Visa Inc.
Payments technologyFounded 1958- Updated June 2026
Reviewed by Swet Parvadiya
Last reviewed: June 2026
CorpDigest
Visa Inc.
Financial Performance
Last reviewed: June 2026 · By Swet Parvadiya
Revenue
$40B
Market Cap
$759.3B
Net Income
$20.1B
Employees
31,000
Visa earned $20.1 billion in net income on $40 billion in revenue in fiscal 2025 — a 50 percent net margin on a payments network that requires no lending capital and carries no credit losses. That number is the clearest single expression of what monopoly-adjacent infrastructure economics look like. Revenue has compounded at a steady pace: $29.3 billion in fiscal 2022, $32.7 billion in 2023, $35.9 billion in 2024, $40 billion in 2025. The growth comes primarily from payment volume, cross-border transactions (which carry higher fees than domestic ones), and the continued displacement of cash by card and digital payments in markets outside North America. The market capitalization of $759 billion as of the most recent data reflects investors pricing in decades of durable cash generation. With 31,000 employees, that translates to roughly $24 million in market cap per employee — a ratio that reflects the asset-light, fee-based structure. The 2024 Pismo acquisition and the earlier Featurespace deal signal where incremental investment is going: cloud-native banking infrastructure and fraud detection AI. Neither represents a massive capital outlay relative to Visa's cash flows, but both extend the surface area of what Visa can charge for beyond pure transaction routing.
Revenue Trend Analysis
YoY Change
+11.3%
8-Year CAGR
+10.2%
Peak Year
2025
Trend
Consistent Growth
Visa Inc. has reported revenue across 9 fiscal years, compounding at +10.2% annually over 8 years. The most recent year saw a 11.3% increase versus the prior year. Revenue peaked in 2025 at $40.0B. Out of 8 reported periods, 7 showed growth and 1 showed a decline.
| Fiscal Year | Revenue | Net Income | YoY Change |
|---|---|---|---|
| FY2025 | $40.0B | $20.1B | +11.3% |
| FY2024 | $35.9B | — | +10.0% |
| FY2023 | $32.7B | — | +11.4% |
| FY2022 | $29.3B | — | +21.6% |
| FY2021 | $24.1B | — | +10.3% |
| FY2020 | $21.8B | — | -4.9% |
| FY2019 | $23.0B | — | +11.5% |
| FY2018 | $20.6B | — | +12.3% |
| FY2017 | $18.4B | — | — |
Source: SEC EDGAR filings, annual earnings releases, and verified financial disclosures.
Click any row to see year details.
For fiscal year 2024 ended September 30, 2024 Visa reported net revenue of $35.93 billion, up 10% from $32.65 billion in fiscal 2023. Payments volume on the Visa network was approximately $13.2 trillion, processed transactions reached approximately 233 billion, and cross-border volume (excluding intra-Europe) grew 16%. Operating income was $23.6 billion (66% operating margin), among the highest of any large public company. GAAP net income was $19.74 billion ($9.73 diluted EPS) and non-GAAP net income was $20.5 billion ($9.92 adjusted EPS), reflecting continued growth in consumer payments and double-digit growth in value-added services and new payment flows. Visa returned $20.4 billion to shareholders during fiscal 2024 — $13.5 billion through share repurchases and $4.2 billion in dividends. Free cash flow exceeded $18 billion. Effective tax rate was approximately 17%. Visa ended fiscal 2024 with $16.2 billion of cash, cash equivalents and investment securities and $20.6 billion of debt (mostly senior unsecured notes), preserving an A+/Aa3 investment-grade credit profile. Capital expenditures were modest at roughly $1.2 billion — Visa is a high-margin, capital-light business.
Visa's equity market capitalization is approximately $590-760 billion at recent quotes, depending on the time of reading, with roughly 1.83 billion class A-equivalent shares outstanding (class A trades publicly; class B and class C convert over time as litigation matters are settled). Visa is consistently among the 15 most valuable U.S. public companies. The balance sheet ended fiscal 2024 with $16.2 billion of cash and investment securities, $20.6 billion of debt (mostly fixed-rate senior unsecured notes maturing 2025-2050), and $39.8 billion of shareholders' equity. Net debt is roughly $4 billion, an extremely conservative position given $20+ billion of annual free cash flow. Visa carries credit ratings of A+ from S&P (later upgraded to AA-), Aa3 from Moody's and AA- from Fitch, reflecting the durability of fee-based revenue and free cash flow conversion. Substantial deferred tax liabilities and litigation reserves (related to U.S. interchange and merchant-fee multidistrict litigation) appear on the balance sheet. Visa's dividend per share was $0.520 quarterly ($2.08 annualized) at the end of fiscal 2024, implying a yield below 1% — a growth-oriented capital return profile.
Visa returns capital primarily through share repurchases supplemented by a steadily growing dividend. In fiscal 2024 Visa repurchased $13.5 billion of class A common stock at an average price below the recent market quote, retiring approximately 51 million shares (roughly 2.5% of the float), and paid $4.2 billion in dividends — total capital return of $17.7 billion. The dividend has been raised every year since the 2008 IPO; fiscal 2024 ended at a quarterly rate of $0.520 per share ($2.08 annualized), implying a payout ratio of roughly 21% of GAAP earnings. The current dividend yield runs below 1%, consistent with Visa's growth-stock positioning. Share repurchases are the primary capital return tool because they create per-share earnings leverage and offer tax-efficient return relative to dividends. Visa also makes targeted M&A investments — Pismo for $1.0 billion in early 2024, Featurespace for around $850 million announced in 2024 — but the M&A budget is small compared with the buyback program. Strategic investments in fintechs and payments startups through Visa Ventures complement organic spending.
Visa is among the most profitable large companies in the world by operating margin and return on equity. In fiscal 2024 operating margin reached 66.0% and return on equity exceeded 50%, both materially higher than the broader S&P 500 average. Visa's gross margin approaches 100% in accounting terms because of how the company recognizes client incentives (as contra-revenue) and reports operating expenses. Compared with peer Mastercard, Visa's revenue is roughly 1.5x larger, operating margin is similar (Mastercard 57-58%), and per-transaction economics differ slightly (Mastercard has higher cross-border mix). Compared with American Express, Visa's margins are higher because Visa does not bear credit risk or rewards costs that AmEx absorbs. Compared with PayPal and Block, Visa's margins are dramatically higher because Visa operates the underlying network whereas PayPal/Block process on top of it. The risk to these margins is regulatory pressure: the September 2024 DOJ antitrust suit, ongoing merchant-interchange litigation, EU regulatory caps on interchange and similar actions globally have already compressed European and Australian economics, and U.S. exposure remains substantial.
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CorpDigest. "Visa Inc. Revenue & Financials." CorpDigest, https://corpdigest.com/company/visa/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Visa Inc. reported $40B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/visa/financials" target="_blank" rel="noopener">CorpDigest — Visa Inc. financials</a></div>