Set-of-Mark extraction review — before (table + bounding box) | after (final markdown)
Left: the page cropped around the table with its Set-of-Mark bounding box drawn. Right: the final corrected markdown. One row per table.
VISA_991_Q425.pdf
14 tables
p1 · table 1 · Income Statement Summary
units=In billions, except percentages and per share data. % change is calculated over the comparable prior-year period. · flavor=stream · camelot_accuracy=95.6 · llm_corrected=True
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| Metric | Q4 2025 USD | Q4 2025 % Change | Full-Year 2025 USD | Full-Year 2025 % Change |
|---|
| Net Revenue | $10.7 | 12% | $40.0 | 11% |
| GAAP Net Income | $5.1 | (4%) | $20.1 | 2% |
| GAAP Earnings Per Share | $2.62 | (1%) | $10.20 | 5% |
| Non-GAAP Net Income(1) | $5.8 | 7% | $22.5 | 11% |
| Non-GAAP Earnings Per Share(1) | $2.98 | 10% | $11.47 | 14% |
p1 · table 2 · Key Business Drivers
units=(none) · flavor=stream · camelot_accuracy=99.6 · llm_corrected=True
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| Metric | Q4 2025 | Full-Year 2025 |
|---|
| Payments Volume | 9% | 8% |
| Cross-Border Volume Excluding Intra-Europe(2) | 11% | 13% |
| Cross-Border Volume Total | 12% | 13% |
| Processed Transactions | 10% | 10% |
p5 · table 3 · Contacts
units=(none) · flavor=stream · camelot_accuracy=100.0 · llm_corrected=True
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| Contacts | Investor Relations | Media Relations |
|---|
| Jennifer Como, 650-432-7644 | Fletcher Cook, 650-432-2990 |
| InvestorRelations@visa.com | Press@visa.com |
p6 · table 4 · INCOME STATEMENT SUMMARY
units=(in millions, except percentages and per share data) · flavor=stream · camelot_accuracy=97.5 · llm_corrected=True
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| Line Item | Three Months Ended September 30, 2025 (USD) | Three Months Ended September 30, 2025 (YoY Change) | Twelve Months Ended September 30, 2025 (USD) | Twelve Months Ended September 30, 2025 (YoY Change) |
|---|
| GAAP | | | | |
| Revenue | | | | |
| Service revenue | $ 4,602 | 10% | $ 17,539 | 9% |
| Data processing revenue | 5,394 | 17% | 19,993 | 13% |
| International transaction revenue | 3,800 | 10% | 14,166 | 12% |
| Other revenue | 1,176 | 21% | 4,053 | 27% |
| Client incentives | (4,248) | 17% | (15,751) | 14% |
| Net revenue | $ 10,724 | 12% | $ 40,000 | 11% |
| Total operating expenses | $ 4,576 | 40% | $ 16,006 | 30% |
| Non-operating income (expense) | 75 | 222% | 200 | (38%) |
| Effective income tax rate | 18.2% | 2 ppt | 17.1% | 0 ppt |
| Net income | $ 5,090 | (4%) | $ 20,058 | 2% |
| Earnings per share | $ 2.62 | (1%) | $ 10.20 | 5% |
p6 · table 5 · Non-GAAP
units=(none) · flavor=stream · camelot_accuracy=99.1 · llm_corrected=True
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| Metric | Three Months Ended | | Six Months Ended | |
|---|
| Amount | Change | Amount | Change |
| Total operating expenses | $ 3,611 | 13% | $ 12,906 | 11% |
| Non-operating income (expense) | 29 | (58%) | 287 | (31%) |
| Effective income tax rate | 18.8% | 2 ppt | 17.7% | 0 ppt |
| Net income | $ 5,803 | 7% | $ 22,542 | 11% |
| Earnings per share | $ 2.98 | 10% | $ 11.47 | 14% |
p6 · table 6 · KEY BUSINESS DRIVERS
units=(none) · flavor=stream · camelot_accuracy=93.2 · llm_corrected=True
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| YoY increase / (decrease) | Three Months Ended September 30, 2025 - Constant | Three Months Ended September 30, 2025 - Nominal | Twelve Months Ended September 30, 2025 - Constant | Twelve Months Ended September 30, 2025 - Nominal |
|---|
| Payments volume | 9% | 9% | 8% | 8% |
| Cross-border volume excluding intra-Europe(2) | 11% | 14% | 13% | 13% |
| Cross-border volume total | 12% | 17% | 13% | 15% |
| Processed transactions | 10% | 10% | 10% | 10% |
p7 · table 7 · Visa Consolidated Balance Sheets (unaudited)
units=(in millions, except per share data) · flavor=stream · camelot_accuracy=99.1 · llm_corrected=True
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| September 30, 2025 | September 30, 2024 |
|---|
| **Assets** | | |
| Cash and cash equivalents | $ 17,164 | $ 11,975 |
| Restricted cash equivalents—U.S. litigation escrow | 2,990 | 3,089 |
| Investment securities | 1,833 | 3,200 |
| Settlement receivable | 4,191 | 4,454 |
| Accounts receivable | 3,126 | 2,561 |
| Customer collateral | 3,625 | 3,524 |
| Current portion of client incentives | 2,158 | 1,918 |
| Prepaid expenses and other current assets | 2,679 | 3,312 |
| **Total current assets** | **37,766** | **34,033** |
| Investment securities | 999 | 2,545 |
| Client incentives | 5,157 | 4,628 |
| Property, equipment and technology, net | 4,236 | 3,824 |
| Goodwill | 19,879 | 18,941 |
| Intangible assets, net | 27,646 | 26,889 |
| Other assets | 3,944 | 3,651 |
| **Total assets** | **$ 99,627** | **$ 94,511** |
| **Liabilities** | | |
| Accounts payable | $ 555 | $ 479 |
| Settlement payable | 4,568 | 5,265 |
| Customer collateral | 3,625 | 3,524 |
| Accrued compensation and benefits | 1,863 | 1,538 |
| Client incentives | 10,369 | 9,075 |
| Accrued liabilities | 5,466 | 4,909 |
| Current maturities of debt | 5,569 | — |
| Accrued litigation | 3,033 | 1,727 |
| **Total current liabilities** | **35,048** | **26,517** |
| Long-term debt | 19,602 | 20,836 |
| Deferred tax liabilities | 5,549 | 5,301 |
| Other liabilities | 1,519 | 2,720 |
| **Total liabilities** | **61,718** | **55,374** |
| **Equity** | | |
| Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of September 30, 2025 and September 30, 2024 | 745 | 1,031 |
| Common stock, $0.0001 par value: | | |
| Class A common stock, 1,691 and 1,733 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively | — | — |
| Class B-1 and B-2 total common stock, 125 shares issued and outstanding as of September 30, 2025 and September 30, 2024 | — | — |
| Class C common stock, 9 and 10 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively | — | — |
| Right to recover for covered losses | (124) | (104) |
| Additional paid-in capital | 21,934 | 21,229 |
| Accumulated income | 15,106 | 17,289 |
| Accumulated other comprehensive income (loss): | | |
| Investment securities | 12 | 30 |
| Defined benefit pension and other postretirement plans | (32) | (16) |
| Derivative instruments | (307) | (213) |
| Foreign currency translation adjustments | 575 | (109) |
| **Total accumulated other comprehensive income (loss)** | **248** | **(308)** |
| **Total equity** | **37,909** | **39,137** |
| **Total liabilities and equity** | **$ 99,627** | **$ 94,511** |
p8 · table 8 · Visa Consolidated Statements of Operations (unaudited)
units=(in millions, except per share data) · flavor=stream · camelot_accuracy=98.8 · llm_corrected=True
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| Three Months Ended September 30, 2025 | Three Months Ended September 30, 2024 | Twelve Months Ended September 30, 2025 | Twelve Months Ended September 30, 2024 |
|---|
| Net revenue | $ 10,724 | $ 9,617 | $ 40,000 | $ 35,926 |
| **Operating Expenses** | | | | |
| Personnel | 1,742 | 1,609 | 6,961 | 6,264 |
| Marketing | 576 | 551 | 1,684 | 1,560 |
| Network and processing | 239 | 208 | 894 | 778 |
| Professional fees | 256 | 192 | 759 | 635 |
| Depreciation and amortization | 316 | 274 | 1,220 | 1,034 |
| General and administrative | 544 | 424 | 1,926 | 1,598 |
| Litigation provision | 903 | 10 | 2,562 | 462 |
| Total operating expenses | 4,576 | 3,268 | 16,006 | 12,331 |
| Operating income | 6,148 | 6,349 | 23,994 | 23,595 |
| **Non-operating Income (Expense)** | | | | |
| Interest expense | (210) | (176) | (589) | (641) |
| Investment income (expense) and other | 285 | 199 | 789 | 962 |
| Total non-operating income (expense) | 75 | 23 | 200 | 321 |
| Income before income taxes | 6,223 | 6,372 | 24,194 | 23,916 |
| Income tax provision | 1,133 | 1,054 | 4,136 | 4,173 |
| Net income | $ 5,090 | $ 5,318 | $ 20,058 | $ 19,743 |
| **Basic Earnings Per Share** | | | | |
| Class A common stock | $ 2.62 | $ 2.66 | $ 10.22 | $ 9.74 |
| Class B-1 common stock | $ 4.09 | $ 4.22 | $ 15.97 | $ 15.46 |
| Class B-2 common stock | $ 4.02 | $ 4.21 | $ 15.72 | $ 15.45 |
| Class C common stock | $ 10.48 | $ 10.63 | $ 40.87 | $ 38.97 |
| **Basic Weighted-average Shares Outstanding** | | | | |
| Class A common stock | 1,696 | 1,710 | 1,714 | 1,621 |
| Class B-1 common stock | 5 | 5 | 5 | 148 |
| Class B-2 common stock | 120 | 120 | 120 | 49 |
| Class C common stock | 9 | 17 | 9 | 16 |
| **Diluted Earnings Per Share** | | | | |
| Class A common stock | $ 2.62 | $ 2.65 | $ 10.20 | $ 9.73 |
| Class B-1 common stock | $ 4.08 | $ 4.21 | $ 15.95 | $ 15.45 |
| Class B-2 common stock | $ 4.01 | $ 4.21 | $ 15.70 | $ 15.43 |
| Class C common stock | $ 10.47 | $ 10.62 | $ 40.82 | $ 38.92 |
| **Diluted Weighted-average Shares Outstanding** | | | | |
| Class A common stock | 1,945 | 2,003 | 1,966 | 2,029 |
| Class B-1 common stock | 5 | 5 | 5 | 148 |
| Class B-2 common stock | 120 | 120 | 120 | 49 |
| Class C common stock | 9 | 17 | 9 | 16 |
p9 · table 9 · Visa Consolidated Statements of Cash Flows (unaudited)
units=(in millions) · flavor=stream · camelot_accuracy=98.9 · llm_corrected=True
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| Item | Twelve Months Ended September 30, 2025 | Twelve Months Ended September 30, 2024 |
|---|
| **Operating Activities** | | |
| Net income | $ 20,058 | $ 19,743 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | | |
| Client incentives | 15,751 | 13,764 |
| Share-based compensation | 897 | 850 |
| Depreciation and amortization | 1,220 | 1,034 |
| Deferred income taxes | 152 | (100) |
| VE territory covered losses | (28) | (139) |
| (Gains) losses on equity investments, net | 87 | 94 |
| Other | 94 | 136 |
| Change in operating assets and liabilities: | | |
| Settlement receivable | 374 | (2,175) |
| Accounts receivable | (542) | (237) |
| Client incentives | (15,314) | (14,067) |
| Other assets | 160 | (199) |
| Accounts payable | 67 | 109 |
| Settlement payable | (847) | 1,841 |
| Accrued and other liabilities | (373) | (676) |
| Accrued litigation | 1,303 | (28) |
| Net cash provided by (used in) operating activities | 23,059 | 19,950 |
| **Investing Activities** | | |
| Purchases of property, equipment and technology | (1,482) | (1,257) |
| Purchases of investment securities | — | (4,443) |
| Proceeds from maturities and sales of investment securities | 3,024 | 5,013 |
| Acquisitions, net of cash and restricted cash acquired | (887) | (915) |
| Purchases of other investments | (68) | (231) |
| Other investing activities | 121 | (93) |
| Net cash provided by (used in) investing activities | 708 | (1,926) |
| **Financing Activities** | | |
| Repurchases of class A common stock | (18,316) | (16,713) |
| Dividends paid | (4,634) | (4,217) |
| Proceeds from issuance of senior notes | 3,924 | — |
| Proceeds from stock issued under equity plans | 396 | 335 |
| Taxes paid related to stock issued under equity plans | (281) | (208) |
| Other financing activities | (52) | 170 |
| Net cash provided by (used in) financing activities | (18,963) | (20,633) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 420 | 382 |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 5,224 | (2,227) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period | 19,763 | 21,990 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period | $ 24,987 | $ 19,763 |
| **Supplemental Disclosure** | | |
| Cash paid for income taxes, net(1) | $ 4,541 | $ 5,775 |
| Interest payments on debt | $ 587 | $ 583 |
| Accruals related to purchases of property, equipment and technology | $ 59 | $ 52 |
p10 · table 10 · Visa Quarterly Results of Operations (unaudited)
units=(in millions) · flavor=stream · camelot_accuracy=97.3 · llm_corrected=True
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| Line Item | Fiscal 2025 Quarter Ended September 30, 2025 | Fiscal 2025 Quarter Ended June 30, 2025 | Fiscal 2025 Quarter Ended March 31, 2025 | Fiscal 2024 Quarter Ended December 31, 2024 | Fiscal 2024 Quarter Ended September 30, 2024 |
|---|
| Net revenue | $ 10,724 | $ 10,172 | $ 9,594 | $ 9,510 | $ 9,617 |
| **Operating Expenses** | | | | | |
| Personnel | 1,742 | 1,749 | 1,657 | 1,813 | 1,609 |
| Marketing | 576 | 421 | 381 | 306 | 551 |
| Network and processing | 239 | 224 | 224 | 207 | 208 |
| Professional fees | 256 | 187 | 173 | 143 | 192 |
| Depreciation and amortization | 316 | 317 | 305 | 282 | 274 |
| General and administrative | 544 | 482 | 419 | 481 | 424 |
| Litigation provision | 903 | 615 | 1,000 | 44 | 10 |
| Total operating expenses | 4,576 | 3,995 | 4,159 | 3,276 | 3,268 |
| Operating income | 6,148 | 6,177 | 5,435 | 6,234 | 6,349 |
| **Non-operating Income (Expense)** | | | | | |
| Interest expense | (210) | (39) | (158) | (182) | (176) |
| Investment income (expense) and other | 285 | 195 | 161 | 148 | 199 |
| Total non-operating income (expense) | 75 | 156 | 3 | (34) | 23 |
| Income before income taxes | 6,223 | 6,333 | 5,438 | 6,200 | 6,372 |
| Income tax provision | 1,133 | 1,061 | 861 | 1,081 | 1,054 |
| Net income | $ 5,090 | $ 5,272 | $ 4,577 | $ 5,119 | $ 5,318 |
p12 · table 11 · Visa Non-GAAP Financial Measures (unaudited) - continued
units=(in millions, except percentages and per share data) · flavor=stream · camelot_accuracy=97.0 · llm_corrected=True
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| Three Months Ended September 30, 2025 | | | | | |
|---|
| Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
| GAAP | $ 4,576 | $ 75 | $ 1,133 | 18.2% | $ 5,090 | $ 2.62 |
| (Gains) losses on equity investments, net | — | (46) | (10) | | (36) | (0.02) |
| Amortization of acquired intangible assets | (54) | — | 13 | | 41 | 0.02 |
| Acquisition-related costs | (12) | — | 1 | | 11 | 0.01 |
| Litigation provision | (899) | — | 202 | | 697 | 0.36 |
| Non-GAAP | $ 3,611 | $ 29 | $ 1,339 | 18.8% | $ 5,803 | $ 2.98 |
p12 · table 12 · Twelve Months Ended September 30, 2025
units=(in millions, except percentages and per share data) · flavor=stream · camelot_accuracy=98.7 · llm_corrected=True
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| Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
|---|
| GAAP | $ 16,006 | $ 200 | $ 4,136 | 17.1% | $ 20,058 | $ 10.20 |
| (Gains) losses on equity investments, net | — | 87 | 19 | | 68 | 0.03 |
| Amortization of acquired intangible assets | (218) | — | 54 | | 164 | 0.08 |
| Acquisition-related costs | (97) | — | 7 | | 90 | 0.05 |
| Severance costs | (213) | — | 45 | | 168 | 0.09 |
| Lease consolidation costs | (39) | — | 9 | | 30 | 0.02 |
| Litigation provision | (2,533) | — | 569 | | 1,964 | 1.00 |
| Non-GAAP | $ 12,906 | $ 287 | $ 4,839 | 17.7% | $ 22,542 | $ 11.47 |
p12 · table 13 · Three Months Ended September 30, 2024
units=(in millions, except percentages and per share data) · flavor=stream · camelot_accuracy=98.2 · llm_corrected=True
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| Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
|---|
| GAAP | $ 3,268 | $ 23 | $ 1,054 | 16.5% | $ 5,318 | $ 2.65 |
| (Gains) losses on equity investments, net | — | 46 | 1 | | 45 | 0.02 |
| Amortization of acquired intangible assets | (47) | — | 11 | | 36 | 0.02 |
| Acquisition-related costs | (29) | — | 3 | | 26 | 0.01 |
| Non-GAAP | $ 3,192 | $ 69 | $ 1,069 | 16.5% | $ 5,425 | $ 2.71 |
p13 · table 14 · Visa Non-GAAP Financial Measures (unaudited) - continued
units=(in millions, except percentages and per share data) · flavor=stream · camelot_accuracy=97.7 · llm_corrected=True
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| Operating Expenses | Non-operating Income (Expense) | Income Tax Provision(1) | Effective Income Tax Rate(2) | Net Income | Diluted Earnings Per Share(2) |
|---|
| GAAP | $ 12,331 | $ 321 | $ 4,173 | 17.4% | $ 19,743 | $ 9.73 |
| (Gains) losses on equity investments, net | — | 94 | 12 | | 82 | 0.04 |
| Amortization of acquired intangible assets | (178) | — | 43 | | 135 | 0.07 |
| Acquisition-related costs | (104) | — | 8 | | 96 | 0.05 |
| Litigation provision | (434) | — | 97 | | 337 | 0.17 |
| Lease consolidation costs | (57) | — | 13 | | 44 | 0.02 |
| Indirect taxes | 118 | — | (29) | | (89) | (0.04) |
| Charitable contribution | (67) | — | 26 | | 41 | 0.02 |
| Non-GAAP | $ 11,609 | $ 415 | $ 4,343 | 17.6% | $ 20,389 | $ 10.05 |