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Visa Inc. (V) stock

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NYSE: V NYSE Transaction & Payment Processing Services Next results ~January 26, 2027

B+ Fundamentals grade

Visa Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in September.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$390

Cash-flow model

Base case. Range ~$290–$520 across our lower- and higher-growth cases (8.1%–18.1% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 9% above our base value.

Price used: $425.51, November 2, 2026

Visa Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Visa files

Where Visa stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $44.5bn, up 14.4% on a year earlier, about the same pace as a quarter earlier. Free-cash-flow margin fell to 47.2% from 56.8% a year earlier. Against its peers on growth, profitability, cash generation and balance sheet, it grades B+. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $403 a share, against a share price of $407. At that price, our model says the market is pricing in about 13.3% a year of cash-flow growth for five years, close to the 13.0% a year revenue growth it has delivered.

Source: 10-Q filed July 29, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 26, 2027 (estimated)

Visa Inc.'s trailing-twelve-month revenue grew 14.4% year on year, with a free-cash-flow margin of 47.2%. Where it stands out: operating margin of 60.7% ranks 1 of 29 transaction & payment processing services companies we cover.

Our discounted-cash-flow model values the business at ~$390 per share in the base case (~$290–$520 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 4.8% while net income grew 11.4%: a 16pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • High operating margin. 60.7% of revenue is left as operating profit, against a median of 9.8% for transaction & payment processing services companies we cover.
  • Strong cash generation. 47.2% of revenue turned into free cash flow, against a median of 18.4% for transaction & payment processing services companies we cover.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 7 insiders sold $87M of stock over the past 365 days and none bought (63% under pre-set trading plans).

Latest results: FY2026 Q3

Filed July 29, 2026
Earnings per share
$3.48 against an average estimate of $3.44: beat by 1.1%
Revenue
$11.63bn, up 14.4% on a year earlier
Share reaction
-0.9% in the first session after the results on October 27, 2026, against +0.9% for the S&P 500
Next report
January 26, 2027; average EPS estimate $3.63

Visa's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+2.9%
  • 1 week+5.3%
  • 1 month+18.0%
  • This year+22.1%
  • 1 year+25.9%
  • 5 years+112.4%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$44.5B
Operating margin
60.7%
Net margin
50.8%

Growth

Revenue growth
+14.4%
Change in growth rate
+0.0 pts

Cash

Free cash flow (TTM)
$21B
FCF margin
47.2%
Stock pay % of revenue
2.1%

Earnings

Last results
October 27, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results

    Visa reports Q4 results and declares $0.780 dividend

    Visa Inc. said it released financial results for the fiscal fourth quarter and full year ended September 30, 2026. The company's board declared a quarterly cash dividend of $0.780 per share of class A common stock. The payment is due on December 1, 2026, to holders of record as of November 10, 2026.

    SEC 8-KRead source ↗
  2. Our research
  3. Insider trade
  4. Announcement
  5. Insider trade
  6. Insider trade
  7. Insider trade
  8. Insider trade
  9. Results
  10. Governance

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Visa Inc. valuation models and calculator

What the price is pricing in

The share price implies about 13.5% a year of cash-flow growth for five years.That is close to the 13.0% a year revenue growth Visa has delivered.

  • Priced in13.5%
  • Last 12 months14.4%
  • 3 years a year11.8%
  • 5 years a year13.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($420.35, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$390
Price used
$420.35close November 3, 2026
Implied change
▼ 7%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Visa Inc.'s free cash flow after stock-based pay with after-tax interest added back ($22.9B, FY2026 Q3 TTM), growing 9.5% and 12.1% in the next two years (forecasts, guidance and its record), then back to 13.1% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$290–~$520 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Visa Inc.'s free cash flow after stock-based pay ( $22.9B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Visa Inc. as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.88 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$390 ~$290–$520 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$150 ~$110–$300 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$170 ~$150–$210 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$280 ~$150–$390 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Visa Inc. with Transaction & Payment Processing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −17%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $187$257$349$470$628$832
8.5% $142$192$258$345$458$603
10% $114$153$204$270$356$466

Moat

95 /100

Strong moat

How hard Visa's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 17.0% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 64.4%; its worst year was 60.7%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 55.2% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (100 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 26, 2027, after the close. Analysts expect revenue of $12.2bn and EPS of $3.63 (range $3.58 to $3.75) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $15.04 +13% $51.0bn +11%
Next $17.14 +14% $56.4bn +11%

Next year's EPS estimate has moved +1.3% in 90 days, across 31 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 1 analyst raised Visa Inc.'s forecast and 3 cut it.

Consensus EPS forecast Visa Inc., last 90 days
$14.00 $15.00 $16.00 $17.00 $18.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $14.95 Current fiscal year, 60 days ago: $15.00 Current fiscal year, 30 days ago: $15.00 Current fiscal year, 7 days ago: $15.02 Current fiscal year, Now: $15.04 $15.04 Next fiscal year, 90 days ago: $16.93 Next fiscal year, 60 days ago: $17.04 Next fiscal year, 30 days ago: $17.04 Next fiscal year, 7 days ago: $17.04 Next fiscal year, Now: $17.14 $17.14

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $14.95$16.93
60 days ago $15.00$17.04
30 days ago $15.00$17.04
7 days ago $15.02$17.04
Now $15.04$17.14

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $3.44 $3.48 +1.1%
Jun 2026 $3.23 $3.32 +2.8%
Mar 2026 $3.10 $3.31 +6.8%
Dec 2025 $3.14 $3.17 +0.9%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 28, 2026

No numeric guidance in Visa Inc.'s latest earnings release (filed July 28, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Visa Inc.'s revenue by +9.5% next year and +12.1% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+7.9%, weight 70%) and the company's own record (+13.1%, weight 30%) . How the weights are set.

Analyst recommendations

40 analysts, Oct 2026
Buy3690%
Hold38%
Sell13%

Monthly trend

  1. Oct 2026927340
  2. Sep 2026927340
  3. Aug 2026927340
  4. Jul 2026929341

Counts of recommendations published by analysts covering Visa Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
1.2%
of tradable shares
Days to cover
3.35
at average volume
Short interest, 1 month
+1%
to September 30, 2026
Held by institutions
90%
of shares
Held by insiders
0.1%
of shares
Employees
34,100
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Recent prices are available. Older price history and the statistics that need it are being loaded in the background.

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
V−0%−3%+26%+22%+12%+22%
Industry peers (median)−19%−35%+6%+9%−26%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
V42%42%75%67%42%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
V−24%−24%−8%−13%−15%−17%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since October 29, 2015: 36% from February 19, 2020 to March 23, 2020. Getting back needed a 57% gain, reached on August 28, 2020, 158 days after the low.

Price behaviour

52-week range
$294.36 – $425.51
From 52-week high
0.0%
vs 50-day average
+11.3%
vs 200-day average
+24.4%
Volatility (1 year)
22%
Beta vs S&P 500
0.26

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±2.4%
After a week
7 up, 4 down
typical move ±2.6%
After a month
8 up, 3 down
typical move ±4.7%
Results releasedNext dayS&P 500 next day5 days21 days
October 27, 2026 −0.9% +0.9% — —
July 28, 2026 +1.7% −1.3% +1.9% +6.1%
April 28, 2026 +8.1% −0.5% +4.0% +5.2%
January 29, 2026 −1.6% −0.5% +0.7% −1.8%
October 28, 2025 −1.9% +0.3% −2.2% −3.8%
July 29, 2025 −1.3% −0.4% −5.1% −1.3%
April 29, 2025 +2.4% +0.7% +3.0% +7.6%
January 30, 2025 +1.8% 0.0% +3.5% +7.9%
October 29, 2024 +2.1% −0.1% +3.2% +10.9%
July 23, 2024 −5.1% −2.4% −1.7% +0.4%
April 23, 2024 +1.0% +1.1% −1.4% +1.4%
January 25, 2024 −1.4% +0.4% +2.0% +4.8%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Visa Inc.’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.20× the last 60 days’ realised volatility , richer than 56% of the 229 stocks we screen today.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

V Visa Inc. Grade B+ $425.89

Sell the $390 put expiring November 27, 2026 (25 days) for $1.11 a share — $111 per contract.

Previous session · Bid $1.11, ask $1.42, quoted Mon 2 Nov, 17:39 New York time with V at $425.89. Option prices move with the shares: check the live chain at your broker before trading.

  • If V ends above $390: you keep the $111 — 0.3% on the $39,000 set aside, or 4.2% a year at that pace.
  • If it ends below $390: you buy 100 shares at an effective $388.89, 9% below today's price and 0% below our value of ~$390.
$111 −$7.8k Break-even $388.89 Our value $390 Price $425.89
Profit or loss per contract at expiry, by share price.
Premium
$111
Annualised
4.2%
Break-even
$388.89
Max gain
$111
Chance of buying
~9%
V Visa Inc. Grade B+ $425.89

Own 100 shares, sell the $465 call expiring December 4, 2026 (32 days) for $0.86 a share — $86.00 per contract.

Previous session · Bid $0.86, ask $1.15, quoted Mon 2 Nov, 17:39 New York time with V at $425.89. Option prices move with the shares: check the live chain at your broker before trading.

  • If V ends below $465: you keep your shares and the $86.00 — 0.2% extra on the position, 2.3% a year at that pace.
  • If it ends above $465: your shares are sold at $465, a total return of 9.4% including the premium — at or above our value of ~$390.
$4.0k $0 −$8.5k Our value $390 Break-even $425.03 Price $425.89
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$86.00
Annualised
2.3%
Break-even
$425.03
Max gain
$3,997
Chance of selling
~10%

Collar

Own the shares, buy the $400 put and sell the $450 call, both expiring November 27, 2026 (25 days).

  • Net cost of $0.80 a share ($80.00 per contract of 100 shares).
  • Worst case at expiry: -6.3%, if the shares fall below $400 (-6.1% from today).
  • Best case at expiry: +5.5%, if the shares rise above $450 (+5.7%); gains beyond that go to the call buyer.

Offered because the shares trade at or above our fair value of $390: a way to hold on with a floor under the price, paid for by giving up upside the model does not expect. Strikes near 25-delta; the put at its ask and the call at its bid. Protection has a cost over time: research on protective puts finds they have usually lowered returns.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Visa Inc. in five measures

Fundamentals grade B+
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Visa Inc.
$30B $35B $40B $45B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $32.7B Revenue (TTM), FY24 Q1: $33.4B Revenue (TTM), FY24 Q2: $34.1B Revenue (TTM), FY24 Q3: $34.9B Revenue (TTM), FY24 Q4: $35.9B Revenue (TTM), FY25 Q1: $36.8B Revenue (TTM), FY25 Q2: $37.6B Revenue (TTM), FY25 Q3: $38.9B Revenue (TTM), FY25 Q4: $40B Revenue (TTM), FY26 Q1: $41.4B Revenue (TTM), FY26 Q2: $43B Revenue (TTM), FY26 Q3: $44.5B $44.5B

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $32.7B
FY24 Q1 $33.4B
FY24 Q2 $34.1B
FY24 Q3 $34.9B
FY24 Q4 $35.9B
FY25 Q1 $36.8B
FY25 Q2 $37.6B
FY25 Q3 $38.9B
FY25 Q4 $40B
FY26 Q1 $41.4B
FY26 Q2 $43B
FY26 Q3 $44.5B
Revenue growth, TTM YoY Visa Inc.
8% 10% 12% 14% 16% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 11.4% Revenue growth, TTM YoY, FY24 Q1: 10.5% Revenue growth, TTM YoY, FY24 Q2: 10.2% Revenue growth, TTM YoY, FY24 Q3: 9.7% Revenue growth, TTM YoY, FY24 Q4: 10.0% Revenue growth, TTM YoY, FY25 Q1: 10.3% Revenue growth, TTM YoY, FY25 Q2: 10.2% Revenue growth, TTM YoY, FY25 Q3: 11.4% Revenue growth, TTM YoY, FY25 Q4: 11.3% Revenue growth, TTM YoY, FY26 Q1: 12.5% Revenue growth, TTM YoY, FY26 Q2: 14.4% Revenue growth, TTM YoY, FY26 Q3: 14.4% 14.4%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 11.4%
FY24 Q1 10.5%
FY24 Q2 10.2%
FY24 Q3 9.7%
FY24 Q4 10.0%
FY25 Q1 10.3%
FY25 Q2 10.2%
FY25 Q3 11.4%
FY25 Q4 11.3%
FY26 Q1 12.5%
FY26 Q2 14.4%
FY26 Q3 14.4%
Operating margin (TTM) Visa Inc.
58% 60% 62% 64% 66% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 64.3% Operating margin (TTM), FY24 Q1: 65.6% Operating margin (TTM), FY24 Q2: 64.1% Operating margin (TTM), FY24 Q3: 65.3% Operating margin (TTM), FY24 Q4: 65.7% Operating margin (TTM), FY25 Q1: 64.9% Operating margin (TTM), FY25 Q2: 63.7% Operating margin (TTM), FY25 Q3: 62.2% Operating margin (TTM), FY25 Q4: 60.0% Operating margin (TTM), FY26 Q1: 59.2% Operating margin (TTM), FY26 Q2: 61.1% Operating margin (TTM), FY26 Q3: 60.7% 60.7%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 64.3%
FY24 Q1 65.6%
FY24 Q2 64.1%
FY24 Q3 65.3%
FY24 Q4 65.7%
FY25 Q1 64.9%
FY25 Q2 63.7%
FY25 Q3 62.2%
FY25 Q4 60.0%
FY26 Q1 59.2%
FY26 Q2 61.1%
FY26 Q3 60.7%
FCF margin (TTM) Visa Inc.
45% 50% 55% 60% 65% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 60.3% FCF margin (TTM), FY24 Q1: 57.3% FCF margin (TTM), FY24 Q2: 57.8% FCF margin (TTM), FY24 Q3: 54.3% FCF margin (TTM), FY24 Q4: 52.0% FCF margin (TTM), FY25 Q1: 55.4% FCF margin (TTM), FY25 Q2: 54.5% FCF margin (TTM), FY25 Q3: 56.8% FCF margin (TTM), FY25 Q4: 53.9% FCF margin (TTM), FY26 Q1: 55.4% FCF margin (TTM), FY26 Q2: 49.2% FCF margin (TTM), FY26 Q3: 47.2% 47.2%

Source: SEC EDGAR filings. Retrieved October 20, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 60.3%
FY24 Q1 57.3%
FY24 Q2 57.8%
FY24 Q3 54.3%
FY24 Q4 52.0%
FY25 Q1 55.4%
FY25 Q2 54.5%
FY25 Q3 56.8%
FY25 Q4 53.9%
FY26 Q1 55.4%
FY26 Q2 49.2%
FY26 Q3 47.2%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Visa took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $40B
  2. Other income $200M · 0.5%
  3. Selling, general and admin $1.9B · 4.8%
  4. Other operating costs $14.1B · 35.2%
  5. Operating income $24B · 60.0%
  6. Income tax $4.1B · 10.3%
  7. Net income $20.1B · 50.1%

Shares of revenue. Source: Visa's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained. Other income is income outside operations, such as investment gains.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Sept 2009 2010 Sept 2010 2011 Sept 2011 2012 Sept 2012 2013 Sept 2013 2014 Sept 2014 2015 Sept 2015 2016 Sept 2016 2017 Sept 2017 2018 Sept 2018 2019 Sept 2019 2020 Sept 2020 2021 Sept 2021 2022 Sept 2022 2023 Sept 2023 2024 Sept 2024 2025 Sept 2025 LTM Jun 2026
Income
Revenue 6.9 8.1 9.2 10.4 11.8 12.7 13.9 15.1 18.4 20.6 23.0 21.8 24.1 29.3 32.7 35.9 40.0 44.5
EBITDA 3.8 4.9 5.7 2.5 7.6 8.1 9.6 8.4 12.7 13.6 15.7 14.8 16.6 19.7 21.9 24.6 25.2 28.3
Operating income 3.5 4.6 5.5 2.1 7.2 7.7 9.1 7.9 12.1 13.0 15.0 14.1 15.8 18.8 21.0 23.6 24.0 27.0
Net income 2.4 3.0 3.7 2.1 5.0 5.4 6.3 6.0 6.7 10.3 12.1 10.9 12.3 15.0 17.3 19.7 20.1 22.6
Growth (year on year)
Revenue +10.3% +16.7% +13.9% +13.4% +13.0% +7.8% +9.3% +8.7% +21.7% +12.3% +11.5% −4.9% +10.3% +21.6% +11.4% +10.0% +11.3% +14.4%
EBITDA +156.2% +29.0% +18.3% −57.0% +208.9% +6.5% +17.5% −12.3% +51.5% +6.8% +15.4% −5.2% +11.9% +18.5% +11.5% +12.2% +2.4% +11.7%
Operating income +187.2% +29.7% +18.9% −60.8% +238.4% +6.3% +17.8% −13.0% +54.1% +6.7% +15.8% −6.1% +12.2% +19.0% +11.6% +12.4% +1.7% +11.6%
Net income +192.7% +26.1% +23.1% −41.3% +132.3% +9.2% +16.4% −5.3% +11.8% +53.8% +17.3% −10.0% +13.3% +21.5% +15.5% +14.3% +1.6% +11.4%
Margins
EBITDA margin 54.5% 60.2% 62.5% 23.7% 64.8% 64.0% 68.9% 55.6% 69.2% 65.8% 68.1% 68.0% 68.9% 67.1% 67.2% 68.6% 63.0% 63.7%
Operating margin 51.2% 56.9% 59.4% 20.5% 61.5% 60.6% 65.3% 52.3% 66.2% 62.9% 65.3% 64.5% 65.6% 64.2% 64.3% 65.7% 60.0% 60.7%
Net margin 34.0% 36.8% 39.7% 20.6% 42.3% 42.8% 45.6% 39.7% 36.5% 50.0% 52.6% 49.7% 51.1% 51.0% 52.9% 55.0% 50.1% 50.8%
Free-cash-flow margin 3.6% 30.4% 38.3% 44.5% 21.7% 52.4% 44.5% 33.5% 46.9% 59.3% 52.3% 44.4% 60.2% 61.0% 60.3% 52.0% 53.9% 47.2%
Cash flow
Cash from operations 0.6 2.7 3.9 5.0 3.0 7.2 6.6 5.6 9.3 12.9 12.8 10.4 15.2 18.8 20.8 20.0 23.1 22.6
Capital spending 0.3 0.2 0.4 0.4 0.5 0.6 0.4 0.5 0.7 0.7 0.8 0.7 0.7 1.0 1.1 1.3 1.5 1.6
Free cash flow 0.3 2.5 3.5 4.6 2.6 6.7 6.2 5.1 8.6 12.2 12.0 9.7 14.5 17.9 19.7 18.7 21.6 21.0
Stock-based pay 0.1 0.1 0.2 0.1 0.2 0.2 0.2 0.2 0.2 0.3 0.4 0.4 0.5 0.6 0.8 0.9 0.9 0.9
Free cash flow after stock pay 0.1 2.3 3.4 4.5 2.4 6.5 6.0 4.8 8.4 11.9 11.6 9.3 14.0 17.3 18.9 17.8 20.7 20.1
Balance sheet
Cash 4.6 3.9 2.1 2.1 2.2 2.0 3.5 5.6 9.9 8.2 7.8 16.3 16.5 15.7 16.3 12.0 17.2 12.4
Total debt — 0.0 0.0 0.0 0.0 0.0 0.0 16.0 18.4 16.8 16.7 24.1 21.0 22.9 20.9 21.1 25.4 23.9
Net debt (negative = net cash) −4.6 −3.8 −2.1 −2.1 −2.2 −2.0 −3.5 10.4 8.5 8.6 8.9 7.8 4.5 7.3 4.7 9.1 8.2 11.5
Returned to shareholders
Dividends 0.3 0.4 0.4 0.6 0.9 1.0 1.2 1.4 1.6 1.9 2.3 2.7 2.8 3.2 3.8 4.2 4.6 5.0
Buybacks 2.6 1.0 2.0 0.7 5.4 4.1 2.9 — 6.9 7.2 8.6 8.1 8.7 11.6 12.1 16.7 18.3 21.4
Total returned 3.0 1.4 2.4 1.3 6.2 5.1 4.1 1.4 8.5 9.1 10.9 10.8 11.5 14.8 15.9 20.9 23.0 26.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · June 30, 2026
What it owns · $94.6bn
Short-term assets $31.0bnLonger-term assets $63.6bn
What it owes, and who funded it · $94.6bn
Short-term liabilities $31.5bnLonger-term liabilities $27.9bnShareholders' equity $35.2bn
  • Short-term assets cover short-term liabilities $31.0bn of assets due within a year against $31.5bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $31.0bn short-term assets against $27.9bn of longer-dated liabilities.
  • More cash than debt $12.4bn of cash against $23.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 68% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 49% to 68% over five years.
  • A year's operating cash flow covers at least 20% of debt $22.6bn of operating cash flow against $23.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $27.0bn against $776m of interest.

From Visa Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$21.4B
Dividends (TTM)
$5B
Returned to shareholders
125%
of free cash flow
Buybacks, last 3 fiscal years
$47.1B
Total shareholder yield
3.6%
dividends 0.7% + buybacks 3.0% of market value
Dividend payout ratio
22%
of net income paid out
Days sales outstanding
29 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in transaction & payment processing services
Last 12 months unless stated V MA PYPL XYZ FISV CPAY Median
Revenue, last 12 months $44.5bn $36.3bn $34.3bn $25.0bn $20.9bn $5.0bn $1.6bn
Revenue growth, last 12 months 14.4% 15.3% 4.4% 5.1% −1.2% 20.4% 9.3%
Revenue growth, 3-year average 11.8% 14.2% 5.6% 8.3% 4.2% 11.5% 7.9%
Revenue growth, latest quarter 14.4% 14.0% 2.0% 9.3% −4.1% 21.5% 14.0%
Operating margin 60.7% 58.6% 17.0% 4.7% 22.3% 43.7% 9.8%
Operating margin, 3-year average 62.7% 56.9% 17.7% 3.8% 26.9% 44.3% 11.1%
Net margin 50.8% 46.7% 13.8% 1.4% 13.4% 22.7% 6.1%
Cash from operations / revenue 50.8% 46.5% 20.7% 16.2% 27.9% 36.8% 18.4%
Free-cash-flow margin 47.2% 44.3% 18.4% 15.5% 18.8% 32.6% 16.1%
Free-cash-flow margin, 3-year average 52.8% 49.5% 19.2% 7.4% 20.9% 41.4% 16.3%
Stock pay / revenue 2.1% 2.0% 3.0% 4.8% 1.8% 2.3% 2.2%
Change in share count — −2.7% −8.9% −3.4% −5.2% −3.3% −2.7%

Median of all 30 companies we cover in transaction & payment processing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

30 transaction & payment processing services companies
Measure Company Peer median Rank
Revenue growth Growth 14.4% 9.7% 13 of 30
Change in growth rate Growth +0.0pp -0.3pp 14 of 30
Operating margin Profitability 60.7% 9.8% 1 of 29
Net margin Profitability 50.8% 6.6% 1 of 30
Free-cash-flow margin Cash generation 47.2% 18.4% 4 of 25
Stock pay as % of revenue Cash generation 2.1% 2.3% 15 of 30
Long-term debt as % of assets Balance sheet 22.1% 25.3% 9 of 19
Days sales outstanding Balance sheet 29 days 53 days 5 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to September 30, 2025
Products and services
Line of business Revenue YoY
Data Processing Revenues $20B ▲ 12.9%
Services $17.5B ▲ 8.8%
International Transaction Revenues $14.2B ▲ 11.9%
Value Added Services $10.9B ▲ 23.9%
Other services $4.1B ▲ 26.8%
Client Incentives -$15.8B —

These categories overlap or exclude eliminations, so shares aren't shown.

Geography
Region Revenue Share YoY
Outside the US $24.4B 60.9% ▲ 15.2%
United States $15.6B 39.1% ▲ 5.8%

From Visa Inc.'s 10-K filed November 6, 2025, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$510B
Institutions reporting
4,509
Shares held vs prior quarter
▲ 2.0%
Positions opened / closed
232 / 129

Top buyers and sellers, Q2 2026: 2,242 institutions bought and 1,863 sold ; the biggest buyer was Wells Fargo & Company (+5.6M shares) and the biggest seller Price T Rowe Associates Inc (−5.6M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $47.2B 137.7M 9.3% ▲ 1.1%
Vanguard Capital Management LLC $36.4B 106.2M 7.1% ▼ 0.8%
State Street Corp $28.4B 82.9M 5.6% ▲ 0.7%
Morgan Stanley $15.8B 46.0M 3.1% 0.0%
Geode Capital Management, LLC $15.5B 45.3M 3.0% ▲ 0.9%
FMR LLC $14.7B 42.9M 2.9% ▼ 4.4%
Vanguard Portfolio Management LLC $12.6B 36.8M 2.5% ▼ 2.0%
Price T Rowe Associates Inc $12.2B 35.5M 2.4% ▼ 13.6%
TCI Fund Management Ltd $10.5B 30.5M 2.1% ▲ 0.1%
Capital World Investors $9.7B 28.3M 1.9% ▲ 12.3%
Capital International Investors $8.4B 24.4M 1.6% ▲ 3.1%
Bank Of America Corp $8B 23.2M 1.6% ▲ 1.3%

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Visa Inc.'s complete shareholder register. Values are as reported by the filers ; 20 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $86.5M 25 trades by 7 insiders · 63% under pre-set plans
Net ▼ $86.5M net selling
Insider Date Trade Shares Price Value
Carney Lloyd Director October 30, 2026 Sell 605 $415.28 $251,244
Mcinerney Ryan Chief Executive Officer October 1, 2026 Sell pre-set plan 5,875 $358.81 $2.1M
Rottenberg Julie B GENERAL COUNSEL September 9, 2026 Sell pre-set plan 1,867 $368.34 $687,691
Mcinerney Ryan Chief Executive Officer September 1, 2026 Sell pre-set plan 5,875 $379.65 $2.2M
Rottenberg Julie B GENERAL COUNSEL August 31, 2026 Sell pre-set plan 2,028 $381.35 $773,378
Mcinerney Ryan Chief Executive Officer August 21, 2026 Sell pre-set plan 5,875 $367.87 $2.2M
Taneja Rajat PRESIDENT, TECHNOLOGY August 21, 2026 Sell 17,927 $371.00 $6.7M
Mahon Tullier Kelly VICE CHAIR, CHF PPL & CORP AFF July 30, 2026 Sell 37,281 $365.05 $13.6M
Mahon Tullier Kelly VICE CHAIR, CHF PPL & CORP AFF July 30, 2026 Sell 19,991 $364.81 $7.3M
Rottenberg Julie B GENERAL COUNSEL July 2, 2026 Sell pre-set plan 2,027 $360.00 $729,720
Mcinerney Ryan Chief Executive Officer July 1, 2026 Sell pre-set plan 1,638 $344.55 $564,373
Mcinerney Ryan Chief Executive Officer July 1, 2026 Sell pre-set plan 8,852 $343.88 $3M

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 221 trades and filings

In the last 12 months, 5 members of Congress disclosed 7 purchases and 5 sales of Visa Inc. shares.

  • David J. Taylor(R-OH 2):Sale (full), $1,001 - $15,000, traded October 15, 2026, filed October 29, 2026
  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 2, 2026, filed October 27, 2026
  • Richard McCormick(R-GA 7):Sale (full), $1,001 - $15,000, traded July 30, 2026, filed August 14, 2026

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 27, 2026
  • July 28, 2026
  • April 28, 2026
  • January 29, 2026
  • October 28, 2025
  • July 29, 2025

Recent SEC filings

Data status

When each part of this page on Visa Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Visa Inc. in brief

What does Visa Inc. do?
Visa Inc. is a US-listed company in the transaction & payment processing services industry. Its financial year ends in September.
What is Visa Inc.'s stock ticker?
Visa Inc. trades under the ticker V on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Visa Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Visa Inc. reported revenue of $44.5B, 14.4% higher than a year earlier, according to its SEC filings.
What is Visa Inc.'s free cash flow?
Visa Inc.'s free-cash-flow margin is 47.2% of revenue over the trailing twelve months, ranking 4 of the 25 transaction & payment processing services companies we cover.
What is Visa Inc.'s fair value (intrinsic value) per share?
Our discounted-cash-flow model of Visa Inc.'s free cash flow after stock-based pay gives ~$390 per share in the base case, and ~$290–$520 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Visa Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Vanguard Capital Management LLC and State Street Corp. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Does Visa Inc. pay a dividend?
Yes: Visa Inc. paid $5B in dividends over the trailing twelve months, a dividend yield of 0.69% and a payout ratio of 22.1%.
How much debt does Visa Inc. have?
Visa Inc.'s debt-to-equity ratio is 67.8%, from its latest balance sheet (48.8% five years earlier). The financial health section below sets out its other solvency checks.
Who are Visa Inc.'s competitors?
In our Transaction & Payment Processing Services peer group, the companies closest to Visa Inc. are Mastercard, PayPal, Block, Inc., Fiserv and Corpay. The side-by-side comparison below sets their revenue, margins and growth against Visa Inc.'s.
Are insiders buying or selling Visa Inc. stock?
Over the last 12 months, Visa Inc.'s directors and officers reported 0 open-market purchases and 25 sales on Form 4. The insider trading page charts every trade.
When is Visa Inc.'s next earnings date?
Around January 26, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Visa Inc. announces its own schedule.