In fiscal 2025, which ended Sep 30, 2025, Visa Inc. generated $23.1 billion of cash from operations, up 15.6% from the year before. It spent $1.5 billion on capital expenditures. That left free cash flow of $21.6 billion. The company returned $4.6 billion in dividends and $18.3 billion in share buybacks to shareholders.
USD in millions, except per-share amounts and ratios. The percent under a figure is the change from the year before.
| Line |
FY 2026
Mar 31, 2026
|
FY 2025
Sep 30, 2025
|
FY 2024
Sep 30, 2024
|
FY 2023
Sep 30, 2023
|
FY 2022
Sep 30, 2022
|
FY 2021
Sep 30, 2021
|
FY 2020
Sep 30, 2020
|
FY 2019
Sep 30, 2019
|
FY 2018
Sep 30, 2018
|
FY 2017
Sep 30, 2017
|
FY 2016
Sep 30, 2016
|
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating | |||||||||||
| Depreciation and amortization |
1,292
+14.8%
|
1,220
+18.0%
|
1,034
+9.7%
|
943
+9.5%
|
861
+7.1%
|
804
+4.8%
|
767
+16.9%
|
656
+7.0%
|
613
+10.3%
|
556
+10.8%
|
502
+1.6%
|
| Stock-based compensation |
920
+4.3%
|
897
+5.5%
|
850
+11.1%
|
765
+27.1%
|
602
+11.1%
|
542
+30.3%
|
416
+2.2%
|
407
+24.5%
|
327
+39.1%
|
235
+6.3%
|
221
+18.2%
|
| Operating cash flow |
22,756
+4.0%
|
23,059
+15.6%
|
19,950
-3.9%
|
20,755
+10.1%
|
18,849
+23.8%
|
15,227
+45.9%
|
10,440
-18.3%
|
12,784
-1.2%
|
12,941
+38.9%
|
9,317
+67.2%
|
5,574
-15.3%
|
| Investing | |||||||||||
| Capital expenditures |
1,571
+13.8%
|
1,482
+17.9%
|
1,257
+18.7%
|
1,059
+9.2%
|
970
+37.6%
|
705
-4.2%
|
736
-2.6%
|
756
+5.3%
|
718
+1.6%
|
707
+35.2%
|
523
+26.3%
|
| Investing cash flow |
-469
-126.1%
|
708
+136.8%
|
-1,926
+4.0%
|
-2,006
+53.2%
|
-4,288
-2721.1%
|
-152
-110.7%
|
1,427
+341.5%
|
-591
+80.8%
|
-3,084
-519.6%
|
735
+106.7%
|
-10,916
-660.7%
|
| Financing | |||||||||||
| Debt repaid |
—
|
0
|
0
-100.0%
|
2,250
+125.0%
|
1,000
-66.7%
|
3,000
|
0
|
0
-100.0%
|
1,750
|
—
|
—
|
| Dividends paid |
4,879
+10.1%
|
4,634
+9.9%
|
4,217
+12.4%
|
3,751
+17.1%
|
3,203
+14.5%
|
2,798
+5.0%
|
2,664
+17.4%
|
2,269
+18.3%
|
1,918
+21.5%
|
1,579
+17.0%
|
1,350
+14.7%
|
| Stock buybacks |
21,334
+12.4%
|
18,316
+9.6%
|
16,713
+38.1%
|
12,101
+4.4%
|
11,589
+33.6%
|
8,676
+6.9%
|
8,114
-5.7%
|
8,607
|
—
|
—
|
—
|
| Financing cash flow |
-23,224
+1.2%
|
-18,963
+8.1%
|
-20,633
-16.1%
|
-17,772
-40.0%
|
-12,696
+11.9%
|
-14,410
-263.2%
|
-3,968
+67.1%
|
-12,061
-11.8%
|
-10,790
-82.1%
|
-5,924
-179.2%
|
7,477
+307.5%
|
| Change in cash | |||||||||||
| Effect of exchange rate |
507
+3280.0%
|
420
+9.9%
|
382
-39.9%
|
636
+149.4%
|
-1,287
|
—
|
—
|
—
|
—
|
—
|
—
|
| Net change in cash |
-430
-328.7%
|
5,224
+334.6%
|
-2,227
-238.1%
|
1,613
+179.1%
|
578
-8.0%
|
628
-92.5%
|
8,339
+5851.0%
|
-145
|
—
|
—
|
—
|
| Free cash flow |
21,185
+3.3%
|
21,577
+15.4%
|
18,693
-5.1%
|
19,696
+10.2%
|
17,879
+23.1%
|
14,522
+49.6%
|
9,704
-19.3%
|
12,028
-1.6%
|
12,223
+42.0%
|
8,610
+70.5%
|
5,051
-18.1%
|
| Per share | |||||||||||
| Dividend per share |
0.67
+13.6%
|
0.59
+13.5%
|
0.52
+15.6%
|
0.45
+20.0%
|
0.38
+17.2%
|
0.32
+6.7%
|
0.30
+20.0%
|
0.25
|
—
|
0.17
+17.9%
|
0.14
+16.7%
|
| Shareholder returns | |||||||||||
| Returned to shareholders |
26,213
|
22,950
|
20,930
|
15,852
|
14,792
|
11,474
|
10,778
|
10,876
|
1,918
|
1,579
|
1,350
|
| Share of free cash flow |
123.73%
|
106.36%
|
111.97%
|
80.48%
|
82.73%
|
79.01%
|
111.07%
|
90.42%
|
15.69%
|
18.34%
|
26.73%
|
| Ratios | |||||||||||
| Free cash flow margin |
49.24%
|
53.94%
|
52.03%
|
60.32%
|
61.00%
|
60.24%
|
44.42%
|
52.35%
|
59.31%
|
46.90%
|
33.49%
|
| Capital expenditures to revenue |
3.65%
|
3.71%
|
3.50%
|
3.24%
|
3.31%
|
2.92%
|
3.37%
|
3.29%
|
3.48%
|
3.85%
|
3.47%
|
| Stock-based compensation to revenue |
2.14%
|
2.24%
|
2.37%
|
2.34%
|
2.05%
|
2.25%
|
1.90%
|
1.77%
|
1.59%
|
1.28%
|
1.47%
|
| Cash conversion |
1.02x
|
1.15x
|
1.01x
|
1.20x
|
1.26x
|
1.24x
|
0.96x
|
1.06x
|
1.26x
|
1.39x
|
0.93x
|
How these figures are calculated
Annual columns are full-year amounts from the annual report (Form 10-K, 20-F, or 40-F). If a company restates a year, the latest filed number is shown. USD in millions, except per-share amounts and ratios. Capital expenditures, debt repaid, dividends, and buybacks are positive amounts. Investing and financing cash flow keep the filing sign, so an outflow is negative. Free cash flow is operating cash flow minus capital expenditures. The first column is the trailing twelve months through the latest quarter. Returned to shareholders is dividends plus buybacks. Free cash flow margin, capital expenditures, and stock-based compensation are divided by revenue. Cash conversion is operating cash flow divided by net income. More on our methodology.
Company profile
- Industry
- Services-Business Services, NEC (SIC 7389)
- Listed as
- V (NYSE)
- Fiscal year ends
- September 30
- Incorporated in
- DE
- Headquarters
- San Francisco, CA
- SEC filer status
- Large accelerated filer
- SEC CIK
- 1403161
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Source: SEC EDGAR filings. This is company-reported data, not investment advice.