VISA INC.
For the period ended Sep 30, 2025. Filed Nov 6, 2025.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Nov 6, 2025
V$422.16-0.1%Stored close · as of Nov 9, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Consolidated Statements of Operations
VISA
| For the Years EndedSeptember 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions, except per share data) | |||
| Net revenue | $40,000 | $35,926 | $32,653 |
| Operating Expenses | |||
| Personnel | 6,961 | 6,264 | 5,831 |
| Marketing | 1,684 | 1,560 | 1,341 |
| Network and processing | 894 | 778 | 736 |
| Professional fees | 759 | 635 | 545 |
| Depreciation and amortization | 1,220 | 1,034 | 943 |
| General and administrative | 1,926 | 1,598 | 1,330 |
| Litigation provision | 2,562 | 462 | 927 |
| Total operating expenses | 16,006 | 12,331 | 11,653 |
| Operating income | 23,994 | 23,595 | 21,000 |
| Non-operating Income (Expense) | |||
| Interest expense | (589) | (641) | (644) |
| Investment income (expense) and other | 789 | 962 | 681 |
| Total non-operating income (expense) | 200 | 321 | 37 |
| Income before income taxes | 24,194 | 23,916 | 21,037 |
| Income tax provision | 4,136 | 4,173 | 3,764 |
| Net income | $20,058 | $19,743 | $17,273 |
| Basic Earnings Per Share | |||
| Class A common stock | $10.22 | $9.74 | $8.29 |
| Class B-1 common stock | $15.97 | $15.46 | $13.26 |
| Class B-2 common stock(1) | $15.72 | $15.45 | $— |
| Class C common stock | $40.87 | $38.97 | $33.17 |
| Basic Weighted-average Shares Outstanding | |||
| Class A common stock | 1,714 | 1,621 | 1,618 |
| Class B-1 common stock | 5 | 148 | 245 |
| Class B-2 common stock(1) | 120 | 49 | — |
| Class C common stock | 9 | 16 | 10 |
| Diluted Earnings Per Share | |||
| Class A common stock | $10.20 | $9.73 | $8.28 |
| Class B-1 common stock | $15.95 | $15.45 | $13.24 |
| Class B-2 common stock(1) | $15.70 | $15.43 | $— |
| Class C common stock | $40.82 | $38.92 | $33.13 |
| Diluted Weighted-average Shares Outstanding | |||
| Class A common stock | 1,966 | 2,029 | 2,085 |
| Class B-1 common stock | 5 | 148 | 245 |
| Class B-2 common stock(1) | 120 | 49 | — |
| Class C common stock | 9 | 16 | 10 |
(1)No shares of class B-2 common stock were outstanding prior to the class B-1 common stock exchange offer in May 2024. See Note 15—Stockholders’ Equity for further details.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.