Detailed financial statements for Visa Inc. (V): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Visa Inc. functions globally as a leading technology company dedicated to payments. Its primary role is to enable the secure and efficient digital transfer of funds among a wide array of participants, including individual consumers, retail businesses, banking institutions, corporations, strategic partners, and governmental bodies.
Analysis Summary
Visa Inc. reported revenue of $40.00B in the most recent fiscal year, growing at a 5-year CAGR of 12.9%. Net income reached $20.06B, with a 13.0% 5-year CAGR.
Trailing-twelve-month margins: gross margin 80.2%, operating margin 60.7%, net margin 50.8%. Free cash flow grew at 17.3% CAGR over 5 years.
At the current price of $369.71, V trades at a P/E of 30.67 and an ROE of 61.26%. Market capitalisation stands at $690.3B, placing it among large-cap names.
Balance sheet quality for V: current ratio of 1.1, net debt of $3.18B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $21.58B represents 108% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.08B | $18.36B | $20.61B | $22.98B | $21.85B | $24.11B | $29.31B | $32.65B | $35.93B | $40.00B |
| Cost of Revenue | $2.76B | $3.25B | $3.86B | $4.17B | $4.51B | $4.97B | $5.73B | $6.57B | $7.04B | $7.86B |
| Gross Profit | $12.32B | $15.11B | $16.75B | $18.81B | $17.33B | $19.14B | $23.58B | $26.09B | $28.88B | $32.15B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $2.05B | $2.39B | $2.58B | $2.75B | $2.48B | $2.52B | $3.04B | $3.22B | $3.79B | $4.37B |
| Operating Expenses | $4.43B | $2.97B | $3.80B | $3.81B | $3.25B | $3.33B | $4.76B | $5.09B | $5.29B | $8.15B |
| Operating Income | $7.88B | $12.14B | $12.95B | $15.00B | $14.08B | $15.80B | $18.81B | $21.00B | $23.59B | $23.99B |
| EBITDA | $8.94B | $12.72B | $14.03B | $16.07B | $15.07B | $17.38B | $19.54B | $22.62B | $25.59B | $26.00B |
| Interest Expense | $427.0M | $563.0M | $612.0M | $533.0M | $516.0M | $513.0M | $538.0M | $644.0M | $641.0M | $589.0M |
| Pre-tax Income | $8.01B | $11.69B | $12.81B | $14.88B | $13.79B | $16.06B | $18.14B | $21.04B | $23.92B | $24.19B |
| Income Tax | $2.02B | $5.00B | $2.50B | $2.80B | $2.92B | $3.75B | $3.18B | $3.76B | $4.17B | $4.14B |
| Net Income | $5.99B | $6.70B | $10.30B | $12.08B | $10.87B | $12.31B | $14.96B | $17.27B | $19.74B | $20.06B |
| EPS | $2.49 | $2.80 | $4.43 | $5.32 | $4.90 | $5.63 | $7.01 | $8.29 | $9.74 | $10.22 |
| EPS (Diluted) | $2.48 | $2.80 | $4.42 | $5.32 | $4.89 | $5.63 | $7.00 | $8.28 | $9.73 | $10.20 |
| Shares Outstanding (Diluted) | $2.41B | $2.40B | $2.33B | $2.27B | $2.22B | $2.19B | $2.14B | $2.08B | $2.03B | $1.97B |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $10.72B | $10.90B | $11.23B | $11.63B |
| Gross Profit | $8.74B | $8.90B | $9.13B | $8.89B |
| Operating Income | $6.15B | $6.74B | $7.23B | $6.88B |
| EBITDA | $6.75B | $7.25B | $7.90B | $7.21B |
| Net Income | $5.09B | $5.85B | $6.02B | $5.63B |
| EPS | $2.62 | $3.03 | $3.15 | $2.97 |
| EPS (Diluted) | $2.62 | $3.03 | $3.14 | $2.97 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $5.62B | $9.87B | $8.16B | $7.84B | $16.29B | $16.49B | $15.69B | $16.29B | $11.97B | $20.15B |
| Short-term Investments | $3.32B | $3.56B | $3.55B | $4.24B | $3.75B | $2.02B | $2.83B | $3.84B | $3.20B | $1.83B |
| Receivables | $2.51B | $2.55B | $2.79B | $4.59B | $2.88B | $3.73B | $3.95B | $4.47B | $7.01B | $7.32B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $14.31B | $19.02B | $18.22B | $20.97B | $27.64B | $27.61B | $30.20B | $33.53B | $34.03B | $37.77B |
| Property, Plant & Equipment | $2.15B | $2.25B | $2.47B | $2.69B | $2.74B | $2.71B | $3.22B | $3.42B | $3.82B | $4.24B |
| Goodwill | $15.07B | $15.11B | $15.19B | $15.66B | $15.91B | $15.96B | $17.79B | $18.00B | $18.94B | $19.88B |
| Intangible Assets | $27.23B | $27.85B | $27.56B | $26.78B | $27.81B | $27.66B | $25.07B | $26.10B | $26.89B | $27.65B |
| Total Assets | $64.03B | $67.98B | $69.22B | $72.57B | $80.92B | $82.90B | $85.50B | $90.50B | $94.51B | $99.63B |
| Accounts Payable | $203.0M | $179.0M | $183.0M | $156.0M | $174.0M | $266.0M | $340.0M | $375.0M | $479.0M | $555.0M |
| Short-term Debt | 0 | $1.75B | 0 | 0 | $3.11B | $999.0M | $2.25B | 0 | 0 | $5.57B |
| Total Current Liabilities | $8.05B | $9.99B | $11.30B | $13.41B | $14.51B | $15.74B | $20.85B | $23.10B | $26.52B | $35.05B |
| Long-term Debt | $15.88B | $16.62B | $16.63B | $16.73B | $21.07B | $19.98B | $20.20B | $20.46B | $20.84B | $19.60B |
| Total Liabilities | $31.12B | $35.22B | $35.22B | $37.89B | $44.71B | $45.31B | $49.92B | $51.77B | $55.37B | $61.72B |
| Retained Earnings | $10.46B | $9.51B | $11.32B | $13.50B | $14.09B | $15.35B | $16.12B | $18.04B | $17.29B | $15.11B |
| Total Equity | $32.91B | $32.76B | $34.01B | $34.68B | $36.21B | $37.59B | $35.58B | $38.73B | $39.14B | $37.91B |
| Total Debt | $15.88B | $18.37B | $16.63B | $16.73B | $24.64B | $20.98B | $22.45B | $20.46B | $20.84B | $25.17B |
| Net Debt | $6.94B | $4.93B | $4.92B | $4.66B | $4.60B | $2.46B | $3.93B | $335.0M | $5.66B | $3.18B |
| Working Capital | $6.27B | $9.03B | $6.91B | $7.55B | $13.13B | $11.87B | $9.35B | $10.43B | $7.52B | $2.72B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $17.16B | $14.76B | $12.40B | $12.36B |
| Total Assets | $99.63B | $96.81B | $95.05B | $94.59B |
| Total Liabilities | $61.72B | $58.04B | $59.39B | $59.41B |
| Total Equity | $37.91B | $38.78B | $35.66B | $35.18B |
| Total Debt | $25.17B | $21.18B | $23.98B | $23.86B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $5.99B | $6.70B | $10.30B | $12.08B | $10.87B | $12.31B | $14.96B | $17.27B | $19.74B | $20.06B |
| Depreciation & Amortization | $502.0M | $556.0M | $613.0M | $656.0M | $767.0M | $804.0M | $861.0M | $943.0M | $1.03B | $1.22B |
| Stock-based Compensation | $221.0M | $235.0M | $327.0M | $407.0M | $416.0M | $542.0M | $602.0M | $765.0M | $850.0M | $897.0M |
| Change in Working Capital | -$3.53B | -$4.58B | -$2.66B | -$6.30B | -$8.40B | -$6.70B | -$7.66B | -$10.02B | -$15.43B | -$11.79B |
| Operating Cash Flow | $5.57B | $9.21B | $12.71B | $12.78B | $10.44B | $15.23B | $18.85B | $20.75B | $19.95B | $23.06B |
| Capital Expenditure | -$523.0M | -$707.0M | -$718.0M | -$756.0M | -$736.0M | -$705.0M | -$970.0M | -$1.06B | -$1.26B | -$1.48B |
| Acquisitions | -$9.08B | -$302.0M | -$196.0M | -$699.0M | -$77.0M | -$75.0M | -$1.95B | 0 | -$915.0M | -$887.0M |
| Stock Repurchased | -$7.16B | -$6.89B | -$7.19B | -$8.61B | -$8.11B | -$8.68B | -$11.59B | -$12.10B | -$16.71B | -$13.39B |
| Dividends Paid | -$1.35B | -$1.58B | -$1.92B | -$2.27B | -$2.66B | -$2.80B | -$3.20B | -$3.75B | -$4.22B | -$4.63B |
| Free Cash Flow | $5.05B | $8.50B | $11.99B | $12.03B | $9.70B | $14.52B | $17.88B | $19.70B | $18.69B | $21.58B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $6.24B | $6.78B | $3.01B | $6.55B |
| Capital Expenditure | -$389.0M | -$378.0M | -$383.0M | -$417.0M |
| Free Cash Flow | $5.85B | $6.40B | $2.62B | $6.14B |
| Dividends Paid | -$1.15B | -$1.29B | -$1.29B | -$1.27B |
| Stock-based Compensation | $191.0M | $231.0M | $275.0M | $222.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +21.7% | +12.3% | +11.5% | -4.9% | +10.3% | +21.6% | +11.4% | +10.0% | +11.3% | |
| Net Income Growth (YoY) | +11.8% | +53.8% | +17.3% | -10.0% | +13.3% | +21.5% | +15.5% | +14.3% | +1.6% | |
| EPS Growth (YoY) | +12.4% | +58.2% | +20.1% | -7.9% | +14.9% | +24.5% | +18.3% | +17.5% | +4.9% | |
| Shares Change (YoY) | -0.8% | -2.8% | -2.4% | -2.2% | -1.6% | -2.4% | -2.4% | -2.7% | -3.1% | |
| FCF Growth (YoY) | +68.3% | +41.1% | +0.3% | -19.3% | +49.6% | +23.1% | +10.2% | -5.1% | +15.4% | |
| Gross Margin | 81.7% | 82.3% | 81.3% | 81.9% | 79.3% | 79.4% | 80.4% | 79.9% | 80.4% | 80.4% |
| Operating Margin | 52.3% | 66.2% | 62.9% | 65.3% | 64.5% | 65.6% | 64.2% | 64.3% | 65.7% | 60.0% |
| EBITDA Margin | 59.3% | 69.3% | 68.1% | 70.0% | 69.0% | 72.1% | 66.6% | 69.3% | 71.2% | 65.0% |
| 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% | 46.3% | 58.2% | 52.3% | 44.4% | 60.2% | 61.0% | 60.3% | 52.0% | 53.9% |
| Effective Tax Rate | 25.2% | 42.7% | 19.6% | 18.8% | 21.2% | 23.4% | 17.5% | 17.9% | 17.4% | 17.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $2.09 | $3.55 | $5.15 | $5.29 | $4.37 | $6.64 | $8.37 | $9.45 | $9.21 | $10.98 |
| Dividends Per Share | $0.56 | $0.66 | $0.82 | $1.00 | $1.20 | $1.28 | $1.50 | $1.80 | $2.08 | $2.36 |
| Shares Outstanding (Basic) | $2.39B | $2.31B | $2.24B | $2.19B | $2.14B | $2.13B | $2.14B | $2.08B | $2.00B | $1.94B |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 61.26% |
| Return on Invested Capital | 34.22% |
| Return on Assets | 23.88% |
| Gross Margin | 80.18% |
| Operating Margin | 60.68% |
| Net Margin | 50.78% |
Financial Health
| Debt / Equity | 0.68 |
| Current Ratio | 0.99 |
| Piotroski F-Score | 6 |
| Altman Z-Score | 7.89 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 33.21 | 37.59 | 34.04 | 32.33 | 40.81 | 39.56 | 25.34 | 27.75 | 28.23 | 33.40 |
| P/B | 6.00 | 7.40 | 9.93 | 10.86 | 11.82 | 12.62 | 10.66 | 12.38 | 14.03 | 17.49 |
| P/S | 13.08 | 13.21 | 16.38 | 16.39 | 19.59 | 19.69 | 12.95 | 14.69 | 15.28 | 16.57 |
| Gross Margin | 81.7% | 82.3% | 81.3% | 81.9% | 79.3% | 79.4% | 80.4% | 79.9% | 80.4% | 80.4% |
| Operating Margin | 52.3% | 66.2% | 62.9% | 65.3% | 64.5% | 65.6% | 64.2% | 64.3% | 65.7% | 60.0% |
| Net Margin | 39.7% | 36.5% | 50.0% | 52.6% | 49.7% | 51.1% | 51.0% | 52.9% | 55.0% | 50.1% |
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