← VISA INC.

Annual Trend FY 2016 FY 2017 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 FY 2025
Cash flows from operating activities:
Adjustments to reconcile net income to net cash provided by operating activities:
Net Income From Continuing Operations — — — — — — $15.0b $17.3b $19.7b $20.1b
Net Income (Loss) Attributable to Parent $6.0b $6.7b $10.3b $12.1b $10.9b $12.3b $15.0b $17.3b $19.7b $20.1b
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest $6.0b $6.7b $10.3b $12.1b $10.9b $12.3b $15.0b $17.3b $19.7b $20.1b
Amortization Cash Flow — — — — — — $90.0m $76.0m $79.0m —
Amortization Of Intangibles — — — — — — $90.0m $76.0m $79.0m —
Amortization of Intangible Assets $50.0m $56.0m $55.0m $60.0m $80.0m $83.0m $90.0m $76.0m $79.0m $78.0m
Depreciation Amortization Depletion — — — — — — $861.0m $943.0m $1.0b $1.2b
Depreciation and amortization $502.0m $556.0m $613.0m $656.0m $767.0m $804.0m $861.0m $943.0m $1.0b $1.2b
Deferred Income Tax — — — — — — ($336.0m) ($483.0m) ($100.0m) $152.0m
Deferred Income Tax Expense (Benefit) ($764.0m) $1.7b ($1.3b) $214.0m $307.0m $871.0m ($336.0m) ($483.0m) ($100.0m) $152.0m
Deferred Tax — — — — — — ($336.0m) ($483.0m) ($100.0m) $152.0m
Deferred income taxes ($764.0m) $1.7b ($1.3b) $214.0m $307.0m $873.0m ($336.0m) ($483.0m) ($100.0m) $152.0m
Goodwill and Intangible Asset Impairment — — — — $0 $0 $0 — — —
Impairment of Intangible Assets (Excluding Goodwill) $0 $0 $0 $0 — — — — — —
Impairment of Intangible Assets, Indefinite-lived (Excluding Goodwill) $0 — — — — — — — — —
Payment, Tax Withholding, Share-based Payment Arrangement — — — — — — $120.0m $130.0m $208.0m $281.0m
Share-based Payment Arrangement, Expense $211.0m — — — — — — — — —
Share-based Payment Arrangement, Noncash Expense $221.0m $235.0m $327.0m $407.0m $416.0m $542.0m $602.0m $765.0m $850.0m $897.0m
Share-based compensation $221.0m $235.0m $327.0m $407.0m $416.0m $542.0m $602.0m $765.0m $850.0m $897.0m
(Gains) losses on equity investments, net — — — ($131.0m) ($101.0m) ($712.0m) $264.0m $104.0m $94.0m $87.0m
Earnings (Loss)es From Equity Investments — — — — — — $264.0m $104.0m $94.0m $87.0m
Income Tax Expense (Benefit) $2.0b $5.0b $2.5b $2.8b $2.9b $3.8b $3.2b $3.8b $4.2b $4.1b
Interest Expense Nonoperating — — — — — — — — $641.0m $589.0m
Other Nonoperating Income (Expense) $556.0m $113.0m $464.0m $416.0m $225.0m $772.0m ($139.0m) $681.0m $962.0m $789.0m
Changes in operating assets and liabilities:
Additional Financial Items
Accounts payable $43.0m ($30.0m) $3.0m ($24.0m) $21.0m $88.0m $67.0m $34.0m $109.0m $67.0m
Accounts receivable ($65.0m) ($54.0m) ($70.0m) ($333.0m) ($43.0m) ($343.0m) ($97.0m) ($250.0m) ($237.0m) ($542.0m)
Accrued and other liabilities $277.0m $465.0m $1.8b $627.0m $923.0m $929.0m $1.1b $1.3b ($676.0m) ($373.0m)
Accrued litigation ($47.0m) $1.0m $452.0m ($231.0m) ($290.0m) $70.0m $476.0m $295.0m ($28.0m) $1.3b
Beginning Cash Position — — — — — — $19.8b $20.4b $22.0b $19.8b
Cash Flow From Continuing Financing Activities — — — — — — ($12.7b) ($17.8b) ($20.6b) ($19.0b)
Cash Flow From Continuing Investing Activities — — — — — — ($4.3b) ($2.0b) ($1.9b) $708.0m
Change In Account Payable — — — — — — $67.0m $34.0m $109.0m $67.0m
Change In Accrued Expense — — — — — — $1.5b $1.6b ($704.0m) $930.0m
Change In Other Current Assets — — — — — — ($666.0m) ($24.0m) ($199.0m) $160.0m
Change In Other Working Capital — — — — — — ($9.4b) ($11.0b) ($14.1b) ($15.3b)
Change In Payable — — — — — — $1.3b ($160.0m) $1.9b ($780.0m)
Change In Payables And Accrued Expense — — — — — — $2.9b $1.4b $1.2b $150.0m
Change In Receivables — — — — — — ($494.0m) ($410.0m) ($2.4b) ($168.0m)
Change In Working Capital — — — — — — ($7.7b) ($10.0b) ($15.4b) ($15.2b)
Changes In Account Receivables — — — — — — ($97.0m) ($250.0m) ($237.0m) ($542.0m)
Changes In Cash — — — — — — $1.9b $977.0m ($2.6b) $4.8b
Client incentives ($3.5b) ($4.6b) ($4.7b) ($6.4b) ($8.1b) ($7.5b) ($9.4b) ($11.0b) ($14.1b) ($15.3b)
Debt Securities, Available-for-sale, Realized Gain (Loss) — — — $1.0m $4.0m $0 $0 — — —
Deconsolidation, Gain (Loss), Amount — — — — — — ($35.0m) — — —
End Cash Position — — — — — — $20.4b $22.0b $19.8b $25.0b
Equity Securities, FV-NI, Realized Gain (Loss) — — — — — $26.0m — — — —
Equity Securities, FV-NI, Unrealized Gain (Loss) — — — $117.0m $115.0m $721.0m — — — —
Financing Cash Flow — — — — — — ($12.7b) ($17.8b) ($20.6b) ($19.0b)
Free Cash Flow — — — — — — $17.9b $19.7b $18.7b $21.6b
Gain (Loss) on Investments — — — — — — — — ($44.0m) ($51.0m)
General and Administrative Expense $796.0m $1.1b $1.1b $1.2b $1.1b $985.0m $1.2b $1.3b $1.6b $1.9b
Goodwill $15.1b $15.1b $15.2b $15.7b $15.9b $16.0b $17.8b $18.0b $18.9b $19.9b
Increase (Decrease) in Accounts Payable $43.0m ($30.0m) $3.0m ($24.0m) $21.0m $88.0m $67.0m $34.0m $109.0m $67.0m
Increase (Decrease) in Accounts Receivable $65.0m $54.0m $70.0m $333.0m $43.0m $343.0m $97.0m $250.0m $237.0m $542.0m
Increase (Decrease) in Other Operating Assets $315.0m $252.0m $160.0m $310.0m $402.0m $147.0m $666.0m $24.0m $199.0m ($160.0m)
Investing Cash Flow — — — — — — ($4.3b) ($2.0b) ($1.9b) $708.0m
Net Business Purchase And Sale — — — — — — ($1.9b) $0 ($915.0m) ($887.0m)
Net PPE Purchase And Sale — — — — — — ($970.0m) ($1.1b) ($1.3b) ($1.5b)
Nonoperating Income (Expense) $129.0m ($450.0m) ($148.0m) ($117.0m) ($291.0m) $259.0m ($677.0m) $37.0m $321.0m $200.0m
Operating Gains Losses — — — — — — $264.0m $104.0m $94.0m $87.0m
Other $64.0m $50.0m ($74.0m) ($271.0m) ($145.0m) ($109.0m) ($94.0m) $14.0m $136.0m $94.0m
Other Non Cash Items — — — — — — $10.2b $12.2b $13.8b $15.8b
Other assets ($315.0m) ($252.0m) ($160.0m) ($310.0m) ($402.0m) ($147.0m) ($666.0m) ($24.0m) ($199.0m) $160.0m
Proceeds From Stock Option Exercised — — — — — — $196.0m $260.0m $335.0m $396.0m
Proceeds from Stock Options Exercised $95.0m $149.0m $164.0m $162.0m $190.0m $208.0m $196.0m $260.0m $335.0m $396.0m
Proceeds from issuance of senior notes $16.0b $2.5b $0 $0 $7.2b $0 $3.2b $0 $0 $3.9b
Proceeds from settlement of derivative instruments — — — — — $0 $0 $402.0m $0 $0
Proceeds from stock issued under equity plans $95.0m $149.0m $164.0m $162.0m $190.0m $208.0m $196.0m $260.0m $335.0m $396.0m
Purchase Of Business — — — — — — ($1.9b) $0 ($915.0m) ($887.0m)
Purchase Of PPE — — — — — — ($970.0m) ($1.1b) ($1.3b) ($1.5b)
Purchases of property, equipment and technology $42.0m $50.0m $77.0m $95.0m $38.0m $41.0m $56.0m $96.0m $52.0m $59.0m
Realized Investment Gains (Losses) — — — — — — $68.0m $2.0m — —
Repurchase Of Capital Stock — — — — — — ($11.6b) ($12.1b) ($16.7b) ($18.3b)
Settlement payable ($302.0m) ($176.0m) $262.0m $1.9b ($2.4b) $679.0m $1.3b ($194.0m) $1.8b ($847.0m)
Settlement receivable $391.0m $94.0m ($223.0m) ($1.5b) $1.9b ($468.0m) ($397.0m) ($160.0m) ($2.2b) $374.0m
Stock Based Compensation — — — — — — $602.0m $765.0m $850.0m $897.0m
Unrealized Gain (Loss) on Investments — — — — — — ($364.0m) ($84.0m) $12.0m $17.0m
VE territory covered losses ($9.0m) ($209.0m) ($11.0m) ($172.0m) ($37.0m) ($147.0m) ($43.0m) ($136.0m) ($139.0m) ($28.0m)
Gain (Loss) on Derivative Instruments, Net, Pretax — — — $95.0m $150.0m $156.0m $151.0m ($25.0m) ($94.0m) ($45.0m)
Net Cash Provided by (Used in) Operating Activities $5.6b $9.2b $12.7b $12.8b $10.4b $15.2b $18.8b $20.8b $19.9b $23.1b
Cash flows from investing activities:
Capital Expenditure — — — — — — ($970.0m) ($1.1b) ($1.3b) ($1.5b)
Payments to Acquire Businesses, Net of Cash Acquired $9.1b $302.0m $196.0m $699.0m $77.0m $75.0m $1.9b $0 $915.0m $887.0m
Net Investment Purchase And Sale — — — — — — ($1.5b) ($922.0m) $339.0m $3.0b
Purchase Of Investment — — — — — — ($6.1b) ($4.5b) ($4.7b) ($68.0m)
Purchases of investment securities — ($3.2b) ($5.8b) ($2.7b) ($2.1b) ($5.1b) ($6.0b) ($4.4b) ($4.4b) $0
Purchases of other investments ($10.0m) ($46.0m) ($50.0m) ($501.0m) ($267.0m) ($71.0m) ($86.0m) ($121.0m) ($231.0m) ($68.0m)
Proceeds from maturities and sales of investment securities $26.7b $5.0b $3.6b $4.0b $4.5b $5.7b $4.6b $3.2b $5.0b $3.0b
Sale Of Investment — — — — — — $4.6b $3.6b $5.0b $3.0b
Net Other Investing Changes — — — — — — $128.0m ($25.0m) ($93.0m) $121.0m
Other investing activities — $0 $0 $10.0m $72.0m $109.0m $128.0m ($25.0m) ($93.0m) $121.0m
Payments for (Proceeds from) Other Investing Activities — — — ($10.0m) ($72.0m) ($109.0m) ($128.0m) $25.0m $93.0m ($121.0m)
Net Cash Provided by (Used in) Investing Activities ($10.9b) $735.0m ($3.1b) ($591.0m) $1.4b ($152.0m) ($4.3b) ($2.0b) ($1.9b) $708.0m
Cash flows from financing activities:
Issuance Of Debt — — — — — — $3.2b $0 $0 $3.9b
Long Term Debt Issuance — — — — — — $3.2b $0 $0 $3.9b
Net Issuance Payments Of Debt — — — — — — $2.2b ($2.2b) $0 $3.9b
Net Long Term Debt Issuance — — — — — — $2.2b ($2.2b) $0 $3.9b
Interest payments on debt $244.0m $489.0m $545.0m $537.0m $537.0m $643.0m $607.0m $617.0m $583.0m $587.0m
Long Term Debt Payments — — — — — — ($1.0b) ($2.2b) $0 $0
Repayment Of Debt — — — — — — ($1.0b) ($2.2b) $0 $0
Repayments of Long-term Debt — — $1.8b $0 $0 $3.0b $1.0b $2.2b $0 $0
Repayments of debt $0 $0 ($1.8b) $0 $0 ($3.0b) ($1.0b) ($2.2b) $0 $0
Net Common Stock Issuance — — — — — — ($11.6b) ($12.1b) ($16.7b) ($18.3b)
Common Stock Payments — — — — — — ($11.6b) ($12.1b) ($16.7b) ($18.3b)
Payments for Repurchase of Common Stock — — — $8.6b $8.1b $8.7b $11.6b $12.1b $16.7b $18.3b
Repurchases of class A common stock ($7.2b) ($6.9b) ($7.2b) ($8.6b) ($8.1b) ($8.7b) ($11.6b) ($12.1b) ($16.7b) ($18.3b)
Cash Dividends Paid — — — — — — ($3.2b) ($3.8b) ($4.2b) ($4.6b)
Common Stock Dividend Paid — — — — — ($2.8b) ($3.2b) ($3.8b) — —
Dividends paid $1.4b $1.6b $1.9b $2.3b $2.7b $2.8b $3.2b $3.8b $4.2b $4.6b
Payments of Dividends $1.4b $1.6b $1.9b $2.3b $2.7b $2.8b $3.2b $3.8b $4.2b $4.6b
Net Other Financing Charges — — — — — — ($318.0m) $70.0m ($38.0m) ($333.0m)
Other financing activities — — $0 $0 ($99.0m) $0 ($198.0m) $200.0m $170.0m ($52.0m)
Proceeds from (Payments for) Other Financing Activities — — — — ($99.0m) $0 ($198.0m) $200.0m $170.0m ($52.0m)
Net Cash Provided by (Used in) Financing Activities $7.5b ($5.9b) ($11.2b) ($12.1b) ($4.0b) ($14.4b) ($12.7b) ($17.8b) ($20.6b) ($19.0b)
Effect Of Exchange Rate Changes — — — — — — ($1.3b) $636.0m $382.0m $420.0m
Effect of Exchange Rate on Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — ($101.0m) ($277.0m) — ($37.0m) ($1.3b) $636.0m $382.0m $420.0m
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents — — ($101.0m) ($277.0m) $440.0m ($37.0m) ($1.3b) $636.0m $382.0m $420.0m
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect — — ($101.0m) ($145.0m) $8.3b $628.0m $578.0m $1.6b ($2.2b) $5.2b
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents — $4.4b ($1.0b) ($145.0m) $8.3b $628.0m $578.0m $1.6b ($2.2b) $5.2b
Acquisitions, net of cash and restricted cash acquired ($9.1b) ($302.0m) ($196.0m) ($699.0m) ($77.0m) ($75.0m) ($1.9b) $0 ($915.0m) ($887.0m)
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents — — ($101.0m) $10.8b $19.2b $19.8b $20.4b $22.0b $19.8b $25.0b
Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period — $12.0b $11.0b $10.8b $19.2b $19.8b $20.4b $22.0b $19.8b $25.0b
Supplemental disclosure of cash flow information:
Change In Cash Supplemental As Reported — — — — — — $578.0m $1.6b ($2.2b) $5.2b
Interest Paid, Excluding Capitalized Interest, Operating Activities — — — $537.0m $537.0m $643.0m $607.0m $617.0m $583.0m $587.0m
Income Taxes Paid, Net $2.8b $3.0b $2.3b $2.6b $2.7b $3.0b $3.7b $3.4b $5.8b $4.5b

Data sourced from SEC EDGAR 10-K filings via EdgarTools. Amounts are shown in USD as reported in each fiscal year filing.

Values abbreviated: b = billions, m = millions, k = thousands. Per share data in USD.