Visa
V NYSE Transaction & Payment Processing Services Financials FY2016–FY2025
Visa's revenue rose 11.3% to $40.0 billion in fiscal 2025. Its operating margin was 60.0%, down from 65.7% a year earlier. Free cash flow was $21.6 billion, up 15.4%. It paid out $22.9 billion in dividends and buybacks, 106% of free cash flow.
About these figures. Visa reports earnings per share and share counts separately for each share class, which the SEC's company-level data leaves out, so per-share figures are left blank.
What Visa does
Visa runs a global payments network, VisaNet, that passes card payments between shoppers, the sellers they buy from, and the banks on each side. Banks and other financial firms issue Visa-branded credit, debit and prepaid cards to people, businesses and governments in more than 200 countries and territories. Visa itself is not a bank: it does not issue cards, lend money or set the rates and fees cardholders pay. In fiscal 2025, Visa's total payments and cash volume was $17 trillion, and 329 billion payments and cash transactions carried its brand.
Visa earns fees from those banks and other clients for processing payments (approving, clearing and settling them), for cross-border transactions and currency conversion, and for extra services such as fraud and risk tools and advisory work. It pays incentives back to clients to grow volume. It is also expanding beyond card purchases into payments between businesses and money transfers between people, through Visa Direct. Visa says it competes with all forms of payment, from cash and checks to other card networks such as American Express, Mastercard, JCB and UnionPay.
Visa had about 34,100 employees in fiscal 2025, in 86 countries and territories, with more than 60% outside the U.S. It has bought businesses such as Tink, an open banking service that lets payments move directly between bank accounts.
- Legal name
- VISA INC.
- Fiscal year ends
- September 30, 2025
- Latest annual report
- 10-K · Nov 6, 2025
- Accession · CIK
- 0001403161-25-000089
0001403161
Revenue and margins
Visa had $40.0B of revenue in fiscal 2025, up 11.3% on the year before.
Net income and earnings per share
Loss periods are shown in red.
Returns on capital
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
Cash flow
Free cash flow was $21.6B in fiscal 2025, 53.9% of revenue. Cash from operations minus capital spending.
Dividends, buybacks and share count
Visa returned $23.0B to shareholders in fiscal 2025, 106% of free cash flow. The diluted share count rose 0.0%.
Value Visa yourself
Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.
Discounted cash flow
Value per share
—
Adds net cash of −$8.0B and divides by 0.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.
Balance sheet
Cash, debt and the ratios that show how comfortably Visa can carry it.
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | — | $15.7B | $16.3B | $12.0B | $17.2B |
| Debt incl. finance leases | $21.0B | $22.5B | $20.5B | $20.8B | $25.2B |
| Net debt / EBITDA | — | 0.3x | 0.2x | 0.4x | 0.3x |
| Debt / equity | 0.6x | 0.6x | 0.5x | 0.5x | 0.7x |
| Interest coverage | 24.6x | 35.0x | 32.6x | 36.8x | 40.7x |
| Current ratio | 1.8x | 1.5x | 1.5x | 1.3x | 1.1x |
| Quick ratio | 1.8x | 1.5x | 1.5x | 1.3x | 1.1x |
| Total assets | $82.9B | $85.5B | $90.5B | $94.5B | $99.6B |
| Total liabilities | $45.3B | $49.9B | $51.8B | $55.4B | $61.7B |
| Shareholders' equity | $37.6B | $35.6B | $38.7B | $39.1B | $37.9B |
| Net debt (− = net cash) | — | $6.8B | $4.2B | $8.9B | $8.0B |
Insider trades
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$61.1M
5 insiders
Of sales under plans
49%
$30.1M
| Date | Insider | Trade | Shares | Price | Value | Filing |
|---|---|---|---|---|---|---|
| Oct 1, 2026 | Ryan McInerneyChief Executive Officer, Director | Sold plan | 5,875 | $358.81 | $2.1M | Form 4 |
| Sep 9, 2026 | Julie B RottenbergGeneral Counsel | Sold plan | 1,867 | $368.34 | $0.7M | Form 4 |
| Sep 1, 2026 | Ryan McInerneyChief Executive Officer, Director | Sold plan | 5,875 | $379.65 | $2.2M | Form 4 |
| Aug 31, 2026 | Julie B RottenbergGeneral Counsel | Sold plan | 2,028 | $381.35 | $0.8M | Form 4 |
| Aug 21, 2026 | Rajat TanejaPresident, Technology | Sold | 17,927 | $371.00 | $6.7M | Form 4 |
| Aug 21, 2026 | Ryan McInerneyChief Executive Officer, Director | Sold plan | 5,875 | $367.87 | $2.2M | Form 4 |
| Jul 30, 2026 | Tullier Kelly MahonVice Chair, Chf Ppl & Corp Aff | Sold | 57,272 | $364.97 | $20.9M | Form 4 |
| Jul 2, 2026 | Julie B RottenbergGeneral Counsel | Sold plan | 2,027 | $360.00 | $0.7M | Form 4 |
| Jul 1, 2026 | Ryan McInerneyChief Executive Officer, Director | Sold plan | 10,490 | $343.98 | $3.6M | Form 4 |
| Jun 29, 2026 | Ryan McInerneyChief Executive Officer, Director | Sold plan | 20,970 | $340.25 | $7.1M | Form 4 |
| May 12, 2026 | Chris SuhChief Financial Officer | Sold | 10,639 | $324.81 | $3.5M | Form 4 |
| Apr 29, 2026 | Ryan McInerneyChief Executive Officer, Director | Sold plan | 31,455 | $340.14 | $10.7M | Form 4 |
Piotroski F-score
Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.
| Test | FY23 | FY24 | FY25 |
|---|---|---|---|
| Net income is positive | ✓ | ✓ | ✓ |
| Cash from operations is positive | ✓ | ✓ | ✓ |
| Return on assets rose | ✓ | ✓ | ✕ |
| Cash from operations exceeds net income | ✓ | ✓ | ✓ |
| Debt fell relative to assets | ✓ | ✓ | ✕ |
| Current ratio rose | ✓ | ✕ | ✕ |
| Share count didn't rise | — | — | — |
| Gross margin rose | — | — | — |
| Revenue rose relative to assets | ✓ | ✓ | ✓ |
| F-score | — / 9 | — / 9 | — / 9 |
| Accruals ratio | −4.0% | −0.2% | −3.1% |
| Altman Z'' | 3.75 | 3.54 | 2.94 |
Similar companies
Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.
| Company | Market cap | Growth | Op. margin | FCF margin | ROIC | P/E | F-score | |
|---|---|---|---|---|---|---|---|---|
| Visa V | — | 11.3% | 60.0% | 53.9% | 42.4% | — | — | |
| PayPal PYPL | $52.5B | 4.3% | 18.3% | 16.8% | 25.7% | 10.7x | 7 | Compare → |
| Coinbase COIN | $43.3B | 9.4% | 20.0% | 31.9% | 14.5% | — | 4 | Compare → |
10 years of figures
US$ millions unless stated. Hover a ratio's name for its definition.
| Fiscal year | FY16 | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| Revenue | $15.1B | $18.4B | $20.6B | $23.0B | $21.8B | $24.1B | $29.3B | $32.7B | $35.9B | $40.0B |
| Operating income | $7.9B | $12.1B | $13.0B | $15.0B | $14.1B | $15.8B | $18.8B | $21.0B | $23.6B | $24.0B |
| Interest expense | $244M | $489M | $545M | $537M | $537M | $643M | $538M | $644M | $641M | $589M |
| Pretax income | $8.0B | $11.7B | $12.8B | $14.9B | $13.8B | $16.1B | $18.1B | $21.0B | $23.9B | $24.2B |
| Income tax | $2.0B | $5.0B | $2.5B | $2.8B | $2.9B | $3.8B | $3.2B | $3.8B | $4.2B | $4.1B |
| Net income | $6.0B | $6.7B | $10.3B | $12.1B | $10.9B | $12.3B | $15.0B | $17.3B | $19.7B | $20.1B |
| Cash flow | ||||||||||
| Cash from operations | $5.6B | $9.3B | $12.9B | $12.8B | $10.4B | $15.2B | $18.8B | $20.8B | $20.0B | $23.1B |
| Capital expenditure | $523M | $707M | $718M | $756M | $736M | $705M | $970M | $1.1B | $1.3B | $1.5B |
| Free cash flow | $5.1B | $8.6B | $12.2B | $12.0B | $9.7B | $14.5B | $17.9B | $19.7B | $18.7B | $21.6B |
| Depreciation and amortization | $502M | $556M | $613M | $656M | $767M | $804M | $861M | $943M | $1.0B | $1.2B |
| Stock-based compensation | $221M | $235M | $327M | $407M | $416M | $542M | $602M | $765M | $850M | $897M |
| Acquisitions | $9.1B | $302M | $196M | $699M | $77.0M | $75.0M | $1.9B | $0.0M | $915M | $887M |
| Share buybacks | $0.0M | $6.9B | $7.2B | $8.6B | $8.1B | $8.7B | $11.6B | $12.1B | $16.7B | $18.3B |
| Dividends paid | $1.4B | $1.6B | $1.9B | $2.3B | $2.7B | $2.8B | $3.2B | $3.8B | $4.2B | $4.6B |
| Dividends and buybacks | $1.4B | $8.5B | $9.1B | $10.9B | $10.8B | $11.5B | $14.8B | $15.9B | $20.9B | $23.0B |
| Balance sheet | ||||||||||
| Cash and short-term investments | $5.6B | $9.9B | $11.6B | $11.9B | $19.9B | — | $15.7B | $16.3B | $12.0B | $17.2B |
| Total debt | $15.9B | $16.6B | $16.6B | $16.7B | $24.1B | $21.0B | $22.5B | $20.5B | $20.8B | $25.2B |
| Finance lease liabilities | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Current assets | $14.3B | $19.0B | $18.2B | $21.0B | $27.6B | $27.6B | $30.2B | $33.5B | $34.0B | $37.8B |
| Current liabilities | $8.0B | $10.0B | $11.3B | $13.4B | $14.5B | $15.7B | $20.9B | $23.1B | $26.5B | $35.0B |
| Inventory | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M | $0.0M |
| Property and equipment, net | $2.2B | $2.3B | $2.5B | $2.7B | $2.7B | $2.7B | $3.2B | $3.4B | $3.8B | $4.2B |
| Total assets | $64.0B | $68.0B | $69.2B | $72.6B | $80.9B | $82.9B | $85.5B | $90.5B | $94.5B | $99.6B |
| 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 | $34.0B | $34.7B | $36.2B | $37.6B | $35.6B | $38.7B | $39.1B | $37.9B |
| Margins | ||||||||||
| Operating margin | 52.3% | 66.2% | 62.9% | 65.3% | 64.5% | 65.6% | 64.2% | 64.3% | 65.7% | 60.0% |
| EBITDA margin | 55.6% | 69.2% | 65.8% | 68.1% | 68.0% | 68.9% | 67.1% | 67.2% | 68.6% | 63.0% |
| Net margin | 39.7% | 36.5% | 50.0% | 52.6% | 49.7% | 51.1% | 51.0% | 52.9% | 55.0% | 50.1% |
| FCF margin | 33.5% | 46.9% | 59.3% | 52.4% | 44.4% | 60.2% | 61.0% | 60.3% | 52.0% | 53.9% |
| Returns | ||||||||||
| Return on capital | 17.0% | 16.8% | 26.5% | 31.0% | 27.8% | — | — | 40.5% | 42.9% | 42.4% |
| Return on capital employed | 17.5% | 21.3% | 22.4% | 25.6% | 22.4% | 23.7% | 28.6% | 31.8% | 34.9% | 36.2% |
| Return on equity | 19.1% | 20.4% | 30.9% | 35.2% | 30.7% | 33.4% | 40.9% | 46.5% | 50.7% | 52.1% |
| Return on assets | 11.6% | 10.2% | 15.0% | 17.0% | 14.2% | 15.0% | 17.8% | 19.6% | 21.3% | 20.7% |
| Growth | ||||||||||
| Revenue growth | 8.7% | 21.7% | 12.3% | 11.5% | −4.9% | 10.3% | 21.6% | 11.4% | 10.0% | 11.3% |
| Net income growth | −5.3% | 11.8% | 53.8% | 17.3% | −10.1% | 13.3% | 21.5% | 15.5% | 14.3% | 1.6% |
| FCF growth | −18.1% | 70.5% | 42.0% | −1.6% | −19.3% | 49.7% | 23.1% | 10.2% | −5.1% | 15.4% |
| Financial health | ||||||||||
| Net debt / EBITDA | 1.2x | 0.5x | 0.4x | 0.3x | 0.3x | — | 0.3x | 0.2x | 0.4x | 0.3x |
| Debt / equity | 0.5x | 0.5x | 0.5x | 0.5x | 0.7x | 0.6x | 0.6x | 0.5x | 0.5x | 0.7x |
| Interest coverage | 32.3x | 24.8x | 23.8x | 27.9x | 26.2x | 24.6x | 35.0x | 32.6x | 36.8x | 40.7x |
| Current ratio | 1.8x | 1.9x | 1.6x | 1.6x | 1.9x | 1.8x | 1.5x | 1.5x | 1.3x | 1.1x |
| Quick ratio | 1.8x | 1.9x | 1.6x | 1.6x | 1.9x | 1.8x | 1.5x | 1.5x | 1.3x | 1.1x |
| Capital allocation | ||||||||||
| Capex / revenue | 3.5% | 3.9% | 3.5% | 3.3% | 3.4% | 2.9% | 3.3% | 3.2% | 3.5% | 3.7% |
| Stock comp / revenue | 1.5% | 1.3% | 1.6% | 1.8% | 1.9% | 2.3% | 2.1% | 2.3% | 2.4% | 2.2% |
| Payouts / FCF | 26.7% | 98.4% | 74.5% | 90.4% | 111.1% | 79.0% | 82.7% | 80.5% | 112.0% | 106.4% |
| Quality scores | ||||||||||
| Altman Z'' | 3.1 | 3.5 | 3.5 | 3.6 | 3.7 | 3.7 | 3.6 | 3.8 | 3.5 | 2.9 |
| Accruals ratio | 0.8% | −4.0% | −3.9% | −1.0% | 0.6% | −3.6% | −4.6% | −4.0% | −0.2% | −3.1% |
Source: SEC EDGAR XBRL filings (CIK 0001403161). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.