VISA INC. (V)

Latest 10-K (filed 2025-11-06)

Income Statement

Consolidated Statement of Income

VISA INC. (V44)

Year Ended (In millions, except shares and per share data)

Sep 30, 2025 Sep 30, 2024 Sep 30, 2023
        Net revenue $40,000 $35,926 $32,653
          Personnel $6,961 $6,264 $5,831
          Marketing $1,684 $1,560 $1,341
          Network and processing $894 $778 $736
          Professional fees $759 $635 $545
          Depreciation and amortization $1,220 $1,034 $943
          General and administrative $1,926 $1,598 $1,330
          Litigation provision $2,562 $462 $927
        Total operating expenses $16,006 $12,331 $11,653
        Operating income $23,994 $23,595 $21,000
          Interest expense $(589) $(641) $(644)
          Investment income (expense) and other $789 $962 $681
        Total non-operating income (expense) $200 $321 $37
      Income before income taxes $24,194 $23,916 $21,037
      Income tax provision $4,136 $4,173 $3,764
      Net income $20,058 $19,743 $17,273
        Basic earnings per share (in dollars per share) 82.78 79.62 54.72
Class B-2 common stock 15.72 15.45
Class A common stock 10.22 9.74 8.29
Class B-1 common stock 15.97 15.46 13.26
Class C common stock 40.87 38.97 33.17
        Basic weighted-average shares outstanding (in shares) 1,848 1,834 1,873
Class B-2 common stock 120 49
Class A common stock 1,714 1,621 1,618
Class B-1 common stock 5 148 245
Class C common stock 9 16 10
        Diluted earnings per share (in dollars per share) 82.67 79.53 54.65
Class B-2 common stock 15.70 15.43
Class A common stock 10.20 9.73 8.28
Class B-1 common stock 15.95 15.45 13.24
Class C common stock 40.82 38.92 33.13
        Diluted weighted-average shares outstanding (in shares) 2,100 2,242 2,340
Class B-2 common stock 120 49
Class A common stock 1,966 2,029 2,085
Class B-1 common stock 5 148 245
Class C common stock 9 16 10

Balance Sheet

Consolidated Balance Sheets

VISA INC. (V44)

As of September 30, 2025 and September 30, 2024 (In millions, except shares and per share data)

Sep 30, 2025 Sep 30, 2024
          Cash and cash equivalents $17,164 $11,975
          Restricted cash equivalents—U.S. litigation escrow $2,990 $3,089
          Investment securities $1,833 $3,200
          Settlement receivable $4,191 $4,454
          Accounts receivable $3,126 $2,561
          Customer collateral $3,625 $3,524
          Current portion of client incentives $2,158 $1,918
          Prepaid expenses and other current assets $2,679 $3,312
          Total current assets $37,766 $34,033
          Investment securities $999 $2,545
          Client incentives $5,157 $4,628
          Property, equipment and technology, net $4,236 $3,824
          Goodwill $19,879 $18,941
          Intangible assets, net $27,646 $26,889
          Other assets $3,944 $3,651
        Total assets $99,627 $94,511
          Accounts payable $555 $479
          Settlement payable $4,568 $5,265
          Customer collateral $3,625 $3,524
          Accrued compensation and benefits $1,863 $1,538
          Client incentives $10,369 $9,075
          Accrued liabilities $5,466 $4,909
Class A common stock $30 $90
          Current maturities of debt $5,569
          Accrued litigation $3,033 $1,727
          Total current liabilities $35,048 $26,517
          Long-term debt $19,602 $20,836
          Deferred tax liabilities $5,549 $5,301
          Other liabilities $1,519 $2,720
        Total liabilities $61,718 $55,374
        Commitments and contingencies (Note 18 and Note 20)
        Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of September 30, 2025 and 2024 $745 $1,031
        Common stock
Class A common stock
Class B-1 and B-2 common stock
Class C common stock
        Right to recover for covered losses $(124) $(104)
        Additional paid-in capital $21,934 $21,229
        Accumulated income $15,106 $17,289
          Investment securities $12 $30
          Defined benefit pension and other postretirement plans $(32) $(16)
          Derivative instruments $(307) $(213)
          Foreign currency translation adjustments $575 $(109)
            Total accumulated other comprehensive income (loss) $248 $(308)
        Total equity $37,909 $39,137
      Total liabilities and equity $99,627 $94,511

Cash Flow

Consolidated Statement of Cash Flows

VISA INC. (V44)

Year Ended (In millions, except shares and per share data)

Sep 30, 2025 Sep 30, 2024 Sep 30, 2023
      Net income $20,058 $19,743 $17,273
      Client incentives $15,751 $13,764 $12,297
      Share-based compensation $897 $850 $765
      Depreciation and amortization $1,220 $1,034 $943
Property, Equipment and Technology $1,100 $955 $867
      Deferred income taxes $152 $(100) $(483)
      VE territory covered losses $(28) $(139) $(136)
      (Gains) losses on equity investments, net $87 $94 $104
      Other $94 $136 $14
        Settlement receivable $374 $(2,175) $(160)
        Accounts receivable $(542) $(237) $(250)
        Client incentives $(15,314) $(14,067) $(11,014)
        Other assets $160 $(199) $(24)
        Accounts payable $67 $109 $34
        Settlement payable $(847) $1,841 $(194)
        Accrued and other liabilities $(373) $(676) $1,291
        Accrued litigation $1,303 $(28) $295
    Net cash provided by (used in) operating activities $23,059 $19,950 $20,755
      Purchases of property, equipment and technology $(1,482) $(1,257) $(1,059)
      Purchases of investment securities $(4,443) $(4,363)
      Proceeds from maturities and sales of investment securities $3,024 $5,013 $3,160
      Acquisitions, net of cash and restricted cash acquired $(887) $(915)
      Purchases of other investments $(68) $(231) $(121)
      Proceeds from settlement of derivative instruments $402
      Other investing activities $121 $(93) $(25)
    Net cash provided by (used in) investing activities $708 $(1,926) $(2,006)
      Repurchases of class A common stock $(18,316) $(16,713) $(12,101)
      Repayments of debt $(2,250)
      Dividends paid $(4,634) $(4,217) $(3,751)
      Proceeds from issuance of senior notes $3,924
      Proceeds from stock issued under equity plans $396 $335 $260
      Taxes paid related to stock issued under equity plans $(281) $(208) $(130)
      Other financing activities $(52) $170 $200
    Net cash provided by (used in) financing activities $(18,963) $(20,633) $(17,772)
    Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents $420 $382 $636
  Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents $5,224 $(2,227) $1,613
  Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period
  Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period
    Cash paid for income taxes, net $4,541 $5,775 $3,433
    Interest payments on debt $587 $583 $617
    Accruals related to purchases of property, equipment and technology $59 $52 $96