NYSE : V
Visa Inc. — Financial statements
Financials · Credit Services · United States
Last price 413.59 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 769.07B
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Financial statements
Visa Inc. (V) reported revenue of 45.90B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 45.90B | 45.90B | 40.00B | 35.93B | 32.65B | 29.31B |
| Revenue | 45.90B | 45.90B | 40.00B | 35.93B | 32.65B | 29.31B |
| Cost of Revenue | 1.07B | 1.07B | 894.00M | 778.00M | 736.00M | 743.00M |
| Gross Profit | 44.84B | 44.84B | 39.11B | 35.15B | 31.92B | 28.57B |
| Selling, General & Admin | 13.00B | 13.00B | 11.08B | 10.12B | 9.05B | 8.03B |
| Operating Expenses | 14.40B | 14.40B | 12.30B | 11.15B | 9.99B | 8.89B |
| Operating Income | 30.44B | 30.44B | 26.81B | 24.00B | 21.93B | 19.68B |
| Interest Expense | -758.00M | -758.00M | -589.00M | -641.00M | -644.00M | -538.00M |
| Interest & Investment Income | 617.00M | 617.00M | 791.00M | 992.00M | 745.00M | 69.00M |
| Other Non Operating Income (Expenses) | 49.00M | 14.00M | 18.00M | 88.00M | ||
| EBT Excluding Unusual Items | 30.30B | 30.30B | 27.06B | 24.36B | 22.05B | 19.30B |
| Merger & Restructuring Charges | -563.00M | -563.00M | -213.00M | |||
| Gain (Loss) on Sale of Investments | 124.00M | 124.00M | -51.00M | -44.00M | -82.00M | -296.00M |
| Legal Settlements | -1.76B | -1.76B | -2.56B | -462.00M | -927.00M | -868.00M |
| Other Unusual Items | -39.00M | 61.00M | ||||
| Pretax Income | 28.09B | 28.09B | 24.19B | 23.92B | 21.04B | 18.14B |
| Income Tax Expense | 4.59B | 4.59B | 4.14B | 4.17B | 3.76B | 3.18B |
| Net Income | 23.50B | 23.50B | 20.06B | 19.74B | 17.27B | 14.96B |
| Preferred Dividends & Other Adjustments | 205.00M | 286.00M | 284.00M | 327.00M | ||
| Net Income to Common | 23.50B | 23.50B | 19.85B | 19.46B | 16.99B | 14.63B |
| Shares Outstanding (Basic) | 1.84B | 1.84B | 1.94B | 1.99B | 2.04B | 1.94B |
| Shares Outstanding (Diluted) | 1.91B | 1.91B | 1.97B | 2.03B | 2.08B | 2.14B |
| EPS (Basic) | 12.79 | 12.79 | 10.23 | 9.78 | 8.33 | 7.56 |
| EPS (Diluted) | 12.32 | 12.32 | 10.20 | 9.73 | 8.28 | 7.00 |
| Free Cash Flow | 22.06B | 22.06B | 21.58B | 18.69B | 19.70B | 17.88B |
| Free Cash Flow Per Share | 11.57 | 11.57 | 10.97 | 9.21 | 9.45 | 8.37 |
| Dividend Per Share | 2.79 | 2.79 | 2.44 | 2.15 | 1.87 | 1.57 |
| Gross Margin | 97.68% | 97.68% | 97.77% | 97.83% | 97.75% | 97.47% |
| Operating Margin | 66.31% | 66.31% | 67.02% | 66.79% | 67.15% | 67.15% |
| Profit Margin | 51.20% | 51.20% | 49.63% | 54.16% | 52.03% | 49.91% |
| Free Cash Flow Margin | 48.05% | 48.05% | 53.94% | 52.03% | 60.32% | 61.00% |
| EBITDA | 31.84B | 31.84B | 28.03B | 25.03B | 22.87B | 20.54B |
| EBITDA Margin | 69.36% | 69.36% | 70.07% | 69.67% | 70.04% | 70.08% |
| D&A For EBITDA | 1.40B | 1.40B | 1.22B | 1.03B | 943.00M | 861.00M |
| EBIT | 30.44B | 30.44B | 26.81B | 24.00B | 21.93B | 19.68B |
| EBIT Margin | 66.31% | 66.31% | 67.02% | 66.79% | 67.15% | 67.15% |
| Effective Tax Rate | 16.34% | 16.34% | 17.09% | 17.45% | 17.89% | 17.53% |
Balance sheet
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 12.94B | 12.94B | 17.16B | 11.97B | 16.29B | 15.69B |
| Short-Term Investments | 1.15B | 1.15B | 1.83B | 3.20B | 3.84B | 2.83B |
| Cash & Short-Term Investments | 14.08B | 14.08B | 19.00B | 15.18B | 20.13B | 18.52B |
| Accounts Receivable | 5.78B | 5.78B | 7.32B | 7.01B | 4.47B | 3.95B |
| Other Receivables | 232.00M | 832.00M | 206.00M | 190.00M | ||
| Receivables | 5.78B | 5.78B | 7.55B | 7.85B | 4.68B | 4.14B |
| Prepaid Expenses | 3.16B | 3.16B | 985.00M | 1.24B | 1.33B | 828.00M |
| Restricted Cash | 628.00M | 628.00M | 4.20B | 4.26B | 2.70B | 2.35B |
| Other Current Assets | 6.84B | 6.84B | 6.04B | 5.51B | 4.70B | 4.37B |
| Total Current Assets | 30.49B | 30.49B | 37.77B | 34.03B | 33.53B | 30.20B |
| Property, Plant & Equipment | 5.07B | 5.07B | 2.59B | 2.54B | 2.12B | 2.11B |
| Long-Term Investments | 94.00M | 94.00M | 999.00M | 2.54B | 1.92B | 2.14B |
| Goodwill | 20.80B | 20.80B | 19.88B | 18.94B | 18.00B | 17.79B |
| Other Intangible Assets | 27.37B | 27.37B | 30.25B | 29.05B | 27.90B | 26.66B |
| Long-Term Deferred Tax Assets | 128.00M | 140.00M | 126.00M | 87.00M | ||
| Other Long-Term Assets | 10.54B | 10.54B | 8.02B | 7.27B | 6.91B | 6.52B |
| Total Assets | 94.36B | 94.36B | 99.63B | 94.51B | 90.50B | 85.50B |
| Accounts Payable | 606.00M | 606.00M | 555.00M | 479.00M | 375.00M | 340.00M |
| Accrued Expenses | 7.92B | 7.92B | 6.41B | 5.63B | 4.83B | 4.53B |
| Current Portion of Long-Term Debt | 2.72B | 2.72B | 5.57B | 2.25B | ||
| Current Portion of Leases | 150.00M | 150.00M | 106.00M | 98.00M | ||
| Current Income Taxes Payable | 512.00M | 577.00M | 1.50B | 365.00M | ||
| Other Current Liabilities | 20.35B | 20.35B | 21.85B | 19.68B | 16.28B | 13.27B |
| Total Current Liabilities | 31.59B | 31.59B | 35.05B | 26.52B | 23.10B | 20.85B |
| Long-Term Debt | 19.36B | 19.36B | 19.60B | 20.84B | 20.78B | 20.52B |
| Long-Term Leases | 763.00M | 685.00M | 412.00M | 422.00M | ||
| Long-Term Deferred Tax Liabilities | 5.18B | 5.18B | 5.55B | 5.30B | 5.11B | 5.33B |
| Other Long-Term Liabilities | 2.12B | 2.12B | 756.00M | 2.04B | 2.37B | 2.79B |
| Total Liabilities | 58.25B | 58.25B | 61.72B | 55.37B | 51.77B | 49.92B |
| Common Stock | 19.55B | |||||
| Additional Paid-In Capital | 22.34B | 22.34B | 21.93B | 21.23B | 20.45B | |
| Retained Earnings | 13.63B | 13.63B | 15.11B | 17.29B | 18.04B | 16.12B |
| Comprehensive Income & Other | -371.00M | -371.00M | 124.00M | -412.00M | -1.46B | -2.40B |
| Total Common Equity | 35.60B | 35.60B | 37.16B | 38.11B | 37.03B | 33.26B |
| Shareholders' Equity | 36.11B | 36.11B | 37.91B | 39.14B | 38.73B | 35.58B |
| Total Liabilities & Equity | 94.36B | 94.36B | 99.63B | 94.51B | 90.50B | 85.50B |
| Total Debt | 22.07B | 22.07B | 26.08B | 21.67B | 21.30B | 23.29B |
| Net Cash (Debt) | -7.99B | -7.99B | -7.09B | -6.50B | -1.17B | -4.77B |
| Net Cash Per Share | -4.19 | -4.19 | -3.60 | -3.20 | -0.56 | -2.23 |
| Filing Date Shares Outstanding | 1.83B | 1.83B | 1.85B | 1.89B | 1.86B | 1.91B |
| Total Common Shares Outstanding | 1.83B | 1.83B | 1.85B | 1.90B | 1.88B | 1.92B |
| Working Capital | -1.10B | -1.10B | 2.72B | 7.52B | 10.43B | 9.35B |
| Book Value Per Share | 19.48 | 19.48 | 20.07 | 20.08 | 19.71 | 17.32 |
| Tangible Book Value | -12.57B | -12.57B | -12.96B | -9.88B | -8.86B | -11.19B |
| Tangible Book Value Per Share | -6.88 | -6.88 | -7.00 | -5.21 | -4.72 | -5.83 |
| Land | 72.00M | 72.00M | 71.00M | 72.00M | ||
| Buildings | 1.00B | 1.04B | 1.02B | 1.00B | ||
| Machinery | 2.24B | 2.30B | 2.15B | 2.23B | ||
| Construction In Progress | 191.00M | 222.00M | 344.00M | 285.00M |
Cash flow statement
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Net Income | 23.50B | 23.50B | 20.06B | 19.74B | 17.27B | 14.96B |
| Depreciation & Amortization | 1.40B | 1.40B | 1.22B | 1.03B | 943.00M | 861.00M |
| Loss (Gain) From Sale of Investments | -124.00M | -124.00M | 87.00M | 94.00M | 104.00M | 264.00M |
| Stock-Based Compensation | 928.00M | 928.00M | 897.00M | 850.00M | 765.00M | 602.00M |
| Other Operating Activities | 17.88B | 17.88B | 15.97B | 13.66B | 11.69B | 9.82B |
| Change in Accounts Receivable | -587.00M | -587.00M | -542.00M | -237.00M | -250.00M | -97.00M |
| Change in Accounts Payable | 1.00M | 1.00M | 67.00M | 109.00M | 34.00M | 67.00M |
| Change in Other Net Operating Assets | -19.27B | -19.27B | -14.70B | -15.30B | -9.81B | -7.63B |
| Operating Cash Flow | 23.73B | 23.73B | 23.06B | 19.95B | 20.75B | 18.85B |
| Capital Expenditures | -1.67B | -1.67B | -1.48B | -1.26B | -1.06B | -970.00M |
| Cash Acquisitions | -705.00M | -705.00M | -887.00M | -915.00M | -1.95B | |
| Investment in Securities | 1.36B | 1.36B | 2.96B | 339.00M | -1.32B | -1.50B |
| Other Investing Activities | 25.00M | 25.00M | 121.00M | -93.00M | 377.00M | 128.00M |
| Investing Cash Flow | -994.00M | -994.00M | 708.00M | -1.93B | -2.01B | -4.29B |
| Long-Term Debt Issued | 3.00B | 3.00B | 3.92B | 3.22B | ||
| Long-Term Debt Repaid | -5.57B | -5.57B | -2.25B | -1.00B | ||
| Net Debt Issued (Repaid) | -2.57B | -2.57B | 3.92B | -2.25B | 2.22B | |
| Issuance of Common Stock | 304.00M | 304.00M | 396.00M | 335.00M | 260.00M | 196.00M |
| Repurchase of Common Stock | -20.74B | -20.74B | -18.60B | -16.92B | -12.23B | -11.71B |
| Common Dividends Paid | -5.11B | -5.11B | -4.63B | -4.22B | -3.75B | -3.20B |
| Other Financing Activities | -123.00M | -123.00M | -52.00M | 170.00M | 200.00M | -198.00M |
| Financing Cash Flow | -28.24B | -28.24B | -18.96B | -20.63B | -17.77B | -12.70B |
| Foreign Exchange Rate Adjustments | -362.00M | -362.00M | 420.00M | 382.00M | 636.00M | -1.29B |
| Net Cash Flow | -5.87B | -5.87B | 5.22B | -2.23B | 1.61B | 578.00M |
| Free Cash Flow | 22.06B | 22.06B | 21.58B | 18.69B | 19.70B | 17.88B |
| Free Cash Flow Margin | 48.05% | 48.05% | 53.94% | 52.03% | 60.32% | 61.00% |
| Free Cash Flow Per Share | 11.57 | 11.57 | 10.97 | 9.21 | 9.45 | 8.37 |
| Levered Free Cash Flow | 21.12B | 21.12B | 20.07B | 13.14B | 16.72B | 13.74B |
| Unlevered Free Cash Flow | 21.59B | 21.59B | 20.44B | 13.55B | 17.12B | 14.07B |
| Cash Interest Paid | 720.00M | 720.00M | 587.00M | 583.00M | 617.00M | 607.00M |
| Cash Income Tax Paid | 5.68B | 5.68B | 4.54B | 5.78B | 3.43B | 3.74B |
| Change in Working Capital | -19.86B | -19.86B | -15.17B | -15.43B | -10.02B | -7.66B |
Ratios
Fiscal year October - September; amounts in USD.
| TTM | FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 790.51B | 659.59B | 634.84B | 523.06B | 434.82B | 341.10B |
| Enterprise Value | 798.50B | 670.17B | 641.66B | 528.44B | 438.41B | 350.39B |
| Last Close Price | 413.59 | 359.33 | 338.67 | 270.87 | 224.82 | 172.26 |
| PE Ratio | 34.51 | 28.06 | 31.98 | 26.88 | 25.59 | 23.32 |
| Forward PE | 28.31 | 24.85 | 27.50 | 25.68 | 24.17 | 22.16 |
| PS Ratio | 16.75 | 14.37 | 15.87 | 14.56 | 13.32 | 11.64 |
| PB Ratio | 21.23 | 18.27 | 16.75 | 13.37 | 11.23 | 9.59 |
| P/FCF Ratio | 34.87 | 29.90 | 29.42 | 27.98 | 22.08 | 19.08 |
| P/OCF Ratio | 32.41 | 27.80 | 27.53 | 26.22 | 20.95 | 18.10 |
| PEG Ratio | 1.91 | 1.72 | 2.10 | 2.13 | 1.70 | 1.23 |
| EV/Sales Ratio | 16.93 | 14.60 | 16.04 | 14.71 | 13.43 | 11.96 |
| EV/EBITDA Ratio | 24.41 | 21.05 | 22.89 | 21.11 | 19.17 | 17.06 |
| EV/EBIT Ratio | 25.53 | 22.02 | 23.94 | 22.02 | 19.99 | 17.80 |
| EV/FCF Ratio | 35.23 | 30.38 | 29.74 | 28.27 | 22.26 | 19.60 |
| Debt / Equity Ratio | 0.61 | 0.61 | 0.69 | 0.55 | 0.55 | 0.66 |
| Debt / EBITDA Ratio | 0.69 | 0.69 | 0.92 | 0.86 | 0.93 | 1.13 |
| Debt / FCF Ratio | 1.00 | 1.00 | 1.21 | 1.16 | 1.08 | 1.30 |
| Net Debt / Equity Ratio | 0.22 | 0.22 | 0.19 | 0.17 | 0.03 | 0.13 |
| Net Debt / EBITDA Ratio | 0.25 | 0.25 | 0.25 | 0.26 | 0.05 | 0.23 |
| Net Debt / FCF Ratio | 0.36 | 0.36 | 0.33 | 0.35 | 0.06 | 0.27 |
| Asset Turnover | 0.47 | 0.47 | 0.41 | 0.39 | 0.37 | 0.35 |
| Quick Ratio | 0.63 | 0.63 | 0.76 | 0.87 | 1.07 | 1.09 |
| Current Ratio | 0.96 | 0.96 | 1.08 | 1.28 | 1.45 | 1.45 |
| Return on Equity (ROE) | 63.51% | 63.51% | 52.07% | 50.71% | 46.49% | 40.88% |
| Return on Assets (ROA) | 19.61% | 19.61% | 17.26% | 16.21% | 15.57% | 14.61% |
| Return on Invested Capital (ROIC) | 57.00% | 57.16% | 49.05% | 46.32% | 44.87% | 40.09% |
| Return on Capital Employed (ROCE) | 48.50% | 48.50% | 41.50% | 35.30% | 32.50% | 30.40% |
| Earnings Yield | 2.90% | 3.56% | 3.16% | 3.77% | 3.97% | 4.38% |
| FCF Yield | 2.87% | 3.34% | 3.40% | 3.57% | 4.53% | 5.24% |
| Dividend Yield | 0.73% | 0.77% | 0.71% | 0.78% | 0.81% | 0.89% |
| Payout Ratio | 22.65% | 21.75% | 23.10% | 21.36% | 21.72% | 21.41% |
| Buyback Yield / Dilution | 3.00% | 3.00% | 3.10% | 2.69% | 2.39% | 2.38% |
| Total Shareholder Return | 3.76% | 3.77% | 3.82% | 3.47% | 3.20% | 3.26% |