Visa (V) financial statements
Visa reported revenue of $40.0B in fiscal 2025, up 11.4% a year over 9 years.
Net income was $20.1B and the operating margin 60.0%, against 52.3% in 2016.
Free cash flow was $21.6B, and the company returned $4.6B in dividends and $18.3B in net buybacks.
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from Visa's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.1B | $18.4B | $20.6B | $23.0B | $21.8B | $24.1B | $29.3B | $32.7B | $35.9B | $40.0B |
| Selling, general and admin | $796M | $1.1B | $1.1B | $1.2B | $1.1B | $985M | $1.2B | $1.3B | $1.6B | $1.9B |
| Operating income | $7.9B | $12.1B | $13.0B | $15.0B | $14.1B | $15.8B | $18.8B | $21.0B | $23.6B | $24.0B |
| Interest expense | — | — | — | — | — | — | $538M | $644M | $641M | $589M |
| Pre-tax income | $8.0B | $11.7B | $12.8B | $14.9B | $13.8B | $16.1B | $18.1B | $21.0B | $23.9B | $24.2B |
| Income tax | $2.0B | $5.0B | $2.5B | $2.8B | $2.9B | $3.8B | $3.2B | $3.8B | $4.2B | $4.1B |
| Net income | $6.0B | $6.7B | $10.3B | $12.1B | $10.9B | $12.3B | $15.0B | $17.3B | $19.7B | $20.1B |
| 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% |
Balance sheet
Fiscal years, from Visa's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $8.9B | $13.4B | $11.6B | $11.9B | $19.9B | $16.5B | $15.7B | $16.3B | $12.0B | $17.2B |
| Receivables | $1.0B | $1.1B | $1.2B | $1.5B | $1.6B | $2.0B | $2.0B | $2.3B | $2.6B | $3.1B |
| Total current assets | $14.3B | $19.0B | $18.2B | $21.0B | $27.6B | $27.6B | $30.2B | $33.5B | $34.0B | $37.8B |
| Property, plant and equipment | $2.1B | $2.3B | $2.5B | $2.7B | $2.7B | $2.7B | $3.2B | $3.4B | $3.8B | $4.2B |
| Goodwill | $15.1B | $15.1B | $15.2B | $15.7B | $15.9B | $16.0B | $17.8B | $18.0B | $18.9B | $19.9B |
| Total assets | $64.0B | $68.0B | $69.2B | $72.6B | $80.9B | $82.9B | $85.5B | $90.5B | $94.5B | $99.6B |
| Total current liabilities | $8.0B | $10.0B | $11.3B | $13.4B | $14.5B | $15.7B | $20.9B | $23.1B | $26.5B | $35.0B |
| Long-term debt | $15.9B | $16.6B | $16.6B | $16.7B | $21.1B | $20.0B | $20.2B | $20.5B | $20.8B | $19.6B |
| Total liabilities | $31.1B | $35.2B | $35.2B | $37.9B | $44.7B | $45.3B | $49.9B | $51.8B | $55.4B | $61.7B |
| Shareholders' equity | $32.9B | $32.8B | $34.0B | $34.7B | $36.2B | $37.6B | $35.6B | $38.7B | $39.1B | $37.9B |
| Net debt | $10.3B | $8.5B | $8.5B | $8.9B | $7.8B | $4.5B | $6.8B | $4.2B | $8.9B | $8.0B |
Cash flow
Fiscal years, from Visa's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.6B | $9.3B | $12.9B | $12.8B | $10.4B | $15.2B | $18.8B | $20.8B | $19.9B | $23.1B |
| Capital spending | $523M | $707M | $718M | $756M | $736M | $705M | $970M | $1.1B | $1.3B | $1.5B |
| Free cash flow | $5.1B | $8.6B | $12.2B | $12.0B | $9.7B | $14.5B | $17.9B | $19.7B | $18.7B | $21.6B |
| Stock-based compensation | $221M | $235M | $327M | $407M | $416M | $542M | $602M | $765M | $850M | $897M |
| Dividends paid | $1.4B | $1.6B | $1.9B | $2.3B | $2.7B | $2.8B | $3.2B | $3.8B | $4.2B | $4.6B |
| Share buybacks (net) | — | -$6.9B | -$7.2B | -$8.6B | -$8.1B | -$8.7B | -$11.6B | -$12.1B | -$16.7B | -$18.3B |
| Net borrowing | $16.0B | $2.5B | -$1.8B | $0 | $7.2B | -$3.0B | $2.2B | -$2.2B | $0 | $3.9B |
| Free cash flow margin | 33.5% | 46.9% | 59.3% | 52.3% | 44.4% | 60.2% | 61.0% | 60.3% | 52.0% | 53.9% |
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Open V in InvestinglyQuestions
What was Visa's revenue in 2025?
$40.0B in fiscal 2025, from its 10-K filing.
How much free cash flow does Visa generate?
$21.6B in fiscal 2025 (operating cash flow minus capital spending).
From Visa's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.