Visa Inc.

V · NYSE · USD

Financials

Annual

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Valuation and market statistics · USD millions unless noted · ratios on the twelve months ending at each period

Line item	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003
Valuation
Market cap	$662,599	$535,019	$478,374	$374,382	$484,216	$434,697	$373,917	$326,267	$228,772	$179,774	$151,428	$133,777	$124,419	$110,743	$70,633	$62,287	$51,615	$41,015	–	–	–	–	–
Enterprise value	$668,773	$540,680	$478,709	$378,310	$486,681	$439,444	$378,698	$331,301	$233,701	$186,718	$146,193	$129,827	$120,164	$107,926	$67,235	$58,283	$46,943	$35,787	–	–	–	–	–
P/E (TTM) at period end	37.84×	33.88×	35.66×	32.36×	50.83×	52.31×	40.32×	41.11×	44.25×	37.94×	30.02×	31.06×	31.43×	66.55×	26.78×	32.11×	21.94×	51.01×	–	–	–	–	–
P/S (TTM) at period end	16.56×	14.89×	14.65×	12.77×	20.09×	19.90×	16.27×	15.83×	12.46×	11.92×	10.91×	10.53×	10.56×	10.63×	7.69×	7.72×	7.47×	6.55×	–	–	–	–	–
P/B at period end	17.48×	13.67×	12.35×	10.52×	12.88×	12.00×	10.78×	9.59×	6.98×	5.46×	5.07×	4.88×	4.63×	4.01×	2.67×	2.49×	2.23×	1.94×	–	–	–	–	–
EV / EBITDA (TTM)	26.52×	21.95×	21.82×	19.23×	29.30×	29.60×	24.19×	24.42×	18.40×	22.27×	15.30×	15.96×	15.74×	43.66×	11.71×	12.01×	12.47×	24.36×	–	–	–	–	–
EV / Sales (TTM)	16.72×	15.05×	14.66×	12.91×	20.19×	20.12×	16.48×	16.08×	12.73×	12.38×	10.53×	10.22×	10.20×	10.36×	7.32×	7.23×	6.79×	5.71×	–	–	–	–	–
Returns
Return on equity	46.2%	40.3%	34.6%	32.5%	25.3%	22.9%	26.7%	23.3%	15.8%	14.4%	16.9%	15.7%	14.7%	6.0%	10.0%	7.8%	10.1%	3.8%	–	78.0%	210.7%	–	–
Return on invested capital	43.3%	40.6%	40.2%	36.6%	28.8%	24.9%	27.9%	24.5%	16.9%	13.7%	23.5%	21.3%	20.1%	8.1%	14.5%	13.8%	11.2%	4.6%	–	123.0%	240.6%	–	–
Dividend yield	0.7%	0.8%	0.8%	0.9%	0.6%	0.6%	0.6%	0.6%	0.7%	0.8%	0.8%	0.8%	0.7%	0.5%	0.6%	0.6%	0.6%	0.2%	–	–	–	–	–
Financial health
Current ratio	1.08×	1.28×	1.45×	1.45×	1.75×	1.91×	1.56×	1.61×	1.90×	1.78×	1.87×	1.59×	1.80×	1.48×	2.66×	2.50×	2.08×	1.56×	0.76×	1.14×	1.12×	–	0.88×
Debt / equity	0.66×	0.53×	0.53×	0.63×	0.56×	0.66×	0.48×	0.49×	0.56×	0.48×	0.03×	–	–	–	–	0.00×	0.00×	0.01×	(0.08×)	0.13×	0.84×	–	(0.40×)
Effective tax rate	17.1%	17.4%	17.9%	17.5%	23.4%	21.2%	18.8%	19.6%	42.7%	25.2%	29.6%	29.6%	31.4%	2.9%	35.5%	36.1%	41.2%	39.8%	22.8%	34.8%	40.2%	37.3%	–
Share count
Diluted shares outstanding	1,966	2,029	2,085	2,136	2,188	2,223	2,272	2,329	2,395	2,414	2,457	2,523	2,624	–	–	–	3,032	3,076	2,848	2,848	2,848	2,974	3,100

StatisticsIncome statementBalance sheetCash flowDividendsSegments

Income statement · USD millions

Line item	TTM	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017	FY2016	FY2015	FY2014	FY2013	FY2012	FY2011	FY2010	FY2009	FY2008	FY2007	FY2006	FY2005	FY2004	FY2003
Revenue and gross profit
Revenue	$44,488	$40,000	$35,926	$32,653	$29,310	$24,105	$21,846	$22,977	$20,609	$18,358	$15,082	$13,880	$12,702	$11,778	$10,421	$9,188	$8,065	$6,911	$6,263	$3,590	$2,948	$2,665	$2,429	$1,980
Cost of revenue	($8,817)	($7,855)	($7,042)	($6,567)	($5,733)	($4,970)	($4,512)	($4,165)	($3,856)	($3,248)	($2,764)	($2,553)	($2,382)	($2,400)	($2,140)	($1,816)	($1,647)	($1,621)	($1,538)	($1,088)	($999)	($957)	($1,124)	–
Gross profit	$35,671	$32,145	$28,884	$26,086	$23,577	$19,135	$17,334	$18,812	$16,753	$15,110	$12,318	$11,327	$10,320	$9,378	$8,281	$7,372	$6,418	$5,290	$4,725	$2,502	$1,949	$1,708	$1,305	–
Operating expenses
Research and development	–	–	–	–	–	–	–	($721)	($686)	($620)	($538)	($474)	($507)	($468)	($414)	($357)	($425)	–	–	–	–	–	–	–
Selling, general and administrative	($2,012)	($1,926)	($1,598)	($1,330)	($1,194)	($985)	($1,096)	($1,196)	($1,145)	($1,060)	($796)	($547)	($507)	($451)	($451)	($414)	($359)	($338)	($332)	($202)	($1,197)	($1,122)	($517)	–
Total operating expenses	($8,675)	($8,151)	($5,289)	($5,086)	($4,764)	($3,331)	($3,253)	($3,811)	($3,799)	($2,966)	($4,435)	($2,263)	($2,623)	($2,139)	($6,142)	($1,916)	($1,829)	($1,752)	($3,493)	($3,951)	($1,220)	($1,255)	($801)	–
Total costs and expenses	($17,492)	($16,006)	($12,331)	($11,653)	($10,497)	($8,301)	($7,765)	($7,976)	($7,655)	($6,214)	($7,199)	($4,816)	($5,005)	($4,539)	($8,282)	($3,732)	($3,476)	($3,373)	($5,031)	($5,039)	($2,218)	($2,212)	($1,925)	($3,398)
Operating income	$26,996	$23,994	$23,595	$21,000	$18,813	$15,804	$14,081	$15,001	$12,954	$12,144	$7,883	$9,064	$7,697	$7,239	$2,139	$5,456	$4,589	$3,538	$1,232	($1,449)	$730	$453	$504	($1,418)
Earnings
EBITDA	$28,338	$25,214	$24,629	$21,943	$19,674	$16,608	$14,848	$15,657	$13,567	$12,700	$8,385	$9,558	$8,132	$7,636	$2,472	$5,744	$4,854	$3,764	$1,469	($1,323)	$885	$588	$616	–
Interest income	–	$791	$992	$745	$69	–	–	–	–	–	–	–	–	–	$46	–	$49	–	–	–	–	–	–	–
Interest expense	($776)	($589)	($641)	($644)	($538)	($513)	($516)	($533)	($612)	($563)	($427)	($3)	($8)	–	($29)	($32)	($72)	($115)	($143)	($81)	($90)	($108)	($111)	–
Pre-tax income	$26,956	$24,194	$23,916	$21,037	$18,136	$16,063	$13,790	$14,884	$12,806	$11,694	$8,012	$8,995	$7,724	$7,257	$2,207	$5,656	$4,638	$4,000	$1,336	($1,387)	$722	$456	$355	–
Income tax expense	($4,364)	($4,136)	($4,173)	($3,764)	($3,179)	($3,752)	($2,924)	($2,804)	($2,505)	($4,995)	($2,021)	($2,667)	($2,286)	($2,277)	($65)	($2,010)	($1,674)	($1,648)	($532)	$316	($251)	($183)	($133)	–
Net income	$22,592	$20,058	$19,743	$17,273	$14,957	$12,311	$10,866	$12,080	$10,301	$6,699	$5,991	$6,328	$5,438	$4,980	$2,144	$3,650	$2,966	$2,353	$804	($1,076)	$455	$265	$216	($885)
Per share
Diluted EPS (GAAP)	$10.45	$10.20	$9.73	$8.28	$7.00	$5.63	$4.89	$5.32	$4.42	$2.80	$2.48	$2.58	$2.16	$1.90	–	–	–	$0.78	$0.24	($0.38)	$0.16	$0.13	$0.0705	($0.29)
Basic EPS (GAAP)	$10.65	$10.22	$9.74	$8.29	$7.01	$5.63	$4.90	$5.32	$4.43	$2.80	$2.49	$2.58	$2.16	$1.90	$0.79	$1.29	$1.01	$0.79	$0.28	($0.39)	$0.17	$0.13	$0.0717	($0.29)
Basic shares outstanding	1,683	1,714	1,621	1,618	1,651	1,691	1,697	1,742	1,792	1,845	1,906	1,954	1,993	2,080	2,096	2,036	1,928	2,987	2,672	2,752	2,752	2,752	2,926	3,100
Margins
Gross margin	80.2%	80.4%	80.4%	79.9%	80.4%	79.4%	79.3%	81.9%	81.3%	82.3%	81.7%	81.6%	81.2%	79.6%	79.5%	80.2%	79.6%	76.5%	75.4%	69.7%	66.1%	64.1%	53.7%	–
Operating margin	60.7%	60.0%	65.7%	64.3%	64.2%	65.6%	64.5%	65.3%	62.9%	66.2%	52.3%	65.3%	60.6%	61.5%	20.5%	59.4%	56.9%	51.2%	19.7%	(40.4%)	24.8%	17.0%	20.8%	(71.6%)
Net margin	50.8%	50.1%	55.0%	52.9%	51.0%	51.1%	49.7%	52.6%	50.0%	36.5%	39.7%	45.6%	42.8%	42.3%	20.6%	39.7%	36.8%	34.0%	12.8%	(30.0%)	15.4%	9.9%	8.9%	(44.7%)

Analyst consensus

Buy62 analysts

Bearish · 0 · Hold · 9 · Bullish · 53

Earnings history

	EPS	Estimate
Q4 2024	$2.71	$2.58	Beat
Q1 2025	$2.75	$2.66	Beat
Q2 2025	$2.76	$2.68	Beat
Q3 2025	$2.98	$2.85	Beat
Q4 2025	$2.98	$2.97	Beat
Q1 2026	$3.17	$3.14	Beat
Q2 2026	$3.31	$3.10	Beat
Q3 2026	$3.32	$3.23	Beat

Peers

Company overview

IPO dateMar 19, 2008

CEORyan McInerney

Employees34,100

SectorFinancial Services

IndustryFinancial - Credit Services

CountryUS

ExchangeNew York Stock Exchange

Websitewww.visa.com/en-us

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. At the heart of its operations is VisaNet, a highly sophisticated transaction processing network that handles the critical functions of authorizing, clearing, and settling all payment transactions. In addition to this core infrastructure, the company also provides a variety of card products, innovative digital platforms, and an extensive range of supplementary value-added services. These offerings are distributed under several widely recognized brands, including Visa, Visa Electron, Interlink, VPAY, and PLUS. Demonstrating its commitment to enhancing user experience, Visa Inc. has established a key strategic partnership with Ooredoo in Qatar, focused on improving payment solutions for Visa cardholders and Ooredoo customers within the country. The company was established in 1958 and its corporate headquarters are situated in San Francisco, California.

Athenic provides research and information tools for educational purposes only and is not a registered investment adviser or broker-dealer. Nothing on this page is investment advice or a recommendation to buy or sell any security. Market data may be delayed. Past performance is not indicative of future results. Investing involves risk, including the possible loss of principal.