Cash flow Visa, Inc.

Equities

V

US92826C8394

Business Support Services

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330.31 ^USD	+0.35%		-6.39%	-5.98%

11:24am	Mastercard, Visa and Revolut lose UK case over proposed cross-border card fees cap	RE
01-14	Visa crypto chief bets on stablecoin settlement, sees volumes growing	RE

7db05.5GUSEWyFhww2HZ6STEDKUtzvS8If_z2a4ew0X1cJ8jQ.sipeRQ23yTRPfLPhCiH5J42AMaRZyAr5tLxyEQF9ynjWH3lBGd_GTWYwrg

Published financial data: VISA, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2021	2022	2023	2024	2025
Revenues	24.1B	29.31B	32.65B	35.93B	40B
Other Revenues, Total	-	-	-	-	-
Total Revenues	24.1B	29.31B	32.65B	35.93B	40B
Cost of Goods Sold, Total	730M	743M	736M	778M	894M
Gross Profit	23.38B	28.57B	31.92B	35.15B	39.11B
Selling General & Admin Expenses, Total	6.57B	7.95B	9.05B	10.12B	11.08B
Depreciation & Amortization - (IS)	804M	861M	943M	1.03B	1.22B
Other Operating Expenses, Total	7.37B	8.81B	9.99B	11.15B	12.3B
Operating Income	16B	19.76B	21.93B	24B	26.81B
Interest Expense, Total	-513M	-538M	-644M	-641M	-589M
Interest And Investment Income	-	69M	745M	992M	791M
Net Interest Expenses	-513M	-469M	101M	351M	202M
Other Non Operating Income (Expenses)	-19M	34M	18M	14M	49M
EBT, Excl. Unusual Items	15.47B	19.32B	22.05B	24.36B	27.06B
Restructuring Charges	-	-	-	-	-213M
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	747M	-296M	-82M	-44M	-51M
Legal Settlements	-3M	-868M	-927M	-462M	-2.56B
Other Unusual Items	-152M	-25M	-	61M	-39M
EBT, Incl. Unusual Items	16.06B	18.14B	21.04B	23.92B	24.19B
Income Tax Expense	3.75B	3.18B	3.76B	4.17B	4.14B
Earnings From Continuing Operations	12.31B	14.96B	17.27B	19.74B	20.06B
Net Income to Company	12.31B	14.96B	17.27B	19.74B	20.06B
Net Income - (IS)	12.31B	14.96B	17.27B	19.74B	20.06B
Preferred Dividend and Other Adjustments	303M	327M	284M	286M	205M
Net Income to Common Incl Extra Items	12.01B	14.63B	16.99B	19.46B	19.85B
Net Income to Common Excl. Extra Items	12.01B	14.63B	16.99B	19.46B	19.85B
Per Share Items
Net EPS - Basic	5.64	7.02	8.3	10.34	10.23
Basic EPS - Continuing Operations	5.64	7.02	8.3	10.34	10.23
Basic Weighted Average Shares Outstanding	2.13B	2.08B	2.05B	1.88B	1.94B
Net EPS - Diluted	5.63	7	8.28	9.73	10.2
Diluted EPS - Continuing Operations	5.63	7	8.28	9.73	10.2
Diluted Weighted Average Shares Outstanding	2.19B	2.14B	2.08B	2.03B	1.97B
Normalized Basic EPS	4.54	5.79	6.73	8.09	8.72
Normalized Diluted EPS	4.42	5.65	6.61	7.5	8.6
Dividend Per Share	1.34	1.58	1.87	2.15	2.44
Payout Ratio	22.73	21.41	21.72	21.36	23.1
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	16.81B	20.62B	22.87B	25.03B	28.03B
EBITA	16.09B	19.85B	22B	24.08B	26.89B
EBIT	16B	19.76B	21.93B	24B	26.81B
EBITDAR	16.92B	20.74B	23B	25.21B	28.22B
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	23.36	17.53	17.89	17.45	17.1
Current Domestic Taxes	2.01B	2.27B	2.92B	2.99B	2.13B
Current Foreign Taxes	869M	1.24B	1.32B	1.28B	1.85B
Total Current Taxes	2.88B	3.52B	4.25B	4.27B	3.98B
Deferred Domestic Taxes	-85M	-308M	-340M	-150M	111M
Deferred Foreign Taxes	956M	-28M	-143M	50M	41M
Total Deferred Taxes	871M	-336M	-483M	-100M	152M
Normalized Net Income	9.67B	12.08B	13.78B	15.23B	16.91B
Interest on Long-Term Debt	513M	538M	644M	641M	589M
Non-Cash Pension Expense	-44M	-54M	-	-	-
Supplemental Operating Expense Items
Marketing Expenses	1.14B	1.34B	1.34B	1.56B	1.68B
Selling and Marketing Expenses	1.14B	1.34B	1.34B	1.56B	1.68B
General and Administrative Expenses	1.24B	1.7B	1.88B	2.29B	2.65B
Research And Development Expense From Footnotes	-	-	-	-	-
Net Rental Expense, Total	111M	117M	129M	179M	195M
Imputed Operating Lease Interest Expense	19.72M	22.46M	29.81M	42.59M	38.48M
Imputed Operating Lease Depreciation	91.28M	94.54M	99.19M	136M	157M
Stock-Based Comp., SG&A Exp. (Total)	518M	571M	734M	817M	861M
Stock-Based Comp., Other (Total)	24M	31M	31M	33M	36M
Total Stock-Based Compensation	542M	602M	765M	850M	897M

Fiscal Period: September	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	16.49B	15.69B	16.29B	11.98B	17.16B
Short Term Investments	2.02B	2.83B	3.84B	3.2B	1.83B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	18.51B	18.52B	20.13B	15.18B	19B
Accounts Receivable, Total	3.73B	3.95B	4.47B	7.02B	7.32B
Other Receivables	83M	190M	206M	832M	232M
Total Receivables	3.81B	4.14B	4.68B	7.85B	7.55B
Prepaid Expenses	604M	1.48B	1.28B	1.19B	985M
Restricted Cash	1.05B	2.35B	2.7B	4.26B	4.2B
Other Current Assets, Total	3.63B	3.71B	4.74B	5.56B	6.04B
Total Current Assets	27.61B	30.2B	33.53B	34.03B	37.77B
Gross Property Plant And Equipment	3.87B	4.07B	4.07B	4.51B	4.46B
Accumulated Depreciation	-1.76B	-1.96B	-1.96B	-1.97B	-1.87B
Net Property Plant And Equipment	2.11B	2.11B	2.12B	2.54B	2.59B
Long-term Investments	1.84B	2.14B	1.92B	2.54B	999M
Goodwill	15.96B	17.79B	18B	18.94B	19.88B
Other Intangibles, Total	28.78B	26.66B	27.9B	29.05B	30.24B
Deferred Tax Assets Long-Term	80M	87M	126M	140M	128M
Other Long-Term Assets, Total	6.51B	6.52B	6.91B	7.27B	8.02B
Total Assets	82.9B	85.5B	90.5B	94.51B	99.63B
Liabilities
Accounts Payable, Total	266M	340M	375M	479M	555M
Accrued Expenses, Total	3.06B	4.18B	4.74B	5.57B	6.41B
Current Portion of Long-Term Debt	999M	2.25B	-	-	5.57B
Current Portion of Leases	103M	98M	106M	150M	150M
Current Income Taxes Payable	325M	365M	1.5B	577M	512M
Other Current Liabilities	10.98B	13.62B	16.38B	19.74B	21.85B
Total Current Liabilities	15.74B	20.85B	23.1B	26.52B	35.05B
Long-Term Debt	19.98B	20.52B	20.78B	20.97B	19.6B
Long-Term Leases	471M	422M	412M	685M	763M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	6.13B	5.33B	5.11B	5.3B	5.55B
Other Non Current Liabilities	2.99B	2.79B	2.36B	1.9B	756M
Total Liabilities	45.31B	49.92B	51.77B	55.37B	61.72B
Preferred Stock Convertible	3.08B	2.32B	1.7B	1.03B	745M
Total Preferred Equity	3.08B	2.32B	1.7B	1.03B	745M
Common Stock, Total	-	19.54B	20.45B	-	-
Additional Paid In Capital	18.86B	-	-	21.23B	21.93B
Retained Earnings	15.35B	16.12B	18.04B	17.29B	15.11B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	303M	-2.4B	-1.46B	-412M	124M
Total Common Equity	34.51B	33.26B	37.04B	38.11B	37.16B
Total Equity	37.59B	35.58B	38.73B	39.14B	37.91B
Total Liabilities And Equity	82.9B	85.5B	90.5B	94.51B	99.63B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.09B	2.05B	2B	1.96B	1.91B
ECS Total Common Shares Outstanding	2.1B	2.06B	2.01B	1.96B	1.92B
Book Value / Share	16.45	16.18	18.38	19.41	19.38
Tangible Book Value	-10.23B	-11.19B	-8.86B	-9.88B	-12.96B
Tangible Book Value Per Share	-4.88	-5.44	-4.4	-5.03	-6.76
Total Debt	21.55B	23.29B	21.3B	21.8B	26.08B
Net Debt	3.04B	4.77B	1.17B	6.63B	7.09B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-439M	-346M	-390M	-598M	-611M
Debt Equivalent Oper. Leases	888M	936M	1.03B	1.43B	1.56B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	72M	72M	71M	72M	72M
Buildings, Total	1.01B	1B	1.02B	1.04B	1B
Machinery, Total	2.05B	2.23B	2.15B	2.3B	2.24B
Full Time Employees	21.5K	26.5K	28.8K	31.6K	34.1K

Fiscal Period: September	2021	2022	2023	2024	2025
Net Income	12.31B	14.96B	17.27B	19.74B	20.06B
Depreciation & Amortization - CF	721M	771M	867M	955M	1.14B
Amortization of Goodwill and Intangible Assets - (CF)	83M	90M	76M	79M	78M
Depreciation & Amortization, Total	804M	861M	943M	1.03B	1.22B
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-712M	264M	104M	94M	87M
Stock-Based Compensation (CF)	542M	602M	765M	850M	897M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	8.98B	9.82B	11.69B	13.66B	15.97B
Change In Accounts Receivable	-343M	-97M	-250M	-237M	-542M
Change In Accounts Payable	88M	67M	34M	109M	67M
Change in Other Net Operating Assets	-6.45B	-7.63B	-9.81B	-15.3B	-14.7B
Cash from Operations	15.23B	18.85B	20.76B	19.95B	23.06B
Capital Expenditure	-705M	-970M	-1.06B	-1.26B	-1.48B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-75M	-1.95B	-	-915M	-887M
Investment in Marketable and Equity Securities, Total	519M	-1.5B	-1.32B	339M	2.96B
Other Investing Activities, Total	109M	128M	377M	-93M	121M
Cash from Investing	-152M	-4.29B	-2.01B	-1.93B	708M
Long-Term Debt Issued, Total	-	3.22B	-	-	3.92B
Total Debt Issued	-	3.22B	-	-	3.92B
Long-Term Debt Repaid, Total	-3B	-1B	-2.25B	-	-
Total Debt Repaid	-3B	-1B	-2.25B	-	-
Issuance of Common Stock	208M	196M	260M	335M	396M
Repurchase of Common Stock	-8.82B	-11.71B	-12.23B	-16.92B	-18.6B
Common Dividends Paid	-2.8B	-3.2B	-3.75B	-4.22B	-4.63B
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-2.8B	-3.2B	-3.75B	-4.22B	-4.63B
Other Financing Activities, Total	-	-198M	200M	170M	-52M
Cash from Financing	-14.41B	-12.7B	-17.77B	-20.63B	-18.96B
Foreign Exchange Rate Adjustments	-37M	-1.29B	636M	382M	420M
Net Change in Cash	628M	578M	1.61B	-2.23B	5.22B
Supplemental Items
Cash Interest Paid	643M	607M	617M	583M	587M
Cash Income Tax Paid (Refund)	3.01B	3.74B	3.43B	5.78B	4.54B
Levered Free Cash Flow	12.05B	13.79B	16.72B	13.14B	20.07B
Unlevered Free Cash Flow	12.37B	14.12B	17.12B	13.55B	20.44B
Change In Net Working Capital	-1.73B	-1.28B	-2.77B	2.08B	-3.05B
Net Debt Issued / Repaid	-3B	2.22B	-2.25B	-	3.92B

Fiscal Period: September	2021	2022	2023	2024	2025
Profitability
Return on Assets	12.21	14.67	15.57	16.21	17.26
Return on Total Capital	16.67	20.93	23.05	24.8	26.85
Return On Equity %	33.36	40.88	46.49	50.71	52.07
Return on Common Equity	36.59	43.18	48.34	51.79	52.75
Margin Analysis
Gross Profit Margin %	96.97	97.46	97.75	97.83	97.76
SG&A Margin	27.25	27.11	27.71	28.16	27.7
EBITDA Margin %	69.72	70.35	70.04	69.67	70.07
EBITA Margin %	66.73	67.72	67.38	67.01	67.22
EBIT Margin %	66.39	67.42	67.15	66.79	67.02
Income From Continuing Operations Margin %	51.07	51.03	52.9	54.95	50.14
Net Income Margin %	51.07	51.03	52.9	54.95	50.14
Net Avail. For Common Margin %	49.82	49.91	52.03	54.16	49.63
Normalized Net Income Margin	40.11	41.21	42.2	42.38	42.28
Levered Free Cash Flow Margin	50.01	47.04	51.2	36.59	50.18
Unlevered Free Cash Flow Margin	51.34	48.18	52.43	37.7	51.1
Asset Turnover
Asset Turnover	0.29	0.35	0.37	0.39	0.41
Fixed Assets Turnover	11.67	13.88	15.45	15.44	15.6
Receivables Turnover (Average Receivables)	7.3	7.63	7.75	6.25	5.58
Short Term Liquidity
Current Ratio	1.75	1.45	1.45	1.28	1.08
Quick Ratio	1.42	1.09	1.07	0.87	0.76
Operating Cash Flow to Current Liabilities	0.97	0.9	0.9	0.75	0.66
Days Sales Outstanding (Average Receivables)	50.03	47.81	47.09	58.52	65.39
Average Days Payable Outstanding	110	148.85	177.29	200.88	211.08
Long Term Solvency
Total Debt/Equity	57.33	65.46	54.98	55.71	68.81
Total Debt / Total Capital	36.44	39.56	35.48	35.78	40.76
LT Debt/Equity	54.4	58.86	54.71	55.33	53.72
Long-Term Debt / Total Capital	34.58	35.57	35.3	35.53	31.82
Total Liabilities / Total Assets	54.66	58.39	57.2	58.59	61.95
EBIT / Interest Expense	31.19	36.73	34.05	37.44	45.51
EBITDA / Interest Expense	32.98	38.55	35.71	39.33	47.92
(EBITDA - Capex) / Interest Expense	31.6	36.74	34.07	37.37	45.4
Total Debt / EBITDA	1.27	1.12	0.93	0.86	0.92
Net Debt / EBITDA	0.18	0.23	0.05	0.26	0.25
Total Debt / (EBITDA - Capex)	1.33	1.18	0.97	0.91	0.98
Net Debt / (EBITDA - Capex)	0.19	0.24	0.05	0.28	0.27
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	10.34	21.59	11.41	10.02	11.34
Gross Profit, 1 Yr. Growth %	10.68	22.21	11.73	10.12	11.26
EBITDA, 1 Yr. Growth %	12.86	23.81	11.01	9.44	11.98
EBITA, 1 Yr. Growth %	13.24	24.58	10.95	9.42	11.68
EBIT, 1 Yr. Growth %	13.3	24.66	11.07	9.44	11.72
Earnings From Cont. Operations, 1 Yr. Growth %	13.3	21.49	15.48	14.3	1.6
Net Income, 1 Yr. Growth %	13.3	21.49	15.48	14.3	1.6
Normalized Net Income, 1 Yr. Growth %	13.08	26.15	13.87	10.5	11.08
Diluted EPS Before Extra, 1 Yr. Growth %	15.11	24.45	18.31	17.45	4.85
Accounts Receivable, 1 Yr. Growth %	29.29	6.07	13.21	56.79	4.3
Net Property, Plant and Equip., 1 Yr. Growth %	4.35	0.09	0.19	19.9	2.13
Total Assets, 1 Yr. Growth %	2.44	3.14	5.85	4.43	5.41
Tangible Book Value, 1 Yr. Growth %	-25.94	9.31	-20.77	11.52	31.12
Common Equity, 1 Yr. Growth %	10.88	-3.63	11.36	2.89	-2.47
Cash From Operations, 1 Yr. Growth %	45.85	23.79	10.11	-3.88	15.58
Capital Expenditures, 1 Yr. Growth %	-4.21	37.59	9.18	18.7	17.9
Levered Free Cash Flow, 1 Yr. Growth %	46.23	15.28	21.36	-21.37	52.7
Unlevered Free Cash Flow, 1 Yr. Growth %	44.46	15.01	21.32	-20.88	50.91
Dividend Per Share, 1 Yr. Growth %	9.43	17.98	18.73	14.97	13.49
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	2.43	15.83	16.39	10.71	10.68
Gross Profit, 2 Yr. CAGR %	2.48	16.3	16.85	10.92	10.69
EBITDA, 2 Yr. CAGR %	2.19	17.67	17.34	10.38	10.7
EBITA, 2 Yr. CAGR %	1.88	18.21	17.67	10.35	10.54
EBIT, 2 Yr. CAGR %	1.81	18.28	17.78	10.42	10.57
Earnings From Cont. Operations, 2 Yr. CAGR %	0.95	17.32	18.45	14.89	7.76
Net Income, 2 Yr. CAGR %	0.95	17.32	18.45	14.89	7.76
Normalized Net Income, 2 Yr. CAGR %	1.06	18.85	19.96	12.35	10.79
Diluted EPS Before Extra, 2 Yr. CAGR %	2.87	19.69	21.34	17.88	10.97
Accounts Receivable, 2 Yr. CAGR %	-9.9	17.1	9.58	33.23	27.88
Net Property, Plant and Equip., 2 Yr. CAGR %	16.52	2.2	0.14	9.6	10.66
Total Assets, 2 Yr. CAGR %	6.88	2.79	4.49	5.14	4.92
Tangible Book Value, 2 Yr. CAGR %	-15.57	-10.02	-6.93	-6	20.92
Common Equity, 2 Yr. CAGR %	8.67	3.37	3.6	7.04	0.17
Cash From Operations, 2 Yr. CAGR %	9.14	34.37	16.75	2.88	5.4
Capital Expenditures, 2 Yr. CAGR %	-3.43	14.8	22.56	13.84	18.3
Levered Free Cash Flow, 2 Yr. CAGR %	13.58	29.32	18.37	-2.18	9.58
Unlevered Free Cash Flow, 2 Yr. CAGR %	13.09	28.4	18.2	-1.89	9.27
Dividend Per Share, 2 Yr. CAGR %	12.76	13.62	18.35	16.84	14.23
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	5.36	8.45	14.34	14.23	10.92
Gross Profit, 3 Yr. CAGR %	5.47	8.68	14.76	14.56	11.03
EBITDA, 3 Yr. CAGR %	5.74	8.61	15.37	14.64	10.91
EBITA, 3 Yr. CAGR %	5.6	8.6	15.7	14.85	10.79
EBIT, 3 Yr. CAGR %	5.56	8.58	15.79	14.93	10.85
Earnings From Cont. Operations, 3 Yr. CAGR %	6.12	7.38	16.71	17.05	10.28
Net Income, 3 Yr. CAGR %	6.12	7.38	16.71	17.05	10.28
Normalized Net Income, 3 Yr. CAGR %	5.66	8.46	17.24	16.72	11.92
Diluted EPS Before Extra, 3 Yr. CAGR %	8.35	9.61	19.23	20.03	13.37
Accounts Receivable, 3 Yr. CAGR %	10.12	-4.87	15.79	23.48	22.79
Net Property, Plant and Equip., 3 Yr. CAGR %	13.16	10.77	1.53	6.34	7.05
Total Assets, 3 Yr. CAGR %	6.19	5.62	3.8	4.47	5.23
Tangible Book Value, 3 Yr. CAGR %	-12.42	-7.98	-13.76	-1.15	5.03
Common Equity, 3 Yr. CAGR %	6.54	4.41	5.97	3.36	3.77
Cash From Operations, 3 Yr. CAGR %	5.57	13.82	25.74	9.42	6.95
Capital Expenditures, 3 Yr. CAGR %	-0.61	8.66	12.89	21.26	15.18
Levered Free Cash Flow, 3 Yr. CAGR %	4.5	13.85	26.57	3.28	13.48
Unlevered Free Cash Flow, 3 Yr. CAGR %	4.18	13.43	25.96	3.4	13.25
Dividend Per Share, 3 Yr. CAGR %	14.9	14.47	15.3	17.22	15.71
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.83	9.81	9.64	9.35	12.86
Gross Profit, 5 Yr. CAGR %	9.95	10	9.88	9.57	13.11
EBITDA, 5 Yr. CAGR %	10.36	10.3	9.97	9.23	13.48
EBITA, 5 Yr. CAGR %	9.81	9.84	10	9.21	13.61
EBIT, 5 Yr. CAGR %	9.81	9.83	10.02	9.22	13.67
Earnings From Cont. Operations, 5 Yr. CAGR %	15.49	17.43	10.89	10.32	13.04
Net Income, 5 Yr. CAGR %	15.49	17.43	10.89	10.32	13.04
Normalized Net Income, 5 Yr. CAGR %	9.28	10.2	10.94	9.97	14.61
Diluted EPS Before Extra, 5 Yr. CAGR %	17.79	20.15	13.37	12.85	15.86
Accounts Receivable, 5 Yr. CAGR %	8.24	9.12	9.91	8.85	20.48
Net Property, Plant and Equip., 5 Yr. CAGR %	10.65	8.26	7.76	10.3	5.08
Total Assets, 5 Yr. CAGR %	5.3	4.69	5.51	5.42	4.25
Tangible Book Value, 5 Yr. CAGR %	-8.53	-7.54	-10.26	-7.19	-1.27
Common Equity, 5 Yr. CAGR %	4.88	4.08	5.35	5.45	3.61
Cash From Operations, 5 Yr. CAGR %	22.26	15.13	9.91	9.31	17.17
Capital Expenditures, 5 Yr. CAGR %	6.15	6.53	8.08	10.7	15.03
Levered Free Cash Flow, 5 Yr. CAGR %	9.9	13.36	9.62	7.07	19.48
Unlevered Free Cash Flow, 5 Yr. CAGR %	9.71	12.85	9.36	6.96	19
Dividend Per Share, 5 Yr. CAGR %	17.94	17.95	16.27	15.41	14.87