Is VISA financially healthy?

On 30 September 2026 VISA held 14.08B USD in cash and short-term investments against total debt of 22.07B USD. Its current ratio is 0.97: what falls due within a year against what turns into cash within a year. Over the last twelve months it generated 22.06B USD of free cash flow.

VISA's revenue grew 13.7% a year over its last five fiscal years, from 24.11B USD in fiscal year 2021 to 45.90B USD in fiscal year 2026. Over the last twelve months it was up 14.8% on the twelve months before.

Where can I find VISA's annual report (10-K)?

VISA files its annual report (Form 10-K) and its quarterly reports (Form 10-Q) with the US Securities and Exchange Commission, on its EDGAR site; the figures on these pages come from them.

VISA
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Arincen ScoreBeta80/100

80/100B

422.68

USD

0.14

(0.03%)

Post Trading·422.15USD-0.53(-0.13%)

Last updated: 6 Nov, 16:55 GMT-5 · Delayed 15 min

Fair value388.86Plus+9%326Price 422.68466

Q1 FY2027 · Earnings report

EPS estimate 3.64Revenue estimate 12.20B

Q1 FY2027 · Earnings report

Thursday 28 January

EPS estimate 3.64Revenue estimate 12.20B

Fair value388.86Plus+9%326Price 422.68466

Q1 FY2027 · Earnings report

EPS estimate 3.64Revenue estimate 12.20B

Q1 FY2027 · Earnings report

Thursday 28 January

EPS estimate 3.64Revenue estimate 12.20B

Overview Financials Signals News Forecast Earnings Dividends Company

VISA financials

Yes. VISA earned 23.50B USD of net income over the last twelve months, 51.2% of its revenue. It made a profit in 22 of its 24 fiscal years since 2003. Its last loss was in fiscal year 2007.

Revenue (TTM): 45.90B USD
Net income (TTM): 23.50B USD
Free cash flow (TTM): 22.06B USD
Cash and short-term investments: 14.08B USD
Total debt: 22.07B USD
Shareholders' equity: 36.11B USD

Cash, debt and equity as of 30 Sept 2026.

VISA earnings

Next earnings · Q1 FY2027

28 Jan 2027

EPS estimate

3.64 USD

Revenue estimate

12.20B USD

Last quarter · Q4 FY2026

EPS3.48Beat +1.2%Revenue12.14BBeat +0.4%

Revenue

ReportedEstimate

EPS

ReportedEstimate

Period	Report date	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
Q4 FY2027	—	3.99	—	—	+14.70%	13.57B	—	—	+11.76%
Q3 FY2027	—	3.77	—	—	+13.42%	12.90B	—	—	+10.92%
Q2 FY2027	—	3.63	—	—	+9.56%	12.35B	—	—	+9.98%
Q1 FY2027	28 Jan 2027	3.64	—	—	+14.83%	12.20B	—	—	+11.90%
Q4 FY2026	27 Oct 2026	3.44	3.48	+1.16%	+16.78%	12.09B	12.14B	+0.40%	+13.19%
Q3 FY2026	28 Jul 2026	3.23	3.32	+2.79%	+11.41%	11.40B	11.63B	+2.04%	+14.36%
Q2 FY2026	28 Apr 2026	3.10	3.31	+6.77%	+19.93%	10.75B	11.23B	+4.46%	+17.05%
Q1 FY2026	29 Jan 2026	3.14	3.17	+0.96%	+15.27%	10.69B	10.90B	+1.99%	+14.63%
Q4 FY2025	28 Oct 2025	2.97	2.98	+0.34%	+9.96%	10.62B	10.72B	+0.99%	+11.51%
Q3 FY2025	29 Jul 2025	2.85	2.98	+4.56%	+23.14%	9.85B	10.17B	+3.29%	+14.29%

Period	EPS estimate	Reported EPS	Surprise	EPS growth	Revenue estimate	Reported revenue	Surprise	Revenue growth
FY2029	19.43	—	—	+13.31%	62.95B	—	—	+11.04%
FY2028	17.15	—	—	+13.96%	56.69B	—	—	+10.97%
FY2027	15.05	—	—	+13.30%	51.08B	—	—	+11.29%
FY2026	13.23	13.28	+0.39%	+15.78%	45.87B	45.90B	+0.08%	+14.76%
FY2025	11.44	11.47	+0.23%	+14.13%	39.90B	40.00B	+0.25%	+11.34%
FY2024	10.37	10.05	-3.12%	+14.73%	37.62B	35.93B	-4.51%	+10.02%
FY2023	8.68	8.76	+0.91%	+16.64%	32.61B	32.65B	+0.13%	+11.41%

VISA growth and profitability

Full income statement

Revenue (TTM): 45.90B USD
Net income (TTM): 23.50B USD
Gross margin: 80.39%
Operating margin: 61.24%
Net margin: 51.20%

Revenue / Net income

Revenue Net income Net margin

Period	Revenue	Growth	Net income	Growth	Gross margin	Operating margin	Net margin	EBITDA	Growth
FY2026	45.90B	+14.76%	23.50B	+17.18%	80.39%	61.24%	51.20%	30.25B	+16.35%
FY2025	40.00B	+11.34%	20.06B	+1.60%	80.36%	59.99%	50.14%	26.00B	+1.61%
FY2024	35.93B	+10.02%	19.74B	+14.30%	80.40%	65.68%	54.95%	25.59B	+13.11%
FY2023	32.65B	+11.41%	17.27B	+15.48%	79.89%	64.31%	52.90%	22.62B	+15.81%
FY2022	29.31B	+21.59%	14.96B	+21.49%	80.44%	64.19%	51.03%	19.54B	+12.40%

Period	Revenue	Net income	Gross margin	Operating margin	Net margin
Q4 FY2026	12.14B	6.00B	82.17%	59.82%	49.44%
Q3 FY2026	11.63B	5.63B	76.46%	59.12%	48.38%
Q2 FY2026	11.23B	6.02B	81.29%	64.42%	53.62%
Q1 FY2026	10.90B	5.85B	81.68%	61.80%	53.69%
Q4 FY2025	10.72B	5.09B	81.53%	57.33%	47.46%

How VISA makes its money

Revenue45.90B 100.0%

Cost of revenue9.00B 19.6%

Gross profit36.90B 80.4%

Selling and administration8.79B 19.2%

Operating income28.11B 61.2%

Tax4.59B 10.0%

Other expense17.00M 0.0%

Net income23.50B 51.2%

FY2026, in USD. Each band is as wide as its money; the percentage is its share of revenue.

VISA revenue breakdown

By product

FY2025

50.0%Data Processing Revenues43.8%Service35.4%International Transaction Revenues10.1%Service, Other

Segment	Revenue	Share of revenue	Change on the year
Data Processing Revenues	19.99B	50.0%	+12.9%
Service	17.54B	43.8%	+8.8%
International Transaction Revenues	14.17B	35.4%	+11.9%
Service, Other	4.05B	10.1%	+26.8%
Client Incentives	-15.75B	-39.4%	—

By region

FY2025

60.9%Non-US39.1%United States

Region	Revenue	Share of revenue	Change on the year
Non-US	24.37B	60.9%	+15.2%
United States	15.63B	39.1%	+5.8%

Operating and free cash flow

Full cash flow statement

Operating cash flow Free cash flow

Fiscal year	Operating cash flow	Free cash flow
FY2026	23.73B	22.06B
FY2025	23.06B	21.58B
FY2024	19.95B	18.69B
FY2023	20.76B	19.70B
FY2022	18.85B	17.88B
FY2021	15.23B	14.52B
FY2020	10.44B	9.70B
FY2019	12.78B	12.03B
FY2018	12.71B	12.00B
FY2017	9.21B	8.50B

VISA financial health

Full balance sheet

Cash and short-term investments: 14.08B USD
Total debt: 22.07B USD
Net cash: -7.99B USD
Free cash flow (TTM): 22.06B USD
Current ratio: 0.97
Debt to equity: 0.61
Piotroski score: 8 / 9
Altman Z-score: 10.09

Cash, debt and free cash flow

Cash and short-term investments Total debt Free cash flow

Fiscal year	Cash and short-term investments	Total debt	Free cash flow
FY2026	14.08B	22.07B	22.06B
FY2025	19.00B	25.17B	21.58B
FY2024	15.18B	20.84B	18.69B
FY2023	20.13B	20.46B	19.70B
FY2022	18.52B	22.45B	17.88B

Assets, liabilities and equity

Total assets Total liabilities Shareholders' equity

Fiscal year	Total assets	Total liabilities	Shareholders' equity
FY2026	94.36B	58.25B	36.11B
FY2025	99.63B	61.72B	37.91B
FY2024	94.51B	55.37B	39.14B
FY2023	90.50B	51.77B	38.73B
FY2022	85.50B	49.92B	35.58B
FY2021	82.90B	45.31B	37.59B
FY2020	80.92B	44.71B	36.21B
FY2019	72.57B	37.89B	34.68B
FY2018	69.23B	35.22B	34.01B
FY2017	67.98B	35.22B	32.76B

VISA valuation

Price to earnings ratio (TTM): 33.98
Forward P/E (FY2027): 28.09
Price to sales (TTM): 17.21
Price to book: 21.88
EV / EBITDA (TTM): 26.36

Capital structure

Market capitalization

789.99B USD

Total debt

22.07B USD

−

Cash and short-term investments

14.08B USD

Enterprise value

797.98B USD

Valuation over time

P/EForward P/EForward P/E · EstimateEstimate

Fiscal year	P/E	Forward P/E	P/S	P/B	EV/EBITDA
FY2029 (est.)	21.76	—	—	—	—
FY2028 (est.)	24.65	21.76	—	—	—
FY2027 (est.)	28.09	24.65	—	—	—
Now (TTM)	33.98	27.69	17.21	21.88	26.36
FY2026	28.89	23.90	13.22	16.81	20.36
FY2025	33.40	25.81	16.57	17.49	25.80
FY2024	28.23	24.01	15.28	14.03	21.80
FY2023	27.75	22.19	14.69	12.38	21.38
FY2022	25.34	20.50	12.95	10.66	19.77

VISA against its own history

Each figure in the latest fiscal year against the same figure from FY2022 to FY2026: the range, its median (the line) and the latest (the dot, green on the good side of the median). The P/E is today's against its daily readings of five years.

Its peers: Mastercard, American Express, Capital One Financial, and El Paso Energy Capital Trust I PFD CV TR SECS, the US Financial - Credit Services companies closest to it in size, each in its own latest fiscal year: their median (the line) and its rank among them, first being the best.

P/E (today)Above its median34.0
26.244.5
Gross marginAt its median80.4%
79.9%80.4%
Against its peers: 3 of 5Peers' median 65.3%
Operating marginBelow its median61.2%
60.0%65.7%
Against its peers: 1 of 5Peers' median 22.5%
Net marginAt its median51.2%
50.1%55.0%
Against its peers: 1 of 5Peers' median 8.5%
Return on equityHighest in 5 years65.1%
42.0%65.1%
Against its peers: 2 of 5Peers' median 17.3%
Free cash flow marginLowest in 5 years48.1%
48.1%61.0%
Against its peers: 2 of 5Peers' median 28.8%
Revenue growthAbove its median14.8%
10.0%21.6%
Against its peers: 3 of 5Peers' median 14.3%
EPS growthAbove its median20.8%
4.8%24.3%
Against its peers: 1 of 5Peers' median -27.8%
Debt to EBITDALowest in 5 years0.73×
0.73×1.15×
Against its peers: 1 of 5Peers' median 5.24×
Current ratioLowest in 5 years0.97
0.971.45
Against its peers: 2 of 5Peers' median 0.22

Figure	FY2026	5-year low – high	Against its history	Against its peers
P/E (today)	34.0	26.244.5	Above its median	—
Gross margin	80.4%	79.9%80.4%	At its median	3 of 5
Operating margin	61.2%	60.0%65.7%	Below its median	1 of 5
Net margin	51.2%	50.1%55.0%	At its median	1 of 5
Return on equity	65.1%	42.0%65.1%	Highest in 5 years	2 of 5
Free cash flow margin	48.1%	48.1%61.0%	Lowest in 5 years	2 of 5
Revenue growth	14.8%	10.0%21.6%	Above its median	3 of 5
EPS growth	20.8%	4.8%24.3%	Above its median	1 of 5
Debt to EBITDA	0.73×	0.73×1.15×	Lowest in 5 years	1 of 5
Current ratio	0.97	0.971.45	Lowest in 5 years	2 of 5

Peers: US companies of the same industry (of its sector when the industry has too few) from a tenth to ten times its market value, the six closest in size. Updated weekly.

VISA dividends

Annual dividend: 3.12 USD
Dividend yield (indicated): 0.74%
Payout ratio: 27.81%
Years of dividend growth: 18
Frequency: Quarterly
Last payment: 0.78 USD
Last ex-dividend date: 10 Nov 2026
Last payment date: 1 Dec 2026

Dividends per share

Year	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Dividends per share	2.44	2.15	1.87	1.58	1.34	1.22	1.05	0.88	0.69	0.59

VISA ownership

Institutions: 78.89%
Institutional holders: 4,733 (+129)
Free float: 89.36%

Who owns the shares

Institutions 78.9% Others 21.1%

As of 30 Jun 2026

Shares free to trade

Free float 1.67B shares ·89.4% Closely held 198.78M shares ·10.6%

Closely held shares belong to insiders, founders and owners of more than 5%, and seldom change hands. The free float is the rest: the shares anyone can buy and sell.

Insider trading

Quarter	Sales	Shares acquired	Shares disposed of
Q4 2026	4	46.17K	92.94K
Q3 2026	10	90.39K	196.97K
Q2 2026	3	52.43K	115.49K
Q1 2026	2	226.30K	177.33K

Shares outstanding

Basic shares Diluted shares Change in diluted shares

Fiscal year	Basic shares	Diluted shares	Change in diluted shares
FY2026	1.69B	1.91B	-3.00%
FY2025	1.94B	1.97B	-3.10%
FY2024	2.00B	2.03B	-2.69%
FY2023	2.09B	2.09B	-2.39%
FY2022	2.14B	2.14B	-2.38%

Common questions about VISA's financials

Source: Financial Modeling Prep

VISA
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VISA financials

VISA earnings

Revenue

EPS

VISA growth and profitability

Revenue / Net income

How VISA makes its money

VISA revenue breakdown

By product

By region

Operating and free cash flow

VISA financial health

Cash, debt and free cash flow

Assets, liabilities and equity

VISA valuation

Capital structure

Valuation over time

VISA against its own history

VISA dividends

Dividends per share

VISA ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about VISA's financials

Is VISA profitable?

Is VISA financially healthy?

Is VISA growing?

Where can I find VISA's annual report (10-K)?

Need help?

VISA DQuotes are delayed by 15 minutes

V

VISA financials

VISA earnings

Revenue

EPS

VISA growth and profitability

Revenue / Net income

How VISA makes its money

VISA revenue breakdown

By product

By region

Operating and free cash flow

VISA financial health

Cash, debt and free cash flow

Assets, liabilities and equity

VISA valuation

Capital structure

Valuation over time

VISA against its own history

VISA dividends

Dividends per share

VISA ownership

Who owns the shares

Shares free to trade

Insider trading

Shares outstanding

Common questions about VISA's financials

Is VISA profitable?

Is VISA financially healthy?

Is VISA growing?

Where can I find VISA's annual report (10-K)?

Need help?

VISA
D
Quotes are delayed by 15 minutes