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

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	15,082	18,358	20,609	22,977	21,846	24,105	29,310	32,653	35,926	40,000
Selling and marketing	869	922	988	1,105	971	1,136	1,336	1,341	1,560	1,684
General and administrative	796	1,060	1,145	1,196	1,096	985	1,194	1,330	1,598	1,926
Operating income	7,883	12,144	12,954	15,001	14,081	15,804	18,813	21,000	23,595	23,994
Interest expense							538	644	641	589
Interest income							69	745	992	791
Other non-operating income	129	-450	-148	-117	-291	259	-677	37	321	200
Pre-tax income	8,012	11,694	12,806	14,884	13,790	16,063	18,136	21,037	23,916	24,194
Income tax	2,021	4,995	2,505	2,804	2,924	3,752	3,179	3,764	4,173	4,136
Net income	5,991	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058
EBITDA	8,385	12,700	13,567	15,657	14,848	16,608	19,674	21,943	24,629	25,214
Dividend per share	0.14	0.17		0.25	0.30	0.32	0.38	0.45	0.52	0.59

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	5,619	9,874	8,162	7,838	16,289	16,487	15,689	16,286	11,975	17,164
Short-term investments			3,434	4,110	3,604
Receivables	1,041	1,132	1,208	1,542	1,618	1,968	2,020	2,291	2,561	3,126
Other current assets	122	550	562	712	757	856	2,668	2,584	3,312	2,679
Total current assets	14,313	19,023	18,216	20,970	27,645	27,607	30,205	33,532	34,033	37,766
Property, plant and equipment	2,150	2,253	2,472	2,695	2,737	2,715	3,223	3,425	3,824	4,236
Lease right-of-use assets					508	515	480	488	873	954
Goodwill	15,066	15,110	15,194	15,656	15,910	15,958	17,787	17,997	18,941	19,879
Intangible assets	27,234	27,848	27,558	26,780	27,808	27,664	25,065	26,104	26,889	27,646
Long-term investments			4,082	2,157	231	1,705	2,136	1,921	2,545	999
Other non-current assets	893	1,226	1,165	2,232	3,413	4,002	3,737	3,731	3,651	3,944
Total assets	64,035	67,977	69,225	72,574	80,919	82,896	85,501	90,499	94,511	99,627
Accounts payable	203	179	183	156	174	266	340	375	479	555
Accrued liabilities	1,128	1,129	1,160	1,625	1,840	2,334	3,726	5,015	4,909	5,466
Short-term debt	0	1,749	0	0	2,999	999	2,250	0	0	5,569
Total current liabilities	8,046	9,994	11,305	13,415	14,510	15,739	20,853	23,098	26,517	35,048
Long-term debt	15,882	16,618	16,630	16,729	21,071	19,978	20,200	20,463	20,836	19,602
Lease liabilities					473	471	422	412	685	763
Other non-current liabilities	1,162	1,321	2,666	2,939	3,891	3,462	3,535	3,091	2,720	1,519
Total liabilities	31,123	35,217	35,219	37,890	44,709	45,307	49,920	51,766	55,374	61,718
Total debt	15,882	16,618	16,630	16,729	24,070	20,977	22,450	20,463	20,836	25,171
Paid-in capital	17,395	16,900	16,678	16,541	16,721	18,855	19,545	20,452	21,229	21,934
Retained earnings	10,462	9,508	11,318	13,502	14,088	15,351	16,116	18,040	17,289	15,106
Treasury stock	-170	0
Other comprehensive income	-458	878	547	-650	354	436	-2,369	-1,317	-308	248
Total equity	32,912	32,760	34,006	34,684	36,210	37,589	35,581	38,733	39,137	37,909
Total liabilities and equity	64,035	67,977	69,225	72,574	80,919	82,896	85,501	90,499	94,511	99,627

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	5,991	6,699	10,301	12,080	10,866	12,311	14,957	17,273	19,743	20,058
Depreciation and amortization	502	556	613	656	767	804	861	943	1,034	1,220
Stock-based compensation	221	235	327	407	416	542	602	765	850	897
Deferred income tax	-778	1,698	-1,287	214	307	871	-336	-483	-100	152
Change in receivables	-65	-54	-70	-333	-43	-343	-97	-250	-237	-542
Change in payables	43	-30	3	-24	21	88	67	34	109	67
Cash from operations	5,574	9,317	12,941	12,784	10,440	15,227	18,849	20,755	19,950	23,059
Capital expenditures	-523	-707	-718	-756	-736	-705	-970	-1,059	-1,257	-1,482
Acquisitions	-9,082	-302	-196	-699	-77	-75	-1,948	0	-915	-887
Purchases of investments		-3,238	-5,772	-2,653	-2,075	-5,111	-5,997	-4,363	-4,443	0
Cash from investing	-10,916	735	-3,084	-591	1,427	-152	-4,288	-2,006	-1,926	708
Debt issued	15,971	2,488	0	0	7,212	0	3,218	0	0	3,924
Debt repaid	0	0	-1,750	0	0	-3,000	-1,000	-2,250	0	0
Stock issued	95	149	164	162	190	208	196	260	335	396
Share buybacks		-6,891	-7,192	-8,607	-8,114	-8,676	-11,589	-12,101	-16,713	-18,316
Dividends paid	-1,350	-1,579	-1,918	-2,269	-2,664	-2,798	-3,203	-3,751	-4,217	-4,634
Cash from financing	7,477	-5,924	-10,790	-12,061	-3,968	-14,410	-12,696	-17,772	-20,633	-18,963
Exchange rate effect	-34	236	-101	-277	440	-37	-1,287	636	382	420
Net change in cash	2,101	4,364	-1,034	-145	8,339	628	578	1,613	-2,227	5,224
Free cash flow	5,051	8,610	12,223	12,028	9,704	14,522	17,879	19,696	18,693	21,577
Interest paid	244	489	545	537	537	643	607	617	583	587
Income taxes paid	2,842	3,038	2,285	2,648	2,671	3,012	3,741	3,433	5,775	4,541

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to March 31, 2026; growth uses fiscal years. Valuation uses the share price of $367.38 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	61.1%	Operating income / revenue.
EBITDA margin	64.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	61.5%	Pre-tax income / revenue.
Net margin	51.7%	Net income / revenue.
FCF margin	49.2%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	52.9%	Cash from operations / revenue.
Effective tax rate	16.0%	Income tax / pre-tax income, when pre-tax income is positive.
Return on assets (ROA)	23.4%	Net income / average total assets.
Stock-based pay / revenue	2.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	3.7%	Capital expenditures / revenue.
D&A / revenue	3.0%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	11.3%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	10.9%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.9%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	1.7%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	8.4%	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	11.2%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	2.4%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	8.6%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	11.2%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	1.6%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	10.3%	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	13.0%	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	15.6%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	7.0%	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	17.2%	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	15.4%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	6.5%	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	17.3%	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	13.5%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	16.3%	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	14.5%	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	5.4%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	5.2%	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	4.2%	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	1.09x	Current assets / current liabilities.
Quick ratio	0.54x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.43x	(Cash + short-term investments) / current liabilities.
Debt / assets	25.2%	Total debt / total assets.
Liabilities / assets	62.5%	Total liabilities / total assets.
Net debt	$11.57B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.42x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	42.3x	Operating income / interest expense.
Working capital	$2.55B	Current assets - current liabilities.
Goodwill and intangibles / assets	51.2%	(Goodwill + intangible assets) / total assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.45x	Revenue / average total assets.
Fixed asset turnover	9.01x	Revenue / average property, plant and equipment.
Receivables turnover	12.6x	Revenue / average receivables.
Days sales outstanding	29 days	365 x average receivables / revenue.
FCF conversion	95.3%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	6.9%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
Payout ratio	21.9%	Dividends paid / net income, when net income is positive.
Dividends / FCF	23.0%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	100.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$656.42B	Share price x shares outstanding.
Enterprise value	$667.99B	Market cap + total debt - cash - short-term investments.
P/E	29.5x	Market cap / net income. Only when net income is positive.
P/S	15.3x	Market cap / revenue.
P/FCF	31.0x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.8x	Market cap / cash from operations, when positive.
EV/Sales	15.5x	Enterprise value / revenue.
EV/EBIT	25.4x	Enterprise value / operating income, when both are positive.
EV/EBITDA	24.2x	Enterprise value / EBITDA, when both are positive.
EV/FCF	31.5x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.2%	Free cash flow / market cap.
Earnings yield	3.4%	Net income / market cap (the inverse of P/E).
Dividend yield	0.7%	Dividends paid over the period / market cap.
Shareholder yield	4.0%	(Dividends paid + share buybacks) / market cap.

What was VISA INC.'s revenue in fiscal 2025?

VISA INC. reported revenue of $40.00B for fiscal 2025, 11.3% higher than the year before.

Was VISA INC. profitable in fiscal 2025?

Yes. Net income was $20.06B, a net margin of 50.1%.

How much free cash flow did VISA INC. generate in fiscal 2025?

Cash from operations of $23.06B minus capital expenditures of $1.48B left free cash flow of $21.58B.

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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