In Q2 of fiscal 2026, the quarter ended Mar 31, 2026, Visa Inc. generated $3.0 billion of cash from operations, down 35.9% from the same quarter a year earlier. It spent $383.0 million on capital expenditures. That left free cash flow of $2.6 billion. The company returned $1.3 billion in dividends and $7.9 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 same quarter a year earlier.
| Line |
TTM
Mar 31, 2026
|
Q2 FY2026
Mar 31, 2026
|
Q1 FY2026
Dec 31, 2025
|
Q4 FY2025
Sep 30, 2025
|
Q3 FY2025
Jun 30, 2025
|
Q2 FY2025
Mar 31, 2025
|
Q1 FY2025
Dec 31, 2024
|
Q4 FY2024
Sep 30, 2024
|
Q3 FY2024
Jun 30, 2024
|
|---|---|---|---|---|---|---|---|---|---|
| Operating | |||||||||
| Depreciation and amortization |
1,292
+14.8%
|
333
+9.2%
|
326
+15.6%
|
316
+15.3%
|
317
+20.1%
|
305
+22.5%
|
282
+14.2%
|
274
+10.9%
|
264
+12.3%
|
| Stock-based compensation |
920
+4.3%
|
275
+6.2%
|
231
+3.1%
|
191
+1.6%
|
223
+5.7%
|
259
+7.0%
|
224
+7.2%
|
188
+8.0%
|
211
+10.5%
|
| Operating cash flow |
22,756
+4.0%
|
3,008
-35.9%
|
6,780
+25.6%
|
6,238
-6.4%
|
6,730
+31.1%
|
4,695
+3.5%
|
5,396
+49.3%
|
6,664
-3.8%
|
5,134
-11.4%
|
| Investing | |||||||||
| Capital expenditures |
1,571
+13.8%
|
383
+17.1%
|
378
+9.6%
|
389
+25.9%
|
421
+5.2%
|
327
+16.4%
|
345
+29.2%
|
309
+1.3%
|
400
+35.6%
|
| Investing cash flow |
-469
-126.1%
|
-878
-575.4%
|
361
-54.3%
|
304
-47.9%
|
-256
-146.1%
|
-130
+88.9%
|
790
+141.8%
|
584
+149.2%
|
555
+3164.7%
|
| Financing | |||||||||
| Debt repaid |
—
|
0
|
4,000
|
—
|
—
|
—
|
—
|
0
|
0
|
| Dividends paid |
4,879
+10.1%
|
1,286
+10.5%
|
1,293
+10.5%
|
1,146
+10.1%
|
1,154
+9.3%
|
1,164
+9.8%
|
1,170
+10.4%
|
1,041
+12.2%
|
1,056
+12.7%
|
| Stock buybacks |
21,334
+12.4%
|
7,900
+71.9%
|
3,725
-7.1%
|
4,927
-15.7%
|
4,782
+5.6%
|
4,596
+66.6%
|
4,011
+12.0%
|
5,848
+55.9%
|
4,527
+48.9%
|
| Financing cash flow |
-23,224
+1.2%
|
-6,410
-13.3%
|
-8,986
-64.1%
|
-6,000
+15.1%
|
-1,828
+65.6%
|
-5,660
-46.1%
|
-5,475
-25.0%
|
-7,069
-54.3%
|
-5,311
-35.5%
|
| Change in cash | |||||||||
| Effect of exchange rate |
507
+3280.0%
|
-190
-171.7%
|
34
+106.7%
|
4
-98.7%
|
659
+1418.0%
|
265
+250.6%
|
-508
-269.3%
|
308
+248.1%
|
-50
-412.5%
|
| Net change in cash |
-430
-328.7%
|
-4,470
-438.6%
|
-1,811
-992.1%
|
546
+12.1%
|
5,305
+1517.4%
|
-830
-20.6%
|
203
+108.6%
|
487
-48.8%
|
328
-82.8%
|
| Free cash flow |
21,185
+3.3%
|
2,625
-39.9%
|
6,402
+26.7%
|
5,849
-8.0%
|
6,309
+33.3%
|
4,368
+2.6%
|
5,051
+50.9%
|
6,355
-4.0%
|
4,734
-14.0%
|
| Per share | |||||||||
| Dividend per share |
0.67
+13.6%
|
0.67
+13.6%
|
0.67
+13.6%
|
0.00
|
0.59
+13.5%
|
0.59
+13.5%
|
0.59
+13.5%
|
0.00
|
0.52
+15.6%
|
| Shareholder returns | |||||||||
| Returned to shareholders |
26,213
|
9,186
|
5,018
|
6,073
|
5,936
|
5,760
|
5,181
|
6,889
|
5,583
|
| Share of free cash flow |
123.73%
|
349.94%
|
78.38%
|
103.83%
|
94.09%
|
131.87%
|
102.57%
|
108.40%
|
117.93%
|
| Ratios | |||||||||
| Free cash flow margin |
49.24%
|
23.37%
|
58.73%
|
54.54%
|
62.02%
|
45.53%
|
53.11%
|
66.08%
|
53.19%
|
| Capital expenditures to revenue |
3.65%
|
3.41%
|
3.47%
|
3.63%
|
4.14%
|
3.41%
|
3.63%
|
3.21%
|
4.49%
|
| Stock-based compensation to revenue |
2.14%
|
2.45%
|
2.12%
|
1.78%
|
2.19%
|
2.70%
|
2.36%
|
1.95%
|
2.37%
|
| Cash conversion |
1.02x
|
0.50x
|
1.16x
|
1.23x
|
1.28x
|
1.03x
|
1.05x
|
1.25x
|
1.05x
|
How these figures are calculated
Quarterly columns are single-quarter amounts. When a 10-Q reports only a year-to-date total, as cash flow statements do, the quarter is that total minus the previous quarter's year-to-date total. The fourth quarter is the annual report's full year minus the first nine months. A column marked YTD is a year-to-date total, shown when the earlier report needed for the single quarter is missing. 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.