Visa Inc. (V) Cash Flow Statement
Where V’s cash came from and went, FY2025
September 30, 2025 · U.S. dollars- Cash from operations
- $23.06B +15.6% vs FY2024
- Capital expenditures
- $1.48B 3.7% of revenue
- Free cash flow
- $21.58B 53.9% margin
- Returned to shareholders
- $22.95B 106% of free cash flow
- Change in cash
- $5.22B cash at year-end $24.99B
Drawn to scale: where the cash came from and how it was used. Hover for values.
V operating cash flow, capex and free cash flow
V cash flow trends, FY2016–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | $5.57BFY2016 | $23.06BFY2025 | +17.1%/yr | |
| Capital expenditures | $523.0MFY2016 | $1.48BFY2025 | +12.3%/yr | |
| Free cash flow | $5.05BFY2016 | $21.58BFY2025 | +17.5%/yr | |
| Free cash flow margin | 33.5%FY2016 | 53.9%FY2025 | +20.5 pts | |
| Operating cash flow / net income | 0.93FY2016 | 1.15FY2025 | +0.22 | |
| Stock-based compensation | $221.0MFY2016 | $897.0MFY2025 | +16.8%/yr | |
| Dividends paid | $1.35BFY2016 | $4.63BFY2025 | +14.7%/yr | |
| Share buybacks (net) | $7.16BFY2016 | $18.32BFY2025 | +11.0%/yr | |
| Capex / revenue | 3.5%FY2016 | 3.7%FY2025 | +0.2 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
V cash flow by activity
V net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
V cash flow statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | $20.06B | $19.74B | $17.27B | $14.96B | $12.31B | $10.87B | $12.08B | $10.30B | $6.70B | $5.99B |
| Depreciation & amortization | $1.22B | $1.03B | $943.0M | $861.0M | $804.0M | $767.0M | $656.0M | $613.0M | $556.0M | $502.0M |
| Stock-based compensation | $897.0M | $850.0M | $765.0M | $602.0M | $542.0M | $416.0M | $407.0M | $327.0M | $235.0M | $221.0M |
| Change in working capital | −$15.17B | −$15.43B | −$10.02B | −$7.66B | −$6.70B | −$8.40B | −$6.30B | −$2.66B | −$4.58B | −$3.53B |
| Other non-cash items | $16.06B | $13.76B | $11.80B | $10.09B | $8.27B | $6.79B | $5.94B | $4.13B | $6.30B | $2.39B |
| Cash from operating activities | $23.06B | $19.95B | $20.75B | $18.85B | $15.23B | $10.44B | $12.78B | $12.71B | $9.21B | $5.57B |
| Investing activities | ||||||||||
| Capital expenditures | −$1.48B | −$1.26B | −$1.06B | −$970.0M | −$705.0M | −$736.0M | −$756.0M | −$718.0M | −$707.0M | −$523.0M |
| Investments (net) | $708.0M | −$1.93B | −$2.01B | −$4.29B | $519.0M | $2.17B | $854.0M | −$2.18B | $1.73B | −$1.31B |
| Acquisitions & other investing | $1.48B | $1.26B | $1.06B | $970.0M | $34.0M | −$5.0M | −$689.0M | −$182.0M | −$290.0M | −$9.08B |
| Cash from investing activities | $708.0M | −$1.93B | −$2.01B | −$4.29B | −$152.0M | $1.43B | −$591.0M | −$3.08B | $735.0M | −$10.92B |
| Financing activities | ||||||||||
| Dividends paid | −$4.63B | −$4.22B | −$3.75B | −$3.20B | −$2.80B | −$2.66B | −$2.27B | −$1.92B | −$1.58B | −$1.35B |
| Share repurchases & issuance (net) | −$18.32B | −$16.71B | −$12.10B | −$11.59B | −$8.68B | −$8.11B | −$8.61B | −$7.19B | −$6.89B | −$7.16B |
| Net borrowing (repayment) | $3.92B | $0 | −$2.25B | $2.22B | −$3.00B | $6.88B | $7.21B | −$1.75B | $2.47B | $15.87B |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $63.0M | $297.0M | $330.0M | −$122.0M | $64.0M | −$69.0M | −$8.40B | −$380.0M | $73.0M | $111.0M |
| Cash from financing activities | −$18.96B | −$20.63B | −$17.77B | −$12.70B | −$14.41B | −$3.97B | −$12.06B | −$11.24B | −$5.92B | $7.48B |
| Summary | ||||||||||
| Net change in cash | $5.22B | −$2.23B | $1.61B | $578.0M | $628.0M | $8.34B | −$145.0M | −$1.71B | $4.25B | $2.10B |
| Cash at end of period | $24.99B | $19.76B | $21.99B | $20.38B | $19.80B | $19.17B | $10.83B | $8.16B | $9.87B | $5.62B |
| Free cash flow | $21.58B | $18.69B | $19.70B | $17.88B | $14.52B | $9.70B | $12.03B | $11.99B | $8.50B | $5.05B |
| Free cash flow margin | 53.9% | 52.0% | 60.3% | 61.0% | 60.2% | 44.4% | 52.3% | 58.2% | 46.3% | 33.5% |
| Capex / revenue | 3.7% | 3.5% | 3.2% | 3.3% | 2.9% | 3.4% | 3.3% | 3.5% | 3.9% | 3.5% |
| Operating cash flow / net income | 1.15 | 1.01 | 1.20 | 1.26 | 1.24 | 0.96 | 1.06 | 1.23 | 1.37 | 0.93 |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||||
| Net income | $5.63B | $6.02B | $5.85B | $5.09B | $5.27B | $4.58B | $5.12B | $5.32B | $4.87B | $4.66B | $4.89B | $4.68B |
| Depreciation & amortization | $367.0M | $333.0M | $326.0M | $316.0M | $317.0M | $305.0M | $282.0M | $274.0M | $264.0M | $249.0M | $247.0M | $247.0M |
| Stock-based compensation | $222.0M | $275.0M | $231.0M | $191.0M | $223.0M | $259.0M | $224.0M | $188.0M | $211.0M | $242.0M | $209.0M | $174.0M |
| Change in working capital | −$3.61B | −$8.31B | −$3.49B | −$3.38B | −$3.53B | −$4.09B | −$4.17B | −$2.75B | −$3.78B | −$3.79B | −$5.12B | −$1.28B |
| Other non-cash items | $3.95B | $4.69B | $3.86B | $4.03B | $4.45B | $3.65B | $3.94B | $3.63B | $3.56B | $3.17B | $3.39B | $3.11B |
| Cash from operating activities | $6.55B | $3.01B | $6.78B | $6.24B | $6.73B | $4.70B | $5.40B | $6.66B | $5.13B | $4.54B | $3.61B | $6.93B |
| Investing activities | ||||||||||||
| Capital expenditures | −$417.0M | −$383.0M | −$378.0M | −$389.0M | −$421.0M | −$327.0M | −$345.0M | −$309.0M | −$400.0M | −$281.0M | −$267.0M | −$305.0M |
| Investments (net) | $186.0M | $227.0M | $720.0M | $304.0M | −$256.0M | −$130.0M | $790.0M | $584.0M | $555.0M | −$1.18B | −$1.89B | −$1.19B |
| Acquisitions & other investing | −$7.0M | −$722.0M | $19.0M | $389.0M | $421.0M | $327.0M | $345.0M | $309.0M | $400.0M | $281.0M | $267.0M | $305.0M |
| Cash from investing activities | −$238.0M | −$878.0M | $361.0M | $304.0M | −$256.0M | −$130.0M | $790.0M | $584.0M | $555.0M | −$1.18B | −$1.89B | −$1.19B |
| Financing activities | ||||||||||||
| Dividends paid | −$1.27B | −$1.29B | −$1.29B | −$1.15B | −$1.15B | −$1.16B | −$1.17B | −$1.04B | −$1.06B | −$1.06B | −$1.06B | −$928.0M |
| Share repurchases & issuance (net) | −$4.80B | −$7.90B | −$3.73B | −$4.93B | −$4.78B | −$4.60B | −$4.01B | −$5.85B | −$4.53B | −$2.76B | −$3.58B | −$3.75B |
| Net borrowing (repayment) | −$69.0M | $3.00B | −$4.00B | $0 | $3.92B | $0 | $0 | $0 | — | — | — | — |
| Shares issued | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other financing | $3.0M | −$219.0M | $32.0M | $73.0M | $184.0M | $100.0M | −$294.0M | −$180.0M | $272.0M | −$56.0M | $261.0M | $99.0M |
| Cash from financing activities | −$6.14B | −$6.41B | −$8.99B | −$6.00B | −$1.83B | −$5.66B | −$5.47B | −$7.07B | −$5.31B | −$3.87B | −$4.38B | −$4.58B |
| Summary | ||||||||||||
| Net change in cash | $62.0M | −$4.47B | −$1.81B | −$673.0M | $5.30B | −$830.0M | $203.0M | $487.0M | $328.0M | −$688.0M | −$2.35B | $951.0M |
| Cash at end of period | $18.77B | $18.71B | $23.18B | $20.15B | $24.44B | $19.14B | $19.97B | $19.76B | $19.28B | $18.95B | $19.64B | $21.99B |
| Free cash flow | $6.14B | $2.62B | $6.40B | $5.85B | $6.31B | $4.37B | $5.05B | $6.36B | $4.73B | $4.26B | $3.35B | $6.62B |
| Free cash flow margin | 52.8% | 23.4% | 58.7% | 54.5% | 62.0% | 45.5% | 53.1% | 66.1% | 53.2% | 48.5% | 38.8% | 76.9% |
| Capex / revenue | 3.6% | 3.4% | 3.5% | 3.6% | 4.1% | 3.4% | 3.6% | 3.2% | 4.5% | 3.2% | 3.1% | 3.5% |
| Operating cash flow / net income | 1.16 | 0.50 | 1.16 | 1.23 | 1.28 | 1.03 | 1.05 | 1.25 | 1.05 | 0.97 | 0.74 | 1.48 |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported; data from EODHD.
V cash generation
In fiscal 2025 (ended September 30, 2025), Visa generated $23.1 billion of cash from operations (up 15.6%) and spent $1.5 billion on capital expenditures, leaving free cash flow of $21.6 billion, 53.9% of revenue. It returned $22.9 billion to shareholders through dividends ($4.6 billion) and net share buybacks ($18.3 billion). Cash and equivalents rose by $5.2 billion over the year.
Related: V income statement, V balance sheet, V dividend history. See the V stock overview for the latest quote and news.
V cash flow FAQ
What is Visa's free cash flow?
Visa's free cash flow was $21.6 billion in fiscal 2025: $23.1 billion of operating cash flow minus $1.5 billion of capital expenditures It was $18.7 billion a year earlier..
How much cash does Visa generate from operations?
Visa generated $23.1 billion of cash from operating activities in fiscal 2025, 1.15 times its net income of $20.1 billion.
How much does Visa spend on capital expenditures?
Visa spent $1.5 billion on capital expenditures in fiscal 2025, 3.7% of revenue, compared with $1.3 billion the year before.
How much stock does Visa buy back?
Visa spent $18.3 billion on net share repurchases in fiscal 2025.
How much does Visa pay in dividends?
Visa paid $4.6 billion in dividends in fiscal 2025, 21.5% of free cash flow.