v3.26.1
Debt
 6 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt
Note 8—Debt
The Company had outstanding debt as follows:
March 31,
2026		September 30,
2025
Effective Interest Rate(1)
(in millions, except percentages)
U.S. dollar notes
3.15% Senior Notes due December 2025
$— $4,000 3.26%
1.90% Senior Notes due April 2027
1,500 1,500 2.02%
0.75% Senior Notes due August 2027
500 500 0.84%
2.75% Senior Notes due September 2027
750 750 2.91%
3.80% Senior Notes due February 2029
900 — 3.99%
2.05% Senior Notes due April 2030
1,500 1,500 2.13%
4.10% Senior Notes due February 2031
750 — 4.23%
1.10% Senior Notes due February 2031
1,000 1,000 1.20%
4.40% Senior Notes due February 2033
700 — 4.54%
4.15% Senior Notes due December 2035
1,500 1,500 4.23%
4.70% Senior Notes due February 2036
650 — 4.79%
2.70% Senior Notes due April 2040
1,000 1,000 2.80%
4.30% Senior Notes due December 2045
3,500 3,500 4.37%
3.65% Senior Notes due September 2047
750 750 3.73%
2.00% Senior Notes due August 2050
1,750 1,750 2.09%
Euro notes
1.50% Senior Notes due June 2026
1,560 1,587 1.71%
2.25% Senior Notes due May 2028
1,444 1,470 2.57%
2.00% Senior Notes due June 2029
1,156 1,176 2.13%
3.125% Senior Notes due May 2033
1,156 1,176 3.20%
2.375% Senior Notes due June 2034
751 764 2.53%
3.50% Senior Notes due May 2037
751 764 3.62%
3.875% Senior Notes due May 2044
693 705 4.02%
Total debt
24,261 25,392 
Unamortized discounts and debt issuance costs(172)(171)
Hedge accounting fair value adjustments(2)
(113)(50)
Total carrying value of debt
$23,976 $25,171 
Reported as:
Current maturities of debt$1,559 $5,569 
Long-term debt22,417 19,602 
Total carrying value of debt
$23,976 $25,171 
(1)Effective interest rates disclosed do not reflect hedge accounting adjustments.
(2)Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.
Senior Notes
In February 2026, the Company issued fixed-rate senior notes in a public offering in an aggregate principal amount of $3.0 billion, with maturities ranging between 3 and 10 years and interest rates ranging between 3.80% and 4.70%. Interest on these notes is payable semi-annually on February 12 and August 12 of each year, commencing August 12, 2026. The net aggregate proceeds, after deducting discounts and debt issuance costs, were approximately $3.0 billion. The Company intends to use the net proceeds for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness.
The Company’s outstanding senior notes are senior unsecured obligations of the Company, ranking equally and ratably among themselves and with the Company’s existing and future unsecured and unsubordinated debt. The senior notes are not secured by any assets of the Company and are not guaranteed by any of the Company’s subsidiaries. As of March 31, 2026, the Company was in compliance with all related covenants. Each series of senior notes may be redeemed as a whole or in part at the Company’s option at any time at specified redemption prices.
During the six months ended March 31, 2026, the Company repaid $4.0 billion of principal upon maturity of its senior notes due December 2025.
Commercial Paper Program
Visa maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company is authorized to issue up to $3.0 billion in outstanding notes, with maturities up to 397 days from the date of issuance. As of March 31, 2026 and September 30, 2025, the Company had no outstanding obligations under the program. In April 2026, the Company issued and fully repaid $500 million of commercial paper.