Visa Inc. (V) financials
NYSE · Financial Services · Financial - Credit Services · 34,100 employees · CEO Ryan McInerney
- Price
- $413.59 +0.74%
- Market cap
- $773B
- Enterprise value
- $782B
- Last report
- Q4 '26 filed 2026-10-27
- Next report
- 2027-01-28 EPS est. $3.63
Revenue (TTM)$45.9B+14.8% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)61.2%+1.3 pp vs a year agoOperating income $28.1B
Net income (TTM)$23.5B+17.2% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$22.1B+2.2% vs a year agoCapex $1.67B
Diluted EPS (TTM)$12.33+20.8% vs a year agoSum of the last 4 quarters
Net cash-$7.99B-29.4% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $773B EV $782B
- Revenue
- $45.9B Trailing 12 months
- Revenue growth
- +11% FY2027 consensus
- Profit margin
- 51.2% Net income / revenue, TTM
- P/E
- 33.2× Forward 27.5× (FY2027)
- P/S
- 16.8× Price / sales, TTM
- EV / EBITDA
- 25.8× TTM
- Free cash flow
- $22.1B Trailing 12 months
- Net income
- $23.5B Trailing 12 months
- Revenue estimate
- $51B FY2027 consensus
- Earnings
- 2027-01-28 Revenue est. $12.2B
- Dividend
- $2.68 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-27): revenue in line, EPS beat by 1.2%Revenue $12.1B vs $12.1B expected (+0.4%); EPS $3.48 vs $3.44 (+1.2%).
- Revenue growth slowing: 13.2% year on yearQ4 '26 revenue $12.1B, against an average of 14.4% over the four quarters before.
- Operating margin 61.2% (TTM), +1.3 pp on a year agoOperating income grew 17.2% while revenue grew 14.8%.
- Capex 3.6% of revenue (a year ago 3.7%)$1.67B invested in the last 4 quarters (+12.8% on a year earlier). Free cash flow $22.1B = 93.8% of net income.
- Returned $25.6B to shareholders = 115.9% of free cash flowBuybacks $20.5B (a year earlier $18.3B), dividends $5.11B, stock-based pay $928M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 3.2% in a year1.88B diluted shares in Q4 '26, 1.95B a year earlier.
- Net debt $7.99BCash + short-term investments $14.1B, debt incl. leases $22.1B; a year ago net debt $6.17B.
Last quarter: Q4 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q4 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $12.1B | $10.7B | +13.2% |
| Gross margin | 82.2% | 81.5% | +0.6 pp |
| Operating income | $7.26B | $6.15B | +18.1% |
| Operating margin | 59.8% | 57.3% | +2.5 pp |
| Net income | $6B | $5.09B | +17.9% |
| Diluted EPS | $3.19 | $2.62 | +21.8% |
| Operating cash flow | $7.39B | $6.24B | +18.4% |
| Capex | $493M | $389M | +26.7% |
| Free cash flow | $6.89B | $5.85B | +17.8% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $200M | $191M | +4.7% |
Reported vs consensus
2026-10-27| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $12.1B | $12.1B | +0.4% |
| EPS (as estimated) | $3.48 | $3.44 | +1.2% |
From the report of 2026-10-27 for Q4 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Data Processing Revenues | $6.04B | +17.3% | 51.9% | $22.5B | +17.3% | |
| Service | $4.92B | +13.7% | 42.3% | $19.3B | +12.4% | |
| Client Incentives | -$4.68B | -17.8% | -40.2% | -$17.4B | -15.3% | |
| International Transaction Revenues | $3.85B | +6.1% | 33.1% | $14.9B | +8.0% | |
| Service, Other | $1.5B | +45.5% | 12.9% | $5.21B | +35.4% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Non-US | $7.22B | +15.7% | 62.1% | $27.4B | +16.5% | |
| United States | $4.41B | +12.3% | 37.9% | $17B | +11.1% |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $23.7B
- Capex
- -$1.67B
- Buybacks
- -$20.5B
- Dividends
- -$5.11B
- Acquisitions
- -$705M
- Net debt issued
- $1.43B
- Stock-based compensation
- $928M
- Free cash flow
- $22.1B
- Returned to shareholders / FCF
- 115.9%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 33.2× | 28.7× | 25.3× – 33.4× |
| EV / EBITDA | 25.8× | 21.8× | 19.8× – 25.8× |
| EV / Sales | 17.0× | 14.7× | 13.2× – 16.8× |
| Price / FCF | 35.0× | 26.6× | 21.2× – 30.7× |
| Price / Book | 19.7× | 14.3× | 10.7× – 17.5× |
| FCF yield | 2.9% | 3.8% | 3.3% – 4.7% |
| Return on invested capital | 35.9% | 28.3% | 23.2% – 35.9% |
| Return on equity | 64.5% | 51.0% | 42.0% – 65.1% |
Analysts
Consensus target $444.11 (+7.4%)
range $405.00 – $480.00 · rating Buy
Strong buy0
Buy53
Hold9
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $51B | +11.2% | $15.04 | +22.1% | 27.5× | 24 |
| FY2028 | $56.6B | +10.9% | $17.13 | +13.9% | 24.1× | 20 |
| FY2029 | $63B | +11.4% | $19.43 | +13.4% | 21.3× | 8 |
| FY2030 | $68.1B | +8.1% | $19.54 | +0.6% | 21.2× | 3 |
| FY2031 | $74.2B | +9.0% | $21.49 | +10.0% | 19.2× | 4 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 224 figures Visa Inc. tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $557M | $421M | +32.3% | $555M | $479M | +15.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $3.41B | $2.72B | +25.2% | $3.13B | $2.56B | +22.1% |
| Accrued Income Taxes, Current | $512M2025-09-30 | $577M | -11.3% | $512M | $577M | -11.3% |
| Accrued Income Taxes, Noncurrent | $309M2025-09-30 | $1.4B | -77.9% | $309M | $1.4B | -77.9% |
| Accrued Liabilities, Current | $5.67B | $4.51B | +25.8% | $5.47B | $4.91B | +11.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $5.87B2025-09-30 | $5.47B | +7.3% | $5.87B | $5.47B | +7.3% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $24M | $8M | +200.0% | $32M | $16M | +100.0% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $203M | -$627M | +132.4% | $575M | -$109M | +627.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $22M | -$827M | +102.7% | $248M | -$308M | +180.5% |
| Additional Paid in Capital | $22B | $21.6B | +2.1% | $21.9B | $21.2B | +3.3% |
| Amortization of Intangible Assets | – | – | – | $78M | $79M | -1.3% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$162M | -$206M | +21.4% | -$307M | -$213M | -44.1% |
| AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | $5M | $14M | -64.3% | $12M | $30M | -60.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $275M | $259M | +6.2% | $897M | $850M | +5.5% |
| Assets | $95B | $92.9B | +2.4% | $99.6B | $94.5B | +5.4% |
| Assets, Current | $31.6B | $32.9B | -4.0% | $37.8B | $34B | +11.0% |
| Capital Expenditures Incurred but Not yet Paid | $99M | $20M | +395.0% | $59M | $52M | +13.5% |
| Capitalized Computer Software, Accumulated Amortization | $4B2025-09-30 | $3.5B | +14.3% | $4B | $3.5B | +14.3% |
| Cash and Cash Equivalents, at Carrying Value | $12.4B | $11.7B | +5.7% | $17.2B | $12B | +43.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $18.7B | $19.1B | -2.2% | $25B | $19.8B | +26.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$4.47B | -$830M | -438.6% | $5.22B | -$2.23B | +334.6% |
| Common Stock, Dividends, Per Share, Cash Paid | $0.67 | $0.59 | +13.6% | $0.59 | $0.52 | +13.5% |
| Common Stock, Dividends, Per Share, Declared | $0.67 | $0.59 | +13.6% | $0.59 | $0.52 | +13.5% |
| Communications and Information Technology | $260M | $224M | +16.1% | $894M | $778M | +14.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $5.8B | $5B | +16.0% | $20.6B | $20.8B | -0.7% |
| Contract with Customer, Liability | $1.9B | – | – | – | – | – |
| Conversion of Stock, Amount Converted | $0 | $0 | – | $0 | $0 | – |
| Costs and Expenses | $4B | $4.16B | -3.9% | $16B | $12.3B | +29.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.88B | $2.69B | -30.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $1.85B | $1.28B | +44.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $3.98B | $4.27B | -6.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $251M | $298M | -15.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $172M | $132M | +30.3% | $171M | $142M | +20.4% |
| Debt Securities, Available-for-sale | $1.39B | $3.18B | -56.2% | $2.42B | $5.45B | -55.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $7M | $19M | -63.2% | $16M | $44M | -63.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $0 | $0 | – | $0 | $5M | -100.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $1.39B | $3.16B | -56.2% | $2.41B | $5.41B | -55.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $150M | $1.39B | -89.2% | $857M | $2.48B | -65.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $1.24B | $1.79B | -30.5% | $1.56B | $2.97B | -47.3% |
| Debt, Long-term and Short-term, Combined Amount | $24B | $20.8B | +15.5% | $25.2B | $20.8B | +20.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $102M | -$132M | +177.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $41M | $50M | -18.0% |
| Deferred Income Tax Expense (Benefit) | $453M | -$124M | +465.3% | $152M | -$100M | +252.0% |
| Deferred Income Tax Liabilities, Net | $5.89B | $5.16B | +14.2% | $5.55B | $5.3B | +4.7% |
| Deferred Other Tax Expense (Benefit) | -$666M | – | – | – | – | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $9M | -$18M | +150.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $1.53B2025-09-30 | $1.64B | -6.9% | $1.53B | $1.64B | -6.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $258M2025-09-30 | $206M | +25.2% | $258M | $206M | +25.2% |
| Deferred Tax Assets, Other | $288M2025-09-30 | $855M | -66.3% | $288M | $855M | -66.3% |
| Deferred Tax Assets, Other Comprehensive Loss | $206M2025-09-30 | $79M | +160.8% | $206M | $79M | +160.8% |
| Deferred Tax Assets, State Taxes | $74M2025-09-30 | $16M | +362.5% | $74M | $16M | +362.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $250M2025-09-30 | $221M | +13.1% | $250M | $221M | +13.1% |
| Deferred Tax Assets, Tax Deferred Expense, Other | $26M2025-09-30 | $102M | -74.5% | $26M | $102M | -74.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Legal Settlements | $690M2025-09-30 | $374M | +84.5% | $690M | $374M | +84.5% |
| Deferred Tax Assets, Valuation Allowance | $264M2025-09-30 | $212M | +24.5% | $264M | $212M | +24.5% |
| Deferred Tax Liabilities, Gross | $6.95B2025-09-30 | $6.8B | +2.2% | $6.95B | $6.8B | +2.2% |
| Deferred Tax Liabilities, Intangible Assets | $6.53B2025-09-30 | $6.4B | +2.0% | $6.53B | $6.4B | +2.0% |
| Deferred Tax Liabilities, Net | $5.42B2025-09-30 | $5.16B | +5.0% | $5.42B | $5.16B | +5.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $296M2025-09-30 | $295M | +0.3% | $296M | $295M | +0.3% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $50M2025-09-30 | $22M | +127.3% | $50M | $22M | +127.3% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-06-30, 10-Q 2026-03-31, 10-Q 2025-12-31, 10-K 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-Q 2024-12-31, 10-K 2024-09-30, 10-Q 2024-06-30
Data as of 2026-11-01