FirmAtlas
Company handbook · V · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-16
V · CIK 1403161 · LATEST FILING: 10-Q JUN '26 · FILED JUL 29, 2026
VISA INC.
$402.58
+2.83 (+0.71%)
Last trade 3:59 PM ET, Oct 16, 2026 · 52-week $294–405
Visa runs a card payments network: it approves, clears and settles card payments between banks and merchants under the Visa brand. It also sells services such as fraud prevention, data and money transfers. It does not issue cards or lend money.
- RegionsOutside US 61% · US 39% (FY25)
- CustomersBanks and other financial institutions that issue its cards and sign up merchants, paying it fees; also merchants and fintechs for its services, worldwide
- Cash useFY16–FY25: buybacks $98.2B · dividends $28.4B · acquisitions $14.2B · capex $8.9B
Reinvested 16% of operating cash flow · returned 90% of free cash flow
Last fiscal year
VISA INC. reported revenue of $40.0B for the year ended Sep 30, 2025 (FY25), up 11.3% from FY24. Net income was $20.1B, operating cash flow $23.1B and free cash flow $21.6B. Source: 10-K filed Nov 6, 2025.
Visa and Mastercard settled the U.S. merchant injunctive relief class claims: the deal cuts the U.S. combined average effective credit interchange rate by 10 bps for five years and caps standard U.S. consumer credit rates at 125 bps.
8-K · Nov 2025It won preliminary court approval on June 9, 2026; final approval is pending.
10-Q Jun '26In February 2026 Visa acquired Prisma and Newpay, card issuer processing and real-time payments businesses in Argentina, for $1.5 billion in cash.
10-Q Jun '26In May 2026 Visa exchanged Class B-1 and B-2 stock for Class B-3 and Class C stock; participating holders must reimburse Visa in cash for future U.S. litigation escrow deposits once their Class B-3 value is used up. Interchange fees at issue in unresolved U.S. covered litigation damages claims were estimated at $17.4 billion.
8-K · May 2026
As of 2026-10-16 · Opinion only, not investment advice or a forecast.
Div yield
0.67%
ROIC
50.8%
Revenue 10Y
11.2%/yr
EPS 10Y
n/m
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEORyan McInerney
HQSan Francisco, CA
AuditorKPMG LLP
Year endsSeptember
Compounded growth & averages
10Y
5Y
3Y
TTM
Revenue
11.2%
12.9%
10.9%
14.4%
Net income
12.2%
13.0%
10.3%
11.8%
EPS
n/m
n/m
n/m
—
Share price
17.2%
11.8%
18.8%
20.0%
Avg ROIC
34.1%
43.2%
49.1%
50.8%
The windows end at FY25, the highest net income in the record.
Growth rows are yearly compound rates; ROIC is an average.
TTM = last four quarters vs the four before (1Y for price, latest year for averages).
Where the cash went · FY16–FY25
$149.7B deployed
Capex
$8.9B
6.0%
Acquisitions
$14.2B
9.5%
Dividends
$28.4B
19.0%
Buybacks
$98.2B
65.6%
Operating cash flow over the period: $148.9B. Total debt changed by +$25.2B.
Paid out more than free cash flow in FY24–25.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
After-tax operating profit growth, split into its two engines · A = FY22, B = FY25 · A = FY20, B = FY25 · A = FY15, B = FY25
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+8.6%
After-tax operating profit, CAGR A to B
FCF per share growth
—
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+12.4%
After-tax operating profit, CAGR A to B
FCF per share growth
—
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Capital-light
Decomposition skipped. Returns on invested capital run above ~100%, so ROIIC math breaks here. Read the business through earnings and cash-flow compounding instead.
NOPAT growth
+12.0%
After-tax operating profit, CAGR A to B
FCF per share growth
—
Free cash flow ÷ shares, CAGR A to B
Capital = operating invested capital (net PP&E + working capital)
Financials
10-year record · USD millions · each year opens its 10-K · FY25 = year ended Sep 30, 2025 · change vs previous year
Last 8 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Mar '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
15,082+8.7%
18,358+21.7%
20,609+12.3%
22,977+11.5%
21,846−4.9%
24,105+10.3%
29,310+21.6%
32,653+11.4%
35,926+10.0%
40,000+11.3%
43,027
YoY
+8.7%
+21.7%
+12.3%
+11.5%
−4.9%
+10.3%
+21.6%
+11.4%
+10.0%
+11.3%
Operating income
7,883−13.0%
12,144+54.1%
12,954+6.7%
15,001+15.8%
14,081−6.1%
15,804+12.2%
18,813+19.0%
21,000+11.6%
23,595+12.4%
23,994+1.7%
26,296
Operating margin
52.3%−13.0 pp
66.2%+13.9 pp
62.9%−3.3 pp
65.3%+2.4 pp
64.5%−0.8 pp
65.6%+1.1 pp
64.2%−1.4 pp
64.3%+0.1 pp
65.7%+1.4 pp
60.0%−5.7 pp
—
EBITDA
8,385−12.3%
12,700+51.5%
13,567+6.8%
15,657+15.4%
14,848−5.2%
16,608+11.9%
19,674+18.5%
21,943+11.5%
24,629+12.2%
25,214+2.4%
—
EBITDA margin
55.6%−13.3 pp
69.2%+13.6 pp
65.8%−3.3 pp
68.1%+2.3 pp
68.0%−0.2 pp
68.9%+0.9 pp
67.1%−1.8 pp
67.2%+0.1 pp
68.6%+1.4 pp
63.0%−5.5 pp
—
Interest expense
—
489
545+11.5%
537−1.5%
537+0.0%
643+19.7%
538−16.3%
644+19.7%
641−0.5%
589−8.1%
—
Interest coverage
—
25.97x
24.89x−1.08x
29.16x+4.26x
27.65x−1.51x
25.83x−1.82x
36.57x+10.74x
34.07x−2.50x
38.42x+4.35x
42.81x+4.39x
—
Net income
5,991−5.3%
6,699+11.8%
10,301+53.8%
12,080+17.3%
10,866−10.0%
12,311+13.3%
14,957+21.5%
17,273+15.5%
19,743+14.3%
20,058+1.6%
22,236
YoY
−5.3%
+11.8%
+53.8%
+17.3%
−10.0%
+13.3%
+21.5%
+15.5%
+14.3%
+1.6%
Net margin
39.7%−5.9 pp
36.5%−3.2 pp
50.0%+13.5 pp
52.6%+2.6 pp
49.7%−2.8 pp
51.1%+1.3 pp
51.0%−0.0 pp
52.9%+1.9 pp
55.0%+2.1 pp
50.1%−4.8 pp
—
Balance sheet
Total assets
64,035+62.7%
67,977+6.2%
69,225+1.8%
72,574+4.8%
80,919+11.5%
82,896+2.4%
85,501+3.1%
90,499+5.8%
94,511+4.4%
99,627+5.4%
95,049
Cash & short-term investments
10,895+83.1%
15,493+42.2%
14,426−6.9%
10,832−24.9%
19,171+77.0%
19,799+3.3%
20,377+2.9%
21,990+7.9%
19,763−10.1%
24,987+26.4%
—
Accounts receivable
1,041+22.9%
1,132+8.7%
1,208+6.7%
1,542+27.6%
1,618+4.9%
1,968+21.6%
2,020+2.6%
2,291+13.4%
2,561+11.8%
3,126+22.1%
—
Net PP&E
2,150+13.9%
2,253+4.8%
2,472+9.7%
2,695+9.0%
2,737+1.6%
2,715−0.8%
3,223+18.7%
3,425+6.3%
3,824+11.6%
4,236+10.8%
—
Other assets
49,949+62.8%
49,099−1.7%
51,119+4.1%
57,505+12.5%
57,393−0.2%
58,414+1.8%
59,881+2.5%
62,793+4.9%
68,363+8.9%
67,278−1.6%
—
Total liabilities
31,123+226.8%
35,217+13.2%
35,219+0.0%
37,890+7.6%
44,709+18.0%
45,307+1.3%
49,920+10.2%
51,766+3.7%
55,374+7.0%
61,718+11.5%
59,388
Accounts payable
203+59.8%
179−11.8%
183+2.2%
156−14.8%
174+11.5%
266+52.9%
340+27.8%
375+10.3%
479+27.7%
555+15.9%
—
Total debt
15,882n/m
18,367+15.6%
16,630−9.5%
16,729+0.6%
27,069+61.8%
21,976−18.8%
22,450+2.2%
20,463−8.9%
20,836+1.8%
25,171+20.8%
23,976
Other liabilities
15,038+60.0%
16,671+10.9%
18,406+10.4%
21,005+14.1%
17,466−16.8%
23,065+32.1%
27,130+17.6%
30,928+14.0%
34,059+10.1%
35,992+5.7%
—
Shareholders’ equity
32,912+10.3%
32,760−0.5%
34,006+3.8%
34,684+2.0%
36,210+4.4%
37,589+3.8%
35,581−5.3%
38,733+8.9%
39,137+1.0%
37,909−3.1%
35,661
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
5,574−15.3%
9,317+67.2%
12,941+38.9%
12,784−1.2%
10,440−18.3%
15,227+45.9%
18,849+23.8%
20,755+10.1%
19,950−3.9%
23,059+15.6%
22,756
Net income
5,991−5.3%
6,699+11.8%
10,301+53.8%
12,080+17.3%
10,866−10.0%
12,311+13.3%
14,957+21.5%
17,273+15.5%
19,743+14.3%
20,058+1.6%
—
Depreciation & amortization
502+1.6%
556+10.8%
613+10.3%
656+7.0%
767+16.9%
804+4.8%
861+7.1%
943+9.5%
1,034+9.7%
1,220+18.0%
—
Stock-based compensation
221+18.2%
235+6.3%
327+39.1%
407+24.5%
416+2.2%
542+30.3%
602+11.1%
765+27.1%
850+11.1%
897+5.5%
—
Working capital & other
(1,140)n/m
1,827n/m
1,700−7.0%
(359)−121.1%
(1,609)n/m
1,570n/m
2,429+54.7%
1,774−27.0%
(1,677)−194.5%
884n/m
—
Cash from investing
(10,916)n/m
735n/m
(3,084)−519.6%
(591)n/m
1,427n/m
(152)−110.7%
(4,288)n/m
(2,006)n/m
(1,926)n/m
708n/m
—
Capex
(523)n/m
(707)n/m
(718)n/m
(756)n/m
(736)n/m
(705)n/m
(970)n/m
(1,059)n/m
(1,257)n/m
(1,482)n/m
—
PP&E sold
0−100.0%
12n/m
14+16.7%
0−100.0%
—
—
—
—
—
—
—
Acquisitions
(9,082)n/m
(302)n/m
(196)n/m
(699)n/m
(77)n/m
(75)n/m
(1,948)n/m
0n/m
(915)n/m
(887)n/m
—
Investments bought
(10,426)n/m
(3,238)n/m
(5,772)n/m
(2,653)n/m
(2,075)n/m
(5,111)n/m
(5,997)n/m
(4,363)n/m
(4,443)n/m
0n/m
—
Investments sold / matured
9,119+373.7%
5,012−45.0%
3,636−27.5%
3,996+9.9%
4,510+12.9%
5,701+26.4%
4,585−19.6%
3,160−31.1%
5,013+58.6%
3,024−39.7%
—
Other investing
(4)n/m
(42)n/m
(48)n/m
(479)n/m
(195)n/m
38n/m
42+10.5%
256+509.5%
(324)−226.6%
53n/m
—
Cash from financing
7,477n/m
(5,924)−179.2%
(10,790)n/m
(12,061)n/m
(3,968)n/m
(14,410)n/m
(12,696)n/m
(17,772)n/m
(20,633)n/m
(18,963)n/m
—
Debt raised
15,971n/m
2,488−84.4%
0−100.0%
0n/m
7,212n/m
0−100.0%
3,218n/m
0−100.0%
0n/m
3,924n/m
—
Debt repaid
0
0n/m
(1,750)n/m
0n/m
0n/m
(3,000)n/m
(1,000)n/m
(2,250)n/m
0n/m
0n/m
—
Dividends
(1,350)n/m
(1,579)n/m
(1,918)n/m
(2,269)n/m
(2,664)n/m
(2,798)n/m
(3,203)n/m
(3,751)n/m
(4,217)n/m
(4,634)n/m
—
Buybacks
—
(6,891)
(7,192)n/m
(8,607)n/m
(8,114)n/m
(8,676)n/m
(11,589)n/m
(12,101)n/m
(16,713)n/m
(18,316)n/m
—
Shares issued
95+15.9%
149+56.8%
164+10.1%
162−1.2%
190+17.3%
208+9.5%
196−5.8%
260+32.7%
335+28.8%
396+18.2%
—
Other financing
(7,239)−1900.7%
(91)n/m
(94)n/m
(1,347)n/m
(592)n/m
(144)n/m
(318)n/m
70n/m
(38)−154.3%
(333)n/m
—
Net change in cash
2,101+35.8%
4,364+107.7%
(1,034)−123.7%
(145)n/m
8,339n/m
628−92.5%
578−8.0%
1,613+179.1%
(2,227)−238.1%
5,224n/m
—
Free cash flow (OCF − capex)
5,051−18.1%
8,610+70.5%
12,223+42.0%
12,028−1.6%
9,704−19.3%
14,522+49.6%
17,879+23.1%
19,696+10.2%
18,693−5.1%
21,577+15.4%
21,185
Where the cash went
Operating cash flow
5,574−15.3%
9,317+67.2%
12,941+38.9%
12,784−1.2%
10,440−18.3%
15,227+45.9%
18,849+23.8%
20,755+10.1%
19,950−3.9%
23,059+15.6%
22,756
Reinvested in the business
9,605+1794.5%
1,009−89.5%
914−9.4%
1,455+59.2%
813−44.1%
780−4.1%
2,918+274.1%
1,059−63.7%
2,172+105.1%
2,369+9.1%
—
% of operating cash flow
172.3%
10.8%
7.1%
11.4%
7.8%
5.1%
15.5%
5.1%
10.9%
10.3%
Capex
523+26.3%
707+35.2%
718+1.6%
756+5.3%
736−2.6%
705−4.2%
970+37.6%
1,059+9.2%
1,257+18.7%
1,482+17.9%
1,571
Acquisitions
9,082+9665.6%
302−96.7%
196−35.1%
699+256.6%
77−89.0%
75−2.6%
1,948+2497.3%
0−100.0%
915n/m
887−3.1%
—
Free cash flow
5,051−18.1%
8,610+70.5%
12,223+42.0%
12,028−1.6%
9,704−19.3%
14,522+49.6%
17,879+23.1%
19,696+10.2%
18,693−5.1%
21,577+15.4%
21,185
YoY
−18.1%
+70.5%
+42.0%
−1.6%
−19.3%
+49.6%
+23.1%
+10.2%
−5.1%
+15.4%
Returned to shareholders
1,350−67.0%
8,470+527.4%
9,110+7.6%
10,876+19.4%
10,778−0.9%
11,474+6.5%
14,792+28.9%
15,852+7.2%
20,930+32.0%
22,950+9.7%
—
% of free cash flow
26.7%
98.4%
74.5%
90.4%
111.1%
79.0%
82.7%
80.5%
112.0%
106.4%
Dividends
1,350+14.7%
1,579+17.0%
1,918+21.5%
2,269+18.3%
2,664+17.4%
2,798+5.0%
3,203+14.5%
3,751+17.1%
4,217+12.4%
4,634+9.9%
—
Buybacks
—
6,891
7,192+4.4%
8,607+19.7%
8,114−5.7%
8,676+6.9%
11,589+33.6%
12,101+4.4%
16,713+38.1%
18,316+9.6%
—
Change in total debt
15,882
2,485−84.4%
(1,737)−169.9%
99n/m
10,340+10344.4%
(5,093)−149.3%
474n/m
(1,987)−519.2%
373n/m
4,335+1062.2%
—
Cash left over
10,501
2,323−77.9%
1,180−49.2%
552−53.2%
9,189+1564.7%
(2,120)−123.1%
1,613n/m
1,857+15.1%
(2,779)−249.6%
2,075n/m
—
FCF conversion (FCF ÷ net income)
84.3%−13.2 pp
128.5%+44.2 pp
118.7%−9.9 pp
99.6%−19.1 pp
89.3%−10.3 pp
118.0%+28.7 pp
119.5%+1.6 pp
114.0%−5.5 pp
94.7%−19.3 pp
107.6%+12.9 pp
—
Owner earnings
5,852
6,433+9.9%
10,124+57.4%
11,619+14.8%
10,839−6.7%
12,152+12.1%
14,870+22.4%
16,921+13.8%
19,354+14.4%
19,307−0.2%
—
Owner earnings margin
38.8%
35.0%−3.8 pp
49.1%+14.1 pp
50.6%+1.4 pp
49.6%−1.0 pp
50.4%+0.8 pp
50.7%+0.3 pp
51.8%+1.1 pp
53.9%+2.1 pp
48.3%−5.6 pp
—
Returns & ratios
ROIC (all capital)
19.1%−7.6 pp
18.9%−0.2 pp
29.0%+10.1 pp
31.7%+2.7 pp
26.2%−5.5 pp
28.9%+2.7 pp
40.1%+11.2 pp
46.1%+6.0 pp
50.3%+4.3 pp
50.8%+0.5 pp
—
ROIC (operating)
210.7%−33.8 pp
224.6%+14.0 pp
310.9%+86.3 pp
321.3%+10.4 pp
268.6%−52.7 pp
281.8%+13.2 pp
332.9%+51.2 pp
336.6%+3.7 pp
346.4%+9.7 pp
312.9%−33.4 pp
—
Net debt / EBITDA
0.59x+1.22x
0.23x−0.37x
0.16x−0.06x
0.38x+0.21x
0.53x+0.16x
0.13x−0.40x
0.11x−0.03x
−0.07x−0.17x
0.04x+0.11x
0.01x−0.04x
—
Debt / equity
0.48x+0.48x
0.56x+0.08x
0.49x−0.07x
0.48x−0.01x
0.75x+0.27x
0.58x−0.16x
0.63x+0.05x
0.53x−0.10x
0.53x+0.00x
0.66x+0.13x
—
ROE
18.2%−3.0 pp
20.4%+2.2 pp
30.3%+9.8 pp
34.8%+4.5 pp
30.0%−4.8 pp
32.8%+2.7 pp
42.0%+9.3 pp
44.6%+2.6 pp
50.4%+5.9 pp
52.9%+2.5 pp
—
ROA
9.4%−6.7 pp
9.9%+0.5 pp
14.9%+5.0 pp
16.6%+1.8 pp
13.4%−3.2 pp
14.9%+1.4 pp
17.5%+2.6 pp
19.1%+1.6 pp
20.9%+1.8 pp
20.1%−0.8 pp
—
ROCE
14.1%−12.6 pp
20.9%+6.9 pp
22.4%+1.4 pp
25.4%+3.0 pp
21.2%−4.2 pp
23.5%+2.3 pp
29.1%+5.6 pp
31.2%+2.1 pp
34.7%+3.5 pp
37.2%+2.5 pp
—
NOPAT
5,895−7.6%
6,957+18.0%
10,420+49.8%
12,175+16.8%
11,095−8.9%
12,112+9.2%
15,515+28.1%
17,243+11.1%
19,478+13.0%
19,892+2.1%
—
Invested capital (operating)
2,988+14.6%
3,206+7.3%
3,497+9.1%
4,081+16.7%
4,181+2.5%
4,417+5.6%
4,903+11.0%
5,341+8.9%
5,906+10.6%
6,807+15.3%
—
Invested capital (all)
37,899+58.6%
35,634−6.0%
36,210+1.6%
40,581+12.1%
44,108+8.7%
39,766−9.8%
37,654−5.3%
37,206−1.2%
40,210+8.1%
38,093−5.3%
—
Reinvestment rate
6.4%
3.1%−3.3 pp
2.8%−0.3 pp
4.8%+2.0 pp
0.9%−3.9 pp
1.9%+1.0 pp
3.1%+1.2 pp
2.5%−0.6 pp
2.9%+0.4 pp
4.5%+1.6 pp
—
Income
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Revenue
8,900
9,617
9,510
9,594
10,172+14.3%
10,724+11.5%
10,901+14.6%
11,230+17.1%
vs year-ago quarter
+14.3%
+11.5%
+14.6%
+17.1%
Operating income
5,938
6,349
6,234
5,435
6,177+4.0%
6,148−3.2%
6,737+8.1%
7,234+33.1%
Net income
4,872
5,318
5,119
4,577
5,272+8.2%
5,090−4.3%
5,853+14.3%
6,021+31.5%
vs year-ago quarter
+8.2%
−4.3%
+14.3%
+31.5%
Net margin
54.7%
55.3%
53.8%
47.7%
51.8%−2.9 pp
47.5%−7.8 pp
53.7%−0.1 pp
53.6%+5.9 pp
Balance sheet
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Total assets
91,040
94,511
91,888
92,853
100,024+9.9%
99,627+5.4%
96,814+5.4%
95,049+2.4%
Cash & equivalents
19,276
19,763
19,966
19,136
24,441+26.8%
24,987+26.4%
23,176+16.1%
18,706−2.2%
Total debt
20,602
20,836
20,609
20,762
25,138+22.0%
25,171+20.8%
21,177+2.8%
23,976+15.5%
Shareholders’ equity
39,729
39,137
38,296
38,030
38,664−2.7%
37,909−3.1%
38,777+1.3%
35,661−6.2%
Cash flow
Jun '24
Sep '24
Dec '24
Mar '25
Jun '25
Sep '25
Dec '25
Mar '26
Operating cash flow
5,134
6,664
5,396
4,695
6,730+31.1%
6,238−6.4%
6,780+25.6%
3,008−35.9%
Capex
400
309
345
327
421+5.2%
389+25.9%
378+9.6%
383+17.1%
Free cash flow
4,734
6,355
5,051
4,368
6,309+33.3%
5,849−8.0%
6,402+26.7%
2,625−39.9%
vs year-ago quarter
+33.3%
−8.0%
+26.7%
−39.9%