Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Visa Inc., adjusted financial ratios

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Activity Ratio
Total Asset Turnover
Reported	0.34	0.29	0.27	0.32	0.30	0.27
Adjusted	0.34	0.29	0.27	0.31	0.29	0.27
Solvency Ratios
Debt to Equity
Reported	0.63	0.56	0.66	0.48	0.49	0.56
Adjusted	0.56	0.49	0.60	0.44	0.45	0.49
Debt to Capital
Reported	0.39	0.36	0.40	0.33	0.33	0.36
Adjusted	0.36	0.33	0.37	0.31	0.31	0.33
Financial Leverage
Reported	2.40	2.21	2.23	2.09	2.04	2.08
Adjusted	2.09	1.90	1.95	1.86	1.81	1.77
Profitability Ratios
Net Profit Margin
Reported	51.03%	51.07%	49.74%	52.57%	49.98%	36.49%
Adjusted	40.31%	55.03%	55.85%	48.27%	42.13%	53.02%
Return on Equity (ROE)
Reported	42.04%	32.75%	30.01%	34.83%	30.29%	20.45%
Adjusted	28.94%	30.40%	29.48%	28.10%	22.49%	25.18%
Return on Assets (ROA)
Reported	17.49%	14.85%	13.43%	16.65%	14.88%	9.85%
Adjusted	13.83%	16.02%	15.09%	15.14%	12.43%	14.22%

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 ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Visa Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Visa Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Visa Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Visa Inc. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Visa Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Visa Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Visa Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Visa Inc., Financial Ratios: Reported vs. Adjusted

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	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Reported
Selected Financial Data (US$ in millions)
Net revenues	29,310)	24,105)	21,846)	22,977)	20,609)	18,358)
Total assets	85,501)	82,896)	80,919)	72,574)	69,225)	67,977)
Activity Ratio
Total asset turnover¹	0.34	0.29	0.27	0.32	0.30	0.27
Adjusted
Selected Financial Data (US$ in millions)
Net revenues	29,310)	24,105)	21,846)	22,977)	20,609)	18,358)
Adjusted total assets²	85,414)	82,816)	80,856)	73,251)	69,878)	68,457)
Activity Ratio
Adjusted total asset turnover³	0.34	0.29	0.27	0.31	0.29	0.27

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).

¹ 2022 Calculation
Total asset turnover = Net revenues ÷ Total assets
= 29,310 ÷ 85,501 = 0.34

² Adjusted total assets. See details »

³ 2022 Calculation
Adjusted total asset turnover = Net revenues ÷ Adjusted total assets
= 29,310 ÷ 85,414 = 0.34

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Visa Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt	22,450)	20,977)	24,070)	16,729)	16,630)	18,367)
Equity	35,581)	37,589)	36,210)	34,684)	34,006)	32,760)
Solvency Ratio
Debt to equity¹	0.63	0.56	0.66	0.48	0.49	0.56
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	22,970)	21,551)	24,640)	17,430)	17,297)	18,928)
Adjusted equity³	40,826)	43,637)	41,384)	39,467)	38,610)	38,659)
Solvency Ratio
Adjusted debt to equity⁴	0.56	0.49	0.60	0.44	0.45	0.49

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).

¹ 2022 Calculation
Debt to equity = Total debt ÷ Equity
= 22,450 ÷ 35,581 = 0.63

² Adjusted total debt. See details »

³ Adjusted equity. See details »

⁴ 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted equity
= 22,970 ÷ 40,826 = 0.56

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Solvency ratio	Description	The company
Adjusted debt-to-equity ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total equity.	Visa Inc. adjusted debt-to-equity ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Reported
Selected Financial Data (US$ in millions)
Total debt	22,450)	20,977)	24,070)	16,729)	16,630)	18,367)
Total capital	58,031)	58,566)	60,280)	51,413)	50,636)	51,127)
Solvency Ratio
Debt to capital¹	0.39	0.36	0.40	0.33	0.33	0.36
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	22,970)	21,551)	24,640)	17,430)	17,297)	18,928)
Adjusted total capital³	63,796)	65,188)	66,024)	56,897)	55,907)	57,587)
Solvency Ratio
Adjusted debt to capital⁴	0.36	0.33	0.37	0.31	0.31	0.33

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).

¹ 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 22,450 ÷ 58,031 = 0.39

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 22,970 ÷ 63,796 = 0.36

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Solvency ratio	Description	The company
Adjusted debt-to-capital ratio	A solvency ratio calculated as adjusted total debt divided by adjusted total debt plus adjusted total equity.	Visa Inc. adjusted debt-to-capital ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022 not reaching 2020 level.

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Reported
Selected Financial Data (US$ in millions)
Total assets	85,501)	82,896)	80,919)	72,574)	69,225)	67,977)
Equity	35,581)	37,589)	36,210)	34,684)	34,006)	32,760)
Solvency Ratio
Financial leverage¹	2.40	2.21	2.23	2.09	2.04	2.08
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	85,414)	82,816)	80,856)	73,251)	69,878)	68,457)
Adjusted equity³	40,826)	43,637)	41,384)	39,467)	38,610)	38,659)
Solvency Ratio
Adjusted financial leverage⁴	2.09	1.90	1.95	1.86	1.81	1.77

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).

¹ 2022 Calculation
Financial leverage = Total assets ÷ Equity
= 85,501 ÷ 35,581 = 2.40

² Adjusted total assets. See details »

³ Adjusted equity. See details »

⁴ 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted equity
= 85,414 ÷ 40,826 = 2.09

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Visa Inc. adjusted financial leverage ratio decreased from 2020 to 2021 but then increased from 2021 to 2022 exceeding 2020 level.

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Reported
Selected Financial Data (US$ in millions)
Net income	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)
Net revenues	29,310)	24,105)	21,846)	22,977)	20,609)	18,358)
Profitability Ratio
Net profit margin¹	51.03%	51.07%	49.74%	52.57%	49.98%	36.49%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	11,816)	13,264)	12,202)	11,090)	8,683)	9,733)
Net revenues	29,310)	24,105)	21,846)	22,977)	20,609)	18,358)
Profitability Ratio
Adjusted net profit margin³	40.31%	55.03%	55.85%	48.27%	42.13%	53.02%

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).

¹ 2022 Calculation
Net profit margin = 100 × Net income ÷ Net revenues
= 100 × 14,957 ÷ 29,310 = 51.03%

² Adjusted net income. See details »

³ 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Net revenues
= 100 × 11,816 ÷ 29,310 = 40.31%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Visa Inc. adjusted net profit margin ratio deteriorated from 2020 to 2021 and from 2021 to 2022.

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Reported
Selected Financial Data (US$ in millions)
Net income	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)
Equity	35,581)	37,589)	36,210)	34,684)	34,006)	32,760)
Profitability Ratio
ROE¹	42.04%	32.75%	30.01%	34.83%	30.29%	20.45%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	11,816)	13,264)	12,202)	11,090)	8,683)	9,733)
Adjusted equity³	40,826)	43,637)	41,384)	39,467)	38,610)	38,659)
Profitability Ratio
Adjusted ROE⁴	28.94%	30.40%	29.48%	28.10%	22.49%	25.18%

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).

¹ 2022 Calculation
ROE = 100 × Net income ÷ Equity
= 100 × 14,957 ÷ 35,581 = 42.04%

² Adjusted net income. See details »

³ Adjusted equity. See details »

⁴ 2022 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted equity
= 100 × 11,816 ÷ 40,826 = 28.94%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted total equity.	Visa Inc. adjusted ROE improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Reported
Selected Financial Data (US$ in millions)
Net income	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)
Total assets	85,501)	82,896)	80,919)	72,574)	69,225)	67,977)
Profitability Ratio
ROA¹	17.49%	14.85%	13.43%	16.65%	14.88%	9.85%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	11,816)	13,264)	12,202)	11,090)	8,683)	9,733)
Adjusted total assets³	85,414)	82,816)	80,856)	73,251)	69,878)	68,457)
Profitability Ratio
Adjusted ROA⁴	13.83%	16.02%	15.09%	15.14%	12.43%	14.22%

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).

¹ 2022 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 14,957 ÷ 85,501 = 17.49%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 11,816 ÷ 85,414 = 13.83%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Visa Inc. adjusted ROA improved from 2020 to 2021 but then deteriorated significantly from 2021 to 2022.

Visa Inc. (NYSE:V)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Visa Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)