Visa Inc. Class A (V)
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Visa reported net revenue of $40,000 million for fiscal 2025. Before that line, $15,751 million went to its own bank partners, and the share is climbing. The bill for the interchange cases is paid not by class A shares but by an escrow account and a second class of stock. We read both structures in the quarterly report.
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Basics
Performance
Valuation
Profitability
Balance Sheet & Safety
Growth
Dividend
Quality & Screener
AI Rating
–Not yet rated — we only show a category once an SEC-backed file with at least two cited passages is available. How the Rating Is Built
Quarterly Figures
| Quarter | EPS (Earnings Per Share) | EPS YoY (%) | Sales ($M) | Sales YoY (%) | Net Margin (%) | OCF ($M) | FCF ($M) |
|---|---|---|---|---|---|---|---|
| 2024: Q4 | 2.58 | 7.80 | 9,510 | 10.10 | 53.80 | 5,396 | 5,051 |
| 2025: Q1 | 2.32 | 1.40 | 9,594 | 9.30 | 47.70 | 4,695 | 4,368 |
| 2025: Q2 | 2.69 | 12.10 | 10,172 | 14.30 | 51.80 | 6,730 | 6,309 |
| 2025: Q3 | 2.62 | -1.20 | 10,724 | 11.50 | 47.50 | 6,238 | 5,849 |
| 2025: Q4 | 3.03 | 17.40 | 10,901 | 14.60 | 53.70 | 6,780 | 6,402 |
| 2026: Q1 | 3.11 | 34.30 | 11,230 | 17.10 | 53.60 | 3,008 | 2,625 |
- EPS (Earnings Per Share):
- Quarterly profit divided by the total share count — how much of the profit works out to a single share.
- YoY (Year over Year):
- Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
- Sales:
- All revenue for the quarter, before any costs are deducted — the top line of the income statement.
- Net Margin:
- What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
- OCF (Operating Cash Flow):
- The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
- FCF (Free Cash Flow):
- Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.
Assessment: Opportunities & Risks
In fiscal 2025, $40,000M of net revenue produced $23,994M of operating income (60.0%) and $20,058M of net income (50.1%). Operating cash flow of $23,059M exceeded reported profit — the margin is backed by actual cash, not valuation effects (period ended September 30, 2025).
Visa carries no credit risk and is expressly not a financial institution (10-Q for the quarter ended June 30, 2026). As of June 30, 2026 the balance sheet showed $35,178M of equity against $23,858M of debt, with interest coverage of roughly 37 times over the first nine months. No substance risk identified.
Client incentives rose from 26.0% of gross revenues in fiscal 2022 to 28.3% in fiscal 2025, and stood at 28.1% over the first nine months of fiscal 2026. Each percentage point equals roughly $558M of net revenue on a fiscal 2025 basis. Visa itself names no target level.
The U.S. escrow account fell from $2,990M (September 30, 2025) to $888M (June 30, 2026), with $2,977M going to merchants. Meanwhile more than 100 European merchant claims remain open, a new U.S. class action was filed April 21, 2026, and fresh European suits arrived in April, May and June 2026 (10-Q, Note 16).
As of June 30, 2026 all classes as converted totaled 1,880M class A equivalents against 1,702M reported class A shares — 178M, or 10.5%, of latent dilution, down from 14.1% on September 30, 2025. After the May 2026 exchange, future adjustments hit class B-3 four times as hard as class B-1.
Interchange caps exist in the United States (Regulation II, vacated by a court in August 2025), the European Union (30/20 basis points), Australia and, since July 2025, New Zealand. Several countries favor domestic systems by regulation. The price of the core business is therefore set by authorities, not by the market (10-K fiscal 2025, Item 1A).
Visa takes a cut of almost every card payment on earth without carrying credit risk, and in fiscal 2025 kept a little over half of every reported dollar as profit. Ahead of that revenue line, however, $15,751M went to its own bank partners, and the share keeps rising. The bill for the interchange cases has so far been carried by an escrow account and a second class of stock rather than by class A shares; that account held only $888M as of June 30, 2026. Not investment advice.
- Hook: stocktake of the 100 largest U.S. stocks by market capitalization dated July 28, 2026. Visa ranked 15th and had no analysis. Not a scanner hit.
- Data basis: Form 10-Q for the quarter ended June 30, 2026 (filed July 29, 2026), Forms 10-K for fiscal 2025 and 2024, and the Form 8-K earnings release of July 28, 2026. Fundamental data as of July 29, 2026.
- Fiscal year caution: Visa's fiscal year ends September 30. "Fiscal 2025" denotes October 2024 through September 2025, not the calendar year 2025.
- Share class caution: only the class A share trades, under the symbol V. Class B-1, B-2, B-3 and C do not trade and never appear in the quoted price, but they do enter diluted earnings per share.
- The Form 25-NSE of June 15, 2026 relates solely to the maturing 1.500 percent senior notes due 2026 and is not a delisting signal for the stock.
About the Company
Visa Inc. ist ein Zahlungstechnologieunternehmen mit Geschäft in den USA und international.
| CEO Insider Trades (12 Mo.) | selling own stock |
|---|---|
| Employees | 34,100 |
| Headquarters | San Francisco, CA |
| Website | visa.com |
| IPO Date | 19. Mar 2008 |
| Next Earnings | 4. Aug 2026 |
Management
| Name | Title | Birth Year |
|---|---|---|
| Ryan M. McInerney | CEO & Director | 1975 |
| Christopher Suh | Chief Financial Officer | 1970 |
| Rajat Taneja | President of Technology | 1964 |
| Kelly Mahon Tullier J.D. | Vice Chair, Chief People & Corporate Affairs Officer and Corporate Secretary | 1966 |
| Paul D. Fabara | Chief Risk & Client Services Officer | 1966 |
| Peter Andreski | Senior VP, Global Corporate Controller & Chief Accounting Officer | 1973 |
| Jennifer Como | Head of Investor Relations | – |
| Julie B. Rottenberg J.D. | General Counsel | 1968 |
| Frank Cooper III | Chief Marketing Officer | 1964 |
| Oliver Jenkyn | Group President of Global Markets | 1973 |
Executives per the latest required filings; titles kept in their original language. Source: fundamental data.
Chart
Interactive price chart (TradingView).
Data as of: July 28, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)
Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.