4 unchanged sentences
Foreign Currency Exchange Rate Risk
−Removed: We are exposed to risks from foreign currency exchange rate fluctuations that are primarily related to changes in the functional currency value of receipts and payments related to foreign currency-denominated transactions.
+Added: We are exposed to risks from foreign currency exchange rate fluctuations that are primarily related to changes in the functional currency value of receipts and payments related to non-functional currency denominated transactions.
We manage these risks by entering into foreign currency forward contracts that hedge exposures of the variability in the functional currency equivalent of anticipated non-functional currency denominated cash flows.
6 unchanged sentences
dollar is performed for balance sheet accounts using exchange rates in effect at the balance sheet dates and for revenue and expense accounts using an average exchange rate for the period.
−Removed: Resulting translation adjustments are reported as a component of accumulated other comprehensive income (loss) on the consolidated balance sheets.
+Added: Resulting translation adjustments are recorded as a component of accumulated other comprehensive income (loss) on the consolidated balance sheets.
A hypothetical 10% change in the Euro against the U.S.
1 unchanged sentence
We designated our Euro-denominated senior notes as a net investment hedge against a portion of the foreign exchange rate exposure from our net investment in Visa Europe.
−Removed: Foreign currency translation adjustments resulting from the Euro-denominated senior notes partially offset the foreign currency translation adjustments resulting from our net investment in Visa Europe.
+Added: Foreign currency adjustments resulting from the Euro-denominated senior notes partially offset the foreign currency translation adjustments resulting from our net investment in Visa Europe.
See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative and Hedging Instruments to our consolidated financial statements included in Item 8 of this report.
−Removed: We are also subject to foreign currency exchange risk in daily settlement activities.
+Added: We are also subject to foreign currency exchange rate risk in daily settlement activities.
This risk arises from the timing of rate setting for settlement with clients relative to the timing of market trades for balancing currency positions.
4 unchanged sentences
The fair value of fixed-rate securities may be adversely impacted due to a rise in interest rates.
−Removed: Additionally, a falling-rate environment creates reinvestment risk because as
−Removed: securities mature, the proceeds are reinvested at a lower rate, generating less interest income.
+Added: Additionally, a falling-rate environment creates reinvestment risk because as securities mature, the proceeds are reinvested at a lower rate, generating less interest income.
As of September 30, 2025 and 2024, a hypothetical 100 basis point increase in interest rates did not have a material impact on the fair value of our investment securities.
1 unchanged sentence
Historically, we have been able to hold investments until maturity.
−Removed: We have interest rate and cross-currency swap agreements on a portion of our outstanding senior notes that allow us to manage our interest rate exposure through a combination of fixed and floating rates and reduce our overall cost of borrowing.
+Added: We have interest rate and cross-currency swap agreements on a portion of our outstanding senior notes that allow us to manage our interest rate exposure through a combination of fixed and floating rates.
Together these swap agreements effectively convert a portion of our U.S.
6 unchanged sentences
Our equity investments are held in both marketable and non-marketable equity securities.
−Removed: The marketable equity securities are investments in publicly traded companies and the non-marketable equity securities include investments in privately held companies.
−Removed: As of September 30, 2024 and 2023, the carrying value of our marketable equity securities was $63 million and $163 million, respectively, and the carrying value of our non-marketable equity securities was $1.4 billion for each fiscal year.
+Added: The marketable equity securities include investments in publicly traded companies and the non-marketable equity securities include investments in privately held companies.
+Added: As of September 30, 2025 and 2024, the carrying value of our investments in publicly traded companies was $142 million and $63 million, respectively, and the carrying value of our non-marketable equity securities was $1.2 billion and $1.4 billion, respectively.
These securities are subject to a wide variety of market-related risks that could substantially reduce or increase the fair value of our holdings.
2 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.