JPMorgan analyst Tien-tsin Huang expressed views on the upcoming earnings of major payment card services providers Visa Inc. (NYSE:V) and Mastercard (NYSE:MA).
The analyst notes that both companies described spending trends as stable through August, with domestic issuer volumes up 120 bps in the third quarter of 2025.
However, the analyst says that early October Chase Card data suggest some moderation.
Also Read: Mastercard Expands Into AI Powered Payments Ahead Of Holiday Season
Huang expects both companies to deliver third-quarter revenue at or slightly above guidance/consensus estimates, based on solid volumes, pricing actions, and favorable exchange rates.
Visa
The company expects to report fourth-quarter earnings results on October 28. The analyst rated the stock Overweight with a price forecast of $430.
Based on Chase card data and U.S. issuer trends, the analyst expects quarterly domestic volume growth to be slightly above consensus.
The analyst raised the estimates to reflect stronger intra-quarter volume trends and a slightly favorable foreign exchange rate.
They project organic revenue growth to be modestly higher, with reported revenue lifted due to currency tailwinds.
Huang raised FY26 and FY27 adjusted EPS estimates slightly, as higher expected operating expenses offset part of the revenue upside.
For FY26, Huang expects the company to provide an outlook for high single- to low double-digit revenue growth (foreign exchange-neutral) and at least low double-digit EPS growth.
Mastercard
The company plans to report third-quarter earnings results on October 30. JPMorgan rates the stock Overweight with a price forecast of $685.
The analyst expects revenue slightly above consensus and adjusted EPS in line with expectations, though U.S. volume growth may come in about 2 points below consensus.
Capital One's debit migration, representing over $100 billion in volume, could weigh on domestic debit growth in the first half of 2026. The analyst notes that updates could add 10–20 basis points to Q3–Q4 results and lift FY26 revenue by ~1 percentage point and EPS by ~30 basis points.
Overall, Visa is favored heading into FY26 due to stronger U.S. volume trends and potential revenue upside from pricing and tokenization outside the U.S.
Price Action: Visa shares are down 1.83% at $339.38, while MA shares are down 1.26% at $555.72 as of the last check on Thursday.
Read Next:
Image: Shutterstock
© 2025 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
