Earnings quality
Compare earnings and operating cash flow for earnings quality.
Visa Inc.
Ticker V · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2025-11-06 · Period end 2025-09-30
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 60.0%; equity ratio is 26.5%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin60.0%
Equity ratio26.5%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
VISA INC. is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Financial statements
Income statement
| Account | FY2024 (ended Sep 30, 2024) | FY2025 (ended Sep 30, 2025) |
|---|---|---|
| Revenue | $35.9B | $40.0B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $23.6B | $24.0B |
| Income tax | $4.2B | $4.1B |
| Net income | $19.7B | $20.1B |
| Basic EPS | — | — |
Balance sheet
| Account | FY2024 (ended Sep 30, 2024) | FY2025 (ended Sep 30, 2025) |
|---|---|---|
| Cash & equivalents | $12.0B | $17.2B |
| Current assets | $34.0B | $37.8B |
| Non-current assets* | $60.5B | $61.9B |
| Total assets | $94.5B | $99.6B |
| Current liabilities | $26.5B | $35.0B |
| Non-current liabilities* | $28.9B | $26.7B |
| Total liabilities | $55.4B | $61.7B |
| Stockholders’ equity | $25.0B | $26.4B |
Cash flow statement
| Account | FY2024 (ended Sep 30, 2024) | FY2025 (ended Sep 30, 2025) |
|---|---|---|
| Operating cash flow | $19.9B | $23.1B |
| Investing cash flow | -$1.9B | $708.0M |
| Financing cash flow | -$20.6B | -$19.0B |
| Cash at end of period | $12.0B | $17.2B |
Five-year trends
Key metrics
| Metric | Trend | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $24.1B | $29.3B | $32.7B | $35.9B | $40.0B | |
| Operating profit | $15.8B | $18.8B | $21.0B | $23.6B | $24.0B | |
| Net income | $12.3B | $15.0B | $17.3B | $19.7B | $20.1B | |
| Total assets | $82.9B | $85.5B | $90.5B | $94.5B | $99.6B | |
| Cash & equivalents | $16.5B | $15.7B | $16.3B | $12.0B | $17.2B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $35.9B to $40.0B (▲ +11.3%). Operating profit went from $23.6B to $24.0B (▲ +1.7%).
Operating cash flow was $23.1B (prior $19.9B), with cash on the balance sheet at $17.2B versus $12.0B.
Liquidity & leverage
Cash moved from $12.0B to $17.2B; current liabilities $35.0B.
Capital buffer
Stockholders’ equity moved from $25.0B to $26.4B.
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Source: SEC EDGAR 0001403161-25-000089
(VISA INC.), period end 2025-09-30.