Visa Inc.
VNYSE
$411.43
Last price · USD
- Market cap
- $808.9B
- P/E
- 40.3x
- EV / EBITDA
- 31.3x
- P/S
- 20.2x
- FCF yield
- 2.7%
- Div. yield
- 0.57%
Multiples use last price and FY2025 annual figures. Market cap estimated from diluted shares.
Visa Inc. cash flow statement
Annual · USD millions except per-share data · 37 lines
| Fiscal year | 2025 | 2024 | 2023 | 2022 | 2021 | CAGR | |
|---|---|---|---|---|---|---|---|
| Operating activities | |||||||
| Net income | 20,058 | 19,743 | 17,273 | 14,957 | 12,311 | +13.0% | |
| Depreciation & amortization | 1,220 | 1,034 | 943 | 861 | 804 | +11.0% | |
| Deferred income tax | 152 | (100) | (483) | (336) | 873 | -35.4% | |
| Stock-based compensation | 897 | 850 | 765 | 602 | 542 | +13.4% | |
| Change in working capital | (15,172) | (15,432) | (10,022) | (7,657) | (6,702) | — | |
| Accounts receivables | (168) | (237) | (250) | (97) | (343) | — | |
| Inventory | 0 | 0 | 1,208 | 0 | 1,063 | — | |
| Accounts payables | 67 | 109 | 34 | 67 | 88 | -6.6% | |
| Other working capital | (15,071) | (15,304) | (11,014) | (7,627) | (7,510) | — | |
| Other non-cash items | 15,904 | 13,855 | 12,279 | 10,422 | 7,399 | +21.1% | |
| Net cash from operating activities | 23,059 | 19,950 | 20,755 | 18,849 | 15,227 | +10.9% | |
| Operating cash flow | 23,059 | 19,950 | 20,755 | 18,849 | 15,227 | +10.9% | |
| Investing activities | |||||||
| Investments in PP&E | (1,482) | (1,257) | (1,059) | (970) | (705) | — | |
| Capital expenditure | (1,482) | (1,257) | (1,059) | (970) | (705) | — | |
| Acquisitions, net | (887) | (915) | 0 | (1,948) | (75) | — | |
| Purchases of investments | (68) | (4,674) | (4,484) | (6,083) | (5,182) | — | |
| Sales / maturities of investments | 3,024 | 5,013 | 3,562 | 4,585 | 5,701 | -14.7% | |
| Other investing activities | 121 | (93) | (25) | 128 | 109 | +2.6% | |
| Net cash from investing activities | 708 | (1,926) | (2,006) | (4,288) | (152) | — | |
| Financing activities | |||||||
| Net debt issuance | 3,924 | 0 | (2,250) | 2,218 | (3,000) | — | |
| Long-term net debt issuance | 3,924 | 0 | (2,250) | 2,218 | (3,000) | — | |
| Net stock issuance | (17,920) | (16,713) | (11,841) | (11,589) | (8,468) | — | |
| Common stock issuance | 396 | 0 | 0 | 0 | 0 | — | |
| Common stock repurchased | (18,316) | (16,713) | (12,101) | (11,589) | (8,676) | — | |
| Net common stock issuance | (17,920) | (16,713) | (12,101) | (11,589) | (8,676) | — | |
| Common dividends paid | (4,634) | (4,217) | (3,751) | (3,203) | (2,798) | — | |
| Net dividends paid | (4,634) | (4,217) | (3,751) | (3,203) | (2,798) | — | |
| Net preferred stock issuance | 0 | 0 | 260 | 0 | 208 | — | |
| Other financing activities | (333) | 297 | 70 | (122) | (144) | — | |
| Net cash from financing activities | (18,963) | (20,633) | (17,772) | (12,696) | (14,410) | — | |
| Cash summary | |||||||
| Effect of forex changes on cash | 420 | 382 | 636 | (1,287) | (37) | — | |
| Net change in cash | 5,224 | (2,227) | 1,613 | 578 | 628 | +69.8% | |
| Cash at beginning of period | 19,763 | 21,990 | 20,377 | 19,799 | 19,171 | +0.8% | |
| Cash at end of period | 24,987 | 19,763 | 21,990 | 20,377 | 19,799 | +6.0% | |
| Free cash flow | 21,577 | 18,693 | 19,696 | 17,879 | 14,522 | +10.4% | |
| Income taxes paid | 4,541 | 5,775 | 3,433 | 3,741 | 3,012 | +10.8% | |
| Interest paid | 587 | 583 | 617 | 607 | 643 | -2.3% | |