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Visa (V) Financials

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$334.07 +1.98 (+0.60%)
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Annual Income Statements for Visa

Annual Income Statements for Visa

This table shows Visa's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Net Income / (Loss) Attributable to Common Shareholders		 5,438 6,328 5,991 6,699 10,301 12,080 10,866 12,311 14,957 17,273 19,743
Consolidated Net Income / (Loss)		 5,438 6,328 5,991 6,699 10,301 12,080 10,866 12,311 14,957 17,273 19,743
Net Income / (Loss) Continuing Operations		 5,438 6,328 5,991 6,699 10,301 12,080 10,866 12,311 14,957 17,273 19,743
Total Pre-Tax Income 		7,724 8,995 8,012 11,694 12,806 14,884 13,790 16,063 18,136 21,037 23,916
Total Operating Income		 7,697 9,064 7,883 12,144 12,954 15,001 14,081 15,804 18,813 21,000 23,595
Total Gross Profit		 10,827 11,801 12,856 15,730 17,439 19,533 18,061 19,865 24,320 26,822 29,662
Total Revenue		 12,702 13,880 15,082 18,358 20,609 22,977 21,846 24,105 29,310 32,653 35,926
Operating Revenue		 11,932 13,057 15,082 18,358 20,609 22,977 21,846 24,105 29,310 32,653 35,926
Total Cost of Revenue		 1,875 2,079 2,226 2,628 3,170 3,444 3,785 4,240 4,990 5,831 6,264
Operating Cost of Revenue		 1,875 2,079 2,226 2,628 3,170 3,444 3,785 4,240 4,990 5,831 6,264
Total Operating Expenses		 3,130 2,737 4,973 3,586 4,485 4,532 3,980 4,061 5,507 5,822 6,067
Selling, General & Admin Expense		 1,342 1,357 1,723 2,089 2,277 2,371 2,231 2,118 2,442 2,611 3,011
Marketing Expense		 900 872 869 922 988 1,105 971 1,136 1,336 1,341 1,560
Depreciation Expense		 435 494 502 556 613 656 767 804 861 943 1,034
Other Special Charges / (Income)		 453 14 1,879 19 607 400 11 3.00 868 927 462
Total Other Income / (Expense), net		 27 -69 129 -450 -148 -117 -291 259 -677 37 321
Interest Expense		 8.00 3.00 427 563 612 533 516 513 538 644 641
Other Income / (Expense), net		 35 -66 556 113 464 416 225 772 -139 681 962
Income Tax Expense		 2,286 2,667 2,021 4,995 2,505 2,804 2,924 3,752 3,179 3,764 4,173
Basic Earnings per Share		 - - $16.53 $2.80 $4.43 $5.32 $4.90 $5.63 $7.01 $8.29 $9.74
Weighted Average Basic Shares Outstanding		 0.00 1.95B 2.17B 1.85B 1.79B 1.74B 1.70B 1.69B 1.65B 1.62B 1.62B
Diluted Earnings per Share		 - $2.58 $16.50 $2.80 $4.42 $5.32 $4.89 $5.63 $7.00 $8.28 $9.73
Weighted Average Diluted Shares Outstanding		 0.00 2.46B 2.68B 2.40B 2.33B 2.27B 2.22B 2.19B 2.14B 2.09B 2.03B
Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 2.13B 2.07B 2.02B 1.97B 1.95B 1.93B 1.88B 1.84B 1.86B
Cash Dividends to Common per Share		 $0.10 $0.12 $0.14 $0.17 $0.83 $0.25 $0.30 $0.32 $0.38 $0.45 $0.52

Quarterly Income Statements for Visa

This table shows Visa's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Income / (Loss) Attributable to Common Shareholders		 4,179 4,257 4,156 4,681 4,890 4,663 4,872 5,318 5,119 4,577 5,272
Consolidated Net Income / (Loss)		 4,179 4,257 4,156 4,681 4,890 4,663 4,872 5,318 5,119 4,577 5,272
Net Income / (Loss) Continuing Operations		 4,179 4,257 4,156 4,681 4,890 4,663 4,872 5,318 5,119 4,577 5,272
Total Pre-Tax Income 		4,977 5,278 5,146 5,636 6,042 5,513 5,989 6,372 6,200 5,438 6,333
Total Operating Income		 5,090 5,336 5,024 5,550 5,954 5,354 5,938 6,349 6,234 5,435 6,177
Total Gross Profit		 6,599 6,470 6,642 7,111 7,155 7,172 7,327 8,008 7,697 7,937 8,423
Total Revenue		 7,936 7,985 8,123 8,609 8,634 8,775 8,900 9,617 9,510 9,594 10,172
Operating Revenue		 7,936 7,985 8,123 8,609 8,634 8,775 8,900 9,617 9,510 9,594 10,172
Total Cost of Revenue		 1,337 1,515 1,481 1,498 1,479 1,603 1,573 1,609 1,813 1,657 1,749
Operating Cost of Revenue		 1,337 1,515 1,481 1,498 1,479 1,603 1,573 1,609 1,813 1,657 1,749
Total Operating Expenses		 1,509 1,134 1,618 1,561 1,201 1,818 1,389 1,659 1,463 2,502 2,246
Selling, General & Admin Expense		 609 591 629 782 652 801 734 824 831 816 893
Marketing Expense		 332 309 297 403 293 338 378 551 306 381 421
Depreciation Expense		 227 234 235 247 247 249 264 274 282 305 317
Other Special Charges / (Income)		 341 0.00 457 129 9.00 430 13 10 44 1,000 615
Total Other Income / (Expense), net		 -113 -58 122 86 88 159 51 23 -34 3.00 156
Interest Expense		 137 142 182 183 187 82 196 176 182 158 39
Other Income / (Expense), net		 24 84 304 269 275 241 247 199 148 161 195
Income Tax Expense		 798 1,021 990 955 1,152 850 1,117 1,054 1,081 861 1,061
Basic Earnings per Share		 $1.99 $2.04 $2.00 $2.26 $2.39 $2.29 $2.40 $2.66 $2.58 $2.32 $2.69
Weighted Average Basic Shares Outstanding		 1.63B 1.62B 1.61B 1.62B 1.58B 1.58B 1.61B 1.62B 1.73B 1.72B 1.71B
Diluted Earnings per Share		 $1.99 $2.03 $2.00 $2.26 $2.39 $2.29 $2.40 $2.65 $2.58 $2.32 $2.69
Weighted Average Diluted Shares Outstanding		 2.10B 2.09B 2.08B 2.09B 2.05B 2.04B 2.03B 2.03B 1.99B 1.97B 1.96B
Weighted Average Basic & Diluted Shares Outstanding		 1.88B 1.87B 1.86B 1.84B 1.84B 1.83B 1.82B 1.86B 1.86B 1.85B 1.83B
Cash Dividends to Common per Share		 $0.45 $0.45 $0.45 - $0.52 $0.52 $0.52 - $0.59 - $0.59

Annual Cash Flow Statements for Visa

This table details how cash moves in and out of Visa's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Net Change in Cash & Equivalents		 -215 1,547 2,101 4,364 -1,034 -145 7,899 628 578 1,613 -2,227
Net Cash From Operating Activities		 7,205 6,584 5,574 9,317 12,941 12,784 10,440 15,227 18,849 20,755 19,950
Net Cash From Continuing Operating Activities		 7,205 6,584 5,574 9,317 12,941 12,784 10,440 15,227 18,849 20,755 19,950
Net Income / (Loss) Continuing Operations		 5,438 6,328 5,991 6,699 10,301 12,080 10,866 12,311 14,957 17,273 19,743
Consolidated Net Income / (Loss)		 5,438 6,328 5,991 6,699 10,301 12,080 10,866 12,311 14,957 17,273 19,743
Depreciation Expense		 435 494 502 556 613 656 767 804 861 943 1,034
Amortization Expense		 2,592 2,861 3,409 4,565 5,491 6,173 - 8,367 10,295 12,297 13,764
Non-Cash Adjustments To Reconcile Net Income		 -1,810 -2,355 -3,159 -4,262 -4,653 -7,999 675 -8,404 -8,958 -10,750 -15,401
Changes in Operating Assets and Liabilities, net		 550 -744 -1,169 1,759 1,189 1,874 -1,868 2,149 1,694 992 810
Net Cash From Investing Activities		 -941 -1,435 -10,916 735 -3,084 -591 1,427 -152 -4,288 -2,006 -1,926
Net Cash From Continuing Investing Activities		 -941 -1,435 -10,916 735 -3,084 -591 1,427 -152 -4,288 -2,006 -1,926
Purchase of Property, Plant & Equipment		 -553 -414 -523 -707 -718 -756 -736 -705 -970 -1,059 -1,257
Acquisitions		 -149 -93 -9,082 -302 -196 -699 -77 -75 -1,948 0.00 -915
Purchase of Investments		 -2,581 -2,875 -10,436 -3,284 -5,822 -3,154 -2,342 -5,182 -6,083 -4,082 -4,674
Sale and/or Maturity of Investments		 2,342 1,937 9,125 5,016 3,636 3,996 4,510 5,701 4,585 3,160 5,013
Other Investing Activities, net		 - - - 0.00 16 22 72 109 128 -25 -93
Net Cash From Financing Activities		 -6,478 -3,603 7,477 -5,924 -10,790 -12,061 -3,968 -14,410 -12,696 -17,772 -20,633
Net Cash From Continuing Financing Activities		 -6,478 -4,455 7,432 -5,924 -10,790 -12,061 -3,968 -14,410 -12,696 -17,772 -20,633
Repayment of Debt		 -999 -426 -98 -15 -1,750 0.00 -99 -3,000 -1,198 -2,050 170
Repurchase of Common Equity		 -4,118 -2,910 -7,157 -6,891 -7,192 -8,607 -8,114 -8,676 -11,589 -12,101 -16,713
Payment of Dividends		 -1,006 -1,177 -1,350 -1,579 -1,918 -2,269 -2,664 -2,798 -3,203 -3,751 -4,217
Issuance of Debt		 0.00 0.00 15,971 2,488 0.00 0.00 7,212 0.00 3,218 0.00 0.00
Other Financing Activities, net		 -355 58 66 73 70 -1,185 -303 64 76 130 127
Effect of Exchange Rate Changes		 -1.00 1.00 -34 236 -101 -277 - -37 -1,287 636 382
Cash Interest Paid		 0.00 0.00 244 489 545 537 537 643 607 617 583
Cash Income Taxes Paid		 2,656 2,486 2,842 3,038 2,285 2,648 2,671 3,012 3,741 3,433 5,775

Quarterly Cash Flow Statements for Visa

This table details how cash moves in and out of Visa's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Net Change in Cash & Equivalents		 -1,994 745 1,911 951 -2,354 -688 328 487 203 -830 5,305
Net Cash From Operating Activities		 4,171 3,860 5,797 6,927 3,614 4,538 5,134 6,664 5,396 4,695 6,730
Net Cash From Continuing Operating Activities		 4,171 3,860 5,797 6,927 3,614 4,538 5,134 6,664 5,396 4,719 6,728
Net Income / (Loss) Continuing Operations		 4,179 4,257 4,156 4,681 4,890 4,663 4,872 5,318 5,119 4,577 5,272
Consolidated Net Income / (Loss)		 4,179 4,257 4,156 4,681 4,890 4,663 4,872 5,318 5,119 4,577 5,272
Depreciation Expense		 227 234 235 247 247 249 264 274 282 305 317
Amortization Expense		 2,786 2,905 3,167 3,439 3,348 3,257 3,530 3,629 3,797 3,734 3,972
Non-Cash Adjustments To Reconcile Net Income		 -2,626 -2,490 -3,024 -2,610 -3,607 -4,409 -1,649 -5,736 -2,626 -3,786 -4,143
Changes in Operating Assets and Liabilities, net		 -395 -1,046 1,263 1,170 -1,264 778 -1,883 3,179 -1,176 -111 1,310
Net Cash From Investing Activities		 -510 -325 17 -1,188 -1,889 -1,176 555 584 790 -130 -256
Net Cash From Continuing Investing Activities		 -510 -325 17 -1,188 -1,889 -1,176 555 584 790 -130 -256
Purchase of Property, Plant & Equipment		 -249 -210 -295 -305 -267 -281 -400 -309 -345 -327 -421
Purchase of Investments		 -1,613 -542 -341 -1,586 -2,754 -946 -762 -212 -6.00 -18 -17
Sale and/or Maturity of Investments		 1,310 450 650 750 1,137 1,008 1,721 1,147 2,042 226 200
Other Investing Activities, net		 42 -23 3.00 -47 -5.00 -42 -4.00 -42 5.00 -30 -18
Net Cash From Financing Activities		 -6,347 -2,926 -3,919 -4,580 -4,379 -3,874 -5,311 -7,069 -5,475 -5,660 -1,828
Net Cash From Continuing Financing Activities		 -6,347 -2,926 -3,919 -4,580 -4,379 -3,874 -5,311 -7,069 -5,475 -5,660 -1,828
Repayment of Debt		 -2,231 153 -5.00 33 329 -126 196 -229 -186 -12 101
Repurchase of Common Equity		 -3,115 -2,194 -3,041 -3,751 -3,580 -2,758 -4,527 -5,848 -4,011 -4,596 -4,782
Payment of Dividends		 -945 -941 -937 -928 -1,060 -1,060 -1,056 -1,041 -1,170 -1,164 -1,154
Other Financing Activities, net		 -56 56 64 66 -68 70 76 49 -108 112 83
Effect of Exchange Rate Changes		 692 136 16 -208 300 -176 -50 308 -508 265 659
Cash Interest Paid		 244 49 275 49 213 48 273 49 213 48 278
Cash Income Taxes Paid		 721 1,914 378 420 1,503 2,155 1,041 1,076 1,194 1,861 532

Annual Balance Sheets for Visa

This table presents Visa's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Total Assets		 38,569 39,367 64,035 67,977 69,225 72,574 80,919 82,896 85,501 90,499 94,511
Total Current Assets		 9,562 10,021 14,313 19,023 18,216 20,970 27,645 27,607 30,205 33,532 34,033
Cash & Equivalents		 1,971 3,518 5,619 9,874 8,162 7,838 16,289 16,487 15,689 16,286 11,975
Restricted Cash		 1,498 1,072 1,027 1,031 1,491 1,205 901 894 1,449 1,764 3,089
Short-Term Investments		 1,979 2,497 3,319 3,564 3,547 4,236 3,752 2,025 2,833 3,842 3,200
Note & Lease Receivable		 - 1,023 1,001 - 1,324 - - - 2,342 3,005 3,524
Accounts Receivable		 822 847 1,041 1,132 1,208 1,542 1,618 1,968 2,020 2,291 2,561
Prepaid Expenses		 307 353 555 550 562 712 757 856 2,668 2,584 3,312
Other Current Assets		 1,957 711 1,751 2,872 1,922 5,437 4,328 5,377 3,204 3,760 6,372
Plant, Property, & Equipment, net		 1,892 1,888 2,150 2,253 2,472 2,695 2,737 2,715 3,223 3,425 3,824
Total Noncurrent Assets		 27,115 27,458 47,572 46,701 48,537 48,909 50,537 52,574 52,073 53,542 56,654
Long-Term Investments		 3,015 3,384 3,931 1,926 4,082 2,157 231 1,705 2,136 1,921 2,545
Goodwill		 11,753 11,825 15,066 15,110 15,194 15,656 15,910 15,958 17,787 17,997 18,941
Intangible Assets		 11,411 11,361 27,234 27,848 27,558 26,780 27,808 27,664 25,065 26,104 26,889
Other Noncurrent Operating Assets		 936 888 1,341 1,817 1,703 4,316 6,588 7,247 7,085 7,520 8,279
Total Liabilities & Shareholders' Equity		 38,569 39,367 64,035 67,977 69,225 72,574 80,919 82,896 85,501 90,499 94,511
Total Liabilities		 11,156 9,525 31,123 35,217 35,219 37,890 44,709 45,307 49,920 51,766 55,374
Total Current Liabilities		 6,006 5,355 8,046 9,994 11,305 13,415 14,510 15,739 20,853 23,098 26,517
Short-Term Debt		 - - 0.00 1,749 - 0.00 2,999 999 2,250 - 0.00
Accounts Payable		 147 127 203 179 183 156 174 266 340 375 479
Accrued Expenses		 2,080 1,873 2,109 2,111 2,594 2,828 1,840 2,334 3,726 5,015 4,909
Current Deferred Revenue		 961 1,023 1,001 1,106 1,325 1,648 1,850 2,260 2,342 3,005 3,524
Current Employee Benefit Liabilities		 450 503 673 757 901 796 821 1,211 1,359 1,506 1,538
Other Current Liabilities		 2,368 1,829 4,060 4,092 6,302 7,987 6,826 8,669 10,836 13,197 16,067
Total Noncurrent Liabilities		 5,150 4,170 23,077 25,223 23,914 24,475 30,199 29,568 29,067 28,668 28,857
Long-Term Debt		 - 0.00 15,882 16,618 16,630 16,729 21,071 19,978 20,200 20,463 20,836
Noncurrent Deferred & Payable Income Tax Liabilities		 4,145 3,273 4,808 5,980 4,618 4,807 5,237 6,128 5,332 5,114 5,301
Other Noncurrent Operating Liabilities		 1,005 897 2,387 2,625 2,666 2,939 3,891 3,462 3,535 3,091 2,720
Commitments & Contingencies		 0.00 0.00 - - - 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 27,413 29,842 32,912 32,760 34,006 34,684 36,210 37,589 35,581 38,733 39,137
Total Preferred & Common Equity		 27,413 29,842 32,912 32,760 34,006 34,684 36,210 37,589 35,581 38,733 39,137
Preferred Stock		 0.00 0.00 5,717 5,526 5,470 5,462 5,086 3,080 2,324 1,698 1,031
Total Common Equity		 27,413 29,842 27,195 27,234 28,536 29,222 31,124 34,509 33,257 37,035 38,106
Common Stock		 18,299 18,073 17,395 16,900 16,678 16,541 16,721 18,855 19,545 20,452 21,229
Retained Earnings		 9,131 11,843 10,462 9,508 11,318 13,502 14,088 15,351 16,116 18,040 17,289
Accumulated Other Comprehensive Income / (Loss)		 -17 -74 -458 878 547 -650 354 436 -2,369 -1,317 -308
Other Equity Adjustments		 - 0.00 -34 -52 -7.00 -171 -39 -133 -35 -140 -104

Quarterly Balance Sheets for Visa

This table presents Visa's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Total Assets		 85,387 86,755 89,234 90,499 91,409 92,399 91,040 94,511 91,888 92,853 100,024
Total Current Assets		 27,859 28,657 31,670 33,532 32,732 32,775 31,039 34,033 32,622 32,934 38,398
Cash & Equivalents		 13,334 13,842 15,590 16,286 13,591 12,993 12,947 11,975 12,367 11,734 17,092
Restricted Cash		 1,705 1,616 1,627 1,764 1,616 1,584 1,596 3,089 3,112 2,926 2,696
Short-Term Investments		 2,785 2,752 3,166 3,842 5,005 4,710 3,697 3,200 1,967 2,017 2,088
Note & Lease Receivable		 - - 2,907 3,005 3,164 3,367 3,472 3,524 3,518 3,543 3,614
Accounts Receivable		 2,113 2,122 2,282 2,291 2,506 2,272 2,521 2,561 2,590 2,719 2,920
Prepaid Expenses		 1,802 2,167 2,119 2,584 2,753 2,551 2,857 3,312 3,393 3,576 3,012
Other Current Assets		 6,120 6,158 3,979 3,760 4,097 5,298 3,949 6,372 5,675 6,419 6,976
Plant, Property, & Equipment, net		 3,236 3,359 3,370 3,425 3,472 3,630 3,766 3,824 3,974 4,023 4,143
Total Noncurrent Assets		 54,292 54,739 54,194 53,542 55,205 55,994 56,235 56,654 55,292 55,896 57,483
Long-Term Investments		 2,735 2,840 2,122 1,921 2,809 3,092 3,037 2,545 1,757 1,470 1,203
Goodwill		 18,024 18,078 18,082 17,997 18,120 18,837 18,816 18,941 19,548 19,641 19,880
Intangible Assets		 26,307 26,574 26,576 26,104 26,739 26,375 26,243 26,889 25,889 26,408 27,660
Other Noncurrent Operating Assets		 7,226 7,247 7,414 7,520 7,537 7,690 8,139 8,279 8,098 8,377 8,740
Total Liabilities & Shareholders' Equity		 85,387 86,755 89,234 90,499 91,409 92,399 91,040 94,511 91,888 92,853 100,024
Total Liabilities		 48,463 48,190 50,253 51,766 51,676 51,914 51,311 55,374 53,592 54,823 61,360
Total Current Liabilities		 19,353 19,097 21,230 23,098 22,634 23,443 22,612 26,517 29,091 30,381 34,427
Short-Term Debt		 0.00 0.00 0.00 - - - - 0.00 3,929 3,948 5,548
Accounts Payable		 258 280 281 375 348 338 331 479 405 421 462
Accrued Expenses		 3,940 3,626 4,075 5,015 5,077 4,386 4,932 4,909 4,760 4,568 4,968
Current Deferred Revenue		 2,591 2,739 2,907 3,005 3,164 3,367 3,472 3,524 3,518 3,543 3,614
Current Employee Benefit Liabilities		 736 998 1,215 1,506 816 1,065 1,251 1,538 1,226 1,225 1,474
Other Current Liabilities		 11,828 11,454 12,752 13,197 13,229 14,287 12,826 16,067 15,323 16,737 18,422
Total Noncurrent Liabilities		 29,110 29,093 29,023 28,668 29,042 28,471 28,699 28,857 24,501 24,442 26,933
Long-Term Debt		 20,487 20,606 20,560 20,463 20,703 20,603 20,602 20,836 16,680 16,814 19,590
Noncurrent Deferred & Payable Income Tax Liabilities		 5,443 5,462 5,380 5,114 5,275 5,145 5,119 5,301 5,192 5,160 5,755
Other Noncurrent Operating Liabilities		 3,180 3,025 3,083 3,091 3,064 2,723 2,978 2,720 2,629 2,468 1,588
Commitments & Contingencies		 - - - 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Equity & Noncontrolling Interests		 36,924 38,565 38,981 38,733 39,733 40,485 39,729 39,137 38,296 38,030 38,664
Total Preferred & Common Equity		 36,924 38,565 38,981 38,733 39,733 40,485 39,729 39,137 38,296 38,030 38,664
Preferred Stock		 1,981 1,885 1,786 1,698 1,615 1,602 1,425 1,031 904 880 871
Total Common Equity		 34,943 36,680 37,195 37,035 38,118 38,883 38,304 38,106 37,392 37,150 37,793
Common Stock		 19,827 20,095 20,290 20,452 20,490 20,709 20,832 21,229 21,324 21,579 21,746
Retained Earnings		 16,403 17,610 17,908 18,040 18,422 19,347 18,578 17,289 17,438 16,518 15,956
Accumulated Other Comprehensive Income / (Loss)		 -1,259 -990 -978 -1,317 -655 -998 -1,060 -308 -1,247 -827 209
Other Equity Adjustments		 -28 -35 -25 -140 -139 -175 -46 -104 -123 -120 -118

Annual Metrics And Ratios for Visa

This table displays calculated financial ratios and metrics derived from Visa's official financial filings.

Metric 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Period end date 9/30/2014 9/30/2015 9/30/2016 9/30/2017 9/30/2018 9/30/2019 9/30/2020 9/30/2021 9/30/2022 9/30/2023 9/30/2024
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 7.85% 9.27% 8.66% 21.72% 12.26% 11.49% -4.92% 10.34% 21.59% 11.41% 10.02%
EBITDA Growth		 7.86% 14.82% -0.02% 40.71% 12.34% 13.95% -32.24% 70.82% 15.86% 17.07% 12.70%
EBIT Growth		 6.55% 16.37% -6.21% 45.24% 9.47% 14.90% -7.21% 15.87% 12.66% 16.10% 13.27%
NOPAT Growth		 9.09% 17.67% -7.56% 18.02% 49.78% 16.84% -8.87% 9.17% 28.09% 11.13% 12.96%
Net Income Growth		 9.20% 16.37% -5.33% 11.82% 53.77% 17.27% -10.05% 13.30% 21.49% 15.48% 14.30%
EPS Growth		 0.00% 0.00% 539.53% -83.03% 57.86% 20.36% -8.08% 15.13% 24.33% 18.29% 17.51%
Operating Cash Flow Growth		 138.42% -8.62% -15.34% 67.15% 38.90% -1.21% -18.34% 45.85% 23.79% 10.11% -3.88%
Free Cash Flow Firm Growth		 177.70% -5.09% -261.74% 173.95% 65.64% -19.04% -16.61% 72.81% 23.84% 4.33% -11.23%
Invested Capital Growth		 -4.32% 2.22% 80.16% -0.48% -3.97% 7.86% 8.70% -4.22% -4.09% -1.51% 10.43%
Revenue Q/Q Growth		 2.06% 2.53% 4.79% 3.34% 2.89% 3.16% -4.53% 6.44% 4.37% 2.58% 2.89%
EBITDA Q/Q Growth		 -0.65% 6.06% 4.87% 5.85% 3.24% 1.57% -32.53% 59.41% 3.83% 4.15% 2.46%
EBIT Q/Q Growth		 -2.08% 7.98% 4.47% 5.17% 3.40% 0.94% -4.22% 7.97% 3.34% 3.79% 3.06%
NOPAT Q/Q Growth		 -1.94% 7.36% 9.21% 3.00% 5.24% 2.58% -7.07% 12.93% 3.46% 2.94% 3.66%
Net Income Q/Q Growth		 -2.14% 7.45% 7.52% 3.22% 7.35% 1.51% -7.55% 13.32% 2.44% 4.48% 3.33%
EPS Q/Q Growth		 0.00% -14.29% 539.53% -20.68% 8.33% 1.92% -6.86% 13.51% 3.24% 4.94% 4.18%
Operating Cash Flow Q/Q Growth		 -3.38% -0.89% 14.79% 4.77% 4.86% 4.63% -15.71% 14.04% 11.24% 5.33% -1.30%
Free Cash Flow Firm Q/Q Growth		 -5.27% 2.74% 6.53% -4.03% 10.51% -9.60% -10.43% 22.29% 18.89% -0.73% -6.98%
Invested Capital Q/Q Growth		 -1.91% -0.47% -0.76% 0.68% -1.09% 2.72% 2.72% -0.23% -5.96% -4.46% 0.57%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 85.24% 85.02% 85.24% 85.68% 84.62% 85.01% 82.67% 82.41% 82.98% 82.14% 82.56%
EBITDA Margin		 84.70% 89.00% 81.89% 94.66% 94.73% 96.82% 69.00% 106.81% 101.77% 106.95% 109.54%
Operating Margin		 60.60% 65.30% 52.27% 66.15% 62.86% 65.29% 64.46% 65.56% 64.19% 64.31% 65.68%
EBIT Margin		 60.87% 64.83% 55.95% 66.77% 65.11% 67.10% 65.49% 68.77% 63.71% 66.40% 68.35%
Profit (Net Income) Margin		 42.81% 45.59% 39.72% 36.49% 49.98% 52.57% 49.74% 51.07% 51.03% 52.90% 54.95%
Tax Burden Percent		 70.40% 70.35% 74.78% 57.29% 80.44% 81.16% 78.80% 76.64% 82.47% 82.11% 82.55%
Interest Burden Percent		 99.90% 99.97% 94.94% 95.41% 95.44% 96.54% 96.39% 96.91% 97.12% 97.03% 97.39%
Effective Tax Rate		 29.60% 29.65% 25.22% 42.71% 19.56% 18.84% 21.20% 23.36% 17.53% 17.89% 17.45%
Return on Invested Capital (ROIC)		 27.96% 33.28% 21.72% 19.98% 30.61% 35.12% 29.55% 31.64% 42.29% 48.36% 52.32%
ROIC Less NNEP Spread (ROIC-NNEP)		 27.72% 33.79% 19.45% 6.96% 12.57% 5.49% 18.61% 46.01% -492.00% 46.34% 36.79%
Return on Net Nonoperating Assets (RNNOA)		 -7.93% -11.18% -2.63% 0.42% 0.25% 0.05% 1.10% 1.72% -1.41% -1.88% -1.61%
Return on Equity (ROE)		 20.04% 22.10% 19.09% 20.40% 30.86% 35.17% 30.65% 33.36% 40.88% 46.49% 50.71%
Cash Return on Invested Capital (CROIC)		 32.38% 31.08% -35.50% 20.46% 34.66% 27.55% 21.22% 35.96% 46.46% 49.88% 42.41%
Operating Return on Assets (OROA)		 20.75% 23.09% 16.32% 18.57% 19.56% 21.74% 18.64% 20.24% 22.18% 24.64% 26.55%
Return on Assets (ROA)		 14.59% 16.24% 11.59% 10.15% 15.02% 17.04% 14.16% 15.03% 17.76% 19.63% 21.34%
Return on Common Equity (ROCE)		 20.04% 22.10% 17.35% 16.91% 25.78% 29.57% 26.09% 29.67% 37.86% 43.97% 48.93%
Return on Equity Simple (ROE_SIMPLE)		 19.84% 21.21% 18.20% 20.45% 30.29% 34.83% 30.01% 32.75% 42.04% 44.60% 50.45%
Net Operating Profit after Tax (NOPAT)		 5,419 6,377 5,895 6,957 10,420 12,175 11,095 12,112 15,515 17,243 19,478
NOPAT Margin		 42.66% 45.94% 39.08% 37.90% 50.56% 52.99% 50.79% 50.25% 52.94% 52.81% 54.22%
Net Nonoperating Expense Percent (NNEP)		 0.24% -0.51% 2.27% 13.03% 18.04% 29.63% 10.95% -14.37% 534.29% 2.02% 15.53%
Cost of Revenue to Revenue		 14.76% 14.98% 14.76% 14.32% 15.38% 14.99% 17.33% 17.59% 17.02% 17.86% 17.44%
SG&A Expenses to Revenue		 10.57% 9.78% 11.42% 11.38% 11.05% 10.32% 10.21% 8.79% 8.33% 8.00% 8.38%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 24.64% 19.72% 32.97% 19.53% 21.76% 19.72% 18.22% 16.85% 18.79% 17.83% 16.89%
Earnings before Interest and Taxes (EBIT)		 7,732 8,998 8,439 12,257 13,418 15,417 14,306 16,576 18,674 21,681 24,557
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 10,759 12,353 12,350 17,378 19,522 22,246 15,073 25,747 29,830 34,921 39,355
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 5.51 4.85 6.17 7.67 10.24 11.25 12.10 12.23 9.90 11.45 13.12
Price to Tangible Book Value (P/TBV)		 35.57 21.73 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 11.90 10.42 11.12 11.38 14.18 14.31 17.24 17.51 11.23 12.99 13.92
Price to Earnings (P/E)		 27.79 22.86 28.00 31.19 28.37 27.21 34.65 34.29 22.01 24.55 25.33
Dividend Yield		 0.81% 0.74% 0.72% 0.66% 0.57% 0.60% 0.62% 0.59% 0.86% 0.99% 0.76%
Earnings Yield		 3.60% 4.38% 3.57% 3.21% 3.53% 3.67% 2.89% 2.92% 4.54% 4.07% 3.95%
Enterprise Value to Invested Capital (EV/IC)		 7.53 6.93 5.03 6.23 8.90 9.32 9.83 11.35 9.24 11.94 12.83
Enterprise Value to Revenue (EV/Rev)		 11.23 9.67 11.63 11.79 14.41 14.60 17.60 17.63 11.32 12.94 13.95
Enterprise Value to EBITDA (EV/EBITDA)		 13.26 10.86 14.21 12.45 15.21 15.08 25.51 16.51 11.12 12.10 12.73
Enterprise Value to EBIT (EV/EBIT)		 18.45 14.91 20.79 17.66 22.14 21.76 26.88 25.64 17.77 19.48 20.41
Enterprise Value to NOPAT (EV/NOPAT)		 26.33 21.04 29.77 31.11 28.50 27.55 34.65 35.09 21.39 24.50 25.73
Enterprise Value to Operating Cash Flow (EV/OCF)		 19.80 20.38 31.48 23.23 22.95 26.24 36.83 27.91 17.60 20.35 25.12
Enterprise Value to Free Cash Flow (EV/FCFF)		 22.74 22.53 0.00 30.38 25.17 35.12 48.27 30.88 19.47 23.75 31.74
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.00 0.00 0.48 0.56 0.49 0.48 0.66 0.56 0.63 0.53 0.53
Long-Term Debt to Equity		 0.00 0.00 0.48 0.51 0.49 0.48 0.58 0.53 0.57 0.53 0.53
Financial Leverage		 -0.29 -0.33 -0.14 0.06 0.02 0.01 0.06 0.04 0.00 -0.04 -0.04
Leverage Ratio		 1.37 1.36 1.65 2.01 2.06 2.06 2.17 2.22 2.30 2.37 2.38
Compound Leverage Factor		 1.37 1.36 1.56 1.92 1.96 1.99 2.09 2.15 2.24 2.30 2.31
Debt to Total Capital		 0.00% 0.00% 32.55% 35.92% 32.84% 32.54% 39.93% 35.82% 38.69% 34.57% 34.74%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 3.42% 0.00% 0.00% 4.98% 1.71% 3.88% 0.00% 0.00%
Long-Term Debt to Total Capital		 0.00% 0.00% 32.55% 32.50% 32.84% 32.54% 34.96% 34.11% 34.81% 34.57% 34.74%
Preferred Equity to Total Capital		 0.00% 0.00% 11.72% 10.81% 10.80% 10.62% 8.44% 5.26% 4.00% 2.87% 1.72%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 100.00% 100.00% 55.73% 53.27% 56.36% 56.84% 51.63% 58.92% 57.31% 62.56% 63.54%
Debt to EBITDA		 0.00 0.00 1.29 1.06 0.85 0.75 1.60 0.81 0.75 0.59 0.53
Net Debt to EBITDA		 0.00 0.00 0.16 0.11 -0.03 0.06 0.19 -0.01 0.01 -0.10 0.00
Long-Term Debt to EBITDA		 0.00 0.00 1.29 0.96 0.85 0.75 1.40 0.78 0.68 0.59 0.53
Debt to NOPAT		 0.00 0.00 2.69 2.64 1.60 1.37 2.17 1.73 1.45 1.19 1.07
Net Debt to NOPAT		 0.00 0.00 0.34 0.28 -0.06 0.11 0.26 -0.01 0.02 -0.19 0.00
Long-Term Debt to NOPAT		 0.00 0.00 2.69 2.39 1.60 1.37 1.90 1.65 1.30 1.19 1.07
Altman Z-Score		 9.56 10.78 4.25 4.78 6.26 6.61 6.34 6.97 5.41 6.48 7.01
Noncontrolling Interest Sharing Ratio		 0.00% 0.00% 9.11% 17.12% 16.47% 15.92% 14.88% 11.07% 7.39% 5.41% 3.50%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.59 1.87 1.78 1.90 1.61 1.56 1.91 1.75 1.45 1.45 1.28
Quick Ratio		 0.79 1.47 1.36 1.46 1.26 1.02 1.49 1.30 1.10 1.10 0.80
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 6,275 5,956 -9,632 7,123 11,798 9,552 7,965 13,764 17,046 17,784 15,787
Operating Cash Flow to CapEx		 1,302.89% 1,629.70% 1,065.77% 1,340.58% 1,802.37% 1,691.01% 1,418.48% 2,159.86% 1,943.20% 1,959.87% 1,587.11%
Free Cash Flow to Firm to Interest Expense		 784.37 1,985.18 -22.56 12.65 19.28 17.92 15.44 26.83 31.68 27.61 24.63
Operating Cash Flow to Interest Expense		 900.63 2,194.67 13.05 16.55 21.15 23.99 20.23 29.68 35.04 32.23 31.12
Operating Cash Flow Less CapEx to Interest Expense		 831.50 2,060.00 11.83 15.31 19.97 22.57 18.81 28.31 33.23 30.58 29.16
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.34 0.36 0.29 0.28 0.30 0.32 0.28 0.29 0.35 0.37 0.39
Accounts Receivable Turnover		 16.05 16.63 15.98 16.90 17.61 16.71 13.83 13.44 14.70 15.15 14.81
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 7.01 7.34 7.47 8.34 8.72 8.89 8.04 8.84 9.87 9.82 9.91
Accounts Payable Turnover		 11.33 15.18 13.49 13.76 17.51 20.32 22.94 19.27 16.47 16.31 14.67
Days Sales Outstanding (DSO)		 22.74 21.94 22.85 21.60 20.72 21.84 26.40 27.15 24.83 24.09 24.65
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 32.22 24.05 27.06 26.53 20.84 17.96 15.91 18.94 22.16 22.38 24.88
Cash Conversion Cycle (CCC)		 -9.47 -2.11 -4.21 -4.93 -0.12 3.88 10.49 8.21 2.67 1.72 -0.23
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 18,950 19,371 34,898 34,732 33,354 35,977 39,107 37,455 35,924 35,383 39,074
Invested Capital Turnover		 0.66 0.72 0.56 0.53 0.61 0.66 0.58 0.63 0.80 0.92 0.97
Increase / (Decrease) in Invested Capital		 -856 421 15,527 -166 -1,378 2,623 3,130 -1,652 -1,531 -541 3,691
Enterprise Value (EV)		 142,663 134,162 175,455 216,419 297,015 335,475 384,502 425,036 331,823 422,439 501,150
Market Capitalization		 151,126 144,633 167,752 208,921 292,197 328,720 376,519 422,090 329,156 424,091 500,092
Book Value per Share		 $35.82 $13.47 $12.65 $13.04 $14.03 $14.73 $16.02 $17.76 $17.59 $19.89 $20.91
Tangible Book Value per Share		 $5.55 $3.00 ($7.03) ($7.53) ($6.99) ($6.66) ($6.48) ($4.69) ($5.08) ($3.80) ($4.24)
Total Capital		 27,413 29,842 48,794 51,127 50,636 51,413 60,280 58,566 58,031 59,196 59,973
Total Debt		 0.00 0.00 15,882 18,367 16,630 16,729 24,070 20,977 22,450 20,463 20,836
Total Long-Term Debt		 0.00 0.00 15,882 16,618 16,630 16,729 21,071 19,978 20,200 20,463 20,836
Net Debt		 -8,463 -10,471 1,986 1,972 -652 1,293 2,897 -134 343 -3,350 27
Capital Expenditures (CapEx)		 553 404 523 695 718 756 736 705 970 1,059 1,257
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -1,892 -2,421 -3,698 -3,691 -6,289 -5,724 -4,808 -6,539 -8,369 -11,458 -10,748
Debt-free Net Working Capital (DFNWC)		 3,556 4,666 6,267 10,778 6,911 7,555 16,134 12,867 11,602 10,434 7,516
Net Working Capital (NWC)		 3,556 4,666 6,267 9,029 6,911 7,555 13,135 11,868 9,352 10,434 7,516
Net Nonoperating Expense (NNE)		 -19 49 -96 258 119 95 229 -199 558 -30 -265
Net Nonoperating Obligations (NNO)		 -8,463 -10,471 1,986 1,972 -652 1,293 2,897 -134 343 -3,350 -63
Total Depreciation and Amortization (D&A)		 3,027 3,355 3,911 5,121 6,104 6,829 767 9,171 11,156 13,240 14,798
Debt-free, Cash-free Net Working Capital to Revenue		 -14.90% -17.44% -24.52% -20.11% -30.52% -24.91% -22.01% -27.13% -28.55% -35.09% -29.92%
Debt-free Net Working Capital to Revenue		 28.00% 33.62% 41.55% 58.71% 33.53% 32.88% 73.85% 53.38% 39.58% 31.95% 20.92%
Net Working Capital to Revenue		 28.00% 33.62% 41.55% 49.18% 33.53% 32.88% 60.13% 49.23% 31.91% 31.95% 20.92%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $0.00 $0.00 $16.53 $2.80 $4.43 $5.32 $4.90 $5.63 $7.01 $8.29 $9.74
Adjusted Weighted Average Basic Shares Outstanding		 0.00 0.00 2.17B 1.85B 1.79B 1.74B 1.70B 1.69B 1.65B 1.62B 1.62B
Adjusted Diluted Earnings per Share		 $0.00 $0.00 $16.50 $2.80 $4.42 $5.32 $4.89 $5.63 $7.00 $8.28 $9.73
Adjusted Weighted Average Diluted Shares Outstanding		 0.00 0.00 2.68B 2.40B 2.33B 2.27B 2.22B 2.19B 2.14B 2.09B 2.03B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 0.00 0.00 2.13B 2.07B 2.02B 1.97B 1.95B 1.93B 1.88B 1.84B 1.86B
Normalized Net Operating Profit after Tax (NOPAT)		 5,738 6,386 7,300 6,968 10,908 12,500 11,104 12,115 16,231 18,004 19,859
Normalized NOPAT Margin		 45.17% 46.01% 48.40% 37.95% 52.93% 54.40% 50.83% 50.26% 55.38% 55.14% 55.28%
Pre Tax Income Margin		 60.81% 64.81% 53.12% 63.70% 62.14% 64.78% 63.12% 66.64% 61.88% 64.43% 66.57%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 966.50 2,999.33 19.76 21.77 21.92 28.93 27.72 32.31 34.71 33.67 38.31
NOPAT to Interest Expense		 677.37 2,125.51 13.80 12.36 17.03 22.84 21.50 23.61 28.84 26.77 30.39
EBIT Less CapEx to Interest Expense		 897.38 2,864.67 18.54 20.54 20.75 27.51 26.30 30.94 32.91 32.02 36.35
NOPAT Less CapEx to Interest Expense		 608.25 1,990.85 12.58 11.12 15.85 21.42 20.08 22.24 27.04 25.13 28.43
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 18.50% 18.60% 22.53% 23.57% 18.62% 18.78% 24.52% 22.73% 21.41% 21.72% 21.36%
Augmented Payout Ratio		 94.23% 64.59% 142.00% 126.44% 88.44% 90.03% 99.19% 93.20% 98.90% 91.77% 106.01%

Quarterly Metrics And Ratios for Visa

This table displays calculated financial ratios and metrics derived from Visa's official financial filings.

Metric Q1 2023 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025
Period end date 12/31/2022 3/31/2023 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 12.42% 11.07% 11.66% 10.56% 8.80% 9.89% 9.57% 11.71% 10.15% 9.33% 14.29%
EBITDA Growth		 6.93% 16.02% 29.53% 17.16% 20.88% 6.33% 14.31% 9.95% 6.48% 5.87% 6.83%
EBIT Growth		 1.65% 15.91% 35.23% 15.75% 21.80% 3.23% 16.08% 12.53% 2.46% 0.02% 3.02%
NOPAT Growth		 10.69% 11.62% 9.80% 11.96% 12.75% 5.22% 19.05% 14.95% 6.81% 1.01% 6.45%
Net Income Growth		 5.56% 16.73% 21.84% 18.81% 17.01% 9.54% 17.23% 13.61% 4.68% -1.84% 8.21%
EPS Growth		 8.74% 19.41% 25.00% 20.86% 20.10% 12.81% 20.00% 17.26% 7.95% 1.31% 12.08%
Operating Cash Flow Growth		 -1.44% 10.63% 10.38% 17.89% -13.35% 17.56% -11.44% -3.80% 49.31% 3.46% 31.09%
Free Cash Flow Firm Growth		 -2.77% 143.98% 71.89% -8.81% -20.95% -39.30% -42.29% -68.78% -31.15% -31.49% 10.68%
Invested Capital Growth		 -2.92% -5.43% -3.04% -1.51% 1.53% 1.54% 4.91% 10.43% 5.93% 4.84% 4.65%
Revenue Q/Q Growth		 1.91% 0.62% 1.73% 5.98% 0.29% 1.63% 1.42% 8.06% -1.11% 0.88% 6.02%
EBITDA Q/Q Growth		 0.17% 5.32% 2.00% 8.88% 3.36% -7.36% 9.65% 4.73% 0.10% -7.90% 10.65%
EBIT Q/Q Growth		 1.73% 5.98% -1.70% 9.22% 7.05% -10.18% 10.55% 5.87% -2.54% -12.32% 13.87%
NOPAT Q/Q Growth		 3.80% 0.70% -5.72% 13.61% 4.54% -6.02% 6.67% 9.69% -2.86% -11.12% 12.41%
Net Income Q/Q Growth		 6.07% 1.87% -2.37% 12.63% 4.46% -4.64% 4.48% 9.15% -3.74% -10.59% 15.18%
EPS Q/Q Growth		 6.42% 2.01% -1.48% 13.00% 5.75% -4.18% 4.80% 10.42% -2.64% -10.08% 15.95%
Operating Cash Flow Q/Q Growth		 -29.02% -7.46% 50.18% 19.49% -47.83% 25.57% 13.13% 29.80% -19.03% -12.99% 43.34%
Free Cash Flow Firm Q/Q Growth		 -4.68% 20.58% -19.58% -1.34% -17.37% -7.41% -23.55% -46.63% 82.24% -7.87% 23.51%
Invested Capital Q/Q Growth		 2.58% 3.44% -2.85% -4.46% 5.74% 3.46% 0.37% 0.57% 1.43% 2.40% 0.19%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 83.15% 81.03% 81.77% 82.60% 82.87% 81.73% 82.33% 83.27% 80.94% 82.73% 82.81%
EBITDA Margin		 102.41% 107.19% 107.47% 110.41% 113.78% 103.72% 112.12% 108.67% 110.00% 100.43% 104.81%
Operating Margin		 64.14% 66.83% 61.85% 64.47% 68.96% 61.01% 66.72% 66.02% 65.55% 56.65% 60.73%
EBIT Margin		 64.44% 67.88% 65.59% 67.59% 72.15% 63.76% 69.49% 68.09% 67.11% 58.33% 62.64%
Profit (Net Income) Margin		 52.66% 53.31% 51.16% 54.37% 56.64% 53.14% 54.74% 55.30% 53.83% 47.71% 51.83%
Tax Burden Percent		 83.97% 80.66% 80.76% 83.06% 80.93% 84.58% 81.35% 83.46% 82.56% 84.17% 83.25%
Interest Burden Percent		 97.32% 97.38% 96.58% 96.86% 97.00% 98.53% 96.83% 97.31% 97.15% 97.18% 99.39%
Effective Tax Rate		 16.03% 19.34% 19.24% 16.94% 19.07% 15.42% 18.65% 16.54% 17.44% 15.83% 16.75%
Return on Invested Capital (ROIC)		 43.46% 42.58% 42.27% 49.04% 50.13% 45.87% 49.95% 53.17% 51.70% 45.24% 49.45%
ROIC Less NNEP Spread (ROIC-NNEP)		 32.27% 40.17% 67.83% 44.29% 44.17% 33.75% 47.00% 52.05% 57.42% 45.89% 72.58%
Return on Net Nonoperating Assets (RNNOA)		 0.75% 2.09% 0.70% -1.79% -1.38% -0.95% -1.68% -2.28% -0.72% 0.45% 1.04%
Return on Equity (ROE)		 44.21% 44.67% 42.97% 47.25% 48.75% 44.92% 48.26% 50.89% 50.98% 45.70% 50.49%
Cash Return on Invested Capital (CROIC)		 45.57% 47.34% 47.62% 49.88% 46.39% 45.37% 44.73% 42.41% 45.66% 45.34% 46.17%
Operating Return on Assets (OROA)		 23.25% 24.95% 23.91% 25.08% 27.22% 24.30% 26.92% 26.44% 26.95% 23.69% 25.50%
Return on Assets (ROA)		 19.00% 19.60% 18.65% 20.18% 21.37% 20.25% 21.21% 21.48% 21.61% 19.38% 21.10%
Return on Common Equity (ROCE)		 41.20% 41.75% 40.29% 44.69% 46.46% 42.94% 46.29% 49.11% 49.34% 44.25% 49.01%
Return on Equity Simple (ROE_SIMPLE)		 41.10% 40.94% 42.41% 0.00% 45.26% 45.42% 48.09% 0.00% 52.15% 52.29% 0.00%
Net Operating Profit after Tax (NOPAT)		 4,274 4,304 4,057 4,610 4,819 4,529 4,831 5,299 5,147 4,574 5,142
NOPAT Margin		 53.85% 53.90% 49.95% 53.54% 55.81% 51.61% 54.28% 55.10% 54.12% 47.68% 50.55%
Net Nonoperating Expense Percent (NNEP)		 11.19% 2.41% -25.56% 4.75% 5.96% 12.12% 2.94% 1.12% -5.72% -0.65% -23.13%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - 7.97% - - - 8.74% 7.78% 8.06%
Cost of Revenue to Revenue		 16.85% 18.97% 18.23% 17.40% 17.13% 18.27% 17.67% 16.73% 19.06% 17.27% 17.19%
SG&A Expenses to Revenue		 7.67% 7.40% 7.74% 9.08% 7.55% 9.13% 8.25% 8.57% 8.74% 8.51% 8.78%
R&D to Revenue		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Operating Expenses to Revenue		 19.01% 14.20% 19.92% 18.13% 13.91% 20.72% 15.61% 17.25% 15.38% 26.08% 22.08%
Earnings before Interest and Taxes (EBIT)		 5,114 5,420 5,328 5,819 6,229 5,595 6,185 6,548 6,382 5,596 6,372
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 8,127 8,559 8,730 9,505 9,824 9,101 9,979 10,451 10,461 9,635 10,661
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 11.05 11.42 11.84 11.45 12.62 13.13 12.51 13.12 15.75 17.53 17.33
Price to Tangible Book Value (P/TBV)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 12.79 13.52 13.84 12.99 14.42 14.95 13.72 13.92 16.00 17.31 16.84
Price to Earnings (P/E)		 25.43 26.54 26.65 24.55 26.75 27.76 25.07 25.33 29.48 32.74 32.29
Dividend Yield		 0.99% 0.94% 0.92% 0.99% 0.72% 0.70% 0.77% 0.76% 0.68% 0.63% 0.65%
Earnings Yield		 3.93% 3.77% 3.75% 4.07% 3.74% 3.60% 3.99% 3.95% 3.39% 3.05% 3.10%
Enterprise Value to Invested Capital (EV/IC)		 10.53 11.03 11.89 11.94 12.84 13.19 12.35 12.83 14.91 16.13 16.18
Enterprise Value to Revenue (EV/Rev)		 12.85 13.57 13.84 12.94 14.40 14.95 13.74 13.95 16.06 17.40 16.92
Enterprise Value to EBITDA (EV/EBITDA)		 12.78 13.33 13.14 12.10 13.12 13.73 12.49 12.73 14.78 16.15 15.97
Enterprise Value to EBIT (EV/EBIT)		 20.68 21.56 21.08 19.48 21.07 22.22 20.14 20.41 23.92 26.49 26.43
Enterprise Value to NOPAT (EV/NOPAT)		 24.34 25.67 26.29 24.50 27.00 28.33 25.54 25.73 29.84 32.98 32.64
Enterprise Value to Operating Cash Flow (EV/OCF)		 20.65 21.94 22.35 20.35 23.78 24.45 23.74 25.12 27.20 29.90 28.02
Enterprise Value to Free Cash Flow (EV/FCFF)		 22.76 22.65 24.59 23.75 27.88 29.29 28.27 31.74 33.60 36.41 35.85
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.55 0.53 0.53 0.53 0.52 0.51 0.52 0.53 0.54 0.55 0.65
Long-Term Debt to Equity		 0.55 0.53 0.53 0.53 0.52 0.51 0.52 0.53 0.44 0.44 0.51
Financial Leverage		 0.02 0.05 0.01 -0.04 -0.03 -0.03 -0.04 -0.04 -0.01 0.01 0.01
Leverage Ratio		 2.29 2.26 2.35 2.37 2.31 2.27 2.29 2.38 2.35 2.36 2.44
Compound Leverage Factor		 2.23 2.20 2.27 2.29 2.24 2.23 2.22 2.31 2.28 2.29 2.42
Debt to Total Capital		 35.68% 34.82% 34.53% 34.57% 34.26% 33.73% 34.15% 34.74% 34.99% 35.31% 39.40%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 6.67% 6.72% 8.70%
Long-Term Debt to Total Capital		 35.68% 34.82% 34.53% 34.57% 34.26% 33.73% 34.15% 34.74% 28.32% 28.60% 30.70%
Preferred Equity to Total Capital		 3.45% 3.19% 3.00% 2.87% 2.67% 2.62% 2.36% 1.72% 1.53% 1.50% 1.37%
Noncontrolling Interests to Total Capital		 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%
Common Equity to Total Capital		 60.86% 61.99% 62.47% 62.56% 63.07% 63.65% 63.49% 63.54% 63.48% 63.19% 59.23%
Debt to EBITDA		 0.67 0.65 0.61 0.59 0.57 0.55 0.54 0.53 0.52 0.51 0.61
Net Debt to EBITDA		 0.00 -0.01 -0.06 -0.10 -0.06 -0.05 -0.02 0.00 0.04 0.06 0.05
Long-Term Debt to EBITDA		 0.67 0.65 0.61 0.59 0.57 0.55 0.54 0.53 0.42 0.41 0.48
Debt to NOPAT		 1.29 1.26 1.23 1.19 1.16 1.14 1.10 1.07 1.04 1.05 1.25
Net Debt to NOPAT		 0.00 -0.03 -0.12 -0.19 -0.13 -0.10 -0.04 0.00 0.07 0.13 0.10
Long-Term Debt to NOPAT		 1.29 1.26 1.23 1.19 1.16 1.14 1.10 1.07 0.84 0.85 0.97
Altman Z-Score		 5.72 6.20 6.24 5.91 6.59 6.88 6.61 6.38 7.53 8.01 7.28
Noncontrolling Interest Sharing Ratio		 6.81% 6.53% 6.23% 5.41% 4.69% 4.41% 4.08% 3.50% 3.23% 3.16% 2.93%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.44 1.50 1.49 1.45 1.45 1.40 1.37 1.28 1.12 1.08 1.12
Quick Ratio		 0.94 0.98 1.13 1.10 1.07 1.00 1.00 0.80 0.70 0.66 0.75
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 5,384 6,492 5,220 5,151 4,256 3,941 3,013 1,608 2,930 2,699 3,334
Operating Cash Flow to CapEx		 1,675.10% 1,838.10% 1,965.08% 2,271.15% 1,353.56% 1,614.95% 1,283.50% 2,156.63% 1,564.06% 1,435.78% 1,598.57%
Free Cash Flow to Firm to Interest Expense		 39.30 45.72 28.68 28.15 22.76 48.06 15.37 9.14 16.10 17.09 85.49
Operating Cash Flow to Interest Expense		 30.45 27.18 31.85 37.85 19.33 55.34 26.19 37.86 29.65 29.72 172.56
Operating Cash Flow Less CapEx to Interest Expense		 28.63 25.70 30.23 36.19 17.90 51.91 24.15 36.11 27.75 27.65 161.77
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.36 0.37 0.36 0.37 0.38 0.38 0.39 0.39 0.40 0.41 0.41
Accounts Receivable Turnover		 14.10 14.56 14.79 15.15 14.44 15.54 14.54 14.81 14.44 15.08 14.30
Inventory Turnover		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Fixed Asset Turnover		 9.83 9.56 9.77 9.82 9.94 9.77 9.79 9.91 9.89 9.83 9.84
Accounts Payable Turnover		 20.40 23.77 22.35 16.31 19.71 19.61 20.11 14.67 17.52 17.53 17.22
Days Sales Outstanding (DSO)		 25.88 25.08 24.67 24.09 25.28 23.49 25.10 24.65 25.27 24.21 25.53
Days Inventory Outstanding (DIO)		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Days Payable Outstanding (DPO)		 17.89 15.36 16.33 22.38 18.52 18.61 18.15 24.88 20.83 20.82 21.20
Cash Conversion Cycle (CCC)		 7.99 9.72 8.34 1.72 6.76 4.88 6.95 -0.23 4.44 3.39 4.34
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 36,852 38,121 37,036 35,383 37,415 38,709 38,854 39,074 39,632 40,584 40,662
Invested Capital Turnover		 0.81 0.79 0.85 0.92 0.90 0.89 0.92 0.97 0.96 0.95 0.98
Increase / (Decrease) in Invested Capital		 -1,110 -2,188 -1,163 -541 563 588 1,818 3,691 2,217 1,875 1,808
Enterprise Value (EV)		 387,928 420,436 440,413 422,439 480,350 510,389 479,831 501,150 591,053 654,572 658,054
Market Capitalization		 386,019 418,995 440,572 424,091 481,053 510,563 479,081 500,092 588,743 651,077 655,124
Book Value per Share		 $18.55 $19.51 $19.86 $19.89 $24.06 $21.17 $20.94 $20.91 $20.07 $20.00 $20.48
Tangible Book Value per Share		 ($4.98) ($4.24) ($3.98) ($3.80) ($4.26) ($3.45) ($3.69) ($4.24) ($4.32) ($4.79) ($5.28)
Total Capital		 57,411 59,171 59,541 59,196 60,436 61,088 60,331 59,973 58,905 58,792 63,802
Total Debt		 20,487 20,606 20,560 20,463 20,703 20,603 20,602 20,836 20,609 20,762 25,138
Total Long-Term Debt		 20,487 20,606 20,560 20,463 20,703 20,603 20,602 20,836 16,680 16,814 19,590
Net Debt		 -72 -444 -1,945 -3,350 -2,318 -1,776 -675 27 1,406 2,615 2,059
Capital Expenditures (CapEx)		 249 210 295 305 267 281 400 309 345 327 421
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -9,318 -8,650 -9,943 -11,458 -10,114 -9,955 -9,813 -10,748 -9,986 -10,176 -12,357
Debt-free Net Working Capital (DFNWC)		 8,506 9,560 10,440 10,434 10,098 9,332 8,427 7,516 7,460 6,501 9,519
Net Working Capital (NWC)		 8,506 9,560 10,440 10,434 10,098 9,332 8,427 7,516 3,531 2,553 3,971
Net Nonoperating Expense (NNE)		 95 47 -99 -71 -71 -134 -41 -19 28 -2.53 -130
Net Nonoperating Obligations (NNO)		 -72 -444 -1,945 -3,350 -2,318 -1,776 -875 -63 1,336 2,554 1,998
Total Depreciation and Amortization (D&A)		 3,013 3,139 3,402 3,686 3,595 3,506 3,794 3,903 4,079 4,039 4,289
Debt-free, Cash-free Net Working Capital to Revenue		 -30.87% -27.92% -31.24% -35.09% -30.33% -29.16% -28.10% -29.92% -27.13% -27.05% -31.77%
Debt-free Net Working Capital to Revenue		 28.18% 30.86% 32.80% 31.95% 30.28% 27.33% 24.13% 20.92% 20.27% 17.28% 24.47%
Net Working Capital to Revenue		 28.18% 30.86% 32.80% 31.95% 30.28% 27.33% 24.13% 20.92% 9.59% 6.79% 10.21%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $1.99 $2.04 $2.00 $2.26 $2.39 $2.29 $2.40 $2.66 $2.58 $2.32 $2.69
Adjusted Weighted Average Basic Shares Outstanding		 1.63B 1.62B 1.61B 1.62B 1.58B 1.58B 1.61B 1.62B 1.73B 1.72B 1.71B
Adjusted Diluted Earnings per Share		 $1.99 $2.03 $2.00 $2.26 $2.39 $2.29 $2.40 $2.65 $2.58 $2.32 $2.69
Adjusted Weighted Average Diluted Shares Outstanding		 2.10B 2.09B 2.08B 2.09B 2.05B 2.04B 2.03B 2.03B 1.99B 1.97B 1.96B
Adjusted Basic & Diluted Earnings per Share		 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding		 1.88B 1.87B 1.86B 1.84B 1.84B 1.83B 1.82B 1.86B 1.86B 1.85B 1.83B
Normalized Net Operating Profit after Tax (NOPAT)		 4,560 4,304 4,427 4,717 4,826 4,892 4,841 5,307 5,183 5,416 5,654
Normalized NOPAT Margin		 57.46% 53.90% 54.49% 54.79% 55.90% 55.75% 54.39% 55.19% 54.50% 56.45% 55.59%
Pre Tax Income Margin		 62.71% 66.10% 63.35% 65.47% 69.98% 62.83% 67.29% 66.26% 65.19% 56.68% 62.26%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 37.33 38.17 29.27 31.80 33.31 68.23 31.56 37.20 35.07 35.42 163.38
NOPAT to Interest Expense		 31.20 30.31 22.29 25.19 25.77 55.23 24.65 30.11 28.28 28.95 131.85
EBIT Less CapEx to Interest Expense		 35.51 36.69 27.65 30.13 31.88 64.80 29.52 35.45 33.17 33.35 152.59
NOPAT Less CapEx to Interest Expense		 29.38 28.83 20.67 23.52 24.34 51.80 22.60 28.35 26.39 26.88 121.05
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 22.00% 22.03% 21.88% 21.72% 21.50% 21.67% 21.48% 21.36% 21.67% 22.28% 22.33%
Augmented Payout Ratio		 91.84% 84.39% 85.11% 91.77% 91.37% 93.07% 97.98% 106.01% 107.51% 117.74% 117.15%

Key Financial Trends

Visa Inc. (NYSE: V) has demonstrated strong financial performance over the last few years, highlighted by consistent revenue growth, solid profitability, and robust cash flow generation. Below is a summary of key financial trends and highlights derived from the latest quarterly statements, including data from Q1 2021 through Q3 2025.

  • Revenue Growth: Operating revenue increased from approximately $5.7 billion in Q1 2021 to over $10.2 billion in Q3 2025, reflecting steady expansion in Visa's transaction volumes and pricing power.
  • Strong Profitability: Net income rose from about $3.1 billion in Q1 2021 to $5.3 billion in Q4 2024 and maintained over $5.2 billion in Q3 2025. Diluted EPS increased from $1.42 in Q1 2021 to $2.69 in Q3 2025, showing improved earnings efficiency.
  • Operating Margins: Gross profit margins remain robust with total gross profit rising proportionately alongside revenue. Operating expenses increased but at a slower rate, allowing operating income to grow significantly quarter-over-quarter.
  • Cash Flow Generation: Net cash from operating activities improved from approximately $4.2 billion in Q1 2021 to $6.7 billion in Q3 2025, supporting ongoing capital expenditures and shareholder returns.
  • Strong Balance Sheet: Total assets increased consistently, reaching about $100 billion in Q3 2025, with healthy liquidity balances of nearly $17 billion in cash and equivalents and manageable debt levels totaling around $26 billion, supporting financial flexibility.
  • Capital Returns: Visa has maintained active share repurchases, notably spending over $4.7 billion in Q3 2025 alone on stock buybacks, alongside steady dividend payments increasing modestly to $0.59 per share.
  • Increasing Operating Expenses: While Visa's revenues grow, SG&A and marketing expenses have increased, with other special charges fluctuating, warranting monitoring of expense control going forward.
  • Amortization Impact: Amortization expenses are substantial (e.g., $3.97 billion in Q3 2025), reflecting considerable intangible assets, which affects net income but is a non-cash charge.
  • Fluctuating Non-Cash Adjustments: Significant variations in non-cash adjustments to reconcile net income indicate potential changes in deferred taxes or other accounting impacts, which may introduce volatility into reported cash flows.
  • Exchange Rate Effects: The effect of exchange rate changes has occasionally impacted cash flow significantly (both positive and negative) reflecting Visa's global operations exposure.

Summary:

Visa Inc. has shown consistent top-line and earnings growth, with strong cash flow supporting continued investments and shareholder returns. The company maintains a solid financial position with a large asset base and strong liquidity. Rising amortization and special charges warrant attention but relate to previous acquisitions and intangible assets. Investors should note the substantial share repurchases and dividend increases as positive signals regarding capital return strategy.

Overall, Visa remains financially strong and well-positioned for continued growth, although monitoring expense trends and non-cash adjustments will be important for comprehensive analysis.

08/08/25 08:13 AMAI Generated. May Contain Errors.

Frequently Asked Questions About Visa's Financials

When does Visa's fiscal year end?

According to the most recent income statement we have on file, Visa's financial year ends in September. Their financial year 2024 ended on September 30, 2024.

How has Visa's net income changed over the last 10 years?

Visa's net income appears to be on an upward trend, with a most recent value of $19.74 billion in 2024, rising from $5.44 billion in 2014. The previous period was $17.27 billion in 2023. Find out what analysts predict for Visa in the coming months.

What is Visa's operating income?
Visa's total operating income in 2024 was $23.60 billion, based on the following breakdown:
  • Total Gross Profit: $29.66 billion
  • Total Operating Expenses: $6.07 billion
How has Visa's revenue changed over the last 10 years?

Over the last 10 years, Visa's total revenue changed from $12.70 billion in 2014 to $35.93 billion in 2024, a change of 182.8%.

How much debt does Visa have?

Visa's total liabilities were at $55.37 billion at the end of 2024, a 7.0% increase from 2023, and a 396.4% increase since 2014.

How much cash does Visa have?

In the past 10 years, Visa's cash and equivalents has ranged from $1.97 billion in 2014 to $16.49 billion in 2021, and is currently $11.98 billion as of their latest financial filing in 2024.

How has Visa's book value per share changed over the last 10 years?

Over the last 10 years, Visa's book value per share changed from 35.82 in 2014 to 20.91 in 2024, a change of -41.6%.


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This page (NYSE:V) was last updated on 8/8/2025 by MarketBeat.com Staff
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