Visa Inc.

Fiscal Second Quarter 2015

Financial Results

April 30, 2015

Exhibit 99.2

Fiscal Second Quarter 2015 Financial Results

2

This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking

statements

generally

are

identified

by

words

such

as

"estimates,"

"expectation,"

“outlook,”

"will,"

"continued"

and

other

similar

expressions.

Examples

of

forward-looking statements include, but are not limited to, statements we make about our revenue, client incentives, operating margin, tax rate, earnings

per share, free cash flow, and the growth of those items.

By

their

nature,

forward-looking

statements:

(i)

speak

only

as

of

the

date

they

are

made;

(ii)

are

not

statements

of

historical

fact

or

guarantees

of

future

performance; and (iii) are subject to risks, uncertainties, assumptions or changes in circumstances that are difficult to predict or quantify. Therefore, actual

results could differ materially and adversely from our forward-looking statements due to a variety of factors, including the following:

•

•rules

capping

debit

interchange

reimbursement

rates

and

expanding

financial

institutions’

and

merchants’

choices

among

debit

payments

networks

promulgated under the Dodd-Frank Wall Street Reform and Consumer Protection Act;

•increased regulation in jurisdictions outside of the United States and in other product categories;

•increased government support of national payments networks outside the United States; and

•increased regulation of consumer privacy, data use and security;

•developments

•new lawsuits, investigations or proceedings, or changes to our potential exposure in connection with pending lawsuits, investigations or proceedings;

•economic factors, such as:

•economic fragility in the Eurozone and in the United States;

•general economic, political and social conditions in mature and emerging markets globally;

•general stock market fluctuations, which may impact consumer spending;

•material changes in cross-border activity, foreign exchange controls and fluctuations in currency exchange rates;

•volatility in market prices for oil and natural gas; and

•material changes in our financial institution clients' performance compared to our estimates;

•

•

•disruption of our transaction processing systems or the inability to process transactions efficiently;

•account data breaches or increased fraudulent or other illegal activities involving Visa-branded cards or payment products; and

•failure to maintain systems interoperability with Visa Europe;

•

•

•

•

Forward-Looking Statements

various other factors, including those contained in our Annual Report on Form 10-K for the year ended September 30, 2014, and our other filings with

the U.S. Securities and Exchange Commission. You should not place undue reliance on such statements. Except as required by law, we do not

intend to update or revise any forward–looking statements as a result of new information, future developments or otherwise.

the impact of laws, regulations and marketplace barriers, including:

in

litigation

and

government

enforcement,

including

those

affecting

interchange

reimbursement

fees,

antitrust

and

tax;

industry developments, such as competitive pressure, rapid technological developments and disintermediation from our payments network;

system developments, such as:

costs arising if Visa Europe were to exercise its right to require us to acquire all of its outstanding stock;

the loss of organizational effectiveness or key employees;

the failure to integrate acquisitions successfully or to effectively develop new products and businesses;

natural disasters, terrorist attacks, military or political conflicts, and public health emergencies; and

Fiscal Second Quarter 2015 Financial Results

3

Solid Fiscal Second Quarter Results

Solid operating revenues of $3.4 billion, up 8% over prior year

Repurchased 16.2 million shares of class A common stock in

the open market at an average price of $64.84 per share,

using $1.1 billion of cash on hand

Continued positive secular trends and spending momentum

contributed to growth in key underlying business drivers

Quarterly net income of $1.6 billion and diluted earnings per

share of $0.63

Note: All per share amounts presented reflect the company’s four-for-one class A common stock split effected March

19, 2015.

Fiscal Second Quarter 2015 Financial Results

4

Quarter ended December

Payments Volume

US$ in billions, nominal, except percentages

YOY Change

(constant)

11%

13%

9%

YOY Change

(nominal)

8%

5%

7%

Note: Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers. On occasion,

previously submitted volume information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not

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

2013

2014

INTL

594

INTL

468

INTL 124

INTL 127

U.S.

591

U.S.

288

U.S.

303

1,164

1,245

737

795

427

450

INTL

=

International

Total Visa Inc.

Credit

Debit

U.S.

651

INTL

573

U.S.

327

INTL

450

U.S.

323

Fiscal Second Quarter 2015 Financial Results

5

Quarter ended March

Payments Volume

US$ in billions, nominal, except percentages

YOY Change

(constant)

11%

13%

8%

YOY Change

(nominal)

7%

4%

5%

Note: Current quarter payments volume and other select metrics are provided in the operational performance data supplement in the press release

to

provide

more

recent

operating

data.

Service

revenues

continue

to

be

recognized

based

on

payments

volume

in

the

prior

quarter.

On

occasion,

reported payments volume information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not

material. Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

2014

2015

INTL

533

INTL

541

INTL

417

INTL

429

INTL 115

INTL 111

U.S.

575

U.S.

627

U.S.

269

U.S.

302

U.S.

305

U.S.

325

1,108

1,168

687

732

421

436

Total Visa Inc.

Credit

Debit

INTL

=

International

Fiscal Second Quarter 2015 Financial Results

6

Quarter ended March

Transactions

in millions, except percentages

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 clients on their operating certificates. On occasion, previously

submitted transaction information may be updated to reflect revised client submissions or other adjustments. Prior period updates are not material.

Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

YOY

Change

10%

11%

2014

2015

37%

Credit

22,742

25,082

15,354

16,980

Processed Transactions

Total Transactions

63%

Debit

37%

Credit

63%

Debit

Fiscal Second Quarter 2015 Financial Results

7

Quarter ended December

Total Cards

in millions, except percentages

Note: The data presented is based on results reported quarterly by Visa clients on their operating certificates. Estimates may be utilized if data is

unavailable. On occasion, previously submitted card information may be updated to reflect revised client submissions or other adjustments. Prior

period

updates

are

not

material.

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentage

changes

are

calculated

based

on

unrounded

numbers.

YOY

Change

6%

10%

8%

2013

2014

2,220

811

1,409

2,403

857

1,546

Visa Inc.

Credit

Debit

Fiscal Second Quarter 2015 Financial Results

8

Revenue –

Q2 2015

US$ in millions, except percentages

Note: Figures may not recalculate exactly due to rounding. Percentages are calculated based on unrounded numbers.

YOY

Change

15%

8%

9%

Fiscal 2015 % of

Gross Revenues

17%

83%

3,750

(587)

3,163

4,085

(676)

3,409

Gross Revenues

Client

Incentives

Net Operating

Revenues

Fiscal 2014

Fiscal 2015

Fiscal Second Quarter 2015 Financial Results

9

Revenue

Detail

–

Q2

2015

US$ in millions, except percentages

Note: Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

YOY

Change

9%

11%

8%

12%

1,462

1,234

871

183

1,577

1,340

964

204

Service Revenues

Data Processing

Revenues

International

Transaction Revenues

Other Revenues

Fiscal 2014

Fiscal 2015

Fiscal Second Quarter 2015 Financial Results

10

Operating

Margin

–

Q2

2015

US$ in millions, except percentages

Note:

Operating

margin

is

calculated

as

operating

income

divided

by

net

operating

revenues.

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentages are calculated based on unrounded numbers.

YOY

Change

1%

11%

8%

2ppt

3,163

1,115

2,048

3,409

1,128

2,281

Net Operating

Revenues

Total Operating

Expenses

Operating

Income

Fiscal 2014

Fiscal 2015

65%

67%

Operating

Margin

Fiscal Second Quarter 2015 Financial Results

11

Operating

Expenses

–

Q2

2015

US$ in millions, except percentages

Note: Figures may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

YOY

Change

(9%)

—

8%

18%

17%

(22%)

NM

446

245

120

77

107

120

0

483

190

109

77

125

141

3

Personnel

Marketing

Network &

Processing

Professional

Fees

Depreciation &

Amortization

General &

Administrative

Litigation Provision

Fiscal 2014

Fiscal 2015

Fiscal Second Quarter 2015 Financial Results

12

Other Financial Results

•

Cash, cash equivalents and available-for-sale investment securities of $7.3

billion at the end of the fiscal second quarter

•

Free cash flow of $1.0 billion for the fiscal second quarter

•

Capital expenditures of $98 million during the fiscal second quarter

•

Effected a four-for-one split of class A common stock on March 19, 2015

Fiscal Second Quarter 2015 Financial Results

13

Financial Metrics for Fiscal Year 2015

Note: Fiscal full-year 2015 annual diluted earnings per share growth assumes an adjusted basis for fiscal full-year 2014.

17.5% -

18.5% range

Mid 60s

Low 30s

Low-end of the mid-teens range

Greater than $6 billion

Constant dollar revenue growth of low double digits

Negative 2 ppts foreign currency impact

Annual free cash flow

Annual

diluted

class

A

common stock earnings per

share growth

Tax rate

Annual operating margin

Client incentives as % of

gross revenues

Annual net revenue growth

Appendix

Fiscal Second Quarter 2015 Financial Results

Calculation of Free Cash Flow

US$ in millions

A-1

Additions (+) /

Reductions (-)

to Net income

Net income (as reported)

1,550

3,119

Capital Assets

+

Depreciation and amortization

125

245

-

Capital expenditures

(98)

(202)

27

43

Litigation

+

Litigation provision

3

3

-

Settlement payments

(221)

(324)

+

Settlement payments funded by litigation escrow

221

321

3

Share-based Compensation

+

Share-based compensation

48

93

Pension

+

Pension expense

5

11

-

Pension contribution

(2)

5

9

Taxes

+

Income tax provision

732

1,425

-

Income taxes paid

(1,319)

(1,376)

(587)

49

Changes in Working Capital

+/-

Changes in other working capital accounts

(1)

(31)

(438)

Total Free Cash Flow

1,015

2,875

Three Months Ended

March 31, 2015

Six Months Ended

March 31, 2015

Includes changes in client incentives, trade receivable/payable, settlement receivable/payable and personnel incentives. 

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