Visa (V) Financials

$318.83 -2.45 (-0.76%)

As of 03:45 PM Eastern

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/30/2025
Net Income / (Loss) Attributable to Common Shareholders	6,328	5,991	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058
Consolidated Net Income / (Loss)	6,328	5,991	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058
Net Income / (Loss) Continuing Operations	6,328	5,991	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058
Total Pre-Tax Income	8,995	8,012	11,694	12,806	14,884	13,790	16,063	18,136	21,037	23,916	24,194
Total Operating Income	9,064	7,883	12,144	12,954	15,001	14,081	15,804	18,813	21,000	23,595	23,994
Total Gross Profit	11,801	12,856	15,730	17,439	19,533	18,061	19,865	24,320	26,822	29,662	33,039
Total Revenue	13,880	15,082	18,358	20,609	22,977	21,846	24,105	29,310	32,653	35,926	40,000
Operating Revenue	13,057	15,082	18,358	20,609	22,977	21,846	24,105	29,310	32,653	35,926	40,000
Total Cost of Revenue	2,079	2,226	2,628	3,170	3,444	3,785	4,240	4,990	5,831	6,264	6,961
Operating Cost of Revenue	2,079	2,226	2,628	3,170	3,444	3,785	4,240	4,990	5,831	6,264	6,961
Total Operating Expenses	2,737	4,973	3,586	4,485	4,532	3,980	4,061	5,507	5,822	6,067	9,045
Selling, General & Admin Expense	1,357	1,723	2,089	2,277	2,371	2,231	2,118	2,442	2,611	3,011	3,579
Marketing Expense	872	869	922	988	1,105	971	1,136	1,336	1,341	1,560	1,684
Depreciation Expense	494	502	556	613	656	767	804	861	943	1,034	1,220
Other Special Charges / (Income)	14	1,879	19	607	400	11	3.00	868	927	462	2,562
Total Other Income / (Expense), net	-69	129	-450	-148	-117	-291	259	-677	37	321	200
Interest Expense	3.00	427	563	612	533	516	513	538	644	641	589
Other Income / (Expense), net	-66	556	113	464	416	225	772	-139	681	962	789
Income Tax Expense	2,667	2,021	4,995	2,505	2,804	2,924	3,752	3,179	3,764	4,173	4,136
Basic Earnings per Share	-	$16.53	$2.80	$4.43	$5.32	$4.90	$5.63	$7.01	$8.29	$9.74	$10.22
Weighted Average Basic Shares Outstanding	1.95B	2.17B	1.85B	1.79B	1.74B	1.70B	1.69B	1.65B	1.62B	1.62B	1.71B
Diluted Earnings per Share	$2.58	$16.50	$2.80	$4.42	$5.32	$4.89	$5.63	$7.00	$8.28	$9.73	$10.20
Weighted Average Diluted Shares Outstanding	2.46B	2.68B	2.40B	2.33B	2.27B	2.22B	2.19B	2.14B	2.09B	2.03B	1.97B
Weighted Average Basic & Diluted Shares Outstanding	0.00	2.13B	2.07B	2.02B	1.97B	1.95B	1.93B	1.88B	1.84B	1.86B	1.82B

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Income / (Loss) Attributable to Common Shareholders	4,681	4,890	4,663	4,872	5,318	5,119	4,577	5,272	5,090	5,853	6,021
Consolidated Net Income / (Loss)	4,681	4,890	4,663	4,872	5,318	5,119	4,577	5,272	5,090	5,853	6,021
Net Income / (Loss) Continuing Operations	4,681	4,890	4,663	4,872	5,318	5,119	4,577	5,272	5,090	5,853	6,021
Total Pre-Tax Income	5,636	6,042	5,513	5,989	6,372	6,200	5,438	6,333	6,223	6,726	7,174
Total Operating Income	5,550	5,954	5,354	5,938	6,349	6,234	5,435	6,177	6,148	6,737	7,234
Total Gross Profit	7,111	7,155	7,172	7,327	8,008	7,697	7,937	8,423	8,982	9,137	9,389
Total Revenue	8,609	8,634	8,775	8,900	9,617	9,510	9,594	10,172	10,724	10,901	11,230
Operating Revenue	8,609	8,634	8,775	8,900	9,617	9,510	9,594	10,172	10,724	10,901	11,230
Total Cost of Revenue	1,498	1,479	1,603	1,573	1,609	1,813	1,657	1,749	1,742	1,764	1,841
Operating Cost of Revenue	1,498	1,479	1,603	1,573	1,609	1,813	1,657	1,749	1,742	1,764	1,841
Total Operating Expenses	1,561	1,201	1,818	1,389	1,659	1,463	2,502	2,246	2,834	2,400	2,155
Selling, General & Admin Expense	782	652	801	734	824	831	816	893	1,039	956	948
Marketing Expense	403	293	338	378	551	306	381	421	576	410	545
Depreciation Expense	247	247	249	264	274	282	305	317	316	326	333
Other Special Charges / (Income)	129	9.00	430	13	10	44	1,000	615	903	708	329
Total Other Income / (Expense), net	86	88	159	51	23	-34	3.00	156	75	-11	-60
Interest Expense	183	187	82	196	176	182	158	39	210	194	178
Other Income / (Expense), net	269	275	241	247	199	148	161	195	285	183	118
Income Tax Expense	955	1,152	850	1,117	1,054	1,081	861	1,061	1,133	873	1,153
Basic Earnings per Share	$2.26	$2.39	$2.29	$2.40	$2.66	$2.58	$18.82	$2.69	$2.63	$3.03	$25.35
Weighted Average Basic Shares Outstanding	1.62B	1.58B	1.58B	1.61B	1.62B	1.73B	1.86B	1.71B	1.71B	1.69B	1.81B
Diluted Earnings per Share	$2.26	$2.39	$2.29	$2.40	$2.65	$2.58	$18.80	$2.69	$2.61	$3.03	$25.32
Weighted Average Diluted Shares Outstanding	2.09B	2.05B	2.04B	2.03B	2.03B	1.99B	2.11B	1.96B	1.97B	1.93B	2.05B
Weighted Average Basic & Diluted Shares Outstanding	1.84B	1.84B	1.83B	1.82B	1.86B	1.86B	1.85B	1.83B	1.82B	1.82B	1.79B
Cash Dividends to Common per Share	-	$0.52	$0.52	$0.52	-	$0.59	$0.59	$0.59	-	$0.67	$0.67

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/30/2025
Net Change in Cash & Equivalents	1,547	2,101	4,364	-1,034	-145	7,899	628	578	1,613	-2,227	5,224
Net Cash From Operating Activities	6,584	5,574	9,317	12,941	12,784	10,440	15,227	18,849	20,755	19,950	23,059
Net Cash From Continuing Operating Activities	6,584	5,574	9,317	12,941	12,784	10,440	15,227	18,849	20,755	19,950	23,059
Net Income / (Loss) Continuing Operations	6,328	5,991	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058
Consolidated Net Income / (Loss)	6,328	5,991	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058
Depreciation Expense	494	502	556	613	656	767	804	861	943	1,034	1,220
Amortization Expense	2,861	3,409	4,565	5,491	6,173	-	8,367	10,295	12,297	13,764	15,751
Non-Cash Adjustments To Reconcile Net Income	-2,355	-3,159	-4,262	-4,653	-7,999	675	-8,404	-8,958	-10,910	-15,301	-13,890
Changes in Operating Assets and Liabilities, net	-744	-1,169	1,759	1,189	1,874	-1,868	2,149	1,694	1,152	710	-80
Net Cash From Investing Activities	-1,435	-10,916	735	-3,084	-591	1,427	-152	-4,288	-2,006	-1,926	708
Net Cash From Continuing Investing Activities	-1,435	-10,916	735	-3,084	-591	1,427	-152	-4,288	-2,006	-1,926	708
Purchase of Property, Plant & Equipment	-414	-523	-707	-718	-756	-736	-705	-970	-1,059	-1,257	-1,482
Acquisitions	-93	-9,082	-302	-196	-699	-77	-75	-1,948	0.00	-915	-887
Purchase of Investments	-2,875	-10,436	-3,284	-5,822	-3,154	-2,342	-5,182	-6,083	-4,082	-4,674	-68
Sale and/or Maturity of Investments	1,937	9,125	5,016	3,636	3,996	4,510	5,701	4,585	3,160	5,013	3,024
Other Investing Activities, net	-	-	0.00	16	22	72	109	128	-25	-93	121
Net Cash From Financing Activities	-3,603	7,477	-5,924	-10,790	-12,061	-3,968	-14,410	-12,696	-17,772	-20,633	-18,963
Net Cash From Continuing Financing Activities	-4,455	7,432	-5,924	-10,790	-12,061	-3,968	-14,410	-12,696	-17,772	-20,633	-18,963
Repayment of Debt	-426	-98	-15	-1,750	0.00	-99	-3,000	-1,198	-2,050	170	-52
Repurchase of Common Equity	-2,910	-7,157	-6,891	-7,192	-8,607	-8,114	-8,676	-11,589	-12,101	-16,713	-18,316
Payment of Dividends	-1,177	-1,350	-1,579	-1,918	-2,269	-2,664	-2,798	-3,203	-3,751	-4,217	-4,634
Issuance of Debt	0.00	15,971	2,488	0.00	0.00	7,212	0.00	3,218	0.00	0.00	3,924
Other Financing Activities, net	58	66	73	70	-1,185	-303	64	76	130	127	115
Effect of Exchange Rate Changes	1.00	-34	236	-101	-277	-	-37	-1,287	636	382	420
Cash Interest Paid	0.00	244	489	545	537	537	643	607	617	583	587
Cash Income Taxes Paid	2,486	2,842	3,038	2,285	2,648	2,671	3,012	3,741	3,433	5,775	4,541

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	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
Net Change in Cash & Equivalents	951	-2,354	-688	328	487	203	-830	5,305	546	-1,811	-4,470
Net Cash From Operating Activities	6,927	3,614	4,538	5,134	6,664	5,396	4,695	6,730	6,238	6,780	3,008
Net Cash From Continuing Operating Activities	6,927	3,614	4,538	5,134	6,664	5,396	4,719	6,728	6,216	6,780	3,008
Net Income / (Loss) Continuing Operations	4,681	4,890	4,663	4,872	5,318	5,119	4,577	5,272	5,090	5,853	6,021
Consolidated Net Income / (Loss)	4,681	4,890	4,663	4,872	5,318	5,119	4,577	5,272	5,090	5,853	6,021
Depreciation Expense	247	247	249	264	274	282	305	317	316	326	333
Amortization Expense	3,439	3,348	3,257	3,530	3,629	3,797	3,734	3,972	4,248	4,269	4,245
Non-Cash Adjustments To Reconcile Net Income	-2,610	-3,607	-4,409	-1,649	-5,736	-2,626	-3,786	-4,143	-3,335	-3,009	-2,175
Changes in Operating Assets and Liabilities, net	1,170	-1,264	778	-1,883	3,179	-1,176	-111	1,310	-103	-659	-5,416
Net Cash From Investing Activities	-1,188	-1,889	-1,176	555	584	790	-130	-256	304	361	-878
Net Cash From Continuing Investing Activities	-1,188	-1,889	-1,176	555	584	790	-130	-256	304	361	-878
Purchase of Property, Plant & Equipment	-305	-267	-281	-400	-309	-345	-327	-421	-389	-378	-383
Acquisitions	-	0.00	-	-	-	-906	19	-	-	0.00	-705
Purchase of Investments	-1,586	-2,754	-946	-762	-212	-6.00	-18	-17	-27	-5.00	-73
Sale and/or Maturity of Investments	750	1,137	1,008	1,721	1,147	2,042	226	200	556	725	300
Other Investing Activities, net	-47	-5.00	-42	-4.00	-42	5.00	-30	-18	164	19	-17
Net Cash From Financing Activities	-4,580	-4,379	-3,874	-5,311	-7,069	-5,475	-5,660	-1,828	-6,000	-8,986	-6,410
Net Cash From Continuing Financing Activities	-4,580	-4,379	-3,874	-5,311	-7,069	-5,475	-5,660	-1,828	-6,000	-8,986	-6,410
Repayment of Debt	33	329	-126	196	-229	-186	-12	101	45	-3,815	-237
Repurchase of Common Equity	-3,751	-3,580	-2,758	-4,527	-5,848	-4,011	-4,596	-4,782	-4,927	-3,725	-7,900
Payment of Dividends	-928	-1,060	-1,060	-1,056	-1,041	-1,170	-1,164	-1,154	-1,146	-1,293	-1,286
Other Financing Activities, net	66	-68	70	76	49	-108	112	83	28	-153	18
Effect of Exchange Rate Changes	-208	300	-176	-50	308	-508	265	659	4.00	34	-190
Cash Interest Paid	49	213	48	273	49	213	48	278	48	213	48
Cash Income Taxes Paid	420	1,503	2,155	1,041	1,076	1,194	1,861	532	954	1,290	2,694

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	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/30/2025
Total Assets	39,367	64,035	67,977	69,225	72,574	80,919	82,896	85,501	90,499	94,511	99,627
Total Current Assets	10,021	14,313	19,023	18,216	20,970	27,645	27,607	30,205	33,532	34,033	37,766
Cash & Equivalents	3,518	5,619	9,874	8,162	7,838	16,289	16,487	15,689	16,286	11,975	17,164
Restricted Cash	1,072	1,027	1,031	1,491	1,205	901	894	1,449	1,764	3,089	2,990
Short-Term Investments	2,497	3,319	3,564	3,547	4,236	3,752	2,025	2,833	3,842	3,200	1,833
Note & Lease Receivable	1,023	1,001	-	1,324	-	-	-	2,342	3,005	3,524	3,625
Accounts Receivable	847	1,041	1,132	1,208	1,542	1,618	1,968	2,020	2,291	2,561	3,126
Prepaid Expenses	353	555	550	562	712	757	856	2,668	2,584	3,312	2,679
Other Current Assets	711	1,751	2,872	1,922	5,437	4,328	5,377	3,204	3,760	6,372	6,349
Plant, Property, & Equipment, net	1,888	2,150	2,253	2,472	2,695	2,737	2,715	3,223	3,425	3,824	4,236
Total Noncurrent Assets	27,458	47,572	46,701	48,537	48,909	50,537	52,574	52,073	53,542	56,654	57,625
Long-Term Investments	3,384	3,931	1,926	4,082	2,157	231	1,705	2,136	1,921	2,545	999
Goodwill	11,825	15,066	15,110	15,194	15,656	15,910	15,958	17,787	17,997	18,941	19,879
Intangible Assets	11,361	27,234	27,848	27,558	26,780	27,808	27,664	25,065	26,104	26,889	27,646
Other Noncurrent Operating Assets	888	1,341	1,817	1,703	4,316	6,588	7,247	7,085	7,520	8,279	9,101
Total Liabilities & Shareholders' Equity	39,367	64,035	67,977	69,225	72,574	80,919	82,896	85,501	90,499	94,511	99,627
Total Liabilities	9,525	31,123	35,217	35,219	37,890	44,709	45,307	49,920	51,766	55,374	61,718
Total Current Liabilities	5,355	8,046	9,994	11,305	13,415	14,510	15,739	20,853	23,098	26,517	35,048
Short-Term Debt	-	0.00	1,749	-	0.00	2,999	999	2,250	-	0.00	5,569
Accounts Payable	127	203	179	183	156	174	266	340	375	479	555
Accrued Expenses	1,873	2,109	2,111	2,594	2,828	1,840	2,334	3,726	5,015	4,999	5,466
Current Deferred Revenue	1,023	1,001	1,106	1,325	1,648	1,850	2,260	2,342	3,005	3,524	3,625
Current Employee Benefit Liabilities	503	673	757	901	796	821	1,211	1,359	1,506	1,538	1,863
Other Current Liabilities	1,829	4,060	4,092	6,302	7,987	6,826	8,669	10,836	13,197	16,067	17,970
Total Noncurrent Liabilities	4,170	23,077	25,223	23,914	24,475	30,199	29,568	29,067	28,668	28,857	26,670
Long-Term Debt	0.00	15,882	16,618	16,630	16,729	21,071	19,978	20,200	20,463	20,836	19,602
Noncurrent Deferred & Payable Income Tax Liabilities	3,273	4,808	5,980	4,618	4,807	5,237	6,128	5,332	5,114	5,301	5,549
Other Noncurrent Operating Liabilities	897	2,387	2,625	2,666	2,939	3,891	3,462	3,535	3,091	2,720	1,519
Commitments & Contingencies	0.00	-	-	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	29,842	32,912	32,760	34,006	34,684	36,210	37,589	35,581	38,733	39,137	37,909
Total Preferred & Common Equity	29,842	32,912	32,760	34,006	34,684	36,210	37,589	35,581	38,733	39,137	37,909
Preferred Stock	0.00	5,717	5,526	5,470	5,462	5,086	3,080	2,324	1,698	1,031	745
Total Common Equity	29,842	27,195	27,234	28,536	29,222	31,124	34,509	33,257	37,035	38,106	37,164
Common Stock	18,073	17,395	16,900	16,678	16,541	16,721	18,855	19,545	20,452	21,229	21,934
Retained Earnings	11,843	10,462	9,508	11,318	13,502	14,088	15,351	16,116	18,040	17,289	15,106
Accumulated Other Comprehensive Income / (Loss)	-74	-458	878	547	-650	354	436	-2,369	-1,317	-308	248
Other Equity Adjustments	0.00	-34	-52	-7.00	-171	-39	-133	-35	-140	-104	-124

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	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026
Period end date	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	12/31/2025	3/31/2026
Total Assets	89,234	90,499	91,409	92,399	91,040	94,511	91,888	92,853	100,024	96,814	95,049
Total Current Assets	31,670	33,532	32,732	32,775	31,039	34,033	32,622	32,934	38,398	34,997	31,625
Cash & Equivalents	15,590	16,286	13,591	12,993	12,947	11,975	12,367	11,734	17,092	14,756	12,404
Restricted Cash	1,627	1,764	1,616	1,584	1,596	3,089	3,112	2,926	2,696	3,300	665
Short-Term Investments	3,166	3,842	5,005	4,710	3,697	3,200	1,967	2,017	2,088	1,641	1,509
Note & Lease Receivable	2,907	3,005	3,164	3,367	3,472	3,524	3,518	3,543	3,614	3,712	4,292
Accounts Receivable	2,282	2,291	2,506	2,272	2,521	2,561	2,590	2,719	2,920	3,231	3,405
Prepaid Expenses	2,119	2,584	2,753	2,551	2,857	3,312	3,393	3,576	3,012	2,865	4,741
Other Current Assets	3,979	3,760	4,097	5,298	3,949	6,372	5,675	6,419	6,976	5,492	4,609
Plant, Property, & Equipment, net	3,370	3,425	3,472	3,630	3,766	3,824	3,974	4,023	4,143	4,276	4,778
Total Noncurrent Assets	54,194	53,542	55,205	55,994	56,235	56,654	55,292	55,896	57,483	57,541	58,646
Long-Term Investments	2,122	1,921	2,809	3,092	3,037	2,545	1,757	1,470	1,203	484	308
Goodwill	18,082	17,997	18,120	18,837	18,816	18,941	19,548	19,641	19,880	19,885	20,891
Intangible Assets	26,576	26,104	26,739	26,375	26,243	26,889	25,889	26,408	27,660	27,664	27,750
Other Noncurrent Operating Assets	7,414	7,520	7,537	7,690	8,139	8,279	8,098	8,377	8,740	9,508	9,697
Total Liabilities & Shareholders' Equity	89,234	90,499	91,409	92,399	91,040	94,511	91,888	92,853	100,024	96,814	95,049
Total Liabilities	50,253	51,766	51,676	51,914	51,311	55,374	53,592	54,823	61,360	58,037	59,388
Total Current Liabilities	21,230	23,098	22,634	23,443	22,612	26,517	29,091	30,381	34,427	31,491	29,076
Short-Term Debt	0.00	-	-	-	-	0.00	3,929	3,948	5,548	1,589	1,559
Accounts Payable	281	375	348	338	331	479	405	421	462	433	557
Accrued Expenses	4,075	5,015	5,077	4,386	4,932	4,909	4,760	4,568	4,968	5,616	5,670
Current Deferred Revenue	2,907	3,005	3,164	3,367	3,472	3,524	3,518	3,543	3,614	3,712	4,292
Current Employee Benefit Liabilities	1,215	1,506	816	1,065	1,251	1,538	1,226	1,225	1,474	1,158	1,392
Other Current Liabilities	12,752	13,197	13,229	14,287	12,826	16,067	15,323	16,737	18,422	19,023	15,606
Total Noncurrent Liabilities	29,023	28,668	29,042	28,471	28,699	28,857	24,501	24,442	26,933	26,546	30,312
Long-Term Debt	20,560	20,463	20,703	20,603	20,602	20,836	16,680	16,814	19,590	19,588	22,417
Noncurrent Deferred & Payable Income Tax Liabilities	5,380	5,114	5,275	5,145	5,119	5,301	5,192	5,160	5,755	5,241	5,893
Other Noncurrent Operating Liabilities	3,083	3,091	3,064	2,723	2,978	2,720	2,629	2,468	1,588	1,717	2,002
Commitments & Contingencies	-	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	38,981	38,733	39,733	40,485	39,729	39,137	38,296	38,030	38,664	38,777	35,661
Total Preferred & Common Equity	38,981	38,733	39,733	40,485	39,729	39,137	38,296	38,030	38,664	38,777	35,661
Preferred Stock	1,786	1,698	1,615	1,602	1,425	1,031	904	880	871	551	528
Total Common Equity	37,195	37,035	38,118	38,883	38,304	38,106	37,392	37,150	37,793	38,226	35,133
Common Stock	20,290	20,452	20,490	20,709	20,832	21,229	21,324	21,579	21,746	21,980	22,033
Retained Earnings	17,908	18,040	18,422	19,347	18,578	17,289	17,438	16,518	15,956	16,018	13,122
Accumulated Other Comprehensive Income / (Loss)	-978	-1,317	-655	-998	-1,060	-308	-1,247	-827	209	247	22
Other Equity Adjustments	-25	-140	-139	-175	-46	-104	-123	-120	-118	-19	-44

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

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	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	9/30/2025
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	9.27%	8.66%	21.72%	12.26%	11.49%	-4.92%	10.34%	21.59%	11.41%	10.02%	11.34%
EBITDA Growth	14.82%	-0.02%	40.71%	12.34%	13.95%	-32.24%	70.82%	15.86%	17.07%	12.70%	6.10%
EBIT Growth	16.37%	-6.21%	45.24%	9.47%	14.90%	-7.21%	15.87%	12.66%	16.10%	13.27%	0.92%
NOPAT Growth	17.67%	-7.56%	18.02%	49.78%	16.84%	-8.87%	9.17%	28.09%	11.13%	12.96%	2.13%
Net Income Growth	16.37%	-5.33%	11.82%	53.77%	17.27%	-10.05%	13.30%	21.49%	15.48%	14.30%	1.60%
EPS Growth	0.00%	539.53%	-83.03%	57.86%	20.36%	-8.08%	15.13%	24.33%	18.29%	17.51%	4.83%
Operating Cash Flow Growth	-8.62%	-15.34%	67.15%	38.90%	-1.21%	-18.34%	45.85%	23.79%	10.11%	-3.88%	15.58%
Free Cash Flow Firm Growth	-5.09%	-261.74%	173.95%	65.64%	-19.04%	-16.61%	72.81%	23.84%	4.33%	-11.23%	19.73%
Invested Capital Growth	2.22%	80.16%	-0.48%	-3.97%	7.86%	8.70%	-4.22%	-4.09%	-1.51%	10.43%	2.53%
Revenue Q/Q Growth	2.53%	4.79%	3.34%	2.89%	3.16%	-4.53%	6.44%	4.37%	2.58%	2.89%	2.85%
EBITDA Q/Q Growth	6.06%	4.87%	5.85%	3.24%	1.57%	-32.53%	59.41%	3.83%	4.15%	2.46%	1.33%
EBIT Q/Q Growth	7.98%	4.47%	5.17%	3.40%	0.94%	-4.22%	7.97%	3.34%	3.79%	3.06%	-0.46%
NOPAT Q/Q Growth	7.36%	9.21%	3.00%	5.24%	2.58%	-7.07%	12.93%	3.46%	2.94%	3.66%	-1.34%
Net Income Q/Q Growth	7.45%	7.52%	3.22%	7.35%	1.51%	-7.55%	13.32%	2.44%	4.48%	3.33%	-1.12%
EPS Q/Q Growth	-14.29%	539.53%	-20.68%	8.33%	1.92%	-6.86%	13.51%	3.24%	4.94%	4.18%	-0.39%
Operating Cash Flow Q/Q Growth	-0.89%	14.79%	4.77%	4.86%	4.63%	-15.71%	14.04%	11.24%	5.33%	-1.30%	-1.81%
Free Cash Flow Firm Q/Q Growth	2.74%	6.53%	-4.03%	10.51%	-9.60%	-10.43%	22.29%	18.89%	-0.73%	-6.98%	2.98%
Invested Capital Q/Q Growth	-0.47%	-0.76%	0.68%	-1.09%	2.72%	2.72%	-0.23%	-5.96%	-4.46%	0.57%	-1.47%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	85.02%	85.24%	85.68%	84.62%	85.01%	82.67%	82.41%	82.98%	82.14%	82.56%	82.60%
EBITDA Margin	89.00%	81.89%	94.66%	94.73%	96.82%	69.00%	106.81%	101.77%	106.95%	109.54%	104.39%
Operating Margin	65.30%	52.27%	66.15%	62.86%	65.29%	64.46%	65.56%	64.19%	64.31%	65.68%	59.99%
EBIT Margin	64.83%	55.95%	66.77%	65.11%	67.10%	65.49%	68.77%	63.71%	66.40%	68.35%	61.96%
Profit (Net Income) Margin	45.59%	39.72%	36.49%	49.98%	52.57%	49.74%	51.07%	51.03%	52.90%	54.95%	50.15%
Tax Burden Percent	70.35%	74.78%	57.29%	80.44%	81.16%	78.80%	76.64%	82.47%	82.11%	82.55%	82.90%
Interest Burden Percent	99.97%	94.94%	95.41%	95.44%	96.54%	96.39%	96.91%	97.12%	97.03%	97.39%	97.62%
Effective Tax Rate	29.65%	25.22%	42.71%	19.56%	18.84%	21.20%	23.36%	17.53%	17.89%	17.45%	17.10%
Return on Invested Capital (ROIC)	33.28%	21.72%	19.98%	30.61%	35.12%	29.55%	31.64%	42.29%	48.36%	52.32%	50.27%
ROIC Less NNEP Spread (ROIC-NNEP)	33.79%	19.45%	6.96%	12.57%	5.49%	18.61%	46.01%	-492.00%	46.34%	36.79%	66.12%
Return on Net Nonoperating Assets (RNNOA)	-11.18%	-2.63%	0.42%	0.25%	0.05%	1.10%	1.72%	-1.41%	-1.88%	-1.61%	1.80%
Return on Equity (ROE)	22.10%	19.09%	20.40%	30.86%	35.17%	30.65%	33.36%	40.88%	46.49%	50.71%	52.07%
Cash Return on Invested Capital (CROIC)	31.08%	-35.50%	20.46%	34.66%	27.55%	21.22%	35.96%	46.46%	49.88%	42.41%	47.77%
Operating Return on Assets (OROA)	23.09%	16.32%	18.57%	19.56%	21.74%	18.64%	20.24%	22.18%	24.64%	26.55%	25.53%
Return on Assets (ROA)	16.24%	11.59%	10.15%	15.02%	17.04%	14.16%	15.03%	17.76%	19.63%	21.34%	20.66%
Return on Common Equity (ROCE)	22.10%	17.35%	16.91%	25.78%	29.57%	26.09%	29.67%	37.86%	43.97%	48.93%	50.87%
Return on Equity Simple (ROE_SIMPLE)	21.21%	18.20%	20.45%	30.29%	34.83%	30.01%	32.75%	42.04%	44.60%	50.45%	0.00%
Net Operating Profit after Tax (NOPAT)	6,377	5,895	6,957	10,420	12,175	11,095	12,112	15,515	17,243	19,478	19,892
NOPAT Margin	45.94%	39.08%	37.90%	50.56%	52.99%	50.79%	50.25%	52.94%	52.81%	54.22%	49.73%
Net Nonoperating Expense Percent (NNEP)	-0.51%	2.27%	13.03%	18.04%	29.63%	10.95%	-14.37%	534.29%	2.02%	15.53%	-15.85%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	-	-	-	31.53%
Cost of Revenue to Revenue	14.98%	14.76%	14.32%	15.38%	14.99%	17.33%	17.59%	17.02%	17.86%	17.44%	17.40%
SG&A Expenses to Revenue	9.78%	11.42%	11.38%	11.05%	10.32%	10.21%	8.79%	8.33%	8.00%	8.38%	8.95%
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	19.72%	32.97%	19.53%	21.76%	19.72%	18.22%	16.85%	18.79%	17.83%	16.89%	22.61%
Earnings before Interest and Taxes (EBIT)	8,998	8,439	12,257	13,418	15,417	14,306	16,576	18,674	21,681	24,557	24,783
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	12,353	12,350	17,378	19,522	22,246	15,073	25,747	29,830	34,921	39,355	41,754
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	4.85	6.17	7.67	10.24	11.25	12.10	12.23	9.90	11.45	13.12	16.84
Price to Tangible Book Value (P/TBV)	21.73	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)	10.42	11.12	11.38	14.18	14.31	17.24	17.51	11.23	12.99	13.92	15.64
Price to Earnings (P/E)	22.86	28.00	31.19	28.37	27.21	34.65	34.29	22.01	24.55	25.33	31.19
Dividend Yield	0.74%	0.72%	0.66%	0.57%	0.60%	0.62%	0.59%	0.86%	0.99%	0.76%	0.69%
Earnings Yield	4.38%	3.57%	3.21%	3.53%	3.67%	2.89%	2.92%	4.54%	4.07%	3.95%	3.21%
Enterprise Value to Invested Capital (EV/IC)	6.93	5.03	6.23	8.90	9.32	9.83	11.35	9.24	11.94	12.83	15.69
Enterprise Value to Revenue (EV/Rev)	9.67	11.63	11.79	14.41	14.60	17.60	17.63	11.32	12.94	13.95	15.72
Enterprise Value to EBITDA (EV/EBITDA)	10.86	14.21	12.45	15.21	15.08	25.51	16.51	11.12	12.10	12.73	15.06
Enterprise Value to EBIT (EV/EBIT)	14.91	20.79	17.66	22.14	21.76	26.88	25.64	17.77	19.48	20.41	25.36
Enterprise Value to NOPAT (EV/NOPAT)	21.04	29.77	31.11	28.50	27.55	34.65	35.09	21.39	24.50	25.73	31.60
Enterprise Value to Operating Cash Flow (EV/OCF)	20.38	31.48	23.23	22.95	26.24	36.83	27.91	17.60	20.35	25.12	27.26
Enterprise Value to Free Cash Flow (EV/FCFF)	22.53	0.00	30.38	25.17	35.12	48.27	30.88	19.47	23.75	31.74	33.26
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.48	0.56	0.49	0.48	0.66	0.56	0.63	0.53	0.53	0.66
Long-Term Debt to Equity	0.00	0.48	0.51	0.49	0.48	0.58	0.53	0.57	0.53	0.53	0.52
Financial Leverage	-0.33	-0.14	0.06	0.02	0.01	0.06	0.04	0.00	-0.04	-0.04	0.03
Leverage Ratio	1.36	1.65	2.01	2.06	2.06	2.17	2.22	2.30	2.37	2.38	2.52
Compound Leverage Factor	1.36	1.56	1.92	1.96	1.99	2.09	2.15	2.24	2.30	2.31	2.46
Debt to Total Capital	0.00%	32.55%	35.92%	32.84%	32.54%	39.93%	35.82%	38.69%	34.57%	34.74%	39.90%
Short-Term Debt to Total Capital	0.00%	0.00%	3.42%	0.00%	0.00%	4.98%	1.71%	3.88%	0.00%	0.00%	8.83%
Long-Term Debt to Total Capital	0.00%	32.55%	32.50%	32.84%	32.54%	34.96%	34.11%	34.81%	34.57%	34.74%	31.07%
Preferred Equity to Total Capital	0.00%	11.72%	10.81%	10.80%	10.62%	8.44%	5.26%	4.00%	2.87%	1.72%	1.18%
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%	55.73%	53.27%	56.36%	56.84%	51.63%	58.92%	57.31%	62.56%	63.54%	58.92%
Debt to EBITDA	0.00	1.29	1.06	0.85	0.75	1.60	0.81	0.75	0.59	0.53	0.60
Net Debt to EBITDA	0.00	0.16	0.11	-0.03	0.06	0.19	-0.01	0.01	-0.10	0.00	0.05
Long-Term Debt to EBITDA	0.00	1.29	0.96	0.85	0.75	1.40	0.78	0.68	0.59	0.53	0.47
Debt to NOPAT	0.00	2.69	2.64	1.60	1.37	2.17	1.73	1.45	1.19	1.07	1.27
Net Debt to NOPAT	0.00	0.34	0.28	-0.06	0.11	0.26	-0.01	0.02	-0.19	0.00	0.11
Long-Term Debt to NOPAT	0.00	2.69	2.39	1.60	1.37	1.90	1.65	1.30	1.19	1.07	0.99
Altman Z-Score	10.78	4.25	4.78	6.26	6.61	6.34	6.97	5.41	6.48	7.01	7.55
Noncontrolling Interest Sharing Ratio	0.00%	9.11%	17.12%	16.47%	15.92%	14.88%	11.07%	7.39%	5.41%	3.50%	2.31%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.87	1.78	1.90	1.61	1.56	1.91	1.75	1.45	1.45	1.28	1.08
Quick Ratio	1.47	1.36	1.46	1.26	1.02	1.49	1.30	1.10	1.10	0.80	0.73
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,956	-9,632	7,123	11,798	9,552	7,965	13,764	17,046	17,784	15,787	18,902
Operating Cash Flow to CapEx	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%	1,555.94%
Free Cash Flow to Firm to Interest Expense	1,985.18	-22.56	12.65	19.28	17.92	15.44	26.83	31.68	27.61	24.63	32.09
Operating Cash Flow to Interest Expense	2,194.67	13.05	16.55	21.15	23.99	20.23	29.68	35.04	32.23	31.12	39.15
Operating Cash Flow Less CapEx to Interest Expense	2,060.00	11.83	15.31	19.97	22.57	18.81	28.31	33.23	30.58	29.16	36.63
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.36	0.29	0.28	0.30	0.32	0.28	0.29	0.35	0.37	0.39	0.41
Accounts Receivable Turnover	16.63	15.98	16.90	17.61	16.71	13.83	13.44	14.70	15.15	14.81	14.07
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	7.34	7.47	8.34	8.72	8.89	8.04	8.84	9.87	9.82	9.91	9.93
Accounts Payable Turnover	15.18	13.49	13.76	17.51	20.32	22.94	19.27	16.47	16.31	14.67	13.46
Days Sales Outstanding (DSO)	21.94	22.85	21.60	20.72	21.84	26.40	27.15	24.83	24.09	24.65	25.95
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)	24.05	27.06	26.53	20.84	17.96	15.91	18.94	22.16	22.38	24.88	27.11
Cash Conversion Cycle (CCC)	-2.11	-4.21	-4.93	-0.12	3.88	10.49	8.21	2.67	1.72	-0.23	-1.16
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	19,371	34,898	34,732	33,354	35,977	39,107	37,455	35,924	35,383	39,074	40,064
Invested Capital Turnover	0.72	0.56	0.53	0.61	0.66	0.58	0.63	0.80	0.92	0.97	1.01
Increase / (Decrease) in Invested Capital	421	15,527	-166	-1,378	2,623	3,130	-1,652	-1,531	-541	3,691	990
Enterprise Value (EV)	134,162	175,455	216,419	297,015	335,475	384,502	425,036	331,823	422,439	501,150	628,609
Market Capitalization	144,633	167,752	208,921	292,197	328,720	376,519	422,090	329,156	424,091	500,092	625,679
Book Value per Share	$13.47	$12.65	$13.04	$14.03	$14.73	$16.02	$17.76	$17.59	$19.89	$20.91	$20.28
Tangible Book Value per Share	$3.00	($7.03)	($7.53)	($6.99)	($6.66)	($6.48)	($4.69)	($5.08)	($3.80)	($4.24)	($5.65)
Total Capital	29,842	48,794	51,127	50,636	51,413	60,280	58,566	58,031	59,196	59,973	63,080
Total Debt	0.00	15,882	18,367	16,630	16,729	24,070	20,977	22,450	20,463	20,836	25,171
Total Long-Term Debt	0.00	15,882	16,618	16,630	16,729	21,071	19,978	20,200	20,463	20,836	19,602
Net Debt	-10,471	1,986	1,972	-652	1,293	2,897	-134	343	-3,350	27	2,185
Capital Expenditures (CapEx)	404	523	695	718	756	736	705	970	1,059	1,257	1,482
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,421	-3,698	-3,691	-6,289	-5,724	-4,808	-6,539	-8,369	-11,458	-10,748	-13,700
Debt-free Net Working Capital (DFNWC)	4,666	6,267	10,778	6,911	7,555	16,134	12,867	11,602	10,434	7,516	8,287
Net Working Capital (NWC)	4,666	6,267	9,029	6,911	7,555	13,135	11,868	9,352	10,434	7,516	2,718
Net Nonoperating Expense (NNE)	49	-96	258	119	95	229	-199	558	-30	-265	-166
Net Nonoperating Obligations (NNO)	-10,471	1,986	1,972	-652	1,293	2,897	-134	343	-3,350	-63	2,155
Total Depreciation and Amortization (D&A)	3,355	3,911	5,121	6,104	6,829	767	9,171	11,156	13,240	14,798	16,971
Debt-free, Cash-free Net Working Capital to Revenue	-17.44%	-24.52%	-20.11%	-30.52%	-24.91%	-22.01%	-27.13%	-28.55%	-35.09%	-29.92%	-34.25%
Debt-free Net Working Capital to Revenue	33.62%	41.55%	58.71%	33.53%	32.88%	73.85%	53.38%	39.58%	31.95%	20.92%	20.72%
Net Working Capital to Revenue	33.62%	41.55%	49.18%	33.53%	32.88%	60.13%	49.23%	31.91%	31.95%	20.92%	6.80%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$16.53	$2.80	$4.43	$5.32	$4.90	$5.63	$7.01	$8.29	$9.74	$10.22
Adjusted Weighted Average Basic Shares Outstanding	0.00	2.17B	1.85B	1.79B	1.74B	1.70B	1.69B	1.65B	1.62B	1.62B	1.71B
Adjusted Diluted Earnings per Share	$0.00	$16.50	$2.80	$4.42	$5.32	$4.89	$5.63	$7.00	$8.28	$9.73	$10.20
Adjusted Weighted Average Diluted Shares Outstanding	0.00	2.68B	2.40B	2.33B	2.27B	2.22B	2.19B	2.14B	2.09B	2.03B	1.97B
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	2.13B	2.07B	2.02B	1.97B	1.95B	1.93B	1.88B	1.84B	1.86B	1.82B
Normalized Net Operating Profit after Tax (NOPAT)	6,386	7,300	6,968	10,908	12,500	11,104	12,115	16,231	18,004	19,859	22,016
Normalized NOPAT Margin	46.01%	48.40%	37.95%	52.93%	54.40%	50.83%	50.26%	55.38%	55.14%	55.28%	55.04%
Pre Tax Income Margin	64.81%	53.12%	63.70%	62.14%	64.78%	63.12%	66.64%	61.88%	64.43%	66.57%	60.49%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	2,999.33	19.76	21.77	21.92	28.93	27.72	32.31	34.71	33.67	38.31	42.08
NOPAT to Interest Expense	2,125.51	13.80	12.36	17.03	22.84	21.50	23.61	28.84	26.77	30.39	33.77
EBIT Less CapEx to Interest Expense	2,864.67	18.54	20.54	20.75	27.51	26.30	30.94	32.91	32.02	36.35	39.56
NOPAT Less CapEx to Interest Expense	1,990.85	12.58	11.12	15.85	21.42	20.08	22.24	27.04	25.13	28.43	31.26
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	18.60%	22.53%	23.57%	18.62%	18.78%	24.52%	22.73%	21.41%	21.72%	21.36%	23.10%
Augmented Payout Ratio	64.59%	142.00%	126.44%	88.44%	90.03%	99.19%	93.20%	98.90%	91.77%	106.01%	114.42%

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

Metric	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026
Period end date	9/30/2023	12/31/2023	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026
DEI Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,815,172,471.00
DEI Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	1,815,172,471.00
DEI Earnings Per Adjusted Shares Outstanding	-	-	-	-	-	-	-	-	-	-	3.32
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	10.56%	8.80%	9.89%	9.57%	11.71%	10.15%	9.33%	14.29%	11.51%	14.63%	17.05%
EBITDA Growth	17.16%	20.88%	6.33%	14.31%	9.95%	6.48%	5.87%	6.83%	5.22%	10.08%	23.82%
EBIT Growth	15.75%	21.80%	3.23%	16.08%	12.53%	2.46%	0.02%	3.02%	-1.76%	8.43%	31.38%
NOPAT Growth	11.96%	12.75%	5.22%	19.05%	14.95%	6.81%	1.01%	6.45%	-5.10%	13.90%	32.72%
Net Income Growth	18.81%	17.01%	9.54%	17.23%	13.61%	4.68%	-1.84%	8.21%	-4.29%	14.34%	31.55%
EPS Growth	20.86%	20.10%	12.81%	20.00%	17.26%	7.95%	1.31%	12.08%	-1.51%	17.44%	34.68%
Operating Cash Flow Growth	17.89%	-13.35%	17.56%	-11.44%	-3.80%	49.31%	3.46%	31.09%	-6.39%	25.65%	-35.93%
Free Cash Flow Firm Growth	-8.81%	-20.95%	-39.30%	-42.29%	-68.78%	-31.15%	-31.49%	10.68%	151.19%	96.64%	-29.45%
Invested Capital Growth	-1.51%	1.53%	1.54%	4.91%	10.43%	5.93%	4.84%	4.65%	2.53%	0.25%	10.27%
Revenue Q/Q Growth	5.98%	0.29%	1.63%	1.42%	8.06%	-1.11%	0.88%	6.02%	5.43%	1.65%	3.02%
EBITDA Q/Q Growth	8.88%	3.36%	-7.36%	9.65%	4.73%	0.10%	-7.90%	10.65%	3.15%	4.71%	3.60%
EBIT Q/Q Growth	9.22%	7.05%	-10.18%	10.55%	5.87%	-2.54%	-12.32%	13.87%	0.96%	7.57%	6.24%
NOPAT Q/Q Growth	13.61%	4.54%	-6.02%	6.67%	9.69%	-2.86%	-11.12%	12.41%	-2.21%	16.58%	3.56%
Net Income Q/Q Growth	12.63%	4.46%	-4.64%	4.48%	9.15%	-3.74%	-10.59%	15.18%	-3.45%	14.99%	2.87%
EPS Q/Q Growth	13.00%	5.75%	-4.18%	4.80%	10.42%	-2.64%	-10.08%	15.95%	-2.97%	16.09%	735.64%
Operating Cash Flow Q/Q Growth	19.49%	-47.83%	25.57%	13.13%	29.80%	-19.03%	-12.99%	43.34%	-7.31%	8.69%	-55.63%
Free Cash Flow Firm Q/Q Growth	-1.34%	-17.37%	-7.41%	-23.55%	-46.63%	82.24%	-7.87%	23.51%	21.13%	42.66%	-66.95%
Invested Capital Q/Q Growth	-4.46%	5.74%	3.46%	0.37%	0.57%	1.43%	2.40%	0.19%	-1.47%	-0.83%	12.63%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	82.60%	82.87%	81.73%	82.33%	83.27%	80.94%	82.73%	82.81%	83.76%	83.82%	83.61%
EBITDA Margin	110.41%	113.78%	103.72%	112.12%	108.67%	110.00%	100.43%	104.81%	102.55%	105.63%	106.23%
Operating Margin	64.47%	68.96%	61.01%	66.72%	66.02%	65.55%	56.65%	60.73%	57.33%	61.80%	64.42%
EBIT Margin	67.59%	72.15%	63.76%	69.49%	68.09%	67.11%	58.33%	62.64%	59.99%	63.48%	65.47%
Profit (Net Income) Margin	54.37%	56.64%	53.14%	54.74%	55.30%	53.83%	47.71%	51.83%	47.46%	53.69%	53.62%
Tax Burden Percent	83.06%	80.93%	84.58%	81.35%	83.46%	82.56%	84.17%	83.25%	81.79%	87.02%	83.93%
Interest Burden Percent	96.86%	97.00%	98.53%	96.83%	97.31%	97.15%	97.18%	99.39%	96.74%	97.20%	97.58%
Effective Tax Rate	16.94%	19.07%	15.42%	18.65%	16.54%	17.44%	15.83%	16.75%	18.21%	12.98%	16.07%
Return on Invested Capital (ROIC)	49.04%	50.13%	45.87%	49.95%	53.17%	51.70%	45.24%	49.45%	47.40%	56.10%	54.52%
ROIC Less NNEP Spread (ROIC-NNEP)	44.29%	44.17%	33.75%	47.00%	52.05%	57.42%	45.89%	72.58%	53.27%	55.26%	53.65%
Return on Net Nonoperating Assets (RNNOA)	-1.79%	-1.38%	-0.95%	-1.68%	-2.28%	-0.72%	0.45%	1.04%	1.45%	1.64%	8.48%
Return on Equity (ROE)	47.25%	48.75%	44.92%	48.26%	50.89%	50.98%	45.70%	50.49%	48.85%	57.74%	63.00%
Cash Return on Invested Capital (CROIC)	49.88%	46.39%	45.37%	44.73%	42.41%	45.66%	45.34%	46.17%	47.77%	51.67%	42.03%
Operating Return on Assets (OROA)	25.08%	27.22%	24.30%	26.92%	26.44%	26.95%	23.69%	25.50%	24.72%	27.85%	29.98%
Return on Assets (ROA)	20.18%	21.37%	20.25%	21.21%	21.48%	21.61%	19.38%	21.10%	19.56%	23.55%	24.55%
Return on Common Equity (ROCE)	44.69%	46.46%	42.94%	46.29%	49.11%	49.34%	44.25%	49.01%	47.72%	56.65%	61.79%
Return on Equity Simple (ROE_SIMPLE)	0.00%	45.26%	45.42%	48.09%	0.00%	52.15%	52.29%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	4,610	4,819	4,529	4,831	5,299	5,147	4,574	5,142	5,029	5,863	6,071
NOPAT Margin	53.54%	55.81%	51.61%	54.28%	55.10%	54.12%	47.68%	50.55%	46.89%	53.78%	54.06%
Net Nonoperating Expense Percent (NNEP)	4.75%	5.96%	12.12%	2.94%	1.12%	-5.72%	-0.65%	-23.13%	-5.86%	0.84%	0.86%
Return On Investment Capital (ROIC_SIMPLE)	-	7.97%	-	-	-	8.74%	7.78%	8.06%	7.97%	9.78%	10.18%
Cost of Revenue to Revenue	17.40%	17.13%	18.27%	17.67%	16.73%	19.06%	17.27%	17.19%	16.24%	16.18%	16.39%
SG&A Expenses to Revenue	9.08%	7.55%	9.13%	8.25%	8.57%	8.74%	8.51%	8.78%	9.69%	8.77%	8.44%
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	18.13%	13.91%	20.72%	15.61%	17.25%	15.38%	26.08%	22.08%	26.43%	22.02%	19.19%
Earnings before Interest and Taxes (EBIT)	5,819	6,229	5,595	6,185	6,548	6,382	5,596	6,372	6,433	6,920	7,352
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	9,505	9,824	9,101	9,979	10,451	10,461	9,635	10,661	10,997	11,515	11,930
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	11.45	12.62	13.13	12.51	13.12	15.75	17.53	17.33	16.84	16.71	15.62
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)	12.99	14.42	14.95	13.72	13.92	16.00	17.31	16.84	15.64	15.44	12.75
Price to Earnings (P/E)	24.55	26.75	27.76	25.07	25.33	29.48	32.74	32.29	31.19	30.73	24.67
Dividend Yield	0.99%	0.72%	0.70%	0.77%	0.76%	0.68%	0.63%	0.65%	0.69%	0.70%	0.83%
Earnings Yield	4.07%	3.74%	3.60%	3.99%	3.95%	3.39%	3.05%	3.10%	3.21%	3.25%	4.05%
Enterprise Value to Invested Capital (EV/IC)	11.94	12.84	13.19	12.35	12.83	14.91	16.13	16.18	15.69	16.12	12.47
Enterprise Value to Revenue (EV/Rev)	12.94	14.40	14.95	13.74	13.95	16.06	17.40	16.92	15.72	15.47	12.97
Enterprise Value to EBITDA (EV/EBITDA)	12.10	13.12	13.73	12.49	12.73	14.78	16.15	15.97	15.06	14.96	12.38
Enterprise Value to EBIT (EV/EBIT)	19.48	21.07	22.22	20.14	20.41	23.92	26.49	26.43	25.36	25.29	20.62
Enterprise Value to NOPAT (EV/NOPAT)	24.50	27.00	28.33	25.54	25.73	29.84	32.98	32.64	31.60	31.08	25.26
Enterprise Value to Operating Cash Flow (EV/OCF)	20.35	23.78	24.45	23.74	25.12	27.20	29.90	28.02	27.26	26.20	24.53
Enterprise Value to Free Cash Flow (EV/FCFF)	23.75	27.88	29.29	28.27	31.74	33.60	36.41	35.85	33.26	31.24	31.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.53	0.52	0.51	0.52	0.53	0.54	0.55	0.65	0.66	0.55	0.67
Long-Term Debt to Equity	0.53	0.52	0.51	0.52	0.53	0.44	0.44	0.51	0.52	0.51	0.63
Financial Leverage	-0.04	-0.03	-0.03	-0.04	-0.04	-0.01	0.01	0.01	0.03	0.03	0.16
Leverage Ratio	2.37	2.31	2.27	2.29	2.38	2.35	2.36	2.44	2.52	2.45	2.55
Compound Leverage Factor	2.29	2.24	2.23	2.22	2.31	2.28	2.29	2.42	2.44	2.38	2.49
Debt to Total Capital	34.57%	34.26%	33.73%	34.15%	34.74%	34.99%	35.31%	39.40%	39.90%	35.32%	40.20%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	6.67%	6.72%	8.70%	8.83%	2.65%	2.61%
Long-Term Debt to Total Capital	34.57%	34.26%	33.73%	34.15%	34.74%	28.32%	28.60%	30.70%	31.07%	32.67%	37.59%
Preferred Equity to Total Capital	2.87%	2.67%	2.62%	2.36%	1.72%	1.53%	1.50%	1.37%	1.18%	0.92%	0.89%
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	62.56%	63.07%	63.65%	63.49%	63.54%	63.48%	63.19%	59.23%	58.92%	63.76%	58.91%
Debt to EBITDA	0.59	0.57	0.55	0.54	0.53	0.52	0.51	0.61	0.60	0.49	0.53
Net Debt to EBITDA	-0.10	-0.06	-0.05	-0.02	0.00	0.04	0.06	0.05	0.05	0.02	0.20
Long-Term Debt to EBITDA	0.59	0.57	0.55	0.54	0.53	0.42	0.41	0.48	0.47	0.46	0.50
Debt to NOPAT	1.19	1.16	1.14	1.10	1.07	1.04	1.05	1.25	1.27	1.03	1.08
Net Debt to NOPAT	-0.19	-0.13	-0.10	-0.04	0.00	0.07	0.13	0.10	0.11	0.05	0.41
Long-Term Debt to NOPAT	1.19	1.16	1.14	1.10	1.07	0.84	0.85	0.97	0.99	0.95	1.01
Altman Z-Score	5.91	6.59	6.88	6.61	6.38	7.53	8.01	7.28	6.94	7.54	6.48
Noncontrolling Interest Sharing Ratio	5.41%	4.69%	4.41%	4.08%	3.50%	3.23%	3.16%	2.93%	2.31%	1.89%	1.91%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.45	1.45	1.40	1.37	1.28	1.12	1.08	1.12	1.08	1.11	1.09
Quick Ratio	1.10	1.07	1.00	1.00	0.80	0.70	0.66	0.75	0.73	0.74	0.74
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	5,151	4,256	3,941	3,013	1,608	2,930	2,699	3,334	4,039	5,762	1,904
Operating Cash Flow to CapEx	2,271.15%	1,353.56%	1,614.95%	1,283.50%	2,156.63%	1,564.06%	1,435.78%	1,598.57%	1,603.60%	1,793.65%	785.38%
Free Cash Flow to Firm to Interest Expense	28.15	22.76	48.06	15.37	9.14	16.10	17.09	85.49	19.23	29.70	10.70
Operating Cash Flow to Interest Expense	37.85	19.33	55.34	26.19	37.86	29.65	29.72	172.56	29.70	34.95	16.90
Operating Cash Flow Less CapEx to Interest Expense	36.19	17.90	51.91	24.15	36.11	27.75	27.65	161.77	27.85	33.00	14.75
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.37	0.38	0.38	0.39	0.39	0.40	0.41	0.41	0.41	0.44	0.46
Accounts Receivable Turnover	15.15	14.44	15.54	14.54	14.81	14.44	15.08	14.30	14.07	14.22	14.05
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	9.82	9.94	9.77	9.79	9.91	9.89	9.83	9.84	9.93	10.03	9.78
Accounts Payable Turnover	16.31	19.71	19.61	20.11	14.67	17.52	17.53	17.22	13.46	16.50	14.51
Days Sales Outstanding (DSO)	24.09	25.28	23.49	25.10	24.65	25.27	24.21	25.53	25.95	25.67	25.98
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)	22.38	18.52	18.61	18.15	24.88	20.83	20.82	21.20	27.11	22.13	25.15
Cash Conversion Cycle (CCC)	1.72	6.76	4.88	6.95	-0.23	4.44	3.39	4.34	-1.16	3.54	0.82
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	35,383	37,415	38,709	38,854	39,074	39,632	40,584	40,662	40,064	39,733	44,751
Invested Capital Turnover	0.92	0.90	0.89	0.92	0.97	0.96	0.95	0.98	1.01	1.04	1.01
Increase / (Decrease) in Invested Capital	-541	563	588	1,818	3,691	2,217	1,875	1,808	990	101	4,167
Enterprise Value (EV)	422,439	480,350	510,389	479,831	501,150	591,053	654,572	658,054	628,609	640,450	558,236
Market Capitalization	424,091	481,053	510,563	479,081	500,092	588,743	651,077	655,124	625,679	638,903	548,618
Book Value per Share	$19.89	$24.06	$21.17	$20.94	$20.91	$20.07	$20.00	$20.48	$20.28	$20.98	$19.36
Tangible Book Value per Share	($3.80)	($4.26)	($3.45)	($3.69)	($4.24)	($4.32)	($4.79)	($5.28)	($5.65)	($5.12)	($7.44)
Total Capital	59,196	60,436	61,088	60,331	59,973	58,905	58,792	63,802	63,080	59,954	59,637
Total Debt	20,463	20,703	20,603	20,602	20,836	20,609	20,762	25,138	25,171	21,177	23,976
Total Long-Term Debt	20,463	20,703	20,603	20,602	20,836	16,680	16,814	19,590	19,602	19,588	22,417
Net Debt	-3,350	-2,318	-1,776	-675	27	1,406	2,615	2,059	2,185	996	9,090
Capital Expenditures (CapEx)	305	267	281	400	309	345	327	421	389	378	383
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-11,458	-10,114	-9,955	-9,813	-10,748	-9,986	-10,176	-12,357	-13,700	-14,602	-10,470
Debt-free Net Working Capital (DFNWC)	10,434	10,098	9,332	8,427	7,516	7,460	6,501	9,519	8,287	5,095	4,108
Net Working Capital (NWC)	10,434	10,098	9,332	8,427	7,516	3,531	2,553	3,971	2,718	3,506	2,549
Net Nonoperating Expense (NNE)	-71	-71	-134	-41	-19	28	-2.53	-130	-61	9.57	50
Net Nonoperating Obligations (NNO)	-3,350	-2,318	-1,776	-875	-63	1,336	2,554	1,998	2,155	956	9,090
Total Depreciation and Amortization (D&A)	3,686	3,595	3,506	3,794	3,903	4,079	4,039	4,289	4,564	4,595	4,578
Debt-free, Cash-free Net Working Capital to Revenue	-35.09%	-30.33%	-29.16%	-28.10%	-29.92%	-27.13%	-27.05%	-31.77%	-34.25%	-35.28%	-24.33%
Debt-free Net Working Capital to Revenue	31.95%	30.28%	27.33%	24.13%	20.92%	20.27%	17.28%	24.47%	20.72%	12.31%	9.55%
Net Working Capital to Revenue	31.95%	30.28%	27.33%	24.13%	20.92%	9.59%	6.79%	10.21%	6.80%	8.47%	5.92%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.26	$2.39	$2.29	$2.40	$2.66	$2.58	$2.32	$2.69	$2.63	$3.03	$25.35
Adjusted Weighted Average Basic Shares Outstanding	1.62B	1.58B	1.58B	1.61B	1.62B	1.73B	1.72B	1.71B	1.71B	1.69B	1.81B
Adjusted Diluted Earnings per Share	$2.26	$2.39	$2.29	$2.40	$2.65	$2.58	$2.32	$2.69	$2.61	$3.03	$25.32
Adjusted Weighted Average Diluted Shares Outstanding	2.09B	2.05B	2.04B	2.03B	2.03B	1.99B	1.97B	1.96B	1.97B	1.93B	2.05B
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	1.84B	1.84B	1.83B	1.82B	1.86B	1.86B	1.85B	1.83B	1.82B	1.82B	1.79B
Normalized Net Operating Profit after Tax (NOPAT)	4,717	4,826	4,892	4,841	5,307	5,183	5,416	5,654	5,767	6,479	6,347
Normalized NOPAT Margin	54.79%	55.90%	55.75%	54.39%	55.19%	54.50%	56.45%	55.59%	53.78%	59.43%	56.52%
Pre Tax Income Margin	65.47%	69.98%	62.83%	67.29%	66.26%	65.19%	56.68%	62.26%	58.03%	61.70%	63.88%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	31.80	33.31	68.23	31.56	37.20	35.07	35.42	163.38	30.63	35.67	41.30
NOPAT to Interest Expense	25.19	25.77	55.23	24.65	30.11	28.28	28.95	131.85	23.95	30.22	34.11
EBIT Less CapEx to Interest Expense	30.13	31.88	64.80	29.52	35.45	33.17	33.35	152.59	28.78	33.72	39.15
NOPAT Less CapEx to Interest Expense	23.52	24.34	51.80	22.60	28.35	26.39	26.88	121.05	22.09	28.27	31.96
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	21.72%	21.50%	21.67%	21.48%	21.36%	21.67%	22.28%	22.33%	23.10%	22.88%	21.94%
Augmented Payout Ratio	91.77%	91.37%	93.07%	97.98%	106.01%	107.51%	117.74%	117.15%	114.42%	109.60%	117.89%

Financials Breakdown Chart

Key Financial Trends

Here’s a concise, investor-focused snapshot of Visa Inc. (NYSE: V) using the quarterly data provided for the last four years, highlighting recent trends through Q1 2026. Visa has shown durable revenue growth, solid profitability, and ample cash generation, with capital allocation actions shaping the near-term balance sheet.

Revenue growth trend: Visa’s quarterly operating revenue has climbed from roughly $7.3–8.8B in 2022–2023 to about $10.9B in Q1 2026, signaling sustained top-line expansion (Q1 2026: $10.91B; Q1 2025: $9.52B).
Profitability strength: Net income attributable to common shareholders rose meaningfully over the period, with Q1 2026 net income of about $5.85B vs roughly $5.12B a year earlier, reflecting expanding profitability alongside higher revenue.
Operating cash flow stability: Net cash from continuing operating activities remained robust in the mid-to-high $6B range across recent quarters (e.g., Q1 2026: $6.78B; Q4 2025: $6.22B; Q3 2025: $6.73B).
Strong free cash flow potential: With roughly $6.4B in free cash flow in Q1 2026 (OCF of about $6.78B minus capex of ~$0.38B), Visa’s cash generation remains ample for buybacks and dividends.
shareholder-friendly capital allocation: In Q1 2026 Visa repurchased about $3.73B of common stock and paid about $1.29B in cash dividends, underscoring a proactive buyback program alongside yield distribution.
Liquidity position: Visa’s balance sheet shows substantial liquidity with cash & equivalents around $14.8B and restricted cash about $3.3B, contributing to a healthy liquidity cushion despite quarterly outflows.
Investing activity variability: Net cash from continuing investing activities fluctuates quarter to quarter (positive in some periods due to investments maturities/sales, negative when notable purchases occur), reflecting portfolio management rather than cash burn.
Longer-term trend largely positive: Over the four-year span, Visa’s revenue and earnings have trended higher with stable margins, though quarterly changes in working capital and investing activity create some variability.
Financing outflows in short term: Visa’s net cash from financing activities was notably negative in Q1 2026 (around -$8.99B) primarily due to large share repurchases and dividends, impacting near-term cash reserves.
Near-term cash balance impact: The quarterly net change in cash and equivalents was negative in Q1 2026 (~ -$1.81B), even as the overall liquidity position remains strong due to a large cash base.

05/08/26 02:46 PM ETAI Generated. May Contain Errors.

Visa Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Visa's financial year ends in September. Their financial year 2025 ended on September 30, 2025.

Visa's net income appears to be on an upward trend, with a most recent value of $20.06 billion in 2025, rising from $6.33 billion in 2015. The previous period was $19.74 billion in 2024. See Visa's forecast for analyst expectations on what's next for the company.

Visa's total operating income in 2025 was $23.99 billion, based on the following breakdown:

Total Gross Profit: $33.04 billion
Total Operating Expenses: $9.05 billion

Over the last 10 years, Visa's total revenue changed from $13.88 billion in 2015 to $40 billion in 2025, a change of 188.2%.

Visa's total liabilities were at $61.72 billion at the end of 2025, a 11.5% increase from 2024, and a 548.0% increase since 2015.

In the past 10 years, Visa's cash and equivalents has ranged from $3.52 billion in 2015 to $17.16 billion in 2025, and is currently $17.16 billion as of their latest financial filing in 2025.

Over the last 10 years, Visa's book value per share changed from 13.47 in 2015 to 20.28 in 2025, a change of 50.6%.

Related Companies

Financial statements for NYSE:V last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Visa (V) Financials

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Visa (V) Financials

Annual Income Statements for Visa

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Quarterly Cash Flow Statements for Visa

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Quarterly Balance Sheets for Visa

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Quarterly Metrics And Ratios for Visa

Financials Breakdown Chart

Key Financial Trends

Visa Financials - Frequently Asked Questions

When does Visa's fiscal year end?

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

What is Visa's operating income?

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

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

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