V · 10-K · 2026A · Full report

Operating Expense Trends

VISA INC. · 2026-11-05 · Importance 35 · Surprise 22

Fiscal 2026 operating expenses rose 11% to $17.793 billion from $16.006 billion, primarily because of higher personnel and marketing expenses. Personnel expense increased to $7.934 billion from $6.961 billion, reflecting more employees, compensation costs, acquisitions and severance; marketing expense rose to $2.315 billion from $1.684 billion, partly due to the FIFA World Cup 2026 and Milano Cortina 2026. Network and processing expense increased with technology and network investment and acquired-business costs, while professional fees rose due to legal work, client engagements and acquisition costs. Litigation provision declined to $1.764 billion from $2.562 billion, primarily because accruals for U.S. covered litigation were lower.

Key facts

• Fiscal 2026 non-GAAP operating expenses were $14.919 billion, compared with $12.906 billion in fiscal 2025, an increase of 16%. source
• Fiscal 2026 operating expenses were $17.793 billion, up 11% over fiscal 2025, primarily due to higher personnel and marketing expenses. source
• Fiscal 2026 personnel expenses were $7.934 billion, compared with $6.961 billion in fiscal 2025. source
• Fiscal 2026 marketing expenses were $2.315 billion, compared with $1.684 billion in fiscal 2025. source
• Fiscal 2026 general and administrative expenses were $2.297 billion, compared with $1.926 billion in fiscal 2025. source
• Fiscal 2026 depreciation and amortization expenses were $1.403 billion, compared with $1.220 billion in fiscal 2025. source
• Fiscal 2026 personnel expenses increased due to higher employee numbers and compensation costs, including from acquisitions, and higher severance costs tied to operational efficiency actions and reinvestment in high-growth opportunities. source
• Fiscal 2026 marketing expenses increased primarily due to higher client marketing and campaign spending, partly driven by the FIFA World Cup 2026 and the Olympic and Paralympic Winter Games Milano Cortina 2026. source