Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $15.1B | $18.4B | $20.6B | $23.0B | $21.8B | $24.1B | $29.3B | $32.7B | $35.9B | $40.0B |
| Revenue growth | — | 21.7% | 12.3% | 11.5% | -4.9% | 10.3% | 21.6% | 11.4% | 10.0% | 11.3% |
| Operating income | $7.88B | $12.1B | $13.0B | $15.0B | $14.1B | $15.8B | $18.8B | $21.0B | $23.6B | $24.0B |
| Operating margin | 52.3% | 66.2% | 62.9% | 65.3% | 64.5% | 65.6% | 64.2% | 64.3% | 65.7% | 60.0% |
| Net income | $5.99B | $6.70B | $10.3B | $12.1B | $10.9B | $12.3B | $15.0B | $17.3B | $19.7B | $20.1B |
| Net margin | 39.7% | 36.5% | 50.0% | 52.6% | 49.7% | 51.1% | 51.0% | 52.9% | 55.0% | 50.1% |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $5.57B | $9.32B | $12.9B | $12.8B | $10.4B | $15.2B | $18.8B | $20.8B | $19.9B | $23.1B |
| Capital expenditures | $523M | $707M | $718M | $756M | $736M | $705M | $970M | $1.06B | $1.26B | $1.48B |
| Free cash flow | $5.05B | $8.61B | $12.2B | $12.0B | $9.70B | $14.5B | $17.9B | $19.7B | $18.7B | $21.6B |
| Share buybacks | — | $6.89B | $7.19B | $8.61B | $8.11B | $8.68B | $11.6B | $12.1B | $16.7B | $18.3B |
| Dividends paid | $1.35B | $1.58B | $1.92B | $2.27B | $2.66B | $2.80B | $3.20B | $3.75B | $4.22B | $4.63B |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $5.62B | $9.87B | $8.16B | $7.84B | $16.3B | $16.5B | $15.7B | $16.3B | $12.0B | $17.2B |
| Total assets | $64.0B | $68.0B | $69.2B | $72.6B | $80.9B | $82.9B | $85.5B | $90.5B | $94.5B | $99.6B |
| Total liabilities | $31.1B | $35.2B | $35.2B | $37.9B | $44.7B | $45.3B | $49.9B | $51.8B | $55.4B | $61.7B |
| Long-term debt | $15.9B | $16.6B | $16.6B | $16.7B | $21.1B | $20.0B | $20.2B | $20.5B | $20.8B | $19.6B |
| Shareholders' equity | $32.9B | $32.8B | $34.0B | $34.7B | $36.2B | $37.6B | $35.6B | $38.7B | $39.1B | $37.9B |
| Retained earnings | $10.5B | $9.51B | $11.3B | $13.5B | $14.1B | $15.4B | $16.1B | $18.0B | $17.3B | $15.1B |
Every figure is extracted from VISA INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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