#1VISA Fiscal Third Quarter 2022 Financial Results July 26, 2022 ©2022 Visa. All rights reserved.#2Fiscal Third Quarter 2022 Results (1) Client Incentives YoY Increase (Decrease) Net Revenues as a % of Gross Revenues Operating Effective Income Expenses Tax Rate Diluted Class A Common Stock Earnings Per Share GAAP Nominal-Dollar Basis 19% 26.1% 51% 10.9% 36% Non-GAAP Nominal-Dollar Basis (2) N/A N/A 15% 13.3% 33% Foreign Currency Impact -3% ~2% ~3.5% Acquisition Impact (~0.5%) 0.1% (-3%) (0.1%) ~1% Adjusted Constant-Dollar Basis (2) 21% 26.2% 14% 13.2% 37% Adjusted Constant-Dollar Basis excluding Russia-Related 26% 26.1% 16% 13.2% 44% Results (2) (1) In March 2022, Visa suspended our operations in Russia. As a result, we are no longer generating revenue from domestic and cross-border activities related to Russia. (2) Refer to Non-GAAP and Adjusted Constant-Dollar Results Footnote and GAAP to Non-GAAP Operating Expenses Results for further information. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 1#3Non-GAAP and Adjusted Constant-Dollar Results Footnote We use non-GAAP and adjusted constant-dollar financial measures of our performance, which exclude certain items that we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We consider non-GAAP and adjusted constant-dollar measures useful to investors because they provide greater transparency into management's view and assessment of our ongoing operating performance. Non-GAAP and adjusted constant-dollar financial measures should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with GAAP. We exclude the following to arrive at our adjusted constant-dollar financial results: • . • impact of non-GAAP items (refer to the financial tables in the earnings release for further details); impact of foreign currency to provide currency-neutral growth rates, which management believes are a better reflection of the underlying performance of our business. Our results are denominated in U.S. dollars and are calculated each quarter by applying an established U.S. dollar/foreign currency exchange rate for each local currency. To eliminate the impact of foreign currency fluctuations against the U.S. dollar in measuring financial performance, Visa Inc. reports year-over-year growth using a fixed current year U.S. dollar/foreign currency exchange rate for the current and prior year periods; and impact of acquisitions, which include operating revenues and expenses of the acquired entities that were not reflected in the full quarter of the previous year and the incremental interest expense or forgone interest income as a result of funding the acquisition through debt or cash, respectively, which management believes enhances the comparability of our results. These amounts will be adjusted until we lap the quarter that the entity was acquired in, at which time there will be comparable results within each reported period. In March 2022, we suspended our operations in Russia. As a result, we are no longer generating revenue from domestic and cross-border activities related to Russia. To eliminate the impact of Russia-related activities in our adjusted constant-dollar financial results, we have excluded relevant revenues and expenses from all periods ("excluding Russia-related results"). VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 2#4Fiscal Third Quarter 2022 Results • Payments volume, cross-border volume and processed transaction growth remained very strong • Returned $3.3B of capital to shareholders in the form of share repurchases and dividends Income Statement Summary Q3 2022 In billions, except percentages and per share data. % change is calculated over the comparable prior-year period. Net Revenues USD % Change $7.3 19% GAAP Net Income $3.4 32% GAAP Earnings Per Share $1.60 36% Non-GAAP Net Income (1) $4.2 29% Non-GAAP Earnings Per Share (1) $1.98 33% (1) Refer to the financial tables in the earnings release for further details and a reconciliation of the GAAP to non-GAAP measures presented. Key Business Drivers YoY increase/(decrease), volume in constant dollars Payments Volume Cross-Border Volume Excluding Intra-Europe (2) Cross-Border Volume Total Processed Transactions (2) Cross-border volume excluding transactions within Europe. VISA Fiscal Third Quarter 2022 Financial Results Q3 2022 12% 48% 40% 16% ©2022 Visa. All rights reserved. 3#5100% 80% 60% 40% 20% 0% Operational Performance Metrics Monthly Growth U.S. Stimulus Payments Total Credit Debit 2021 - 2022 U.S. Payments Volume Growth Total Card Present Card Not Present Card Not Present, Excluding Travel 100% 80% 60% 40% 20% 0% (20%) (20%) Jan Mar May Jul Sep Nov Jan Mar May Jul Jan Mar May Jul Sep Nov Jan Mar May Jul 1-21 1-21 Note: February growth rate for total U.S. payments volume would have been 9% in 2021 if the impact of February 29, 2020 was excluded. Results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. Fiscal Third Quarter 2022 Financial Results VISA ©2022 Visa. All rights reserved. 4#6Operational Performance Metrics Monthly Index vs. 3 years ago 2021 2022 U.S. Payments Volume Index vs. 3 years ago Total Credit Debit 180 170 160 150 140 130 120 110 Total Card Present Card Not Present Card Not Present, Excluding Travel 180 170 160 150 140 130 120 110 100 100 Oct Nov Dec Jan Feb Mar Apr May Jun Jul 1-21 Oct Nov Dec Jan Feb Mar Apr May Jun Jul 1-21 Note: The charts reflect a comparison of volume and transactions indexed to three years ago, with October - December 2021 indexed to 2018 and January - July 2022 indexed to 2019. Refer to Operational Performance Data footnote for further information on these metrics. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 5#7Operational Performance Metrics Monthly Growth 60% 50% 40% 30% 20% 10% 0% 2021 2022 Processed Transactions Growth Jan Mar May Jul Sep Nov Jan Mar May Jul 1-21 Note: February growth rate would have been 2% in 2021 if the impact of February 29, 2020 was excluded. Results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. Fiscal Third Quarter 2022 Financial Results VISA ©2022 Visa. All rights reserved. 6#8Operational Performance Metrics Monthly Index vs. 3 years ago 2021 2022 Processed Transactions Index vs. 3 years ago 150 140 130 120 110 100 Oct Nov Dec Jan Feb Mar Apr May Jun Jul 1-21 Note: The charts reflect a comparison of volume and transactions indexed to three years ago, with October - December 2021 indexed to 2018 and January - July 2022 indexed to 2019. Refer to Operational Performance Data footnote for further information on these metrics. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 7#9Operational Performance Metrics Monthly Growth 2021 2022 Cross-Border Volume Growth (Constant Dollar) Excluding Intra-Europe Total 2021 2022 Cross-Border Volume Growth Excluding Intra-Europe (Constant Dollar) Total Card Not Present Card Present + Card Not Present Travel Card Not Present, Excluding Travel 160% 140% 160% 140% 120% 120% 100% 100% 80% 80% 60% 60% 40% 40% 20% 20% 0% 0% (20%) (20%) (40%) (40%) (60%) (60%) Jan Mar May Jul Sep Nov Jan Mar May Jul 1-21 Jan Mar May Jul Sep Nov Jan Mar May Jul 1-21 Note: February growth rates for cross-border volume excluding intra-Europe and total cross-border volume would have been (26%) and (16%) in 2021, respectively, if the impact of February 29, 2020 was excluded. Results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 8#10180 160 140 120 100 80 Operational Performance Metrics Monthly Index vs. 3 years ago 2021 2022 Cross-Border Volume Index vs. 3 years ago (Constant Dollar) 2021 2022 Cross-Border Volume Index vs. 3 years ago Excluding Intra-Europe (Constant Dollar) Excluding Intra-Europe Total Total Card Not Present 180 160 140 120 100 80 Card Present + Card Not Present Travel Card Not Present, Excluding Travel 60 60 Oct Nov Dec Jan Feb Mar Apr May Jun Jul Oct Nov Dec Jan Feb Mar Apr May Jun Jul 1-21 1-21 Note: The charts reflect a comparison of volume and transactions indexed to three years ago, with October-December 2021 indexed to 2018 and January - July 2022 indexed to 2019. Refer to Operational Performance Data footnote for further information on these metrics. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 9#11Payments Volume Results Q3 FY2022 Visa Inc. 16% 12% 8% Nominal USD (in billions) U.S. $1,489 International $1,450 Total $2,939 Credit $728 $762 $1,490 20% Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA Fiscal Third Quarter 2022 Financial Results Debit Nominal Constant 5% 1% $760 $688 $1,449 ©2022 Visa. All rights reserved. 10#12Payments Volume Results Q2 FY2022 Visa Inc. Credit 22% 20% 17% 14% Nominal USD (in billions) U.S. $1,337 International $1,438 Total $2,775 $638 $732 $1,370 Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA Fiscal Third Quarter 2022 Financial Results Debit Nominal Constant 12% 10% $699 $706 $1,405 ©2022 Visa. All rights reserved. 11#13Transactions and Cross-Border Volume Results Q3 FY2022 Transactions 7% 7% Total Payments Transaction Count (in millions) Credit 21,860 21,672 Debit 42,067 37,939 Total 63,927 59,611 28% 16% Processed 49,279 Cross-Border 48% 40% Total Nominal Total Constant Constant (excluding Intra-Europe)" (1) Cross-border volume excluding transactions within Europe. Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 12#14Total Cards (in millions) Q2 FY2022 Total Visa Inc. Credit Debit 8% 5% 9% 3,924 3,646 1,158 1,213 Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data footnote for further information on these metrics. VISA Fiscal Third Quarter 2022 Financial Results 2,711 2,488 2021 2022 ©2022 Visa. All rights reserved. 13#15Revenue Results Q3 FY2022 13% 8% 51% 26% 21% 19% 19% Service Revenues Data Processing Revenues International Transaction Revenues Other Revenues Gross Revenues Client Incentives Net Revenues Reported Nominal USD (in millions) $3,189 $3,579 $2,560 $517 $9,845 $7,275 Note: The chart results are calculated over the comparable prior-year period. Percentage changes are calculated based on unrounded numbers. VISA Fiscal Third Quarter 2022 Financial Results ($2,570) Client Incentives as a % of Gross Revenues 26.1% ©2022 Visa. All rights reserved. 14#16Operating Expenses Results Q3 FY2022 17% 17% Personnel 13% 9% 51% 41% NM Marketing (4%) Network & Processing Professional Fees Depreciation & Amortization General & Administrative Litigation Provision Total Operating Expenses Reported Nominal USD (in millions) $1,283 NM - Not Meaningful $313 $178 $117 $230 $289 $717 $3,127 Note: The chart results are calculated over the comparable prior-year period. Percentage changes are calculated based on unrounded numbers. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 15#17GAAP to Non-GAAP Operating Expenses Results Q3 FY2022 As reported Amortization of acquired intangible assets Acquisition-related costs Litigation provision Non-GAAP Three Months Ended June 30, 2022 Personnel Marketing Network and processing Professional fees 1,283 $ 313 $ 178 $ Depreciation and amortization General and administrative Litigation provision Total operating expenses YOY Change (in millions, except percentages) 117 $ 230 $ 289 $ 717 $ 3,127 51 % (44) (44) (12) (1) (1) (14) 1,271 $ 313 $ 178 $ 116 $ 185 $ 289 $ (716) 1 $ (716) 2,353 15% VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 16#18Other Notable Items • . On June 1, 2022, Visa issued fixed-rate senior notes in an aggregate principal amount of €3.0 billion with maturities ranging between 4 and 12 years, and interest rates from 1.500% to 2.375%. The net proceeds from the offering of the notes will be used for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness. On June 29, 2022, Visa deposited $600 million into its litigation escrow account, which was previously established under the Company's U.S. retrospective responsibility plan to insulate the Company and class A shareholders from financial liability for certain litigation cases. This deposit has the same economic effect on earnings per share as repurchasing the Company's class A common stock as it reduces the as-converted class B common stock share count at a volume-weighted average price of $200.25. At the closing of the acquisition of Visa Europe in June 2016, Visa Inc. issued convertible participating preferred stock to cover certain expenses incurred by Visa in defending and resolving multilateral interchange fee-related claims asserted in the UK and Europe. Visa is required to undertake periodic release assessments to determine if value should be released from the series B and C preferred stock. The first such release assessment occurred on June 21, 2020, the fourth anniversary of the Visa Europe acquisition. As a result, on September 24, 2020, Visa released $7.3 billion of the as-converted value from its series B and C preferred stock and issued series A preferred stock. The second release assessment occurred on June 21, 2022, the sixth anniversary of the Visa Europe acquisition. Visa announced that it will release approximately $3.5 billion of the as-converted value from its series B and C preferred stock and will issue series A preferred stock, effective July 29, 2022. This will not affect the fully diluted share count. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 17#19Operational Data Performance Footnote 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. Total transactions represent payments and cash transactions as reported by Visa clients on their operating certificates. Processed transactions represent transactions involving cards and other form factors carrying the Visa, Visa Electron, Interlink, V PAY and PLUS cards processed on Visa's networks. Reported volume, transaction and 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 and totals are calculated based on unrounded numbers. Constant-dollar growth rates exclude the impact of foreign currency fluctuations against the U.S. dollar in measuring performance. Due to Visa's suspension of operations in Russia in March 2022, the data no longer includes volumes and transactions for Russia clients starting the three months ended June 30, 2022 and accounts and cards starting the three months ended March 31, 2022. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 18#20Free Cash Flow We had cash, cash equivalents and investment securities of $19.6 billion as of June 30, 2022. (USD in millions) Calculation of Free Cash Flow Q3 2022 Q3 2022 YTD Net cash provided by operating activities Less: capital expenditures Free cash flow (1) $5,252 $12,973 (235) (675) $5,017 $12,298 (1) Free Cash Flow is cash provided by operating activities adjusted to reflect capital investments made in the business. (USD in millions) Cash Returned to Shareholders Share repurchases Dividends Q3 2022 Q3 2022 YTD $2,462 $798 $9,451 $2,409 Note: Management believes that this presentation is useful to measure Visa's generation of cash available to first re-invest in the business, and then return excess cash to shareholders through share repurchases and cash dividends. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 19#21Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth and anticipated timing and benefits of our acquisitions. Forward-looking statements generally are identified by words such as "anticipates,” “believes," "estimates,” “expects," "intends,” “may,” “projects,” “outlook,” “could,” “should,” “will,” "continue" and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. . Actual results could differ materially from those expressed in, or implied by, our forward-looking statements due to a variety of factors, including, but not limited to: impact of global economic, political, market, health and social events or conditions, including Russia's invasion of Ukraine and the sanctions and other measures being imposed in response, and the ongoing impacts of the COVID-19 pandemic, including the reopening of borders and resumption of international travel; • • increased oversight and regulation of the global payments industry and our business; impact of government-imposed obligations and/or restrictions on international payment systems; • outcome of tax, litigation and governmental investigation matters; . • . increasingly intense competition in the payments industry, including competition for our clients and merchants; proliferation and continuous evolution of new technologies and business models; our ability to maintain relationships with our clients, acquirers, processors, merchants, payments facilitators, ecommerce platforms, fintechs and other third parties; exposure to loss or illiquidity due to settlement guarantees; • brand or reputational damage; • . a disruption, failure, breach or cyber-attack of our networks or systems; • • risks, uncertainties and the failure to achieve the anticipated benefits with respect to our acquisitions and other strategic investments; and other factors described in our filings with the U.S. Securities and Exchange Commission, including our Annual Report on Form 10-K for the year ended September 30, 2021, and our subsequent reports on Forms 10-Q and 8-K. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. VISA Fiscal Third Quarter 2022 Financial Results ©2022 Visa. All rights reserved. 20