# Visa Inc. (V) — Financial Analysis

**Exchange:** NYSE  
**Coverage as of:** 2026-Q2  
**Updated:** 2026-05-12  
**Tier:** Free primer (step 2 of 19)  
**Sibling pages:** /stocks/v/thesis · /memo/v

## Financial Snapshot

---
ticker: V
step: 04
generated: 2026-05-11
source: quick-research
---

### Visa Inc. (V) — Financial Snapshot

Note: Visa's fiscal year ends September 30. FY2025 = Oct 2024 – Sep 2025.

#### Income Statement Summary

| Metric | FY2022 | FY2023 | FY2024 | FY2025 | YoY (25v24) |
|--------|--------|--------|--------|--------|-------------|
| Net Revenue | $29.3B | $32.7B | $35.9B | $40.0B | +11.3% |
| Operating Margin | ~64% | ~67% | ~67% | ~68% | +100 bps |
| Operating Income | ~$18.8B | ~$21.7B | ~$24.2B | ~$27.2B | +12.4% |
| Net Income | $14.96B | $17.27B | $19.74B | $20.06B | +1.6% |
| EPS (diluted) | $7.00 | $8.28 | $9.73 | $10.20 | +4.8% |

(EPS growth outpaces net income due to ongoing share buyback.)

#### Cash Flow & Balance Sheet (FY2025)

| Metric | Value |
|--------|-------|
| Operating Cash Flow | ~$23.5B |
| Capex | ~$1.9B (asset-light) |
| Free Cash Flow | $21.6B |
| Cash & Investments | ~$16B |
| Total Debt | ~$20B |
| Net Cash Position | ~-$4B (modestly net debt) |

#### Capital Return (FY2025)
- Dividends paid: $4.63B (17 consecutive years of increases; 14% hike Oct 2025)
- Share repurchases: $18.2B
- Total capital return: $22.8B (~114% of FCF)
- Remaining buyback authorization at Sep 30, 2025: $24.9B (subsequently expanded with a new $30B authorization)

#### Key Ratios (approximate, May 2026)
- P/E: ~32x | EV/EBITDA: ~23x | FCF Yield: ~3.1%
- Revenue Growth (TTM): ~11% | FCF Margin: ~54% | Operating Margin: ~68%
- Capex / Revenue: ~5% (extremely asset-light)

#### Volume Metrics (FY2025)
- Total processed transactions: 257.5B (vs. 233.8B FY2024, +10%)
- Total payment volume: ~$15.8T (FY2024 was ~$14.5T)
- Cross-border volume growth: +15% constant currency
- Payment volume growth: +8% constant currency

#### Growth Profile
Visa is a "GDP-plus" compounder — net revenue tracks global cash-to-card conversion (the secular tailwind) plus cross-border travel and ecommerce growth, plus a fast-growing Value-Added Services layer. Value-Added Services has scaled to a $9B+ business growing 20%+, and is targeted to reach 50% of revenue (from ~30% historically). Operating leverage continues to expand margins toward 70%, supported by VisaNet's near-zero marginal cost. Net income growth in FY2025 (+1.6%) lagged revenue growth (+11%) due to higher client incentives and one-time charges; underlying earnings power remains intact.

#### Forward Estimates
Consensus FY2026 (Oct 2025 – Sep 2026) revenue: ~$44–45B (+10–12%); FY2026 EPS: ~$11.50 (+13%). Payment volume is modeled to compound at ~9% CAGR through 2027, approaching $20T. Bull-side scenarios include faster cross-border recovery, VAS reaching 35%+ of revenue, and stablecoin settlement scaling. Bear-side scenarios include interchange regulation (US Durbin amendment expansion or Credit Card Competition Act), A2A rail adoption (Pix, UPI, FedNow) compressing volumes, and stablecoin disintermediation.

## Deeper Financial Analysis

The fundamental tier ($1.00) adds 8 dimensions not included here:

- Revenue Breakdown — segment revenue, geographic mix, product-line margins
- Financial Trends — QoQ momentum, leading indicators, inflection points
- Balance Sheet — debt structure, dilution risk, working capital dynamics
- Capital Allocation — ROIC, buyback cadence, reinvestment efficiency
- Earnings Analysis — beats/misses, guidance vs actuals, transcript highlights
- Competitive Positioning — market share, pricing power, peer benchmarks
- Industry Context — TAM, sector tailwinds/headwinds, regulatory backdrop

**API endpoint:** GET /api/v1/research/V/fundamental

## Navigation

- Overview: /stocks/v
- Financials (this page): /stocks/v/financials
- Thesis: /stocks/v/thesis
- Investment Memo: /memo/v
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