Visa Inc.

NYSE-V

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Operating Activities	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Net Income	20,058	19,743	17,273	14,957	12,311	10,866	12,080	10,301	6,699	5,991
Net Income
Depreciation & Amortization	1,220	1,034	943	861	804	767	656	613	556	502
Depreciation and Amortization
Amortization of Intangibles, Investments, Debt Issuance Costs and Accretion of Member Deposits
Stock Based Compensation	897	850	765	602	542	416	407	327	235	221
Share-Based Compensation
Other Adjustments	16,056	13,755	11,796	10,086	8,272	6,789	5,944	4,139	6,302	2,382
Client Incentives
Fair Value Adjustment for the Visa Europe Put Option
Interest Earned on Litigation Escrow, Net of Tax
Net Recognized Loss on Investment Securities, Including Other-Than-Temporary Impairment
Excess Tax Benefit for Share-Based Compensation
Fair Value Adjustment for Liability Under the Framework Agreement
Deferred Income Taxes
Right to Recover for Covered Losses Recorded in Equity
Litigation Provision
Equity in Earnings of Unconsolidated Affiliates
Cumulative Effect of Accounting Change - Equity in Earnings of Visa International
Net Recognized Gain on Investment Securities, Including Other-Than-Temporary Impairment
Asset Impairment
Loss on Disposal of Property, Equipment and Technology
Minority Interest
VE Territory Covered Gains
Charitable Contribution of Visa Inc. Shares
Gains on Equity Investments, Net
Gain on Sale of Joint Venture
Other
Changes in Trade Receivables	-542	-237	-250	-97	-343	-43	-333	-70	-54	-65
Accounts Receivable
Changes in Accounts Payable	67	109	34	—	88	21	-24	3	-30	43
Accounts Payable
Changes in Accrued Expenses	930	-704	1,586	1,531	999	633	396	2,212	466	234
Accrued Compensation and Benefits
Accrued and Other Liabilities
Accrued Litigation
Changes in Income Taxes Payable	—	—	—	—	—	—	—	—	—	—
Income Tax Receivable
Changes in Other Operating Activities	-15,627	-14,600	-11,392	-9,091	-7,446	-9,009	-6,342	-4,584	-4,857	-3,734
Trading Securities
Settlement Receivable
Client Incentives
Other Assets
Settlement Payable
Member Deposits
Total Change in Operating Assets and Liabilities
Cash from Operating Activities	23,059	19,950	20,755	18,849	15,227	10,440	12,784	12,941	9,317	5,574
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Capital Expenditure	-1,482	-1,257	-1,059	-970	-705	-736	-756	-718	-707	-523
Purchases of Property, Equipment and Technology
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—	—	—	12	—
Proceeds from Sales of Property, Equipment and Technology
Purchases of Investments	-68	-4,674	-4,484	-6,083	-5,182	-2,342	-3,154	-5,822	-3,284	-10,436
Purchases of Investment Securities
Purchases of Other Investments
Proceeds from Sale of Investments	3,024	5,013	3,160	4,585	5,701	4,510	3,996	3,636	5,016	9,125
Proceeds from Maturities and Sales of Investment Securities
Proceeds / Distributions from Other Investments
Distributions from Money Market Investment
Dividends/Distributions from Other Investments
Payments for Business Acquisitions	-887	-915	—	-1,948	-75	-77	-699	-196	-302	-9,082
Acquisitions, Net of Cash and Restricted Cash Acquired
Proceeds from Business Divestments	—	—	—	—	—	—	—	—	—	—
Proceeds from Sale of Interest in Inovant LLC
Proceeds from Sale of Joint Venture
Other Investing Activities	121	-93	377	128	109	72	22	16	—	—
Distributions from Joint Venture
Cash Acquired Through Reorganization
Reclassification of Money Market Investment
Proceeds from Settlement of Derivative Instruments
Other Investing Activities
Cash from Investing Activities	708	-1,926	-2,006	-4,288	-152	1,427	-591	-3,084	735	-10,916
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Issuance of Short-Term Debt	—	—	—	—	—	—	—	—	—	—
Proceeds from Issuance of Commercial Paper
Repayments of Short-Term Debt	—	—	—	—	—	—	—	—	—	—
Payments on Short-Term Borrowing
Issuance of Long-Term Debt	3,924	—	—	3,218	—	7,212	—	—	2,488	15,971
Proceeds from Issuance of Senior Notes
Repayments of Long-Term Debt	—	—	-2,250	-1,000	-3,000	—	—	-1,750	—	—
Repayments of Debt
Principal Payments on Capital Lease Obligations
Net Issuance / (Repayments) of Long-Term Debt	3,924	—	-2,250	2,218	-3,000	7,212	—	-1,750	2,488	15,971
Issuance of Common Shares	396	335	260	196	208	190	162	164	149	95
Proceeds from Sale of Common Stock, Net of Issuance Costs
Proceeds from Stock Issued Under Equity Plans
Repurchases of Common Shares	-18,316	-16,713	-12,101	-11,589	-8,676	-8,114	-8,607	-7,192	-6,891	-7,157
Repurchases of Class a Common Stock
Treasury Stock-Class C Common Stock
Payment for Redemption of Stock
Net Issuance / (Repurchases) of Common Shares	-17,920	-16,378	-11,841	-11,393	-8,468	-7,924	-8,445	-7,028	-6,742	-7,062
Common Share Dividends Paid	-4,634	-4,217	-3,751	-3,203	-2,798	-2,664	-2,269	-1,918	-1,579	-1,350
Dividends Paid
Other Financing Activities	-333	-38	70	-318	-144	-592	-1,347	-94	-91	-82
Debt Issuance Costs
Deposits Into Litigation Escrow account-U.S. Retrospective Responsibility Plan
Payments from Litigation Escrow account-U.S. Retrospective Responsibility Plan
Funding of Tax Escrow Account for Income Tax Withheld on Stock Proceeds
Payments from Tax Escrow Account
Payment of Deferred Purchase Consideration Related to the Visa Europe Acquisition
Taxes Paid Related to Stock Issued Under Equity Plans
Excess Tax Benefit for Share-Based Compensation
Payments for Earn-Out Related to PlaySpan Acquisition
Minority Interest Distribution
Payments to Settle Derivative Instruments
Other Financing Activities
Cash from Financing Activities	-18,963	-20,633	-17,772	-12,696	-14,410	-3,968	-12,061	-10,790	-5,924	7,477
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Sep '24	Sep '23	Sep '22	Sep '21	Sep '20	Sep '19	Sep '18	Sep '17	Sep '16
Free Cash Flow	21,577	18,693	19,696	17,879	14,522	9,704	12,028	12,223	8,610	5,051
NOPAT	19,892.2	19,478	17,242.6	15,515.3	12,112.5	11,095.3	12,175	10,420	6,956.8	5,894.5
Levered Free Cash Flow	9,090	4,325	5,135	9,506	3,051	9,754	6,010	6,077	4,615	18,484
Unlevered Free Cash Flow	5,000.2	4,060	7,354.6	7,846.3	5,852.5	2,771.3	6,105	7,946	2,384.8	2,416.5
Net Change in Cash	4,804	-2,609	977	1,865	665	7,899	132	-933	4,128	2,135