Visa beat Q1 expectations as resilient payment volumes and strong cross-border growth offset a maturing global spending cycle. Cross-border volumes rose strongly, highlighting continued recovery in travel and international spending. Payment volumes and processed transactions broadly met or slightly trailed consensus but remained solid. Cross-border volumes, adjusted for currency effects, rose 12% year-on-year, supported by ongoing strength in international travel, e-commerce, and cross-border services spending. The outlook implies confidence in revenue growth keeping pace with investment needs, preserving margins over the medium term.