Powerpack

Unlock full stockrow access for only $9.90/month and boost yourself as an investor.

  • Full quarterly history

    Every quarter and TTM period we hold, not just the last 12.

  • Analyst estimates

    Three years of forward estimates and dividend forecasts.

  • Unlimited screener

    All results, unlimited saved screens, email when a screen changes.

  • Unlimited Excel

    Full workbooks and screener exports.

  • Unlimited follows

See Powerpack
Screener Weekly Summary Pricing

Visa Inc. V

Financial  —  Credit Services
367.38 (0.60) (0.16%) as of 25 Sep
Market cap
$686.4B
P/E
30.1×
S&P 500 Member Dividend Champion (10y) Revenue Champion (5y)
Indexes indicate stock being part of an index,
Growth Flags show if company had growth for consecutive years
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios 10-Q 10-K

Visa Inc. (V) Financial Analysis

Updated · Covers results through Q3 FY2026 · How this is made

Snapshot

Visa’s market capitalisation was $655.4 billion as of September 24, 2026. In FY2025, revenue was $40.0 billion, operating income was $24.0 billion, net income was $20.1 billion, and diluted EPS was $10.20.

In Q3 FY2026, revenue was $11.6 billion, gross profit was $11.6 billion, operating income was $6.9 billion, net income was $5.6 billion, and diluted EPS was $2.97. Revenue in the TTM to Q3 FY2026 was $44.5 billion, while net income in the TTM to Q3 FY2026 was $22.6 billion.

Growth

Revenue reached $40.0 billion in FY2025, with revenue growth of 11.3% in FY2025 against FY2024. Revenue compound annual growth was 10.9% in FY2022–FY2025 and 12.9% in FY2020–FY2025. Diluted EPS was $10.20 in FY2025, increasing 4.83% in FY2025 against FY2024; diluted EPS compound annual growth was 13.4% in FY2022–FY2025.

Free cash flow was $21.6 billion in FY2025 and increased 15.4% in FY2025 against FY2024. In Q3 FY2026, revenue was $11.6 billion and was 14.4% higher in Q3 FY2026 against Q3 FY2025. Diluted EPS was $2.97 in Q3 FY2026, up 10.4% in Q3 FY2026 against Q3 FY2025, while free cash flow was $6.1 billion in Q3 FY2026 and declined 2.73% in Q3 FY2026 against Q3 FY2025.

Profitability

Gross margin was 100.0% in FY2025, unchanged by 0.0 percentage points in FY2020–FY2025. Operating margin was 60.0% in FY2025, down by 4.5 percentage points in FY2020–FY2025. Pre-tax margin was 60.5% in FY2025, down by 2.6 percentage points in FY2020–FY2025, while net margin was 50.1% in FY2025 and rose by 0.4 percentage points in FY2020–FY2025.

Return on equity was 53.3% in FY2025, compared with 37.5% in FY2021. Return on assets was 20.7% in FY2025, compared with 15.0% in FY2021. Return on invested capital was 36.5% in FY2025, compared with 25.2% in FY2021. Operating margin was 59.1% in Q3 FY2026, compared with 60.7% in Q3 FY2025.

Balance sheet

Total debt was $25.2 billion in FY2025, compared with cash and short-term investments of $22.0 billion in FY2025. Net debt was $3.2 billion in FY2025 and increased to $9.2 billion in Q3 FY2026. Debt to equity was 0.7× in Q3 FY2026, while the current ratio was 1.0× in Q3 FY2026.

Shareholders’ equity was $37.9 billion in FY2025, compared with $39.1 billion in FY2024. Working capital was $2.7 billion in FY2025, below $7.5 billion in FY2024. Book value per share was $20.51 in FY2025, compared with $21.34 in FY2024.

Cash flow & capital return

Operating cash flow was $23.1 billion in FY2025, increasing 15.6% in FY2025 against FY2024. Capital expenditure was $1.5 billion in FY2025, and free cash flow was $21.6 billion in FY2025. Free cash flow represented 107.6% of net income in FY2025.

Dividends paid were $4.6 billion in FY2025, and net share repurchases were $17.9 billion in FY2025. Capital returned to shareholders was $22.6 billion in FY2025 and $84.6 billion in FY2021–FY2025. Weighted average shares were 1.8 billion shares in FY2025, while the share count declined 5.38% in FY2020–FY2025. Free cash flow was $21.0 billion in the TTM to Q3 FY2026.

Valuation

Market capitalisation was $655.4 billion as of September 24, 2026. P/E was 30.1× as of September 24, 2026, above its 28.2× five-year median over the five fiscal years to FY2025 and below its 33.5× ten-year median over the ten fiscal years to FY2025. P/S was 14.7× as of September 24, 2026, above its 14.0× five-year median over the five fiscal years to FY2025 and above its 14.5× ten-year median over the ten fiscal years to FY2025.

P/B was 18.9× as of September 24, 2026, above its 12.6× five-year median over the five fiscal years to FY2025 and its 11.7× ten-year median over the ten fiscal years to FY2025. EV/Sales and EV/Cash flow were 14.9× and 31.6×, respectively, as of September 24, 2026; both were above their five-year and ten-year medians. Industry-median comparisons are not reported.

What changed since last quarter

Revenue was $11.6 billion in Q3 FY2026, up 3.59% in Q3 FY2026 against Q2 FY2026 and up 14.4% in Q3 FY2026 against Q3 FY2025. Diluted EPS was $2.97 in Q3 FY2026, down 5.41% in Q3 FY2026 against Q2 FY2026 but up 10.4% in Q3 FY2026 against Q3 FY2025. Free cash flow was $6.1 billion in Q3 FY2026, up 133.8% in Q3 FY2026 against Q2 FY2026 and down 2.73% in Q3 FY2026 against Q3 FY2025.

Operating margin was 59.1% in Q3 FY2026, down 5.3 percentage points in Q3 FY2026 against Q2 FY2026 and down 1.6 percentage points in Q3 FY2026 against Q3 FY2025. Net debt was $9.2 billion in Q3 FY2026, declining by $220.0 million in Q3 FY2026 against Q2 FY2026 and increasing by $5.9 billion in Q3 FY2026 against Q3 FY2025.

Open questions

  • What factors caused operating margin to decline in the latest quarter despite revenue growth?
  • What drove the increase in net debt relative to a year earlier?
  • What explains the divergence between trailing operating cash flow and net income growth?
  • What caused quarterly free cash flow to vary across the recent quarters?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.