On this page of StockholderLetter.com we present the latest annual shareholder letter from VISA INC. — ticker symbol V. Reading current and past V letters to shareholders can bring important insights into the investment thesis.
Annual Report 2025
View the interactive report and additional content at annualreport.visa.com
Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid.
Year-end financial highlights CEO Letter Operational highlights 12 months ended September 30 (except where noted) 2023 2024 2025 Total volume1 $14.8T $15.7T $16.7T Payments volume1 $12.3T $13.2T $14.2T Transactions processed on Visa s networks2 212.6B 233.8B 257.5B Payment credentials3 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)4 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 1 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 in this Annual Report. 2 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. 3 Number of cards at June 30, 2023, June 30, 2024 and June 30, 2025. For further discussion and a reconciliation of our GAAP to non-GAAP financial measures presented, see Item 7 in this Annual Report. 2 | Visa
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 S&P 500 Index Visa S&P 500 Financials Index $300 $250 $200 $150 $100 $50 9/30/20 9/30/21 9/30/22 9/30/23 9/30/24 9/30/25 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 500% 400% 300% 200% 100% 258% 0% Visa S&P 500 Index S&P 500 Financials Index Annual Report 2025 | 3
 • shareholder letter icon 12/8/2025 Letter Continued (Full PDF)
 • stockholder letter icon 12/7/2023 V Stockholder Letter
 • stockholder letter icon 12/9/2024 V Stockholder Letter
 • stockholder letter icon More "Business Services & Equipment" Category Stockholder Letters
 • Benford's Law Stocks icon V Benford's Law Stock Score = 36


V Shareholder/Stockholder Letter Transcript:

Annual Report
2025

View the interactive report and additional
content at annualreport.visa.com

Our purpose is to
uplift everyone,
everywhere by
being the best way
to pay and be paid.

Year-end
financial highlights
CEO
Letter
Operational highlights
12 months ended September 30 (except where noted)
2023
2024
2025
Total volume1
$14.8T
$15.7T
$16.7T
Payments volume1
$12.3T
$13.2T
$14.2T
Transactions processed on Visa   s networks2
212.6B
233.8B
257.5B
Payment credentials3
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)4
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
1 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 in this Annual Report.
2 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.
3 Number of cards at June 30, 2023, June 30, 2024 and June 30, 2025.
    For further discussion and a reconciliation of our GAAP to non-GAAP financial measures presented, see Item 7 in this Annual Report.
2 | Visa

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
S&P 500 Index
Visa
S&P 500 Financials Index
$300
$250
$200
$150
$100
$50
9/30/20
9/30/21
9/30/22
9/30/23
9/30/24
9/30/25
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
500%
400%
300%
200%
100%
258%
0%
Visa
S&P 500
Index
S&P 500
Financials Index
Annual Report 2025 | 3



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