Stock Analysis on Net

Visa Inc. (NYSE:V)

Common-Size Income Statement 

Visa Inc., common-size consolidated income statement

Microsoft Excel LibreOffice Calc
12 months ended: Sep 30, 2021 Sep 30, 2020 Sep 30, 2019 Sep 30, 2018 Sep 30, 2017 Sep 30, 2016
Net revenues 100.00 100.00 100.00 100.00 100.00 100.00
Personnel -17.59 -17.33 -14.99 -15.38 -14.32 -14.76
Marketing -4.71 -4.44 -4.81 -4.79 -5.02 -5.76
Network and processing -3.03 -3.33 -3.14 -3.33 -3.38 -3.57
Professional fees -1.67 -1.87 -1.98 -2.16 -2.23 -2.58
Depreciation and amortization -3.34 -3.51 -2.86 -2.97 -3.03 -3.33
General and administrative -4.09 -5.02 -5.21 -5.56 -5.77 -5.28
Litigation provision -0.01 -0.05 -1.74 -2.95 -0.10 -0.01
Visa Europe Framework Agreement loss 0.00 0.00 0.00 0.00 0.00 -12.45
Operating expenses -34.44% -35.54% -34.71% -37.14% -33.85% -47.73%
Operating income 65.56% 64.46% 65.29% 62.86% 66.15% 52.27%
Interest expense, net -2.13 -2.36 -2.32 -2.97 -3.07 -2.83
Investment income 3.03 0.92 1.67 2.28 0.57 0.54
Other 0.17 0.11 0.14 -0.03 0.04 3.14
Investment income and other 3.20% 1.03% 1.81% 2.25% 0.62% 3.69%
Non-operating income (expense) 1.07% -1.33% -0.51% -0.72% -2.45% 0.86%
Income before income taxes 66.64% 63.12% 64.78% 62.14% 63.70% 53.12%
Income tax provision -15.57 -13.38 -12.20 -12.15 -27.21 -13.40
Net income 51.07% 49.74% 52.57% 49.98% 36.49% 39.72%

Based on: 10-K (reporting date: 2021-09-30), 10-K (reporting date: 2020-09-30), 10-K (reporting date: 2019-09-30), 10-K (reporting date: 2018-09-30), 10-K (reporting date: 2017-09-30), 10-K (reporting date: 2016-09-30).

Income statement item Description The company
Operating income The net result for the period of deducting operating expenses from operating revenues. Visa Inc. operating income as a percentage of net revenues decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Income before income taxes Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest. Visa Inc. income before income taxes as a percentage of net revenues decreased from 2019 to 2020 but then increased from 2020 to 2021 exceeding 2019 level.
Net income The portion of profit or loss for the period, net of income taxes, which is attributable to the parent. Visa Inc. net income as a percentage of net revenues decreased from 2019 to 2020 but then slightly increased from 2020 to 2021.