Visa (V) risk factors: FY2025 10-K

1. We are subject to complex and evolving global regulations that could harm our business and financial results.
2. Increased scrutiny and regulation of the global payments industry, including with respect to interchange reimbursement fees, merchant discount rates, operating rules, risk management protocols and other related practices, could harm our business.
3. Government-imposed obligations and/or restrictions on international payments systems may prevent us from competing against providers in certain countries, including significant markets such as China and India.China
4. We may be subject to tax examinations or disputes, or changes in tax laws.

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1. We may be adversely affected by the outcome of litigation or investigations.

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1. We face intense competition in our industry.
2. Our net revenue and profits are dependent on our client and seller base, which may be costly to win, retain and develop.reworded
3. Sellers’ and processors’ continued push to lower acceptance costs and challenge industry practices could harm our business.reworded
4. We depend on relationships with financial institutions, acquirers, processors, sellers, payment facilitators, ecommerce platforms, fintechs and other third parties.reworded
5. Our business could be harmed if we are not able to maintain and enhance our brand, if events occur that have the potential to damage our brand or reputation, or if we experience brand disintermediation.
6. Global economic, political, market, health and social events or conditions may harm our business.
7. Our ability to adjust to evolving corporate responsibility and sustainability (CRS) matters and related regulations could adversely affect our business and financial results or negatively impact our reputation.reworded
8. Our indemnification obligation to fund settlement losses of our clients exposes us to significant risk of loss and may reduce our liquidity.

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1. Failure to anticipate, adapt to, or keep pace with, new technologies in the payments industry could harm our business and impact future growth.
2. A disruption, failure or breach of our networks or systems, including as a result of cyber incidents or attacks, could harm our business.Cybersecurity

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1. We may not achieve the anticipated benefits of our acquisitions, joint ventures or strategic investments, and may face risks and uncertainties as a result.
2. We may be unable to attract, hire and retain a highly qualified workforce, including key management.reworded
3. The conversions of our class B-1, B-2 and class C common stock or series A, B and C preferred stock into shares of class A common stock would result in voting dilution to, and could adversely impact the market price of our existing class A common stock.reworded
4. Holders of our class B-1, B-2 and C common stock and series A, B and C preferred stock may have different interests than our class A common shareholders concerning certain significant transactions.reworded
5. Delaware law, provisions in our certificate of incorporation and bylaws, and our capital structure could make a merger, takeover attempt or change in control difficult.

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