Cash flow Visa, Inc.

Equities

V

US92826C8394

Internet Services

Market Closed - Nyse Other stock markets 21:00:02 14/01/2025 GMT			5-day change	1st Jan Change
309.09 ^USD	+0.71%		-0.83%	-2.20%

01-14	Citigroup Adjusts Visa Price Target to $354 From $326	MT
01-14	Barclays Adjusts Visa Price Target to $361 From $347, Maintains Overweight Rating	MT

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Published financial data: VISA, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2020	2021	2022	2023	2024
Revenues	21.85B	24.1B	29.31B	32.65B	35.93B
Other Revenues, Total	-	-	-	-	-
Total Revenues	21.85B	24.1B	29.31B	32.65B	35.93B
Cost of Goods Sold, Total	727M	730M	743M	736M	778M
Gross Profit	21.12B	23.38B	28.57B	31.92B	35.15B
Selling General & Admin Expenses, Total	6.23B	6.57B	7.95B	9.05B	10.18B
Depreciation & Amortization - (IS)	767M	804M	861M	943M	1.03B
Other Operating Expenses, Total	6.99B	7.37B	8.81B	9.99B	11.21B
Operating Income	14.12B	16B	19.76B	21.93B	23.94B
Interest Expense, Total	-516M	-513M	-538M	-644M	-641M
Interest And Investment Income	80M	-	69M	745M	992M
Net Interest Expenses	-436M	-513M	-469M	101M	351M
Other Non Operating Income (Expenses)	-8M	-19M	34M	18M	14M
EBT, Excl. Unusual Items	13.68B	15.47B	19.32B	22.05B	24.3B
Merger & Related Restructuring Charges	-	-	-	-	-
Gain (Loss) On Sale Of Investments	120M	747M	-296M	-82M	-44M
Legal Settlements	-11M	-3M	-868M	-927M	-462M
Other Unusual Items	-	-152M	-25M	-	118M
EBT, Incl. Unusual Items	13.79B	16.06B	18.14B	21.04B	23.92B
Income Tax Expense	2.92B	3.75B	3.18B	3.76B	4.17B
Earnings From Continuing Operations	10.87B	12.31B	14.96B	17.27B	19.74B
Net Income to Company	10.87B	12.31B	14.96B	17.27B	19.74B
Net Income - (IS)	10.87B	12.31B	14.96B	17.27B	19.74B
Preferred Dividend and Other Adjustments	391M	303M	327M	284M	286M
Net Income to Common Incl Extra Items	10.48B	12.01B	14.63B	16.99B	19.46B
Net Income to Common Excl. Extra Items	10.48B	12.01B	14.63B	16.99B	19.46B
Per Share Items
Net EPS - Basic	4.9	5.64	7.02	8.3	10.34
Basic EPS - Continuing Operations	4.9	5.64	7.02	8.3	10.34
Basic Weighted Average Shares Outstanding	2.14B	2.13B	2.08B	2.05B	1.88B
Net EPS - Diluted	4.89	5.63	7	8.28	9.73
Diluted EPS - Continuing Operations	4.89	5.63	7	8.28	9.73
Diluted Weighted Average Shares Outstanding	2.22B	2.19B	2.14B	2.08B	2.03B
Normalized Basic EPS	4	4.54	5.79	6.73	8.07
Normalized Diluted EPS	3.85	4.42	5.65	6.61	7.49
Dividend Per Share	1.22	1.34	1.58	1.87	2.15
Payout Ratio	24.52	22.73	21.41	21.72	21.36
American Depositary Receipts Ratio (ADR)	0.05	0.05	0.05	0.05	0.05
Supplemental Items
EBITDA	14.89B	16.81B	20.62B	22.87B	24.97B
EBITA	14.2B	16.09B	19.85B	22B	24.02B
EBIT	14.12B	16B	19.76B	21.93B	23.94B
EBITDAR	15.01B	16.92B	20.74B	23B	25.15B
Total Revenues (As Reported)	-	-	-	-	-
Effective Tax Rate - (Ratio)	21.2	23.36	17.53	17.89	17.45
Current Domestic Taxes	1.87B	2.01B	2.27B	2.92B	2.99B
Current Foreign Taxes	743M	869M	1.24B	1.32B	1.28B
Total Current Taxes	2.62B	2.88B	3.52B	4.25B	4.27B
Deferred Domestic Taxes	51M	-85M	-308M	-340M	-150M
Deferred Foreign Taxes	256M	956M	-28M	-143M	50M
Total Deferred Taxes	307M	871M	-336M	-483M	-100M
Normalized Net Income	8.55B	9.67B	12.08B	13.78B	15.19B
Interest on Long-Term Debt	516M	513M	538M	644M	641M
Non-Cash Pension Expense	-33M	-44M	-54M	-	-
Supplemental Operating Expense Items
Marketing Expenses	971M	1.14B	1.34B	1.34B	1.56B
Selling and Marketing Expenses	971M	1.14B	1.34B	1.34B	1.56B
General and Administrative Expenses	1.5B	1.24B	1.7B	1.88B	2.35B
Research And Development Expense From Footnotes	-	-	-	-	-
Net Rental Expense, Total	114M	111M	117M	129M	179M
Imputed Operating Lease Interest Expense	22.75M	19.72M	22.46M	29.81M	42.59M
Imputed Operating Lease Depreciation	91.25M	91.28M	94.54M	99.19M	136M
Stock-Based Comp., SG&A Exp. (Total)	393M	518M	571M	734M	817M
Stock-Based Comp., Other (Total)	23M	24M	31M	31M	33M
Total Stock-Based Compensation	416M	542M	602M	765M	850M

Fiscal Period: September	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	16.29B	16.49B	15.69B	16.29B	11.98B
Short Term Investments	3.75B	2.02B	2.83B	3.84B	3.2B
Trading Asset Securities, Total	-	-	-	-	-
Total Cash And Short Term Investments	20.04B	18.51B	18.52B	20.13B	15.18B
Accounts Receivable, Total	2.88B	3.73B	3.95B	4.47B	7.02B
Other Receivables	93M	83M	190M	206M	832M
Total Receivables	2.98B	3.81B	4.14B	4.68B	7.85B
Prepaid Expenses	436M	604M	1.48B	1.28B	1.19B
Deferred Tax Assets Current	-	-	-	-	-
Restricted Cash	1.03B	1.05B	2.35B	2.7B	4.26B
Other Current Assets, Total	3.16B	3.63B	3.71B	4.74B	5.56B
Total Current Assets	27.64B	27.61B	30.2B	33.53B	34.03B
Gross Property Plant And Equipment	3.24B	3.87B	4.07B	4.07B	4.51B
Accumulated Depreciation	-1.72B	-1.76B	-1.96B	-1.96B	-1.97B
Net Property Plant And Equipment	1.51B	2.11B	2.11B	2.12B	2.54B
Long-term Investments	231M	1.84B	2.14B	1.92B	2.54B
Goodwill	15.91B	15.96B	17.79B	18B	18.94B
Other Intangibles, Total	29.03B	28.78B	26.66B	27.9B	29.05B
Deferred Tax Assets Long-Term	63M	80M	87M	126M	140M
Other Long-Term Assets, Total	6.52B	6.51B	6.52B	6.91B	7.27B
Total Assets	80.92B	82.9B	85.5B	90.5B	94.51B
Liabilities
Accounts Payable, Total	174M	266M	340M	375M	479M
Accrued Expenses, Total	2.32B	3.06B	4.18B	4.74B	5.57B
Current Portion of Long-Term Debt	3B	999M	2.25B	-	-
Current Portion of Leases	108M	103M	98M	106M	150M
Current Income Taxes Payable	134M	325M	365M	1.5B	577M
Unearned Revenue Current, Total	-	-	-	-	-
Other Current Liabilities	8.78B	10.98B	13.62B	16.38B	19.74B
Total Current Liabilities	14.51B	15.74B	20.85B	23.1B	26.52B
Long-Term Debt	21.07B	19.98B	20.52B	20.78B	20.97B
Long-Term Leases	462M	471M	422M	412M	685M
Pension & Other Post Retirement Benefits	-	-	-	-	-
Deferred Tax Liability Non Current	5.24B	6.13B	5.33B	5.11B	5.3B
Other Non Current Liabilities	3.43B	2.99B	2.79B	2.36B	1.9B
Total Liabilities	44.71B	45.31B	49.92B	51.77B	55.37B
Preferred Stock Convertible	5.09B	3.08B	2.32B	1.7B	1.03B
Total Preferred Equity	5.09B	3.08B	2.32B	1.7B	1.03B
Common Stock, Total	-	-	19.54B	20.45B	-
Additional Paid In Capital	16.72B	18.86B	-	-	21.23B
Retained Earnings	14.09B	15.35B	16.12B	18.04B	17.29B
Treasury Stock	-	-	-	-	-
Comprehensive Income and Other	315M	303M	-2.4B	-1.46B	-412M
Total Common Equity	31.12B	34.51B	33.26B	37.04B	38.11B
Total Equity	36.21B	37.59B	35.58B	38.73B	39.14B
Total Liabilities And Equity	80.92B	82.9B	85.5B	90.5B	94.51B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	2.12B	2.09B	2.05B	2B	1.96B
ECS Total Common Shares Outstanding	2.11B	2.1B	2.06B	2.02B	1.97B
Book Value / Share	14.75	16.43	16.16	18.36	19.38
Tangible Book Value	-13.82B	-10.23B	-11.19B	-8.86B	-9.88B
Tangible Book Value Per Share	-6.55	-4.87	-5.43	-4.39	-5.03
Total Debt	24.64B	21.55B	23.29B	21.3B	21.8B
Net Debt	4.6B	3.04B	4.77B	1.17B	6.63B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-184M	-439M	-346M	-390M	-598M
Debt Equivalent Oper. Leases	912M	888M	936M	1.03B	1.43B
Account Code - Inventory Valuation	3	3	3	3	3
Land - (BS)	71M	72M	72M	71M	72M
Buildings, Total	1.01B	1.01B	1B	1.02B	1.04B
Machinery, Total	2B	2.05B	2.23B	2.15B	2.3B
Full Time Employees	20.5K	21.5K	26.5K	28.8K	31.6K

Fiscal Period: September	2020	2021	2022	2023	2024
Net Income	10.87B	12.31B	14.96B	17.27B	19.74B
Depreciation & Amortization - CF	687M	721M	771M	867M	955M
Amortization of Goodwill and Intangible Assets - (CF)	80M	83M	90M	76M	79M
Depreciation & Amortization, Total	767M	804M	861M	943M	1.03B
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-	-712M	264M	104M	94M
Stock-Based Compensation (CF)	416M	542M	602M	765M	850M
Tax Benefit from Stock Options	-	-	-	-	-
Other Operating Activities, Total	6.79B	8.98B	9.82B	11.69B	13.66B
Change In Accounts Receivable	-43M	-343M	-97M	-250M	-237M
Change In Accounts Payable	21M	88M	67M	34M	109M
Change in Other Net Operating Assets	-8.38B	-6.45B	-7.63B	-9.81B	-15.3B
Cash from Operations	10.44B	15.23B	18.85B	20.76B	19.95B
Capital Expenditure	-736M	-705M	-970M	-1.06B	-1.26B
Sale of Property, Plant, and Equipment	-	-	-	-	-
Cash Acquisitions	-77M	-75M	-1.95B	-	-915M
Investment in Marketable and Equity Securities, Total	2.17B	519M	-1.5B	-1.32B	339M
Other Investing Activities, Total	72M	109M	128M	377M	-93M
Cash from Investing	1.43B	-152M	-4.29B	-2.01B	-1.93B
Long-Term Debt Issued, Total	7.21B	-	3.22B	-	-
Total Debt Issued	7.21B	-	3.22B	-	-
Long-Term Debt Repaid, Total	-	-3B	-1B	-2.25B	-
Total Debt Repaid	-	-3B	-1B	-2.25B	-
Issuance of Common Stock	190M	208M	196M	260M	335M
Repurchase of Common Stock	-8.27B	-8.82B	-11.71B	-12.23B	-16.92B
Common Dividends Paid	-2.66B	-2.8B	-3.2B	-3.75B	-4.22B
Common & Preferred Stock Dividends Paid	-	-	-	-	-
Common & Preferred Stock Dividends Paid	-2.66B	-2.8B	-3.2B	-3.75B	-4.22B
Other Financing Activities, Total	-432M	-	-198M	200M	170M
Cash from Financing	-3.97B	-14.41B	-12.7B	-17.77B	-20.63B
Foreign Exchange Rate Adjustments	440M	-37M	-1.29B	636M	382M
Net Change in Cash	8.34B	628M	578M	1.61B	-2.23B
Supplemental Items
Cash Interest Paid	537M	643M	607M	617M	583M
Cash Income Tax Paid (Refund)	2.67B	3.01B	3.74B	3.43B	5.78B
Levered Free Cash Flow	8.23B	12.05B	13.79B	16.72B	13.11B
Unlevered Free Cash Flow	8.56B	12.37B	14.12B	17.12B	13.51B
Change In Net Working Capital	720M	-1.73B	-1.28B	-2.77B	2.08B
Net Debt Issued / Repaid	7.21B	-3B	2.22B	-2.25B	-

Fiscal Period: September	2020	2021	2022	2023	2024
Profitability
Return on Assets	11.5	12.21	14.67	15.57	16.17
Return on Total Capital	15.73	16.67	20.93	23.05	24.74
Return On Equity %	30.65	33.36	40.88	46.49	50.71
Return on Common Equity	34.72	36.59	43.18	48.34	51.79
Margin Analysis
Gross Profit Margin %	96.67	96.97	97.46	97.75	97.83
SG&A Margin	28.5	27.25	27.11	27.71	28.32
EBITDA Margin %	68.17	69.72	70.35	70.04	69.51
EBITA Margin %	65.02	66.73	67.72	67.38	66.85
EBIT Margin %	64.66	66.39	67.42	67.15	66.63
Income From Continuing Operations Margin %	49.74	51.07	51.03	52.9	54.95
Net Income Margin %	49.74	51.07	51.03	52.9	54.95
Net Avail. For Common Margin %	47.95	49.82	49.91	52.03	54.16
Normalized Net Income Margin	39.14	40.11	41.21	42.2	42.28
Levered Free Cash Flow Margin	37.68	50.01	47.04	51.2	36.49
Unlevered Free Cash Flow Margin	39.16	51.34	48.18	52.43	37.6
Asset Turnover
Asset Turnover	0.28	0.29	0.35	0.37	0.39
Fixed Assets Turnover	14.24	11.67	13.88	15.45	15.44
Receivables Turnover (Average Receivables)	5.85	7.3	7.63	7.75	6.25
Short Term Liquidity
Current Ratio	1.91	1.75	1.45	1.45	1.28
Quick Ratio	1.59	1.42	1.09	1.07	0.87
Operating Cash Flow to Current Liabilities	0.72	0.97	0.9	0.9	0.75
Days Sales Outstanding (Average Receivables)	62.59	50.03	47.81	47.09	58.52
Average Days Payable Outstanding	83.07	110	148.85	177.29	200.88
Long Term Solvency
Total Debt/Equity	68.05	57.33	65.46	54.98	55.71
Total Debt / Total Capital	40.49	36.44	39.56	35.48	35.78
LT Debt/Equity	59.47	54.4	58.86	54.71	55.33
Long-Term Debt / Total Capital	35.39	34.58	35.57	35.3	35.53
Total Liabilities / Total Assets	55.25	54.66	58.39	57.2	58.59
EBIT / Interest Expense	27.37	31.19	36.73	34.05	37.35
EBITDA / Interest Expense	29.08	32.98	38.55	35.71	39.24
(EBITDA - Capex) / Interest Expense	27.66	31.6	36.74	34.07	37.28
Total Debt / EBITDA	1.64	1.27	1.12	0.93	0.87
Net Debt / EBITDA	0.31	0.18	0.23	0.05	0.26
Total Debt / (EBITDA - Capex)	1.73	1.33	1.18	0.97	0.91
Net Debt / (EBITDA - Capex)	0.32	0.19	0.24	0.05	0.28
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-4.92	10.34	21.59	11.41	10.02
Gross Profit, 1 Yr. Growth %	-5.11	10.68	22.21	11.73	10.12
EBITDA, 1 Yr. Growth %	-7.47	12.86	23.81