## Annual Report 2025

### Year-end financial highlights

#### Fiscal year 2025 key statistics

| Operational highlights | 12 months ended September 30 (except where noted) |
| --- | --- |
|  | 2023 | 2024 | 2025 |
| Total volume2 | $14.8T | $15.7T | $16.7T |
| Payments volume2 | $12.3T | $13.2T | $14.2T |
| Transactions processed on Visa’s networks3 | 212.6B | 233.8B | 257.5B |
| Payment credentials4 | 4.3B | 4.6B | 4.9B |

| Financial highlights (GAAP) | In millions (except per share data) |
| --- | --- |
|  | FY 2023 | FY 2024 | FY 2025 |
| Net revenue | $32,653 | $35,926 | $40,000 |
| Operating expenses | $11,653 | $12,331 | $16,006 |
| Net income | $17,273 | $19,743 | $20,058 |
| Diluted class A common stock earnings per share | $8.28 | $9.73 | $10.20 |

| Financial highlights (non-GAAP)1 | In millions (except per share data) |
| --- | --- |
|  | FY 2023 | FY 2024 | FY 2025 |
| Operating expenses | $10,481 | $11,609 | $12,906 |
| Net income | $18,280 | $20,389 | $22,542 |
| Diluted class A common stock earnings per share | $8.77 | $10.05 | $11.47 |

### Stock performance

The accompanying graph and chart compare the five-year cumulative total return on Visa’s class A common stock with the cumulative total return on Standard & Poor’s 500 Index and Standard & Poor’s 500 Financials Index from September 30, 2020 through September 30, 2025. The comparison assumes an initial investment of $100 in Visa’s class A common stock and in each index on September 30, 2020, and that all dividends were reinvested. There is currently no established public trading market for Visa’s class B-1, B-2 or C common stock.

|     |     |     |     |     |     |     |
| --- | --- | --- | --- | --- | --- | --- |
|  | Base period | Indexed returns (fiscal year ended) |
| Company / index | 9/30/20 | 9/30/21 | 9/30/22 | 9/30/23 | 9/30/24 | 9/30/25 |
| Visa | $100 | $112 | $90 | $117 | $142 | $177 |
| S&P 500 Index | $100 | $130 | $110 | $134 | $182 | $214 |
| S&P 500 Financials Index | $100 | $159 | $131 | $146 | $204 | $246 |

The accompanying chart compares the 10-year cumulative total return on Visa’s class A common stock with the cumulative total return on Standard & Poor’s 500 Index and Standard & Poor’s 500 Financials Index from September 30, 2015 through September 30, 2025. The comparison assumes that all dividends were reinvested.

|     |     |
| --- | --- |
| Company / index | 10-year cumulative return |
| Visa | **426%** |
| S&P 500 Index | **315%** |
| S&P 500 Financials Index | **258%** |

### Net revenue details

1
Please see _Item 7_ of our Form 10-K for a reconciliation of our GAAP to non-GAAP financial results.

2
Total volume is the sum of payments volume and cash volume. Payments volume represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume. Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks. For further discussion, see _Item 7_ of our form 10-K.

3
Processed transactions include payments and cash transactions, and represent transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa’s networks.

4
Number of cards at June 30, 2023, June 30, 2024 and June 30, 2025.