VISA INC. (V)

Latest 10-Q (filed 2026-07-29)

Income Statement

Consolidated Statement of Income

VISA INC. (V44)

Three and Nine Months Ended (In millions, except shares and per share data)

Jun 30, 2026 (Q3) Jun 30, 2025 (Q3) Jun 30, 2026 (YTD) Jun 30, 2025 (YTD)
        Net revenue $11,633 $10,172 $33,764 $29,276
          Personnel $2,458 $1,749 $6,063 $5,219
          Marketing $649 $421 $1,604 $1,108
          Network and processing $280 $224 $773 $655
          Professional fees $246 $187 $692 $503
          Depreciation and amortization $367 $317 $1,026 $904
          General and administrative $503 $482 $1,468 $1,382
          Litigation provision $253 $615 $1,290 $1,659
        Total operating expenses $4,756 $3,995 $12,916 $11,430
        Operating income $6,877 $6,177 $20,848 $17,846
          Interest expense $(194) $(39) $(566) $(379)
          Investment income (expense) and other $150 $195 $451 $504
        Total non-operating income (expense) $(44) $156 $(115) $125
      Income before income taxes $6,833 $6,333 $20,733 $17,971
      Income tax provision $1,205 $1,061 $3,231 $3,003
      Net income $5,628 $5,272 $17,502 $14,968
Class A Common Stock $4,966 $4,605 $15,348 $13,067
Class B-1 common stock $15 $20 $62 $57
Class B-2 common stock $238 $497 $1,356 $1,408
Class B-3 common stock $152 $156
Class C common stock $212 $97 $435 $280
        Basic Earnings Per Share (in dollars per share) 28.37 21.81 87.53 61.57
Class B-3 common stock 4.47 13.77
Class A Common Stock 2.97 2.69 9.15 7.60
Class B-1 common stock 4.59 4.21 14.18 11.88
Class B-2 common stock 4.47 4.13 13.85 11.70
Class C common stock 11.87 10.78 36.58 30.39
        Basic Weighted-average Shares Outstanding (in shares) 1,781 1,843 1,803 1,854
Class B-3 common stock 34 11
Class A Common Stock 1,673 1,709 1,678 1,720
Class B-1 common stock 3 5 4 5
Class B-2 common stock 53 120 98 120
Class C common stock 18 9 12 9
        Diluted Earnings Per Share (in dollars per share) 28.36 21.79 87.45 61.50
Class B-3 common stock 4.47 13.76
Class A Common Stock 2.97 2.69 9.14 7.59
Class B-1 common stock 4.59 4.20 14.17 11.87
Class B-2 common stock 4.47 4.13 13.83 11.69
Class C common stock 11.86 10.77 36.55 30.35
        Diluted Weighted-average Shares Outstanding (in shares) 2,006 2,093 2,041 2,107
Class B-3 common stock 34 11
Class A Common Stock 1,898 1,959 1,916 1,973
Class B-1 common stock 3 5 4 5
Class B-2 common stock 53 120 98 120
Class C common stock 18 9 12 9

Balance Sheet

Consolidated Balance Sheets

VISA INC. (V44)

As of June 30, 2026 and September 30, 2025 (In millions, except shares and per share data)

Jun 30, 2026 Sep 30, 2025
          Cash and cash equivalents $12,359 $17,164
          Restricted cash equivalents—U.S. litigation escrow $888 $2,990
          Investment securities $1,433 $1,833
          Settlement receivable $2,400 $4,191
          Accounts receivable $3,527 $3,126
          Customer collateral $4,310 $3,625
          Current portion of client incentives $2,523 $2,158
          Prepaid expenses and other current assets $3,562 $2,679
          Total current assets $31,002 $37,766
          Investment securities $150 $999
          Client incentives $5,884 $5,157
          Property, equipment and technology, net $4,858 $4,236
          Goodwill $20,825 $19,879
          Intangible assets, net $27,532 $27,646
          Other assets $4,339 $3,944
        Total assets $94,590 $99,627
          Accounts payable $553 $555
          Settlement payable $3,277 $4,568
          Customer collateral $4,310 $3,625
          Accrued compensation and benefits $2,219 $1,863
          Client incentives $11,429 $10,369
          Accrued liabilities $5,409 $5,466
          Current maturities of debt $2,996 $5,569
          Accrued litigation $1,274 $3,033
          Total current liabilities $31,467 $35,048
          Long-term debt $20,862 $19,602
          Deferred tax liabilities $5,219 $5,549
          Other liabilities $1,864 $1,519
        Total liabilities $59,412 $61,718
        Commitments and contingencies (Note 14 and Note 16)
        Preferred stock $514 $745
        Common stock
Class A Common Stock
Common Class B-1, B-2 And B-3
Class C common stock
        Right to recover for covered losses $(111) $(124)
        Additional paid-in capital $22,168 $21,934
        Accumulated income $12,753 $15,106
            Investment securities $2 $12
            Defined benefit pension and other postretirement plans $(25) $(32)
            Derivative instruments $(129) $(307)
            Foreign currency translation adjustments $6 $575
            Total accumulated other comprehensive income (loss) $(146) $248
        Total equity $35,178 $37,909
      Total liabilities and equity $94,590 $99,627

Cash Flow

Consolidated Statement of Cash Flows

VISA INC. (V44)

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

Jun 30, 2026 (YTD) Jun 30, 2025 (YTD)
      Net income $17,502 $14,968
Class A Common Stock $15,348 $13,067
Class B-1 common stock $62 $57
Class B-2 common stock $1,356 $1,408
Class B-3 common stock $156
Class C common stock $435 $280
Participating securities $145 $156
      Client incentives $13,194 $11,503
      Share-based compensation $728 $706
      Depreciation and amortization $1,026 $904
      Deferred income taxes $(638) $347
      VE territory covered losses $(108) $(22)
      (Gains) losses on equity investments, net $31 $133
      Other $16 $70
        Settlement receivable $1,761 $(211)
        Accounts receivable $(368) $(334)
        Client incentives $(13,121) $(11,253)
        Other assets $(832) $(18)
        Accounts payable $(28) $(14)
        Settlement payable $(1,436) $619
        Accrued and other liabilities $373 $(1,199)
        Accrued litigation $(1,758) $622
    Net cash provided by (used in) operating activities $16,342 $16,821
      Purchases of property, equipment and technology $(1,178) $(1,093)
      Purchases of investment securities $(50)
      Proceeds from maturities and sales of investment securities $1,280 $2,468
      Acquisitions, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired $(705) $(887)
      Purchases of other investments $(97) $(41)
      Other investing activities $(5) $(43)
    Net cash provided by (used in) investing activities $(755) $404
      Repurchases of class A common stock $(16,430) $(13,389)
      Repayments of senior notes $(5,565)
      Dividends paid $(3,852) $(3,488)
      Proceeds from issuance of senior notes $2,995 $3,924
      Net proceeds from issuance (repayments) of commercial paper $1,496
      Proceeds from stock issued under equity plans $204 $341
      Taxes paid related to stock issued under equity plans $(272) $(254)
      Other financing activities $(116) $(97)
    Net cash provided by (used in) financing activities $(21,540) $(12,963)
    Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents $(266) $416
  Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents $(6,219) $4,678
  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 $4,887 $3,587
    Interest payments on debt $600 $539
    Accruals related to purchases of property, equipment and technology $125 $51