Balance Sheet: Assets
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.
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- Common-Size Income Statement
- Analysis of Liquidity Ratios
- Analysis of Solvency Ratios
- Capital Asset Pricing Model (CAPM)
- Operating Profit Margin since 2008
- Return on Assets (ROA) since 2008
- Debt to Equity since 2008
- Price to Earnings (P/E) since 2008
- Price to Book Value (P/BV) since 2008
- Analysis of Revenues
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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).
The financial data indicates several notable trends across the presented periods.
- Liquidity and Cash Positions
- Cash and cash equivalents showed a decline from 2017 to 2019, dropping from $9,874 million to $7,838 million, then surged significantly in 2020 to $16,289 million, maintaining elevated levels through 2021 and 2022 with slight decreases to $15,689 million. Restricted cash equivalents related to U.S. litigation escrow fluctuated, peaking at $1,491 million in 2018, dipping in 2020 and 2021, and rising again to $1,449 million in 2022.
- Investment Securities
- Investment securities classified as current assets varied considerably, with an initial level near $3,564 million in 2017 rising marginally in 2019 before dropping to $2,025 million in 2021 and recovering somewhat to $2,833 million in 2022. Non-current investment securities experienced a sharp rise in 2018 to $4,082 million, followed by a steep decline in 2020 to $231 million, and a partial rebound thereafter.
- Receivables and Collateral
- Settlement receivables displayed an irregular pattern, starting at $1,422 million in 2017, rising substantially to $3,048 million in 2019, then declining sharply to $1,264 million in 2020, with a gradual increase afterward. Accounts receivable consistently increased over the period, ascending from $1,132 million to $2,020 million by 2022. Customer collateral steadily grew from $1,106 million in 2017 to $2,342 million in 2022.
- Client Incentives and Related Assets
- The current portion of client incentives rose significantly from $344 million in 2017 to a peak of $1,359 million in 2021, with a slight decrease to $1,272 million in 2022. Total client incentives followed a similar upward trend, expanding from $591 million in 2017 to $3,348 million in 2022. Prepaid expenses and other current assets showed moderate growth until 2021, then surged markedly to $2,668 million in 2022.
- Property, Equipment, and Technology
- These assets steadily increased over time, rising from $2,253 million in 2017 to $3,223 million in 2022, demonstrating ongoing investment in physical and technological resources.
- Goodwill and Intangible Assets
- Goodwill saw a consistent rise, increasing from $15,110 million to $17,787 million. Conversely, intangible assets slightly decreased from $27,848 million in 2017 to $25,065 million in 2022, with minor fluctuations in the intervening years, indicating possible amortization or asset impairment activities.
- Other Assets and Non-current Assets
- Other assets more than tripled from $1,226 million in 2017 to a peak of $4,002 million in 2021, before declining slightly in 2022. Non-current assets overall increased steadily from $48,954 million to $55,296 million, demonstrating asset growth beyond current holdings.
- Total Assets
- Total assets expanded consistently throughout the period, beginning at $67,977 million and reaching $85,501 million in 2022, reflecting overall growth and asset accumulation.
Overall, the data reveals a pattern of increased liquidity starting in 2020, steady growth in receivables and client incentives, continued investment in property and technology, and expansion of intangible and goodwill assets. The fluctuations in investment securities and settlement receivables suggest periodic reallocation or settlement activities. The cumulative growth in total and non-current assets highlights an expanding asset base over the years.