San Francisco, CA · Founded 1958 · 34,100 employees
Visa generated $40.0B in revenue for fiscal year 2025, a +11.3% year-over-year change. Net income reached $20.1B.
Visa is a powerhouse cash-generator benefitting from a 32% surge in services, but investors must balance this growth against an $11B incentive liability and a $168B settlement exposure that creates a massive, albeit unlikely, systemic tail risk. Quick take: Visa remains a cash-generating global payments franchise with strong top-line momentum (net revenue up 17% YoY in the quarter) driven by processed transactions, cross-border volume and value-added services. The business model's operating economics are excellent — high operating margins and sizeable operating cash flow — but near-term cash and earnings are being materially affected by litigation settlements, aggressive share repurchases and event-driven spending.
| Fiscal Year | Revenue | YoY Growth | Gross Margin | Op. Margin | Net Income | EPS |
|---|---|---|---|---|---|---|
| FY2025 | $40.0B | +11.3% | 0.0% | 60.0% | $20.1B | $10.20 |
| FY2024 | $35.9B | +10.0% | 0.0% | 65.7% | $19.7B | $9.73 |
| FY2023 | $32.7B | +11.4% | 0.0% | 64.3% | $17.3B | $8.28 |
| FY2022 | $29.3B | +21.6% | 0.0% | 64.2% | $15.0B | $7.00 |
| FY2021 | $24.1B | +10.3% | 0.0% | 65.6% | $12.3B | $5.63 |
| FY2020 | $21.8B | -4.9% | 0.0% | 64.5% | $10.9B | $4.89 |
| FY2019 | $23.0B | +11.5% | 0.0% | 65.3% | $12.1B | $5.32 |
| FY2018 | $20.6B | — | 0.0% | 62.9% | $10.3B | $4.42 |
| Fiscal Year | Operating Cash Flow | Capital Expenditures | Free Cash Flow | Investing | Financing |
|---|---|---|---|---|---|
| FY2025 | $23.1B | $-1.5B | $21.6B | $708.0M | $-19.0B |
| FY2024 | $19.9B | $-1.3B | $18.7B | $-1.9B | $-20.6B |
| FY2023 | $20.8B | $-1.1B | $19.7B | $-2.0B | $-17.8B |
| FY2022 | $18.8B | $-970.0M | $17.9B | $-4.3B | $-12.7B |
| FY2021 | $15.2B | $-705.0M | $14.5B | $-152.0M | $-14.4B |
| FY2020 | $10.4B | $-736.0M | $9.7B | $1.4B | $-4.0B |
| FY2019 | $12.8B | $-756.0M | $12.0B | $-591.0M | $-12.1B |
| FY2018 | $12.7B | $-718.0M | $12.0B | $-3.1B | $-11.2B |
| Fiscal Year | Total Assets | Total Liabilities | Total Equity | Cash | Total Debt |
|---|---|---|---|---|---|
| FY2025 | $99.6B | $61.7B | $37.9B | $17.2B | $25.4B |
| FY2024 | $94.5B | $55.4B | $39.1B | $12.0B | $21.1B |
| FY2023 | $90.5B | $51.8B | $38.7B | $16.3B | $20.9B |
| FY2022 | $85.5B | $49.9B | $35.6B | $15.7B | $22.9B |
| FY2021 | $82.9B | $45.3B | $37.6B | $16.5B | $21.0B |
| FY2020 | $80.9B | $44.7B | $36.2B | $16.3B | $24.0B |
| FY2019 | $72.6B | $37.9B | $34.7B | $7.8B | $16.8B |
| FY2018 | $69.2B | $35.2B | $34.0B | $8.2B | $16.8B |
Visa generated $40.0B in revenue for fiscal year 2025. That represents a +11.3% change from $35.9B in fiscal year 2024.
Yes, Visa is profitable. The company reported net income of $20.1B in fiscal year 2025, representing a net profit margin of 50.1%. In the prior fiscal year 2024, net income was $19.7B.
Visa employs approximately 34,100 people worldwide. The company is headquartered in San Francisco, CA and was founded in 1958.
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