Visa (V) Financials

$350.10 -0.25 (-0.07%)

Closing price 03:59 PM Eastern

Extended Trading

$349.68 -0.42 (-0.12%)

As of 05:36 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	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

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

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

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

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

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

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%

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 (NYSE: V) has shown strong financial performance across the last several years up through Q3 2025, with consistent revenue growth, strong profitability, solid cash flow generation, and disciplined capital allocation. Here are the key trends and highlights based on the detailed financial data:

Consistent Revenue and Earnings Growth: Visa’s quarterly operating revenue increased from approximately $5.7 billion in Q1 2021 to over $10.1 billion in Q3 2025, nearly doubling over this period. Net income followed a similar upward trend, rising from $3.1 billion in early 2021 to $5.3 billion+ in recent quarters.
Strong Profitability Margins: Gross profit margins have been robust with operating expenses controlled relative to revenue growth. For example, total operating expenses were about $2.25 billion on $10.17 billion revenue in Q3 2025, reflecting efficiency in operations.
Increasing Earnings Per Share (EPS): Basic and diluted EPS rose steadily each year, reaching $2.69 (Q3 2025), up from $1.42 in Q1 2021. This reflects both earnings growth and effective share repurchase programs.
Strong Cash Flow Generation: Visa consistently generated strong operating cash flow, with quarterly net cash from operating activities increasing from $3.6 billion in Q1 2021 to $6.7 billion in Q3 2025. This indicates healthy business operations and cash conversion.
Capital Expenditures and Investments Managed: Capital expenditures (purchase of property, plant & equipment) have been stable with $300M-$420M quarterly, supporting growth initiatives. Visa also makes selective investments, balancing buy versus build strategy.
Shareholder Returns through Dividends and Buybacks: Visa has steadily increased dividends per share from $0.375 in early 2022 to $0.59 in mid-2025. The company also repurchased shares aggressively, with repurchases around $4.5 to $5 billion quarterly in recent periods, supporting EPS growth.
Moderate Increase in Debt Levels: Long-term debt has grown from around $16 billion in Q1 2021 to $19.5 billion in Q3 2025. This is manageable given Visa’s strong earnings and cash flow but is a factor to watch for leverage trends.
Goodwill and Intangible Assets Remain High: Visa holds significant goodwill and intangible assets (~$46 billion combined), consistent with prior quarters. These represent acquisitions and brand value but may pose impairment risks if business slows.
Operating Expense Fluctuations: Some quarters show spikes in “Other Special Charges” expenses (e.g., $615 million in Q3 2025), which could indicate non-recurring costs or restructuring charges that may affect net income volatility.
Cash Tax Payments Increasing: Cash paid for income taxes rose notably from $268 million in Q1 2021 to over $530 million in Q3 2025, which may affect free cash flow availability.

Overall, Visa demonstrates a strong and growing financial position characterized by expanding revenues and earnings, excellent cash generation, and committed shareholder returns. The company is effectively managing expenses while investing in future growth. Investors should watch for expense volatility and debt levels, but the underlying fundamentals appear solid.

08/28/25 05:37 PM ETAI Generated. May Contain Errors.

Financials Breakdown Chart

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. View Visa's forecast to see where analysts expect Visa to go next.

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%.

Related Companies

This page (NYSE:V) was last updated on 8/28/2025 by MarketBeat.com Staff

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Visa (V) Financials

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