V Financials Visa

15 years of revenue, profit, cash flow and balance-sheet history through FY2025, from SEC filings — with a computed, factual read of the trend. Updated 28 h ago Overview →

Growth & profitability

Revenue has grown 12.9% per year over the past 5 years.
Net income has grown in line with revenue (13.0% vs 12.9% per year).
Operating margin has contracted, at 60.0% in the latest year.
Free cash flow has grown 17.3% per year over the past 5 years.

Financial health

Total debt ($25.2B) exceeds cash ($17.2B); net debt is $8.0B.
Total debt has grown slower than revenue (0.9% vs 12.9% per year).
Operating income covered interest expense 41× in the latest year.
Total debt is 1.0× EBITDA.

Shareholder returns

Dividends have been paid for 15 consecutive years, consuming 23.1% of earnings and 21.5% of free cash flow.
The dividend has grown 11.7% per year over the past 5 years.

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key annual figures

FY	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
2025	$40.0B	$20.1B	0.0%	60.0%	$21.6B	$25.2B	$17.2B
2024	$35.9B	$19.7B	0.0%	65.7%	$18.7B	$20.8B	$12.0B
2023	$32.7B	$17.3B	0.0%	64.3%	$19.7B	$20.5B	$16.3B
2022	$29.3B	$15.0B	0.0%	64.2%	$17.9B	$22.4B	$15.7B
2021	$24.1B	$12.3B	0.0%	65.6%	$14.5B	$21.0B	$16.5B
2020	$21.8B	$10.9B	0.0%	64.5%	$9.7B	$24.1B	$16.3B
2019	$23.0B	$12.1B	0.0%	65.3%	$12.0B	$16.7B	$7.8B
2018	—	$10.3B	—	—	$12.2B	$16.6B	$8.2B
2017	—	$6.7B	—	—	$8.6B	$16.6B	$9.9B
2016	—	$6.0B	—	—	$5.1B	$15.9B	$5.6B
2015	—	$6.3B	—	—	$6.2B	$0	$3.5B
2014	—	$5.4B	—	—	$6.7B	—	$2.0B
2013	—	$5.0B	—	—	$2.6B	—	$2.2B
2012	—	$2.1B	—	—	$4.6B	—	$2.1B
2011	—	$3.6B	—	—	$3.5B	—	$2.1B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Free cash flow (CFO − capex, quarterly)

Free cash flow

Cash vs total debt

CashTotal debt

Cash flow: operating / investing / financing

OperatingInvestingFinancing

Key quarterly figures

Quarter	Revenue	Net income	Gross M	Op M	FCF	Total debt	Cash
Mar '26	$11.2B	$6.0B	0.0%	64.4%	$2.6B	$24.0B	$12.4B
Dec '25	$10.9B	$5.9B	0.0%	61.8%	$6.4B	$21.2B	$14.8B
Sep '25	$10.7B	$5.1B	0.0%	57.3%	$5.8B	$25.2B	$17.2B
Jun '25	$10.2B	$5.3B	0.0%	60.7%	$6.3B	$25.1B	$17.1B
Mar '25	$9.6B	$4.6B	0.0%	56.6%	$4.4B	$20.8B	$11.7B
Dec '24	$9.5B	$5.1B	0.0%	65.6%	$5.1B	$20.6B	$12.4B
Sep '24	$9.6B	$5.3B	0.0%	66.0%	$6.4B	$20.8B	$12.0B
Jun '24	$8.9B	$4.9B	0.0%	66.7%	$4.7B	$20.6B	$12.9B
Mar '24	$8.8B	$4.7B	0.0%	61.0%	$4.3B	$20.6B	$13.0B
Dec '23	$8.6B	$4.9B	0.0%	69.0%	$3.3B	$20.7B	$13.6B
Sep '23	$8.6B	$4.7B	0.0%	64.5%	$6.6B	$20.5B	$16.3B
Jun '23	$8.1B	$4.2B	0.0%	61.8%	$5.5B	$20.6B	$15.6B
Mar '23	$8.0B	$4.3B	0.0%	66.8%	$3.6B	$20.6B	$13.8B
Dec '22	$7.9B	$4.2B	0.0%	64.1%	$3.9B	$20.5B	$13.3B
Sep '22	$7.8B	$3.9B	0.0%	65.3%	$5.6B	$22.4B	$15.7B
Jun '22	$7.3B	$3.4B	0.0%	57.0%	$5.0B	$23.8B	$14.0B
Mar '22	$7.2B	$3.6B	0.0%	66.8%	$3.2B	$21.0B	$12.3B
Dec '21	$7.1B	$4.0B	0.0%	67.7%	$4.1B	$20.9B	$14.7B
Sep '21	$6.6B	$3.6B	0.0%	65.8%	$3.8B	$21.0B	$16.5B
Jun '21	$6.1B	$2.6B	0.0%	66.3%	$4.2B	$21.0B	$18.0B

Valuation over time

How the market has priced V against its own fundamentals since 2023-03 — each month-end's share price set against the most recent annual filing, so the multiple moves as price runs ahead of (or behind) earnings. Split-adjusted.

The price-to-earnings ratio has risen from 7.1× (Mar '23) to 7.7× (Jun '26).
The price-to-sales ratio has risen from 3.6× (Mar '23) to 3.9× (Jun '26).
The dividend yield has fallen from 3.0% (Mar '23) to 3.0% (Jun '26).

Price / earnings (P/E)

P/E

Price / sales (P/S)

P/S

Dividend yield (%)

Dividend yield %

Frequently asked questions

Is V growing its revenue and profit?

Over the past 5 years, Visa's revenue has grown 12.9% per year, and net income grown 13.0% per year. These are computed facts, not advice.

How much debt does V have?

As of FY2025, Visa reported $25.2B of total debt against $17.2B of cash; operating income covered interest expense 41×.

What is V's profit margin?

In FY2025, gross margin was —, operating margin 60.0%, and net margin 50.1%.

What is V's P/E ratio?

As of Jun '26, Visa traded at a price-to-earnings ratio of about 7.7× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.

Where does this data come from?

All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.

Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted · growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price against the latest annual filing. Informational only — not investment advice.