Stock Analysis on Net
AI Tokens
Stock Analysis on Net

Visa Inc. (NYSE:V)

This company has been moved to the archive! The financial data has not been updated since April 27, 2023.

Common-Size Income Statement
Quarterly Data

Visa Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018 Dec 31, 2017 Sep 30, 2017 Jun 30, 2017 Mar 31, 2017 Dec 31, 2016
Net revenues 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00
Personnel -18.97 -16.85 -17.41 -17.64 -17.05 -15.94 -15.96 -17.91 -19.44 -17.25 -18.07 -19.45 -16.06 -16.22 -14.19 -14.93 -16.27 -14.66 -15.00 -16.26 -16.24 -13.97 -13.49 -15.29 -15.72 -12.80
Marketing -3.87 -4.18 -5.51 -4.30 -4.37 -3.97 -6.97 -4.37 -3.60 -3.60 -5.65 -3.60 -4.01 -4.53 -4.99 -4.83 -4.39 -5.01 -4.86 -4.58 -5.14 -4.59 -5.97 -4.84 -4.31 -4.89
Network and processing -2.24 -2.24 -2.38 -2.45 -2.64 -2.69 -2.93 -3.03 -3.12 -3.04 -3.74 -3.56 -3.13 -2.99 -3.14 -3.15 -3.11 -3.14 -3.46 -3.23 -3.33 -3.29 -3.44 -3.46 -3.35 -3.25
Professional fees -1.63 -1.37 -2.09 -1.61 -1.74 -1.42 -1.98 -1.76 -1.43 -1.46 -2.04 -1.96 -1.76 -1.75 -2.43 -1.93 -1.84 -1.65 -2.47 -2.14 -2.13 -1.89 -2.97 -2.23 -1.85 -1.79
Depreciation and amortization -2.93 -2.86 -2.90 -3.16 -2.88 -2.80 -3.08 -3.33 -3.51 -3.46 -3.84 -4.07 -3.28 -3.01 -2.80 -2.83 -2.91 -2.89 -3.00 -2.90 -3.02 -2.98 -3.03 -2.89 -2.93 -3.27
General and administrative -3.53 -4.06 -4.34 -3.97 -4.52 -3.43 -3.28 -3.33 -6.34 -3.57 -5.02 -5.33 -4.60 -5.17 -5.56 -5.39 -4.81 -5.01 -8.41 -4.39 -4.38 -4.85 -4.90 -5.04 -9.07 -4.17
Litigation provision 0.00 -4.30 -0.04 -9.86 0.00 -2.10 -0.02 0.03 -0.05 -0.02 -0.04 -0.02 -0.14 0.00 -6.03 -0.02 -0.40 -0.13 -0.13 -11.45 0.00 0.00 -0.04 0.00 -0.04 -0.34
Operating expenses -33.17% -35.86% -34.67% -42.98% -33.20% -32.34% -34.21% -33.70% -37.49% -32.41% -38.40% -38.00% -32.97% -33.66% -39.14% -33.08% -33.73% -32.49% -37.32% -44.94% -34.24% -31.57% -33.84% -33.76% -37.28% -30.51%
Operating income 66.83% 64.14% 65.33% 57.02% 66.80% 67.66% 65.79% 66.30% 62.51% 67.59% 61.60% 62.00% 67.03% 66.34% 60.86% 66.92% 66.27% 67.51% 62.68% 55.06% 65.76% 68.43% 66.16% 66.24% 62.72% 69.49%
Interest expense -1.78 -1.73 -2.04 -1.53 -1.86 -1.90 -1.91 -2.14 -2.11 -2.39 -2.84 -2.94 -2.02 -1.83 -1.96 -2.19 -2.55 -2.63 -2.76 -2.96 -3.02 -3.17 -3.05 -3.07 -3.02 -3.14
Investment income (expense) and other 1.05 0.30 -0.77 -2.86 -1.75 3.61 1.65 7.44 2.93 0.70 1.14 1.55 0.39 1.14 1.56 1.47 3.20 1.05 5.19 1.56 0.67 1.36 0.72 0.66 0.65 0.43
Non-operating income (expense) -0.73% -1.42% -2.81% -4.38% -3.62% 1.71% -0.26% 5.30% 0.82% -1.69% -1.71% -1.39% -1.62% -0.69% -0.39% -0.72% 0.66% -1.58% 2.43% -1.39% -2.35% -1.81% -2.33% -2.41% -2.37% -2.71%
Income before income taxes 66.10% 62.71% 62.51% 52.63% 63.18% 69.37% 65.53% 71.60% 63.33% 65.90% 59.89% 60.62% 65.41% 65.64% 60.47% 66.20% 66.93% 65.93% 65.11% 53.66% 63.41% 66.62% 63.83% 63.83% 60.35% 66.78%
Income tax provision -12.79 -10.06 -11.92 -5.75 -12.45 -13.29 -10.89 -29.59 -10.51 -10.94 -18.00 -11.56 -12.73 -11.60 -11.18 -13.10 -12.74 -11.86 -12.75 -9.22 -12.06 -14.75 -19.75 -18.73 -50.75 -20.38
Net income 53.31% 52.66% 50.60% 46.89% 50.73% 56.08% 54.64% 42.01% 52.82% 54.97% 41.89% 49.06% 52.68% 54.05% 49.29% 53.10% 54.19% 54.07% 52.36% 44.45% 51.35% 51.87% 44.08% 45.10% 9.60% 46.40%

Based on: 10-Q (reporting date: 2023-03-31), 10-Q (reporting date: 2022-12-31), 10-K (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-Q (reporting date: 2021-12-31), 10-K (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-Q (reporting date: 2020-12-31), 10-K (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-Q (reporting date: 2019-12-31), 10-K (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-Q (reporting date: 2018-12-31), 10-K (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31), 10-Q (reporting date: 2017-12-31), 10-K (reporting date: 2017-09-30), 10-Q (reporting date: 2017-06-30), 10-Q (reporting date: 2017-03-31), 10-Q (reporting date: 2016-12-31).

The financial structure exhibits high operational efficiency characterized by consistently strong operating margins. While net revenues serve as the base, the company maintains a net income margin typically exceeding 40%, reflecting a scalable business model with significant pricing power and disciplined cost management.

Operating Expense Trends
Personnel costs have shown a gradual increase as a percentage of net revenues, rising from 12.80% in December 2016 to 18.97% by March 2023. In contrast, network and processing expenses have demonstrated a consistent downward trend, declining from 3.25% to 2.24%, indicating improved technical efficiencies and economies of scale. Marketing and professional fees have remained relatively stable, generally fluctuating within a narrow range.
Impact of Litigation and Non-Recurring Items
The operating margin is periodically impacted by litigation provisions, which appear as significant, non-linear spikes rather than steady expenses. Notable contractions in operating income were observed in June 2018 and June 2022, corresponding with litigation provisions of 11.45% and 9.86% of net revenues, respectively.
Profitability and Margin Analysis
Operating income margins remain robust, typically fluctuating between 60% and 69%. Despite the volatility introduced by legal provisions, the underlying operational profitability remains resilient. Net income margins show similar strength, frequently hovering between 45% and 56%, although the final bottom-line percentage is more volatile than the operating margin due to fluctuations in tax provisions.
Non-Operating and Fiscal Factors
Interest expenses as a percentage of revenue have trended downward from 3.14% to 1.78%, suggesting a reduction in the relative cost of debt over the analyzed period. The income tax provision exhibits substantial volatility, with significant outliers such as 50.75% in March 2017 and 29.59% in June 2021, which creates periodic variance in net income regardless of the stability of operating performance.

AI Ask an analyst for more

My previous chats

Add tokens

Hi, I’m an AI-powered financial analyst at Stock Analysis on Net.
Without a user account, I tend to respond rather slowly.

How can I help you?