Visa Inc. (V)财务
NYSE · Financial Services · Financial - Credit Services · 员工34,100人 · CEO Ryan McInerney
- 股价
- $413.59 +0.74%
- 市值
- $7730亿
- 企业价值
- $7820亿
- 最近财报
- Q4 '26 2026-10-27提交
- 下次财报
- 2027-01-28 EPS预期 $3.63
营收(TTM)$459亿+14.8% 对比去年同期最近4个季度;柱状图=各季度
营业利润率(TTM)61.2%+1.3 百分点 对比去年同期营业利润 $281亿
净利润(TTM)$235亿+17.2% 对比去年同期税后,含营业外收益
自由现金流(TTM)$221亿+2.2% 对比去年同期资本支出 $16.7亿
稀释EPS(TTM)$12.33+20.8% 对比去年同期最近4个季度之和
净现金-$79.9亿-29.4% 对比去年同期现金 + 短期投资 - 债务
估值与关键数据
- 市值
- $7730亿 EV $7820亿
- 营收
- $459亿 过去12个月
- 营收增速
- +11% FY2027年一致预期
- 净利润率
- 51.2% 净利润 / 营收,TTM
- P/E
- 33.2× 预期 27.5×(FY2027)
- P/S
- 16.8× 股价 / 营收,TTM
- EV / EBITDA
- 25.8× TTM
- 自由现金流
- $221亿 过去12个月
- 净利润
- $235亿 过去12个月
- 营收预期
- $510亿 FY2027年一致预期
- 盈利
- 2027-01-28 营收预期 $122亿
- 股息
- $2.68 每股,过去12个月
核心要点
根据披露数据计算,每条结论都附有其依据的数字。
- 最近财报(2026-10-27):营收符合预期,EPS 超预期1.2%营收$121亿,预期$121亿(+0.4%);EPS $3.48,预期$3.44(+1.2%)。
- 营收增长放缓:同比13.2%Q4 '26营收$121亿,此前四个季度的平均值为14.4%。
- 营业利润率61.2%(TTM),较去年同期+1.3 百分点营收增长14.8%,营业利润增长17.2%。
- 资本支出占营收的3.6%(去年为3.7%)最近4个季度投入$16.7亿(同比+12.8%)。自由现金流$221亿,相当于净利润的93.8%。
- 股东回报$256亿 = 自由现金流的115.9%回购$205亿(去年为$183亿),股息$51.1亿,股权激励$9.28亿(TTM)。 超过自由现金流:由现金储备或举债支付。
- 稀释股数一年内减少3.2%Q4 '26稀释股数18.8亿,一年前为19.5亿。
- 净债务 $79.9亿现金 + 短期投资 $141亿,含租赁债务 $221亿;一年前净债务 $61.7亿。
上一季度:Q4 '26
截至2026-09-30的季度。与去年同期及财报发布前的分析师一致预期对比。
本季度与去年同期
| Q4 '26 | 去年同期 | 变化 | |
|---|---|---|---|
| 营收 | $121亿 | $107亿 | +13.2% |
| 毛利率 | 82.2% | 81.5% | +0.6 百分点 |
| 营业利润 | $72.6亿 | $61.5亿 | +18.1% |
| 营业利润率 | 59.8% | 57.3% | +2.5 百分点 |
| 净利润 | $60亿 | $50.9亿 | +17.9% |
| 稀释EPS | $3.19 | $2.62 | +21.8% |
| 经营现金流 | $73.9亿 | $62.4亿 | +18.4% |
| 资本支出 | $4.93亿 | $3.89亿 | +26.7% |
| 自由现金流 | $68.9亿 | $58.5亿 | +17.8% |
| R&D | $0 | $0 | – |
| 股权激励费用 | $2亿 | $1.91亿 | +4.7% |
实际 vs 一致预期
2026-10-27| 实际 | 一致预期 | 对比预期 | |
|---|---|---|---|
| 营收 | $121亿 | $121亿 | +0.4% |
| EPS(一致预期口径) | $3.48 | $3.44 | +1.2% |
来自2026-10-27发布的Q4 '26财报：营收及分析师预期口径的EPS（通常为调整后），可能与上方报表中的EPS不同。
EPS与一致预期
最近8次财报营收
收入从何而来,按业务线和地区逐季展示。
营收、营业利润与增速
季度按业务线划分的营收
堆叠,季度| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Data Processing Revenues | $60.4亿 | +17.3% | 51.9% | $225亿 | +17.3% | |
| Service | $49.2亿 | +13.7% | 42.3% | $193亿 | +12.4% | |
| Client Incentives | -$46.8亿 | -17.8% | -40.2% | -$174亿 | -15.3% | |
| International Transaction Revenues | $38.5亿 | +6.1% | 33.1% | $149亿 | +8.0% | |
| Service, Other | $15亿 | +45.5% | 12.9% | $52.1亿 | +35.4% |
按地区划分的营收
占总额比例| 分部 | Q3 '26 | 同比 | 占比 | TTM | TTM同比 | 12个季度 |
|---|---|---|---|---|---|---|
| Non-US | $72.2亿 | +15.7% | 62.1% | $274亿 | +16.5% | |
| United States | $44.1亿 | +12.3% | 37.9% | $170亿 | +11.1% |
利润率与成本结构
每一单位营收在各层级还剩多少,成本又花在哪里。
利润率
季度成本占营收比例
季度现金流与资本配置
创造了多少现金,用在何处,又有多少回到股东手中。
经营现金流、资本支出、自由现金流
季度现金用途与经营现金流
财年最近4个季度
现金流量表- 经营现金流
- $237亿
- 资本支出
- -$16.7亿
- 股票回购
- -$205亿
- 股息
- -$51.1亿
- 收购
- -$7.05亿
- 债务净发行
- $14.3亿
- 股权激励费用
- $9.28亿
- 自由现金流
- $221亿
- 股东回报 / FCF
- 115.9%
股数与EPS
季度,稀释资产负债表
各季度末的流动性、投资和债务。
现金、投资与债务
季度末估值与回报
当前估值倍数与公司自身过去五个财年对比;分析师目标价与评级。
估值倍数与回报
TTM与过去5个财年| 当前 | 5年均值 | 当前处于5年区间的位置 | |
|---|---|---|---|
| P/E(TTM) | 33.2× | 28.7× | 25.3× – 33.4× |
| EV / EBITDA | 25.8× | 21.8× | 19.8× – 25.8× |
| EV / 营收 | 17.0× | 14.7× | 13.2× – 16.8× |
| 股价 / FCF | 35.0× | 26.6× | 21.2× – 30.7× |
| 股价 / 净资产 | 19.7× | 14.3× | 10.7× – 17.5× |
| FCF收益率 | 2.9% | 3.8% | 3.3% – 4.7% |
| 投入资本回报率 | 35.9% | 28.3% | 23.2% – 35.9% |
| 净资产收益率 | 64.5% | 51.0% | 42.0% – 65.1% |
分析师
一致目标价 $444.11 (+7.4%)
区间 $405.00 – $480.00 · 评级 Buy
强烈买入0
买入53
持有9
卖出0
强烈卖出0
展望
分析师对未来财年的一致预期,以及按当前股价意味着什么。
一致预期
| 财年 | 营收 | 增速 | EPS | 增速 | 按当前股价的P/E | 分析师(EPS) |
|---|---|---|---|---|---|---|
| FY2027 | $510亿 | +11.2% | $15.04 | +22.1% | 27.5× | 24 |
| FY2028 | $566亿 | +10.9% | $17.13 | +13.9% | 24.1× | 20 |
| FY2029 | $630亿 | +11.4% | $19.43 | +13.4% | 21.3× | 8 |
| FY2030 | $681亿 | +8.1% | $19.54 | +0.6% | 21.2× | 3 |
| FY2031 | $742亿 | +9.0% | $21.49 | +10.0% | 19.2× | 4 |
财务报表
利润表、资产负债表和现金流量表的每一项,含12个季度和10个财年,以金额、占营收比例或增速展示。
全部披露项目
Visa Inc.在近期10-Q / 10-K文件中标记的全部224项数据,附SEC官方标签和定义,包括附注(租赁、税务、回购、员工等)。
| 项目(SEC标签) | 最近季度 | 去年同期 | 同比 | 最近财年 | 上一财年 | 同比 |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $5.57亿 | $4.21亿 | +32.3% | $5.55亿 | $4.79亿 | +15.9% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $34.1亿 | $27.2亿 | +25.2% | $31.3亿 | $25.6亿 | +22.1% |
| Accrued Income Taxes, Current | $5.12亿2025-09-30 | $5.77亿 | -11.3% | $5.12亿 | $5.77亿 | -11.3% |
| Accrued Income Taxes, Noncurrent | $3.09亿2025-09-30 | $14亿 | -77.9% | $3.09亿 | $14亿 | -77.9% |
| Accrued Liabilities, Current | $56.7亿 | $45.1亿 | +25.8% | $54.7亿 | $49.1亿 | +11.3% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $58.7亿2025-09-30 | $54.7亿 | +7.3% | $58.7亿 | $54.7亿 | +7.3% |
| Accumulated Other Comprehensive (Income) Loss, Defined Benefit Plan, after Tax | $2400万 | $800万 | +200.0% | $3200万 | $1600万 | +100.0% |
| Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | $2.03亿 | -$6.27亿 | +132.4% | $5.75亿 | -$1.09亿 | +627.5% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | $2200万 | -$8.27亿 | +102.7% | $2.48亿 | -$3.08亿 | +180.5% |
| Additional Paid in Capital | $220亿 | $216亿 | +2.1% | $219亿 | $212亿 | +3.3% |
| Amortization of Intangible Assets | – | – | – | $7800万 | $7900万 | -1.3% |
| AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | -$1.62亿 | -$2.06亿 | +21.4% | -$3.07亿 | -$2.13亿 | -44.1% |
| AOCI, Debt Securities, Available-for-sale, Adjustment, after Tax | $500万 | $1400万 | -64.3% | $1200万 | $3000万 | -60.0% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $2.75亿 | $2.59亿 | +6.2% | $8.97亿 | $8.5亿 | +5.5% |
| Assets | $950亿 | $929亿 | +2.4% | $996亿 | $945亿 | +5.4% |
| Assets, Current | $316亿 | $329亿 | -4.0% | $378亿 | $340亿 | +11.0% |
| Capital Expenditures Incurred but Not yet Paid | $9900万 | $2000万 | +395.0% | $5900万 | $5200万 | +13.5% |
| Capitalized Computer Software, Accumulated Amortization | $40亿2025-09-30 | $35亿 | +14.3% | $40亿 | $35亿 | +14.3% |
| Cash and Cash Equivalents, at Carrying Value | $124亿 | $117亿 | +5.7% | $172亿 | $120亿 | +43.3% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $187亿 | $191亿 | -2.2% | $250亿 | $198亿 | +26.4% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$44.7亿 | -$8.3亿 | -438.6% | $52.2亿 | -$22.3亿 | +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 | $2.6亿 | $2.24亿 | +16.1% | $8.94亿 | $7.78亿 | +14.9% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $58亿 | $50亿 | +16.0% | $206亿 | $208亿 | -0.7% |
| Contract with Customer, Liability | $19亿 | – | – | – | – | – |
| Conversion of Stock, Amount Converted | $0 | $0 | – | $0 | $0 | – |
| Costs and Expenses | $40亿 | $41.6亿 | -3.9% | $160亿 | $123亿 | +29.8% |
| Current Federal Tax Expense (Benefit) | – | – | – | $18.8亿 | $26.9亿 | -30.3% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $18.5亿 | $12.8亿 | +44.7% |
| Current Income Tax Expense (Benefit) | – | – | – | $39.8亿 | $42.7亿 | -6.8% |
| Current State and Local Tax Expense (Benefit) | – | – | – | $2.51亿 | $2.98亿 | -15.8% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $1.72亿 | $1.32亿 | +30.3% | $1.71亿 | $1.42亿 | +20.4% |
| Debt Securities, Available-for-sale | $13.9亿 | $31.8亿 | -56.2% | $24.2亿 | $54.5亿 | -55.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $700万 | $1900万 | -63.2% | $1600万 | $4400万 | -63.6% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $0 | $0 | – | $0 | $500万 | -100.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $13.9亿 | $31.6亿 | -56.2% | $24.1亿 | $54.1亿 | -55.6% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $1.5亿 | $13.9亿 | -89.2% | $8.57亿 | $24.8亿 | -65.5% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $12.4亿 | $17.9亿 | -30.5% | $15.6亿 | $29.7亿 | -47.3% |
| Debt, Long-term and Short-term, Combined Amount | $240亿 | $208亿 | +15.5% | $252亿 | $208亿 | +20.8% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | $1.02亿 | -$1.32亿 | +177.3% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $4100万 | $5000万 | -18.0% |
| Deferred Income Tax Expense (Benefit) | $4.53亿 | -$1.24亿 | +465.3% | $1.52亿 | -$1亿 | +252.0% |
| Deferred Income Tax Liabilities, Net | $58.9亿 | $51.6亿 | +14.2% | $55.5亿 | $53亿 | +4.7% |
| Deferred Other Tax Expense (Benefit) | -$6.66亿 | – | – | – | – | – |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $900万 | -$1800万 | +150.0% |
| Deferred Tax Assets, Net of Valuation Allowance | $15.3亿2025-09-30 | $16.4亿 | -6.9% | $15.3亿 | $16.4亿 | -6.9% |
| Deferred Tax Assets, Operating Loss Carryforwards | $2.58亿2025-09-30 | $2.06亿 | +25.2% | $2.58亿 | $2.06亿 | +25.2% |
| Deferred Tax Assets, Other | $2.88亿2025-09-30 | $8.55亿 | -66.3% | $2.88亿 | $8.55亿 | -66.3% |
| Deferred Tax Assets, Other Comprehensive Loss | $2.06亿2025-09-30 | $7900万 | +160.8% | $2.06亿 | $7900万 | +160.8% |
| Deferred Tax Assets, State Taxes | $7400万2025-09-30 | $1600万 | +362.5% | $7400万 | $1600万 | +362.5% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $2.5亿2025-09-30 | $2.21亿 | +13.1% | $2.5亿 | $2.21亿 | +13.1% |
| Deferred Tax Assets, Tax Deferred Expense, Other | $2600万2025-09-30 | $1.02亿 | -74.5% | $2600万 | $1.02亿 | -74.5% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Legal Settlements | $6.9亿2025-09-30 | $3.74亿 | +84.5% | $6.9亿 | $3.74亿 | +84.5% |
| Deferred Tax Assets, Valuation Allowance | $2.64亿2025-09-30 | $2.12亿 | +24.5% | $2.64亿 | $2.12亿 | +24.5% |
| Deferred Tax Liabilities, Gross | $69.5亿2025-09-30 | $68亿 | +2.2% | $69.5亿 | $68亿 | +2.2% |
| Deferred Tax Liabilities, Intangible Assets | $65.3亿2025-09-30 | $64亿 | +2.0% | $65.3亿 | $64亿 | +2.0% |
| Deferred Tax Liabilities, Net | $54.2亿2025-09-30 | $51.6亿 | +5.0% | $54.2亿 | $51.6亿 | +5.0% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $2.96亿2025-09-30 | $2.95亿 | +0.3% | $2.96亿 | $2.95亿 | +0.3% |
| Deferred Tax Liabilities, Undistributed Foreign Earnings | $5000万2025-09-30 | $2200万 | +127.3% | $5000万 | $2200万 | +127.3% |
来源:SEC companyfacts(每份10-Q / 10-K的XBRL)。现金流量表的季度数据由10-Q标记的年初至今累计数推算。分部拆分带有维度标记,在分部章节中单独展示。
数据来源
报表、分部营收、指标、预期:Financial Modeling Prep。分部利润及全部披露项目:SEC EDGAR(XBRL)。 已读取的文件: 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
数据截至 2026-11-01