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$423.00+0.2%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
VISA
| For the Years EndedSeptember 30, | |||
|---|---|---|---|
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Operating Activities | |||
| Net income | $20,058 | $19,743 | $17,273 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Client incentives | 15,751 | 13,764 | 12,297 |
| Share-based compensation | 897 | 850 | 765 |
| Depreciation and amortization | 1,220 | 1,034 | 943 |
| Deferred income taxes | 152 | (100) | (483) |
| VE territory covered losses | (28) | (139) | (136) |
| (Gains) losses on equity investments, net | 87 | 94 | 104 |
| Other | 94 | 136 | 14 |
| Change in operating assets and liabilities: | |||
| Settlement receivable | 374 | (2,175) | (160) |
| Accounts receivable | (542) | (237) | (250) |
| Client incentives | (15,314) | (14,067) | (11,014) |
| Other assets | 160 | (199) | (24) |
| Accounts payable | 67 | 109 | 34 |
| Settlement payable | (847) | 1,841 | (194) |
| Accrued and other liabilities | (373) | (676) | 1,291 |
| Accrued litigation | 1,303 | (28) | 295 |
| Net cash provided by (used in) operating activities | 23,059 | 19,950 | 20,755 |
| Investing Activities | |||
| Purchases of property, equipment and technology | (1,482) | (1,257) | (1,059) |
| Purchases of investment securities | — | (4,443) | (4,363) |
| Proceeds from maturities and sales of investment securities | 3,024 | 5,013 | 3,160 |
| Acquisitions, net of cash and restricted cash acquired | (887) | (915) | — |
| Purchases of other investments | (68) | (231) | (121) |
| Proceeds from settlement of derivative instruments | — | — | 402 |
| Other investing activities | 121 | (93) | (25) |
| Net cash provided by (used in) investing activities | 708 | (1,926) | (2,006) |
| Financing Activities | |||
| Repurchases of class A common stock | (18,316) | (16,713) | (12,101) |
| Repayments of debt | — | — | (2,250) |
| Dividends paid | (4,634) | (4,217) | (3,751) |
| Proceeds from issuance of senior notes | 3,924 | — | — |
| Proceeds from stock issued under equity plans | 396 | 335 | 260 |
| Taxes paid related to stock issued under equity plans | (281) | (208) | (130) |
| Other financing activities | (52) | 170 | 200 |
| Net cash provided by (used in) financing activities | (18,963) | (20,633) | (17,772) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 420 | 382 | 636 |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 5,224 | (2,227) | 1,613 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period | 19,763 | 21,990 | 20,377 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period | $24,987 | $19,763 | $21,990 |
| Supplemental Disclosure | |||
| Cash paid for income taxes, net(1) | $4,541 | $5,775 | $3,433 |
| Interest payments on debt | $587 | $583 | $617 |
| Accruals related to purchases of property, equipment and technology | $59 | $52 | $96 |
(1)For fiscal 2025, the amount includes $1.9 billion of cash paid for federal transferable tax credits.
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