8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 28, 2010

VISA INC.

(Exact name of Registrant as Specified in Its Charter)

Delaware	001-33977	26-0267673
(State or Other Jurisdiction of Incorporation)	(Commission File Number)	(IRS Employer Identification No.)

P.O. Box 8999 San Francisco, California	94128-8999
(Address of Principal Executive Offices)	(Zip Code)

Registrant’s Telephone Number, Including Area Code: (415) 932-2100

N/A

(Former Name or Former Address, if Changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instructions A.2. below):

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 2.02 Results of Operations and Financial Condition.

On April 28, 2010, Visa Inc. (the “Company”) issued a press release announcing financial results for its fiscal second quarter ended March 31, 2010.

A copy of the press release is attached hereto as Exhibit 99.1. All information in the press release is furnished but not filed.

On April 28, 2010, the Company will host a conference call to discuss its fiscal second quarter ended March 31, 2010 financial results.

A copy of the presentation to be used during the conference call is attached hereto as Exhibit 99.2. All information in the presentation is furnished but not filed.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

99.1	Press release of Visa Inc., dated April 28, 2010.
99.2	Presentation of Visa Inc., dated April 28, 2010.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	VISA INC.
Date: April 28, 2010
	By:	/s/ Joseph W. Saunders
		Joseph W. Saunders
		Chief Executive Officer and Chairman of the Board of Directors

EXHIBIT INDEX

Exhibit Number	Description
99.1	Press release of Visa Inc., dated April 28, 2010.
99.2	Presentation of Visa Inc., dated April 28, 2010.

EX-99.1

Exhibit 99.1

Visa Inc. Posts Strong Fiscal Second Quarter 2010 Earnings Results

• GAAP quarterly net income of $713 million or $0.96 per diluted class A common share

• Revenue growth of 19% as payments volumes and processed transactions improve globally

SAN FRANCISCO, CA, April 28, 2010 – Visa Inc. (NYSE: V) today announced financial results for the Company’s fiscal second quarter 2010 ended March 31, 2010. GAAP net income for the quarter was $713 million, or $0.96 per diluted class A common share. The weighted average number of diluted class A common shares outstanding was 742 million.

GAAP net operating revenue in the fiscal second quarter of 2010 was $2.0 billion, an increase of 19% over the prior year and driven by strong contributions across all revenue categories, in particular data processing and international transaction revenues.

“Visa delivered strong financial performance during our fiscal second quarter and we remain confident in delivering our guidance for fiscal year 2010,” said Joseph Saunders, Chairman and Chief Executive Officer of Visa Inc. “Our performance was fueled by higher than expected payments volume growth. As I discussed at our recent Investor Day, we are increasingly optimistic that economic growth will gradually improve. At the same time, we remain diligent about how we manage our business and finances throughout the current economic environment.”

“Visa’s long term strategic goals and our ability to drive the migration to Visa products and services are based on our history of innovation and market responsiveness,” added Saunders. “Our pending acquisition of CyberSource is the most recent example of the Company responding to market opportunities to fuel future growth. We remain focused on enhancing product offerings and providing new technologies to our clients and customers, while we continue to deliver value to our shareholders.”

Fiscal Second Quarter 2010 Financial Highlights:

Payments volume growth, on a constant dollar basis for the three months ended December 31, 2009 on which fiscal second quarter service revenue is recognized, was a positive 8% over the prior year at $769 billion.

Payments volume growth, on a constant dollar basis, for the three months ended March 31, 2010, was a positive 13% over the prior year at $745 billion.

1

Cross border volume growth, on a constant dollar basis, was positive 12% for the three months ended March 31, 2010.

Total processed transactions, which represent transactions processed by VisaNet, for the three months ended March 31, 2010 totaled 10.6 billion, a 14% increase over the prior year.

For the fiscal second quarter 2010, service revenues were $885 million, an increase of 10% versus the prior year, and are recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenues rose 34% over the prior year to $728 million. International transaction revenues, which are driven by cross border payments volume, grew 22% over the prior year to $545 million. Other revenues, which include the Visa Europe licensing fee, were $173 million, up 17% over the prior year. Volume and support incentives, which are a contra revenue item, were $372 million, which represents 16% of gross revenue.

Total operating expenses on a GAAP basis were $837 million for the quarter, a 9% increase over the prior year.

Cash, cash equivalents, restricted cash, and available-for-sale investment securities were $6.3 billion at March 31, 2010.

Notable Events:

In October 2009, the Company announced that its Board of Directors authorized a $1.0 billion share repurchase plan through September 30, 2010, and is subject to change at the determination of Visa’s Board of Directors. During the three months ended March 31, 2010, we repurchased 2.8 million shares of our outstanding class A common stock at an average price of $83.61 per share in the open market for a total cost of $231 million. During the six months ended March 31, 2010, we repurchased 8.3 million shares of our outstanding class A common stock at an average price of $80.40 per share in the open market for a total cost of $664 million. At March 31, 2010, the share repurchase plan has remaining authorized funds of $336 million.

As previously announced, the Board of Directors approved the release of additional class C shares. The number of shares released for any class C shareholder was the greater of (a) 50% (fifty percent) of the restricted class C shares held by that shareholder as of March 1, 2010, and (b) 5,000 (five thousand) class C shares. Under this program, 56 million shares of class C common stock were released from transfer restrictions during the second quarter of fiscal 2010. The release of the class C shares did not increase the number of outstanding shares on an as-converted basis, and there are no dilutive effects to the outstanding class A common stock share count on an as-converted basis from these transactions.

2

As previously announced, the Company has entered into a definitive agreement to acquire CyberSource Corporation (“CyberSource”), a leading provider of electronic payment, risk management and payment security solutions to online merchant, at a price of $26 per share, or total consideration of approximately $2.0 billion to be paid with cash on hand. With the addition of CyberSource, Visa will offer merchants and financial institutions eCommerce solutions that include enhanced online payment processing capabilities, payment routing, fraud protection services and secure data hosting. The transaction is subject to customary closing conditions, including approval by the stockholders of CyberSource and required regulatory approvals. The transaction, which has been approved by the Visa and CyberSource boards of directors, does not require a Visa shareholder vote, and is expected to close in Visa’s fourth fiscal quarter of 2010.

Financial Outlook:

Visa Inc. updates its financial outlook for the following metrics for 2010:

• Annual net revenue growth: high end of the 11% to 15% range; and

• Volume and support incentives as a percent of gross revenues: high end of the 16% to 17% range.

Visa Inc. affirms its financial outlook for the following metrics through 2010:

• Advertising, marketing and promotion expenses: less than $1 billion;

• Annual operating margin: mid to high 50% range;

• GAAP tax rate: 36.5% to 38.5% range;

• Annual diluted class A common stock earnings per share: growth greater than 20%;

• Capital expenditures: about $200 million; and

• Annual free cash flow: in excess of $2 billion.

Visa Inc. affirms its financial outlook for the following metrics through 2011:

• Annual diluted class A common stock earnings per share: growth greater than 20%; and

• Annual free cash flow: in excess of $2 billion.

3

Fiscal Second Quarter 2010 Earnings Results Conference Call Details:

Visa’s executive management team will host a live audio webcast beginning at 5:00 p.m. Eastern time (2:00 p.m. Pacific time) today to discuss the financial results and business highlights.

All interested parties are invited to listen to the live webcast at http://investor.visa.com. A replay of the webcast will be available on the Visa Investor Relations website for 30 days.

Investor information, including supplemental financial information, is available on Visa Inc.’s Investor Relations website at http://investor.visa.com.

About Visa Inc.

Visa Inc. operates the world’s largest retail electronic payments network providing processing services and payment product platforms. This includes consumer credit, debit, prepaid and commercial payments, which are offered under the Visa, Visa Electron, Interlink and PLUS brands. Visa enjoys unsurpassed acceptance around the world, and Visa/PLUS is one of the world’s largest global ATM networks, offering cash access in local currency in more than 170 countries. For more information, visit www.corporate.visa.com.

Forward Looking Statements:

Certain statements contained in this press release are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to the “safe harbor” created by those sections. These statements can be identified by the terms “anticipate,” “believe,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “should,” “will” and similar expressions which are intended to identify forward-looking statements. In addition, any underlying assumptions are forward-looking statements. Such forward-looking statements include but are not limited to statements regarding certain of Visa’s goals and expectations with respect to earnings per share, revenue, operating margin, free cash flow, and the growth rate in those items, as well as other measures of economic performance.

By their nature, forward-looking statements: (i) speak only as of the date they are made, (ii) are not guarantees of future performance or results and (iii) are subject to risks, uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual results could differ materially and adversely from those forward-looking statements as a result of a variety of factors, including all the risks discussed under the heading “Risk Factors” in Part 1, Item 1A – “Risk Factors” in our most recent Annual Report on Form 10-K and any subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-K, if any. You are cautioned not to place undue reliance on such statements, which speak only as of the date of this press release. Unless required to do so under U.S. federal securities laws or other applicable laws, we do not intend to update or revise any forward-looking statements.

Contacts:

Investor Relations: Jack Carsky or Victoria Hyde-Dunn, 415-932-2213, ir@visa.com

Media Relations: Paul Cohen or Will Valentine, 415-932-2564, globalmedia@visa.com

4

Visa Inc.

Selected Consolidated Statements of Operations

(unaudited)

	Three Months Ended March 31,						Six Months Ended March 31,
	2010			2009			2010			2009
	(in millions, except per share data)
Operating Revenues
Service revenues	$	885		$	804		$	1,712			1,597
Data processing revenues		728			544			1,493			1,098
International transaction revenues		545			446			1,097			951
Other revenues		173			148			363			304
Volume and support incentives		(372	)		(295	)		(746	)		(564	)
Total operating revenues		1,959			1,647			3,919			3,386
Operating Expenses
Personnel		310			292			584			591
Network, EDP and communications		98			92			203			185
Advertising, marketing and promotion		238			196			454			406
Professional and consulting fees		50			64			101			120
Depreciation and amortization		62			56			124			108
Administrative and other		77			66			155			129
Litigation provision		2			—			(41	)		—
Total operating expenses		837			766			1,580			1,539
Operating income		1,122			881			2,339			1,847
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		(2	)		1			(2	)		—
Interest expense		(28	)		(30	)		(44	)		(60	)
Investment income, net		23			34			28			53
Other		(2	)		1			—			—
Total other (expense) income		(9	)		6			(18	)		(7	)
Income before income taxes		1,113			887			2,321			1,840
Income tax expense		401			352			846			731
Net income including non-controlling interest		712			535			1,475			1,109
Loss attributable to non-controlling interest		1			1			1			1
Net income attributable to Visa Inc.	$	713		$	536		$	1,476		$	1,110
Basic earnings per share
Class A common stock	$	0.97		$	0.71		$	1.99		$	1.45
Class B common stock	$	0.56		$	0.45		$	1.16		$	0.96
Class C common stock	$	0.97		$	0.71		$	1.99		$	1.45
Basic weighted average shares outstanding
Class A common stock		472			447			470			447
Class B common stock		245			246			245			246
Class C common stock		122			152			125			152
Diluted earnings per share
Class A common stock	$	0.96		$	0.71		$	1.99		$	1.45
Class B common stock	$	0.56		$	0.45		$	1.16		$	0.96
Class C common stock	$	0.96		$	0.71		$	1.99		$	1.45
Diluted weighted average shares outstanding
Class A common stock		742			756			743			765
Class B common stock		245			246			245			246
Class C common stock		122			152			125			152

5

Visa Inc.

Selected Consolidated Balance Sheets

(unaudited)

	March 31, 2010			September 30, 2009
	(in millions, except par value data)
Assets
Cash and cash equivalents	$	4,560		$	4,617
Restricted cash - litigation escrow		1,365			1,365
Investment securities
Trading		63			59
Available-for-sale		22			56
Settlement receivable		666			605
Accounts receivable		502			444
Customer collateral		842			812
Current portion of volume and support incentives		212			214
Current portion of deferred tax assets		470			703
Prepaid expenses and other current assets		413			366
Total current assets		9,115			9,241
Restricted cash - litigation escrow		210			350
Investment securities, available-for-sale		154			168
Volume and support incentives		129			102
Property, equipment and technology, net		1,183			1,204
Other assets		186			125
Intangible assets		10,883			10,883
Goodwill		10,208			10,208
Total assets	$	32,068		$	32,281
Liabilities
Accounts payable	$	78		$	156
Settlement payable		618			634
Customer collateral		842			812
Accrued compensation and benefits		276			396
Volume and support incentives		343			284
Accrued liabilities		698			754
Current portion of long-term debt		12			12
Current portion of accrued litigation		670			1,394
Total current liabilities		3,537			4,442
Long-term debt		38			44
Accrued litigation		196			323
Deferred tax liabilities		3,808			3,807
Other liabilities		502			472
Total liabilities		8,081			9,088
Equity
Preferred stock, $0.0001 par value, 25 shares authorized and none issued	$	—		$	—
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 494 and 470 shares issued and outstanding at March 31, 2010, and September 30, 2009, respectively		—			—
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at March 31, 2010, and September 30, 2009		—			—
Class C common stock, $0.0001 par value, 1,097 shares authorized, 100 and 131 shares issued and outstanding at March 31, 2010, and September 30, 2009, respectively		—			—
Additional paid-in capital		20,883			21,160
Class C treasury stock		—			(2	)
Accumulated income		3,199			2,219
Accumulated other comprehensive loss, net
Investment securities, available for sale		9			10
Defined benefit pension and other postretirement plans		(71	)		(136	)
Derivative instruments		(39	)		(58	)
Foreign currency translation gain (loss)		2			(4	)
Total accumulated other comprehensive loss, net		(99	)		(188	)
Total Visa Inc. stockholders’ equity		23,983			23,189
Non-controlling interest		4			4
Total equity	$	23,987		$	23,193
Total liabilities and equity	$	32,068		$	32,281

6

Visa Inc.

Consolidated Statements Of Cash Flows

(unaudited)

	Six Months Ended March 31,
	2010			2009
	(in millions)
Operating Activities
Net income including non-controlling interest	$	1,475		$	1,109
Adjustments to reconcile net income including non-controlling interest to net cash provided by operating activities:
Depreciation and amortization of property, equipment and technology		124			108
Share-based compensation		61			64
Tax benefit for share-based compensation		(8	)		(6	)
Restricted stock instruments settled in cash for taxes		(12	)		(22	)
Interest earned on litigation escrow, net of tax		—			(12	)
Net recognized (gain) loss on investment securities, including other-than-temporary impairment		(14	)		8
Asset impairment		1			3
Gain on disposal of property, equipment and technology		(1	)		—
Amortization of volume and support incentives		746			564
Accrued litigation and accretion		(25	)		48
Equity in earnings of unconsolidated affiliates		2			—
Deferred income taxes		185			338
Change in operating assets and liabilities:
Trading securities		(4	)		17
Accounts receivable		(58	)		(30	)
Settlement receivable		(61	)		252
Volume and support incentives		(712	)		(464	)
Other assets		(141	)		(9	)
Accounts payable		(78	)		(87	)
Settlement payable		(16	)		(335	)
Accrued compensation and benefits		(120	)		(146	)
Accrued and other liabilities		62			80
Accrued litigation		(826	)		(1,062	)
Net cash provided by operating activities		580			418
Investing Activities
Investment securities, available-for-sale:
Purchases		(1	)		—
Proceeds from sales and maturities		45			252
Distribution from money market investment		85			840
Purchases of / contributions to other investments		(1	)		(1	)
Proceeds from sale of other investment		1			—
Dividends/distributions from other investments		1			1
Proceeds from disposal property, equipment and technology		1			—
Purchases of property, equipment and technology		(79	)		(136	)
Net cash provided by investing activities		52			956
Financing Activities
Tax benefit for share-based compensation		8			6
Cash proceeds from exercise of stock options		21			2
Funding of litigation escrow account - Retrospective Responsibility Plan		—			(1,100	)
Payments from litigation escrow account - Retrospective Responsibility Plan		140			939
Payment for redemption of stock		—			(2,646	)
Dividends paid		(185	)		(161	)
Principal payments on debt		(6	)		(4	)
Principal payments on capital lease obligations		(9	)		(4	)
Repurchase of class A common stock		(664	)		—
Net cash used in financing activities		(695	)		(2,968	)
Effect of exchange rate changes on cash and cash equivalents		6			(22	)
Decrease in cash and cash equivalents		(57	)		(1,616	)
Cash and cash equivalents at beginning of year		4,617			4,979
Cash and cash equivalents at end of period	$	4,560		$	3,363
Supplemental Disclosure of Cash Flow Information
Income taxes paid, net of refunds	$	759		$	324
Amounts included in accounts payable and accrued and other liabilities related to purchases of property, equipment and technology	$	10		$	41
Interest payments on debt	$	2		$	2
Assets acquired in joint venture with note payable and equity interest issued	$	—		$	22

7

Fiscal 2009 and 2010 Quarterly Results of Operations

US$ in millions

	Fiscal 2009 Quarter Ended												Fiscal 2010 Quarter Ended
	December 31, 2008			March 31, 2009			June 30, 2009			September 30, 2009			December 31, 2009			March 31, 2010
	(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)			(unaudited)
Operating Revenues
Service revenues	$	793		$	804		$	769		$	808		$	827		$	885
Data processing revenues		554			544			605			727			765			728
International transaction revenues		505			446			458			507			552			545
Other revenues		156			148			158			163			190			173
Volume and support incentives		(269	)		(295	)		(344	)		(326	)		(374	)		(372	)
Total operating revenues		1,739			1,647			1,646			1,879			1,960			1,959
Operating Expenses
Personnel (1)		299			292			282			355			274			310
Network, EDP and communications		93			92			97			111			105			98
Advertising, marketing and promotion		210			196			229			283			216			238
Professional and consulting fees (1)		56			64			62			86			51			50
Depreciation and amortization		52			56			57			61			62			62
Administrative and other		63			66			96			113			78			77
Litigation provision		—			—			1			1			(43	)		2
Total operating expenses		773			766			824			1,010			743			837
Operating income		966			881			822			869			1,217			1,122
Other Income (Expense)
Equity in earnings of unconsolidated affiliates		(1	)		1			—			—			—			(2	)
Interest expense		(30	)		(30	)		(30	)		(25	)		(16	)		(28	)
Investment income, net		19			34			504			18			5			23
Other		(1	)		1			1			1			2			(2	)
Total other (expense) income		(13	)		6			475			(6	)		(9	)		(9	)
Income before income taxes		953			887			1,297			863			1,208			1,113
Income tax expense		379			352			568			349			445			401
Net income including non-controlling interest		574			535			729			514			763			712
Loss attributable to non-controlling interest (2)		—			1			—			—			—			1
Net income attributable to Visa Inc.	$	574		$	536		$	729		$	514		$	763		$	713

⁽¹⁾ Certain reclassifications, not affecting net income attributable to Visa, have been made to fiscal 2009 quarterly information to conform to the current period presentation format, including the reclassification of contractor expense, which was previously reported in professional and consulting fees, to personnel.

⁽²⁾ The Company began to report non-controlling interest (previously referred to as minority interest) as a component of equity in the first quarter of fiscal 2010 and has updated all requisite financial statements, including the statement of operations, for all comparable periods presented as required under Accounting Standards Codification 810.

8

Operational Performance Data

The tables below provide information regarding the available operational results for the 3 months ended March 31, 2010, as well as the prior seven quarterly reporting periods and the 12 months ended March 31, 2010 and 2009, for cards carrying the Visa, Visa Electron and Interlink brands.

1. Branded Volume and Transactions

The tables present total volume, payments volume, and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.

	For the 3 Months Ended March 31, 2010
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)
All Visa Credit & Debit
Asia Pacific	$	296	29.2	%	12.3	%	$	193	31.6	%	13.1	%	2,472	$	102	24.9	%	10.9	%	556
Canada		48	33.4	%	8.2	%		44	37.2	%	11.2	%	378		4	3.1	%	-16.4	%	8
CEMEA		141	30.2	%	18.3	%		23	32.3	%	17.6	%	357		118	29.8	%	18.4	%	770
LAC		174	35.7	%	15.5	%		58	38.5	%	20.4	%	1,431		116	34.4	%	13.2	%	808
US		518	10.8	%	10.8	%		427	12.7	%	12.7	%	8,554		91	2.7	%	2.7	%	755
Visa Inc.		1,176	21.5	%	12.6	%		745	20.8	%	13.4	%	13,193		431	22.7	%	11.2	%	2,897
Visa Credit Programs
US	$	196	0.3	%	0.3	%	$	182	3.4	%	3.4	%	2,115	$	14	-27.6	%	-27.6	%	17
Rest of World		305	29.4	%	11.1	%		266	30.8	%	12.3	%	3,440		39	20.4	%	3.3	%	142
Visa Inc.		501	16.2	%	6.6	%		449	18.1	%	8.5	%	5,554		52	2.5	%	-7.2	%	159
Visa Debit Programs
US	$	322	18.4	%	18.4	%	$	245	20.9	%	20.9	%	6,440	$	77	11.0	%	11.0	%	738
Rest of World		353	33.2	%	16.8	%		51	50.2	%	27.0	%	1,199		302	30.6	%	15.2	%	2,000
Visa Inc.		675	25.7	%	17.5	%		296	25.1	%	21.9	%	7,639		379	26.1	%	14.4	%	2,738

	For the 3 Months Ended December 31, 2009
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	318	30.6	%	19.0	%	$	197	22.1	%	10.1	%	2,541	$	121	47.4	%	36.8	%	570	442	531
Canada		51	18.9	%	0.7	%		47	22.4	%	3.7	%	430		4	-11.3	%	-24.9	%	9	24	31
CEMEA		146	7.5	%	7.7	%		23	16.2	%	9.0	%	353		124	6.1	%	7.5	%	794	192	196
LAC		191	33.0	%	13.0	%		64	37.5	%	16.0	%	1,516		127	30.9	%	11.4	%	873	331	359
US		531	5.1	%	5.1	%		438	7.2	%	7.2	%	8,752		92	-4.1	%	-4.1	%	781	511	690
Visa Inc.		1,237	15.5	%	9.7	%		769	14.0	%	8.5	%	13,593		468	18.1	%	11.7	%	3,026	1,500	1,808
Visa Credit Programs
US	$	215	-6.9	%	-6.9	%	$	201	-1.1	%	-1.1	%	2,372	$	14	-49.8	%	-49.8	%	19	227	297
Rest of World		317	19.2	%	6.4	%		278	21.8	%	8.2	%	3,611		39	3.6	%	-5.0	%	141	425	488
Visa Inc.		531	7.1	%	0.6	%		478	11.0	%	4.1	%	5,983		53	-19.2	%	-23.1	%	160	653	784
Visa Debit Programs
US	$	316	15.2	%	15.2	%	$	238	15.4	%	15.4	%	6,380	$	78	14.5	%	14.5	%	762	283	394
Rest of World		390	29.7	%	19.8	%		53	40.3	%	21.7	%	1,230		337	28.2	%	19.5	%	2,104	564	630
Visa Inc.		706	22.8	%	17.7	%		291	19.3	%	16.5	%	7,610		416	25.4	%	18.5	%	2,866	847	1,024

9

Operational Performance Data

	For the 3 Months Ended September 30, 2009
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	281	12.5	%	10.6	%	$	183	12.0	%	8.8	%	2,475	$	98	13.4	%	14.0	%	534	433	522
Canada		48	-3.3	%	-3.1	%		44	-1.0	%	-0.8	%	412		4	-23.1	%	-22.9	%	9	24	31
CEMEA		134	-7.1	%	4.3	%		21	-1.8	%	2.6	%	320		113	-8.1	%	4.6	%	738	187	190
LAC		166	4.6	%	11.4	%		55	9.1	%	14.7	%	1,366		111	2.6	%	9.8	%	815	323	350
US		510	-2.8	%	-2.8	%		417	-1.0	%	-1.0	%	8,400		93	-10.2	%	-10.2	%	787	496	674
Visa Inc.		1,140	1.0	%	3.0	%		720	2.7	%	2.6	%	12,973		419	-1.7	%	3.7	%	2,883	1,463	1,766
Visa Credit Programs
US	$	210	-14.3	%	-14.3	%	$	195	-8.6	%	-8.6	%	2,299	$	16	-51.6	%	-51.6	%	21	230	302
Rest of World		295	5.1	%	4.9	%		258	7.8	%	6.5	%	3,474		37	-10.1	%	-4.7	%	140	423	485
Visa Inc.		505	-3.9	%	-4.0	%		452	0.0	%	-0.6	%	5,773		53	-28.3	%	-25.9	%	161	652	787
Visa Debit Programs
US	$	300	7.2	%	7.2	%	$	223	6.8	%	6.8	%	6,100	$	77	8.4	%	8.4	%	766	266	372
Rest of World		334	3.8	%	11.3	%		45	11.8	%	16.5	%	1,100		289	2.6	%	10.5	%	1,957	544	608
Visa Inc.		634	5.4	%	9.3	%		268	7.6	%	8.3	%	7,200		366	3.8	%	10.1	%	2,722	810	979
	For the 3 Months Ended June 30, 2009
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	259	3.7	%	10.3	%	$	165	2.0	%	8.4	%	2,315	$	94	6.9	%	13.7	%	540	424	512
Canada		45	-11.5	%	-3.7	%		41	-9.8	%	-1.8	%	396		4	-25.1	%	-18.5	%	9	23	31
CEMEA		123	-6.4	%	9.8	%		20	2.8	%	12.3	%	324		103	-8.0	%	9.3	%	736	179	184
LAC		150	-2.8	%	15.3	%		49	-0.4	%	16.3	%	1,302		101	-3.9	%	14.8	%	798	317	344
US		506	-3.9	%	-3.9	%		412	-2.5	%	-2.5	%	8,288		93	-9.5	%	-9.5	%	778	483	661
Visa Inc.		1,083	-2.7	%	3.1	%		687	-1.7	%	1.5	%	12,625		396	-4.4	%	6.0	%	2,861	1,426	1,732
Visa Credit Programs
US	$	209	-15.0	%	-15.0	%	$	192	-9.6	%	-9.6	%	2,282	$	17	-49.2	%	-49.2	%	21	233	309
Rest of World		269	-3.1	%	5.1	%		234	-1.5	%	6.1	%	3,283		35	-12.1	%	-1.6	%	137	418	482
Visa Inc.		479	-8.7	%	-4.8	%		426	-5.3	%	-1.6	%	5,566		52	-29.0	%	-24.6	%	159	651	791
Visa Debit Programs
US	$	296	5.9	%	5.9	%	$	220	4.6	%	4.6	%	6,006	$	76	9.7	%	9.7	%	757	250	352
Rest of World		308	-0.3	%	15.1	%		41	7.2	%	23.0	%	1,054		267	-1.3	%	14.0	%	1,946	526	589
Visa Inc.		604	2.6	%	10.4	%		261	5.0	%	7.1	%	7,059		343	0.9	%	13.0	%	2,702	776	941
	For the 3 Months Ended March 31, 2009
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	229	-6.5	%	10.2	%	$	147	-7.8	%	9.3	%	2,176	$	82	-4.2	%	12.1	%	545	420	506
Canada		36	-23.3	%	-0.8	%		32	-22.2	%	0.5	%	347		4	-30.6	%	-10.3	%	9	23	31
CEMEA		108	-4.8	%	20.0	%		17	-0.4	%	20.3	%	294		91	-5.6	%	19.9	%	666	178	182
LAC		128	-10.3	%	16.3	%		42	-9.3	%	15.8	%	1,283		86	-10.7	%	16.5	%	775	313	341
US		468	-4.3	%	-4.3	%		379	-2.5	%	-2.5	%	7,511		89	-11.1	%	-11.1	%	708	482	664
Visa Inc.		969	-6.5	%	4.4	%		617	-5.5	%	2.3	%	11,611		352	-8.4	%	8.2	%	2,703	1,417	1,723
Visa Credit Programs
US	$	196	-15.5	%	-15.5	%	$	176	-9.7	%	-9.7	%	2,084	$	19	-47.0	%	-47.0	%	22	240	318
Rest of World		236	-11.9	%	6.8	%		204	-11.0	%	7.4	%	3,105		32	-17.7	%	2.8	%	131	418	480
Visa Inc.		431	-13.6	%	-3.8	%		380	-10.4	%	-0.6	%	5,189		51	-31.7	%	-21.9	%	153	658	797
Visa Debit Programs
US	$	272	5.8	%	5.8	%	$	202	4.7	%	4.7	%	5,426	$	70	9.1	%	9.1	%	686	243	347
Rest of World		265	-5.4	%	18.7	%		34	-2.5	%	25.2	%	996		231	-5.8	%	17.7	%	1,864	517	579
Visa Inc.		537	0.0	%	12.2	%		237	3.6	%	7.7	%	6,422		301	-2.7	%	15.8	%	2,550	759	926

10

Operational Performance Data

	For the 3 Months Ended December 31, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	243	1.1	%	11.5	%	$	161	2.1	%	12.6	%	2,227	$	82	-0.9	%	9.4	%	533	414	501
Canada		43	-16.3	%	2.1	%		38	-15.4	%	3.2	%	395		4	-23.5	%	-6.6	%	9	23	30
CEMEA		136	18.5	%	34.2	%		20	11.9	%	30.1	%	306		117	19.7	%	35.0	%	708	174	179
LAC		144	-1.2	%	22.0	%		47	-0.4	%	22.0	%	1,344		97	-1.6	%	22.0	%	848	312	340
US		505	-1.9	%	-1.9	%		409	-1.0	%	-1.0	%	7,831		96	-5.3	%	-5.3	%	711	487	668
Visa Inc.		1,071	0.4	%	8.1	%		675	-0.9	%	4.7	%	12,102		397	2.6	%	14.2	%	2,809	1,409	1,718
Visa Credit Programs
US	$	231	-9.0	%	-9.0	%	$	203	-6.9	%	-6.9	%	2,380	$	28	-21.7	%	-21.7	%	28	258	335
Rest of World		266	-2.3	%	11.2	%		228	-1.6	%	11.5	%	3,228		37	-5.9	%	9.4	%	148	415	478
Visa Inc.		496	-5.5	%	1.4	%		431	-4.2	%	2.5	%	5,608		65	-13.4	%	-5.8	%	176	673	813
Visa Debit Programs
US	$	275	5.0	%	5.0	%	$	206	5.6	%	5.6	%	5,451	$	69	3.4	%	3.4	%	683	229	333
Rest of World		301	7.1	%	24.4	%		38	5.9	%	28.6	%	1,043		263	7.3	%	23.7	%	1,949	507	572
Visa Inc.		575	6.1	%	14.7	%		244	5.6	%	9.0	%	6,494		331	6.5	%	19.2	%	2,633	737	905
	For the 3 Months Ended September 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	250	16.4	%	19.9	%	$	163	16.3	%	19.8	%	2,144	$	87	16.6	%	20.0	%	525	400	480
Canada		50	5.5	%	9.1	%		44	6.9	%	10.6	%	395		5	-4.9	%	-1.6	%	9	24	32
CEMEA		144	43.4	%	42.5	%		21	38.6	%	40.6	%	280		123	44.3	%	42.9	%	671	169	176
LAC		159	31.3	%	27.0	%		51	32.9	%	28.7	%	1,237		108	30.5	%	26.2	%	798	301	334
US		525	7.3	%	7.3	%		421	8.6	%	8.6	%	7,688		104	2.4	%	2.4	%	745	474	651
Visa Inc.		1,128	16.0	%	15.9	%		701	12.5	%	13.2	%	11,744		427	22.2	%	21.0	%	2,748	1,368	1,673
Visa Credit Programs
US	$	245	2.0	%	2.0	%	$	213	3.5	%	3.5	%	2,367	$	32	-7.0	%	-7.0	%	30	263	336
Rest of World		280	15.6	%	17.9	%		239	16.1	%	18.7	%	3,115		41	12.9	%	13.6	%	153	410	473
Visa Inc.		526	8.9	%	9.9	%		452	9.8	%	11.1	%	5,482		74	3.2	%	3.3	%	183	672	809
Visa Debit Programs
US	$	280	12.4	%	12.4	%	$	208	14.3	%	14.3	%	5,321	$	71	7.3	%	7.3	%	714	211	314
Rest of World		322	33.8	%	32.5	%		41	37.5	%	37.6	%	941		282	33.3	%	31.7	%	1,851	484	549
Visa Inc.		602	22.9	%	22.0	%		249	17.5	%	17.4	%	6,262		353	27.1	%	25.6	%	2,565	695	863
	For the 3 Months Ended June 30, 2008
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	250	24.3	%	21.4	%	$	162	22.4	%	19.1	%	2,032	$	88	28.0	%	25.8	%	498	387	472
Canada		51	14.3	%	10.3	%		45	14.5	%	10.4	%	383		6	13.0	%	9.0	%	9	24	31
CEMEA		131	45.8	%	38.8	%		19	37.8	%	36.4	%	255		112	47.2	%	39.2	%	640	159	168
LAC		155	35.4	%	23.1	%		50	40.3	%	27.5	%	1,160		105	33.2	%	21.1	%	754	303	328
US		526	8.8	%	8.8	%		423	9.8	%	9.8	%	7,667		103	4.9	%	4.9	%	738	465	642
Visa Inc.		1,113	19.2	%	15.9	%		699	15.2	%	13.4	%	11,496		414	26.6	%	20.7	%	2,639	1,338	1,642
Visa Credit Programs
US	$	246	4.7	%	4.7	%	$	213	5.0	%	5.0	%	2,338	$	34	2.9	%	2.9	%	29	262	335
Rest of World		278	21.7	%	17.5	%		238	22.6	%	18.3	%	2,969		40	16.4	%	13.0	%	146	404	464
Visa Inc.		524	13.1	%	10.9	%		450	13.6	%	11.4	%	5,307		74	9.8	%	7.9	%	175	666	798
Visa Debit Programs
US	$	280	12.6	%	12.6	%	$	210	15.0	%	15.0	%	5,329	$	69	5.9	%	5.9	%	708	203	308
Rest of World		309	39.4	%	30.9	%		38	40.3	%	32.0	%	860		271	39.3	%	30.8	%	1,756	470	536
Visa Inc.		589	25.2	%	20.9	%		248	18.2	%	17.0	%	6,189		340	30.9	%	24.1	%	2,464	673	843

11

Operational Performance Data

	For the 12 Months Ended March 31, 2010
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)
All Visa Credit & Debit
Asia Pacific	$	1,154	18.7	%	13.2	%	$	738	16.5	%	10.2	%	9,804	$	416	22.7	%	18.9	%	2,199
Canada		192	7.0	%	0.4	%		175	9.7	%	2.9	%	1,616		16	-15.7	%	-20.7	%	35
CEMEA		544	4.6	%	9.8	%		86	11.5	%	10.2	%	1,355		458	3.4	%	9.8	%	3,038
LAC		682	16.5	%	13.7	%		227	20.1	%	16.9	%	5,616		455	14.7	%	12.2	%	3,294
US		2,065	2.0	%	2.0	%		1,695	3.9	%	3.9	%	33,993		370	-5.6	%	-5.6	%	3,101
Visa Inc.		4,637	8.3	%	7.1	%		2,922	8.6	%	6.4	%	52,384		1,715	7.9	%	8.2	%	11,668
Visa Credit Programs
US	$	830	-9.5	%	-9.5	%	$	770	-4.3	%	-4.3	%	9,068	$	60	-46.4	%	-46.4	%	78
Rest of World		1,186	11.9	%	6.9	%		1,036	14.0	%	8.3	%	13,807		150	-0.8	%	-2.1	%	560
Visa Inc.		2,016	2.0	%	-0.5	%		1,806	5.4	%	2.5	%	22,875		210	-20.3	%	-20.9	%	638
Visa Debit Programs
US	$	1,234	11.6	%	11.6	%	$	925	11.8	%	11.8	%	24,925	$	309	10.9	%	10.9	%	3,022
Rest of World		1,386	15.8	%	15.9	%		191	26.5	%	22.0	%	4,583		1,195	14.2	%	14.9	%	8,007
Visa Inc.		2,620	13.8	%	13.8	%		1,116	14.1	%	13.5	%	29,509		1,504	13.5	%	14.1	%	11,030

	For the 12 Months Ended March 31, 2009
	Total Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Payments Transactions (millions)	Cash Volume ($ billions)		Growth (Nominal USD)		Growth (Constant USD)		Cash Transactions (millions)	Accounts (millions)	Cards (millions)
All Visa Credit & Debit
Asia Pacific	$	972	7.8	%	15.3	%	$	633	7.4	%	14.9	%	8,580	$	339	8.8	%	16.2	%	2,101	420	506
Canada		179	-5.4	%	5.0	%		160	-4.5	%	6.1	%	1,519		19	-12.2	%	-2.7	%	36	23	31
CEMEA		520	24.0	%	33.4	%		77	20.6	%	31.4	%	1,136		443	24.6	%	33.8	%	2,685	178	182
LAC		586	11.8	%	21.9	%		189	13.4	%	23.1	%	5,023		397	11.1	%	21.4	%	3,175	313	341
US		2,024	2.4	%	2.4	%		1,632	3.6	%	3.6	%	30,696		392	-2.3	%	-2.3	%	2,902	482	664
Visa Inc.		4,281	6.8	%	10.9	%		2,691	5.0	%	8.2	%	46,954		1,589	9.8	%	15.8	%	10,899	1,417	1,723
Visa Credit Programs
US	$	918	-4.4	%	-4.4	%	$	805	-2.0	%	-2.0	%	9,170	$	113	-18.8	%	-18.8	%	109	240	318
Rest of World		1,060	4.9	%	13.1	%		909	5.6	%	13.7	%	12,417		151	0.8	%	9.5	%	578	418	480
Visa Inc.		1,977	0.3	%	4.4	%		1,714	1.9	%	5.9	%	21,587		264	-8.6	%	-4.6	%	687	658	797
Visa Debit Programs
US	$	1,106	8.9	%	8.9	%	$	827	9.8	%	9.8	%	21,526	$	279	6.4	%	6.4	%	2,792	243	347
Rest of World		1,197	17.0	%	26.2	%		151	18.2	%	30.5	%	3,840		1,046	16.8	%	25.6	%	7,419	517	579
Visa Inc.		2,303	12.9	%	17.2	%		978	11.0	%	12.6	%	25,367		1,325	14.4	%	21.0	%	10,212	759	926

12

Footnote

The preceding tables present regional total volume, payments volume and cash volume, and the number of payments transactions, cash transactions, accounts and cards for cards carrying the Visa, Visa Electron and Interlink brands. Card counts include PLUS proprietary cards. Nominal and constant dollar growth rates over prior years are provided for volume-based data.

Payments volume represents the aggregate dollar amount of purchases made with cards carrying the Visa, Visa Electron and Interlink brands for the relevant period; and cash volume represents the aggregate dollar amount of cash disbursements obtained with these cards for the relevant period and includes the impact of balance transfers and convenience checks; but excludes proprietary PLUS volume. Total volume represents payments volume plus cash volume.

Visa payment products are comprised of credit and debit programs, and data relating to each program is included in the tables. Debit programs include Visa’s signature based and Interlink (PIN) debit programs.

The data presented is reported quarterly by Visa’s members on their operating certificates and is subject to verification by Visa. On occasion, members may update previously submitted information.

Visa’s CEMEA region is comprised of countries in Central Europe, the Middle East and Africa. For the 3 months ended September, 2009, Pakistan and Afghanistan were moved from the AP to CEMEA region. Several European Union countries in Central Europe, Israel and Turkey are not included in CEMEA. LAC is comprised of countries in Central and South America and the Caribbean. Rest of World includes Asia Pacific, Canada, CEMEA and LAC.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Visa Inc. volumes are reported (“Nominal USD”). These exchange rates are calculated on a quarterly basis using the established exchange rate for each quarter. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring performance, Visa Inc. also reports year-over-year growth in total volume, payments volume and cash volume on the basis of local currency information (“Constant USD”). This presentation represents Visa’s historical methodology which may be subject to review and refinement.

13

Operational Performance Data

2. Cross Border Volume

The table below represents cross border volume growth for cards carrying the Visa, Visa Electron, Interlink and PLUS brands. Cross border volume refers to payments and cash volume where the issuing country is different from the merchant country.

Period	Growth (Nominal USD)		Growth (Constant USD)
3 Months Ended
Mar 31, 2010	19	%	12	%
Dec 31, 2009	8	%	2	%
Sep 30, 2009	-9	%	-5	%
Jun 30, 2009	-15	%	-8	%
Mar 31, 2009	-15	%	-6	%
Dec 31, 2008	-6	%	0	%
Sep 30, 2008	14	%	12	%
Jun 30, 2008	20	%	14	%
12 Months Ended
Mar 31, 2010	-1	%	0	%
Mar 31, 2009	2	%	5	%

3. Processed Transactions

The table below represents transactions involving Visa, Visa Electron, Interlink and PLUS cards processed on Visa’s networks.

Period	Processed Transactions (millions)	Growth
3 Months Ended
Mar 31, 2010	10,648	14	%
Dec 31, 2009	10,924	12	%
Sep 30, 2009	10,463	9	%
Jun 30, 2009	10,266	8	%
Mar 31, 2009	9,360	6	%
Dec 31, 2008	9,797	8	%
Sep 30, 2008	9,590	11	%
Jun 30, 2008	9,473	13	%
12 Months Ended
Mar 31, 2010	42,300	11	%
Mar 31, 2009	38,219	9	%

14

EX-99.2

Visa Inc.

Fiscal Second Quarter

Financial Results

April 28, 2010

Exhibit 99.2

2

Fiscal Q2 2010 Earnings Results

2

Safe Harbor Reminder

•

Certain statements contained in this press release are forward-looking statements

within the meaning of Section 27A of the Securities Act of 1933,

as amended, and

Section 21E of the Securities Exchange Act of 1934, as amended, which are subject to

the “safe harbor”

created by those sections. These statements can be identified by the

terms “anticipate,”

“believe,”

“continue,”

“could,”

“estimate,”

“expect,”

“intend,”

“may,”

“plan,”

“potential,”

“predict,”

“project,”

“should,”

“will”

and similar expressions which are

intended to identify forward-looking statements. In addition, any underlying assumptions

are forward-looking statements. Such forward-looking statements include but are not

limited to statements regarding certain of Visa’s goals and expectations with respect to

earnings per share, revenue, operating margin, free cash flow, and the growth rate in

those items, as well as other measures of economic performance.

•

By their nature, forward-looking statements: (i) speak only as of the date they are made,

(ii) are not guarantees of future performance or results and (iii) are subject to risks,

uncertainties and assumptions that are difficult to predict or quantify. Therefore, actual

results could differ materially and adversely from those forward-looking statements as a

result of a variety of factors, including all the risks discussed under the heading “Risk

Factors”

in Part 1, Item 1A –

“Risk Factors”

in our most recent Annual Report on Form

10-K and subsequent Quarterly Reports on Form 10-Q or Periodic Reports on Form 8-

K, if any. You are cautioned not to place undue reliance on such

statements, which

speak only as of the date of this presentation. Unless required to do so under U.S.

federal securities laws or other applicable laws, we do not intend to update or revise

any forward-looking statements.

3

Fiscal Q2 2010 Earnings Results

Solid Fiscal Second Quarter Results

•

Repurchased additional 2.8 million class A common stock at an average

price of $83.61 during fiscal second quarter

•

Quarterly net income of $713 million, up 33%, and diluted earnings of $0.96

per share, up 35% over prior year

•

Strong operating revenues of $2.0 billion, up 19% over prior year

•

Positive secular trends and continued spending momentum contributed to

solid growth

4

Fiscal Q2 2010 Earnings Results

675

431

244

769

478

291

Total Visa Inc.

Credit

Debit

2008

2009

ROW  38

Quarter ended December

US$ in billions, nominal, except percentages

Payments Volume

ROW

266

ROW

278

U.S.

409

U.S.

438

ROW

331

U.S.

203

228

ROW

U.S.

201

U.S.

206

U.S.

238

ROW  53

Note: Figures may not sum due to rounding. Growth rates calculated based on whole numbers, not rounded numbers. From time to time, previously

submitted volume information may be updated. Prior year volume information presented has not been updated, as changes made are not material. 

Constant dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance.

YOY Change

(nominal)

11%

19%

14%

YOY Change

(constant)

8%

4%

17%

ROW =

Rest of World

5

Fiscal Q2 2010 Earnings Results

617

380

236

745

449

296

Total Visa Inc.

Credit

Debit

2009

2010

ROW  34

Quarter ended March

US$ in billions, nominal, except percentages

Payments Volume

ROW

238

ROW

266

U.S.

379

U.S.

427

ROW

318

U.S.

176

204

ROW

U.S.

182

U.S.

202

U.S.

245

ROW 51

Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent

operating data.  Service revenues continue to be recognized based on payments volume in the prior quarter. From time to time, reported payments

volume information may be updated to reflect revised client submissions or other adjustments. Figures may not sum due to rounding.

ROW =

Rest of World

YOY Change

(nominal)

21%

18%

25%

YOY Change

(constant)

13%

8%

22%

6

Fiscal Q2 2010 Earnings Results

409

161

47

38

20

438

197

64

47

23

United States

Asia Pacific

Latin America and

Caribbean

Canada

Central and

Eastern Europe,

Middle East and

Africa

2008

2009

Quarter ended December

US$ in billions, nominal, except percentages

Payments Volume

Note: Growth rates calculated based on whole numbers, not rounded numbers. From time to time, previously submitted volume information may be

updated. Prior year volume information presented has not been updated, as changes made are not material. Constant dollar growth rates exclude the

impact of foreign currency fluctuations against the U.S. dollar in measuring performance.

YOY Change

(nominal)

7%

22%

38%

22%

16%

YOY Change

(constant)

7%

10%

16%

4%

9%

7

Fiscal Q2 2010 Earnings Results

379

147

42

32

17

427

193

58

44

23

United States

Asia Pacific

Latin America and

Caribbean

Canada

Central and Eastern

Europe, Middle East

and Africa

2009

2010

Quarter ended March

US$ in billions, nominal, except percentages

Payments Volume

Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent

operating data.  Service revenues continue to be recognized based on payments volume in the prior quarter. From time to time, reported payments

volume information may be updated to reflect revised client submissions or other adjustments. Figures may not sum due to rounding.

YOY Change

(nominal)

13%

32%

38%

37%

32%

YOY Change

(constant)

13%

13%

20%

11%

18%

8

Fiscal Q2 2010 Earnings Results

14,898

9,797

14,305

9,360

16,619

10,924

16,090

10,648

Total Transactions

Processed

Transactions

Total Transactions

Processed

Transactions

2008

2009

Quarter ended December

in millions, except percentages

Transactions –

Q2 2010

Note: Processed transactions represent transactions involving Visa, Visa Electron, Interlink and Plus cards processed on Visa’s networks.

Total transactions represent payments and cash transactions as reported by Visa members on their operating certificates. From time to time,

previously

submitted

volume

information

may

be

updated.

Prior

year

volume

information

presented

has

not

been

updated,

as

changes

made

are not material.

Quarter ended March

Debit

63%

Credit

37%

Credit

39%

Debit

61%

Credit

37%

Debit

63%

Credit

36%

Debit

64%

YOY

Change

12%

12%

12%

14%

2009

2010

9

Fiscal Q2 2010 Earnings Results

813

905

1,717

1,024

1,808

784

Credit

Debit

Visa Inc.

2008

2009

Quarter ended December

in millions, except percentages

Total Cards

YOY

Change

(4%)

13%

5%

Note: From time to time, previously submitted cards information may be updated. Prior year cards information presented has not been updated,

as changes made are not material.

10

Fiscal Q2 2010 Earnings Results

1,942

(295)

1,647

2,331

(372)

1,959

Fiscal 2009

Fiscal 2010

Revenue –

Q2 2010

US$ in millions, except percentages

Gross

Revenues

Incentives

Net Operating

Revenues

YOY

Change

20%

26%

19%

Note: Growth rates calculated based on whole numbers, not rounded numbers.

11

Fiscal Q2 2010 Earnings Results

Revenue Detail –

Q2 2010

US$ in millions, except percentages

Service

Revenues

Data

Processing

Revenues

International

Transaction

Revenues

Other

Revenues

804

544

446

148

728

545

173

885

Fiscal 2009

Fiscal 2010

YOY

Change

10%

34%

22%

17%

Note: Growth rates calculated based on whole numbers, not rounded numbers.

12

Fiscal Q2 2010 Earnings Results

Operating Margin –

Q2 2010

US$ in millions, except percentages

1,647

766

881

1,959

837

1,122

Net Operating

Revenues

Total Operating

Expenses

Operating Income

54%

57%

Operating Margin

Fiscal 2009

Fiscal 2010

YOY

Change

3 ppts

19%

9%

27%

Note: Growth rates calculated based on whole numbers, not rounded numbers.

13

Fiscal Q2 2010 Earnings Results

92

196

56

66

0

766

310

98

238

50

62

77

2

837

64

292

Fiscal 2009

Fiscal 2010

Operating Expenses –

Q2 2010

US$ in millions, except percentages

Personnel

Network,

EDP and

Communications

Advertising,

Marketing and

Promotion

Professional

and

Consulting

Fees

Depreciation

and

Amortization

Administrative

and Other

Total Operating

Expenses

Litigation

Provision

YOY

Change

6%

6%

22%

(21)%

12%

16%

NM

9%

Note: Growth rates calculated based on whole numbers, not rounded numbers.

14

Fiscal Q2 2010 Earnings Results

Other Financial Results

•

Cash, cash equivalents, restricted cash and available-for-sale

investment securities of $6.3 billion at the end of the fiscal second

quarter which includes $1.6 billion of restricted cash for litigation

escrow

•

Fiscal second quarter free cash flow of $618 million

•

Utilized $231 million

to repurchase 2.8 million shares of class A

common stock at an average price of $83.61 per share during the fiscal

second quarter. Of the overall $1.0 billion share repurchase plan, $336

million remain available for repurchases

•

Capital expenditures of $42 million during the fiscal second quarter

15

Fiscal Q2 2010 Earnings Results

Less than

$1 billion

Advertising, marketing and promotion expenses

Less than

$1 billion

High end of

11-15% range

Annual net revenue growth

Financial Metrics for Fiscal Year 2010

Annual operating margin

Mid to high      

50% range

High end of

16-17% range

Volume and support incentives as % of gross

revenues

16

Fiscal Q2 2010 Earnings Results

Financial Metrics for Fiscal Year 2010

Capital Expenditures

About $200

million

Annual diluted class A common stock earnings

per share growth

20% +

GAAP tax rate

36.5 to 38.5%

range

Annual free cash flow

$2 billion +

17

Fiscal Q2 2010 Earnings Results

Financial Metrics for Fiscal Year 2011

Annual diluted class A common stock earnings

per share growth

20% +

Annual free cash flow

$2 billion +

Appendix

Reconciliation of

Non-GAAP Measures

Fiscal Q2 2010 Earnings Results

Calculation of Free Cash Flow

US$ in millions

A1

Additions (+) /

Reductions (-)

to Net income

attributable to

Visa Inc.

Net income attributable to Visa Inc. (as reported)

713

1,476

Capital Assets

+

Depreciation and amortization

62

124

-

Capital expenditures

(42)

20

(79)

45

Litigation

+

Litigation provision

2

(41)

+

Accretion expense

6

16

-

Settlement payments

(71)

(144)

+

Settlement payments funded by litigation escrow

70

7

140

(29)

Share-based Compensation

+

Share-based compensation

29

61

Pension

+

Pension expense

7

22

Taxes

+

Income tax expense

401

846

-

Income taxes paid

(734)

(333)

(759)

87

Changes in Working Capital

(1)

+/-

Changes in other working capital accounts

175

(256)

Total Free Cash Flow

618

1,406

Less: Retailers' Litigation Prepayment

-

Settlement payment

-

(682)

Adjusted Free Cash Flow

618

724

(1)

Includes changes in volume & support incentives, trade receivables, settlement receivable/payable, and personnel incentives.

For the six

months ended

March 31, 2010

For the three

months ended

March 31, 2010