Visa's payment network is growing. So is the amount it gives back to clients. In its September 2026 quarter, Visa reported $12.139B of net revenue, up 13%. Client incentives were $5.123B, up 21%. Add the four reported revenue categories before incentives and you get $17.262B. Subtract $5.123B and you arrive at reported net revenue. In that accounting comparison, incentives absorbed about $29.68 of every $100 before incentives. That is not Visa's fee on consumer spending, an operating margin, or a measure of cash paid that quarter. Incentives can support valuable client relationships. Their growth alone doesn't prove Visa's economics are deteriorating. Payments volume grew 9% in constant dollars, while net revenue grew faster. But valuing a network requires more than counting the payments it carries. I'd examine whether additional business still produces attractive revenue after the terms offered to clients. A larger network can strengthen the business. The price of keeping that network matters too.