逐字稿

Welcome to Visa's fourth quarter and full year 2026 earnings conference call. (Operator Instructions) Today's conference is being recorded. If you have any objections, you may disconnect at this time.

歡迎參加 Visa 2026 會計年度第四季及全年財報電話會議。(接線員指示) 今天的會議將被錄音。如有任何異議，您可於此時中斷連線。

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.

現在我想把會議交給今天的主持人——投資人關係資深副總裁暨全球主管 Jennifer Como 女士。Como 女士，請開始。

Good afternoon, everyone, and welcome to Visa's fiscal fourth quarter and full Year 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. A slide deck containing financial and statistical highlights has been posted on our IR website.

各位下午好，歡迎參加 Visa 2026 會計年度第四季及全年財報電話會議。今天與會者包括 Visa 執行長 Ryan McInerney，以及 Visa 財務長 Chris Suh。本次電話會議將於我們網站 investor.visa.com 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。包含財務與統計重點的簡報投影片已張貼於我們的投資人關係網站。

Let me also remind you that this presentation includes forward-looking statements. 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.

也提醒各位，本簡報包含前瞻性陳述。這些陳述並非對未來績效的保證；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 年度報告及其後續的 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.

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 的名目基礎呈現。相關 GAAP 指標及調節表載於今日的財報新聞稿及相關資料，並可於我們的投資人關係網站取得。

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

接下來，我把電話交給 Ryan。

Thanks, Jennifer. 2026 was a milestone year for Visa. We finished the year with fourth quarter net revenue of $12.1 billion, up 13% year-over-year. This resulted in full year record net revenue of $46 billion, up 15%, the strongest net revenue growth in over 15 years, excluding the post-pandemic recovery and acquisitions. CMS revenue grew 19% and VAS revenue grew 30%, both in constant dollars and their revenue collectively represents more than 40% of our total net revenue.

謝謝你，Jennifer。2026 年是 Visa 的里程碑之年。我們以第四季淨營收 121 億美元作收，年增 13%。因此，全年淨營收創下 460 億美元的歷史新高，年增 15%；若排除疫情後復甦與併購因素，這是超過 15 年來最強勁的淨營收成長。CMS 營收成長 19%，VAS 營收成長 30%，兩者皆以固定匯率計；其合計營收占我們總淨營收超過 40%。

Our drivers for the year were strong. Payments volume was up 9% year-over-year in constant dollars. Commercial Payments volume grew 12% for the year in constant dollars faster than consumer and the fastest annual growth rate in eight years, excluding the post-pandemic recovery. Total cross-border volumes, excluding intra-Europe, rose 12% year-over-year with travel up 11% and e-commerce up 15%, all in constant dollars. We processed 281 billion transactions, up 9% year-over-year and with approximately 80% processing penetration globally.

我們今年的成長動能強勁。以固定匯率計，支付交易量年增 9%。以固定匯率計，商業支付交易量全年成長 12%，增速快於消費者業務；若排除疫情後復甦，這也是八年來最快的年度成長率。以固定匯率計，總跨境交易量（不含歐洲區內）年增 12%，其中旅遊年增 11%、電商年增 15%。我們處理了 2,810 億筆交易，年增 9%，且全球處理滲透率約為 80%。

And Visa Direct topped 15 billion transactions representing about $1.5 trillion in payments volume. While these numbers speak to our strength, in 2026, we also demonstrated that whenever technology changes commerce, we move with it. We anticipate what's next, and we enable its growth as the leading hyperscaler of payments globally. The foundation of all of this is trust. Visa brings trust with our scale, our network and infrastructure and our products, all delivered through our Visa as-a-service stack.

Visa Direct 交易筆數突破 150 億筆，對應約 1.5 兆美元的支付交易量。這些數字展現了我們的實力；同時在 2026 年，我們也證明：只要科技改變商業，我們就會與之同行。作為全球支付領域領先的超大規模平台（hyperscaler），我們預判下一步趨勢，並促進其成長。所有這一切的基礎是信任。Visa 透過我們的規模、網路與基礎設施，以及產品建立信任——並透過我們的 Visa as-a-service 技術堆疊交付。

Starting with scale. We have scale in issuance and acceptance. In 2026, we had 5.2 billion credentials, up 6% year-over-year with Latin America crossing the billionth credential milestone and we continued to grow our credentials globally in a number of ways. We signed new co-brand agreements and expanded existing relationships with marquee brands around the world. In the hotel industry, this included Marriott in CEMEA, Asia Pacific, Latin America and North America.

先從規模談起。我們在發卡與受理端都具備規模優勢。2026 年，我們擁有 52 億個憑證（credentials），年增 6%；拉丁美洲跨越 10 億憑證的里程碑，我們也透過多種方式持續在全球擴大憑證規模。我們簽署新的聯名（co-brand）合作協議，並擴大與全球指標品牌的既有合作關係。在飯店產業方面，包括在 CEMEA、亞太、拉丁美洲與北美的萬豪（Marriott）。

And in the airline industry, this included Air India and Asia Pacific, Copa Airlines in Latin America, Qatar Airways and Ethiopian Airlines in CEMEA. We also had the launch of debit portfolios for Alaska Airlines and Southwest Airlines in the US in addition to our existing credit portfolios with these brands. In the US, we added the new Samsung Galaxy card and maintained our leadership position with 7 of the top 10 US co-brands.

在航空產業方面，包括印度航空（Air India）與亞太地區、拉丁美洲的巴拿馬航空（Copa Airlines）、CEMEA 的卡達航空（Qatar Airways）與衣索比亞航空（Ethiopian Airlines）。此外，除我們與這些品牌既有的信用卡組合外，我們也在美國推出阿拉斯加航空（Alaska Airlines）與西南航空（Southwest Airlines）的簽帳金融卡（debit）組合。在美國，我們新增 Samsung Galaxy 卡，並在美國前十大聯名卡中維持 7 個的領先地位。

In the affluent space, we recently launched our new Visa Infinite Card series, signing with more than 70 issuers in over 40 countries in Q4 alone with more than 15 issuers in Latin America, including Santander in Mexico as part of an expanded relationship with Visa. Our Flex credentials have tripled since last year with continued strength from existing players as well as growth from new partners such as Cash App and Chime.

在高端客群領域，我們近期推出全新的 Visa Infinite 卡系列；僅第四季就與超過 40 個國家的 70 多家發卡機構簽約，其中拉丁美洲超過 15 家發卡機構，包括墨西哥的 Santander，這也是與 Visa 擴大合作關係的一部分。我們的 Flex 憑證自去年以來已成長至三倍，既有業者持續強勁，同時也新增如 Cash App 與 Chime 等新合作夥伴帶動成長。

We will also soon be launching the world's first stablecoin linked Visa Flex credential with Norwegian Block Exchange or NBX in Europe. Visa Pay, which connects wallets to any Visa-accepting seller worldwide has nearly tripled its presence since last year to 11 countries. In commercial, we have over 15 new fleet clients this year across our five regions.

我們也將很快在歐洲與 Norwegian Block Exchange（NBX）推出全球首張與穩定幣連結的 Visa Flex 憑證。Visa Pay 可將錢包連結至全球任何接受 Visa 的商家；其覆蓋範圍自去年以來幾乎成長三倍，達到 11 個國家。在商業支付方面，今年我們在五大區域新增超過 15 家車隊（fleet）客戶。

We recently renewed our global agreement with WEX to enable B2B travel and solutions for their corporate clients. We also expanded our relationship from Europe to the US with Adyen for their travel clients and through Visa's multinational program, Newline by Fifth Third will be enabling US-based fintechs to offer Visa corporate cards in 46 countries. Across all of this credential growth, we continue to drive adoption of tokens. Today, over 50% of all available credentials are tokenized, more than doubling from five years ago.

我們近期也與 WEX 續簽全球協議，為其企業客戶提供 B2B 旅遊與解決方案。我們也與 Adyen 的合作從歐洲擴展至美國，以服務其旅遊客戶；並透過 Visa 的跨國計畫（multinational program），Fifth Third 旗下的 Newline 將協助以美國為基地的金融科技公司在 46 個國家提供 Visa 企業卡。在所有這些憑證成長之中，我們持續推動代碼化（token）採用。目前，超過 50% 的可用憑證已完成代碼化，較五年前增加一倍以上。

In 2026, we processed a tokenized transaction in 200 countries and territories for the first time and now more than 60% of all e-commerce transactions are tokenized. On acceptance, we have well over 200 million seller locations driven by a more than 40% increase in Brazil, a more than 60% increase in Mexico and a more than 15% increase in India seller locations year-over-year. When we incorporate digital wallets, Visa credentials can be used at more than 200 million additional seller locations.

2026 年，我們首次在 200 個國家與地區處理代碼化交易；目前超過 60% 的所有電商交易已代碼化。在受理端，我們的商家據點遠超過 2 億個；其中巴西年增逾 40%、墨西哥年增逾 60%、印度商家據點年增逾 15%。若納入數位錢包，Visa 憑證還可在額外超過 2 億個商家據點使用。

So in total, Visa credentials can be used at more than 400 million seller locations. With this increased acceptance, Visa empowers buyers and sellers with secure ways to pay, such as with tap to pay, reaching nearly 85% penetration of face-to-face transactions globally.

因此合計而言，Visa 憑證可在超過 4 億個商家據點使用。隨著受理範圍擴大，Visa 以安全的支付方式賦能買賣雙方，例如感應支付（tap to pay），其在全球面對面交易的滲透率已接近 85%。

And with the final top 100 seller enabling tap to pay in 2026 we reached 75% penetration in the US. well on our way to the global total. Tap to Phone has driven new small business acceptance with more than 25 million active Visa-accepting mobile devices across more than 100 markets, surpassing more than 1 billion transactions in 2026, with 30% of Tap to Phone sellers new to our ecosystem this year.

隨著 2026 年最後一批前 100 大商家完成感應支付（tap to pay）啟用，我們在美國的滲透率達到 75%，正穩步邁向全球整體水準。Tap to Phone 推動了新的小型商家受理成長：在超過 100 個市場中，已有超過 2,500 萬台可受理 Visa 的行動裝置處於活躍狀態；2026 年交易筆數突破 10 億筆，其中 30% 的 Tap to Phone 商家是今年新加入我們生態系。

And for micro sellers in more emerging markets, we have Visa accept, which has grown to 15 markets in just one year. Throughout all of these efforts, we are expanding our reach to power all types of payments, C2B, B2B, P2P, B2C, G2C and more.

而針對更多新興市場的微型商家，我們推出 Visa accept，僅一年就擴展至 15 個市場。在所有這些努力之中，我們正擴大觸及範圍，以支援各類型支付：C2B、B2B、P2P、B2C、G2C 等等。

In fact, we have the largest money movement platform on the planet with Visa Direct as measured by transactions, volumes and accounts with more than 18 billion endpoints across cards, accounts and wallets, up from 12 billion in 2025. Clients value the trust that this brings, and we have over 40 clients who each used more than five different Visa Direct use cases this year.

事實上，以交易筆數、交易量與帳戶數衡量，Visa Direct 是全球最大的資金移動平台，端點數超過 180 億，涵蓋卡片、帳戶與錢包，較 2025 年的 120 億有所增加。客戶重視這份信任所帶來的價值；今年有超過 40 家客戶各自使用了 5 種以上不同的 Visa Direct 使用情境。

A recent example of a client adding new use cases is Navy Federal, who we have already partnered with on cross-border remittances and is part of a broader renewal across consumer and commercial portfolios and VAS, including DPS, they are positioning Visa Direct to support a number of new domestic money movement use cases over time. In addition, Wells Fargo has enabled Visa Direct for cross-border payroll, accounts payable and disbursement payments. With our credentials, acceptance and our reach, Visa has and will continue to bring scale to the ecosystem.

近期一個客戶新增使用情境的例子是 Navy Federal。我們先前已在跨境匯款方面與其合作，這也是其在消費與商業產品組合及加值服務（VAS）上的更廣泛續約的一部分（包含 DPS）；他們正逐步將 Visa Direct 定位為支援多項新的國內資金移動使用情境。此外，Wells Fargo 已啟用 Visa Direct，用於跨境薪資發放、應付帳款與撥款支付。憑藉我們的支付憑證、受理能力與覆蓋範圍，Visa 已經並將持續為生態系帶來規模效應。

You see this play out across our more than 200 countries and territories. For example, in Asia Pacific in 2026, we renewed and expanded with 3 of the top 4 Australian banks, 3 of the top 4 Indian banks, 2 of the top 4 Chinese banks, initiated new relationships with Japanese clients such as PayPay and Travel Wallet Japan.

你可以在我們覆蓋的 200 多個國家與地區看到這一點。例如，在 2026 年的亞太地區，我們與澳洲前四大銀行中的 3 家、印度前四大銀行中的 3 家，以及中國前四大銀行中的 2 家完成續約並擴大合作；同時也與日本客戶（如 PayPay 與 Travel Wallet Japan）建立了新的合作關係。

Visa also delivers trust through our network and infrastructure. Over the last five years, we have invested $15 billion in our network security and resilience, all to provide that six nines of reliability always-on capability that you expect from Visa. And this year, we tested and strengthened our defenses through our Visa Vulnerability Agentic Harness, which we then open source to the world.

Visa 也透過我們的網路與基礎設施提供信任。過去五年，我們在網路安全與韌性方面投資了 150 億美元，目的在於提供你對 Visa 所期待的「六個九」可靠度與全年無休的可用性。今年，我們也透過 Visa Vulnerability Agentic Harness 測試並強化防禦，並將其開源給全球使用。

We also made progress this year building the next generation of VisaNet to enable the future of commerce through a cloud-native micro services distributed, modular architecture that uses open languages and technologies enabling easier scaling and configuration and faster feature deployment. Today, this supports live authorization traffic in production across markets in Latin America and CEMEA and powers additional payment processing workloads at a global scale.

今年我們也在打造下一代 VisaNet 方面取得進展，透過雲原生微服務的分散式、模組化架構，採用開放語言與技術，使擴充與設定更容易、功能部署更快速，從而支援商務的未來。目前，該架構已在拉丁美洲與 CEMEA 各市場的生產環境中支援即時授權交易流量，並在全球規模上承載額外的支付處理工作負載。

An important area of future development will be Mainland China as Visa has received approval of our application to prepare from the People's Bank of China. This significant milestone now marks the beginning of our formal preparations to ultimately process domestically on the Visa network. Another core aspect of our network and infrastructure is enabling new capabilities including blockchain.

未來發展的一個重要領域將是中國大陸，因為 Visa 已獲中國人民銀行核准我們的籌備申請。這一重大里程碑標誌著我們正式籌備工作的開始，最終目標是在 Visa 網路上處理境內交易。我們網路與基礎設施的另一個核心面向，是啟用包含區塊鏈在內的新能力。

In 2026, we gained even greater conviction in the opportunity and benefits of extending our network on chain. Our vision is simple. One network combining fiat, stablecoins and tokenized deposits with interoperability and utility across our infrastructure, bringing the same ease and trust clients expect for Visa. It requires key capabilities across the full on chain stack, which we have made significant progress on this year. Specific highlights this quarter include for the blockchain layer, we were invited to the founding validator cohort for Circle's Arc, adding to our roles on Tempo as a Validator and Canton as a super Validator.

在 2026 年，我們對於將網路延伸至鏈上的機會與效益更加篤定。我們的願景很簡單。一個網路結合法幣、穩定幣與代幣化存款，並在我們的基礎設施上具備互通性與實用性，帶來客戶對 Visa 所期待的同等便利與信任。這需要涵蓋完整鏈上技術堆疊的關鍵能力，而我們今年已取得顯著進展。本季在區塊鏈層的具體亮點包括：我們受邀加入 Circle 的 Arc 創始驗證者梯隊；同時也延續我們在 Tempo 擔任驗證者、以及在 Canton 擔任超級驗證者的角色。

For the issuance layer, Open USD went live on September 30, with total supply and circulation surpassing $800 million so far through October 15. In the orchestration layer, Visa Direct's stablecoin prefunding and cross-border money movement has moved from pilot to commercial production, and we have our first live partner, Inyo Global, a US-based payments infrastructure provider.

在發行層方面，Open USD 已於 9 月 30 日上線，截至 10 月 15 日，總供給量與流通量已突破 8 億美元。在編排層方面，Visa Direct 的穩定幣預先注資與跨境資金移動已從試點轉為商業化生產環境，我們也迎來第一個上線合作夥伴 Inyo Global（美國的支付基礎設施供應商）。

In the application layer, our Visa stablecoin platform is now available in the US, Mexico, Puerto Rico, Colombia, Switzerland, and the UK with additional countries to follow and the pipeline has more than 300 partners. And the engagement we are seeing with our more established stable coin offerings is significant.

在應用層方面，我們的 Visa 穩定幣平台現已在美國、墨西哥、波多黎各、哥倫比亞、瑞士與英國提供服務，後續還將擴展至更多國家，合作夥伴管線超過 300 家。此外，我們在較成熟的穩定幣產品上所看到的互動與採用程度也相當顯著。

In stable coin settlement, our run rate has surpassed $25 billion in annualized volume, up 10x year-over-year. We can now support 10 blockchains more than doubling from last year and are operating in all five regions.

在穩定幣結算方面，我們的運行速率已超過年化 250 億美元交易量，年增達 10 倍。我們目前可支援 10 條區塊鏈，較去年增加一倍以上，並已在五大區域全面運作。

In consulting, with over 60 unique engagements, stablecoin advisory was our fastest-growing Visa consulting and analytics practice this year, with nearly half of these projects in Q4 alone. And it continues to be among the top 3 focus areas for our clients alongside AI and cybersecurity.

在顧問服務方面，憑藉超過 60 個獨特專案，穩定幣諮詢成為今年 Visa 顧問與分析業務中成長最快的領域，其中近一半專案集中在第四季。它也持續與 AI 與資安並列為客戶最關注的前三大重點領域之一。

We now have over 225 stablecoin linked card programs, up more than 70% year-over-year with 150% plus growth in volume across 5 million cards in more than 50 countries with issuers across crypto exchanges, neobanks, wallets and remitters. That is trust at scale. And the trust that the Visa network and infrastructure represent is only amplified by the products we provide on top of it. I spoke last quarter about the fundamental changes to the way that we build and ship products enabled by utilizing our Agentic tool chain.

我們目前已有超過 225 個與穩定幣連結的卡片方案，年增超過 70%；在 50 多個國家、超過 500 萬張卡片上，交易量成長超過 150%，發卡方涵蓋加密交易所、新型銀行（neobanks）、錢包與匯款業者。這就是規模化的信任。而 Visa 網路與基礎設施所代表的信任，也因我們在其上提供的產品而進一步放大。我在上季談到，透過運用我們的 Agentic 工具鏈，我們在產品建置與交付方式上出現了根本性的改變。

For example, the Visa stablecoin platform enablement for O-USD was designed, built and shipped in 7 weeks with 12 people. This would have taken much, much longer and required many more people without utilizing our genetic tool chain.

例如，針對 O-USD 的 Visa 穩定幣平台啟用方案，由 12 人在 7 週內完成設計、開發並交付。若不使用我們的 genetic 工具鏈，這將需要更長時間，且必須投入更多人力。

Today, more than 60% of our global product development and engineering teams have adopted this new way of working with the intent of reaching 100% this year. One of the key areas of innovation for Visa has been empowering Agentic Commerce. It is clear that in Agentic, trust is the biggest barrier to scale. We believe the best way to break through that barrier is with one simple but powerful idea. Every time someone pays or gets paid, it's with a Visa credential.

目前，我們全球產品開發與工程團隊中已有超過 60% 採用這種新的工作方式，目標是在今年達到 100%。Visa 的一個關鍵創新領域，是賦能 Agentic Commerce（代理式商務）。很明顯，在 Agentic 領域中，信任是規模化的最大障礙。我們相信，突破這道障礙的最佳方式，是一個簡單但強大的想法。每一次有人付款或收款，都使用 Visa 支付憑證。

And as we look at the albeit limited number of agentic transactions today, Visa credentials are being used by consumers, businesses and agents. We have nearly 50 AI partners live and in production including more recently Shopify's Shop Pay with that number expected to double in the coming months. We are also collaborating with Anthropic to bring their commerce blueprints to our merchant network, combining the intelligence of Claude with the trust, security and global reach of the Visa network.

而當我們觀察目前雖然仍相對有限的代理式交易數量時，可以看到 Visa 支付憑證正被消費者、企業與代理共同使用。我們已有近 50 家 AI 合作夥伴在生產環境上線運行，其中包括近期的 Shopify Shop Pay，且預期未來幾個月這個數字將翻倍。我們也正與 Anthropic 合作，將其商務藍圖帶入我們的商戶網路，把 Claude 的智慧與 Visa 網路的信任、安全與全球覆蓋結合起來。

One of the areas we have identified for fast adoption of Agentic has been B2B, and we have had several partners launch and expand offerings. Ramps Agenetic Bill Pay use case is now generally available and as Ramp businesses use Visa Intelligent Commerce to automate bill payments, payments volume is growing.

我們已識別出代理式快速採用的一個領域是 B2B，且已有多家合作夥伴推出並擴大相關產品。Ramp 的 Agenetic Bill Pay 使用情境現已全面可用；隨著 Ramp 企業使用 Visa Intelligent Commerce 自動化帳單支付，支付交易量正在成長。

Airwallex is testing Visa Intelligent commerce-enabled credentials and integrating them into their native wallet, Airwallex. Bill's payment agent is piloting Visa Intelligent commerce to pay invoices, and Billtrust supplier portal will identify the agent and accept payment. Our Visa Intelligence commerce solution is enabling all of this. It provides trust for the user with credentials, Agentic tokens and transaction identifiers. Trust for the agent with the trusted agent protocol and agent directory, and trust for the transaction.

Airwallex 正在測試啟用 Visa Intelligent Commerce 的支付憑證，並將其整合至其原生錢包 Airwallex。Bill 的支付代理正在試點使用 Visa Intelligent Commerce 來支付發票，而 Billtrust 的供應商入口網站將識別該代理並接受付款。我們的 Visa Intelligence commerce 解決方案正在促成這一切。它透過支付憑證、Agentic 代幣與交易識別碼，為使用者提供信任。它透過可信代理協議與代理目錄，為代理提供信任，並為交易本身提供信任。

Once we have verified the user and agent identity, we need to make sure that the purchase instructions are clear by capturing consumer authenticated intent. And of course, like on any Visa transaction, our rules clarify the roles and responsibilities and processes should something go wrong. It is clear that Agentic Commerce is here, and Visa's role is clear, delivering trust. Another important area of product development has been in our value-added services. In fiscal 2026, our VAS business grew revenue 30% in constant dollars to $14 billion essentially double our 2023 VAS revenue.

在我們驗證使用者與代理身分後，還需要透過捕捉消費者經驗證的意圖，確保購買指示清楚明確。當然，如同任何 Visa 交易一樣，我們的規則會釐清各方角色、責任與在發生問題時的處理流程。很明顯，Agentic Commerce 已經到來，而 Visa 的角色也很清楚：提供信任。另一個重要的產品開發領域，是我們的加值服務（VAS）。在 2026 會計年度，我們的 VAS 業務以固定匯率計算的營收成長 30% 至 140 億美元，基本上是 2023 年 VAS 營收的兩倍。

Our issuing acceptance and risk and security portfolios collectively grew more than 20% in constant dollars this year a growth rate, we believe, is sustainable in 2027 for two primary reasons: the underlying drivers of revenue and demand from clients. I'll go deeper into each one. First, Transactions, cards and accounts had driven the vast majority of our VAS revenue, more than 80% over the last five years, and that will continue as our clients grow, we expand to new clients and develop new products, and we were able to price those products to value.

今年我們的發卡受理（issuing acceptance）以及風險與安全產品組合，以固定匯率計合計成長超過20%。我們認為，這一成長率在2027年具備可持續性，主要基於兩個原因：來自客戶的營收與需求的底層驅動因素。我將更深入說明每一項。首先，在過去五年中，交易、卡片與帳戶驅動了我們絕大多數的增值服務（VAS）營收，占比超過80%；隨著客戶成長、我們拓展新客戶並開發新產品，且我們能依產品價值進行定價，這一趨勢將持續。

For example, Pismo signed clients in Sweden, Belgium and Guatemala this quarter, bringing the total for the year to 28 countries, almost doubling from last year. Our success has enabled us to sell more products fueled by these underlying drivers.

例如，Pismo 本季在瑞典、比利時與瓜地馬拉簽下客戶，使今年累計覆蓋國家數達到28個，較去年幾乎翻倍。我們的成功使我們能在這些底層驅動因素的帶動下，銷售更多產品。

Now to demand. Cyber-related products are a top priority for our clients. We offer many end-to-end cyber solutions, including several launch this year, and we will continue to invest more over time. The associated revenue spans across the VAS portfolios and represents a meaningful amount of total VAS revenue. We delivered these cyber solutions in 4 areas, all bringing trust to the ecosystem.

接著談需求。與資安相關的產品是我們客戶的首要優先事項。我們提供多項端到端資安解決方案，包括今年推出的數項新方案，並將隨時間持續加大投資。相關營收橫跨VAS各產品組合，並占VAS總營收中相當可觀的比重。我們在四個領域交付這些資安解決方案，皆為生態系帶來信任。

One, helping our clients collect threat intelligence and detect cyber problems early; two, protecting our client security perimeter with identity access and behavioral trust solutions; three, ensuring every transaction on and off the Visa network is safe with transaction intelligence solutions; and four, when an active threat does emerge, enabling our clients to maintain service resilience and recover as quickly as possible.

第一，協助客戶蒐集威脅情報並及早偵測資安問題；第二，透過身分存取與行為信任解決方案，保護客戶的安全邊界；第三，透過交易情報解決方案，確保Visa網路內外的每一筆交易都安全；第四，當出現主動威脅時，協助客戶維持服務韌性並盡可能快速復原。

In Threat Intelligence, our Visa Threat Intelligence platform combines cyber, fraud, brand identity and financial crime insights through high fidelity feeds. We connect these indicators to potential fraud outcomes to help our clients defend against would-be attackers. We also recently invested in Overwatch data, a financial threat intelligence company whose solutions we will soon be offering to our clients globally. In identity access and behavioral trust, our authentication and tokenization platforms protect consumer credentials, payment transactions and merchants and acquirers sensitive data.

在威脅情報方面，我們的 Visa Threat Intelligence 平台透過高可信度資料饋送（high fidelity feeds），整合資安、詐欺、品牌身分與金融犯罪洞察。我們將這些指標與潛在詐欺結果連結，協助客戶防禦潛在攻擊者。我們近期也投資了 Overwatch Data——一家金融威脅情報公司——其解決方案不久將在全球提供給我們的客戶。在身分存取與行為信任方面，我們的驗證與代碼化（tokenization）平台可保護消費者憑證、支付交易，以及商戶與收單機構的敏感資料。

And we are excited about our pending acquisition of BioCatch a leading provider of behavioral first multi signal fraud intelligence with over 1.8 billion devices and 760 million users protected around the world, and serving more than 100 of the largest banks globally. We see the opportunity and need to move further upstream, protecting where most of the fraud occurs today at the account level.

我們也對即將完成的 BioCatch 收購感到振奮。BioCatch 是行為優先（behavioral-first）的多訊號詐欺情報領先供應商，在全球保護超過18億台裝置與7.6億名使用者，並服務全球逾100家最大型銀行。我們看見進一步往上游延伸的機會與需求，在帳戶層級提供保護，因為當今多數詐欺正發生在此層級。

In Transaction Intelligence, we are enhancing our scaled transaction risk services like Visa Advanced Authorization and Visa Decision Manager with our large transaction model. And our feature-based solution offers clients a flexible platform to integrate a wide range of risk signals to enrich risk decisions throughout the consumer journey.

在交易情報方面，我們正以大型交易模型強化已具規模的交易風險服務，例如 Visa Advanced Authorization 與 Visa Decision Manager。此外，我們的以特徵為基礎（feature-based）的解決方案，為客戶提供彈性平台，可整合多元風險訊號，在整個消費者旅程中強化風險決策。

And in recovery and resilience smarter stand in processing enables clients to deliver seamless, resilient transaction authorization services and the newly launched Visa Intelligent authorization empowers acquirers with advanced processing, payment orchestration, risk settings and real-time data across multiple local and global payment methods.

在復原與韌性方面，更智慧的備援處理（stand-in processing）使客戶能提供無縫且具韌性的交易授權服務；而新推出的 Visa Intelligent Authorization 則以先進處理能力、支付編排（payment orchestration）、風險設定，以及跨多種本地與全球支付方式的即時資料，賦能收單機構。

Of course, this list is not exhaustive and with all of this, we offer our Visa cybersecurity advisory practice to help clients review, design and select the best solutions for them. Our advisory and other capabilities had significant revenue growth this year with successful activation around the Olympics and FIFA and also around other sponsorships in sports and music and our other highly valued consulting engagements. These underlying set of assets and capabilities in this portfolio will drive strong revenue growth well into the future.

當然，這份清單並不完整；此外，我們也提供 Visa 資安顧問服務（cybersecurity advisory practice），協助客戶檢視、設計並選擇最適合他們的解決方案。今年我們的顧問與其他能力在營收上顯著成長，成功在奧運與FIFA期間啟動，亦涵蓋其他體育與音樂贊助活動，以及我們其他高度受重視的顧問專案。此產品組合中的這一系列底層資產與能力，將在未來很長一段時間推動強勁的營收成長。

Across all our value-added services, we have the people, technology, data brand assets and reach that our customers are looking for. That is what drove the 30% VAS constant dollar revenue growth in 2026 and is why we expect strong VAS growth in the low- to mid-20s in 2027.

在我們所有增值服務中，我們具備客戶所尋求的人才、技術、資料、品牌資產與觸及範圍。這正是推動2026年VAS固定匯率營收成長30%的原因，也因此我們預期2027年VAS將維持強勁成長，增幅約在低至中20%區間。

2026 was a historic year for payments and Visa only strengthened our positioning in the ecosystem as the leading hyperscaler of payments globally. We demonstrated our ability to significantly accelerate product development, with the true birth of tokenized Agenetic Commerce transactions powered by Visa, with blockchain infrastructure and platforms designed for payments, with the increased utilization of AI across our business, to deliver over 350 product releases, up 25% year-over-year.

2026年是支付產業的歷史性一年，而Visa也進一步鞏固我們在生態系中的定位，成為全球支付領域的領先超大規模平台（hyperscaler）。我們展現了大幅加速產品開發的能力：由Visa驅動、以區塊鏈基礎設施與為支付設計的平台所支援的代碼化 Agenetic Commerce 交易真正誕生；同時我們在全公司提升AI的使用，全年推出超過350項產品更新，年增25%。

We reached new customers with Tap to Phone, Pismo, our B2B travel and fleet offerings, new affluent solutions and cyber and risk capabilities like Featurespace and A2A Portect, and with the first transaction in Syria in well over a decade. We delivered secure, reliable payments nearly 9,000 transactions per second in over 200 countries and territories every day, up 9% year-over-year. We brought the best of Visa technology to the world for free with the Visa Vulnerability Agentic Harness.

我們以 Tap to Phone、Pismo、我們的B2B旅遊與車隊方案、新的高端客群（affluent）解決方案，以及如 Featurespace 與 A2A Portect 等資安與風險能力觸及新客戶，並完成十多年來在敘利亞的首筆交易。我們每天在超過200個國家與地區，以近每秒9,000筆交易的規模提供安全、可靠的支付服務，年增9%。我們也將Visa最好的技術免費提供給全球——Visa Vulnerability Agentic Harness。

All of this was possible because of what Visa and our brands stand for. Every day, across more than 200 countries and territories, over 18 billion endpoints and more than 400 million seller in wallet locations across consumers, businesses, governments and agents, trust enables all of this. We've seen meaningful growth acceleration this year. And as I look ahead to 2027, one thing is clear, Trust is the next growth vector for Visa. Trust fuels everything we do at Visa every day, and trust will fuel our future.

這一切之所以可能，源於Visa及我們品牌所代表的意義。每天，在超過200個國家與地區，跨越消費者、企業、政府與代理商，涵蓋超過180億個端點，以及超過4億個「錢包內」商戶據點（seller in wallet locations），信任讓這一切得以運作。今年我們看到成長動能明顯加速。展望2027年，有一點很清楚：信任將是Visa下一個成長向量。信任驅動我們每天在Visa所做的一切，而信任也將驅動我們的未來。

For more on our 2026 performance and our thoughts on 2027, I will hand it over to Chris.

關於我們2026年的表現以及對2027年的看法，接下來我把時間交給Chris。

Thanks, Ryan, and good afternoon, everyone. We closed out our strong fiscal year 2026 with another impressive quarter for Visa. Fiscal fourth quarter net revenue was up 13% year-over-year in nominal and constant dollars, in line with our expectations, reflecting broad-based strength across all our key drivers. In constant dollars, Global Payments volume was up 9% year-over-year. Cross-border volume excluding intra-Europe was up 14%.

謝謝你，Ryan，各位下午好。我們以又一個令人印象深刻的季度，為Visa強勁的2026會計年度畫下句點。會計年度第四季淨營收以名目與固定匯率計皆年增13%，符合我們的預期，反映我們所有關鍵驅動因素的全面性強勁表現。以固定匯率計，全球支付金額（Global Payments volume）年增9%。剔除歐洲區內交易後的跨境交易量年增14%。

And total processed transactions grew 10%. EPS was up 17% year-over-year in nominal and constant dollars, better than expected, primarily due to a lower-than-expected tax rate. Now let's go into the details. US payments volume grew 10% year-over-year, generally consistent with Q3 as we saw several factors from Q3 continuing to play a role, including the cost of fuel, retail, strong Visa Direct growth and FIFA-related spend.

總處理交易筆數成長10%。每股盈餘（EPS）以名目與固定匯率計皆年增17%，優於預期，主要因稅率低於預期。接下來我們進入細節。美國支付金額年增10%，整體與第三季大致一致，因為我們看到第三季的多項因素持續發揮影響，包括燃油成本、零售、Visa Direct 的強勁成長，以及與FIFA相關的支出。

From the FIFA World Cup round of 32 matches on July 1 through the final on July 19, we continued to see both US host cities as well as destination cities benefit from the influx of FIFA fans with total US card-present spend payments volume growth elevated above pre- and post-tournament levels. For the quarter, both the US discretionary and nondiscretionary spend growth remained strong.

從7月1日FIFA世界盃32強賽開始到7月19日決賽，我們持續看到FIFA球迷湧入，使美國主辦城市以及目的地城市受惠；美國實體刷卡（card-present）消費的支付金額成長率，高於賽前與賽後水準。就本季而言，美國的選擇性與非選擇性支出成長皆維持強勁。

Fourth quarter US credit grew 11% year-over-year and debit grew 9%. Growth across consumer spend bands remained relatively consistent with prior quarters with the highest spend band continuing to grow the fastest. We did not see signs of the lower spend consumer weakening in our volumes. Fourth quarter total international payments volume was up 9% year-over-year in constant dollars, generally consistent with the growth we've seen all year.

第四季美國信用卡支付年增11%，簽帳金融卡（debit）年增9%。各消費支出區間的成長與前幾季相對一致，其中最高支出區間仍是成長最快。我們在交易量中未看到低支出消費者走弱的跡象。第四季國際支付金額以固定匯率計年增9%，整體與我們全年看到的成長大致一致。

Now to cross-border volume, which I'll speak to in constant dollars and excluding intra-Europe transactions. Q4 total cross-border volume was up 14% year-over-year, more than 2 points above Q3. And primarily due to travel. Travel-related cross-border volume was up 13%, 3 points of acceleration from Q3, primarily driven by improvements in both CEMEA, inbound and outbound.

接著談跨境交易量；我將以固定匯率並剔除歐洲區內交易來說明。第四季跨境交易量總計年增14%，較第三季高出逾2個百分點，主要由旅遊帶動。與旅遊相關的跨境交易量年增13%，較第三季加速3個百分點，主要受CEMEA（中東與中歐、東歐及非洲）入境與出境改善所驅動。

Overall, US inbound cross-border growth for July remained elevated following strong growth in June, reflecting in part the demand around the FIFA World Cup. Focusing on inbound cross-border card presence spend, US host cities increased by over 20% year-over-year from July 1 to July 19, with the most significant increases driven by fans from Argentina and Colombia. Cross-border e-commerce volume was up 17%, more than 1 point above Q3, primarily driven by retail, including spending on AI platforms. With that as a backdrop, I'll move to discuss our financial results.

整體而言，美國7月入境跨境成長在6月強勁成長後仍維持高檔，部分反映了FIFA世界盃周邊需求。聚焦入境跨境「實體刷卡」支出，美國主辦城市在7月1日至7月19日期間年增超過20%，其中最顯著的增幅主要由來自阿根廷與哥倫比亞的球迷帶動。跨境電商交易量成長17%，較第三季高出逾1個百分點，主要由零售帶動，包括在AI平台上的支出。在此背景下，我將轉而討論我們的財務結果。

Starting first with the revenue components. Service revenue grew 14% year-over-year, above the 10% growth in Q3 constant dollar payments volume primarily due to pricing. Data processing revenue grew 16%, above the 10% growth in process transactions, primarily due to pricing, higher cross-border transaction mix and value-added services.

首先從營收組成開始。服務營收年增14%，高於第三季以固定匯率計的支付金額10%成長，主要受惠於定價。資料處理營收成長16%，高於處理交易筆數10%的成長，主要受惠於定價、較高的跨境交易組合，以及加值服務。

International transaction revenue was up 8%, below that 14% increase in constant dollar cross-border volume growth, excluding intra-Europe, primarily due to lower volatility levels than last year and mix. Other revenue grew 40%, primarily driven by growth in advisory and other value-added services, especially marketing services revenue as well as pricing.

國際交易營收成長8%，低於以固定匯率計、剔除歐洲區內交易後的跨境交易量14%成長，主要因波動程度低於去年以及組合因素。其他營收成長40%，主要由顧問與其他加值服務成長帶動，尤其是行銷服務營收，以及定價因素。

Client incentives grew 21%, a step-up of nearly 3 points from Q3, primarily due to new deals that were signed in Q3 and early in Q4. Now to our three growth engines. Consumer Payments revenue was driven by strong payments volume, cross-border volume and process transactions growth. Commercial and Money Movement solutions revenue grew 16% year-over-year in constant dollars with strong growth in the underlying drivers. Commercial payments volume grew 13% in constant dollars, consistent with Q3 and faster than Visa's overall payments volume growth.

客戶激勵年增21%，較第三季提高近3個百分點，主要因第三季與第四季初簽署的新合約。接著談我們的三大成長引擎。消費者支付營收受強勁的支付金額、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（Commercial and Money Movement solutions）營收以固定匯率計年增16%，基礎驅動因素表現強勁。商業支付金額以固定匯率計成長13%，與第三季一致，且快於Visa整體支付金額成長。

Visa Direct transactions grew 23% year-over-year, up nearly 2 points from Q3, primarily due to strength in the US and LAC. Value-added services revenue grew 31% year-over-year in constant dollars to $4 billion, driven by 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23%，較第三季提高近2個百分點，主要受美國與拉丁美洲及加勒比海地區（LAC）強勁表現帶動。加值服務營收以固定匯率計年增31%至40億美元，主要由三項因素驅動：第一，基礎業務驅動因素，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。

Operating expenses grew 12%, consistent with our expectations, driven primarily by marketing and personnel expenses. Non-operating expense was $57 million, better than expected, primarily due to higher average cash balances.

營業費用成長12%，符合我們的預期，主要由行銷與人員費用帶動。營業外費用為5,700萬美元，優於預期，主要因平均現金餘額較高。

Our tax rate for the quarter was 18.4%, lower than our expectations due to claim of right tax benefits related to recent legal settlements. EPS was $3.48, up 17% year-over-year, better than expected with minimal impact from exchange rates.

本季稅率為18.4%，低於我們的預期，原因是就近期法律和解相關的「權利主張」（claim of right）稅務優惠提出申請。每股盈餘（EPS）為3.48美元，年增17%，優於預期，且匯率影響極小。

For our non-GAAP results, Prisma and Newpay added approximately 1 point to net revenue growth, approximately 2 points to operating expense growth and approximately 0.5 point to EPS growth. In Q4, we bought back $4 billion in stock and distributed $1.3 billion in dividends to our shareholders. We also funded the litigation escrow account by $405 million, which has the same effect as a stock buyback.

就我們的非GAAP結果而言，Prisma與Newpay約為淨營收成長貢獻1個百分點、為營業費用成長貢獻約2個百分點，並為EPS成長貢獻約0.5個百分點。第四季我們回購40億美元股票，並向股東發放13億美元股利。我們也向訴訟託管帳戶注資4.05億美元，其效果等同於股票回購。

At the end of September, we had $24.4 billion remaining in our buyback authorization. Looking at the full year 2026. Net revenue grew 15% to $46 billion, and EPS grew 16% to $13.27. Full year 2026 CMS revenue growth was 19%, and value-added services revenue growth was 30% on a constant dollar basis. This foundation of strong growth will continue in 2027.

截至9月底，我們在回購授權額度下仍剩餘244億美元。接著看2026財年全年。淨營收成長15%至460億美元，EPS成長16%至13.27美元。2026財年CMS營收成長為19%，加值服務營收以固定匯率計成長30%。這個強勁成長的基礎將延續至2027年。

So let's get into the guidance details. And a quick note, when I referenced 2026 and 2027, I'm referring to our fiscal years. And remember that our guidance is 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. We are still working through regulatory approvals on BioCatch and expect to close no later than the end of the fiscal second quarter, upon which we will provide the expected financial impact.

接下來我們進入財測指引細節。先快速說明，當我提到2026與2027時，指的是我們的會計年度。也請記得，我們的指引是以調整後口徑提供，定義為以固定匯率計的非GAAP結果，並排除併購影響。你可以在我們的財報簡報中查看這些揭露以取得更多細節。我們仍在推進BioCatch的監管核准流程，預期最晚於會計年度第二季末完成交割，屆時我們將提供預期的財務影響。

Now let's cover our underlying assumptions for net revenue growth. As we regularly say, we're not economic forecasters, so we're assuming the macroeconomic environment stays generally where it is today, and consumer spending remains resilient. The Middle East conflict brings continued near-term uncertainty, in particular, to CEMEA cross-border travel spend, and our assumptions are that those volumes remain generally indexed to where they were in Q4. This implies key business drivers will be strong and improved modestly from 2026 as we lap the impact of the conflict in the Middle East from last year.

現在說明我們對淨營收成長的基礎假設。如我們一貫所說，我們不是經濟預測機構，因此我們假設總體經濟環境大致維持在目前水準，且消費支出保持韌性。中東衝突帶來持續的短期不確定性，特別是對CEMEA地區的跨境旅遊支出；我們的假設是這些交易量大致維持在第四季的指數水準。這意味著關鍵業務驅動因素將保持強勁，並在2026年基礎上小幅改善，因為我們將度過去年中東衝突影響所造成的比較基期。

On pricing, for 2027, we expect the benefits of new pricing to be similar in magnitude and timing as in 2026, with the majority going into effect in the back half even more so than in 2026.

在定價方面，對於2027年，我們預期新定價帶來的效益在幅度與時點上將與2026年相近，其中大部分將在下半年生效，且相較2026年更為集中於下半年。

On volatility, we expect volatility throughout the year to be generally consistent with Q4 of 2026, which implies a drag for the full year. Q1 is expected to have a slight benefit, and Q2 is expected to have the largest drag followed by Q3. On incentives, 2027 will be an important year in securing our long-term client relationships to drive long-term success. As we're expecting around 25% of our payments volume to be renewed, including renewals with several large clients. This implies a step-up in the year-over-year growth rate from 2026.

在波動性方面，我們預期全年波動性大致與2026年第四季一致，這意味著對全年將形成拖累。預期第一季會有些微助益，第二季的拖累最大，其次為第三季。在激勵方面，2027年將是鞏固我們長期客戶關係、以推動長期成功的重要一年。我們預期約25%的支付金額將進行續約，其中包括與數家大型客戶的續約。這意味著相較2026年，年增率將出現上升。

Pulling this all together with strength across our growth pillars of consumer CMS and VAS, we expect full year adjusted net revenue growth to be in the low double digits, with Q2 being the growth low point as a result of lapping the very strong performance last year.

綜合以上因素，並考量我們在消費者CMS與加值服務（VAS）等成長支柱的全面強勁表現，我們預期全年調整後淨營收成長將落在低雙位數；由於去年表現非常強勁形成比較基期，第二季將是成長的低點。

Now moving to expenses. As Ryan highlighted, Visa brings trust with our scale, our networking infrastructure and our products, all delivered through our Visa as a Service stack. In 2027, we will continue to invest across each of these areas focused on driving sustainable long-term growth. Let me share a few examples.

接著談費用。如Ryan所強調，Visa憑藉我們的規模、網路基礎設施與產品建立信任，而這些皆透過我們的Visa as a Service技術堆疊交付。在2027年，我們將持續在上述各領域投資，聚焦推動可持續的長期成長。我分享幾個例子。

On scale, we will continue investing to grow credentials, drive token adoption, expand acceptance, increase our reach in money movement and enhance our affluent and cross-border offerings, while deepening our presence in key markets around the world. On network and infrastructure, we will continue investing to strengthen the security and resilience of VisaNet and further develop our on chain infrastructure across fiar, stablecoins and tokenized deposits.

在規模方面，我們將持續投資以擴增憑證（credentials）、推動代幣化（token）採用、擴大受理範圍、提升我們在資金移動領域的觸及，並強化我們在高端客群與跨境產品的提供，同時加深我們在全球關鍵市場的布局。在網路與基礎設施方面，我們將持續投資以強化VisaNet的安全性與韌性，並進一步發展我們在鏈上（on chain）基礎設施，涵蓋法幣（fiar）、穩定幣與代幣化存款。

And for our products, we'll continue investing to advance Agentic Commerce, expand our offerings for small and lower middle market businesses and accelerate product development across value-added services. By driving operational efficiency in our business, we're able to make these important investments and can sustain industry-leading operating margins. For 2027, we currently expect to grow adjusted operating expense in the low double digits, modestly below net revenue growth.

在產品方面，我們將持續投資以推進Agentic Commerce、擴大我們對小型與中低端市場企業的產品供給，並加速加值服務的產品開發。透過提升營運效率，我們得以進行這些重要投資，並維持業界領先的營業利益率。對於2027年，我們目前預期調整後營業費用成長將落在低雙位數，略低於淨營收成長。

As we think about the cadence of spend, we expect adjusted operating expense growth to be relatively consistent each quarter with a moderation in the fourth quarter as we lap FIFA-related spending. Now moving to nonoperating expense, which is expected to be between $250 million and $300 million, primarily as a result of lower cash balances.

就支出節奏而言，我們預期各季調整後營業費用成長將相對一致，並在第四季因FIFA相關支出進入比較基期而有所放緩。接著談營業外費用，預期介於2.5億至3億美元，主要因現金餘額較低所致。

Our tax rate is expected to be about 19%, consistent with our long-term tax rate range of 19% to 20%, up from 2026, primarily due to the lack of claim of right benefits. On capital return, the Board has declared an increase in our quarterly dividend of 16%, 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 to low teens.

我們的稅率預期約為19%，與我們長期19%至20%的稅率區間一致，較2026年起有所上升，主要原因是缺乏「權利主張」（claim of right）相關的稅務利益。在資本回饋方面，董事會已宣布將我們的季度股利提高16%，我們也打算透過庫藏股回購，將多餘的自由現金流回饋給股東。綜合以上因素，我們的調整後每股盈餘（EPS）成長預期將落在低雙位數到低十位數百分比區間。

Moving to Q1. But first to comment on monthly drivers. You may recall that we began providing intra-quarter driver data during the pandemic to give greater visibility into the trends during a period of significant volatility. As the environment has largely normalized for some time now, we believe quarterly trends provide a more meaningful view of the underlying performance of our business.

接著談第一季（Q1）。但先評論一下月度驅動因素。各位可能記得，我們在疫情期間開始提供季內驅動因素數據，以便在高度波動的時期更清楚地掌握趨勢。由於環境在一段時間前已大致恢復常態，我們認為以季度趨勢更能有意義地反映我們業務的基本表現。

As a result, we will continue to provide monthly drivers data in our earnings presentation through fiscal Q1 and after which we will transition back to quarterly reporting. We will, of course, continue to highlight meaningful intra-quarter trends in a Reg FD compliant manner when we believe prudent to do so.

因此，我們將在財政年度第一季之前，持續在財報簡報中提供月度驅動因素數據，之後將轉回季度報告。當我們認為審慎且必要時，當然也會以符合 Reg FD 規範的方式，持續強調任何有意義的季內趨勢。

Now let's look at the drivers through October 21, with volume growth in constant dollars. US payments volume was up 10%, with credit up 11% and debit up 9% year-over-year. For constant dollar cross-border volume, excluding transactions within Europe, total volume grew 15% year-over-year with e-commerce up 17% and travel up 13%.

現在來看截至10月21日的驅動因素，以固定匯率（constant dollars）計的量成長。美國支付交易量成長10%，其中信用卡年增11%，簽帳金融卡年增9%。以固定匯率計的跨境交易量（不含歐洲境內交易），總量年增15%，其中電商年增17%，旅遊年增13%。

Processed transactions grew 10% year-over-year. Now moving to Q1 financial expectations, which again are on an adjusted basis. We expect Q1 net revenue growth in the low double digits, just under 1 point below Q4 adjusted net revenue growth, primarily due to a lack of FIFA-related revenue and pricing. We expect Q1 operating expense growth also in the low double digits, modestly below net revenue growth. Nonoperating expense is expected to be about $60 million.

處理交易筆數年增10%。接著談第一季財務展望，同樣以調整後基礎（adjusted basis）呈現。我們預期第一季淨營收成長為低雙位數，較第四季調整後淨營收成長低不到1個百分點，主要因缺少與FIFA相關的營收以及定價因素。我們預期第一季營業費用成長也為低雙位數，且將略低於淨營收成長。非營業費用預期約為6,000萬美元。

And our tax rate in the first quarter is expected to be between 18.5% and 19%. As a result, we expect first quarter EPS growth to be in the low end of mid-teens. 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.

而第一季稅率預期介於18.5%至19%之間。因此，我們預期第一季每股盈餘（EPS）成長將落在十位數百分比中段的低端。一如既往，若環境改變且出現影響我們業務的事件，我們將保持彈性並審慎權衡短期與長期考量。

As Ryan said earlier, Trust has always been at the core of Visa, and trust will be key to our growth going forward. As we look to 2027, we remain focused on driving top line performance, executing with discipline and investing in our strategic priorities to capture the significant opportunities ahead.

如Ryan先前所說，信任一直是Visa的核心，而信任也將是我們未來成長的關鍵。展望2027年，我們仍專注於推動營收端表現、以紀律執行，並投資於我們的策略優先事項，以掌握前方重大的機會。

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

接下來，Jennifer，我把時間交還給你。

Thanks, Chris. And with that, we're ready to take questions. As a reminder, please limit yourself to only one question.

謝謝，Chris。那麼，我們準備開始回答問題。提醒各位，請每位只提一個問題。

(Operator Instructions) Sanjay Sakhrani, KBW.

（接線員指示）Sanjay Sakhrani，KBW。

I guess one of the big topics this quarter was the launch of initiatives like Muse and Instinct. And it seems like the pace of adoption of agentic experiences seem to have accelerated. I'm just curious what, Ryan, you guys are seeing in terms of merchant and consumer adoption? And like when do you expect it to actually affect your results in terms of these token initiatives, et cetera?

我想本季的一個重大主題是推出像Muse和Instinct這類的計畫。而且看起來，代理式（agentic）體驗的採用速度似乎加快了。我很好奇，Ryan，你們看到商戶與消費者採用的情況如何？以及你們預期這些代幣（token）計畫等，何時會實際反映在你們的業績上？

I agree, Sanjay, that the quarter was a bit of a tipping point on users being able to experience the type of things we've been talking about on calls like this in other forums for a while now, where you can actually have an agent who can go out on your behalf and execute not just shopping but real transactions and do it either with or without a human in loop.

我同意，Sanjay，本季確實有點像是一個轉折點，讓使用者能夠實際體驗到我們在這類電話會議以及其他場合談論了一段時間的那些事情：你真的可以有一個代理（agent）代表你出去執行，不只是購物，而是真正的交易，而且可以在有人介入或無需人類介入的情況下完成。

And I think both Muse and Instinct experiences are good examples of that. I think it's still very early. If you just look at just even the user numbers that are public for Muse, it's still very early in terms of the number of consumers that are doing this. And certainly, in the big scheme of things in our overall business, it's a very small amount.

我認為Muse和Instinct的體驗都是很好的例子。我認為目前仍非常早期。即便只看Muse公開的使用者數據，就消費者實際使用這類功能的人數而言仍在非常早期階段。當然，放在我們整體業務的大格局中，這仍是非常小的一部分。

Having said that, we remain very excited and have deep conviction about Agentic Commerce and the promise that it offers, not just for buyers and sellers, but for Visa. Second, we still have high conviction that Visa and our credentials will play an extraordinarily important role in enabling these experiences.

話雖如此，我們對代理式商務（Agentic Commerce）及其所帶來的承諾仍然非常興奮且深具信心，這不僅對買方與賣方如此，對Visa亦然。第二，我們仍高度相信Visa以及我們的支付憑證（credentials）將在促成這些體驗方面扮演極其重要的角色。

And we're glad that during the quarter, people who don't study the industry, Sanjay, like you and others on the call and we do, are starting to see the very early use cases and examples of how powerful this can be both for buyers and sellers. So we're continuing to invest. We continue to have conviction.

我們也很高興在本季，像你以及電話會議上的其他人（Sanjay）這些並非每天研究產業的人，開始看到非常早期的使用案例與例子，了解這對買方與賣方都可能有多強大。因此我們會持續投資。我們也持續保持信心。

We'll continue to work hard across the ecosystem to enable these experiences. And over time, we're optimistic about the impact that it will have.

我們將持續在整個生態系中努力推動，以促成這些體驗。隨著時間推進，我們對其將帶來的影響抱持樂觀。

James Faucette, Morgan Stanley.

James Faucette，Morgan Stanley。

I wanted to ask kind of a follow-on question related to how you're investing in Agentic Commerce and all the new money movement capabilities. As these flows continue to develop, how much of an opportunity do you expect to genuinely be incremental to Visa versus potentially a migration of existing card volumes? And as we look at '27, do we expect any of these to start to have a meaningful impact on growth or the total P&L?

我想追問一個與你們如何投資代理式商務以及所有新型資金移動能力相關的問題。隨著這些資金流持續發展，你們預期其中有多少機會會是真正對Visa的增量（incremental）貢獻，而不是既有卡片交易量的移轉？以及展望2027年，我們是否預期其中任何一項會開始對成長或整體損益表（P&L）產生有意義的影響？

I think I'll kind of come back to where I was, Sanjay, it's still very early. So we do have conviction that the opportunity is significant. We do have conviction that there's real incremental opportunities. But as we think about the next 4 quarters in '27, it all remains very small in the big scheme of the enormous size of our business. There are a couple of other notes in terms of where we see incremental opportunities.

我想我會回到我剛才的說法，Sanjay，現在仍非常早期。因此，我們確實相信機會相當可觀。我們也確實相信存在真正的增量機會。但當我們看2027年接下來4個季度時，放在我們龐大業務規模的大格局中，這些仍然非常小。另外還有幾點關於我們看到的增量機會。

One, you mentioned some of the work we've been doing on Visa Direct and things like that. Those are big incremental opportunities. Two, when you think about machine-to-machine payments and the CLI as a commerce interface, there's a lot of incremental opportunities there.

第一，你提到我們在Visa Direct等方面所做的一些工作。那些就是很大的增量機會。第二，當你想到機器對機器（machine-to-machine）支付，以及以CLI作為商務介面時，那裡也有很多增量機會。

And then just more broadly, in the big scheme of things with Agenetic Commerce, are agents finding more buying opportunities for us. Our agents making more purchases at more seller locations because they're optimizing based on value, speed, delivery like whatever it is important to the user, those are opportunities.

再更廣泛地說，在代理式商務（Agentic Commerce）的大格局下，代理是否正在為我們找到更多購買機會。我們的代理是否會在更多賣家據點進行更多購買，因為它們會依據價值、速度、配送或任何對使用者重要的因素來最佳化，這些都是機會。

So I think we remain very excited and have conviction about the opportunities, but I think we all just need to realize that the development of all of this is still quite early.

因此，我認為我們對這些機會仍然非常興奮且深具信心，但我想我們都需要認知到，這一切的發展仍處於相當早期。

Ken Suchoski, Autonomous Research.

Ken Suchoski，Autonomous Research。

I wanted to ask just on token pricing, and it's very high margin revenue building in fiscal year '27. The guide has a sort of low double-digit revenue growth, low double-digit OpEx growth, EPS sort of low double digits to low teens. I was just curious, like how much token pricing are you embedded in the guide? We're just getting to some questions as to why there's not more EPS growth, if you could just comment on that. Just is the -- is that pricing being reinvested? Or are there offsets on incentives or anything else we should be aware of?

我想問一下代幣（token）定價的部分，這在2027財年是非常高毛利的營收成長動能。你們的指引大致是：營收成長低雙位數、營業費用（OpEx）成長低雙位數、每股盈餘（EPS）約為低雙位數到低十位數百分比。我只是好奇，你們在指引中納入了多少代幣定價？我們收到一些問題，想了解為什麼EPS成長沒有更高，如果你能評論一下。也就是——這些定價帶來的收益是否被再投資了？或者在獎勵（incentives）或其他項目上是否有抵銷因素是我們需要留意的？

Hi, Ken. Yes, there's a few different things there. Let me try to address each of them or at least cover your main points. In terms of pricing, I outlined our assumptions on pricing in our guide, the low double-digit adjusted net revenue guide for FY27. It assumes that the contribution to growth from pricing in '27 is consistent with what we saw in '26.

嗨，Ken。是的，這裡面確實有幾個不同的面向。我試著逐一回應，或至少涵蓋你提出的重點。就定價而言，我在我們的指引中已說明了對定價的假設，也就是 FY27 低雙位數的調整後淨營收指引。該假設認為，'27 年由定價帶來的成長貢獻，與我們在 '26 年看到的情況一致。

That does include all the pricing plans that we have in motion today. And also, I did note that in terms of the timing that it's slightly more back half loaded in as well. So that's one. I think you touched on a couple of other things, which ultimately sort of laddered up to an EPS point. On incentives, you brought that one up as well.

這其中包含了我們目前正在推進的所有定價方案。另外我也提到，就時點而言，貢獻會稍微偏向下半年。這是第一點。我認為你也提到了另外幾件事，最終大致都匯聚到 EPS 的議題上。至於激勵措施，你也把這點提出來了。

Incentives, we are anticipating a higher volume of incentives in '27. About 25% of our PV will be renewed versus the 20% we saw in '26. As we said many times, we manage our business to drive net revenue growth, and we have a strong plan for '27. And so as you think about incentives, remember, incentives are tool. They're a tool that lets us align with a common set of goals and priorities with our partners as we work together to continue to grow the shared business.

關於激勵措施，我們預期 '27 年的激勵量會更高。約有 25% 的 PV 會續約，相較於我們在 '26 年看到的 20%。如同我們多次提到的，我們管理業務的方式是推動淨營收成長，而我們對 '27 年有一個強而有力的計畫。因此當你思考激勵措施時，請記得，激勵措施是一種工具。它是一種工具，讓我們在與合作夥伴共同推動共享業務持續成長的過程中，能夠就共同的目標與優先事項達成一致。

And in fact, when we have higher incentive volumes and growth, it does lead -- it does ensure that we're securing these client relationships over the long period and is a key ingredient to our long-term growth. And then finally, you touched on a little bit of the EPS point. We continue to drive productivity growth.

事實上，當我們有更高的激勵量與成長時，確實會帶來——也確保——我們能在長期內鞏固這些客戶關係，並且是我們長期成長的關鍵要素。最後，你也稍微提到了 EPS 的部分。我們會持續推動生產力成長。

We've been focused, as you know, as we said many times, we're focused on driving both strong top line growth and profit growth as we did in '26, delivering 15% net revenue growth and 16% EPS growth in order to continue to do that to grow in our consumer payments business and accelerate the growth in VAS and CMS, it is necessary that we continue to invest in those growth opportunities.

如你所知、也如我們多次提到的，我們一直專注於同時推動強勁的營收成長與獲利成長，就像我們在 '26 年所做的那樣，實現 15% 的淨營收成長與 16% 的 EPS 成長。為了持續做到這一點、在消費者支付業務中成長並加速 VAS 與 CMS 的成長，我們有必要持續投資於這些成長機會。

And so as you've noticed in our guide for next year, we are continuing to become more efficient, and we're continuing to invest in these growth opportunities. And when we do that, I think we can continue to drive top line and bottom line growth.

因此，如你在我們對明年的指引中所注意到的，我們持續提升效率，同時也持續投資於這些成長機會。而當我們這麼做時，我認為我們就能持續推動營收端與獲利端的成長。

Bill Carcache, Piper Sandler.

Bill Carcache，Piper Sandler。

Following up on your commentary around the significant renewals expected in 2027. As more of your clients leverage your VAS offerings, what are the areas as you look to the new year in particular that you're most excited about beyond your core capabilities? And are you seeing your strength in VAS translate into a deepening of the stickiness in your client relationships?

延續你對 2027 年預期將有大量續約的評論。隨著更多客戶運用你們的 VAS 產品，你在展望新年度時，除了核心能力之外，最讓你感到興奮的領域有哪些？另外，你是否看到你們在 VAS 的優勢，正在轉化為客戶關係黏著度的提升？

Yes. Bill, it's Ryan. In short, yes. Our -- and I would kind of expand it to include both VAS and our CMS offerings. The nature of the client agreements that we are engaged in as we kind of migrated into our 2027 fiscal year, they're much broader they're much deeper and they include a much more comprehensive set of both value-added services and CMS services such as Visa Direct, some of the commercial and small business offerings I mentioned in our prepared remarks, all in addition to, of course, our consumer payments capabilities.

是的。Bill，我是 Ryan。簡而言之，是的。我們——我也會把範圍擴大到同時涵蓋 VAS 與我們的 CMS 產品。當我們逐步進入 2027 會計年度時，我們所參與的客戶協議性質更廣、更深，並且包含更完整的一套加值服務與 CMS 服務，例如 Visa Direct、我在事先準備的發言中提到的一些商業與小型企業方案，當然也都建立在我們的消費者支付能力之上。

And what these broader agreements do is they create a stronger, tighter, deeper hopefully, longer lasting and more comprehensive client relationship with our clients all around the world. So yes. And then I think, finally, you asked about some of the specific things in VAS that we're excited about in that context.

而這些更廣泛的協議所帶來的效果，是在全球各地與客戶建立更強、更緊密、更深入——希望也更長久——且更全面的客戶關係。所以，是的。最後，我想你也問到在這個脈絡下，我們對 VAS 中哪些具體事項特別感到興奮。

Well, I would point to a lot of the cyber capabilities that I mentioned on my -- in my prepared remarks, I would point to capabilities like Pismo, which are new areas where we can support our clients, both in core banking and issuer processing. I would point to the advisory work that we've talked about several times in these areas. So all of it are very, very important parts of the types of renewals that you asked about and Chris mentioned.

我會指出我在事先準備的發言中提到的許多資安能力；我也會指出像 Pismo 這樣的能力，這些是我們能支援客戶的新領域，涵蓋核心銀行系統與發卡機構處理（issuer processing）。我也會指出我們在這些領域多次談到的顧問服務。因此，這些都是你所問、以及 Chris 所提到的那類續約中非常、非常重要的組成部分。

Timothy Chiodo, UBS.

Timothy Chiodo，UBS。

I want to dig in a little bit, and Ryan, you hit on this, but I want to hit on this a little bit more on the Agentic network token. So our understanding is that this token is sort of a bolstered version of the network token. It's more of a scoped network token, if you will. It will have all the programmatic aspects, meaning a time window, merchant category code, dollar amount, it will have the upfront intent, as you mentioned in your prepared remarks. All of that gets kind of bundled up into the Agentic network token.

我想再深入一點。Ryan，你有提到這點，但我想再多追問一些關於 Agentic network token。我們的理解是，這種 token 算是 network token 的強化版本。可以說它更像是一種具範圍限定（scoped）的 network token。它會具備所有可程式化的要素，也就是時間窗口、商戶類別碼（MCC）、金額上限等；也會包含你在事先準備的發言中提到的預先意圖（upfront intent）。這些都會被整合到 Agentic network token 裡。

The question is, how ready are the issuing banks and what do they need to do in order to say, yes, I'm willing to have an agent issue Agenic network token for one of my customers? And related, what about the merchant acquirers that are out there, the PSPs. Are they ready to accept the tokenization handshake, if you will. I know you mentioned Shop Pay is doing this, but I'm wondering about the others.

問題是，發卡銀行準備到什麼程度？他們需要做哪些事情，才能說：是的，我願意讓某個代理（agent）為我的某位客戶發出 Agentic network token？另外相關的是，外部的商戶收單機構、PSP 呢？他們是否已準備好接受你所說的 tokenization 握手流程？我知道你提到 Shop Pay 正在做這件事，但我想了解其他業者的情況。

First of all, that was a great summary of a lot of the objectives of Visa Intelligent Commerce and our agented tokens. In short, we are doing the work across the ecosystem to ensure that issuers, acquirers and other ecosystem participants are not only ready but are ready to enable these transactions at scale. And we know how to do this work.

首先，你對 Visa Intelligent Commerce 與我們的代理型（agented）token 的許多目標做了很好的總結。簡而言之，我們正在整個生態系中推進相關工作，以確保發卡方、收單方以及其他生態系參與者不僅已準備就緒，而且能夠以規模化方式啟用這些交易。而且我們知道如何完成這項工作。

If you look at our history, even just with tokenization pre-agent commerce, this is the work that we did broadly across the world. I think I mentioned in my prepared remarks, now that we have tokenized e-commerce transactions in 200 countries and territories around the world.

如果你回顧我們的歷史，即便只是代理商務（agent commerce）出現之前的 tokenization，我們也在全球範圍內廣泛推動了這項工作。我想我在事先準備的發言中提到過，我們現在已在全球 200 個國家與地區將電商交易 token 化。

We know how to do this work to enable the ecosystem. I also just want to come back and build on your points around these Agentic tokens and just put it in context of what we are delivering through Visa Intelligent Commerce.

我們知道如何完成這項工作，以賦能整個生態系。我也想回到你對這些 Agentic token 的觀點，並把它放在我們透過 Visa Intelligent Commerce 所交付內容的脈絡中。

First, we want to make sure that there's an identifiable user behind every agent. So these are -- this is why the identity verification and the tokenization is so important. The second thing we're trying to do is make sure that your agent is your agent, and this is why we've built the agent registration and identification capabilities.

第一，我們要確保每一個代理背後都有可識別的使用者。因此，這也是為什麼身分驗證與 tokenization 如此重要。第二件事，我們要確保你的代理就是你的代理，這也是為什麼我們建立了代理註冊與識別能力。

The third is that we want to make sure your agent is buying according to your instructions. So these are a lot of the data payloads that you mentioned that ladder up to the intent capture and ultimately, the biometric signature. We want to make sure that there's a clear path to resolution in the event of a problem. So disputes, rules and processes and things like that. And then finally, we want to make sure that this all works securely everywhere in the world for billions of users at scale.

第三，我們要確保你的代理是依照你的指示在購買。因此，這就涉及你提到的許多資料載荷（data payloads），最終匯聚到意圖擷取（intent capture），並最終到生物辨識簽章（biometric signature）。我們也要確保在發生問題時，有一條清楚的解決路徑。例如爭議處理、規則、流程等。最後，我們要確保這一切能在全球各地以安全的方式運作，並能以規模化方式服務數十億使用者。

And that is the work that we're doing. We've announced dozens of partners that are utilizing Visa Intelligent Commerce. We're engaged with many dozens more across the ecosystem that are enablers of all this as well as all of our issuing partners and acquiring partners around the world. to try to enable it at scale.

這就是我們正在做的工作。我們已宣布數十家合作夥伴正在使用 Visa Intelligent Commerce。我們也與生態系中更多數十家合作夥伴合作，他們既是這一切的推動者，同時也包括我們在全球的所有發卡合作夥伴與收單合作夥伴。以嘗試讓它能夠以規模化方式落地。

Bryan Keane, Citi.

Bryan Keane，花旗。

Solid results here. Just wanted to ask about cross-border. We've seen a little bit of stronger cross-border volumes, both in travel and then in e-comm, in particular, has kind of jumped into the -- I think it was 17%. Just curious on any details on both travel and e-com as we head into next year, how we should think about those growth rates and some of the drivers there?

這裡的結果很扎實。我想問一下跨境業務。我們看到跨境交易量稍微更強，不論是旅遊，還有電商；尤其是電商，似乎跳升到——我記得是 17%。想請教一下，展望明年，關於旅遊與電商這兩塊，有沒有任何細節；我們應該如何看待這些成長率，以及背後的一些驅動因素？

Bryan, yes, total cross-border volume, as you noted, it was 14% with 2 points above Q3.

Bryan，是的，整體跨境交易量如你所說是 14%，比第三季高 2 個百分點。

And that difference, as I noted in my prepared comments, was due to travel, which was up 3 points from Q3. Now that improvement was primarily due to improvements in both inbound and outbound in CEMEA. That's the primary driver, but also US inbound remained strong as well in the third quarter. And then, of course, I won't repeat it, but you noted the strength in cross-border, which was up 1 point from Q3.

而這個差異，如我在事先準備的講稿中提到，主要來自旅遊，比第三季高 3 個百分點。這項改善主要是因為 CEMEA 地區的入境與出境都有所改善。這是最主要的驅動因素；另外，美國入境在第三季也仍然強勁。然後，當然我就不重複了，但你也提到跨境電商的強勁表現，比第三季高 1 個百分點。

I Mean, when we look across the cross-border volumes in total, both travel and e-commerce, they are strong. They've been strong throughout the course of FY26. And when we look at the history of cross-border, they're above the historical levels. I think it is reflective of strong consumer sentiment, strong demand for travel experiences and the fact that e-commerce has also just expanded and e-commerce now encompasses both discretionary and nondiscretionary things. So we're seeing strength there.

我的意思是，當我們看整體跨境交易量（包含旅遊與電商），兩者都很強。在 FY26 期間一直都很強。當我們回顧跨境的歷史水準，目前也高於歷史水準。我認為這反映了強勁的消費者信心、對旅遊體驗的強勁需求，以及電商也持續擴張；而且電商現在涵蓋了可選消費與必需消費。所以我們在那裡看到強勁動能。

Obviously, when we look out, we're assuming stable drivers, in fact, maybe a slight improvement, depending on the speed of the resolution -- potential resolution of the conflict in CEMEA, but this is something that will continue to be very watchful of. But yes, we agree with you. Cross-border in total has continued to be a strength and that's a good thing for Visa.

顯然，往前看，我們假設驅動因素維持穩定；事實上，可能還會略有改善，取決於 CEMEA 衝突解決——潛在解決——的速度，但這也是我們會持續密切關注的事情。不過是的，我們同意你的看法。整體跨境一直是強項，這對 Visa 來說是好事。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

you mentioned you're going to be doing about 25% of the portfolio in terms of renewals in '27. And I think you did correct me if I'm wrong, 20% in 2026. A lot of the portfolio being renewed over a couple of years versus the typical 15% or so per year. But you're still able to grow low double digits. I know we often see pricing pressure on renewals.

你提到在續約方面，'27 年大概會做到投資組合的 25%。而我記得——如有錯請糾正——2026 年是 20%。也就是說，未來幾年有相當多的投資組合會在兩年內續約，而不是典型的每年約 15% 左右。但你們仍然能做到低雙位數成長。我知道續約時我們常看到定價壓力。

You're still guiding low double digits. So maybe just touch on the dynamics of these contracts? Is it fair to say you're seeing two big years of renewals that normally would be 15 to 20 for the years ahead? And what's driving that pricing power despite the renewals we're seeing?

你們仍然指引低雙位數。所以也許請談談這些合約的動態？是否可以說，你們正面臨兩個續約大年，而正常情況下未來每年大概是 15% 到 20%？以及在我們看到這些續約的情況下，是什麼在支撐你們的定價能力？

Hi, Darrin. Are, I'm glad you said that, actually. First of all, your facts are exactly right. We're looking at about 25% of our payments volume which is a bigger year than we saw in 2026, which is around the 20% mark. But the key point there, which you pointed out is we manage the business to net revenue growth.

嗨，Darrin。你這樣說我很高興。首先，你的事實完全正確。我們看到大約 25% 的支付量會在 '27 年續約，這確實是比 2026 年更大的一年；2026 年大概在 20% 左右。但關鍵點——你也指出了——是我們以淨營收成長來管理這門生意。

And we have a strong plan for '27 for net revenue growth in the low double digits, inclusive of all the renewal activity that we're seeing -- that we're anticipating seeing in '27. So I think that's exactly the right way to think about it.

而且我們對 '27 年的淨營收成長有一個很強的計畫，目標是低雙位數，並且已把我們在 '27 年看到——或預期會看到——的所有續約活動都納入考量。所以我認為這正是應該這樣理解。

And as I said earlier in my previous answer, when we have renewal activity and we're successful in renewing it, it is a great thing for Visa over the long term. It ensures that we have long-term relationships with these very important clients, and that will help us continue to deliver strong revenue growth well into the future.

另外，如我在前一個回答中較早提到的，當我們有續約活動且成功續約時，從長期來看這對 Visa 是非常好的事。這能確保我們與這些非常重要的客戶維持長期關係，而這也將幫助我們在未來很長一段時間持續交出強勁的營收成長。

Jason Kupferberg, Wells Fargo.

Jason Kupferberg，富國銀行。

Do you wanted to talk about US volume growth. I mean a couple of years ago, we were down in the 5%, 6% range, and now we're trending up in the 8% to 10% neighborhood over the past few quarters. I mean clearly, inflation has helped. There's been probably a little bit of World Cup tailwind. But how much of this acceleration do you guys feel is more transitory versus being structural and sustainable? And just to the extent it's the latter, what do you really see as the main drivers there?

想談談美國交易量成長。我的意思是，幾年前我們還在 5%、6% 的區間，而過去幾季你們的趨勢已經上升到 8% 到 10% 左右。顯然，通膨有幫助。可能也有一點世界盃的順風。但你們覺得這種加速有多少是較短暫的、相對一次性的因素，多少是結構性且可持續的？如果是後者，你們認為主要驅動因素是什麼？

It's Ryan. Maybe I'll try to take a crack at this. First of all, I think it's tough to say. We just back like zoom out a bit and put it in the context of the macro US economy, we've seen strong growth, as you said, kind of an acceleration from 6%, 7%, 8%, 6, 12, 18 months ago to 10% that you referenced.

我是 Ryan。我來試著回答一下。首先，我覺得很難下定論。如果我們稍微拉遠一點、放在美國總體經濟的背景下來看，正如你所說，我們看到強勁成長，從 12 到 18 個月前大概 6%、7%、8% 的加速，提升到你提到的 10%。

I think the foundation underlying that more than anything is employment. Anyone in this country who wants a job for the most part has a job. And that strength of employment, despite consumer uncertainty is delivering the strength that you're asking about and ultimately, I think, driving the strength in spending. As I said, the uncertainty remains elevated, but in the context of strong employment, people have jobs. They have real wage growth, they are spending.

我認為支撐這一切的基礎，最重要的是就業。在這個國家，基本上想找工作的人大多都有工作。而就業的強勁，儘管消費者存在不確定性，仍帶來你所問到的強度，並最終推動支出走強。如我所說，不確定性仍然偏高，但在就業強勁的背景下，人們有工作。他們有實質薪資成長，他們在消費。

And by the way, we see the resilience across the spending bands on our network. So we've seen stability in that sense. But in terms of like how strong for how long, and what the new normal is, I just think it's just too hard to tell.

順帶一提，我們在網路上看到各個支出層級都很有韌性。所以從這個角度看，我們看到的是穩定。但至於會強到多久、新常態是什麼，我認為真的很難判斷。

Rayna Kumar, Oppenheimer.

Rayna Kumar，Oppenheimer。

Can you touch on the progress you're making with geographic expansion of Pismo and whether you think Pismo can make progress in core bank processing in the US?

你能談談你們在推動 Pismo 的地理擴張方面的進展嗎？以及你們是否認為 Pismo 能在美國的核心銀行處理（core bank processing）領域取得進展？

Well, I gave -- I believe, some remarks in my prepared comments about the number of new countries and some examples of countries that we're entering with Pismo, and I would say our geographic expansion opportunities have exceeded my expectations going back to when we bought Pismo. We're having strong demand around the world from clients, both for the core banking offerings that Pismo offers, but also the issuer processing capabilities.

嗯，我相信我在事先準備的講稿中，已就 Pismo 新進入的國家數量以及一些進入國家的例子做了說明；我會說，自從我們收購 Pismo 以來，我們在地理擴張方面的機會超出我的預期。我們在全球各地都看到客戶的強勁需求，不僅是對 Pismo 提供的核心銀行產品，也包括發卡機構處理（issuer processing）能力。

So I think in general, our thesis on the global expansion for Pismo and having Pismo as part of the Visa network is proving out to be quite strong. In the US, I think I spent a fair bit of time on the last earnings call kind of going through the market, the segments, the client types, we see opportunity in the medium and low end for the combined offering that we've brought to market across DPS and Pismo for the more sophisticated clients at the larger end, the largest banks in the United States. We do see opportunities for core banking, but those clients manage core banking very separate from their other capabilities.

所以整體而言，我們對 Pismo 的全球擴張論點，以及讓 Pismo 成為 Visa 網路一部分的策略，正在被證明相當強勁。在美國，我想我在上一次財報電話會議花了不少時間，梳理市場、細分領域與客戶類型；我們看到機會主要在中低端市場，針對我們把 DPS 與 Pismo 的組合方案推向市場；至於更高端、更成熟的客戶，也就是美國最大的銀行，我們確實看到核心銀行方面的機會，但這些客戶通常把核心銀行與其他能力分得非常開來管理。

So it tends to be more of a distinct discussion about core banking. But you asked, do we think it's possible for us to make progress in the US, of course. And we've had some great proof points with Wells Fargo and others that we've talked about on this call in the US.

因此，核心銀行往往會是更獨立的一個討論。但你問我們是否認為能在美國取得進展，當然可以。而且我們已經有一些很好的驗證案例，例如富國銀行以及其他我們在這通電話會議中提到的美國客戶。

OperatorOperator

接線員接線員

(Operator Instructions) Harshita Rawat, Bernstein.

(接線員指示) Harshita Rawat，Bernstein。

Ryan, I want to follow up on your comments on Visa cyber-related services. In the current environment, what kind of demand are you seeing on both your Visa transaction-related services and also put fiber risk beyond these transactions? And to way or even in areas like KYC, identity, et cetera? And also, this feels like a fragmented space beyond Visa transactions. So what is Visa's Right to Win here?

Ryan，我想跟進你對 Visa 網路相關服務的評論。在目前的環境下，你們在 Visa 交易相關服務方面看到什麼樣的需求？以及在這些交易之外，將風險延伸到更廣泛的領域？甚至是在 KYC、身分識別等領域？另外，這在 Visa 交易之外似乎是一個相當分散的市場。那麼 Visa 在這裡的致勝優勢是什麼？

Well, Harshita, I think our Right to Win is very significant. We bring strong client relationships. We've delivered some great products to the market. I think it's it is a somewhat fragmented competitive space around the world with a lot of different players. And this is a top 3 issue for our clients, especially our financial services clients around the world, and they're turning to Visa and looking for help.

Harshita，我認為我們的致勝優勢非常顯著。我們擁有強大的客戶關係。我們已向市場推出一些非常出色的產品。我認為在全球範圍內，這確實是一個相對分散的競爭格局，有許多不同的參與者。而這是我們客戶、特別是全球金融服務客戶的前三大議題之一，他們正轉向 Visa 並尋求協助。

And so in our risk and security value-added services businesses. We have a vast array of these solutions that we've been bringing to market, both new and existing solutions, whether it's Visa Threat Intelligence program. Obviously, I mentioned BioCatch which we're excited about, Visa Advanced Authorization, Visa Decision Manager, those types of things.

因此，在我們的風險與安全增值服務業務中，我們擁有非常廣泛的解決方案組合，持續將新舊解決方案推向市場，例如 Visa 威脅情報計畫。當然，我提到我們對 BioCatch 感到非常興奮，還有 Visa Advanced Authorization、Visa Decision Manager 等這類產品。

But if you broaden it to our other areas, as I alluded to and mentioned on my prepared remarks, we're having success deploying and delivering revenue from these services in our acceptance business with our authentication and tokenization platforms with Visa Intelligent authorization, which, as I think I mentioned in my prepared remarks, Empower's acquirers with advanced processing and payment orchestration and risk settings and real-time data across a bunch of different capabilities.

但如果把範圍擴大到我們其他領域，正如我在事先準備的發言中提到的，我們在受理業務方面也取得成功，透過我們的驗證與代碼化（tokenization）平台，以及 Visa Intelligent Authorization 來部署並實現這些服務的營收；我想我在事先準備的發言中也提到過，它透過先進處理、支付編排（payment orchestration）、風險設定，以及跨多種能力的即時數據，來賦能收單機構。

So as well as our advisory business in terms of our Visa cybersecurity advisory practice and even in our issuing business with examples like smarter stand and processing.

同時也包括我們的顧問業務，例如 Visa 網路安全顧問服務，以及在發卡業務中，像是更智慧的授權與處理等例子。

So it's become a really important set of service lines and services across our entire suite of as services. I think our right to win is high. Our progress to date is good, and we'll continue to invest in this space going forward.

因此，這已成為我們整體服務組合中一套非常重要的服務線與服務內容。我認為我們的致勝優勢很高。我們迄今的進展良好，未來也會持續在這個領域投資。

Andrew Jeffrey, William Blair.

Andrew Jeffrey，William Blair。

Ryan, I read with some interest the Visa Direct stablecoin launch. I know you mentioned it in your prepared remarks. The press release notes that you're going to prefund cross-border payouts with USDC, at least for starters. And I know you're part of the open standard consortium. Can you talk a little bit about some of your thoughts around whether -- just how stable quite you going to be thoughts on liquidity factors that might impact the incorporation of other stablecoins and so forth. Just some high level thoughts there would be helpful.

Ryan，我對 Visa Direct 的穩定幣上線消息很感興趣。我知道你在事先準備的發言中提到過。新聞稿指出，你們將以 USDC 為跨境付款預先注資（prefund），至少一開始是這樣。我也知道你們是開放標準聯盟的一員。你能否談談你對於——也就是在流動性因素等可能影響納入其他穩定幣等方面——你的一些想法？提供一些高層次的看法會很有幫助。

Sure. We're very excited about the Visa Direct product that you mentioned, but just trying to get to the core of your question, we are stablecoin agnostic. We are blockchain agnostic. We serve a vast array of clients with different preferences and different needs around the world. And so in that particular example, while we started with USDC, we plan to activate other stablecoins as we push forward.

當然。我們對你提到的 Visa Direct 產品感到非常興奮。不過回到你問題的核心，我們對穩定幣保持中立（stablecoin agnostic）。我們對區塊鏈也保持中立（blockchain agnostic）。我們服務全球大量客戶，他們有不同偏好與不同需求。因此，在那個例子中，雖然我們從 USDC 開始，但隨著我們持續推進，我們計畫啟用其他穩定幣。

I mean if you just look at maybe our settlement as an example, I think I mentioned in our prepared remarks, we now support 10 blockchains in settlement. We now support 5 stablecoins in settlement USDC, USDG, EURC, PYUSD and SBC. We have lots of clients who have them for different needs around the world. So we will be agnostic. We think that's the right approach.

如果以我們的結算為例，我想我在事先準備的發言中提到過，我們現在在結算方面支援 10 條區塊鏈。我們現在在結算方面支援 5 種穩定幣：USDC、USDG、EURC、PYUSD 和 SBC。全球有許多客戶基於不同需求使用它們。所以我們會保持中立。我們認為這是正確的做法。

But we also, as you noted, we are part of the open consortium. We are part of O-USD. O-USD will also, and you should assume, will be an integrated offering into all these other products, not just settlement, but Visa Direct and others going forward.

但同時，如你所指出的，我們也是開放聯盟的一員。我們是 O-USD 的一部分。你也可以假設，O-USD 也將會整合到所有這些其他產品中，不僅是結算，未來也包括 Visa Direct 以及其他產品。

Tien-Tsin Huang, JPMorgan Chase.

Tien-Tsin Huang，摩根大通。

I'll close it out with my favorite question on visibility, if you don't mind. So '26 was a pretty special year for growth, Ryan and Chris. I'm thinking about '27, how would you characterize visibility on growth versus this time last year? Where is visibility higher? Where is it weaker? Where might you be more cautious?

如果你不介意，我用我最喜歡的「能見度」問題來收尾。所以 '26 對成長而言是相當特別的一年，Ryan 和 Chris。我在想 '27，與去年此時相比，你會如何描述對成長的能見度？哪些地方的能見度更高？哪些地方較弱？哪些地方你可能會更謹慎？

Hi, Tien-Tsin. Listen, the approach that we've taken to sharing our initial guide for '27 is very similar to that, that we took at the start of FY26. We shared the initial guidance. We also shared with you a set of planning assumptions that underlie that. Some of those assumptions are macro, like assuming consumer resiliency and the drivers remain stable and healthy.

嗨，Tien-Tsin。我們在分享 '27 初步指引時採取的方法，與 FY26 開始時非常相似：我們提供了初步指引。我們也與你分享了一組支撐該指引的規劃假設。其中一些是假設宏觀面，例如假設消費者具韌性，且驅動因素保持穩定與健康。

Others are dependent on our strong execution, like securing the large volume of client contracts that are up for renewal this year. And so you think about those things. And of course, like with any plan, there are risks and opportunities. But the plan we shared with you, I think, reflects a balance point of view that takes all that into account. And when you put it together, we feel really good about our plan going into FY27.

其他則取決於我們強勁的執行力，例如在今年有大量客戶合約到期續約之際，成功拿下這些合約。因此你會把這些因素納入考量。當然，任何計畫都同時存在風險與機會。但我認為我們與你分享的計畫，反映了一個平衡的觀點，把所有這些都考慮在內。綜合起來，我們對進入 FY27 的計畫感到非常有信心。

And with that, we'd like to thank you for joining us today. 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，我們要感謝各位今天的參與。如果你有其他問題，歡迎隨時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 the Visa fourth quarter and full year 2026 earnings conference call. That concludes today's conference. You may now disconnect at this time, and please enjoy the rest of your day.

感謝各位參與 Visa 2026 年第四季及全年財報電話會議。今天的會議到此結束。你現在可以斷線，並祝你今天剩餘時間愉快。