V · 10-Q · 2026Q1 · Full report
Fair Value Measurements—Equity
VISA INC. · 2026-04-29 · Importance 43 · Surprise 32 · From source text
Visa’s investments in privately held companies do not have readily determinable fair values and are measured at fair value on a non‑recurring basis and classified as Level 3. As of the period end, the carrying amount of non‑marketable equity securities was $1,067 million (March 31, 2026) and $1,056 million (September 30, 2025). The Company records upward or downward adjustments, including impairments, to these investments and discloses unrealized losses in the periods presented. Management judgment is required because significant valuation inputs are unobservable.
Key facts
- Non-marketable equity securities carrying amount as of March 31, 2026: $1,067 million (and $1,056 million as of September 30, 2025). source
- Money market funds classified as Level 1 fair value assets as of March 31, 2026: $8,154 million. source
- The Company performed an annual impairment review of indefinite-lived intangible assets and goodwill as of February 1, 2026 and concluded there was no impairment as of that date. source
- U.S. Treasury securities fair value as of March 31, 2026: $1,264 million. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| assets | positive | realized | +0.0% | Non-marketable equity securities carrying amount as of March 31, 2026: $1,067 million (and $1,056 million as of September 30, 2025). |
| assets | positive | realized | — | The Company performed an annual impairment review of indefinite-lived intangible assets and goodwill as of February 1, 2026 and concluded… |