The company operates a global payments network that facilitates authorization, clearing and settlement of transactions among consumers, financial institutions, sellers, governments and other participants. Its business is organized around consumer payments, commercial and money movement solutions, and value-added services such as issuing solutions, acceptance solutions, risk and security solutions, and advisory services. Customers include financial institutions that issue payment credentials such as credit, debit and prepaid products, as well as acquirers, merchants, fintechs, digital wallets and governments.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 40,000 | 35,926 | 32,653 | 2 |
| · Data processing revenues | 19,993 | 17,714 | 16,007 | |
| · Service | 17,539 | 16,114 | 14,826 | |
| · International transaction revenues | 14,166 | 12,665 | 11,638 | |
| · Service other | 4,053 | 3,197 | 2,479 | |
| · Client incentives | (15,751) | (13,764) | (12,297) | |
| Selling, general and administrative | 1,926 | 1,598 | 1,330 | |
| Depreciation, depletion and amortization | 1,220 | 1,034 | 943 | |
| Total operating expenses | 16,006 | 12,331 | 11,653 | |
| Operating income | 23,994 | 23,595 | 21,000 | |
| Interest expense | 589 | 641 | 644 | |
| Other income (expense), net | 200 | 321 | 37 | |
| Income before income taxes | 24,194 | 23,916 | 21,037 | |
| Income tax provision | 4,136 | 4,173 | 3,764 | 1 |
| — of which current | 3,984 | 4,273 | 4,247 | 1 |
| Net income incl. noncontrolling interests | 20,058 | 19,743 | 17,273 | 1 |
| Net income attributable to common | 20,058 | 19,743 | 17,273 | 1 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 20,058 | 19,743 | 17,273 | |
| Depreciation, depletion and amortization | 1,220 | 1,034 | 943 | |
| Share-based compensation | 897 | 850 | 765 | |
| Deferred income taxes | 152 | (100) | (483) | |
| Change in receivables | 542 | 237 | 250 | |
| Change in payables | 67 | 109 | 34 | |
| Net cash provided by operating activities | 23,059 | 19,950 | 20,755 | 3 |
| Acquisitions, net of cash | 887 | 915 | 0 | |
| Net cash used in investing activities | 708 | (1,926) | (2,006) | |
| Dividends paid | 4,634 | 4,217 | 3,751 | 1 |
| Repurchases of common stock | 18,316 | 16,713 | 12,101 | 1 |
| Debt issued | 3,924 | 0 | 0 | |
| Debt repaid | 0 | 0 | 2,250 | |
| Net cash used in financing activities | (18,963) | (20,633) | (17,772) | |
| Cash and equivalents at end of period | 24,987 | 19,763 | 21,990 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 17,164 | 11,975 | |
| Receivables, net | 3,126 | 2,561 | 1 |
| Total current assets | 37,766 | 34,033 | |
| Property, plant and equipment, net | 4,236 | 3,824 | |
| Goodwill | 19,879 | 18,941 | 1 |
| Intangible assets, net | 231 | 248 | |
| Total assets | 99,627 | 94,511 | 1 |
| Accounts payable | 555 | 479 | |
| Current debt | 5,569 | 0 | |
| Total current liabilities | 35,048 | 26,517 | |
| Long-term debt | 19,602 | 20,836 | |
| Total liabilities | 61,718 | 55,374 | |
| Total equity | 37,909 | 39,137 |
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total current liabilities · BS | 35,048 | 26,517 | +8,531 | +32.2% | — |
| Total liabilities · BS | 61,718 | 55,374 | +6,344 | +11.5% | — |
| Cash and equivalents at end of period · CF | 24,987 | 19,763 | +5,224 | +26.4% | — |
| Cash and cash equivalents · BS | 17,164 | 11,975 | +5,189 | +43.3% | — |
| Total assets · BS | 99,627 | 94,511 | +5,116 | +5.4% | — |
| Total revenues · IS | 40,000 | 35,926 | +4,074 | +11.3% | — |
| Total current assets · BS | 37,766 | 34,033 | +3,733 | +11.0% | — |
| Total operating expenses · IS | 16,006 | 12,331 | +3,675 | +29.8% | — |
| Net cash provided by operating activities · CF | 23,059 | 19,950 | +3,109 | +15.6% | — |
| Net cash used in investing activities · CF | 708 | (1,926) | +2,634 | +136.8% | ◐ outsized |
| · Data processing revenues · IS | 19,993 | 17,714 | +2,279 | +12.9% | — |
| · Client incentives · IS | (15,751) | (13,764) | −1,987 | -14.4% | — |
| Net cash used in financing activities · CF | (18,963) | (20,633) | +1,670 | +8.1% | — |
| Repurchases of common stock · CF | 18,316 | 16,713 | +1,603 | +9.6% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 52.1% sector median 13.7% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | n/a sector median -1.0% | insufficient data |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 0.66 sector median 0.57 | moderate |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 60.5% sector median 26.4% | cyclical |
| Quarterly · as filed in 10-Q/10-K · $ millions | DEC 24 | MAR 25 | JUN 25 | DEC 25 | MAR 26 |
|---|---|---|---|---|---|
| Total revenues | 9,510 | 9,594 | 10,172 | 10,901 | 11,230 |
| Selling, general and administrative | 481 | 419 | 482 | 515 | 450 |
| Depreciation, depletion and amortization | 282 | 305 | 317 | 326 | 333 |
| Total operating expenses | 3,276 | 4,159 | 3,995 | 4,164 | 3,996 |
| Operating income | 6,234 | 5,435 | 6,177 | 6,737 | 7,234 |
| Interest expense | 182 | 158 | 39 | 194 | 178 |
| Other income (expense), net | (34) | 3 | 156 | (11) | (60) |
| Income before income taxes | 6,200 | 5,438 | 6,333 | 6,726 | 7,174 |
| Income tax provision | 1,081 | 861 | 1,061 | 873 | 1,153 |
| Net income incl. noncontrolling interests | 5,119 | 4,577 | 5,272 | 5,853 | — |
| Net income attributable to common | 5,119 | 4,577 | 5,272 | 5,853 | 6,021 |
| Net cash provided by operating activities | 5,396 | — | — | 6,780 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Net cash provided by operating activities | 5,396 | 6,780 | +1,384 | +25.6% |
| Net income incl. noncontrolling interests | 5,272 | 5,853 | +581 | +11.0% |
| Operating income | 6,737 | 7,234 | +497 | +7.4% |
| Income before income taxes | 6,726 | 7,174 | +448 | +6.7% |
| Total revenues | 10,901 | 11,230 | +329 | +3.0% |
| Income tax provision | 873 | 1,153 | +280 | +32.1% |
| Total operating expenses | 4,164 | 3,996 | −168 | -4.0% |
| Net income attributable to common | 5,853 | 6,021 | +168 | +2.9% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $601,100M | 10-K cover · as of 2025-03-31 |
| Insider Form 4s, 90d | 5 filings · 0 buys / 7 sells | net selling · −$35,831,126 |
| · Mahon Tullier Kelly | SELL $13,609,399 | Form 4 filed 2026-07-31 · open market |
| · Mahon Tullier Kelly | SELL $7,292,941 | Form 4 filed 2026-07-31 · open market |
| · Mcinerney Ryan | SELL $7,134,967 | Form 4 filed 2026-06-30 · open market |
| · Suh Chris | SELL $3,455,665 | Form 4 filed 2026-05-13 · open market |
| · Mcinerney Ryan | SELL $3,044,069 | Form 4 filed 2026-07-02 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Visa Inc.'s Form 10-K for FY2025 (accession 0001403161-25-000089), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. V is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.