VISA INC.V

VISA INC. Revenue Disclosure

10-KFiled Nov 6, 20252 min read
Note 3—Revenue
The nature, amount, timing and uncertainty of the Company’s revenue and cash flows and how they are affected by economic factors are most appropriately depicted through the Company’s revenue categories and
geographical markets. The following tables disaggregate the Company’s net revenue by revenue category and by geography:
For the Years Ended
September 30,
202520242023
(in millions)
Service revenue
$17,539 $16,114 $14,826 
Data processing revenue
19,993 17,714 16,007 
International transaction revenue
14,166 12,665 11,638 
Other revenue
4,053 3,197 2,479 
Client incentives(15,751)(13,764)(12,297)
Net revenue
$40,000 $35,926 $32,653 

For the Years Ended
September 30,
202520242023
(in millions)
U.S.$15,633 $14,780 $14,138 
International24,367 21,146 18,515 
Net revenue
$40,000 $35,926 $32,653 
For fiscal 2025, 2024, and 2023, revenue from value-added services was $10.9 billion, $8.8 billion and $7.2 billion, respectively. Revenue from Value-added Services is recognized within data processing, other and service revenue.
Remaining performance obligations are comprised of deferred revenue and contract revenue that will be invoiced and recognized as revenue in future periods primarily related to value-added services. As of September 30, 2025, the remaining performance obligations were $4.9 billion. The Company expects approximately half to be recognized as revenue in the next two years and the remaining thereafter. However, the amount and timing of revenue recognition is affected by several factors, including contract modifications and terminations, which could impact the estimate of amounts allocated to remaining performance obligations and when such revenue could be recognized.

Historical Timeline

Fiscal YearFiled
2025Nov 6, 2025Showing above
2024Nov 13, 2024
2023Nov 15, 2023
2022Nov 16, 2022
2021Nov 18, 2021
2020Nov 19, 2020
2019Nov 14, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.

Other Available Disclosures

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