Visa Inc. Class A Common Stock (V) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q2 26	$3.1	$3.31	+6.8%	—	$11.2B	—
Q1 26	$3.14	$3.17	+1.0%	—	$10.9B	—
Q4 25	$2.97	$2.98	+0.3%	—	$10.7B	—
Q3 25	$2.85	$2.98	+4.6%	—	$10.2B	—
Q2 25	$2.68	$2.76	+3.0%	—	$9.6B	—
Q1 25	$2.66	$2.75	+3.4%	—	$9.5B	—
Q4 24	$2.58	$2.71	+5.0%	—	$9.6B	—
Q3 24	$2.42	$2.42	0.0%	—	$8.9B	—
Q2 24	$2.43	$2.51	+3.3%	—	$8.8B	—
Q1 24	$2.34	$2.41	+3.0%	—	$8.6B	—
Q4 23	$2.24	$2.33	+4.0%	—	$8.6B	—
Q3 23	$2.12	$2.16	+1.9%	—	$8.1B	—
Q2 23	$1.99	$2.09	+5.0%	—	$8B	—
Q1 23	$2.01	$2.18	+8.5%	—	$7.9B	—
Q4 22	$1.86	$1.93	+3.8%	—	$7.8B	—
Q3 22	$1.75	$1.98	+13.1%	—	$7.3B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$10.2	—	—	$40B	—
FY24	—	$9.74	—	—	$35.9B	—
FY23	—	$8.29	—	—	$32.7B	—
FY22	—	$7.01	—	—	$29.3B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$15.1B	$18.4B	$20.6B	$23B	$21.8B	$24.1B	$29.3B	$32.7B	$35.9B	$40B
YoY change	+8.66%	+21.7%	+12.3%	+11.5%	-4.92%	+10.3%	+21.6%	+11.4%	+10%	+11.3%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	15.1B	18.4B	20.6B	23B	21.8B	24.1B	29.3B	32.7B	35.9B	40B
Cost of revenue	2.8B	3.2B	3.9B	4.2B	4.5B	5B	5.7B	6.6B	7B	7.9B
Gross profit	12.3B	15.1B	16.8B	18.8B	17.3B	19.1B	23.6B	26.1B	28.9B	32.1B
Gross margin	81.7%	82.3%	81.3%	81.9%	79.3%	79.4%	80.4%	79.9%	80.4%	80.4%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.1B	2.4B	2.6B	2.8B	2.5B	2.5B	3B	3.2B	3.8B	4.4B
Operating expenses	2.1B	2.4B	2.6B	2.8B	2.5B	2.5B	3B	3.2B	3.8B	4.4B
Operating income	9.8B	12.2B	13.6B	15.4B	14.1B	15.8B	19.7B	21.9B	24.1B	26.6B
Operating margin	64.7%	66.3%	65.8%	67%	64.5%	65.6%	67.1%	67.2%	67%	66.4%
Non-operating income, net	-1.3B	94M	-143M	16M	214M	769M	-1B	-246M	500M	-1.8B
Pretax income	8B	11.7B	12.8B	14.9B	13.8B	16.1B	18.1B	21B	23.9B	24.2B
Income tax	2B	5B	2.5B	2.8B	2.9B	3.8B	3.2B	3.8B	4.2B	4.1B
Net income	6B	6.7B	10.3B	12.1B	10.9B	12.3B	15B	17.3B	19.7B	20.1B
Net margin	39.7%	36.5%	50%	52.6%	49.7%	51.1%	51%	52.9%	55%	50.1%
EBITDA	10.8B	12.6B	14.2B	16.1B	14.9B	16.6B	20.5B	22.9B	25.1B	27.8B
EPS	2.49	2.8	4.43	5.32	4.9	5.63	7.01	8.29	9.74	10.2
Diluted EPS	2.48	2.8	4.42	5.32	4.89	5.63	7	8.28	9.73	10.2

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	8.6B	8.6B	8.8B	8.9B	9.6B	9.5B	9.6B	10.2B	10.7B	10.9B	11.2B	11.6B
Cost of revenue	1.7B	1.7B	1.8B	1.8B	1.8B	2B	1.9B	2B	2B	2B	2.1B	2.7B
Gross profit	6.9B	7B	7B	7.1B	7.8B	7.5B	7.7B	8.2B	8.7B	8.9B	9.1B	8.9B
Gross margin	80.3%	80.8%	79.6%	80.1%	81.1%	78.8%	80.4%	80.6%	81.5%	81.7%	81.3%	76.5%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	988M	764M	950M	912M	1.2B	930M	973M	1.1B	1.4B	1.1B	1.2B	1.4B
Operating expenses	988M	764M	950M	912M	1.2B	930M	973M	1.1B	1.4B	1.1B	1.2B	1.4B
Operating income	5.7B	6B	5.8B	6B	6.4B	6.3B	6.4B	6.8B	7.1B	7.4B	7.6B	7.1B
Operating margin	66%	69.1%	65.9%	66.9%	66.1%	66%	67.1%	66.8%	65.7%	68.3%	67.3%	61.3%
Non-operating income, net	140M	266M	-189M	234M	189M	104M	-839M	-420M	-618M	-525M	-211M	-103M
Pretax income	5.6B	6B	5.5B	6B	6.4B	6.2B	5.4B	6.3B	6.2B	6.7B	7.2B	6.8B
Income tax	955M	1.2B	850M	1.1B	1.1B	1.1B	861M	1.1B	1.1B	873M	1.2B	1.2B
Net income	4.7B	4.9B	4.7B	4.9B	5.3B	5.1B	4.6B	5.3B	5.1B	5.9B	6B	5.6B
Net margin	54.4%	56.6%	53.1%	54.7%	55.3%	53.8%	47.7%	51.8%	47.5%	53.7%	53.6%	48.4%
EBITDA	5.9B	6.2B	6B	6.2B	6.6B	6.6B	6.7B	7.1B	7.4B	7.8B	7.9B	7.5B
EPS	2.27	2.39	2.29	2.4	2.66	2.58	2.32	2.69	2.62	3.03	3.15	2.97
Diluted EPS	2.27	2.39	2.29	2.4	2.65	2.58	2.32	2.69	2.62	3.03	3.14	2.97

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	197.3B	242.6B	336.1B	376.6B	427.7B	474.5B	—	372.2B	445.7B	—	690.4B
Enterprise value	204.3B	247.5B	341B	381.2B	431.8B	477B	—	372.5B	451.4B	—	685.8B
Shares outstanding	2.4B	2.3B	2.2B	2.2B	2.1B	2.1B	1.7B	1.6B	1.6B	1.9B	1.9B

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	32.9	36.2	32.6	31.2	39.4	38.5	—	21.5	22.6	—	31.4
P/S	13.1	13.2	16.3	16.4	19.6	19.7	—	11.4	12.4	—	15.6
P/B	6	7.4	9.88	10.9	11.8	12.6	—	9.61	11.4	—	19.5
EV/EBITDA	18.9	19.6	24.1	23.7	29.1	28.7	—	16.3	18	—	22.1
EV/Sales	13.5	13.5	16.5	16.6	19.8	19.8	—	11.4	12.6	—	15.4
Earnings yield	3.04%	2.76%	3.06%	3.21%	2.54%	2.59%	—	4.64%	4.43%	—	3.19%
FCF yield	2.56%	3.55%	3.64%	3.19%	2.27%	3.06%	—	5.29%	4.19%	—	2.96%
PEG	—	—	—	—	—	—	—	—	—	—	3.01

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	81.7%	82.3%	81.3%	81.9%	79.3%	79.4%	80.4%	79.9%	80.4%	80.4%	76.5%
Operating margin	64.7%	66.3%	65.8%	67%	64.5%	65.6%	67.1%	67.2%	67%	66.4%	66.1%
Net margin	39.7%	36.5%	50%	52.6%	49.7%	51.1%	51%	52.9%	55%	50.1%	50.8%
ROE	18.2%	20.4%	30.3%	34.8%	30%	32.8%	42%	44.6%	50.4%	52.9%	61.2%
ROA	9.36%	9.85%	14.9%	16.6%	13.4%	14.9%	17.5%	19.1%	20.9%	20.1%	19.1%
ROIC	18.3%	18.5%	28%	31.8%	27.6%	30.2%	41.1%	46.1%	44.3%	49.9%	54.1%
Return on tangible assets	-29.1%	-37.3%	-63.3%	-98.2%	-166.7%	-283.1%	-7.4K%	752%	692.5%	438.2%	-1.1K%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.78	1.9	1.61	1.56	1.91	1.75	1.45	1.45	1.28	1.08	0.98
Quick ratio	1.78	1.9	1.61	1.56	1.91	1.75	1.45	1.45	1.28	1.08	0.99
Debt / equity	0.48	0.56	0.49	0.48	0.66	0.56	0.63	0.53	0.53	0.66	0.68
Debt / assets	0.25	0.27	0.24	0.23	0.3	0.25	0.26	0.23	0.22	0.25	0.25
Net debt / EBITDA	0.64	0.39	0.35	0.29	0.27	0.15	0.19	0.01	0.23	0.22	0.33
Interest coverage	19.8	21.6	21.9	28.9	27.7	32.3	34.7	33.7	38.3	—	35.7
Effective tax rate	25.2%	42.7%	19.6%	18.8%	21.2%	23.4%	17.5%	17.9%	17.4%	17.1%	16.2%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	6.32	7.96	9.2	10.5	10.2	11.3	17.8	20.2	22.2	20.6	23.4
EPS (basic)	2.49	2.8	4.43	5.32	4.9	5.63	7.01	8.29	9.74	10.2	10.2
EPS (diluted)	2.48	2.8	4.42	5.32	4.89	5.63	7	8.28	9.73	10.2	11.8
Book value per share	13.8	14.2	15.2	15.8	16.9	17.6	21.6	23.9	24.1	19.5	18.9
FCF per share	2.12	3.74	5.46	5.49	4.54	6.82	10.8	12.2	11.5	11.1	9.98
Cash per share	3.75	5.83	5.23	5.52	9.37	8.69	11.2	12.4	9.36	9.78	7.5
Capex per share	0	0.3	0.32	0.35	0.34	0.33	0.59	0.65	0.78	—	—

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	0%	3.79%	3.48%	3.29%	3.37%	2.92%	3.31%	3.24%	3.5%	—	—
Capex / operating cash flow	0%	7.7%	6.86%	7.14%	5.99%	4.94%	6.14%	5.5%	6.72%	—	—
Payout ratio	22.5%	23.6%	18.6%	18.8%	24.5%	22.7%	21.4%	21.7%	21.4%	23.1%	22.1%
Dividend yield	0.68%	0.65%	0.57%	0.6%	0.62%	0.59%	—	1.01%	0.95%	—	0.73%

Yield

0.73%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.67

ex-dividend Aug 11, 2026

Payout ratio

22%

of earnings

Dividend growth

17 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Aug 11, 2026	$0.67
May 12, 2026	$0.67
Feb 10, 2026	$0.67

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Revenue	$8.6B	$8.6B	$8.8B	$8.9B	$9.6B	$9.5B	$9.6B	$10.2B	$10.7B	$10.9B	$11.2B	$11.6B
YoY change	+10.6%	+8.8%	+9.89%	+9.57%	+11.7%	+10.1%	+9.33%	+14.3%	+11.5%	+14.6%	+17.1%	+14.4%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.9B	13.4B	11.7B	12.1B	20B	18.5B	18.5B	20.1B	15.2B	19B
Receivables	1B	1.1B	1.2B	1.5B	1.6B	2B	2B	2.3B	2.6B	3.1B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	14.3B	19B	18.2B	21B	27.6B	27.6B	30.2B	33.5B	34B	37.8B
Property, plant & equipment	1.3B	1.4B	1.6B	1.7B	1.7B	1.7B	2.2B	2.4B	2.8B	3.2B
Goodwill & intangibles	84.6B	85.9B	85.5B	84.9B	87.4B	87.2B	85.7B	88.2B	91.7B	95B
Total assets	64B	68B	69.2B	72.6B	80.9B	82.9B	85.5B	90.5B	94.5B	99.6B
Accounts payable	203M	179M	183M	156M	174M	266M	340M	375M	479M	555M
Short-term debt	—	1.7B	—	—	3B	999M	2.3B	—	—	5.6B
Total current liabilities	8B	10B	11.3B	13.4B	14.5B	15.7B	20.9B	23.1B	26.5B	35B
Long-term debt	15.9B	16.6B	16.6B	16.7B	21.1B	20B	20.2B	20.5B	20.8B	19.6B
Total liabilities	31.1B	35.2B	35.2B	37.9B	44.7B	45.3B	49.9B	51.8B	55.4B	61.7B
Shareholders' equity	32.9B	32.8B	34B	34.7B	36.2B	37.6B	35.6B	38.7B	39.1B	37.9B
Total debt	15.9B	18.4B	16.6B	16.7B	24.1B	21B	22.4B	20.5B	20.8B	25.2B
Net debt	10.3B	8.5B	8.5B	8.9B	7.8B	4.5B	6.8B	4.2B	8.9B	8B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Cash & short-term investments	20.1B	18.6B	17.7B	16.6B	15.2B	14.3B	13.8B	19.2B	19B	16.4B	13.9B	13.8B
Receivables	2.3B	2.5B	2.3B	2.5B	2.6B	2.6B	2.7B	2.9B	3.1B	3.2B	3.4B	3.5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	33.5B	32.7B	32.8B	31B	34B	32.6B	32.9B	38.4B	37.8B	35B	31.6B	31B
Property, plant & equipment	2.4B	—	—	—	2.8B	—	—	—	3.2B	—	—	—
Goodwill & intangibles	88.2B	89.7B	90.4B	90.1B	91.7B	90.9B	92.1B	95.1B	95B	95.1B	97.3B	96.7B
Total assets	90.5B	91.4B	92.4B	91B	94.5B	91.9B	92.9B	100B	99.6B	96.8B	95B	94.6B
Accounts payable	375M	348M	338M	331M	479M	405M	421M	462M	555M	433M	557M	553M
Short-term debt	—	—	—	—	—	3.9B	3.9B	5.5B	5.6B	1.6B	1.6B	3B
Total current liabilities	23.1B	22.6B	23.4B	22.6B	26.5B	29.1B	30.4B	34.4B	35B	31.5B	29.1B	31.5B
Long-term debt	20.5B	20.7B	20.6B	20.6B	20.8B	16.7B	16.8B	19.6B	19.6B	19.6B	22.4B	20.9B
Total liabilities	51.8B	51.7B	51.9B	51.3B	55.4B	53.6B	54.8B	61.4B	61.7B	58B	59.4B	59.4B
Shareholders' equity	38.7B	39.7B	40.5B	39.7B	39.1B	38.3B	38B	38.7B	37.9B	38.8B	35.7B	35.2B
Total debt	20.5B	20.7B	20.6B	20.6B	20.8B	20.6B	20.8B	25.1B	25.2B	21.2B	24B	23.9B
Net debt	4.2B	7.1B	7.6B	7.7B	8.9B	8.2B	9B	8B	8B	6.4B	11.6B	11.5B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	6B	6.7B	10.3B	12.1B	10.9B	12.3B	15B	17.3B	19.7B	20.1B
Depreciation & amortization	502M	556M	613M	656M	767M	804M	861M	943M	1B	1.2B
Stock-based compensation	221M	235M	327M	407M	416M	542M	602M	765M	850M	897M
Change in working capital	-3.5B	-4.8B	-4.9B	-8.6B	-6.6B	-8.4B	-10.4B	-11.4B	-16.6B	-15.3B
Operating cash flow	6B	9B	10.5B	10.6B	12.3B	14.3B	15.8B	19.3B	18.7B	23.1B
Capital expenditure	0	-695M	-718M	-756M	-736M	-705M	-970M	-1.1B	-1.3B	—
Investing cash flow	-10.4B	735M	-3.1B	-591M	1.4B	-152M	-4.3B	-2B	-1.9B	2.2B
Dividends paid	-1.4B	-1.6B	-1.9B	-2.3B	-2.7B	-2.8B	-3.2B	-3.8B	-4.2B	-4.6B
Share repurchases	-7.2B	-6.9B	-7.2B	-8.6B	-8.1B	-8.7B	-11.6B	-12.1B	-16.7B	-18.3B
Financing cash flow	7.5B	-6B	-11.3B	-12.1B	-4B	-14.5B	-12.9B	-18B	-21B	-19.4B
Net change in cash	3B	3.8B	-3.9B	-2.1B	9.7B	-365M	-1.4B	-779M	-4.2B	5.9B
Free cash flow	5.1B	8.6B	12.2B	12B	9.7B	14.5B	17.9B	19.7B	18.7B	21.6B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26	Q3 26
Net income	4.7B	4.9B	4.7B	4.9B	5.3B	5.1B	4.6B	5.3B	5.1B	5.9B	6B	5.6B
Depreciation & amortization	247M	247M	249M	264M	274M	282M	305M	317M	316M	326M	333M	367M
Stock-based compensation	174M	209M	242M	211M	188M	224M	259M	223M	191M	231M	275M	222M
Change in working capital	-2.5B	-4.3B	-4.4B	-2B	-5.9B	-3.1B	-4.5B	-4.2B	-3.4B	-3B	-4.8B	-4.8B
Operating cash flow	5.7B	4.5B	3.9B	6.9B	3.4B	6.4B	4.2B	6.1B	6.2B	6.8B	3B	6.6B
Capital expenditure	-305M	-267M	-281M	-400M	-309M	-345M	-327M	-421M	—	—	—	—
Investing cash flow	-1.2B	-1.9B	-261M	555M	584M	790M	-130M	-256M	693M	739M	-495M	179M
Dividends paid	-928M	-1.1B	-1.1B	-1.1B	-1B	-1.2B	-1.2B	-1.2B	-1.1B	-1.3B	-1.3B	-1.3B
Share repurchases	-3.8B	-3.6B	-2.8B	-4.5B	-5.8B	-4B	-4.6B	-4.8B	-4.9B	-3.7B	-7.9B	-4.8B
Financing cash flow	-4.6B	-4.3B	-3.9B	-5.4B	-7.3B	-5.6B	-5.8B	-1.7B	-6.3B	-9.1B	-9.5B	-7.4B
Net change in cash	-125M	-1.7B	-307M	2.1B	-3.3B	1.6B	-1.7B	4.1B	622M	-1.5B	-6.9B	-706M
Free cash flow	6.6B	3.3B	4.3B	4.7B	6.4B	5.1B	4.4B	6.3B	5.8B	6.4B	2.6B	6.1B

Visa Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history