# VISA INC. (V)

Informational only - not investment advice.

CIK: 0001403161
SIC: 7389 Services-Business Services, NEC
SIC breadcrumb: [Services](/division/I/) > [Business Services](/major-group/73/) > [SIC 7389 Services-Business Services, NEC](/industry/7389/)
Latest 10-K filed: 2025-11-06
SEC page: https://www.sec.gov/edgar/browse/?CIK=1403161
Filing source: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm

## At a glance

FY2025 · period end 2025-09-30 · filed 2025-11-06 · accession 0001403161-25-000089 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001403161.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 40,000,000,000 USD | 2025 | verified |
| Net income | 20,058,000,000 USD | 2025 | verified |
| Assets | 99,627,000,000 USD | 2025 | verified |
| Free cash flow | 21,577,000,000 USD | 2025 | computed |
| Net margin | 50.14% | 2025 | computed |
| Operating margin | 59.98% | 2025 | computed |
| Revenue YoY | +11.34% | 2025 | computed |
| ROE | 52.91% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

Peer groups: [Payment networks and processors](/compare/payments/) · SIC 7389 Services-Business Services, NEC

No market price, no rating, no forecast on this site. Not investment advice.

## Peer comparisons including V

- Payment networks and processors: [peer review](/compare/payments/) · [market-risk page](/compare/payments/risk/)

### Peer percentile fingerprint

| Ratio | V | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | 50.1% | 5.8% | 100 | 59 |
| Operating margin | 60.0% | 9.2% | 100 | 56 |
| Revenue growth | 11.3% | 8.4% | 60 | 58 |
| FCF margin | 53.9% | 14.2% | 98 | 58 |
| ROE | 52.9% | 8.7% | 92 | 52 |
| ROA | 20.1% | 2.9% | 91 | 59 |
| Liabilities / equity | 1.63 | 1.52 | 55 | 54 |
| Current ratio | 1.08 | 1.34 | 27 | 57 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC industry 7389 Services-Business Services, NEC, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 40000000000 | USD | 2025 | 2025-11-06 |
| Net income | 20058000000 | USD | 2025 | 2025-11-06 |
| Assets | 99627000000 | USD | 2025 | 2025-11-06 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-06. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001403161.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  | 22,977,000,000 | 21,846,000,000 | 24,105,000,000 | 29,310,000,000 | 32,653,000,000 | 35,926,000,000 | 40,000,000,000 |
| Net income |  | 5,991,000,000 | 6,699,000,000 | 10,301,000,000 | 12,080,000,000 | 10,866,000,000 | 12,311,000,000 | 14,957,000,000 | 17,273,000,000 | 19,743,000,000 | 20,058,000,000 |
| Operating income |  | 7,883,000,000 | 12,144,000,000 | 12,954,000,000 | 15,001,000,000 | 14,081,000,000 | 15,804,000,000 | 18,813,000,000 | 21,000,000,000 | 23,595,000,000 | 23,994,000,000 |
| Operating cash flow |  | 5,574,000,000 | 9,317,000,000 | 12,941,000,000 | 12,784,000,000 | 10,440,000,000 | 15,227,000,000 | 18,849,000,000 | 20,755,000,000 | 19,950,000,000 | 23,059,000,000 |
| Capital expenditures |  | 523,000,000 | 707,000,000 | 718,000,000 | 756,000,000 | 736,000,000 | 705,000,000 | 970,000,000 | 1,059,000,000 | 1,257,000,000 | 1,482,000,000 |
| Dividends paid |  | 1,350,000,000 | 1,579,000,000 | 1,918,000,000 | 2,269,000,000 | 2,664,000,000 | 2,798,000,000 | 3,203,000,000 | 3,751,000,000 | 4,217,000,000 | 4,634,000,000 |
| Share buybacks | 2,910,000,000 |  | 6,891,000,000 | 7,192,000,000 | 8,607,000,000 | 8,114,000,000 | 8,676,000,000 | 11,589,000,000 | 12,101,000,000 | 16,713,000,000 | 18,316,000,000 |
| Assets |  | 64,035,000,000 | 67,977,000,000 | 69,225,000,000 | 72,574,000,000 | 80,919,000,000 | 82,896,000,000 | 85,501,000,000 | 90,499,000,000 | 94,511,000,000 | 99,627,000,000 |
| Liabilities |  | 31,123,000,000 | 35,217,000,000 | 35,219,000,000 | 37,890,000,000 | 44,709,000,000 | 45,307,000,000 | 49,920,000,000 | 51,766,000,000 | 55,374,000,000 | 61,718,000,000 |
| Stockholders' equity |  | 32,912,000,000 | 32,760,000,000 | 34,006,000,000 | 34,684,000,000 | 36,210,000,000 | 37,589,000,000 | 35,581,000,000 | 38,733,000,000 | 39,137,000,000 | 37,909,000,000 |
| Cash and cash equivalents |  | 5,619,000,000 | 9,874,000,000 | 8,162,000,000 | 7,838,000,000 | 16,289,000,000 | 16,487,000,000 | 15,689,000,000 | 16,286,000,000 | 11,975,000,000 | 17,164,000,000 |
| Free cash flow |  | 5,051,000,000 | 8,610,000,000 | 12,223,000,000 | 12,028,000,000 | 9,704,000,000 | 14,522,000,000 | 17,879,000,000 | 19,696,000,000 | 18,693,000,000 | 21,577,000,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  | 52.57% | 49.74% | 51.07% | 51.03% | 52.90% | 54.95% | 50.14% |
| Operating margin |  |  |  |  | 65.29% | 64.46% | 65.56% | 64.19% | 64.31% | 65.68% | 59.98% |
| Return on equity |  | 18.20% | 20.45% | 30.29% | 34.83% | 30.01% | 32.75% | 42.04% | 44.60% | 50.45% | 52.91% |
| Return on assets |  | 9.36% | 9.85% | 14.88% | 16.65% | 13.43% | 14.85% | 17.49% | 19.09% | 20.89% | 20.13% |
| Liabilities / equity |  | 0.95 | 1.07 | 1.04 | 1.09 | 1.23 | 1.21 | 1.40 | 1.34 | 1.41 | 1.63 |
| Current ratio |  | 1.78 | 1.90 | 1.61 | 1.56 | 1.91 | 1.75 | 1.45 | 1.45 | 1.28 | 1.08 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/V/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-04-29. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001403161.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2023-Q3 | 2023-06-30 | 8,123,000,000 | 4,156,000,000 |  | reported discrete quarter |
| 2023-Q4 | 2023-09-30 | 8,609,000,000 | 4,681,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-31 | 8,634,000,000 | 4,890,000,000 |  | reported discrete quarter |
| 2024-Q2 | 2024-03-31 | 8,775,000,000 | 4,663,000,000 |  | reported discrete quarter |
| 2024-Q3 | 2024-06-30 | 8,900,000,000 | 4,872,000,000 |  | reported discrete quarter |
| 2024-Q4 | 2024-09-30 | 9,617,000,000 | 5,318,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q1 | 2024-12-31 | 9,510,000,000 | 5,119,000,000 |  | reported discrete quarter |
| 2025-Q2 | 2025-03-31 | 9,594,000,000 | 4,577,000,000 |  | reported discrete quarter |
| 2025-Q3 | 2025-06-30 | 10,172,000,000 | 5,272,000,000 |  | reported discrete quarter |
| 2025-Q4 | 2025-09-30 | 10,724,000,000 | 5,090,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2025-12-31 | 10,901,000,000 | 5,853,000,000 |  | reported discrete quarter |
| 2026-Q2 | 2026-03-31 | 11,230,000,000 | 6,021,000,000 |  | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from V's latest 10-K: [/company/V/business/](/company/V/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from V's latest 10-K: [/company/V/risk-factors/](/company/V/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1403161/000140316126000104/v-20260630.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-07-29
Report date: 2026-06-30

ITEM 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis provides a review of the results of operations, financial condition and liquidity and capital resources of Visa Inc. and its subsidiaries (Visa, we, us, our or the Company) on a historical basis and outlines the factors that have affected recent earnings, as well as those factors that may affect future earnings. The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and related notes included in Item 1—Financial Statements of this report.

Forward-Looking Statements

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future financial position, results of operations and cash flows; prospects, developments, strategies and growth of our business; anticipated expansion of our products in certain countries and territories; industry developments; anticipated timing and benefits of our acquisitions; expectations regarding litigation matters, investigations and proceedings; timing and amount of stock repurchases; sufficiency of sources of liquidity and funding; effectiveness of our risk management programs; and expectations regarding the impact of recent accounting pronouncements on our unaudited consolidated financial statements. Forward-looking statements generally are identified by words such as “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “projects,” “could,” “should,” “will,” “continue” and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results or outcomes, or the timing of our results or outcomes, to differ materially from those expressed in, or implied by, any of these forward-looking statements in our SEC filings, including our Annual Report on Form 10-K, for the year ended September 30, 2025, and any subsequent reports on Forms 10-Q and 8-K. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise.

29

Table of Contents

Overview

Visa is a global payments technology company that facilitates secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers. We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories. Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products.

Financial overview. A summary of our GAAP and non-GAAP operating results is as follows:

[[GREPCENT_TABLE]]
[["","Three Months Ended June 30,","","Nine Months Ended June 30,"],["","2026","","2025","","%Change(1)","","2026","","2025","","%Change(1)"],["","(in millions, except percentages and per share data)"],["Net revenue","$","11,633","","","$","10,172","","","14","%","","$","33,764","","","$","29,276","","","15","%"],["Operating expenses","$","4,756","","","$","3,995","","","19","%","","$","12,916","","","$","11,430","","","13","%"],["Net income","$","5,628","","","$","5,272","","","7","%","","$","17,502","","","$","14,968","","","17","%"],["Diluted earnings per share","$","2.97","","","$","2.69","","","10","%","","$","9.14","","","$","7.59","","","20","%"],["Non-GAAP operating expenses(2)","$","3,878","","","$","3,307","","","17","%","","$","10,868","","","$","9,295","","","17","%"],["Non-GAAP net income(2)","$","6,296","","","$","5,834","","","8","%","","$","18,762","","","$","16,739","","","12","%"],["Non-GAAP diluted earnings per share(2)","$","3.32","","","$","2.98","","","11","%","","$","9.79","","","$","8.49","","","15","%"]]
[[/GREPCENT_TABLE]]

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

(2)For a reconciliation of our GAAP to non-GAAP financial measures, see tables in Non-GAAP Financial Measures below.

Highlights. For the three and nine months ended June 30, 2026, net revenue increased 14% and 15%, respectively, over the prior-year comparable periods, primarily due to the growth in nominal cross-border volume, nominal payments volume and processed transactions, partially offset by higher client incentives. See Results of Operations—Net Revenue below for further discussion. For the three and nine months ended June 30, 2026, exchange rate movements increased our net revenue growth by approximately one percentage point.

For the three and nine months ended June 30, 2026, operating expenses increased 19% and 13%, respectively, over the prior-year comparable periods, primarily driven by higher personnel expenses. The increase over the nine-month prior-year comparable period was also driven by higher marketing expenses. See Results of Operations—Operating Expenses below for further discussion. For the three and nine months ended June 30, 2026, exchange rate movements increased our operating expense growth by approximately one percentage point and one-and-a-half percentage points, respectively.

For the three and nine months ended June 30, 2026, non-GAAP operating expenses increased 17% over the prior-year comparable periods, primarily driven by higher marketing and personnel expenses.

Class B-1 and B-2 common stock exchange offer. In May 2026, we accepted 3 million shares of class B-1 common stock and 120 million shares of class B-2 common stock tendered in the exchange offer. In exchange, we issued 61 million shares of class B-3 common stock and 23 million shares of class C common stock. See Note 11—Stockholders’ Equity to our unaudited consolidated financial statements.

Acquisition. In February 2026, we acquired Prisma Medios de Pago S.A.U. (Prisma) and Newpay S.A.U. (Newpay) in Argentina for a total purchase consideration of $1.5 billion in cash. See Note 2—Acquisitions to our unaudited consolidated financial statements.

Senior notes. In February 2026, we issued fixed-rate senior notes in a public offering in an aggregate principal amount of $3.0 billion, with maturities ranging between 3 and 10 years. See Note 8—Debt to our unaudited consolidated financial statements.

30

Table of Contents

Interchange multidistrict litigation. For the nine months ended June 30, 2026, we recorded additional accruals of $1.1 billion to address claims associated with the interchange multidistrict litigation. We also made deposits of $875 million into the U. S. litigation escrow account. The additional accruals related to the interchange multidistrict litigation could be higher or lower than the deposits made into the U.S. litigation escrow account. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 16—Legal Matters to our unaudited consolidated financial statements.

Common stock repurchases. In April 2026, our board of directors authorized a $20.0 billion share repurchase program, providing multi-year flexibility. For the nine months ended June 30, 2026, we repurchased 50 million shares of our class A common stock in the open market for $16.5 billion. As of June 30, 2026, our share repurchase programs had remaining authorized funds of $28.4 billion. See Note 11—Stockholders’ Equity to our unaudited consolidated financial statements.

Payments Volume and Processed Transactions

Payments volume is the primary driver for our service revenue, and the number of processed transactions is the primary driver for our data processing revenue.

Payments volume represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume. Nominal payments volume is denominated in U.S. dollars and is calculated each quarter by applying an established U.S. dollar/foreign currency exchange rate for each local currency in which our volumes are reported. Processed transactions include payments and cash transactions, and represent transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa’s networks.

The following tables present nominal payments and cash volume:

[[GREPCENT_TABLE]]
[["","U.S.","","International","","Visa"],["","Three Months Ended March 31,(1)"],["","2026","","2025","","2026","","2025","","2026","","2025"],["","(in billions)"],["Nominal payments volume"],["Consumer credit","$","644","","","$","592","","","$","827","","","$","745","","","$","1,471","","","$","1,337"],["Consumer debit(2)","858","","","802","","","929","","","791","","","1,787","","","1,593"],["Commercial(3)","286","","","261","","","184","","","156","","","470","","","416"],["Total nominal payments volume(4)","$","1,788","","","$","1,654","","","$","1,940","","","$","1,692","","","$","3,728","","","$","3,346"],["Cash volume(5)","144","","","145","","","481","","","453","","","626","","","598"],["Total nominal volume(4),(6)","$","1,932","","","$","1,799","","","$","2,422","","","$","2,144","","","$","4,354","","","$","3,944"],["","U.S.","","International","","Visa"],["","Nine Months Ended March 31,(1)"],["","2026","","2025","","2026","","2025","","2026","","2025"],["","(in billions)"],["Nominal payments volume"],["Consumer credit","$","1,982","","","$","1,844","","","$","2,536","","","$","2,312","","","$","4,518","","","$","4,156"],["Consumer debit(2)","2,547","","","2,380","","","2,835","","","2,461","","","5,382","","","4,840"],["Commercial(3)","869","","","801","","","561","","","483","","","1,430","","","1,283"],["Total nominal payments volume(4)","$","5,398","","","$","5,024","","","$","5,932","","","$","5,256","","","$","11,330","","","$","10,280"],["Cash volume(5)","447","","","445","","","1,482","","","1,412","","","1,929","","","1,857"],["Total nominal volume(4),(6)","$","5,845","","","$","5,469","","","$","7,414","","","$","6,667","","","$","13,259","","","$","12,137"]]
[[/GREPCENT_TABLE]]

31

Table of Contents

The following table presents the changes in nominal and constant payments and cash volume:

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1403161/000140316125000089/v-20250930.htm
Complete FY 2025 MD&A: /company/V/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-11-06
Report date: 2025-09-30

ITEM 7.    Management’s Discussion and Analysis of Financial Condition and Results of Operations

This management’s discussion and analysis provides a review of the results of operations, financial condition and liquidity and capital resources of Visa Inc. and its subsidiaries (Visa, we, us, our or the Company) on a historical basis and outlines the factors that have affected recent earnings, as well as those factors that may affect future earnings. The following discussion and analysis should be read in conjunction with the consolidated financial statements and related notes included in Item 8 of this report.

This section of the report generally discusses fiscal 2025 compared to fiscal 2024. Discussions of fiscal 2024 compared to fiscal 2023 that are not included in this report can be found in “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 in our Annual Report on Form 10-K for the year ended September 30, 2024, filed with the U.S. Securities and Exchange Commission.

Overview

Visa is a global payments technology company that facilitates secure, reliable and efficient global commerce and money movement. We provide transaction processing services (primarily authorization, clearing and settlement) among consumers, issuing and acquiring financial institutions and sellers. We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating money movement to multiple endpoints through various form factors and innovative technologies across more than 200 countries and territories. Visa is not a financial institution. We do not issue cards, extend credit or set rates and fees for account holders of Visa products.

Financial overview. A summary of our GAAP and non-GAAP operating results is as follows:

[[GREPCENT_TABLE]]
[["","For the Years Ended September 30,","","% Change(1)"],["","2025","","2024","","2023","","2025 vs. 2024","","2024 vs. 2023"],["","(in millions, except percentages and per share data)"],["Net revenue","$","40,000","","","$","35,926","","","$","32,653","","","11","%","","10","%"],["Operating expenses","$","16,006","","","$","12,331","","","$","11,653","","","30","%","","6","%"],["Net income","$","20,058","","","$","19,743","","","$","17,273","","","2","%","","14","%"],["Diluted earnings per share","$","10.20","","","$","9.73","","","$","8.28","","","5","%","","17","%"],["Non-GAAP operating expenses(2)","$","12,906","","","$","11,609","","","$","10,481","","","11","%","","11","%"],["Non-GAAP net income(2)","$","22,542","","","$","20,389","","","$","18,280","","","11","%","","12","%"],["Non-GAAP diluted earnings per share(2)","$","11.47","","","$","10.05","","","$","8.77","","","14","%","","15","%"]]
[[/GREPCENT_TABLE]]

(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

(2)For a full reconciliation of our GAAP to non-GAAP financial results, see tables in Non-GAAP financial results below.

Highlights for fiscal 2025. Net revenue increased 11% over the prior year, primarily due to the growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives. See Results of Operations—Net Revenue below for further discussion. Exchange rate movements did not have a material impact on net revenue growth.

GAAP operating expenses increased 30% over the prior year, primarily driven by higher litigation provision and personnel expenses. See Results of Operations—Operating Expenses below for further discussion. Exchange rate movements did not have a material impact on operating expenses growth.

Non-GAAP operating expenses increased 11% over the prior year, primarily driven by higher personnel, general and administrative, and depreciation and amortization expenses.

Release of preferred stock. In August 2025, we released $1.4 billion of the as-converted value from our series B and C preferred stock and issued 40,080 shares of series A preferred stock in connection with the ninth anniversary of the Visa Europe acquisition. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 15—Stockholders’ Equity to our consolidated financial statements included in Item 8 of this report.

40

Table of Contents

Senior notes. In May 2025, we issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.5 billion ($3.9 billion), with maturities ranging between 3 and 19 years. See Note 10—Debt to our consolidated financial statements included in Item 8 of this report.

Acquisition. In December 2024, we acquired Featurespace Limited (Featurespace), a developer of real-time artificial intelligence payments protection technology that helps prevent and mitigate payments fraud and financial crime risks, for a purchase consideration of $946 million. See Note 2—Acquisitions to our consolidated financial statements included in Item 8 of this report.

Interchange multidistrict litigation. During fiscal 2025, we recorded additional accruals of $2.2 billion to address claims associated with the interchange multidistrict litigation. We also made additional deposits of $875 million into the U.S. litigation escrow account. The additional accruals related to the interchange multidistrict litigation could be higher or lower than deposits made into the U.S. litigation escrow account. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report.

Continued resolution in the interchange multidistrict litigation will be considered by our board of directors with regards to successive exchange offers for class B common stock. Visa may, but is under no obligation to, conduct a successive exchange offer for class B common stock if (i) one year has passed since the initial exchange offer for the next preceding class of class B common stock; and (ii) if the estimated interchange reimbursement fees at issue in unresolved claims for damages in the U.S. covered litigation have been reduced by 50% or more since the consummation of the prior exchange offer (or in the case of the first successive exchange offer, since October 1, 2023), as determined by Visa. The estimated interchange reimbursement fees at issue in unresolved claims for damages in the U.S. covered litigation was approximately $49.6 billion as of October 1, 2023 and was approximately $39.4 billion(1) as of October 1, 2025.

Common stock repurchases. In April 2025, our board of directors authorized a $30.0 billion share repurchase program, providing multi-year flexibility. During fiscal 2025, we repurchased 54 million shares of our class A common stock in the open market for $18.2 billion. As of September 30, 2025, our share repurchase program had remaining authorized funds of $24.9 billion. See Note 15—Stockholders’ Equity to our consolidated financial statements included in Item 8 of this report.

Non-GAAP financial results. We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We consider non-GAAP measures useful to investors because they provide greater transparency into management’s view and assessment of our ongoing operating performance.

•Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business.

•Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as technology and customer relationships acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount to facilitate an evaluation of our current operating performance and comparison to our past operating performance.

•Acquisition-related costs. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. These costs also include retention equity and deferred compensation when they are

(1)    These figures are estimated and approximated. These estimates do not include claims in certain purported indirect purchaser class actions or any claims of merchants serviced by opt-outs that are payment processors and facilitators. The interchange at issue for unresolved claims will continue to increase. See U.S. Covered Litigation in Note 20—Legal Matters to our consolidated financial statements included in Item 8 of this report for more information on the Interchange Multidistrict Litigation (MDL) - Individual Merchant Actions.

41

Table of Contents

agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business.

•Severance costs. During fiscal 2025, we recorded severance costs within personnel expense to realign our organizational structure and focus on areas that will drive higher long-term growth. This broad-based optimization effort has been excluded as it is not representative of our ongoing operations.

•Lease consolidation costs. During fiscal 2025 and 2024, we recorded charges within general and administrative expense associated with the consolidation of certain leased office spaces. We have excluded these amounts as it does not reflect the underlying performance of our business.

•Litigation provision. Litigation provision includes significant accruals related to certain legal matters that are not covered by the U.S. retrospective responsibility plan or the Europe retrospective responsibility plan (uncovered legal matters) and additional accruals associated with the interchange multidistrict litigation which are covered by the U.S. retrospective responsibility plan (U.S. covered litigation). Litigation provision associated with these matters can vary significantly based on the facts and circumstances related to each matter and do not correlate to the underlying performance of our business. During fiscal 2025, 2024 and 2023, we have excluded these amounts to facilitate a comparison to our past operating performance.

Under the U.S. retrospective responsibility plan, we recover the monetary liabilities related to the U.S. covered litigation through a downward adjustment to the rate at which shares of our class B-1 and class B-2 common stock ultimately convert into shares of class A common stock. During fiscal 2025, basic and diluted earnings per class A common stock increased $0.01 and was unchanged, respectively, as a result of the downward adjustments of the class B-1 and B-2 common stock conversion rates during the period. During fiscal 2024 and 2023, basic and diluted earnings per class A common stock were unchanged in both fiscal years, as a result of the downward adjustments of the class B-1 and B-2 common stock conversion rates during the periods. Se

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/V/mda/fy2025/
All MD&A years: /company/V/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/V/mda/fy2024/): filed 2024-11-13; accession 0001403161-24-000058 (https://www.sec.gov/Archives/edgar/data/1403161/000140316124000058/v-20240930.htm)
- [FY 2023 MD&A](/company/V/mda/fy2023/): filed 2023-11-15; accession 0001403161-23-000099 (https://www.sec.gov/Archives/edgar/data/1403161/000140316123000099/v-20230930.htm)
- [FY 2022 MD&A](/company/V/mda/fy2022/): filed 2022-11-16; accession 0001403161-22-000081 (https://www.sec.gov/Archives/edgar/data/1403161/000140316122000081/v-20220930.htm)
- [FY 2021 MD&A](/company/V/mda/fy2021/): filed 2021-11-18; accession 0001403161-21-000060 (https://www.sec.gov/Archives/edgar/data/1403161/000140316121000060/v-20210930.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 7389 Services-Business Services, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity

Macro-to-micro threads including this sector: [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/V.md · JSON record: /company/V.json · verified financials: /company/V/financials.json / /company/V/financials.csv · machine TOC for the whole site: /llms.txt