Visa said first-quarter profit increased as consumers used cards more frequently during the holiday season, supported by steady U.S. spending. The company noted that consumer outlays remained strong in the final three months of 2025, driven largely by higher-income households, and helped by a holiday season that recorded elevated shopper numbers and a notable rise in online sales.
As a payments network used by billions of people for everyday purchases, Visa's results are commonly viewed as an indicator of consumer activity. The firm reported that global payments volume - a measure of the total value of purchases routed on its network - climbed 8% on a constant-dollar basis in the quarter covered by the report.
The company also highlighted the differing pressures across income groups. Middle-income households, the report said, face a constrained ability to substitute purchases as prices have risen for consumers under tariffs imposed by U.S. President Donald Trump.
In parallel, Mastercard, a direct peer in the payments industry, posted robust quarterly results. The card processor attributed healthy transaction volumes to persistent spending on travel, leisure and everyday essentials. Mastercard reported net income of $5.9 billion, or $3.03 per share, for the three months ended December 31, up from $5.1 billion, or $2.58 per share, in the prior-year period.
The two companies' results underscore continued consumer engagement with electronic payments during the holiday period and the broader shift toward digital and card-based purchases. Visa's global payments volume growth and Mastercard's improved net income both reflect higher transaction activity on major payments networks during the reported quarter.
While the earnings figures point to strength in spending among certain segments, the report also notes the uneven impact of price increases across households. That dynamic - higher spending among wealthier households alongside constrained substitution by middle-income consumers - frames part of the consumer picture for the quarter.
Methodology note - This article reports the facts presented in the companies' quarterly results and related commentary. It does not add or infer data beyond those disclosures.