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Annual Report 2024 VISA
Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. View the interactive report and additional content at annualreport.visa.com
Year-end financial highlights CEO Letter Operational highlights 12 months ended September 30 30 (except where noted) 12 2022 2023 2024 Total volume' volume $14.1T $14.8T $15.7T Payments volume' volume $11.6T $12.3T $13.2T Visa s networks2 networks Transactions processed on Visa's 192.5B 212.6B 233.8B Payment credentials3 credentials 4.0B 4.3B 4.6B Financial highlights (GAAP) In millions (except per share share data) In FY 2022 FY 2023 FY 2024 Net revenue $29,310 $32,653 $35,926 Operating Operating expenses $10,497 $11,653 $12,331 $12,331 Net income $14,957 $17,273 $19,743 Diluted class A common stock earnings per share $7.00 $8.28 $9.73 (non-GAAP)4 Financial highlights (non-GAAP) In In millions (except per share share data) FY 2022 FY 2023 FY 2024 Net revenue $29,310 $32,653 $35,926 Operating Operating expenses $9,387 $10,481 $10,481 $11,609 Net income $16,034 $18,280 $20,389 Diluted class A common stock earnings per share $7.50 $8.77 $10.05 sum of payments volume and cash volume. Payments Payments volume volume represents the aggregate dollar amount of purchases made with cards and other form 11 Total volume is the sum carrying the Visa, Visa Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume. Cash volume generally generally consists of cash access transactions, factors carryingthe 7 in this Annual Report. balance access transactions, balance transfers and convenience checks. For further discussion, see Item 7 Visa, Visa Electron, Electron, V V PAY, 22 Processed transactions include payments and cash transactions, and represent transactions using cards and other form factors carrying the Visa, Interlink and PLUS PLUS brands processed on Visa's Visa s networks. Interlink 3 Card data at June June 30, 30, 2022, 2022, June 30,2023 30, 2023 and June 30,2024. 30, 2024. 3 For this 4 further discussion and a reconciliation of our GAAP to non-GAAP financial measures presented, see Item 7 in Annual Report. 2 |I Visa
Stock performance accompanying and chart compare total class The graph the five-year cumulative return on Visa's A common stock with the Poor s 500 Index and Standard & Poor's Poor s 500 Financials Index from September 30, 2019 cumulative total return on Standard & Poor's Visa s class A common stock and in each through September 30, 2024. The comparison assumes an initial investment of $100 in Visa's index on September 30, 2019, and that all dividends were reinvested. There is currently no established public trading market for class Visa's B-1, B-2 or ' C common stock. Base period Indexed returns (fiscal year : ended) Company / index Company/index 9/30/19 9/30/20 9/30/21 9/30/21 9/30/22 9/30/23 9/30/24 Visa $100 $117 $131 $131 $105 $137 $166 S&P 500 Index $100 $115 $150 $127 $154 $210 S&P 500 Financials Index $100 $88 $140 $115 $129 $179 Visa S&P 500 Index S&P 500 Financials Index $250 $200 $150 $100 $50 9/30/19 9/30/20 9/30/21 9/30/21 9/30/22 9/30/23 9/30/24 accompanying chart compares total class total The the 10-year cumulative return on Visa's A common stock with the cumulative Poor s 500 Index and Standard & Poor's Poor s 500 Financials Index from September 30, 2014 through September return on Standard & Poor's 30, 2024. The comparison assumes that all dividends were reinvested. Company / index Company/ 10-year cumulative return Visa 453% S&P 500 Index 251% S&P 500 Financials Index 196% 500% 400% 300% 200% 100% 0% Visa S&P 500 Index S&P 500 Financials Index Annual Report 2024 | 3
CEO Letter Dear fellow shareholders, Visa started with a simple yet revolutionary idea: to connect buyers and sellers through seamless, secure digital payments. Rooted in this history is our purpose to uplift everyone, everywhere by being being the best way to pay and be paid. Over the past 60 years, we have made progress significant bringing this idea to life. We have built a global payments network connecting consumers and businesses in more than 200 countries and territories around the world. We have developed and delivered innovative solutions across the payments ecosystem to enable seamless and secure experiences for buyers and sellers. 2024 was no exception. strong 2024 A strong During fiscal year %)%> -%)%>:# 2024 (2024), Visa delivered strong financial results of? @CE(G $35.9 billion in net revenues and GAAP earnings per share of $9.73, up 10 10 percent and 17 17 percent from the prior year, respectively. Visa s total payments and cash volume Visa's was $16 trillion and the Visa network processed 234 billion total transactions 639 million transactions every day. Russia and China. 11 Excludes Russia 4 I| Visa But these numbers only tell part of Visa s solutions the story. In 2024, Visa's helped our clients and partners deliver digital payments to individuals and benefiting businesses around the world, communities and economies globally. We ended the year with 4.6 billion payment credentials, up 7% from last year, that can be used at more than 150 150 million merchant locations worldwide. The integrity of the payments ecosystem is fundamental to our success. Throughout 2024, we prevented billions of dollars of potentially fraudulent purchase volume, working with our clients and partners to stop bad actors and enable legitimate transactions on our network, leading to higher sales, lower fraud and better consumer experiences. Our clients are at the center of everything we do. We partner closely with more and than 14,000 financial institutions the world s world's major technology and consumer digital platforms. We are proud of how we serve and deliver for our clients. For example, in 2024 alone, we signed over 12,000 new deals and renewals with clients ?for our value-added services - J:# ( L (VAS), up "K 17 percent from last year. Our M < ' Q J Annual Global Client Engagement Survey showcased a Global Net Promoter Score of 76, up three points from last year and ?for any client-facing an enviable score organization. Executing Executing on our growth strategy We made great progress across our key growth drivers: consumer payments, X and # and new flows value-added services, drive we are confident in our ability to growth from each of these three areas going forward. In consumer payments, we accelerated Y to address Z our efforts the $20 trillion' converting annual opportunity by converting consumer spending from cash, checks, and other ACH, domestic schemes forms of electronic payments into digital Visa s network. Let me payments on Visa's highlight a few innovative ways we are enabling our partners by creating the best payment experiences to capture this opportunity.
 • shareholder letter icon 12/9/2024 Letter Continued (Full PDF)
 • stockholder letter icon 12/7/2023 V Stockholder Letter
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V Shareholder/Stockholder Letter Transcript:

Annual Report
2024
VISA

Our purpose is to
uplift everyone,
everywhere by
being the best
way to pay
and be paid.
View the interactive report
and additional content at
annualreport.visa.com

Year-end
financial
highlights
CEO Letter


Operational highlights
12 months ended September 30
30 (except where noted)
12
2022
2023
2024
Total volume'
volume 
$14.1T
$14.8T
$15.7T
Payments volume'
volume 
$11.6T
$12.3T
$13.2T
Visa   s networks2
networks 
Transactions processed on Visa's
192.5B
212.6B
233.8B
Payment credentials3
credentials 
4.0B
4.3B
4.6B
Financial highlights (GAAP)
In millions (except per share
share data)
In
FY 2022
FY 2023
FY 2024
Net revenue
$29,310
$32,653
$35,926
Operating
Operating expenses
$10,497
$11,653
$12,331
$12,331
Net income
$14,957
$17,273
$19,743
Diluted class A common stock earnings per share
$7.00
$8.28
$9.73
(non-GAAP)4
Financial highlights (non-GAAP) 
In
In millions (except per share
share data)
FY 2022
FY 2023
FY 2024
Net revenue
$29,310
$32,653
$35,926
Operating
Operating expenses
$9,387
$10,481
$10,481
$11,609
Net income
$16,034
$18,280
$20,389
Diluted class A common stock earnings per share
$7.50
$8.77
$10.05
sum of payments volume and cash volume. Payments
Payments volume
volume represents the aggregate dollar amount of purchases made with cards and other form
11 Total volume is the sum
carrying the Visa, Visa
Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume. Cash volume generally
generally consists of cash access transactions,
factors carryingthe
7 in this Annual Report.
balance access transactions, balance transfers and convenience checks. For further discussion, see Item 7
Visa, Visa Electron,
Electron, V
V PAY,
22 Processed transactions include payments and cash transactions, and represent transactions using cards and other form factors carrying the Visa,
Interlink and PLUS
PLUS brands processed on Visa's
Visa   s networks.
Interlink
3 Card data at June
June 30,
30, 2022,
2022, June 30,2023
30, 2023 and June 30,2024.
30, 2024.
3
   For




  this          
4
further  discussion
and     
a reconciliation
of our GAAP to
non-GAAP financial
measures
presented,
see  Item
7 in
Annual Report.
2 |I Visa

Stock performance
    accompanying
  and
   chart
     compare
           total

   class

The
graph
the five-year  cumulative
return on
Visa's
A common
stock
with the
Poor   s 500 Index and Standard & Poor's
Poor   s 500 Financials Index from September 30, 2019
cumulative total return on Standard & Poor's
Visa   s class A common stock and in each
through September 30, 2024. The comparison assumes an initial investment of $100 in Visa's
index on September 30, 2019, and that all dividends were reinvested. There is currently no established public trading market for
       class

Visa's
B-1, B-2 or  ' 
C common
stock.
Base period

Indexed
returns (fiscal    
year       :
ended)
Company / index
Company/index
9/30/19
9/30/20
9/30/21
9/30/21
9/30/22
9/30/23
9/30/24
Visa
$100
$117
$131
$131
$105
$137
$166
S&P 500 Index
$100
$115
$150
$127
$154
$210
S&P 500 Financials
Index
$100
$88
$140
$115
$129
$179
Visa
S&P 500 Index
S&P 500 Financials Index
$250
$200
$150
$100
$50
9/30/19
9/30/20
9/30/21
9/30/21
9/30/22
9/30/23
9/30/24
    accompanying
      chart
     compares
           total

   class

           total
The
the 10-year  cumulative
return on
Visa's
A common
stock
with the cumulative
Poor   s 500 Index and Standard & Poor's
Poor   s 500 Financials Index from September 30, 2014 through September
return on Standard & Poor's
30, 2024. The comparison assumes that all dividends were reinvested.
Company / index
Company/
10-year cumulative return
Visa
453%
S&P 500 Index
251%
S&P 500 Financials
Index
196%
500%
400%
300%
200%
100%
0%
Visa
S&P 500
Index
S&P 500
Financials Index
Annual Report 2024 | 3

CEO Letter
Dear fellow shareholders,
Visa started with a simple yet
revolutionary idea: to connect buyers
and sellers through seamless, secure
digital payments. Rooted in this history
is our purpose     to uplift everyone,
everywhere by being
being the best way to
pay and be paid.
Over the past 60 years, we have made
          progress
significant
bringing this idea 
to life. We have built a global payments
network connecting consumers and
businesses in more than 200 countries
and territories around the world.
We have developed and delivered
innovative solutions across the payments
ecosystem to enable seamless and
secure experiences for buyers and
sellers. 2024 was no exception.
strong 2024
A strong
During
fiscal    
year  %)%> -%)%>:#    
2024 (2024), Visa  

delivered strong
financial
results of? @CE(G 
$35.9
billion in net revenues and GAAP earnings
per share of $9.73, up 10
10 percent and 17
17
percent from the prior year, respectively.
Visa   s total payments and cash volume
Visa's
was $16 trillion and the Visa network
processed 234 billion total transactions    
639 million transactions every day.
Russia and China.
11 Excludes Russia
4 I| Visa
But these numbers only tell part of
Visa   s solutions
the story. In 2024, Visa's
helped our clients and partners deliver
digital payments to individuals and

benefiting
businesses around
the world,
communities and economies globally. We
ended the year with 4.6 billion payment
credentials, up 7% from last year, that
can be used at more than 150
150 million
merchant locations worldwide.
The integrity of the payments ecosystem
is fundamental to our success.
Throughout 2024, we prevented billions
of dollars of potentially fraudulent
purchase volume, working with our
clients and partners to stop bad actors
and enable legitimate transactions on our
network, leading to higher sales, lower
fraud and better consumer experiences.
Our clients are at the center of everything
we do. We partner closely with more

   and
than
14,000 financial
institutions
the
world   s
world's major technology and consumer
digital platforms. We are proud of how
we serve and deliver for our clients. For
example, in 2024 alone, we signed over
12,000 new deals and renewals with
   clients
       ?for   

our
value-added
services
-  J:#  

 ( L   
(VAS),
up "K 
17 percent
from  last
year.
Our
       M 
<   '      Q  
       J      
Annual
Global
Client Engagement
Survey
showcased a Global Net Promoter Score
of 76, up three points from last year and

   ?for  any
   client-facing
an
enviable
score
organization.
Executing
Executing on our growth strategy
We made great progress across our key
growth drivers: consumer payments,
    X
   and

  # and
new
flows
value-added
services,



drive
we are confident in our ability to
growth from each of these three areas
going forward.
In consumer payments, we accelerated
    Y
     to address
 Z
our
efforts
the $20 trillion'
converting
annual opportunity by converting
consumer spending from cash, checks,

      and
   other
ACH,
domestic
schemes
forms of electronic payments into digital
Visa   s network. Let me
payments on Visa's
highlight a few innovative ways we are
enabling our partners by creating the
best payment experiences to capture this
opportunity.



shareholder letter icon 12/9/2024 Letter Continued (Full PDF)
 

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