Visa (V) Financials

Trailing 12 months to March 31, 2026

Revenue $43.0B +14.4% YoY

Net Income $22.2B +11.8% YoY

Free Cash Flow $21.2B +3.3% YoY

Operating Cash Flow $22.8B +4.0% YoY

Market Cap $706.5B as of Sep 2, 2026

Price / Sales 16.4x on $43.0B revenue, trailing 12 months to March 31, 2026

Price / Earnings 31.8x on $22.2B net income, trailing 12 months to March 31, 2026

Price / Book 19.8x on $35.7B equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Sep 2, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Mar 31, 2026 Reported Apr 29, 2026 Currency USD FYE September

Newest figures come from the 10-Q for Q2 FY2026, filed Apr 29, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the V SEC filings page.

Visa (V) reported $43.0B in revenue over the twelve months to Mar 31, 2026, up 14.4% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI V FY2025 2026-08-29

Visa’s dominant mechanic is high cash generation funding capital returns, while FY2025 growth brought margin compression and a thinner short-term liquidity cushion.

FY2025 revenue growth coincided with operating margin falling to 60.0% from 65.7%, indicating growth was accompanied by cost or mix pressure rather than proportional operating leverage. Yet free cash flow rose to $21.6B from $18.7B and exceeded net income, showing cash conversion improved even as reported profitability ratios weakened.

Operating cash flow reached $23.1B, while buybacks were $18.3B, so capital returns absorbed a large share of internally generated cash. Capital spending was $1.5B, making shareholder distributions the principal visible use of cash beyond operations.

The short-term liquidity cushion narrowed: the current ratio fell to 1.1x as current liabilities expanded to $35.0B. Long-term debt declined, while equity ended at $37.9B, indicating the tighter position was driven more by current obligations and capital allocation than by rising long-term borrowing.

Financial Health Signals

Financial Health Score 77/100

Scored against operating companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Visa's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Profitability

Visa has an operating margin of 60.0%, meaning the company retains $60 of operating profit per $100 of revenue. This strong profitability earns a score of 99/100, reflecting efficient cost management and pricing power. This is down from 65.7% the prior year.

Growth

Visa's revenue grew 11.3% year-over-year to $40.0B, a solid pace of expansion. This earns a growth score of 67/100.

Leverage

Visa carries a low D/E ratio of 0.52, meaning only $0.52 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 81/100, indicating a strong balance sheet with room for future borrowing.

Liquidity

Visa's current ratio of 1.08 is below the typical benchmark, resulting in a score of 23/100. This tight liquidity could limit financial flexibility if cash inflows slow.

Cash Flow

Visa converts 53.9% of revenue into free cash flow ($21.6B). This strong cash generation earns a score of 99/100.

Returns

Visa earns a strong 52.9% return on equity (ROE), meaning it generates $53 of profit for every $100 of shareholders' equity. This efficient capital use earns a returns score of 94/100. This is up from 50.4% the prior year.

Altman Z-Score Safe

8.31

Visa scores 8.31, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($706.5B) relative to total liabilities ($61.7B). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/7

Visa passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 3 of 4 profitability signals pass, 1 of 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality Cash-Backed

1.15x

For every $1 of reported earnings, Visa generates $1.15 in operating cash flow ($23.1B OCF vs $20.1B net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.

Interest Coverage Safe

40.74x

Visa earns $40.74 in operating income for every $1 of interest expense ($24.0B vs $589.0M). This wide margin provides strong safety for debt servicing, even if earnings decline temporarily.

Key Financial Metrics

Export CSV

Earnings & Revenue

Revenue

$11.2B

YoY+17.1%

QoQ+3.0%

5Y CAGR+14.4%

10Y CAGR+12.0%

Visa generated $11.2B in revenue in Q2 2026. This represents an increase of 17.1% from the same quarter a year earlier. Against the prior quarter it is up 3.0%.

EBITDA

$7.6B

YoY+31.8%

QoQ+7.1%

5Y CAGR+14.9%

10Y CAGR+11.5%

Visa's EBITDA was $7.6B in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 31.8% from the same quarter a year earlier. Against the prior quarter it is up 7.1%.

Net Income

$6.0B

YoY+31.5%

QoQ+2.9%

5Y CAGR+14.8%

10Y CAGR+13.4%

Visa reported $6.0B in net income in Q2 2026. This represents an increase of 31.5% from the same quarter a year earlier. Against the prior quarter it is up 2.9%.

EPS (Diluted)

Not reported for Q2 2026.

Cash & Balance Sheet

Free Cash Flow

$2.6B

YoY-39.9%

QoQ-59.0%

5Y CAGR-3.7%

10Y CAGR+13.9%

Visa generated $2.6B in free cash flow in Q2 2026, representing cash available after capex. This represents a decrease of 39.9% from the same quarter a year earlier. Against the prior quarter it is down 59.0%.

Cash & Debt

$12.4B

YoY+5.7%

QoQ-15.9%

5Y CAGR-5.5%

10Y CAGR-2.5%

Visa held $12.4B in cash against $22.4B in long-term debt as of Q2 2026.

Dividends Per Share

$0.67

YoY+13.6%

QoQ0.0%

Visa paid $0.67 per share in dividends in Q2 2026. This represents an increase of 13.6% from the same quarter a year earlier. It is unchanged from the prior quarter.

Shares Outstanding

Not reported for Q2 2026.

Margins & Returns

Operating Margin

64.4%

YoY+7.8pp

QoQ+2.6pp

5Y CAGR+1.9pp

10Y CAGR-2.7pp

Visa's operating margin was 64.4% in Q2 2026, reflecting core business profitability. This is up 7.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 2.6 percentage points.

Net Margin

53.6%

YoY+5.9pp

QoQ-0.1pp

5Y CAGR+0.8pp

10Y CAGR+6.5pp

Visa's net profit margin was 53.6% in Q2 2026, showing the share of revenue converted to profit. This is up 5.9 percentage points from the same quarter a year earlier. Against the prior quarter it is down 0.1 percentage points.

Return on Equity

16.9%

YoY+4.8pp

QoQ+1.8pp

5Y CAGR+8.9pp

10Y CAGR+11.0pp

Visa's ROE was 16.9% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 4.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.8 percentage points.

Gross Margin

Not reported for Q2 2026.

Capital Allocation

Share Buybacks

$7.9B

YoY+71.9%

QoQ+112.1%

5Y CAGR+35.8%

Visa spent $7.9B on share buybacks in Q2 2026, returning capital to shareholders by reducing shares outstanding. This represents an increase of 71.9% from the same quarter a year earlier. Against the prior quarter it is up 112.1%.

Capital Expenditures

$383.0M

YoY+17.1%

QoQ+1.3%

5Y CAGR+19.4%

10Y CAGR+11.9%

Visa invested $383.0M in capex in Q2 2026, funding long-term assets and infrastructure. This represents an increase of 17.1% from the same quarter a year earlier. Against the prior quarter it is up 1.3%.

R&D Spending

Not reported for Q2 2026.

V Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

V quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$43.0B	$40.0B+11.3%	$35.9B+10.0%	$32.7B+11.4%	$29.3B+21.6%	$24.1B+10.3%	$21.8B-4.9%	$23.0B+11.5%	$20.6B+12.3%	$18.4B+21.7%	$15.1B+8.7%	$13.9B+9.3%	$12.7B+7.8%	$11.8B+13.0%	$10.4B+13.4%	$9.2B
SG&A Expenses	$2.0B	$1.9B+20.5%	$1.6B+20.2%	$1.3B+11.4%	$1.2B+21.2%	$985.0M-10.1%	$1.1B-8.4%	$1.2B+4.5%	$1.1B+8.0%	$1.1B+33.2%	$796.0M+45.5%	$547.0M+7.9%	$507.0M+12.4%	$451.0M0.0%	$451.0M+8.9%	$414.0M
Operating Income	$26.3B	$24.0B+1.7%	$23.6B+12.4%	$21.0B+11.6%	$18.8B+19.0%	$15.8B+12.2%	$14.1B-6.1%	$15.0B+15.8%	$13.0B+6.7%	$12.1B+54.1%	$7.9B-13.0%	$9.1B+17.8%	$7.7B+6.3%	$7.2B+238.4%	$2.1B-60.8%	$5.5B
EBITDA	N/A	$25.2B+2.4%	$24.6B+12.2%	$21.9B+11.5%	$19.7B+18.5%	$16.6B+11.9%	$14.8B-5.2%	$15.7B+15.4%	$13.6B+6.8%	$12.7B+51.5%	$8.4B-12.3%	$9.6B+17.5%	$8.1B+6.5%	$7.6B+208.9%	$2.5B-57.0%	$5.7B
Interest Expense	$621.0M	$589.0M-8.1%	$641.0M-0.5%	$644.0M+19.7%	$538.0M+204.9%	-$513.0M+0.6%	-$516.0M+3.2%	-$533.0M+12.9%	-$612.0M-8.7%	-$563.0M-31.9%	-$427.0M-14133.3%	-$3.0M+62.5%	-$8.0M	N/A	-$29.0M-190.6%	$32.0M
Income Tax	$4.2B	$4.1B-0.9%	$4.2B+10.9%	$3.8B+18.4%	$3.2B-15.3%	$3.8B+28.3%	$2.9B+4.3%	$2.8B+11.9%	$2.5B-49.8%	$5.0B+147.2%	$2.0B-24.2%	$2.7B+16.7%	$2.3B+0.4%	$2.3B+3403.1%	$65.0M-96.8%	$2.0B
Net Income	$22.2B	$20.1B+1.6%	$19.7B+14.3%	$17.3B+15.5%	$15.0B+21.5%	$12.3B+13.3%	$10.9B-10.0%	$12.1B+17.3%	$10.3B+53.8%	$6.7B+11.8%	$6.0B-5.3%	$6.3B+16.4%	$5.4B+9.2%	$5.0B+132.3%	$2.1B-41.3%	$3.6B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$11.2B+17.1%	$10.9B+14.6%	$10.7B+11.5%	$10.2B+14.3%	$9.6B+9.3%	$9.5B+10.1%	$9.6B+11.7%	$8.9B+9.6%
SG&A Expenses	$450.0M+7.4%	$515.0M+7.1%	$544.0M+28.3%	$482.0M+26.2%	$419.0M-7.3%	$481.0M+41.5%	$424.0M+2.9%	$382.0M+21.7%
Operating Income	$7.2B+33.1%	$6.7B+8.1%	$6.1B-3.2%	$6.2B+4.0%	$5.4B+1.5%	$6.2B+4.7%	$6.3B+14.4%	$5.9B+18.2%
EBITDA	$7.6B+31.8%	$7.1B+8.4%	$6.5B-2.4%	$6.5B+4.7%	$5.7B+2.4%	$6.5B+5.1%	$6.6B+14.2%	$6.2B+17.9%
Interest Expense	$178.0M+12.7%	$194.0M+6.6%	$210.0M+19.3%	$39.0M-80.1%	$158.0M+92.7%	$182.0M-2.7%	$176.0M-76.2%	$196.0M+7.7%
Income Tax	$1.2B+33.9%	$873.0M-19.2%	$1.1B+7.5%	$1.1B-5.0%	$861.0M+1.3%	$1.1B-6.2%	$1.1B+10.4%	$1.1B+12.8%
Net Income	$6.0B+31.5%	$5.9B+14.3%	$5.1B-4.3%	$5.3B+8.2%	$4.6B-1.8%	$5.1B+4.7%	$5.3B+13.6%	$4.9B+17.2%

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, R&D Expenses, EPS (Basic), EPS (Diluted), Diluted Shares (Avg).

V Balance Sheet

V quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$99.6B+5.4%	$94.5B+4.4%	$90.5B+5.8%	$85.5B+3.1%	$82.9B+2.4%	$80.9B+11.5%	$72.6B+4.8%	$69.2B+1.8%	$68.0B+6.2%	$64.0B+62.7%	$39.4B+2.1%	$38.6B+7.3%	$36.0B-10.1%	$40.0B+15.1%	$34.8B
Current Assets	$37.8B+11.0%	$34.0B+1.5%	$33.5B+11.0%	$30.2B+9.4%	$27.6B-0.1%	$27.6B+31.8%	$21.0B+15.1%	$18.2B-4.2%	$19.0B+32.9%	$14.3B+42.8%	$10.0B+4.8%	$9.6B+22.2%	$7.8B-33.6%	$11.8B+28.2%	$9.2B
Cash & Equivalents	$17.2B+43.3%	$12.0B-26.5%	$16.3B+3.8%	$15.7B-4.8%	$16.5B+1.2%	$16.3B+107.8%	$7.8B-4.0%	$8.2B-17.3%	$9.9B+75.7%	$5.6B+59.7%	$3.5B+78.5%	$2.0B-9.8%	$2.2B+5.4%	$2.1B-2.5%	$2.1B
Short-Term Investments	$0	$0	$0	$0	$0-100.0%	$3.6B-12.3%	$4.1B+19.7%	$3.4B-1.4%	$3.5B+7.2%	$3.2B+33.6%	$2.4B+27.3%	$1.9B-4.2%	$2.0B+194.5%	$677.0M-44.2%	$1.2B
Accounts Receivable	$3.1B+22.1%	$2.6B+11.8%	$2.3B+13.4%	$2.0B+2.6%	$2.0B+21.6%	$1.6B+4.9%	$1.5B+27.6%	$1.2B+6.7%	$1.1B+8.7%	$1.0B+22.9%	$847.0M+3.0%	$822.0M+8.0%	$761.0M+5.3%	$723.0M+29.1%	$560.0M
Long-Term Investments	$999.0M-60.7%	$2.5B+32.5%	$1.9B-10.1%	$2.1B+25.3%	$1.7B+638.1%	$231.0M-89.3%	$2.2B-47.2%	$4.1B+111.9%	$1.9B-51.0%	$3.9B+16.2%	$3.4B+12.2%	$3.0B+9.2%	$2.8B-15.9%	$3.3B+361.7%	$711.0M
Goodwill	$19.9B+5.0%	$18.9B+5.2%	$18.0B+1.2%	$17.8B+11.5%	$16.0B+0.3%	$15.9B+1.6%	$15.7B+3.0%	$15.2B+0.6%	$15.1B+0.3%	$15.1B+27.4%	$11.8B+0.6%	$11.8B+0.6%	$11.7B0.0%	$11.7B+0.1%	$11.7B
Total Liabilities	$61.7B+11.5%	$55.4B+7.0%	$51.8B+3.7%	$49.9B+10.2%	$45.3B+1.3%	$44.7B+18.0%	$37.9B+7.6%	$35.2B0.0%	$35.2B+13.2%	$31.1B+226.8%	$9.5B-14.6%	$11.2B+22.8%	$9.1B-26.6%	$12.4B+48.8%	$8.3B
Current Liabilities	$35.0B+32.2%	$26.5B+14.8%	$23.1B+10.8%	$20.9B+32.5%	$15.7B+8.5%	$14.5B+8.2%	$13.4B+18.7%	$11.3B+13.1%	$10.0B+24.2%	$8.0B+50.3%	$5.4B-10.8%	$6.0B+38.5%	$4.3B-45.5%	$8.0B+130.5%	$3.5B
Non-Current Liabilities	$26.7B-7.6%	$28.9B+0.7%	$28.7B-1.4%	$29.1B-1.7%	$29.6B-2.1%	$30.2B+23.4%	$24.5B+2.3%	$23.9B-5.2%	$25.2B+9.3%	$23.1B+453.4%	$4.2B-19.0%	$5.2B+8.4%	$4.8B+7.3%	$4.4B-9.1%	$4.9B
Long-Term Debt	$19.6B-5.9%	$20.8B+1.8%	$20.5B+1.3%	$20.2B+1.1%	$20.0B-5.2%	$21.1B+26.0%	$16.7B+0.6%	$16.6B+0.1%	$16.6B+4.6%	$15.9B	$0	N/A	N/A	N/A	N/A
Total Equity	$37.9B-3.1%	$39.1B+1.0%	$38.7B+8.9%	$35.6B-5.3%	$37.6B+3.8%	$36.2B+4.4%	$34.7B+2.0%	$34.0B+3.8%	$32.8B-0.5%	$32.9B+10.3%	$29.8B+8.9%	$27.4B+2.0%	$26.9B-2.8%	$27.6B+4.5%	$26.4B
Retained Earnings	$15.1B-12.6%	$17.3B-4.2%	$18.0B+11.9%	$16.1B+5.0%	$15.4B+9.0%	$14.1B+4.3%	$13.5B+19.3%	$11.3B+19.0%	$9.5B-9.1%	$10.5B-11.7%	$11.8B+29.7%	$9.1B+14.5%	$8.0B+2.1%	$7.8B+16.4%	$6.7B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$95.0B+2.4%	$96.8B+5.4%	$99.6B+5.4%	$100.0B+9.9%	$92.9B+0.5%	$91.9B+0.5%	$94.5B+4.4%	$91.0B+2.0%
Current Assets	$31.6B-4.0%	$35.0B+7.3%	$37.8B+11.0%	$38.4B+23.7%	$32.9B+0.5%	$32.6B-0.3%	$34.0B+1.5%	$31.0B-2.0%
Cash & Equivalents	$12.4B+5.7%	$14.8B+19.3%	$17.2B+43.3%	$17.1B+32.0%	$11.7B-9.7%	$12.4B-9.0%	$12.0B-26.5%	$12.9B-17.0%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	$3.4B+25.2%	$3.2B+24.7%	$3.1B+22.1%	$2.9B+15.8%	$2.7B+19.7%	$2.6B+3.4%	$2.6B+11.8%	$2.5B+10.5%
Long-Term Investments	$308.0M-79.0%	$484.0M-72.5%	$999.0M-60.7%	$1.2B-60.4%	$1.5B-52.5%	$1.8B-37.5%	$2.5B+32.5%	$3.0B+43.1%
Goodwill	$20.9B+6.4%	$19.9B+1.7%	$19.9B+5.0%	$19.9B+5.7%	$19.6B+4.3%	$19.5B+7.9%	$18.9B+5.2%	$18.8B+4.1%
Total Liabilities	$59.4B+8.3%	$58.0B+8.3%	$61.7B+11.5%	$61.4B+19.6%	$54.8B+5.6%	$53.6B+3.7%	$55.4B+7.0%	$51.3B+2.1%
Current Liabilities	$29.1B-4.3%	$31.5B+8.2%	$35.0B+32.2%	$34.4B+52.3%	$30.4B+29.6%	$29.1B+28.5%	$26.5B+14.8%	$22.6B+6.5%
Non-Current Liabilities	$30.3B+24.0%	$26.5B+8.3%	$26.7B-7.6%	$26.9B-6.2%	$24.4B-14.2%	$24.5B-15.6%	$28.9B+0.7%	$28.7B-1.1%
Long-Term Debt	$22.4B+33.3%	$19.6B+17.4%	$19.6B-5.9%	$19.6B-4.9%	$16.8B-18.4%	$16.7B-19.4%	$20.8B+1.8%	$20.6B+0.2%
Total Equity	$35.7B-6.2%	$38.8B+1.3%	$37.9B-3.1%	$38.7B-2.7%	$38.0B-6.1%	$38.3B-3.6%	$39.1B+1.0%	$39.7B+1.9%
Retained Earnings	$13.1B-20.6%	$16.0B-8.1%	$15.1B-12.6%	$16.0B-14.1%	$16.5B-14.6%	$17.4B-5.3%	$17.3B-4.2%	$18.6B+3.7%

Not reported in any period shown, so not listed: Inventory.

V Cash Flow Statement

V quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	$22.8B	$23.1B+15.6%	$19.9B-3.9%	$20.8B+10.1%	$18.8B+23.8%	$15.2B+45.9%	$10.4B-18.3%	$12.8B-1.2%	$12.9B+38.9%	$9.3B+67.2%	$5.6B-15.3%	$6.6B-8.6%	$7.2B+138.4%	$3.0B-39.7%	$5.0B+29.4%	$3.9B
Depreciation & Amortization	N/A	$1.2B+18.0%	$1.0B+9.7%	$943.0M+9.5%	$861.0M+7.1%	$804.0M+4.8%	$767.0M+16.9%	$656.0M+7.0%	$613.0M+10.3%	$556.0M+10.8%	$502.0M+1.6%	$494.0M+13.6%	$435.0M+9.6%	$397.0M+19.2%	$333.0M+15.6%	$288.0M
Stock-Based Compensation	N/A	$897.0M+5.5%	$850.0M+11.1%	$765.0M+27.1%	$602.0M+11.1%	$542.0M+30.3%	$416.0M+2.2%	$407.0M+24.5%	$327.0M+39.1%	$235.0M+6.3%	$221.0M+18.2%	$187.0M+8.7%	$172.0M-3.9%	$179.0M+21.8%	$147.0M-4.5%	$154.0M
Capital Expenditures	$1.6B	$1.5B+17.9%	$1.3B+18.7%	$1.1B+9.2%	$970.0M+37.6%	$705.0M-4.2%	$736.0M-2.6%	$756.0M+5.3%	$718.0M+1.6%	$707.0M+35.2%	$523.0M+26.3%	$414.0M-25.1%	$553.0M+17.4%	$471.0M+25.3%	$376.0M+6.5%	$353.0M
Free Cash Flow	$21.2B	$21.6B+15.4%	$18.7B-5.1%	$19.7B+10.2%	$17.9B+23.1%	$14.5B+49.6%	$9.7B-19.3%	$12.0B-1.6%	$12.2B+42.0%	$8.6B+70.5%	$5.1B-18.1%	$6.2B-7.2%	$6.7B+160.8%	$2.6B-44.9%	$4.6B+31.7%	$3.5B
Investing Cash Flow	-$469.0M	$708.0M+136.8%	-$1.9B+4.0%	-$2.0B+53.2%	-$4.3B-2721.1%	-$152.0M-110.7%	$1.4B+341.5%	-$591.0M+80.8%	-$3.1B-519.6%	$735.0M+106.7%	-$10.9B-660.7%	-$1.4B-52.5%	-$941.0M+19.2%	-$1.2B+51.8%	-$2.4B-5.0%	-$2.3B
Financing Cash Flow	-$23.2B	-$19.0B+8.1%	-$20.6B-16.1%	-$17.8B-40.0%	-$12.7B+11.9%	-$14.4B-263.2%	-$4.0B+67.1%	-$12.1B-11.8%	-$10.8B-82.1%	-$5.9B-179.2%	$7.5B+307.5%	-$3.6B+44.4%	-$6.5B-271.0%	-$1.7B+34.2%	-$2.7B+19.6%	-$3.3B
Dividends Paid	$4.9B	$4.6B+9.9%	$4.2B+12.4%	$3.8B+17.1%	$3.2B+14.5%	$2.8B+5.0%	$2.7B+17.4%	$2.3B+18.3%	$1.9B+21.5%	$1.6B+17.0%	$1.4B+14.7%	$1.2B+17.0%	$1.0B+16.4%	$864.0M+45.2%	$595.0M+40.7%	$423.0M
Share Buybacks	$21.3B	$18.3B+9.6%	$16.7B+38.1%	$12.1B+4.4%	$11.6B+33.6%	$8.7B+6.9%	$8.1B-5.7%	$8.6B+19.7%	$7.2B+4.4%	$6.9B	N/A	$2.9B-29.3%	$4.1B-23.2%	$5.4B+655.6%	$710.0M-64.9%	$2.0B

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	$3.0B-35.9%	$6.8B+25.6%	$6.2B-6.4%	$6.7B+31.1%	$4.7B+3.5%	$5.4B+49.3%	$6.7B-3.8%	$5.1B-11.4%
Depreciation & Amortization	$333.0M+9.2%	$326.0M+15.6%	$316.0M+15.3%	$317.0M+20.1%	$305.0M+22.5%	$282.0M+14.2%	$274.0M+10.9%	$264.0M+12.3%
Stock-Based Compensation	N/A	$231.0M+3.1%	N/A	N/A	N/A	$224.0M+7.2%	N/A	N/A
Capital Expenditures	$383.0M+17.1%	$378.0M+9.6%	$389.0M+25.9%	$421.0M+5.3%	$327.0M+16.4%	$345.0M+29.2%	$309.0M+1.3%	$400.0M+35.6%
Free Cash Flow	$2.6B-39.9%	$6.4B+26.7%	$5.8B-8.0%	$6.3B+33.3%	$4.4B+2.6%	$5.1B+50.9%	$6.4B-4.0%	$4.7B-14.0%
Investing Cash Flow	-$878.0M-575.4%	$361.0M-54.3%	$304.0M-47.9%	-$256.0M-146.1%	-$130.0M+88.9%	$790.0M+141.8%	$584.0M+149.2%	$555.0M+3164.7%
Financing Cash Flow	-$6.4B-13.3%	-$9.0B-64.1%	-$6.0B+15.1%	-$1.8B+65.6%	-$5.7B-46.1%	-$5.5B-25.0%	-$7.1B-54.3%	-$5.3B-35.5%
Dividends Paid	$1.3B+10.5%	$1.3B+10.5%	$1.1B+10.1%	$1.2B+9.3%	$1.2B+9.8%	$1.2B+10.4%	$1.0B+12.2%	$1.1B+12.7%
Share Buybacks	$7.9B+71.9%	$3.7B-7.1%	$4.9B-15.7%	$4.8B+5.6%	$4.6B+66.6%	$4.0B+12.0%	$5.8B+55.9%	$4.5B+48.9%

V Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

V quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	60.0%-5.7pp	65.7%+1.4pp	64.3%+0.1pp	64.2%-1.4pp	65.6%+1.1pp	64.5%-0.8pp	65.3%+2.4pp	62.9%-3.3pp	66.1%+13.9pp	52.3%-13.0pp	65.3%+4.7pp	60.6%-0.9pp	61.5%+40.9pp	20.5%-38.8pp	59.4%
Net Margin	50.1%-4.8pp	54.9%+2.0pp	52.9%+1.9pp	51.0%0.0pp	51.1%+1.3pp	49.7%-2.8pp	52.6%+2.6pp	50.0%+13.5pp	36.5%-3.2pp	39.7%-5.9pp	45.6%+2.8pp	42.8%+0.5pp	42.3%+21.7pp	20.6%-19.2pp	39.7%
Return on Equity	52.9%+2.5pp	50.4%+5.8pp	44.6%+2.6pp	42.0%+9.3pp	32.8%+2.7pp	30.0%-4.8pp	34.8%+4.5pp	30.3%+9.8pp	20.4%+2.2pp	18.2%-3.0pp	21.2%+1.4pp	19.8%+1.3pp	18.5%+10.8pp	7.8%-6.0pp	13.8%
Return on Assets	20.1%-0.8pp	20.9%+1.8pp	19.1%+1.6pp	17.5%+2.6pp	14.8%+1.4pp	13.4%-3.2pp	16.7%+1.8pp	14.9%+5.0pp	9.8%+0.5pp	9.4%-6.7pp	16.1%+2.0pp	14.1%+0.2pp	13.9%+8.5pp	5.4%-5.1pp	10.5%
Current Ratio	1.08-0.2x	1.28-0.2x	1.450.0x	1.45-0.3x	1.75-0.2x	1.91+0.3x	1.560.0x	1.61-0.3x	1.90+0.1x	1.78-0.1x	1.87+0.3x	1.59-0.2x	1.80+0.3x	1.48-1.2x	2.66
Debt-to-Equity	0.520.0x	0.530.0x	0.530.0x	0.570.0x	0.53-0.1x	0.58+0.1x	0.480.0x	0.490.0x	0.510.0x	0.48+0.5x	0.00-0.4x	0.41+0.1x	0.34-0.1x	0.45+0.1x	0.31
Asset Turnover	0.400.0x	0.380.0x	0.360.0x	0.34+0.1x	0.290.0x	0.270.0x	0.320.0x	0.300.0x	0.270.0x	0.24-0.1x	0.350.0x	0.330.0x	0.33+0.1x	0.260.0x	0.26
FCF Margin	53.9%+1.9pp	52.0%-8.3pp	60.3%-0.7pp	61.0%+0.8pp	60.2%+15.8pp	44.4%-7.9pp	52.3%-7.0pp	59.3%+12.4pp	46.9%+13.4pp	33.5%-11.0pp	44.5%-7.9pp	52.4%+30.7pp	21.7%-22.8pp	44.5%+6.2pp	38.3%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Margin	64.4%+7.8pp	61.8%-3.7pp	57.3%-8.7pp	60.7%-6.0pp	56.6%-4.4pp	65.5%-3.4pp	66.0%+1.5pp	66.7%+4.9pp
Net Margin	53.6%+5.9pp	53.7%-0.1pp	47.5%-7.8pp	51.8%-2.9pp	47.7%-5.4pp	53.8%-2.8pp	55.3%+0.9pp	54.7%+3.6pp
Return on Equity	16.9%+4.8pp	15.1%+1.7pp	13.4%-0.2pp	13.6%+1.4pp	12.0%+0.5pp	13.4%+1.1pp	13.6%+1.5pp	12.3%+1.6pp
Return on Assets	6.3%+1.4pp	6.0%+0.5pp	5.1%-0.5pp	5.3%-0.1pp	4.9%-0.1pp	5.6%+0.2pp	5.6%+0.5pp	5.3%+0.7pp
Current Ratio	1.090.0x	1.110.0x	1.08-0.2x	1.12-0.3x	1.08-0.3x	1.12-0.3x	1.28-0.2x	1.37-0.1x
Debt-to-Equity	0.63+0.2x	0.51+0.1x	0.520.0x	0.510.0x	0.44-0.1x	0.44-0.1x	0.530.0x	0.520.0x
Asset Turnover	0.120.0x	0.110.0x	0.110.0x	0.100.0x	0.100.0x	0.100.0x	0.100.0x	0.100.0x
FCF Margin	23.4%-22.2pp	58.7%+5.6pp	54.5%-11.5pp	62.0%+8.8pp	45.5%-3.0pp	53.1%+14.3pp	66.1%-10.8pp	53.2%-14.5pp

Not reported in any period shown, so not listed: Gross Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Visa V	FY2025	$40.0B	$20.1B	50.1%	$706.5B	77/100
Mastercard Incorporated MA	FY2025	$32.8B	$15.0B	45.6%	$509.0B	75/100
American Express Co AXP	FY2025	$72.2B	$10.8B	15.0%	$218.9B	31/100
Capital One Financial COF	FY2025	$53.4B	$2.5B	4.6%	$129.7B	40/100
Paypal Holdings PYPL	FY2025	$33.2B	$5.2B	15.8%	$45.1B	69/100
Sofi Technologies Inc SOFI	FY2025	$3.6B	$481.3M	13.3%	$22.0B	18/100

Where Visa Ranks

Frequently Asked Questions

What is Visa's annual revenue?

Visa (V) reported $40.0B in total revenue for fiscal year 2025. This represents a 11.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Visa's revenue growing?

Visa (V) revenue grew by 11.3% year-over-year, from $35.9B to $40.0B in fiscal year 2025.

Is Visa profitable?

Yes, Visa (V) reported a net income of $20.1B in fiscal year 2025, with a net profit margin of 50.1%.

What is Visa's EBITDA?

Visa (V) had EBITDA of $25.2B in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Visa have?

As of fiscal year 2025, Visa (V) had $17.2B in cash and equivalents against $19.6B in long-term debt.

What is Visa's operating margin?

Visa (V) had an operating margin of 60.0% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.

What is Visa's net profit margin?

Visa (V) had a net profit margin of 50.1% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.

Does Visa pay dividends?

Yes, Visa (V) paid $0.59 per share in dividends during fiscal year 2025.

What is Visa's return on equity (ROE)?

Visa (V) has a return on equity of 52.9% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Visa's free cash flow?

Visa (V) generated $21.6B in free cash flow during fiscal year 2025. This represents a 15.4% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Visa's operating cash flow?

Visa (V) generated $23.1B in operating cash flow during fiscal year 2025, representing cash generated from core business activities.

What are Visa's total assets?

Visa (V) had $99.6B in total assets as of fiscal year 2025, including both current and long-term assets.

What are Visa's capital expenditures?

Visa (V) invested $1.5B in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.

Does Visa buy back shares?

Yes, Visa (V) spent $18.3B on share buybacks during fiscal year 2025, returning capital to shareholders by reducing shares outstanding.

What is Visa's current ratio?

Visa (V) had a current ratio of 1.08 as of fiscal year 2025, which is considered adequate.

What is Visa's debt-to-equity ratio?

Visa (V) had a debt-to-equity ratio of 0.52 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Visa's return on assets (ROA)?

Visa (V) had a return on assets of 20.1% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

What is Visa's P/E ratio?

Visa (V) trades at 31.8x earnings, its market capitalization divided by net income of $22.2B net income, trailing 12 months to March 31, 2026. The market capitalization is $706.5B as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Visa's price-to-sales ratio?

Visa (V) trades at 16.4x sales, its market capitalization divided by revenue of $43.0B revenue, trailing 12 months to March 31, 2026. The market capitalization is $706.5B as of Sep 2, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Visa's Altman Z-Score?

Visa (V) has an Altman Z-Score of 8.31, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Visa's Piotroski F-Score?

Visa (V) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Visa's earnings high quality?

Visa (V) has an earnings quality ratio of 1.15x, considered cash-backed (high quality). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Visa cover its interest payments?

Visa (V) has an interest coverage ratio of 40.74x, meaning it can comfortably cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.

How financially healthy is Visa?

Visa (V) scores 77 out of 100 on our Financial Health Score, indicating strong standing within its operating companies peer group. The score is a 0-100 composite of six dimensions (Profitability, Growth, Leverage, Liquidity, Cash Flow, Returns), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.