VISA INC.

Listed Company

VCIK 0001403161NYSELarge AcceleratedServices-Business Services, NecDelawareFY ends Sep 30

Period

FY 2025

Revenue

$40.00B

Net Income

$20.06B

Total Assets

$99.63B

Equity

$37.91B

Shares Out

469.28M

Op. Cash Flow

$23.06B

+ 13F Filer

Business

VISA INC. operates a global payments technology network that facilitates secure, reliable and efficient money movement by providing transaction processing among consumers, financial institutions and sellers. It offers Visa-branded payment products and credentials, core transaction processing via VisaNet, tokenization and digital payment capabilities, real-time money movement through Visa Direct and a broad suite of value-added services. Its key business areas include Consumer Payments, Commercial and Money Movement Solutions, and Value-Added Services (Issuing, Acceptance, Risk & Security, Advisory). Visa distributes its services worldwide through partnerships with issuers, acquirers, merchants, fintechs, digital wallets, governments and open APIs across more than 200 countries and territories.

Summary from filing dated 2025-11-06

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Net revenue	40,000	35,926	32,653	29,310	24,105
Personnel	6,961	6,264	5,831	4,990	4,240
Marketing	1,684	1,560	1,341	1,336	1,136
Network and processing	894	778	736	743	730
Professional fees	759	635	545	505	403
Depreciation and amortization	1,220	1,034	943	861	804
General and administrative	1,926	1,598	1,330	1,194	985
Litigation provision	2,562	462	927	868	3
Total operating expenses	16,006	12,331	11,653	10,497	8,301
Operating income	23,994	23,595	21,000	18,813	15,804
Interest expense	−589	−641	−644	−538	—
Investment income (expense) and other	789	962	681	−139	772
Total non-operating income (expense)	200	321	37	−677	259
Income before income taxes	24,194	23,916	21,037	18,136	16,063
Income tax provision	4,136	4,173	3,764	3,179	3,752
Net income	20,058	19,743	17,273	14,957	12,311

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Cash and cash equivalents	17,164	11,975	16,286	15,689	16,487
Restricted cash equivalentsU.S. litigation escrow	2,990	3,089	1,764	1,449	894
Investment securities	1,833	3,200	3,842	2,833	2,025
Settlement receivable	4,191	4,454	2,183	1,932	1,758
Accounts receivable	3,126	2,561	2,291	2,020	1,968
Customer collateral	3,625	3,524	3,005	2,342	2,260
Current portion of client incentives	2,158	1,918	1,577	1,272	1,359
Prepaid expenses and other current assets	2,679	3,312	2,584	2,668	856
Total current assets	37,766	34,033	33,532	30,205	27,607
Investment securities	999	2,545	1,921	2,136	1,705
Client incentives	5,157	4,628	3,789	3,348	3,245
Property, equipment and technology, net	4,236	3,824	3,425	3,223	2,715
Goodwill	19,879	18,941	17,997	17,787	15,958
Intangible assets, net	27,646	26,889	26,104	25,065	27,664
Other assets	3,944	3,651	3,731	3,737	4,002
Total assets	99,627	94,511	90,499	85,501	82,896
Accounts payable	555	479	375	340	266
Settlement payable	4,568	5,265	3,269	3,281	2,443
Customer collateral	3,625	3,524	3,005	2,342	2,260
Accrued compensation and benefits	1,863	1,538	1,506	1,359	1,211
Client incentives	10,369	9,075	8,177	6,099	5,243
Accrued liabilities	5,466	4,909	5,015	3,726	2,334
Current maturities of debt	5,569	0	0	2,250	999
Accrued litigation	3,033	1,727	1,751	1,456	983
Total current liabilities	35,048	26,517	23,098	20,853	15,739
Long-term debt	19,602	20,836	20,463	20,200	19,978
Deferred tax liabilities	5,549	5,301	5,114	5,332	6,128
Other liabilities	1,519	2,720	3,091	3,535	3,462
Total liabilities	61,718	55,374	51,766	49,920	45,307
Commitments and contingencies (Note 18 and Note 20)	—	—	—	—	—
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of September 30, 2025 and 2024	745	1,031	1,698	2,324	3,080
Right to recover for covered losses	−124	−104	−140	−35	−133
Additional paid-in capital	21,934	21,229	20,452	—	18,855
Accumulated income	15,106	17,289	18,040	16,116	15,351
Investment securities	12	30	−64	−106	−1
Defined benefit pension and other postretirement plans	−32	−16	−155	−169	−49
Derivative instruments	−307	−213	−177	418	−257
Foreign currency translation adjustments	575	−109	−921	−2,512	743
Total accumulated other comprehensive income (loss)	248	−308	−1,317	−2,369	436
Total equity	37,909	39,137	38,733	35,581	37,589
Total liabilities and equity	99,627	94,511	90,499	85,501	82,896

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-09-30	FY 2024 2024-09-30	FY 2023 2023-09-30	FY 2022 2022-09-30	FY 2021 2021-09-30
Client incentives	15,751	13,764	12,297	10,295	8,367
Share-based compensation	897	850	765	602	542
Deferred income taxes	152	−100	−483	−336	—
VE territory covered losses	−28	−139	−136	−43	−147
(Gains) losses on equity investments, net	87	94	104	264	−712
Other	94	136	14	−94	−109
Settlement receivable	374	−2,175	−160	−397	−468
Accounts receivable	−542	−237	−250	−97	−343
Client incentives	−15,314	−14,067	−11,014	−9,351	−7,510
Other assets	160	−199	−24	−666	−147
Accounts payable	67	109	34	67	88
Settlement payable	−847	1,841	−194	1,256	679
Accrued and other liabilities	−373	−676	1,291	1,055	929
Accrued litigation	1,303	−28	295	476	70
Net cash provided by (used in) operating activities	23,059	19,950	20,755	18,849	15,227
Purchases of property, equipment and technology	−1,482	−1,257	−1,059	−970	−705
Purchases of investment securities	0	−4,443	−4,363	−5,997	−5,111
Proceeds from maturities and sales of investment securities	3,024	5,013	3,160	4,585	5,701
Acquisitions, net of cash and restricted cash acquired	−887	−915	0	−1,948	−75
Purchases of other investments	−68	−231	−121	−86	−71
Proceeds from settlement of derivative instruments	0	0	402	0	0
Other investing activities	121	−93	−25	128	109
Net cash provided by (used in) investing activities	708	−1,926	−2,006	−4,288	−152
Repurchases of class A common stock	−18,316	−16,713	−12,101	−11,589	−8,676
Repayments of debt	0	0	−2,250	−1,000	−3,000
Dividends paid	−4,634	−4,217	−3,751	−3,203	−2,798
Proceeds from issuance of senior notes	3,924	0	0	3,218	0
Proceeds from stock issued under equity plans	396	335	260	196	208
Taxes paid related to stock issued under equity plans	−281	−208	−130	−120	−144
Other financing activities	−52	170	200	−198	0
Net cash provided by (used in) financing activities	−18,963	−20,633	−17,772	−12,696	−14,410
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	420	382	636	−1,287	−37
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents	5,224	−2,227	1,613	578	628
Cash paid for income taxes, net	4,541	5,775	3,433	3,741	3,012
Interest payments on debt	587	583	617	607	643
Accruals related to purchases of property, equipment and technology	59	52	96	56	41

Filings

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Holdings (13F)

Portfolio as of 2026-01-14 · 8 positions

Reported AUM

$386.36M

Holdings

Top sector

$386.36M

Top sectors

Sector	Value	% of portfolio
Uncategorized	$386.36M	100.0%

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