Selected Financial Data
since 2008
Income Statement
Visa Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenues | Operating income | Net income |
|---|---|---|---|
| Sep 30, 2022 | 29,310) | 18,813) | 14,957) |
| Sep 30, 2021 | 24,105) | 15,804) | 12,311) |
| Sep 30, 2020 | 21,846) | 14,081) | 10,866) |
| Sep 30, 2019 | 22,977) | 15,001) | 12,080) |
| Sep 30, 2018 | 20,609) | 12,954) | 10,301) |
| Sep 30, 2017 | 18,358) | 12,144) | 6,699) |
| Sep 30, 2016 | 15,082) | 7,883) | 5,991) |
| Sep 30, 2015 | 13,880) | 9,064) | 6,328) |
| Sep 30, 2014 | 12,702) | 7,697) | 5,438) |
| Sep 30, 2013 | 11,778) | 7,239) | 4,980) |
| Sep 30, 2012 | 10,421) | 2,139) | 2,144) |
| Sep 30, 2011 | 9,188) | 5,456) | 3,650) |
| Sep 30, 2010 | 8,065) | 4,589) | 2,966) |
| Sep 30, 2009 | 6,911) | 3,538) | 2,353) |
| Sep 30, 2008 | 6,263) | 1,232) | 804) |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30).
Financial performance from 2008 to 2022 is characterized by substantial and consistent growth across all primary income metrics. Net revenues expanded from US$ 6,263 million to US$ 29,310 million, representing a significant increase in scale over the fourteen-year period.
- Revenue Trajectory
- A steady upward trend in net revenues was maintained from 2008 through 2019. A temporary contraction occurred in 2020, where revenues declined to US$ 21,846 million from US$ 22,977 million in 2019. This period of decline was followed by a sharp recovery, with revenues reaching a peak of US$ 29,310 million by September 30, 2022.
- Operating Income and Efficiency
- Operating income demonstrated significant overall growth, rising from US$ 1,232 million in 2008 to US$ 18,813 million in 2022. A notable anomaly is observed in 2012, where operating income dropped to US$ 2,139 million from US$ 5,456 million in 2011, before rebounding strongly in 2013 to US$ 7,239 million. The disproportionate growth of operating income relative to net revenues indicates a substantial expansion in operating margins over the analyzed period.
- Net Income Trends
- Net income followed a trajectory closely aligned with operating income, increasing from US$ 804 million in 2008 to US$ 14,957 million in 2022. Significant acceleration in net profitability occurred between 2017 and 2019, during which net income nearly doubled from US$ 6,699 million to US$ 12,080 million. Similar to revenues and operating income, net income experienced a temporary dip in 2020 before returning to an upward trend.
- Profitability Analysis
- The relationship between net revenues and net income reveals a marked increase in the net profit margin. In 2008, net income represented approximately 12.8% of net revenues; by 2022, this proportion increased to approximately 51%. This trend reflects high operational scalability and an increased ability to convert revenue into bottom-line profit over time.
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Balance Sheet: Assets
Visa Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Sep 30, 2022 | 30,205) | 85,501) |
| Sep 30, 2021 | 27,607) | 82,896) |
| Sep 30, 2020 | 27,645) | 80,919) |
| Sep 30, 2019 | 20,970) | 72,574) |
| Sep 30, 2018 | 18,216) | 69,225) |
| Sep 30, 2017 | 19,023) | 67,977) |
| Sep 30, 2016 | 14,313) | 64,035) |
| Sep 30, 2015 | 10,892) | 40,236) |
| Sep 30, 2014 | 9,562) | 38,569) |
| Sep 30, 2013 | 7,822) | 35,956) |
| Sep 30, 2012 | 11,786) | 40,013) |
| Sep 30, 2011 | 9,190) | 34,760) |
| Sep 30, 2010 | 8,734) | 33,408) |
| Sep 30, 2009 | 9,241) | 32,281) |
| Sep 30, 2008 | 11,174) | 34,981) |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30).
The analysis of the asset structure from 2008 to 2022 reveals a long-term expansion of the balance sheet, characterized by a transition from a period of volatility to a phase of sustained growth.
- Total Asset Expansion
- Total assets grew from 34,981 million USD in 2008 to 85,501 million USD in 2022. The growth pattern remained relatively stable between 2008 and 2015, with assets fluctuating within a range of 32,000 to 40,000 million USD. A significant structural increase occurred between 2015 and 2016, during which total assets rose from 40,236 million USD to 64,035 million USD. Following this shift, a consistent upward trajectory was maintained through 2022.
- Current Asset Volatility and Growth
- Current assets exhibited notable fluctuations in the early part of the observed period, reaching a minimum of 7,822 million USD in 2013. A sustained growth trend commenced in 2014, with values increasing from 9,562 million USD to 30,205 million USD by 2022. A particularly sharp increase is observed between 2019 and 2020, where current assets rose from 20,970 million USD to 27,645 million USD, reflecting a substantial increase in short-term liquidity.
- Liquidity Composition Trends
- The relationship between current assets and total assets shifted over the 14-year period. In 2008, current assets represented approximately 31.9% of the total asset base. Following the rapid expansion of total assets in 2016, this proportion temporarily declined to approximately 22.3%. However, by 2022, the proportion of current assets increased to 35.3%, indicating that short-term assets grew at a faster rate than the overall balance sheet in the latter years of the analysis.
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Balance Sheet: Liabilities and Stockholders’ Equity
Visa Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current maturities | Equity | |
|---|---|---|---|---|
| Sep 30, 2022 | 20,853) | 49,920) | 22,450) | 35,581) |
| Sep 30, 2021 | 15,739) | 45,307) | 20,977) | 37,589) |
| Sep 30, 2020 | 14,510) | 44,709) | 24,070) | 36,210) |
| Sep 30, 2019 | 13,415) | 37,890) | 16,729) | 34,684) |
| Sep 30, 2018 | 11,305) | 35,219) | 16,630) | 34,006) |
| Sep 30, 2017 | 9,994) | 35,217) | 18,367) | 32,760) |
| Sep 30, 2016 | 8,046) | 31,123) | 15,882) | 32,912) |
| Sep 30, 2015 | 5,374) | 10,394) | —) | 29,842) |
| Sep 30, 2014 | 6,006) | 11,156) | —) | 27,413) |
| Sep 30, 2013 | 4,335) | 9,086) | —) | 26,870) |
| Sep 30, 2012 | 7,954) | 12,383) | —) | 27,630) |
| Sep 30, 2011 | 3,451) | 8,323) | —) | 26,437) |
| Sep 30, 2010 | 3,498) | 8,394) | 44) | 25,011) |
| Sep 30, 2009 | 4,442) | 9,088) | 56) | 23,189) |
| Sep 30, 2008 | 7,165) | 12,704) | 106) | 21,141) |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30).
The analysis of the balance sheet components from 2008 to 2022 reveals a fundamental shift in the capital structure and financing strategy. While the company maintained a conservative liability profile during the first eight years of the period, a significant transition toward higher leverage occurred starting in 2016.
- Liability Structure and Growth
- Total liabilities exhibited relative stability between 2008 and 2015, fluctuating between approximately 8.3 billion and 12.7 billion US dollars. However, a sharp inflection point occurred in 2016, where total liabilities increased by approximately 200% in a single year, rising to 31.1 billion US dollars. This upward trajectory continued through 2022, reaching 49.9 billion US dollars.
- Long-Term Debt Integration
- The shift in total liabilities is primarily attributed to the introduction of substantial long-term debt. From 2008 to 2015, long-term debt was negligible, remaining below 110 million US dollars. In 2016, the company initiated a significant borrowing program, with long-term debt jumping to 15.9 billion US dollars. This figure peaked in 2020 at 24.1 billion US dollars before stabilizing at 22.5 billion US dollars by 2022.
- Current Liability Trends
- Current liabilities showed early volatility, decreasing from 7.2 billion US dollars in 2008 to a low of 3.5 billion US dollars in 2011. Following a brief spike in 2012, current liabilities entered a period of consistent growth starting in 2013. By 2022, current liabilities reached 20.9 billion US dollars, representing a nearly three-fold increase from the 2016 level of 8.0 billion US dollars.
- Equity Evolution
- Stockholders' equity demonstrated a steady and consistent upward trend for the majority of the analyzed period. Equity grew from 21.1 billion US dollars in 2008 to a peak of 37.6 billion US dollars in 2021. A slight contraction is observed in the final year, with equity decreasing to 35.6 billion US dollars in 2022, coinciding with the period of highest total liabilities.
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Cash Flow Statement
Visa Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Sep 30, 2022 | 18,849) | (4,288) | (12,696) |
| Sep 30, 2021 | 15,227) | (152) | (14,410) |
| Sep 30, 2020 | 10,440) | 1,427) | (3,968) |
| Sep 30, 2019 | 12,784) | (591) | (12,061) |
| Sep 30, 2018 | 12,713) | (3,084) | (11,240) |
| Sep 30, 2017 | 9,208) | 735) | (5,924) |
| Sep 30, 2016 | 5,574) | (10,916) | 7,477) |
| Sep 30, 2015 | 6,584) | (1,435) | (3,603) |
| Sep 30, 2014 | 7,205) | (941) | (6,478) |
| Sep 30, 2013 | 3,022) | (1,164) | (1,746) |
| Sep 30, 2012 | 5,009) | (2,414) | (2,655) |
| Sep 30, 2011 | 3,872) | (2,299) | (3,304) |
| Sep 30, 2010 | 2,691) | (1,904) | (1,542) |
| Sep 30, 2009 | 558) | 1,830) | (2,751) |
| Sep 30, 2008 | 531) | 554) | 3,624) |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30).
The cash flow profile demonstrates a consistent and aggressive expansion in operational capacity and capital distribution over the observed period. Operating cash flows have evolved from a modest base of 531 million US dollars in 2008 to 18,849 million US dollars by 2022, reflecting a sustained increase in the ability to generate cash from core business activities.
- Operating Cash Flow Trends
- A strong upward trajectory is observed in net cash provided by operating activities. While growth was significant between 2010 and 2012, a notable acceleration occurred after 2016, with values consistently exceeding 10 billion US dollars from 2018 onward. A temporary contraction was noted in 2020, falling to 10,440 million US dollars, before rebounding sharply in 2021 and 2022.
- Investing Activity Patterns
- Investing activities transitioned from net inflows in 2008 and 2009 to predominantly net outflows, signaling a shift toward capital expenditure and strategic investments. A significant outlier occurred in 2016, where net cash used in investing activities peaked at 10,916 million US dollars, suggesting a major acquisition or strategic asset purchase. Outside of this peak and intermittent inflows in 2017 and 2020, investing activities have remained moderately negative, indicating steady reinvestment.
- Financing Activity Dynamics
- Financing activities are characterized by substantial and consistent net outflows, particularly from 2010 onwards. This pattern indicates a strategic priority toward returning capital to shareholders through dividends or share repurchases and the repayment of debt. The magnitude of these outflows intensified significantly after 2018, with peak distributions reaching 14,410 million US dollars in 2021. An exception occurred in 2016, where a net inflow of 7,477 million US dollars was recorded, aligning with the peak in investing outflows during the same period, suggesting the use of external financing to fund large-scale investments.
- Integrated Cash Flow Analysis
- The overall financial strategy is characterized by using robust operational cash generation to fund both strategic growth and shareholder returns. The correlation between the surging operating cash flows and the increasing outflows in financing activities suggests a mature business model that prioritizes capital efficiency and shareholder value. The company has maintained the capacity to fund its investing activities primarily through its own operations, with rare exceptions where external financing was utilized for significant capital allocations.
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Per Share Data
Visa Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Sep 30, 2022 | 7.01 | 7.00 | 1.50 |
| Sep 30, 2021 | 5.63 | 5.63 | 1.28 |
| Sep 30, 2020 | 4.90 | 4.89 | 1.20 |
| Sep 30, 2019 | 5.32 | 5.32 | 1.00 |
| Sep 30, 2018 | 4.43 | 4.42 | 0.83 |
| Sep 30, 2017 | 2.80 | 2.80 | 0.66 |
| Sep 30, 2016 | 2.49 | 2.48 | 0.56 |
| Sep 30, 2015 | 2.58 | 2.58 | 0.48 |
| Sep 30, 2014 | 2.16 | 2.16 | 0.40 |
| Sep 30, 2013 | 1.90 | 1.90 | 0.33 |
| Sep 30, 2012 | 0.79 | 0.79 | 0.22 |
| Sep 30, 2011 | 1.30 | 1.29 | 0.15 |
| Sep 30, 2010 | 1.01 | 1.00 | 0.13 |
| Sep 30, 2009 | 0.78 | 0.78 | 0.11 |
| Sep 30, 2008 | 0.24 | 0.24 | 0.03 |
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), 10-K (reporting date: 2016-09-30), 10-K (reporting date: 2015-09-30), 10-K (reporting date: 2014-09-30), 10-K (reporting date: 2013-09-30), 10-K (reporting date: 2012-09-30), 10-K (reporting date: 2011-09-30), 10-K (reporting date: 2010-09-30), 10-K (reporting date: 2009-09-30), 10-K (reporting date: 2008-09-30).
1, 2, 3 Data adjusted for splits and stock dividends.
The financial performance per share from 2008 to 2022 demonstrates substantial long-term growth in both profitability and shareholder distributions. A consistent upward trajectory is observed across all key metrics, characterized by significant expansion in earnings capacity and a disciplined increase in dividend payments.
- Earnings Per Share (EPS) Trends
- Basic earnings per share grew from 0.24 USD in 2008 to 7.01 USD in 2022. Although the long-term trend is strongly positive, the growth was not linear. Notable contractions occurred in 2012, 2016, and 2020. However, these dips were followed by periods of rapid recovery and acceleration, particularly between 2017 and 2019, and again from 2021 to 2022, where earnings reached their peak.
- Dividend Growth Analysis
- Dividend per share exhibited an uninterrupted annual increase over the entire period. Starting at 0.03 USD in 2008, the distribution rose to 1.50 USD by 2022. The growth in dividends remained steady regardless of the volatility observed in annual earnings, indicating a commitment to progressive shareholder returns.
- Dilution Assessment
- A comparison between basic and diluted earnings per share reveals a negligible variance across the fourteen-year span. The alignment of these two figures suggests that the impact of convertible securities or stock options on the share count has been minimal, ensuring that earnings growth translated almost directly to both basic and diluted shareholders.
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