VISA INC. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data VISA INC. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Revenue	18,358	20,609	22,977	21,846	24,105	29,310	32,653	35,926	40,000	45,903
Selling and marketing	922	988	1,105	971	1,136	1,336	1,341	1,560	1,684	2,315
General and administrative	1,060	1,145	1,196	1,096	985	1,194	1,330	1,598	1,926	2,297
Operating income	12,144	12,954	15,001	14,081	15,804	18,813	21,000	23,595	23,994	28,110
Interest expense						538	644	641	589	758
Interest income						69	745	992	791	573
Other non-operating income	-450	-148	-117	-291	259	-677	37	321	200	-17
Pre-tax income	11,694	12,806	14,884	13,790	16,063	18,136	21,037	23,916	24,194	28,093
Income tax	4,995	2,505	2,804	2,924	3,752	3,179	3,764	4,173	4,136	4,589
Net income	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058	23,504
EBITDA	12,700	13,567	15,657	14,848	16,608	19,674	21,943	24,629	25,214	29,513
Dividend per share	0.17		0.25	0.30	0.32	0.38	0.45	0.52	0.59	0.67

Balance sheet

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Cash and equivalents	9,874	8,162	7,838	16,289	16,487	15,689	16,286	11,975	17,164	12,938
Short-term investments		3,434	4,110	3,604
Receivables	1,132	1,208	1,542	1,618	1,968	2,020	2,291	2,561	3,126	3,749
Other current assets	550	562	712	757	856	2,668	2,584	3,312	2,679	3,156
Total current assets	19,023	18,216	20,970	27,645	27,607	30,205	33,532	34,033	37,766	30,486
Property, plant and equipment	2,253	2,472	2,695	2,737	2,715	3,223	3,425	3,824	4,236	5,066
Lease right-of-use assets				508	515	480	488	873	954	907
Goodwill	15,110	15,194	15,656	15,910	15,958	17,787	17,997	18,941	19,879	20,801
Intangible assets	27,848	27,558	26,780	27,808	27,664	25,065	26,104	26,889	27,646	27,370
Long-term investments		4,082	2,157	231	1,705	2,136	1,921	2,545	999	94
Other non-current assets	1,226	1,165	2,232	3,413	4,002	3,737	3,731	3,651	3,944	4,445
Total assets	67,977	69,225	72,574	80,919	82,896	85,501	90,499	94,511	99,627	94,360
Accounts payable	179	183	156	174	266	340	375	479	555	606
Accrued liabilities	1,129	1,160	1,625	1,840	2,334	3,726	5,015	4,909	5,466	5,525
Short-term debt	1,749	0	0	2,999	999	2,250	0	0	5,569	2,716
Total current liabilities	9,994	11,305	13,415	14,510	15,739	20,853	23,098	26,517	35,048	31,588
Long-term debt	16,618	16,630	16,729	21,071	19,978	20,200	20,463	20,836	19,602	19,355
Lease liabilities				473	471	422	412	685	763	749
Other non-current liabilities	1,321	2,666	2,939	3,891	3,462	3,535	3,091	2,720	1,519	2,122
Total liabilities	35,217	35,219	37,890	44,709	45,307	49,920	51,766	55,374	61,718	58,249
Total debt	16,618	16,630	16,729	24,070	20,977	22,450	20,463	20,836	25,171	22,071
Paid-in capital	16,900	16,678	16,541	16,721	18,855	19,545	20,452	21,229	21,934	22,343
Retained earnings	9,508	11,318	13,502	14,088	15,351	16,116	18,040	17,289	15,106	13,632
Treasury stock	0
Other comprehensive income	878	547	-650	354	436	-2,369	-1,317	-308	248	-252
Total equity	32,760	34,006	34,684	36,210	37,589	35,581	38,733	39,137	37,909	36,111
Total liabilities and equity	67,977	69,225	72,574	80,919	82,896	85,501	90,499	94,511	99,627	94,360

Cash flow statement

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025	FY2026
Net income	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058	23,504
Depreciation and amortization	556	613	656	767	804	861	943	1,034	1,220	1,403
Stock-based compensation	235	327	407	416	542	602	765	850	897	928
Deferred income tax	1,698	-1,287	214	307	871	-336	-483	-100	152	-631
Change in receivables	-54	-70	-333	-43	-343	-97	-250	-237	-542	-587
Change in payables	-30	3	-24	21	88	67	34	109	67	1
Cash from operations	9,317	12,941	12,784	10,440	15,227	18,849	20,755	19,950	23,059	23,728
Capital expenditures	-707	-718	-756	-736	-705	-970	-1,059	-1,257	-1,482	-1,671
Acquisitions	-302	-196	-699	-77	-75	-1,948	0	-915	-887	-705
Purchases of investments	-3,238	-5,772	-2,653	-2,075	-5,111	-5,997	-4,363	-4,443	0	-50
Cash from investing	735	-3,084	-591	1,427	-152	-4,288	-2,006	-1,926	708	-994
Debt issued	2,488	0	0	7,212	0	3,218	0	0	3,924	2,995
Debt repaid	0	-1,750	0	0	-3,000	-1,000	-2,250	0	0	-5,565
Stock issued	149	164	162	190	208	196	260	335	396	304
Share buybacks	-6,891	-7,192	-8,607	-8,114	-8,676	-11,589	-12,101	-16,713	-18,316	-20,451
Dividends paid	-1,579	-1,918	-2,269	-2,664	-2,798	-3,203	-3,751	-4,217	-4,634	-5,112
Cash from financing	-5,924	-10,790	-12,061	-3,968	-14,410	-12,696	-17,772	-20,633	-18,963	-28,241
Exchange rate effect	236	-101	-277	440	-37	-1,287	636	382	420	-362
Net change in cash	4,364	-1,034	-145	8,339	628	578	1,613	-2,227	5,224	-5,869
Free cash flow	8,610	12,223	12,028	9,704	14,522	17,879	19,696	18,693	21,577	22,057
Interest paid	489	545	537	537	643	607	617	583	587	720
Income taxes paid	3,038	2,285	2,648	2,671	3,012	3,741	3,433	5,775	4,541	5,684

Key metrics

Worked out from the statements above. Latest values use fiscal 2026. Valuation uses the share price of $423.00 on November 10, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	61.2%	Operating income / revenue.
EBITDA margin	64.3%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	61.2%	Pre-tax income / revenue.
Net margin	51.2%	Net income / revenue.
FCF margin	48.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	51.7%	Cash from operations / revenue.
Effective tax rate	16.3%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	24.2%	Net income / average total assets.
Stock-based pay / revenue	2.0%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.6%	Capital expenditures / revenue.
D&A / revenue	3.1%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	14.8%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	12.0%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	13.7%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	17.2%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	10.2%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	12.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	17.1%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	10.4%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	12.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	17.2%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.8%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	13.8%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	2.9%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	4.6%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	9.3%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	2.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	3.8%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	8.7%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	13.6%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	14.2%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Dividend per share CAGR, 5y	15.9%	Compound annual growth of dividend per share over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-5.3%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	1.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	2.6%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	0.97x	Current assets / current liabilities.
Quick ratio	0.53x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.41x	(Cash + short-term investments) / current liabilities.
Debt / assets	23.4%	Total debt / total assets.
Liabilities / assets	61.7%	Total liabilities / total assets.
Net debt	$9.13B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.31x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	37.1x	Operating income / interest expense.
Working capital	-$1.10B	Current assets - current liabilities.
Goodwill and intangibles / assets	51.1%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.47x	Revenue / average total assets.
Fixed asset turnover	9.87x	Revenue / average property, plant and equipment.
Receivables turnover	13.4x	Revenue / average receivables.
Days sales outstanding	27 days	365 x average receivables / revenue.
FCF conversion	93.8%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	7.0%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Dividend per share	$0.67	Dividend declared per common share (paid, when declared is not tagged).
Payout ratio	21.7%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.2%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	92.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$755.80B	Share price x shares outstanding.
Enterprise value	$764.93B	Market cap + total debt - cash - short-term investments.
P/E	32.2x	Market cap / net income. Only when net income is positive.
P/S	16.5x	Market cap / revenue.
P/FCF	34.3x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	31.9x	Market cap / cash from operations, when positive.
EV/Sales	16.7x	Enterprise value / revenue.
EV/EBIT	27.2x	Enterprise value / operating income, when both are positive.
EV/EBITDA	25.9x	Enterprise value / EBITDA, when both are positive.
EV/FCF	34.7x	Enterprise value / free cash flow, when both are positive.
FCF yield	2.9%	Free cash flow / market cap.
Earnings yield	3.1%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	3.4%	(Dividends paid + share buybacks) / market cap.

What was VISA INC.'s revenue in fiscal 2026?

VISA INC. reported revenue of $45.90B for fiscal 2026, 14.8% higher than the year before.

Was VISA INC. profitable in fiscal 2026?

Yes. Net income was $23.50B, a net margin of 51.2%.

How much free cash flow did VISA INC. generate in fiscal 2026?

Cash from operations of $23.73B minus capital expenditures of $1.67B left free cash flow of $22.06B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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