Visa Consolidated Balance Sheets (unaudited)
December 31, 2025September 30, 2025
(in millions, except per share data)
Assets
Cash and cash equivalents$ 14,756$ 17,164
Restricted cash equivalents—U.S. litigation escrow3,3002,990
Investment securities1,6411,833
Settlement receivable3,2124,191
Accounts receivable3,2313,126
Customer collateral3,7123,625
Current portion of client incentives2,2802,158
Prepaid expenses and other current assets2,8652,679
Total current assets34,99737,766
Investment securities484999
Client incentives5,5415,157
Property, equipment and technology, net4,2764,236
Goodwill19,88519,879
Intangible assets, net27,66427,646
Other assets3,9673,944
Total assets$ 96,814$ 99,627
Liabilities
Accounts payable433555
Settlement payable4,3374,568
Customer collateral3,7123,625
Accrued compensation and benefits1,1581,863
Client incentives11,28010,369
Accrued liabilities5,5765,466
Current maturities of debt1,5895,569
Accrued litigation3,4063,033
Total current liabilities31,49135,048
Long-term debt19,58819,602
Deferred tax liabilities5,2415,549
Other liabilities1,7171,519
Total liabilities58,03761,718
Equity
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of December 31, 2025 and September 30, 2025551745
Common stock, $0.0001 par value:
Class A common stock, 1,683 and 1,691 shares issued and outstanding as of December 31, 2025 and September 30, 2025, respectively——
Class B-1 and B-2 total common stock, 125 shares issued and outstanding as of December 31, 2025 and September 30, 2025——
Class C common stock, 9 shares issued and outstanding as of December 31, 2025 and September 30, 2025——
Right to recover for covered losses(19)(124)
Additional paid-in capital21,98021,934
Accumulated income16,01815,106
Accumulated other comprehensive income (loss):
Investment securities1012
Defined benefit pension and other postretirement plans(30)(32)
Derivative instruments(245)(307)
Foreign currency translation adjustments512575
Total accumulated other comprehensive income (loss)247248
Total equity38,77737,909
Total liabilities and equity$ 96,814$ 99,627
<::logo: Visa VISA The logo features the word "VISA" in a bold, sans-serif blue font, with the top right corner of the "V" having a slight white-blue gradient or stylized cut.::> 6 Visa Consolidated Statements of Operations (unaudited)
Three Months Ended December 31,
20252024
(in millions, except per share data)
Net revenue$ 10,901$ 9,510
Operating Expenses
Personnel1,7641,813
Marketing410306
Network and processing233207
Professional fees208143
Depreciation and amortization326282
General and administrative515481
Litigation provision70844
Total operating expenses4,1643,276
Operating income6,7376,234
Non-operating Income (Expense)
Interest expense(194)(182)
Investment income (expense) and other183148
Total non-operating income (expense)(11)(34)
Income before income taxes6,7266,200
Income tax provision8731,081
Net income$ 5,853$ 5,119
Basic Earnings Per Share
Class A common stock$ 3.03$ 2.58
Class B-1 common stock4.714.04
Class B-2 common stock4.613.99
Class C common stock12.1310.33
Basic Weighted-average Shares Outstanding
Class A common stock1,6871,729
Class B-1 common stock55
Class B-2 common stock120120
Class C common stock910
Diluted Earnings Per Share
Class A common stock$ 3.03$ 2.58
Class B-1 common stock$ 4.71$ 4.04
Class B-2 common stock$ 4.61$ 3.98
Class C common stock$ 12.11$ 10.32
Diluted Weighted-average Shares Outstanding
Class A common stock1,9331,985
Class B-1 common stock55
Class B-2 common stock120120
Class C common stock910
<::logo: Visa VISA The logo features the word "VISA" in a bold, sans-serif font, with the "V" having a distinct blue-to-yellow gradient or a split-color design, while the rest of the letters are in a solid blue.::> 7 ### Visa Consolidated Statements of Cash Flows (unaudited)
Three Months Ended December 31,
20252024
(in millions)
Operating Activities
Net income$ 5,853$ 5,119
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentives4,2693,797
Share-based compensation231224
Depreciation and amortization326282
Deferred income taxes(435)38
VE territory covered losses(3)(27)
(Gains) losses on equity investments, net775
Other1856
Change in operating assets and liabilities:
Settlement receivable981657
Accounts receivable(109)(64)
Client incentives(3,808)(3,649)
Other assets35(10)
Accounts payable(114)(54)
Settlement payable(233)(673)
Accrued and other liabilities(611)(303)
Accrued litigation373(72)
Net cash provided by (used in) operating activities6,7805,396
Investing Activities
Purchases of property, equipment and technology(378)(345)
Proceeds from maturities and sales of investment securities7252,042
Acquisitions, net of cash and restricted cash acquired—(906)
Purchases of other investments(5)(6)
Other investing activities195
Net cash provided by (used in) investing activities361790
Financing Activities
Repurchases of class A common stock(3,725)(4,011)
Repayments of debt(4,000)—
Dividends paid(1,293)(1,170)
Proceeds from stock issued under equity plans78127
Taxes paid related to stock issued under equity plans(231)(235)
Other financing activities185(186)
Net cash provided by (used in) financing activities(8,986)(5,475)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents34(508)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents(1,811)203
Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period24,98719,763
Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period23,17619,966
Supplemental Disclosure
Cash paid for income taxes, net(1)1,2901,194
Interest payments on debt213213
Accruals related to purchases of property, equipment and technology2640
(1) For the three months ended December 31, 2025 and 2024, the amount includes cash paid for federal transferable tax credits of $740 million and $1.1 billion, respectively. <::logo: Visa VISA The logo features the word "VISA" in a bold, sans-serif font, with the "V" having a distinct blue-to-yellow gradient or a split-color design, while the rest of the letters are in a solid blue.::> 8