Visa (V) Q4 2025 Financial Results Summary

2025-10-29 · Stocks · QuoteReporter

Visa (V) Q4 2025 Financial Results Summary

Visa released its fiscal fourth quarter and full-year 2025 results on October 28, 2025. Below is a summary of the key highlights from the report:

Fiscal Fourth Quarter 2025 Highlights

Net Income:
GAAP net income: $5.1 billion (a 4% decrease from Q4 2024)
Non-GAAP net income: $5.8 billion (a 7% increase from Q4 2024)
Earnings per Share (EPS):
GAAP EPS: $2.62 (a 1% decrease from Q4 2024)
Non-GAAP EPS: $2.98 (a 10% increase from Q4 2024)
Net Revenue:
Total: $10.7 billion (an increase of 12% from Q4 2024)
Constant-dollar basis increase: 11%
Payments Volume:
Increased by 9% on a constant-dollar basis.
Cross-Border Volume:
Increased by 12% on a constant-dollar basis.
Cross-border volume excluding intra-Europe increased by 11% on a constant-dollar basis.
Processed Transactions:
Reached 67.7 billion, a 10% increase from Q4 2024.
Service Revenue:
Increased by 10% to $4.6 billion compared to the previous year.
Data Processing Revenue:
Grew by 17% to $5.4 billion.
International Transaction Revenue:
Increased by 10% to $3.8 billion.
Operating Expenses:
GAAP operating expenses were $4.6 billion, a 40% increase from Q4 2024.
Litigation Provision:
Included a special item of $899 million in operating expenses due to litigation provisions related to interchange multidistrict litigation.

Fiscal Full-Year 2025 Highlights

Net Income:
GAAP net income: $20.1 billion (a 2% increase from 2024)
Non-GAAP net income: $22.5 billion (an 11% increase from 2024)
Earnings per Share (EPS):
GAAP EPS: $10.20 (a 5% increase from 2024)
Non-GAAP EPS: $11.47 (a 14% increase from 2024)
Net Revenue:
Total: $40.0 billion (an 11% increase from 2024)
Constant-dollar basis increase: 12%
Payments Volume:
Increased by 8% on a constant-dollar basis for the fiscal year.
Cross-Border Volume:
Increased by 13% on a constant-dollar basis for the fiscal year.
Processed Transactions:
Approximately 257.5 billion, a 10% increase from the previous year.
Service Revenue:
Increased by 9% to $17.5 billion compared to 2024.
Data Processing Revenue:
Increased by 13% to $20.0 billion.
Client Incentives:
Totaled $15.8 billion, a 14% increase from 2024.
Operating Expenses:
GAAP operating expenses were $16.0 billion, a 30% increase from last year.
Effective Tax Rates:
GAAP effective tax rate for the quarter: 18.2%.
Non-GAAP effective tax rate: 18.8%.
GAAP effective tax rate for the fiscal year: 17.1%.
Non-GAAP effective tax rate for the fiscal year: 17.7%.

Shareholder Returns

Quarterly Dividend:
Visa declared a quarterly cash dividend of $0.670 per share, which is a 14% increase compared to the previous level.
Share Repurchase:
Visa repurchased approximately 14 million shares of class A common stock for $4.9 billion at an average cost of $349.77 per share in Q4 2025.
Total shares repurchased for the fiscal year amounted to approximately 54 million shares at an average cost of $335.44 per share for $18.2 billion.

This financial summary reflects Visa’s strong positioning within the digital payments space, driven by a solid consumer spending environment, innovation investments, and significant revenue growth across key metrics for the fourth quarter and full year 2025.

Income Statement Summary

In billions, except percentages	and per share data. % change is calculated over the comparable prior-year period.	Q4 2025	Full-Year 2025
USD	% Change	USD	% Change
Net Revenue	$10.7	12%	$40.0	11%
GAAP Net Income	$5.1	-4%	$20.1	2%
GAAP Earnings Per Share	$2.62	-1%	$10.20	5%
Non-GAAP Net Income(1)	$5.8	7%	$22.5	11%
Non-GAAP Earnings Per Share(1)	$2.98	10%	$11.47	14%

(1)Refer to Non-GAAP Financial Measures for further details and a reconciliation of the GAAP to non-GAAP measures presented.

Visa Consolidated Balance Sheets (unaudited)

September 30,	2025	Assets (in millions, except per share data)	2024
Cash and cash equivalents	$17,164	$11,975
Restricted cash equivalents—U.S. litigation escrow	2,990	3,089
Investment securities	1,833	3,200
Settlement receivable	4,191	4,454
Accounts receivable	3,126	2,561
Customer collateral	3,625	3,524
Current portion of client incentives	2,158	1,918
Prepaid expenses and other current assets	2,679	3,312
Total current assets	37,766	34,033
Investment securities	999	2,545
Client incentives	5,157	4,628
Property, equipment and technology, net	4,236	3,824
Goodwill	19,879	18,941
Intangible assets, net	27,646	26,889
Other assets	3,944	3,651
Total assets	$99,627	$94,511
Liabilities	Accounts payable	$555	$479
Settlement payable	4,568	5,265
Customer collateral	3,625	3,524
Accrued compensation and benefits	1,863	1,538
Client incentives	10,369	9,075
Accrued liabilities	5,466	4,909
Current maturities of debt	5,569	—
Accrued litigation	3,033	1,727
Total current liabilities	35,048	26,517
Long-term debt	19,602	20,836
Deferred tax liabilities	5,549	5,301
Other liabilities	1,519	2,720
Total liabilities	61,718	55,374
Equity	Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of September 30, 2025 and September 30, 2024	745	1,031
Common stock, $0.0001 par value: Class A common stock, 1,691 and 1,733 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively	—	—
Class B-1 and B-2 total common stock, 125 shares issued and outstanding as of September 30, 2025 and September 30, 2024	—	—
Class C common stock, 9 and 10 shares issued and outstanding as of September 30, 2025 and September 30, 2024, respectively	—	—
Right to recover for covered losses	-124	-104
Additional paid-in capital	21,934	21,229
Accumulated income	15,106	17,289
Accumulated other comprehensive income (loss): Investment securities	12	30
Defined benefit pension and other postretirement plans	-32	-16
Derivative instruments	-307	-213
Foreign currency translation adjustments	575	-109
Total accumulated other comprehensive income (loss)	248	-308
Total equity	37,909	39,137
Total liabilities and equity	$99,627	$94,511