Under the terms of the U.S. retrospective responsibility plan, the Company maintains an escrow account from which settlements of, or judgments in, certain litigation (U.S. covered litigation) are paid. The accrual related to the U.S. covered litigation could be either higher or lower than the U.S. litigation escrow account balance. See Note 13—Legal Matters.


	Nine Months Ended June 30,
	2025		2024
	(in millions)
Balance as of beginning of period	$	3,089	$	1,764
Deposits into the U.S. litigation escrow account	375		—

Payments to opt-out merchants(1), net of interest earned on escrow funds	(768)		(168)
Balance as of end of period	$	2,696	$	1,596

Visa Inc., Visa International and Visa Europe are parties to certain existing and potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory (VE territory covered litigation). Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover certain losses resulting from VE territory covered litigation (VE territory covered losses) through a periodic adjustment to the class A common stock conversion rates applicable to the series B and C preferred stock. VE territory covered losses are recorded in right to recover for covered losses, a contra-equity account within stockholders’ equity, before the corresponding adjustment to the applicable conversion rate is effected. Adjustments to the conversion rate may be executed once in any six-month period unless a single, individual loss greater than €20 million is incurred, in which case, the six-month limitation does not apply. When the adjustment to the conversion rate is made, the amount previously recorded in right to recover for covered losses is then recorded against the book value of the preferred stock within stockholders’ equity.


	Nine Months Ended June 30, 2025
	Preferred Stock				Right to Recover for Covered Losses
	Series B		Series C
	(in millions)
Balance as of beginning of period	$	104	$	387	$	(104)
VE territory covered losses(1)	—		—		(22)
Recovery through conversion rate adjustment	(5)		(3)		8
Balance as of end of period	$	99	$	384	$	(118)


	Nine Months Ended June 30, 2024
	Preferred Stock				Right to Recover for Covered Losses
	Series B		Series C
	(in millions)
Balance as of beginning of period	$	441	$	801	$	(140)
VE territory covered losses(1)	—		—		(81)
Recovery through conversion rate adjustment(2)	(161)		(20)		175
Balance as of end of period	$	280	$	781	$	(46)

(2)Adjustment to right to recover for covered losses for the conversion rate adjustment differs from the actual recovered amount due to differences in foreign exchange rates between the time the losses were incurred and the subsequent recovery through the conversion rate adjustment.


	June 30, 2025				September 30, 2024
	As-converted Value(1),(2)		Book Value		As-converted Value(1),(3)		Book Value
	(in millions)
Series B preferred stock	$	877	$	99	$	684	$	104
Series C preferred stock	1,998		384		1,550		387
Total	2,875		483		2,234		491
Less: right to recover for covered losses	(118)		(118)		(104)		(104)
Total recovery for covered losses available	$	2,757	$	365	$	2,130	$	387

(2)As of June 30, 2025, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 0.9960 and 1.7830, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $355.05, Visa’s class A common stock closing stock price.

(3)As of September 30, 2024, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 1.0030 and 1.7860, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $274.95, Visa’s class A common stock closing stock price.