Common-Size Income Statement
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- Statement of Comprehensive Income
- Balance Sheet: Liabilities and Stockholders’ Equity
- Cash Flow Statement
- Common-Size Balance Sheet: Liabilities and Stockholders’ Equity
- Common Stock Valuation Ratios
- Price to FCFE (P/FCFE)
- Return on Assets (ROA) since 2008
- Total Asset Turnover since 2008
- Price to Book Value (P/BV) since 2008
- Analysis of Debt
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Visa Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2022-09-30), 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).
- Personnel Costs
- Personnel expenses as a percentage of net revenues increased from -14.32% in 2017 to a peak of -17.59% in 2021, followed by a slight decrease to -17.02% in 2022, indicating a general upward trend in personnel-related expenditures relative to revenues.
- Marketing Expenses
- Marketing costs remained relatively stable, fluctuating narrowly between -5.02% and -4.44%, with the lowest level observed in 2020. The share of marketing expenses decreased modestly over the period, suggesting controlled spending in this area.
- Network and Processing Costs
- This category exhibited a downward trend, declining from -3.38% in 2017 to -2.53% in 2022, indicating improved efficiency or cost management associated with network and processing activities.
- Professional Fees
- Professional fees decreased consistently from -2.23% in 2017 to a low of -1.67% in 2021, with a slight increase to -1.72% in 2022, reflecting a general reduction in reliance or costs related to professional services over the years.
- Depreciation and Amortization
- Depreciation and amortization expenses fluctuated, starting at -3.03% in 2017, decreasing to -2.86% in 2019, rising sharply to -3.51% in 2020, then falling again to -2.94% in 2022. These variations suggest changes in asset base or capital expenditure patterns.
- General and Administrative Expenses
- A clear decreasing trend is observed, with general and administrative costs reducing from -5.77% in 2017 to -4.07% in 2022, indicating improved administrative cost control or operational efficiencies.
- Litigation Provision
- Litigation provisions showed volatility, spiking at -2.95% in 2018 and again at -2.96% in 2022, while remaining near zero in other years. This suggests episodic legal costs impacting these periods.
- Operating Expenses
- Operating expenses as a percentage of net revenues rose from -33.85% in 2017 to a peak of -37.14% in 2018, then stabilized around the mid-30s range, ending at -35.81% in 2022. The fluctuations signal varying cost pressures on the core operations.
- Operating Income
- Operating income demonstrated resilience, moving from 66.15% in 2017 to a decline to 62.86% in 2018, then gradually improving to 65.56% in 2021 before slightly dropping to 64.19% in 2022, reflecting steady profitability despite expense volatility.
- Interest Expense
- Interest expense declined consistently from -3.07% in 2017 to -1.84% in 2022, showing reduced financing costs or increased leverage efficiency.
- Investment Income (Expense)
- Investment income was positive early on, reaching a high of 3.03% in 2021, but turned negative in 2022 at -0.77%, indicating a downturn in investment returns or increased investment-related losses during the latest period.
- Non-operating Income (Expense)
- Non-operating results were variable, with negative contributions from -2.45% in 2017 improving to a positive 1.07% in 2021, then declining again to -2.31% in 2022, suggesting volatile non-core operational impacts.
- Income Before Income Taxes
- This income showed modest fluctuations, remaining within a range of approximately 61.88% to 66.64%, peaking in 2021 and then declining slightly in 2022, indicating fairly stable pre-tax profitability.
- Income Tax Provision
- The income tax provision as a percentage of net revenues was highest in 2017 at -27.21%, then significantly decreased and fluctuated between -12.15% and -15.57% in subsequent years, reaching a low of -10.85% in 2022, implying changes in tax strategies or effective tax rates.
- Net Income
- Net income improved notably from 36.49% in 2017 to a peak of 52.57% in 2019, remaining relatively high thereafter around the 50% mark, and concluding at 51.03% in 2022. This reflects strong profitability over the period despite some expense and tax provision variances.