Visa Inc. reported $11.2 billion in revenue for its fiscal second quarter, the company announced Tuesday. The payments processor also unveiled a $20 billion share buyback program and disclosed that its stablecoin pilot has reached a $7 billion annualized run rate.
Strong earnings and a $20 billion bet on itself
Revenue for the quarter came in at $11.2 billion, reflecting continued growth in transaction volumes across Visa's network. The company did not break out net income or provide comparable prior-year figures in the release, but the topline number underscores its dominance in card-based payments.
The $20 billion buyback program—one of the largest in the company's history—signals that Visa sees its own stock as undervalued or that it expects strong cash flow ahead. Buybacks reduce the number of shares outstanding, boosting earnings per share over time. Investors typically view such moves as a vote of confidence from management.
Stablecoin pilot gains traction
Visa also gave an update on its experimental stablecoin settlement pilot, which has hit a $7 billion run rate. The pilot lets select merchants settle transactions using fiat-backed stablecoins, bypassing traditional bank rails for cross-border payments. While still small relative to Visa's overall volume, the run rate suggests growing adoption among the test group.
The company first announced the pilot last year, partnering with crypto infrastructure firms to enable settlement in USDC on the Ethereum blockchain. A $7 billion annualized run rate means roughly $580 million in monthly settlement volume—modest for a network that processes trillions, but enough to show the concept works.
How Visa scales stablecoin settlement beyond the pilot remains an open question. The company has not said whether it plans to expand the program to more merchants or additional blockchains. Regulatory uncertainty around stablecoins in the U.S. and Europe could slow broader rollout.
Meanwhile, the buyback program will begin in the coming quarters. Visa did not specify a deadline for completing the $20 billion in share repurchases.
