V Visa Inc. FILING REVIEW ONLY
FORM 10-K · FY2025 ENDED 2025-09-30 · FILED 2025-11-06 · SHARE COUNT AS FILED
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Diluted weighted-average shares: the average share count across the fiscal year, including shares that in-the-money options and awards would add — the denominator of diluted EPS.
· EDGAR ↗

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.

S&P 500 · FINANCIALS · CIK 1403161
REVENUE$40.0B+11.3% YoY
NET INCOME$20.1B+1.6% YoY
OPERATING CASH FLOW$23.1B+15.6% YoY
80
FILING SCORE / 100
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How the score is computed: 5 management claims are checked against the filed statements and 5 earnings-quality warning signs are computed from them. Each check earns 2 points when the numbers fully back it, 1 when partly, 0 when they contradict or flag red — 7/10 on claims and 9/10 on warning signs, averaged to 0–100. 70+ reads strong; 45–69 mixed; below 45 weak. Every check's arithmetic is on this page.
STRONG10 CHECKS · 0 red · 1 watchNEXT 10-Q ~AUG 2026 (EST.)
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Estimated from the filer's own quarter cadence: last filed quarter end + one quarter; filing typically ~40 days later. An estimate, not an announcement.
Statements & commentary
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Statements as filed on the left — every figure from the company's own XBRL filing, in millions of dollars. What management wrote on the right, quoted verbatim. Open any claim for its arithmetic. The gold number beside a statement line counts the claims resting on that line. ✓ matches · ◐ partly · ✗ contradicts or red flag · ◐ watch.
EVERY FIGURE AS FILED · $M EXCEPT PER-SHARE
Income statement · $ millions202520242023
Total revenues40,00035,92632,6532
· Data processing revenues19,99317,71416,007
· Service17,53916,11414,826
· International transaction revenues14,16612,66511,638
· Service other4,0533,1972,479
· Client incentives(15,751)(13,764)(12,297)
Selling, general and administrative1,9261,5981,330
Depreciation, depletion and amortization1,2201,034943
Total operating expenses16,00612,33111,653
Operating income23,99423,59521,000
Interest expense589641644
Other income (expense), net20032137
Income before income taxes24,19423,91621,037
Income tax provision4,1364,1733,7641
— of which current3,9844,2734,2471
Net income incl. noncontrolling interests20,05819,74317,2731
Net income attributable to common20,05819,74317,2731
Cash flow · $ millions202520242023
Net income incl. noncontrolling interests20,05819,74317,273
Depreciation, depletion and amortization1,2201,034943
Share-based compensation897850765
Deferred income taxes152(100)(483)
Change in receivables542237250
Change in payables6710934
Net cash provided by operating activities23,05919,95020,7553
Acquisitions, net of cash8879150
Net cash used in investing activities708(1,926)(2,006)
Dividends paid4,6344,2173,7511
Repurchases of common stock18,31616,71312,1011
Debt issued3,92400
Debt repaid002,250
Net cash used in financing activities(18,963)(20,633)(17,772)
Cash and equivalents at end of period24,98719,76321,990
Balance sheet · $ millions20252024
Cash and cash equivalents17,16411,975
Receivables, net3,1262,5611
Total current assets37,76634,033
Property, plant and equipment, net4,2363,824
Goodwill19,87918,9411
Intangible assets, net231248
Total assets99,62794,5111
Accounts payable555479
Current debt5,5690
Total current liabilities35,04826,517
Long-term debt19,60220,836
Total liabilities61,71855,374
Total equity37,90939,137
Largest FY/FY moves · $ millions, ranked by |Δ|FY2025FY2024Δ $Δ %Reading
Total current liabilities · BS35,04826,517+8,531+32.2%
Total liabilities · BS61,71855,374+6,344+11.5%
Cash and equivalents at end of period · CF24,98719,763+5,224+26.4%
Cash and cash equivalents · BS17,16411,975+5,189+43.3%
Total assets · BS99,62794,511+5,116+5.4%
Total revenues · IS40,00035,926+4,074+11.3%
Total current assets · BS37,76634,033+3,733+11.0%
Total operating expenses · IS16,00612,331+3,675+29.8%
Net cash provided by operating activities · CF23,05919,950+3,109+15.6%
Net cash used in investing activities · CF708(1,926)+2,634+136.8%◐ outsized
· Data processing revenues · IS19,99317,714+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 · CF18,31616,713+1,603+9.6%
Business quality — Buffett/Munger screen · deterministic · not part of the filing scoreValueReading
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 5consistent
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 · $ millionsDEC 24MAR 25JUN 25DEC 25MAR 26
Total revenues9,5109,59410,17210,90111,230
Selling, general and administrative481419482515450
Depreciation, depletion and amortization282305317326333
Total operating expenses3,2764,1593,9954,1643,996
Operating income6,2345,4356,1776,7377,234
Interest expense18215839194178
Other income (expense), net(34)3156(11)(60)
Income before income taxes6,2005,4386,3336,7267,174
Income tax provision1,0818611,0618731,153
Net income incl. noncontrolling interests5,1194,5775,2725,853
Net income attributable to common5,1194,5775,2725,8536,021
Net cash provided by operating activities5,3966,780
Largest QoQ moves · latest vs prior filed quarterPriorLatestΔ $Δ %
Net cash provided by operating activities5,3966,780+1,384+25.6%
Net income incl. noncontrolling interests5,2725,853+581+11.0%
Operating income6,7377,234+497+7.4%
Income before income taxes6,7267,174+448+6.7%
Total revenues10,90111,230+329+3.0%
Income tax provision8731,153+280+32.1%
Total operating expenses4,1643,996−168-4.0%
Net income attributable to common5,8536,021+168+2.9%
Ownership — insiders & floatForm 4 + 10-K cover · open-market trades onlyValueReading
Public float$601,100M10-K cover · as of 2025-03-31
Insider Form 4s, 90d5 filings · 0 buys / 7 sellsnet selling · −$35,831,126
· Mahon Tullier KellySELL $13,609,399Form 4 filed 2026-07-31 · open market
· Mahon Tullier KellySELL $7,292,941Form 4 filed 2026-07-31 · open market
· Mcinerney RyanSELL $7,134,967Form 4 filed 2026-06-30 · open market
· Suh ChrisSELL $3,455,665Form 4 filed 2026-05-13 · open market
· Mcinerney RyanSELL $3,044,069Form 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
Five-year seriesEACH OPENS ITS OWN PAGE WITH DERIVATION AND HISTORY
Terms and acronyms used on this page
Income statement & cash flow
ImpairmentA write-down of an asset's carrying value. Non-cash, and it does not reverse. A large impairment in one year flatters the next year's comparison.
OCFOperating cash flow — net cash provided by operating activities, as reported.
FCFFree cash flow. Not a GAAP measure and not defined in this filing. Derived here as operating cash flow less additions to oil and gas property less leasehold acquisitions. The method is shown wherever the figure is used.
Balance sheet & market
Public floatThe market value of shares held by non-affiliates, disclosed on the 10-K cover at the prior 30 June. Converting it to a float percentage needs a share price on that date, which the filing does not contain.
Filing & document terms
10-KThe annual report filed with the SEC. Item 7 is management's discussion and analysis; Item 1A is risk factors; Item 8 and Item 15 carry the audited financial statements.
YoY · CAGRYear over year · compound annual growth rate.
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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.