Visa Inc. cash flow statement

In fiscal 2025, Visa Inc.'s operations generated $23.06bn of cash; it spent $1.48bn on capital projects, leaving free cash flow of $21.58bn. It returned $4.63bn in dividends and $18.32bn through buybacks.

Cash flow statement

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

Visa Inc.: cash flow statement, annual
Fiscal year	2009Sept 2009	2010Sept 2010	2011Sept 2011	2012Sept 2012	2013Sept 2013	2014Sept 2014	2015Sept 2015	2016Sept 2016	2017Sept 2017	2018Sept 2018	2019Sept 2019	2020Sept 2020	2021Sept 2021	2022Sept 2022	2023Sept 2023	2024Sept 2024	2025Sept 2025	LTMJun 2026
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
Depreciation and amortisation	0.2	0.3	0.3	0.3	0.4	0.4	0.5	0.5	0.6	0.6	0.7	0.8	0.8	0.9	0.9	1.0	1.2	1.3
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
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
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
Dividends paid	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
Share 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
Shares issued	0.0	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—	—

US$ millions unless shown otherwise. Fiscal quarters.

Visa Inc.: cash flow statement, quarterly
Quarter	2024 Q4Sept 2024	2025 Q1Dec 2024	2025 Q2Mar 2025	2025 Q3Jun 2025	2025 Q4Sept 2025	2026 Q1Dec 2025	2026 Q2Mar 2026	2026 Q3Jun 2026
Cash from operations	6,664	5,396	4,695	6,730	6,238	6,780	3,008	6,554
Depreciation and amortisation	274	282	305	317	316	326	333	367
Stock-based pay	188	224	259	223	191	231	275	222
Capital spending	309	345	327	421	389	378	383	417
Free cash flow	6,355	5,051	4,368	6,309	5,849	6,402	2,625	6,137
Free cash flow after stock pay	6,167	4,827	4,109	6,086	5,658	6,171	2,350	5,915

Free cash flow is cash from operations minus capital spending. Free cash flow after stock pay also subtracts stock-based compensation, a real cost to shareholders that the cash flow statement adds back. Dividends, buybacks and shares issued are cash amounts for the period.

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Figures from Visa Inc.'s SEC filings (10-K and 10-Q), retrieved October 20, 2026. How we read and check them: methodology and data sources. Not investment advice. Back to Visa Inc.