Company financials

Visa Inc.

Financials Transaction & Payment Processing Services San Francisco, California Last filing Nov 6, 2025 · FY2025

                    Revenue
                    FY2025
                
$40.0B
                    3y CAGR +10.9%
                    
                    P38
                    
                    +11.3%
                    
                    Net income
                    FY2025
                
$20.1B
                    Net margin +50.1%
                    
                    P93
                    
                    +1.6%
                    
                    Total assets
                    FY2025
                
$99.6B
                    ROA +20.1%
                    
                    P97
                    
                    +5.4%
                    
                    Operating cash flow
                    FY2025
                
$23.1B
                    FCF margin +53.9%
                    
                    P82
                    
                    +15.6%

19 yrs · FY2007–FY2025 9 filed · 0 derived · 0 blank

1Y 3Y 5Y 10Y

Dollars % of revenue % of assets YoY % CAGR

Balance Sheet

Assets, liabilities, and equity

27 accounts · 5 years

Total assets $99.6B

Total liabilities $61.7B

Shareholders equity $37.9B

Account	2025	2024	2023	2022	2021
Assets
Cash and Cash Equivalents	$20.2B 33.8%	$15.1B -16.5%	$18.1B 5.3%	$17.1B -1.4%	$17.4B
Accounts Receivable	$3.1B 22.1%	$2.6B 11.8%	$2.3B 13.4%	$2.0B 2.6%	$2.0B
Prepaid Expenses	$2.7B -19.1%	$3.3B 28.2%	$2.6B -3.1%	$2.7B 211.7%	$856.0M
Other Current Assets	$10.0B 0.8%	$9.9B 46.3%	$6.8B 22.0%	$5.5B 3.1%	$5.4B
Total Current Assets	$37.8B 11.0%	$34.0B 1.5%	$33.5B 11.0%	$30.2B 9.4%	$27.6B
Property,Plant and Equipment	$4.2B 10.8%	$3.8B 11.6%	$3.4B 6.3%	$3.2B 18.7%	$2.7B
Goodwill	$19.9B 5.0%	$18.9B 5.2%	$18.0B 1.2%	$17.8B 11.5%	$16.0B
Intangible Assets	$27.6B 2.8%	$26.9B 3.0%	$26.1B 4.1%	$25.1B -9.4%	$27.7B
Long Term Investments	$2.8B -50.7%	$5.7B -0.3%	$5.8B 16.0%	$5.0B 33.2%	$3.7B
Other Noncurrent Assets	$9.1B 9.9%	$8.3B 10.1%	$7.5B 6.1%	$7.1B -2.2%	$7.2B
Total Assets	$99.6B 5.4%	$94.5B 4.4%	$90.5B 5.8%	$85.5B 3.1%	$82.9B
Liabilities
Accounts Payable	$555.0M 15.9%	$479.0M 27.7%	$375.0M 10.3%	$340.0M 27.8%	$266.0M
Accrued Liabilities	$10.4B 26.8%	$8.2B -1.2%	$8.3B 26.5%	$6.5B 44.5%	$4.5B
Current Portion of Long Term Debt	$5.6B	$0	—	$2.2B 125.2%	$999.0M
Other Current Liabilities	$18.6B 3.9%	$17.9B 23.6%	$14.5B 23.3%	$11.7B 17.9%	$9.9B
Total Current Liabilities	$35.0B 32.2%	$26.5B 14.8%	$23.1B 10.8%	$20.9B 32.5%	$15.7B
Long Term Debt	$19.6B -5.9%	$20.8B 1.8%	$20.5B 1.3%	$20.2B 1.1%	$20.0B
Deferred Tax Liabilities	$5.5B 4.7%	$5.3B 3.7%	$5.1B -4.1%	$5.3B -13.0%	$6.1B
Other Noncurrent Liabilities	$1.5B -44.2%	$2.7B -12.0%	$3.1B -12.6%	$3.5B 2.1%	$3.5B
Total Liabilities	$61.7B 11.5%	$55.4B 7.0%	$51.8B 3.7%	$49.9B 10.2%	$45.3B
Equity
Preferred Stock	$745.0M -27.7%	$1.0B -39.3%	$1.7B -26.9%	$2.3B -24.5%	$3.1B
Additional Paid In Capital	$21.9B 3.3%	$21.2B 3.8%	$20.5B	—	—
Retained Earnings	$15.1B -12.6%	$17.3B -4.2%	$18.0B 11.9%	$16.1B 5.0%	$15.4B
Accumulated Other Comprehensive Income	$248.0M 180.5%	$-308.0M 76.6%	$-1.3B 44.4%	$-2.4B -643.3%	$436.0M
Other Equity	$-124.0M -19.2%	$-104.0M 25.7%	$-140.0M -300.0%	$-35.0M 73.7%	$-133.0M
Total Stockholders Equity	$37.9B -3.1%	$39.1B 1.0%	$38.7B 8.9%	$35.6B -5.3%	$37.6B
Total Liabilitiesand Equity	$99.6B 5.4%	$94.5B 4.4%	$90.5B 5.8%	$85.5B 3.1%	$82.9B

Income Statement

Revenue, expense, and profitability

10 accounts · 5 years

Revenue $40.0B

Operating income $24.0B

Net income $20.1B

Account	2025	2024	2023	2022	2021
IncomeStatement
Revenues Total Revenue	$40.0B 11.3%	$35.9B 10.0%	$32.7B 11.4%	$29.3B 21.6%	$24.1B
Expenses Selling,General and Administrative	$11.3B 12.7%	$10.1B 11.2%	$9.0B 12.7%	$8.0B 18.6%	$6.8B
Expenses Depreciation and Amortization	$1.2B 18.0%	$1.0B 9.7%	$943.0M 9.5%	$861.0M 7.1%	$804.0M
Expenses Other Operating Expenses	$3.5B 178.7%	$1.2B -25.4%	$1.7B 3.2%	$1.6B 119.8%	$733.0M
Other Income Expense Operating Income	$24.0B 1.7%	$23.6B 12.4%	$21.0B 11.6%	$18.8B 19.0%	$15.8B
Other Income Expense Interest Expense	$589.0M -8.1%	$641.0M -0.5%	$644.0M 19.7%	$538.0M 204.9%	$-513.0M
Other Income Expense Other Income/expense	$789.0M -18.0%	$962.0M 41.3%	$681.0M 589.9%	$-139.0M -118.0%	$772.0M
Other Income Expense Income Before Tax	$24.2B 1.2%	$23.9B 13.7%	$21.0B 16.0%	$18.1B 12.9%	$16.1B
Income Tax Income Tax Expense	$4.1B -0.9%	$4.2B 10.9%	$3.8B 18.4%	$3.2B -15.3%	$3.8B
net Income net Income	$20.1B 1.6%	$19.7B 14.3%	$17.3B 15.5%	$15.0B 21.5%	$12.3B

Cash Flow Statement

Operating, investing, and financing flows

23 accounts · 5 years

Operating cash flow $23.1B

Investing cash flow $708.0M

Financing cash flow $-19.0B

Account	2025	2024	2023	2022	2021
CashFlow
Operating Activities net Income	$20.1B 1.6%	$19.7B 14.3%	$17.3B 15.5%	$15.0B 21.5%	$12.3B
Operating Activities Depreciation and Amortization	$17.0B 14.7%	$14.8B 11.8%	$13.2B 18.7%	$11.2B 21.6%	$9.2B
Operating Activities Stock Based Compensation	$897.0M 5.5%	$850.0M 11.1%	$765.0M 27.1%	$602.0M 11.1%	$542.0M
Operating Activities Deferred Income Taxes	$152.0M 252.0%	$-100.0M 79.3%	$-483.0M -43.8%	$-336.0M -138.5%	$873.0M
Operating Activities Changes In Operating Assets and Liabilities	$-15.2B 1.7%	$-15.4B -54.0%	$-10.0B -30.9%	$-7.7B -14.2%	$-6.7B
Operating Activities Other Non Cash Items	$153.0M 68.1%	$91.0M 605.6%	$-18.0M -114.2%	$127.0M 113.1%	$-968.0M
Operating Activities net Cash From Operating Activities	$23.1B 15.6%	$19.9B -3.9%	$20.8B 10.1%	$18.8B 23.8%	$15.2B
Investing Activities Capital Expenditures	$-1.5B -17.9%	$-1.3B -18.7%	$-1.1B -9.2%	$-970.0M -37.6%	$-705.0M
Investing Activities Business Acquisitions	$-887.0M 3.1%	$-915.0M	$0 100.0%	$-1.9B -2497.3%	$-75.0M
Investing Activities Purchases of Investments	$-68.0M 98.5%	$-4.7B -4.2%	$-4.5B 26.3%	$-6.1B -17.4%	$-5.2B
Investing Activities Proceeds From Sale of Investments	$3.0B -39.7%	$5.0B 58.6%	$3.2B -31.1%	$4.6B -19.6%	$5.7B
Investing Activities Other Investing Activities	$121.0M 230.1%	$-93.0M -124.7%	$377.0M 194.5%	$128.0M 17.4%	$109.0M
Investing Activities net Cash From Investing Activities	$708.0M 136.8%	$-1.9B 4.0%	$-2.0B 53.2%	$-4.3B -2721.1%	$-152.0M
Financing Activities Proceeds From Debt	$3.9B	$0	$0 -100.0%	$3.2B	$0
Financing Activities Repayment of Debt	$0	$0 100.0%	$-2.2B -125.0%	$-1.0B 66.7%	$-3.0B
Financing Activities Repurchase of Common Stock	$-18.3B -9.6%	$-16.7B -38.1%	$-12.1B -4.4%	$-11.6B -33.6%	$-8.7B
Financing Activities Dividends Paid	$-4.6B -9.9%	$-4.2B -12.4%	$-3.8B -17.1%	$-3.2B -14.5%	$-2.8B
Financing Activities Proceeds From Stock Issuance	$396.0M 18.2%	$335.0M 28.8%	$260.0M 32.7%	$196.0M -5.8%	$208.0M
Financing Activities Tax Withholding On Stock Based Compensation	$-281.0M -35.1%	$-208.0M -60.0%	$-130.0M -8.3%	$-120.0M 16.7%	$-144.0M
Financing Activities Other Financing Activities	$-52.0M -130.6%	$170.0M -15.0%	$200.0M 201.0%	$-198.0M	$0
Financing Activities net Cash From Financing Activities	$-19.0B 8.1%	$-20.6B -16.1%	$-17.8B -40.0%	$-12.7B 11.9%	$-14.4B
Cash Reconciliation Effect of Exchange Rate On Cash	$420.0M 9.9%	$382.0M -39.9%	$636.0M 149.4%	$-1.3B -3378.4%	$-37.0M
Cash Reconciliation net Change In Cash	$5.2B 334.6%	$-2.2B -238.1%	$1.6B 179.1%	$578.0M -8.0%	$628.0M

Key Ratios

Margins, returns, liquidity, leverage, efficiency

Computed at import · 5 years

Ratio	2025	2024	2023	2022	2021
Profitability
Gross margin	—	—	—	—	—
Operating margin	+60.0%	+65.7%	+64.3%	+64.2%	+65.6%
Net margin	+50.1%	+55.0%	+52.9%	+51.0%	+51.1%
FCF margin	+53.9%	+52.0%	+60.3%	+61.0%	+60.2%
Growth
Revenue CAGR (3y)	+10.9%	+14.2%	+14.3%	+8.5%	+5.4%
Returns
ROE	+52.9%	+50.4%	+44.6%	+42.0%	+32.8%
ROA	+20.1%	+20.9%	+19.1%	+17.5%	+14.9%
ROIC	+46.3%	+43.4%	+41.9%	+37.9%	+29.4%
Liquidity
Current ratio	1.08x	1.28x	1.45x	1.45x	1.75x
Quick ratio	0.66x	0.66x	0.88x	0.92x	1.23x
Leverage
D/E	1.63x	1.41x	1.34x	1.40x	1.21x
Interest coverage	40.74x	36.81x	32.61x	34.97x	-30.81x
Efficiency
Asset turnover	0.40x	0.38x	0.36x	0.34x	0.29x
Cash conversion cycle	—	—	—	—	—

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Visa Inc.

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