As of Q1'26 (2025-12-31), Visa's latest reported SG&A Expenses stand at USD 1.13B, while R&D Expenses remain at USD 0. This continues the trend of zero R&D spending throughout the entire period. From Q2'23 to Q1'26, Visa's operating expenses have been entirely composed of SG&A Expenses, which show a generally upward trend with some fluctuations. SG&A Expenses increased from USD 721M in Q2'23 to a peak of USD 1.38B in Q4'25, before slightly declining to USD 1.13B in the latest quarter. The absence of R&D Expenses is notable, indicating a consistent allocation strategy focused solely on SG&A over the reported quarters.