The latest data point for Visa's operating expenses in Q1'26 shows R&D expenses at $0, while SG&A expenses reached $1.13B, resulting in total operating expenses of $1.13B USD. This marks a decline from the Q4'25 peak of $1.38B, primarily driven by lower SG&A spending. Over the period from Q2'23 to Q1'26, SG&A expenses exhibited an overall upward trend, rising from $721M to $1.13B with notable peaks in Q4'23 ($988M), Q4'24 ($1.17B), and Q4'25 ($1.38B), reflecting seasonal increases likely tied to fiscal year-end activities. R&D expenses remained consistently at $0 across all quarters, indicating no reported allocation in this category; the stacked bar chart highlights SG&A as the dominant component, with total expenses showing volatility but net growth of approximately 57% over the timeframe.