Company file · V
Visa
Visa gave back $15.8B in incentives to banks and merchants in fiscal 2025
Net revenue, after those client incentives, rose 11.3% to $40.0B. Net income was $20.1B, up 1.6%; international business was 61% of the total.
Key facts
Visa (NYSE: V) closed fiscal 2025 on Sep 30, 2025 with net revenue of $40.0B, up 11.3% from a year before; net income came to $20.1B, up 1.6%. Its newest quarterly report covers the three months to Jun 30, 2026: net revenue of $11.6B, up 14.4% on the same stretch of the prior year, and net income of $5.6B. Broken down by region, International led with 61% of fiscal 2025 net revenue. Sources: 10-K for fiscal 2025 (filed Nov 6, 2025) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 29, 2026).
Source: 10-K FY2025, filed Nov 6, 2025
Source: 10-Q filed Jan 30, 2026 · 10-Q filed Apr 29, 2026 · 10-Q filed Jul 29, 2026
How it makes money
By region, FY2025
Source: 10-K FY2025, XBRL breakdown
Before incentives, data processing was $20.0B, service revenue $17.5B, international transactions $14.2B and other revenue $4.1B. Client incentives of $15.8B were then deducted to reach net revenue of $40.0B.
Source: 10-K FY2025
Gross revenue by type, before client incentives, FY2025
Share is of the FY2025 total; the last column is the change from FY2024.
What changed last quarter
Source: 10-Q, quarter ended Jun 30, 2026, filed Jul 29, 2026
The bull case and the bear case
The bull case
- Net revenue grew 11.3% in FY2025 to $40.0B. 10-K, FY2025
- Value-added services revenue rose 23.9% to $10.9B. 10-K, FY2025
- Net revenue in the quarter ended Jun 30, 2026 was $11.6B, up 14.4% on a year earlier. 10-Q, quarter ended Jun 30, 2026
- Operating cash flow rose 15.6% in FY2025 to $23.1B. 10-K, FY2025
The bear case
- Net income grew only 1.6% in FY2025, far slower than revenue. 10-K, FY2025
- Client incentives rose to $15.8B in FY2025 from $13.8B the year before, growing faster than net revenue. 10-K, FY2025
- The 10-K lists regulation of interchange fees and of how merchants accept cards, in the US and abroad, among its main risks. 10-K, Item 1A
- It also describes large US and European litigation, including interchange cases covered by its retrospective responsibility plans. 10-K, Item 1A
What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.
What the company does
Visa runs one of the world's largest card payment networks. It doesn't issue cards or lend money; it charges banks and other clients fees for using its network and services.
Banks issue Visa-branded cards and sign up merchants; Visa's network passes the transaction between them and settles it. Visa earns service revenue based on payment volume, data processing revenue for authorizing and clearing transactions, and international transaction revenue when the card and merchant are in different countries. It also sells value-added services such as fraud tools and consulting.
It pays incentives to clients to win and keep business, and those are subtracted from revenue. Its fiscal year ends on September 30.
Source: 10-K, Item 1 Business
Main risks the company lists
Our plain-English paraphrase of the risk factors in Visa's latest 10-K. Read the original for the full list.
- RegulationRules on interchange, routing and card acceptance, and government moves to favor domestic payment systems, could cut revenue.
- LitigationAntitrust and interchange lawsuits in the US and Europe could lead to large payments or business changes.
- Competition and new technologyOther networks, real-time payment systems, digital wallets and new technology compete for transactions.
- Client pressureLarge banks and merchants can push for bigger incentives or lower costs.
- Economy and cross-border travelSpending and international travel drive volumes and fees.
- Cyber and operationsA breach or network outage could damage trust in the brand.
- Share structureConversion of class B and C shares into class A could dilute existing holders.
Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)
Three years of key numbers
Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.
| US$ | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Net revenue | $32.7B | $35.9B | $40.0B |
| Net income | $17.3B | $19.7B | $20.1B |
| Operating cash flow | $20.8B | $19.9B | $23.1B |
| Cash & equivalents (year end) | $16.3B | $12.0B | $17.2B |
| Total debt (year end) | $20.5B | $20.8B | $25.2B |
- Net revenue: Fees for service, data processing, international transactions and other services, minus incentives paid to clients.
- Net income: Profit after all costs and taxes.
- Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
- Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
- Total debt: Current and long-term debt, at carrying value.
About these numbers
- The revenue-type chart shows gross revenue before client incentives, so its parts add up to more than net revenue.
- Value-added services cut across the revenue types, so they are shown on their own.
- Visa's 10-Q for the quarter ended Jun 30, 2026 isn't yet in the SEC's companyfacts data feed, so quarterly figures are read from that filing's own XBRL file.
What we left out
- Diluted shares: Visa reports earnings per share separately for its class A, B and C stock and doesn't tag a single diluted share count, so the share row is left out.
Recent filings
Latest filings
- Oct 24:05 PM ET
Form 4
Visa CEO Ryan McInerney reports selling 5,875 shares under a 10b5-1 plan
The filing reports 5,875 shares in an open-market or private sale (code S) at $358.81, about $2.1 million in total; and 5,875 shares in an exercise or conversion of a derivative security (code M).
Common questions about Visa
How does Visa make money?
Fiscal 2025 net revenue: $40.0B. Before incentives, data processing was $20.0B, service revenue $17.5B, international transactions $14.2B and other revenue $4.1B. Client incentives of $15.8B were then deducted to reach net revenue of $40.0B. Source: 10-K for fiscal 2025, filed Nov 6, 2025.
What was Visa's revenue in fiscal 2025?
$40.0B, up 11.3% from fiscal 2024 ($35.9B). The year ended Sep 30, 2025; for fiscal 2023 the figure was $32.7B. Source: 10-K for fiscal 2025, filed Nov 6, 2025.
Is Visa profitable?
Net income was $20.1B in fiscal 2025 (up 1.6%; fiscal 2024 was $19.7B). That counts as a GAAP profit. The latest quarter, ended Jun 30, 2026: net income was $5.6B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Nov 6, 2025.
What did Visa report in its latest quarterly filing?
For the three months to Jun 30, 2026: net revenue $11.6B (up 14.4% from $10.2B) and net income $5.6B (up 6.8% from $5.3B). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 29, 2026.
How much cash and debt does Visa have?
As of Jun 30, 2026: $12.4B of cash and cash equivalents, $23.9B of total debt. Total debt here is current and long-term debt, at carrying value. Source: 10-Q filed Jul 29, 2026.
What are the main risks Visa lists?
The risk factors are in Item 1A of the 10-K filed Nov 6, 2025. This page sorts them into 7 groups (Regulation; litigation; competition and new technology; client pressure; economy and cross-border travel; cyber and operations; share structure). The first group in plain English: Rules on interchange, routing and card acceptance, and government moves to favor domestic payment systems, could cut revenue. Source: 10-K, Item 1A Risk Factors.
Where do these Visa numbers come from?
The 10-K filed Nov 6, 2025 (fiscal 2025) and the 10-Q filed Jul 29, 2026 (quarter ended Jun 30, 2026), as published in the SEC's XBRL data. Click any number to open the filing it came from. Methodology explains how fiscal years and missing numbers are handled.
Disclosures
- Editor holdings in V
- The editor holds no position in Visa (V). As of Oct 25, 2026.
- Trading rule
- The editor does not buy or sell V from 3 days before to 3 days after this page is published or substantively updated.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- The company's SEC filings, linked next to each number.
- Last updated
- Oct 25, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold V, and it doesn't consider your situation.
Compare with peers
| Company | Fiscal year | Revenue | Revenue growth | Net income |
|---|---|---|---|---|
| VisaV | FY2025 | $40.0B | +11.3% | $20.1B |
| MastercardMA | FY2025 | $32.8B | +16.4% | $15.0B |
| JPMorgan ChaseJPM | FY2025 | $182.4B | +2.8% | $57.0B |
Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.
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New to filings? Learn lists the first explainer topics. Methodology & Disclosures covers where every number comes from.