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

Income Statement
Quarterly Data

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.

Download chart

Visa Inc., consolidated income statement (quarterly data)

US$ in millions

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	7,985)	7,936)	7,787)	7,275)	7,189)	7,059)	6,559)	6,130)	5,729)	5,687)	5,101)	4,837)	5,854)	6,054)	6,137)	5,840)	5,494)	5,506)	5,434)	5,240)	5,073)	4,862)	4,855)	4,565)	4,477)	4,461)
Personnel	(1,515)	(1,337)	(1,356)	(1,283)	(1,226)	(1,125)	(1,047)	(1,098)	(1,114)	(981)	(922)	(941)	(940)	(982)	(871)	(872)	(894)	(807)	(815)	(852)	(824)	(679)	(655)	(698)	(704)	(571)
Marketing	(309)	(332)	(429)	(313)	(314)	(280)	(457)	(268)	(206)	(205)	(288)	(174)	(235)	(274)	(306)	(282)	(241)	(276)	(264)	(240)	(261)	(223)	(290)	(221)	(193)	(218)
Network and processing	(179)	(178)	(185)	(178)	(190)	(190)	(192)	(186)	(179)	(173)	(191)	(172)	(183)	(181)	(193)	(184)	(171)	(173)	(188)	(169)	(169)	(160)	(167)	(158)	(150)	(145)
Professional fees	(130)	(109)	(163)	(117)	(125)	(100)	(130)	(108)	(82)	(83)	(104)	(95)	(103)	(106)	(149)	(113)	(101)	(91)	(134)	(112)	(108)	(92)	(144)	(102)	(83)	(80)
Depreciation and amortization	(234)	(227)	(226)	(230)	(207)	(198)	(202)	(204)	(201)	(197)	(196)	(197)	(192)	(182)	(172)	(165)	(160)	(159)	(163)	(152)	(153)	(145)	(147)	(132)	(131)	(146)
General and administrative	(282)	(322)	(338)	(289)	(325)	(242)	(215)	(204)	(363)	(203)	(256)	(258)	(269)	(313)	(341)	(315)	(264)	(276)	(457)	(230)	(222)	(236)	(238)	(230)	(406)	(186)
Litigation provision	—)	(341)	(3)	(717)	—)	(148)	(1)	2)	(3)	(1)	(2)	(1)	(8)	—)	(370)	(1)	(22)	(7)	(7)	(600)	—)	—)	(2)	—)	(2)	(15)
Operating expenses	(2,649)	(2,846)	(2,700)	(3,127)	(2,387)	(2,283)	(2,244)	(2,066)	(2,148)	(1,843)	(1,959)	(1,838)	(1,930)	(2,038)	(2,402)	(1,932)	(1,853)	(1,789)	(2,028)	(2,355)	(1,737)	(1,535)	(1,643)	(1,541)	(1,669)	(1,361)
Operating income	5,336)	5,090)	5,087)	4,148)	4,802)	4,776)	4,315)	4,064)	3,581)	3,844)	3,142)	2,999)	3,924)	4,016)	3,735)	3,908)	3,641)	3,717)	3,406)	2,885)	3,336)	3,327)	3,212)	3,024)	2,808)	3,100)
Interest expense	(142)	(137)	(159)	(111)	(134)	(134)	(125)	(131)	(121)	(136)	(145)	(142)	(118)	(111)	(120)	(128)	(140)	(145)	(150)	(155)	(153)	(154)	(148)	(140)	(135)	(140)
Investment income (expense) and other	84)	24)	(60)	(208)	(126)	255)	108)	456)	168)	40)	58)	75)	23)	69)	96)	86)	176)	58)	282)	82)	34)	66)	35)	30)	29)	19)
Non-operating income (expense)	(58)	(113)	(219)	(319)	(260)	121)	(17)	325)	47)	(96)	(87)	(67)	(95)	(42)	(24)	(42)	36)	(87)	132)	(73)	(119)	(88)	(113)	(110)	(106)	(121)
Income before income taxes	5,278)	4,977)	4,868)	3,829)	4,542)	4,897)	4,298)	4,389)	3,628)	3,748)	3,055)	2,932)	3,829)	3,974)	3,711)	3,866)	3,677)	3,630)	3,538)	2,812)	3,217)	3,239)	3,099)	2,914)	2,702)	2,979)
Income tax provision	(1,021)	(798)	(928)	(418)	(895)	(938)	(714)	(1,814)	(602)	(622)	(918)	(559)	(745)	(702)	(686)	(765)	(700)	(653)	(693)	(483)	(612)	(717)	(959)	(855)	(2,272)	(909)
Net income	4,257)	4,179)	3,940)	3,411)	3,647)	3,959)	3,584)	2,575)	3,026)	3,126)	2,137)	2,373)	3,084)	3,272)	3,025)	3,101)	2,977)	2,977)	2,845)	2,329)	2,605)	2,522)	2,140)	2,059)	430)	2,070)

Analysis of the quarterly financial performance indicates a strong long-term growth trajectory in top-line revenue, punctuated by a temporary contraction in the first half of 2020. Net revenues increased from 4,461 million US dollars in December 2016 to 7,985 million US dollars by March 2023, reflecting a sustained expansion of the business scale over the observed period.

Revenue and Operating Income Trends: Revenue growth remained consistent until June 30, 2020, when a decline to 4,837 million US dollars was observed. This downturn was followed by a robust recovery, with revenues surpassing pre-pandemic levels by the end of 2020 and maintaining an upward slope through early 2023. Operating income followed a similar trajectory, rising from 3,100 million US dollars in late 2016 to 5,336 million US dollars in March 2023, demonstrating strong operating leverage.
Operating Expense Analysis: Personnel costs exhibit a steady and significant upward trend, increasing from 571 million US dollars to 1,515 million US dollars. In contrast, network and processing expenses remained relatively stable, fluctuating within a narrow range between 145 million and 193 million US dollars, suggesting that core processing costs do not scale linearly with revenue growth. Marketing and professional fees showed higher volatility, with periodic increases that correlate with specific quarterly cycles.
Impact of Non-Recurring Litigation Provisions: The operating expense profile is characterized by sporadic, large-scale litigation provisions that create significant quarterly volatility. Notable impacts occurred in June 2018 (600 million US dollars), September 2019 (370 million US dollars), June 2022 (717 million US dollars), and December 2022 (341 million US dollars). These one-time charges caused temporary compressions in operating margins but did not disrupt the underlying growth trend of the business.
Net Income and Taxation Volatility: Net income displays substantially higher volatility than operating income, primarily due to fluctuations in income tax provisions. A prominent example occurred in March 2017, where a tax provision of 2,272 million US dollars reduced net income to 430 million US dollars. Despite these accounting variances, net income grew from 2,070 million US dollars in December 2016 to 4,257 million US dollars by March 2023.
Non-Operating Financial Performance: Interest expenses have remained relatively stable, generally ranging between 110 million and 160 million US dollars per quarter. Investment income and other non-operating items provided erratic contributions to the bottom line, including a significant peak of 456 million US dollars in June 2021, followed by a series of negative contributions throughout 2022.

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?

Visa Inc. (NYSE:V)

Income StatementQuarterly Data

Income Statement
Quarterly Data