U.S. and Europe Retrospective Responsibility Plans (Tables)

12 Months Ended

Sep. 30, 2025

Retrospective Responsibility Plans [Abstract]

Schedule of Changes in the U.S. Litigation Escrow Account

The following table presents the changes in the U.S. litigation escrow account:


	For the Years Ended September 30,
	2025		2024
	(in millions)
Balance as of beginning of period	$	3,089	$	1,764

Deposits into the U.S. litigation escrow account	875		1,500

Payments to opt-out merchants(1), net of interest earned on escrow funds	(974)		(175)
Balance as of end of period	$	2,990	$	3,089

(1)These payments are associated with the interchange multidistrict litigation. See Note 20—Legal Matters.

Schedule of Changes in Preferred Stock and Right to Recover for Covered Losses

The following tables present the activities in the preferred stock and right to recover for covered losses within stockholders’ equity:


	For the Year Ended September 30, 2025
	Preferred Stock				Right to Recover for Covered Losses
	Series B		Series C
	(in millions)
Balance as of beginning of period	$	104	$	387	$	(104)
VE territory covered losses(1)	—		—		(28)
Recovery through conversion rate adjustments	(5)		(3)		8
Ninth Anniversary Release	(32)		(219)		—
Balance as of end of period	$	67	$	165	$	(124)


	For the Year Ended September 30, 2024
	Preferred Stock				Right to Recover for Covered Losses
	Series B		Series C
	(in millions)
Balance as of beginning of period	$	441	$	801	$	(140)
VE territory covered losses(1)	—		—		(139)
Recovery through conversion rate adjustments(2)	(161)		(20)		175
Eighth Anniversary Release	(176)		(394)		—
Balance as of end of period	$	104	$	387	$	(104)

(1)VE territory covered losses reflect litigation provision for settlements with merchants and additional legal costs. See Note 20—Legal Matters.

(2)Adjustments to right to recover for covered losses for the conversion rate adjustments differ from the actual recovered amounts due to differences in foreign exchange rates between the time the losses were incurred and the subsequent recovery through the conversion rate adjustments.

Schedule of Preferred Stock As-Converted Value and Book Value

The following table presents the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred stock recorded within the Company’s consolidated balance sheets:


	September 30,
	2025				2024
	As-converted Value(1),(2)		Book Value		As-converted Value(1),(3)		Book Value
	(in millions)
Series B preferred stock	$	566	$	67	$	684	$	104
Series C preferred stock	823		165		1,550		387
Total	1,389		232		2,234		491
Less: right to recover for covered losses	(124)		(124)		(104)		(104)
Total recovery for covered losses available	$	1,265	$	108	$	2,130	$	387

(1)Figures in the table may not recalculate exactly due to rounding. As-converted value is based on unrounded numbers.

(2)As of September 30, 2025, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 0.6690 and 0.7640, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $341.38, Visa’s class A common stock closing stock price.

(3)As of September 30, 2024, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 1.0030 and 1.7860, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $274.95, Visa’s class A common stock closing stock price.