Visa Inc.

Fiscal Second Quarter 2014

Financial Results

April 24, 2014

Exhibit 99.2

Fiscal Second Quarter 2014 Financial Results

2

This

presentation

contains

forward-looking

statements

within

the

meaning

of

the

U.S.

Private

Securities

Litigation

Reform

Act

of

1995.

Forward-looking

statements

generally

are

identified

by

words

such

as

"believes,"

"estimates,"

"expects,"

"intends,"

"may,"

"projects,"

"could,"

"should,"

"will,"

"will

continue"

and

other

similar

expressions.

Examples

of

forward-looking

statements

include,

but

are

not

limited

to,

statements

we

make

about

our

revenue,

client

incentives,

operating

margin,

earnings

per

share,

free

cash

flow,

tax

rate

and

the

growth

of

those

items.

By

their

nature,

forward-looking

statements:

(i)

speak

only

as

of

the

date

they

are

made;

(ii)

are

not

statements

of

historical

fact

or

guarantees

of

future

performance;

and

(iii)

are

subject

to

risks,

uncertainties,

assumptions

or

changes

in

circumstances

that

are

difficult

to

predict

or

quantify.

Therefore,

actual

results

could

differ

materially

and

adversely

from

our

forward-looking

statements

due

to

a

variety

of

factors,

including

the

following:

•rules

capping

debit

interchange

reimbursement

rates

and

expanding

financial

institutions’

and

merchants’

choices

among

debit

payment

networks

promulgated

under

the

Dodd-Frank

Wall

Street

Reform

and

Consumer

Protection

Act;

•increased

regulation

in

jurisdictions

outside

of

the

United

States

and

in

other

product

categories;

•increased

government

support

of

national

payment

networks

outside

the

United

States;

and

•increased

regulation

on

consumer

privacy,

data

use

and

security;

•economic

fragility

in

the

Eurozone

and

in

the

United

States;

•general

economic,

political

and

social

conditions

in

mature

and

emerging

markets

globally;

•material

changes

in

cross-border

activity,

foreign

exchange

controls

and

fluctuations

in

currency

exchange

rates;

and

•material

changes

in

our

financial

institution

clients'

performance

compared

to

our

estimates;

•disruption

of

our

transaction

processing

systems

or

the

inability

to

process

transactions

efficiently;

•account

data

breaches

or

increased

fraudulent

or

other

illegal

activities

involving

Visa-branded

cards

or

payment

products;

and

•failure

to

maintain

systems

interoperability

with

Visa

Europe;

Forward-Looking Statements

•the

impact

of

laws,

regulations

and

marketplace

barriers,

including:

•developments

in

litigation

and

government

enforcement,

including

those

affecting

interchange

reimbursement

fees,

antitrust

and

tax;

•new

lawsuits,

investigations

or

proceedings,

or

changes

to

our

potential

exposure

in

connection

with

pending

lawsuits,

investigations

or

proceedings;

•economic

factors,

such

as:

•industry

developments,

such

as

competitive

pressure,

rapid

technological

developments

and

disintermediation

from

our

payments

network;

•system

developments,

such

as:

•costs

arising

if

Visa

Europe

were

to

exercise

its

right

to

require

us

to

acquire

all

of

its

outstanding

stock;

•the

loss

of

organizational

effectiveness

or

key

employees;

•the

failure

to

integrate

acquisitions

successfully

or

to

effectively

develop

new

products

and

businesses;

•natural

disasters,

terrorist

attacks,

military

or

political

conflicts,

and

public

health

emergencies;

and

various

other

factors,

including

those

contained

in

our

Annual

Report

on

Form

10-K

for

the

year

ended

September

30,

2013,

and

our

other

filings

with

the

U.S.

Securities

and

Exchange

Commission.

You

should

not

place

undue

reliance

on

such

statements.

Except

as

required

by

law,

we

do

not

intend

to

update

or

revise

any

forward–looking

statements

as

a

result

of

new

information,

future

developments

or

otherwise.

Fiscal Second Quarter 2014 Financial Results

3

Solid Fiscal Second Quarter Results

Solid

operating

revenues

of

$3.2

billion,

up

7%

over

prior

year

Repurchased

5.1

million

shares

of

class

A

common

stock

in

the

open

market

at

an

average

price

of

$217.61

per

share,

using

$1.1

billion

of

cash

on

hand

Continued

positive

secular

trends

and

spending

momentum

contributed

to

growth

in

key

underlying

business

drivers

Quarterly

net

income

of

$1.6

billion

and

diluted

earnings

per

share

of

$2.52,

up

26%

and

31%,

respectively,

over

prior

year

Fiscal Second Quarter 2014 Financial Results

4

Quarter ended December

Payments

Volume

US$

in

billions,

nominal,

except

percentages

YOY Change

(constant)

12%

11%

12%

YOY Change

(nominal)

7%

10%

8%

Note:

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentage

changes

are

calculated

based

on

whole

numbers,

not

the

rounded

numbers

presented.

From

time

to

time,

previously

submitted

volume

information

may

be

updated

to

reflect

revised

client

submissions

or

other

adjustments.

Prior

period

updates

are

not

material.

Constant

dollar

growth

rates

exclude

the

impact

of

foreign

currency

fluctuations

against

the

U.S.

dollar

in

measuring

performance.

5

Fiscal Second Quarter 2014 Financial Results

Quarter ended March

Payments Volume

US$ in billions, nominal, except percentages

YOY Change

(constant)

12%

12%

11%

YOY Change

(nominal)

8%

8%

8%

Note:

Current

quarter

payments

volume

and

other

select

metrics

are

provided

in

the

operational

performance

data

supplement

in

the

press

release

to

provide

more

recent

operating

data.

Service

revenues

continue

to

be

recognized

based

on

payments

volume

in

the

prior

quarter.

From

time

to

time,

reported

payments

volume

information

may

be

updated

to

reflect

revised

client

submissions

or

other

adjustments.

Prior

period

updates

are

not

material.

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentage

changes

are

calculated

based

on

whole

numbers,

not

the

rounded

numbers

presented.

Fiscal Second Quarter 2014 Financial Results

6

Quarter ended March

Transactions

in millions, except percentages

Note:

Processed

transactions

represent

transactions

involving

Visa,

Visa

Electron,

Interlink

and

Plus

cards

processed

on

Visa’s

networks.

Total

transactions

represent

payments

and

cash

transactions

as

reported

by

Visa

clients

on

their

operating

certificates.

From

time

to

time,

previously

submitted

transaction

information

may

be

updated

to

reflect

revised

client

submissions

or

other

adjustments.

Prior

period

updates

are

not

material.

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentage

changes

are

calculated

based

on

whole

numbers,

not

the

rounded

numbers

presented.

YOY

Change

9%

11%

Fiscal Second Quarter 2014 Financial Results

7

Quarter ended December

Total Cards

in millions, except percentages

Note:

The

data

presented

is

based

on

results

reported

quarterly

by

Visa

clients

on

their

operating

certificates.

Estimates

may

be

utilized

if

data

is

unavailable.

From

time

to

time,

previously

submitted

card

information

may

be

updated

to

reflect

revised

client

submissions

or

other

adjustments.

Prior

period

updates

are

not

material.

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentage

changes

are

calculated

based

on

whole

numbers,

not

the

rounded

numbers

presented.

YOY

Change

3%

8%

6%

2,104

795

1,309

2,229

819

1,410

Visa Inc.

Credit

Debit

2012

2013

Fiscal Second Quarter 2014 Financial Results

8

Revenue –

Q2 2014

US$ in millions, except percentages

Note:

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentages

are

calculated

based

on

whole

numbers,

not

the

rounded

numbers

presented.

YOY

Change

4%

7%

6%

Fiscal 2014 % of

Gross Revenues

16%

84%

Fiscal Second Quarter 2014 Financial Results

9

Revenue Detail –

Q2 2014

US$ in millions, except percentages

Note:

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentage

changes

are

calculated

based

on

whole

numbers,

not

the

rounded

numbers

presented.

YOY

Change

7%

5%

7%

5%

Fiscal Second Quarter 2014 Financial Results

10

Operating Margin –

Q2 2014

US$ in millions, except percentages

Note:

Operating

margin

is

calculated

as

operating

income

divided

by

net

operating

revenues.

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentage

changes

are

calculated

based

on

whole

numbers,

not

the

rounded

numbers

presented.

YOY

Change

2%

10%

7%

2 ppts

Fiscal Second Quarter 2014 Financial Results

11

Operating Expense –

Q2 2014

US$ in millions, except percentages

Note:

Figures

may

not

recalculate

exactly

due

to

rounding.

Percentage

changes

are

calculated

based

on

whole

numbers,

not

the

rounded

numbers

presented.

YOY

Change

1%

(15%)

(8%)

11%

10%

26%

NM

486

195

119 120

91

98

108

1

446

245

77

107

120

0

Personnel

Marketing

Network &

Processing

Professional

Fees

Depreciation &

Amortization

General &

Administrative

Litigation

Provision

Fiscal 2013

Fiscal 2014

Fiscal Second Quarter 2014 Financial Results

12

Other Financial Results

•

Cash,

cash

equivalents

and

available-for-sale

investment

securities

of

$6.5

billion

at

the

end

of

the

fiscal

second

quarter

•

Free

cash

flow

of

$824

million

for

the

fiscal

second

quarter

•

Capital

expenditures

of

$97

million

during

the

fiscal

second

quarter

Financial Metrics for Fiscal Year 2014

•

Low double

-digits in the 10-11% range on a constant

dollar basis

•

Negative 2 ppts foreign currency impact

•

16.5% to 17.5% range

•

Low to mid 60s

•

Approaching 30%

•

Mid to high teens

•

About $5 billion

Annual free cash flow

Annual diluted class A

common stock earnings per

share growth

Annual net revenue growth

Client incentives as % of

gross revenues

Annual operating margin

Tax Rate

Fiscal Second Quarter 2014 Financial Results

13

Appendix

*

*

*

*

*

*

*

*

*

*

Fiscal Second Quarter 2014 Financial Results

Calculation of Free Cash Flow

US$ in millions

A-1

Additions (+) /

Reductions (-) to Net

income

Net income (as reported)

1,598

3,005

Capital Assets

+

Depreciation and amortization

107

214

-

Capital expenditures

(97)

(217)

10

(3)

Litigation

+

Return of settlement payments

(1)

1,056

1,056

-

(1,056)

(1,056)

-

Settlement payments

-

(1)

-

(1)

Share-based Compensation

+

Share-based compensation

44

89

Pension

+

Pension expense

-

2

Taxes

+

Income tax provision

463

1,139

-

Income taxes paid

(1,296)

(1,392)

(833)

(253)

+/-

Changes in other working capital accounts

5

(438)

Total Free Cash Flow

824

2,401

Three Months Ended

March 31, 2014

Six Months Ended

March 31, 2014

Return of settlement payments into the litigation

escrow

(1)

Changes

in

Working

Capital

(2)

 

Reflects the return of takedown payments into the litigation escrow account in connection with the interchange multidistrict litigation.

 

 

Includes changes in client incentives, trade receivable/payable, settlement receivable/payable and personnel incentives.

(1)

(2)