Visa Inc.

NYSE-V

Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	5,090	5,272	4,577	5,119	5,318	4,872
Net Income
Depreciation & Amortization	316	317	305	282	274	264
Depreciation and Amortization
Stock Based Compensation	191	223	259	224	188	211
Share-Based Compensation
Other Adjustments	4,025	4,447	3,645	3,939	3,630	3,564
Client Incentives
Fair Value Adjustment for the Visa Europe Put Option
Excess Tax Benefit for Share-Based Compensation
Deferred Income Taxes
Right to Recover for Covered Losses Recorded in Equity
Litigation Provision
VE Territory Covered Gains
Charitable Contribution of Visa Inc. Shares
Gains on Equity Investments, Net
Other
Changes in Trade Receivables	-208	-178	-92	-64	-23	-248
Accounts Receivable
Changes in Accounts Payable	81	31	9	-54	136	-2
Accounts Payable
Changes in Accrued Expenses	1,507	-132	-70	-375	578	98
Accrued and Other Liabilities
Accrued Litigation
Changes in Other Operating Activities	-4,764	-3,250	-3,938	-3,675	-3,437	-3,625
Settlement Receivable
Client Incentives
Other Assets
Settlement Payable
Total Change in Operating Assets and Liabilities
Cash from Operating Activities	6,238	6,730	4,695	5,396	6,664	5,134
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-389	-421	-327	-345	-309	-400
Purchases of Property, Equipment and Technology
Proceeds from Sale of Property, Plant & Equipment	—	—	—	—	—	—
Proceeds from Sales of Property, Equipment and Technology
Purchases of Investments	-27	-17	-18	-6	-590.5	-762
Purchases of Investment Securities
Purchases of Other Investments
Proceeds from Sale of Investments	556	200	226	2,042	1,147	1,721
Proceeds from Maturities and Sales of Investment Securities
Proceeds / Distributions from Other Investments
Payments for Business Acquisitions	—	—	19	-906	—	—
Acquisitions, Net of Cash and Restricted Cash Acquired
Other Investing Activities	164	-18	-30	5	-42	-4
Proceeds from Settlement of Derivative Instruments
Other Investing Activities
Cash from Investing Activities	304	-256	-130	790	584	555
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	—	—	—	—	—	—
Proceeds from Issuance of Commercial Paper
Net Issuance / (Repayments) of Short-Term Debt	—	—	—	—	—	—
Issuance of Long-Term Debt	1,962	3,924	—	—	—	—
Proceeds from Issuance of Senior Notes
Repayments of Long-Term Debt	—	—	—	—	—	—
Repayments of Debt
Net Issuance / (Repayments) of Long-Term Debt	1,962	3,924	—	—	—	—
Issuance of Common Shares	55	95	119	127	68	84
Proceeds from Stock Issued Under Equity Plans
Repurchases of Common Shares	-4,927	-4,782	-4,596	-4,011	-5,848	-4,527
Repurchases of Class a Common Stock
Treasury Stock-Class C Common Stock
Net Issuance / (Repurchases) of Common Shares	-4,872	-4,687	-4,477	-3,884	-5,780	-4,443
Common Share Dividends Paid	-1,146	-1,154	-1,164	-1,170	-1,041	-1,056
Dividends Paid
Other Financing Activities	18	89	-19	-421	-248	188
Debt Issuance Costs
Payments from Litigation Escrow account-U.S. Retrospective Responsibility Plan
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 to Settle Derivative Instruments
Other Financing Activities
Cash from Financing Activities	-6,000	-1,828	-5,660	-5,475	-7,069	-5,311
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	5,849	6,309	4,368	5,051	6,355	4,734
NOPAT	5,028.7	5,142.1	4,574.5	5,147.1	5,298.8	4,830.5
Levered Free Cash Flow	3,803	5,741	556	952	2,560	1,207
Unlevered Free Cash Flow	1,779.7	1,687.1	553.5	980.1	2,540.8	1,165.5
Net Change in Cash	542	4,646	-1,095	711	179	378