VISA INC.
For the period ended Sep 30, 2026. Filed Nov 5, 2026.
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FY2026 · Filed Nov 5, 2026
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
CONSOLIDATED STATEMENTS OF CASH FLOWS
| For the Years EndedSeptember 30, | |||
|---|---|---|---|
| 2026 | 2025 | 2024 | |
| (in millions) | |||
| Operating Activities | |||
| Net income | $23,504 | $20,058 | $19,743 |
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||
| Client incentives | 18,317 | 15,751 | 13,764 |
| Share-based compensation | 928 | 897 | 850 |
| Depreciation and amortization | 1,403 | 1,220 | 1,034 |
| Deferred income taxes | (631) | 152 | (100) |
| VE territory covered losses | (116) | (28) | (139) |
| (Gains) losses on equity investments, net | (124) | 87 | 94 |
| Other | 306 | 94 | 136 |
| Change in operating assets and liabilities: | |||
| Settlement receivable | 2,115 | 374 | (2,175) |
| Accounts receivable | (587) | (542) | (237) |
| Client incentives | (17,705) | (15,314) | (14,067) |
| Other assets | (582) | 160 | (199) |
| Accounts payable | 1 | 67 | 109 |
| Settlement payable | (1,833) | (847) | 1,841 |
| Accrued and other liabilities | 772 | (373) | (676) |
| Accrued litigation | (2,040) | 1,303 | (28) |
| Net cash provided by (used in) operating activities | 23,728 | 23,059 | 19,950 |
| Investing Activities | |||
| Purchases of property, equipment and technology | (1,671) | (1,482) | (1,257) |
| Purchases of investment securities | (50) | — | (4,443) |
| Proceeds from maturities and sales of investment securities | 1,565 | 3,024 | 5,013 |
| Acquisitions, net of cash, cash equivalents, restricted cash and restricted cash equivalents acquired | (705) | (887) | (915) |
| Purchases of other investments | (158) | (68) | (231) |
| Other investing activities | 25 | 121 | (93) |
| Net cash provided by (used in) investing activities | (994) | 708 | (1,926) |
| Financing Activities | |||
| Repurchases of class A common stock | (20,451) | (18,316) | (16,713) |
| Dividends paid | (5,112) | (4,634) | (4,217) |
| Proceeds from stock issued under equity plans | 304 | 396 | 335 |
| Taxes paid related to stock issued under equity plans | (289) | (281) | (208) |
| Repayments of senior notes | (5,565) | — | — |
| Proceeds from issuance of senior notes | 2,995 | 3,924 | — |
| Other financing activities | (123) | (52) | 170 |
| Net cash provided by (used in) financing activities | (28,241) | (18,963) | (20,633) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (362) | 420 | 382 |
| Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | (5,869) | 5,224 | (2,227) |
| Cash, cash equivalents, restricted cash and restricted cash equivalents as of beginning of period | 24,987 | 19,763 | 21,990 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period | $19,118 | $24,987 | $19,763 |
| Supplemental Disclosure | |||
| Cash paid for income taxes, net(1) | $5,684 | $4,541 | $5,775 |
| Interest payments on debt | $720 | $587 | $583 |
| Charitable contributions of investments to the Visa Foundation | $282 | $— | $67 |
| Accruals related to purchases of property, equipment and technology | $187 | $59 | $52 |
(1)For each of fiscal 2026 and 2025, the amount includes cash paid for clean energy tax credits of $1.9 billion.
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