{ "ticker": "V", "cik": "0001403161", "company": "Visa Inc.", "business_type": "payments_network", "schema_template": "payments network (gross revenue by category less client incentives; no cost of revenue line)", "schema_rationale": "Visa is a payments network, not a manufacturer or lender. Its income statement presents four gross revenue categories \u2014 service, data processing, international transaction and other revenue \u2014 reduced by client incentives to arrive at net revenue, then a single block of operating expenses. There is no cost of revenue and therefore no gross profit line, so a standard revenue/cost-of-goods/gross-profit template would be misleading. Operating margin is reported instead. Payments volume and processed transactions are included because the filings identify them as the primary drivers of service revenue and data processing revenue respectively.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual dollars (not millions); share counts are actual shares; per-share figures are actual dollars per share", "fiscal_year_end": "September 30", "units_notes_seen": { "FY2025 10-K consolidated balance sheets": "(in millions, except per share data)", "FY2025 10-K consolidated statements of operations": "(in millions, except per share data)", "FY2025 10-K consolidated statements of cash flows": "(in millions)", "FY2025 10-K net revenue components and geography tables": "(in millions, except percentages)", "FY2025 10-K revenue disaggregation note (Note 3)": "(in millions)", "FY2025 10-K nominal payments and cash volume table": "(in billions)", "FY2025 10-K processed transactions table": "(in millions, except percentages)", "FY2025 10-K debt note (Note 10)": "(in millions, except percentages)", "FY2026 Q2 10-Q consolidated balance sheets": "(in millions, except per share data)", "FY2026 Q2 10-Q consolidated statements of operations": "(in millions, except per share data)", "FY2026 Q2 10-Q consolidated statements of cash flows": "(in millions)", "FY2026 Q2 10-Q revenue disaggregation note (Note 3)": "(in millions)", "FY2026 Q2 10-Q nominal payments and cash volume tables": "(in billions)", "FY2026 Q2 10-Q processed transactions table": "(in millions, except percentages)", "FY2026 Q2 10-Q debt note": "(in millions, except percentages)", "FY2026 Q1 earnings release consolidated statements of operations": "(in millions, except per share data)" }, "adjustments": { "splits_applied": [], "adr_ratio": null, "fx": "None. Visa reports in U.S. dollars, so no currency conversion was applied. The company does hold Euro-denominated senior notes; the dollar carrying values shown are the ones the filings report.", "note": "No stock splits occurred over the periods covered, so no per-share history was restated." }, "share_class_structure": { "description": "Visa has class A common stock (the listed shares) plus class B-1, class B-2 and class C common stock and series A, B and C preferred stock, all convertible into class A on stated ratios. Earnings per share is presented separately for each class. 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-2334000000, "proceeds_from_stock_issued_under_equity_plans": 246000000, "taxes_paid_related_to_stock_issued_under_equity_plans": -242000000, "other_financing_activities": -198000000, "net_cash_provided_by_used_in_financing_activities": -11135000000, "dividends_declared_per_class_a_share": 1.18 }, "operating_metrics": { "total_nominal_payments_volume": 6934000000000, "total_nominal_volume": 8193000000000, "cash_volume": 1259000000000, "volume_period": "six months ended December 31, 2024", "visa_processed_transactions": 124448000000, "value_added_services_revenue_approx": 5000000000 }, "shareholder_returns": { "shares_repurchased_open_market": 26000000, "average_repurchase_cost_per_share": 320.47, "repurchases_of_class_a_common_stock_per_equity_statement": -8413000000, "dividends_declared_and_paid": -2334000000, "dividends_declared_per_class_a_share": 1.18 } } ], "trailing_twelve_months": { "label": "Trailing twelve months ended March 31, 2026", "period_start": "2025-04-01", "period_end": "2026-03-31", "derivation": "Fiscal 2025 full year (FY2025 10-K, accession 0001403161-25-000089) less the six months ended March 31, 2025 plus the six months ended March 31, 2026 (both from the FY2026 Q2 10-Q, accession 0001403161-26-000079).", "net_revenue": 43027000000, "operating_income": 26296000000, "operating_margin_pct": 61.1, "net_income": 22236000000, "net_margin_pct": 51.7, "net_cash_provided_by_operating_activities": 22756000000, "purchases_of_property_equipment_and_technology": -1571000000, "free_cash_flow": 21185000000, "dividends_paid": -4879000000, "repurchases_of_class_a_common_stock": -21334000000, "diluted_eps_class_a_approx": 11.47, "visa_processed_transactions": 268582000000, "note": "A rolled-forward twelve-month view built by arithmetic from the periods the two filings present; the trailing diluted earnings per share is the sum of rounded per-share figures and is therefore approximate." }, "notes": [ "All figures are drawn from the FY2025 Form 10-K (accession 0001403161-25-000089, fiscal year ended September 30, 2025) and the FY2026 second-quarter Form 10-Q (accession 0001403161-26-000079, quarter ended March 31, 2026), except the fiscal 2026 first quarter, which comes from the earnings press release furnished with the Form 8-K filed January 29, 2026 (accession 0001403161-26-000044).", "Visa's fiscal year ends September 30. Fiscal 2026 second quarter therefore covers the three months ended March 31, 2026.", "Figures in the filings are presented in millions and have been restated here in actual dollars. Payments and cash volume are presented in the filings in billions and are likewise restated in actual dollars; processed transaction counts are presented in millions and are restated as actual transactions.", "There is no cost of revenue or gross profit line. Client incentives paid to financial institution clients, sellers and other partners are a reduction of gross revenue, not an operating expense, so net revenue is already net of them. Client incentives are shown here as a negative figure inside the income statement for that reason.", "The client incentives line inside the cash flow statement is the non-cash add-back of incentives recognized in the period, and is offset lower down by the cash actually paid; it is not a second revenue reduction.", "The income statement shows earnings per share for each of the four common share classes. The class A diluted weighted-average share count is the as-converted total (1,966 million for fiscal 2025, 1,916 million for the fiscal 2026 second quarter), which is materially larger than the class A shares outstanding on the filing cover because the class B and C shares and the preferred stock convert into class A.", "The FY2025 10-K balance sheet presents only September 30, 2025 and 2024, so no September 30, 2023 balance sheet is reported; the income statement and cash flow statement present three years and all three are reported.", "Free cash flow is calculated as cash provided by operating activities less purchases of property, equipment and technology. Visa reports no separate capitalized-software line, so purchases of property, equipment and technology is the full capital expenditure figure.", "Total debt is stated at carrying value, which is the sum of current maturities of debt and long-term debt on the balance sheet and reconciles to the total carrying value of debt in the debt note.", "Payments volume is reported by Visa on a one-quarter lag relative to the revenue it drives: service revenue for a period is primarily assessed on the prior period's nominal payments volume. Each volume figure is therefore labelled with the period the filing actually measured it over \u2014 for example, fiscal 2025 service revenue rests on the twelve months of payments volume ended June 30, 2025.", "Dividends declared per class A share are the quarterly rates disclosed in the statements of changes in equity: $0.45 a quarter in fiscal 2023, $0.52 in fiscal 2024 and $0.59 in fiscal 2025, and $0.67 a quarter in fiscal 2026. Holders of the other common and preferred classes receive the equivalent on an as-converted basis.", "The trailing-twelve-month block is arithmetic built from the periods the two filings present, not a figure either filing reports on its face.", "Every figure above was read from the filings themselves. Where checked, the SEC's XBRL company facts agreed with the filings on net revenue, operating income, net income, total assets, cash and operating cash flow for each period reported here. One quirk worth naming for anyone working from the structured data: the generic Revenues concept in Visa's XBRL data stops at fiscal 2020, because the company has since tagged net revenue under the revenue-from-contracts-with-customers concept instead; reading the Revenues concept alone would make Visa's revenue appear to end in 2020.", "The most recent Form 8-K, filed July 15, 2026, concerns an amendment to Visa's bylaws and contains no financial results. Fiscal 2026 third-quarter results (quarter ended June 30, 2026) had not been filed as of the latest filing covered here, so the fiscal 2026 second quarter is the most recent reported period." ], "uncertainties": [ "The fiscal 2026 first-quarter figures come from an earnings press release furnished on Form 8-K rather than from a Form 10-Q. They agree exactly with the fiscal 2026 second-quarter 10-Q where the two overlap (the 10-Q's six-month column less its three-month column gives the same $10,901 million of net revenue, $6,737 million of operating income and $5,853 million of net income), but press-release presentation can differ in detail from a filed quarterly report.", "The trailing-twelve-month diluted earnings per share of about $11.47 is the sum of rounded per-period figures and is approximate; the underlying trailing net income and share counts are exact.", "Value-added services revenue is disclosed by Visa only to one decimal place in billions ($10.9 billion in fiscal 2025, $3.3 billion in the fiscal 2026 second quarter), so those entries carry that rounding. Visa also states that this revenue is recognised inside data processing, other and service revenue and is not a separate income statement line.", "Payments and cash volume are reported by Visa's financial institution clients subject to Visa's review, are rounded to the nearest billion in the filings, and Visa notes that previously presented volume information is occasionally updated. They are operating statistics rather than financial statement line items.", "The estimated fair value of debt is disclosed only at fiscal year ends ($23.3 billion at September 30, 2025 and $19.2 billion at September 30, 2024); no fair value is shown for March 31, 2026, so that entry is left empty.", "Litigation provisions swing sharply between periods ($2,562 million in fiscal 2025 against $462 million in fiscal 2024, and $329 million in the fiscal 2026 second quarter against $1,000 million a year earlier) and are management estimates that can be revised. Fiscal 2025 operating margin of 60.0% versus 65.7% in fiscal 2024 is largely explained by that swing." ], "company_details": { "Name": "Visa Inc.", "Ticker": "V", "CIK": "0001403161", "Exchange": "NYSE", "State": "California", "Incorporation": "Delaware", "SIC": "7389", "Office": "Trade & Services", "Industry": "Services-Business Services, NEC" }, "next_filing": { "predicted_date": "2026-11-12", "predicted_type": "10-K" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q2", "tag": "FY26Q2", "period_end": "2026-03-31", "form": "10-Q", "accession": "0001403161-26-000079", "fiscal_year_end": "0930", "source": "facts" } }