Visa Inc. (V) Balance Sheet
V balance sheet, FY2025
September 30, 2025 · U.S. dollars$99.63B assets = $61.72B liabilities + $37.91B equity
Both columns are drawn to the same scale: what V owns equals what it owes plus shareholders’ equity. Hover a block for its value.
V financial health
Current ratio1.08
Adequate · current assets cover current liabilities 1.08×
Debt / equity0.66
Moderate leverage · $0.66 of debt for each $1 of equity
Equity / assets38.1%
Balanced · of assets funded by shareholders
Cash / debt87.4%
Partial cover · cash & short-term investments vs total debt
Goodwill & intangibles47.7%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal FY2025.
V balance sheet trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | $64.03BFY2016 | $99.63BFY2025 | +5.0%/yr | |
| Total liabilities | $31.12BFY2016 | $61.72BFY2025 | +7.9%/yr | |
| Shareholders’ equity | $32.91BFY2016 | $37.91BFY2025 | +1.6%/yr | |
| Cash & short-term investments | $8.94BFY2016 | $21.99BFY2025 | +10.5%/yr | |
| Total debt | $17.97BFY2016 | $25.17BFY2025 | +3.8%/yr | |
| Net cash (debt) | −$9.03BFY2016 | −$3.18BFY2025 | +$5.8B | |
| Working capital | $6.27BFY2016 | $2.72BFY2025 | −$3.5B | |
| Book value per share | $13.63FY2016 | $19.28FY2025 | +3.9%/yr | |
| Current ratio | 1.78FY2016 | 1.08FY2025 | −0.70 | |
| Debt / equity | 0.55FY2016 | 0.66FY2025 | +0.12 | |
| Shares outstanding | 2.41BFY2016 | 1.97BFY2025 | −2.3%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
V assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
V liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
V debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
V balance sheet
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | $21.99B | $15.18B | $20.13B | $18.52B | $18.51B | $20.04B | $12.07B | $11.71B | $13.44B | $8.94B |
| Cash & equivalents | $20.15B | $11.97B | $16.29B | $15.69B | $16.49B | $16.29B | $7.84B | $8.16B | $9.87B | $5.62B |
| Short-term investments | $1.83B | $3.20B | $3.84B | $2.83B | $2.02B | $3.75B | $4.24B | $3.55B | $3.56B | $3.32B |
| Receivables | $7.32B | $7.01B | $4.47B | $3.95B | $3.73B | $2.88B | $4.59B | $2.79B | $2.55B | $2.74B |
| Inventory | $0 | $0 | $4.77B | $6.46B | $4.01B | $3.51B | $3.56B | $3.38B | $2.69B | $2.35B |
| Other current assets | $8.46B | $11.84B | $4.16B | $1.27B | $1.36B | $1.21B | $741.0M | $340.0M | $344.0M | $284.0M |
| Total current assets | $37.77B | $34.03B | $33.53B | $30.20B | $27.61B | $27.64B | $20.97B | $18.22B | $19.02B | $14.31B |
| Property, plant & equipment (net) | $4.24B | $3.82B | $3.42B | $3.22B | $2.71B | $2.74B | $2.69B | $2.47B | $2.25B | $2.15B |
| Goodwill & intangible assets | $47.52B | $45.83B | $44.10B | $42.85B | $43.62B | $43.72B | $42.44B | $42.75B | $42.96B | $42.30B |
| Long-term investments | $999.0M | $2.54B | $1.92B | $2.14B | $1.71B | $231.0M | $2.16B | $4.08B | $1.93B | $3.93B |
| Other non-current assets | $9.10B | $8.28B | $7.52B | $7.08B | $7.25B | $6.59B | $4.32B | $1.70B | $1.82B | $1.34B |
| Total assets | $99.63B | $94.51B | $90.50B | $85.50B | $82.90B | $80.92B | $72.57B | $69.22B | $67.98B | $64.03B |
| Liabilities | ||||||||||
| Accounts payable | $555.0M | $479.0M | $375.0M | $340.0M | $266.0M | $174.0M | $156.0M | $183.0M | $179.0M | $203.0M |
| Short-term debt | $5.57B | $0 | $106.0M | $2.25B | $999.0M | $3.11B | $3.99B | $2.17B | $1.75B | $2.08B |
| Deferred revenue | — | — | −$106.0M | — | $6.97B | $5.31B | — | — | $4.87B | — |
| Total current liabilities | $35.05B | $26.52B | $23.10B | $20.85B | $15.74B | $14.51B | $13.41B | $11.30B | $9.99B | $8.05B |
| Long-term debt | $19.60B | $20.84B | $20.46B | $20.20B | $19.98B | $21.07B | $16.73B | $16.63B | $16.62B | $15.88B |
| Other long-term liabilities | $7.07B | $8.02B | $8.21B | $8.87B | $9.59B | $9.13B | $7.75B | $7.28B | $8.61B | $7.20B |
| Total liabilities | $61.72B | $55.37B | $51.77B | $49.92B | $45.31B | $44.71B | $37.89B | $35.22B | $35.22B | $31.12B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | $182,500 | $186,800 | $22.15B | $19.55B | $21.93B | $194,000 | $198,000 | $16.68B | $16.90B | $17.39B |
| Retained earnings (deficit) | $15.11B | $17.29B | $18.04B | $16.12B | $15.35B | $14.09B | $13.50B | $11.32B | $9.51B | $10.46B |
| Treasury stock | — | — | — | — | — | — | — | $0 | $0 | −$170.0M |
| Accumulated other comprehensive income | $124.0M | −$412.0M | −$1.32B | −$2.37B | $436.0M | $354.0M | −$650.0M | $547.0M | $878.0M | −$458.0M |
| Minority interest | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Total shareholders' equity | $37.91B | $39.14B | $38.73B | $35.58B | $37.59B | $36.21B | $34.68B | $34.01B | $32.76B | $32.91B |
| Key figures | ||||||||||
| Total debt | $25.17B | $20.84B | $20.46B | $22.45B | $20.98B | $24.64B | $20.72B | $18.80B | $18.37B | $17.97B |
| Net cash (debt) | −$3.18B | −$5.66B | −$335.0M | −$3.93B | −$2.46B | −$4.60B | −$8.64B | −$7.09B | −$4.93B | −$9.03B |
| Working capital | $2.72B | $7.52B | $10.43B | $9.35B | $11.87B | $13.13B | $7.55B | $6.91B | $9.03B | $6.27B |
| Tangible book value | −$9.62B | −$6.69B | −$5.37B | −$7.27B | −$6.03B | −$7.51B | −$7.75B | −$8.75B | −$10.20B | −$9.39B |
| Book value per share | $19.28 | $19.29 | $18.58 | $16.66 | $17.18 | $16.29 | $15.27 | $14.60 | $13.68 | $13.63 |
| Shares outstanding | 1.97B | 2.03B | 2.08B | 2.14B | 2.19B | 2.22B | 2.27B | 2.33B | 2.40B | 2.41B |
| Current ratio | 1.08 | 1.28 | 1.45 | 1.45 | 1.75 | 1.91 | 1.56 | 1.61 | 1.90 | 1.78 |
| Quick ratio | 0.84 | 0.84 | 1.07 | 1.08 | 1.41 | 1.58 | 1.24 | 1.28 | 1.60 | 1.45 |
| Debt / equity | 0.66 | 0.53 | 0.53 | 0.63 | 0.56 | 0.68 | 0.60 | 0.55 | 0.56 | 0.55 |
| Equity / assets | 38.1% | 41.4% | 42.8% | 41.6% | 45.3% | 44.7% | 47.8% | 49.1% | 48.2% | 51.4% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | $13.79B | $13.91B | $16.40B | $19.00B | $19.18B | $13.75B | $14.33B | $15.18B | $16.64B | $17.70B | $18.60B | $20.13B |
| Cash & equivalents | $12.36B | $12.40B | $14.76B | $17.16B | $17.09B | $11.73B | $12.37B | $11.97B | $12.95B | $12.99B | $13.59B | $16.29B |
| Short-term investments | $1.43B | $1.51B | $1.64B | $1.83B | $2.09B | $2.02B | $1.97B | $3.20B | $3.70B | $4.71B | $5.00B | $3.84B |
| Receivables | $3.53B | $5.54B | $3.23B | $7.32B | $7.70B | $6.96B | $6.27B | $7.01B | $4.65B | $5.83B | $5.03B | $4.47B |
| Inventory | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $4.78B | $4.77B |
| Other current assets | $13.68B | $12.17B | $15.37B | $11.45B | $11.52B | $12.22B | $12.02B | $11.84B | $9.75B | $9.24B | $4.33B | $4.16B |
| Total current assets | $31.00B | $31.62B | $35.00B | $37.77B | $38.40B | $32.93B | $32.62B | $34.03B | $31.04B | $32.77B | $32.73B | $33.53B |
| Property, plant & equipment (net) | $4.86B | $4.78B | $4.28B | $4.24B | $4.14B | $4.02B | $3.97B | $3.82B | $3.77B | $3.63B | $3.47B | $3.42B |
| Goodwill & intangible assets | $48.36B | $48.64B | $47.55B | $47.52B | $47.54B | $46.05B | $45.44B | $45.83B | $45.06B | $45.21B | $44.86B | $44.10B |
| Long-term investments | $150.0M | $308.0M | $484.0M | $999.0M | $1.20B | $1.47B | $1.76B | $2.54B | $3.04B | $3.09B | $2.81B | $1.92B |
| Other non-current assets | $10.22B | $9.70B | $9.51B | $9.10B | $8.74B | $8.38B | $8.10B | $8.28B | $8.14B | $7.69B | $7.54B | $7.52B |
| Total assets | $94.59B | $95.05B | $96.81B | $99.63B | $100.02B | $92.85B | $91.89B | $94.51B | $91.04B | $92.40B | $91.41B | $90.50B |
| Liabilities | ||||||||||||
| Accounts payable | $553.0M | $557.0M | $433.0M | $555.0M | $462.0M | $421.0M | $405.0M | $479.0M | $331.0M | $338.0M | $348.0M | $375.0M |
| Short-term debt | $3.00B | $1.56B | $1.59B | $5.57B | $5.55B | $3.95B | $3.93B | $150.0M | — | — | — | $106.0M |
| Deferred revenue | — | — | — | — | — | — | — | — | — | — | — | −$106.0M |
| Total current liabilities | $31.47B | $29.08B | $31.49B | $35.05B | $34.43B | $30.38B | $29.09B | $26.52B | $22.61B | $23.44B | $22.63B | $23.10B |
| Long-term debt | $20.86B | $22.42B | $19.59B | $19.60B | $19.59B | $16.81B | $16.68B | $20.84B | $20.60B | $20.60B | $20.70B | $20.46B |
| Other long-term liabilities | $7.08B | $7.89B | $6.96B | $7.07B | $7.34B | $7.63B | $7.82B | $8.02B | $8.10B | $7.87B | $8.34B | $8.21B |
| Total liabilities | $59.41B | $59.39B | $58.04B | $61.72B | $61.36B | $54.82B | $53.59B | $55.37B | $51.31B | $51.91B | $51.68B | $51.77B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | — | — | $181,700 | $182,500 | $183,600 | $184,900 | $186,000 | $186,800 | — | — | $20.49B | $22.15B |
| Retained earnings (deficit) | $12.75B | $13.12B | $16.02B | $15.11B | $15.96B | $16.52B | $17.44B | $17.29B | $18.58B | $19.35B | $18.42B | $18.04B |
| Accumulated other comprehensive income | −$146.0M | $22.0M | $247.0M | $124.0M | $209.0M | −$827.0M | −$1.25B | −$308.0M | −$1.06B | −$998.0M | −$655.0M | −$1.32B |
| Total shareholders' equity | $35.18B | $35.66B | $38.78B | $37.91B | $38.66B | $38.03B | $38.30B | $39.14B | $39.73B | $40.48B | $39.73B | $38.73B |
| Key figures | ||||||||||||
| Total debt | $23.86B | $23.98B | $21.18B | $25.17B | $25.14B | $20.76B | $20.61B | $20.84B | $20.60B | $20.60B | $20.70B | $20.46B |
| Net cash (debt) | −$10.07B | −$10.06B | −$4.78B | −$6.17B | −$5.96B | −$7.01B | −$6.28B | −$5.66B | −$3.96B | −$2.90B | −$2.11B | −$335.0M |
| Working capital | −$465.0M | $2.55B | $3.51B | $2.72B | $3.97B | $2.55B | $3.53B | $7.52B | $8.43B | $9.33B | $10.10B | $10.43B |
| Tangible book value | −$13.18B | −$12.98B | −$8.77B | −$9.62B | −$8.88B | −$8.02B | −$7.14B | −$6.69B | −$5.33B | −$4.73B | −$5.13B | −$5.37B |
| Book value per share | $18.20 | $18.45 | $20.06 | $19.54 | $19.74 | $19.27 | $19.29 | $19.54 | $19.58 | $19.86 | $19.43 | $18.76 |
| Shares outstanding | 1.93B | 1.93B | 1.93B | 1.94B | 1.96B | 1.97B | 1.99B | 2.00B | 2.03B | 2.04B | 2.04B | 2.06B |
| Current ratio | 0.99 | 1.09 | 1.11 | 1.08 | 1.12 | 1.08 | 1.12 | 1.28 | 1.37 | 1.40 | 1.45 | 1.45 |
| Quick ratio | 0.55 | 0.67 | 0.62 | 0.75 | 0.78 | 0.68 | 0.71 | 0.84 | 0.94 | 1.00 | 1.04 | 1.07 |
| Debt / equity | 0.68 | 0.67 | 0.55 | 0.66 | 0.65 | 0.55 | 0.54 | 0.53 | 0.52 | 0.51 | 0.52 | 0.53 |
| Equity / assets | 37.2% | 37.5% | 40.1% | 38.1% | 38.7% | 41.0% | 41.7% | 41.4% | 43.6% | 43.8% | 43.5% | 42.8% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported (latest annual report filed November 6, 2025); data from EODHD.
V financial position
At the end of fiscal 2025 (September 30, 2025), Visa had total assets of $99.6 billion (up 5.4% from a year earlier), total liabilities of $61.7 billion and shareholders' equity of $37.9 billion. It held $22.0 billion in cash and short-term investments against $25.2 billion of debt, net debt of $3.2 billion. Its current ratio was 1.08. In the latest quarter (ended June 30, 2026) total assets were $94.6 billion and equity $35.2 billion.
Related: V income statement, V cash flow statement, V key metrics. See the V stock overview for the latest quote and news.
V balance sheet FAQ
What are Visa's total assets?
Visa reported total assets of $99.6 billion at the end of fiscal 2025 (September 30, 2025), compared with $94.5 billion a year earlier.
How much debt does Visa have?
Visa had $25.2 billion of total debt at the end of fiscal 2025, including short-term borrowings. Its debt-to-equity ratio was 0.66.
How much cash does Visa have?
Visa held $22.0 billion in cash and short-term investments at the end of fiscal 2025; with $25.2 billion of debt that is net debt of $3.2 billion.
What is Visa's book value?
Visa's shareholders' equity (book value) was $37.9 billion at the end of fiscal 2025, or $19.28 per share.
What is Visa's current ratio?
Visa had current assets of $37.8 billion and current liabilities of $35.0 billion, a current ratio of 1.08 (it can cover its short-term obligations).
How much goodwill does Visa have?
Visa carried $47.5 billion of goodwill and intangible assets, 47.7% of total assets, at the end of fiscal 2025.