The Revenue LinesWide moat

Visa (V) — moat facet

Four prices on one network: the three tolls each doubled since 2018, and the services line quadrupled.

Visa bills four kinds of fee, and before any of them reaches net revenue it gives a large part back. In fiscal 2025 service revenue was $17,539 million, data processing revenue $19,993 million, international transaction revenue $14,166 million and other revenue $4,053 million, and client incentives of $15,751 million were deducted from the total.1 Net revenue was $40,000 million.2

Share of gross revenue by line (%)FY2018FY2025Data processing34.6%35.9%Service34.2%31.5%International27.6%25.4%Other3.6%7.3%Visa Forms 10-K FY2020 and FY2025
Seven years moved the mix only a few points; the small line doubled its share.

The four lines are four prices on the same network. Service revenue is charged on payments volume, data processing revenue on processed transactions, international transaction revenue on cross-border volume and currency conversion, and other revenue is mostly advisory and other value-added services, brand licences and certification fees.3

The mix has moved slowly. In fiscal 2018 the four were 34.2%, 34.6%, 27.6% and 3.6% of gross revenue; in fiscal 2025 they were 31.5%, 35.9%, 25.4% and 7.3%.456 The three core lines each roughly doubled over those seven years, compounding at 10% to 12% a year, while other revenue grew 4.3 times.7

Visa reports a single segment and discloses no profit by line.8 What can be said is that the four share one cost base; the pages on Fixed Cost, Zero Marginal Cost cover why volume converts to profit so efficiently.

The first nine months of fiscal 2026 ranked the lines by growth: other revenue up 40%, data processing 17%, service 13% and international transaction 7%.910 The line with the highest take on each dollar grew slowest, because currencies moved less.

The question the four raise together is whether growth is shifting from the toll to the services. The measure is other revenue's share of gross revenue, 7.3% in fiscal 2025; above 10% would mean a meaningful part of Visa is being paid for something other than moving money.

Moat trajectory: Holding steady

All four lines grew in the first nine months of fiscal 2026; other revenue fastest at 40%, international transaction slowest at 7%.

The number that tests this moat
Moat Explorer calc
Other revenue as a share of gross revenue
7.3% in FY2025, from 3.6% in FY2018

Above 10% would mean a meaningful part of Visa is paid for something other than moving money.

How it's calculated: 4,053 / 55,751 for FY2025; 944 / 26,100 for FY2018.
Source: Visa Forms 10-K FY2020 and FY2025 (Moat Explorer calc) ↗
Dig deeper
DIG DEEPER 01
Data processing
Under eight cents a transaction on 257.5 billion transactions: the largest line and the hardest to undercut.
DIG DEEPER 02
Service
About 12.6 basis points of what cardholders spend, paid by the banks Visa also pays to keep.
DIG DEEPER 03
International transaction
The richest toll and the least controllable: cross-border volume up 14% in the June 2026 quarter, the revenue on it up 6%.
DIG DEEPER 04
Other
The line growing four times faster than the network, sold to the same banks that collect Visa's incentives.
References
  1. ReportedIn fiscal 2025 service revenue was $17,539 million, data processing revenue $19,993 million, international transaction revenue $14,166 million and other revenue $4,053 million, and client incentives of $15,751 million were deducted from the total.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  2. ReportedNet revenue was $40,000 million.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  3. ReportedService revenue is charged on payments volume, data processing revenue on processed transactions, international transaction revenue on cross-border volume and currency conversion, and other revenue is mostly advisory and other value-added services, brand licences and certification fees.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  4. ReportedIn fiscal 2018 the four were 34.2%, 34.6%, 27.6% and 3.6% of gross revenue; in fiscal 2025 they were 31.5%, 35.9%, 25.4% and 7.3%.
    Visa Form 10-K FY2020 - net revenues by line 2018-2020: service $8,918M/$9,700M/$9,804M, data processing $9,027M/$10,333M/$10,975M, international transaction $7,211M/$7,804M/$6,299M, other $944M/$1,313M/$1,432M; international transaction revenues fell 19% on a 23% decline in nominal cross-border volumes, excluding transactions within Europe, as COVID-19 spread — FY2018-FY2020 · publ. 19 November 2020 · source ↗
  5. ReportedIn fiscal 2018 the four were 34.2%, 34.6%, 27.6% and 3.6% of gross revenue; in fiscal 2025 they were 31.5%, 35.9%, 25.4% and 7.3%.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  6. Moat Explorer calcIn fiscal 2018 the four were 34.2%, 34.6%, 27.6% and 3.6% of gross revenue; in fiscal 2025 they were 31.5%, 35.9%, 25.4% and 7.3%.
    Moat Explorer calculation from Visa's Forms 10-K FY2020 and FY2025 and the Q3 FY2026 10-Q: line shares of gross revenue, compound growth rates, revenue per processed transaction and per dollar of payments volume — FY2018 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  7. Moat Explorer calcThe three core lines each roughly doubled over those seven years, compounding at 10% to 12% a year, while other revenue grew 4.3 times.
    Moat Explorer calculation from Visa's Forms 10-K FY2020 and FY2025 and the Q3 FY2026 10-Q: line shares of gross revenue, compound growth rates, revenue per processed transaction and per dollar of payments volume — FY2018 to Q3 FY2026 · publ. 2026-09-23 · source ↗
  8. ReportedVisa reports a single segment and discloses no profit by line.
    Visa Form 10-K FY2025 - net revenue by line 2023-2025: service $14,826M/$16,114M/$17,539M, data processing $16,007M/$17,714M/$19,993M, international transaction $11,638M/$12,665M/$14,166M, other $2,479M/$3,197M/$4,053M, client incentives ($12,297M)/($13,764M)/($15,751M), net revenue $32,653M/$35,926M/$40,000M; line definitions; FY2025 drivers: service +9% on 7% payments volume growth, pricing and card benefits; data processing +13% on 10% more processed transactions and pricing; international transaction +12% on 13% cross-border volume growth and currency volatility; other +27% on advisory and other services and pricing; processed transactions 212,579M/233,758M/257,545M; payments volume $13.9 trillion; 329 billion Visa-branded transactions; one reportable segment — FY2023-FY2025 · publ. 6 November 2025 · source ↗
  9. ReportedThe first nine months of fiscal 2026 ranked the lines by growth: other revenue up 40%, data processing 17%, service 13% and international transaction 7%.
    Visa Form 10-Q, quarter to 30 June 2026 - service $4,922M against $4,330M, data processing $6,042M against $5,153M, international transaction $3,853M against $3,633M, other $1,496M against $1,028M; nine months $14,663M, $17,129M, $11,136M and $4,030M against $12,937M, $14,599M, $10,366M and $2,877M; drivers: payments volume +11%, processed transactions +10%, cross-border volume +14% excluding Europe partly offset by lower currency volatility, growth in Advisory and Other Services, select pricing modifications; processed transactions 71,662M — Q3 FY2026 · publ. 29 July 2026 · source ↗
  10. Moat Explorer calcThe first nine months of fiscal 2026 ranked the lines by growth: other revenue up 40%, data processing 17%, service 13% and international transaction 7%.
    Moat Explorer calculation from Visa's Forms 10-K FY2020 and FY2025 and the Q3 FY2026 10-Q: line shares of gross revenue, compound growth rates, revenue per processed transaction and per dollar of payments volume — FY2018 to Q3 FY2026 · publ. 2026-09-23 · source ↗
Sources
Generated September 23, 2026