Name: Visa Inc. (NYSE:V) | Income Statement
Creator: Stock Analysis on Net

Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Visa Inc., consolidated income statement

US$ in millions

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Net revenues	29,310)	24,105)	21,846)	22,977)	20,609)	18,358)
Personnel	(4,990)	(4,240)	(3,785)	(3,444)	(3,170)	(2,628)
Marketing	(1,336)	(1,136)	(971)	(1,105)	(988)	(922)
Network and processing	(743)	(730)	(727)	(721)	(686)	(620)
Professional fees	(505)	(403)	(408)	(454)	(446)	(409)
Depreciation and amortization	(861)	(804)	(767)	(656)	(613)	(556)
General and administrative	(1,194)	(985)	(1,096)	(1,196)	(1,145)	(1,060)
Litigation provision	(868)	(3)	(11)	(400)	(607)	(19)
Operating expenses	(10,497)	(8,301)	(7,765)	(7,976)	(7,655)	(6,214)
Operating income	18,813)	15,804)	14,081)	15,001)	12,954)	12,144)
Interest expense	(538)	(513)	(516)	(533)	(612)	(563)
Investment income (expense)	(227)	731)	200)	383)	470)	105)
Other	88)	41)	25)	33)	(6)	8)
Investment income (expense) and other	(139)	772)	225)	416)	464)	113)
Non-operating income (expense)	(677)	259)	(291)	(117)	(148)	(450)
Income before income taxes	18,136)	16,063)	13,790)	14,884)	12,806)	11,694)
Income tax provision	(3,179)	(3,752)	(2,924)	(2,804)	(2,505)	(4,995)
Net income	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)

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).

Financial performance between 2017 and 2022 is characterized by consistent revenue expansion and strong operating margins, despite a temporary contraction in 2020. Net income showed significant growth over the period, more than doubling from 6,699 million USD in 2017 to 14,957 million USD in 2022.

Revenue and Operating Income Trends: Net revenues increased from 18,358 million USD in 2017 to 29,310 million USD in 2022. A growth deceleration and subsequent dip occurred in 2020, with revenues falling to 21,846 million USD, before rebounding strongly in 2021 and 2022. Operating income trended upward from 12,144 million USD to 18,813 million USD, maintaining a high correlation with revenue growth.
Expense Structure and Operating Costs: Operating expenses rose from 6,214 million USD in 2017 to 10,497 million USD in 2022. Personnel costs represent the largest expense component, increasing steadily from 2,628 million USD to 4,990 million USD. Network and processing expenses remained remarkably stable, fluctuating narrowly between 620 million USD and 743 million USD throughout the six-year period.
Impact of Non-Recurring Items: Litigation provisions introduced significant volatility into the operating expense profile. While provisions were minimal in 2017, 2020, and 2021, substantial spikes were recorded in 2018 (607 million USD) and 2022 (868 million USD), impacting operating margins in those specific years.
Profitability and Taxation: Net income growth was accelerated by a substantial reduction in the income tax provision between 2017 and 2018, dropping from 4,995 million USD to 2,505 million USD. Following this adjustment, net income maintained an upward trajectory, reaching a peak of 14,957 million USD in 2022.
Non-Operating Financial Performance: Investment income exhibited high volatility, peaking at 731 million USD in 2021 before shifting to a net expense of 227 million USD in 2022. Interest expenses remained relatively flat, averaging approximately 550 million USD per year, indicating a stable debt servicing cost relative to the scale of operations.

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