Visa Inc. (V) Income Statement
V FY2025 at a glance
Fiscal year ended September 30, 2025 · U.S. dollarsV revenue and net income
Where V's revenue goes
FY2025Each bar shows an amount and its share of revenue. V kept 50.1% of revenue as net income.
V profit margins
V growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +11.3% | +10.9% | +12.9% | +11.2% |
| Gross profit | +11.3% | +10.9% | +13.1% | +11.0% |
| Operating income | +1.7% | +8.4% | +11.2% | +10.2% |
| Net income | +1.6% | +10.3% | +13.0% | +12.2% |
| EPS (diluted) | +14.1% | +15.2% | +17.9% | +16.5% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
V quarterly EPS vs estimates
Visa beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 27, 2026 (estimate $3.43).
V income statement
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $40.00B | $35.93B | $32.65B | $29.31B | $24.11B | $21.85B | $22.98B | $20.61B | $18.36B | $15.08B |
| Cost of revenue | $7.86B | $7.04B | $6.57B | $5.73B | $4.97B | $4.51B | $4.17B | $3.86B | $3.25B | $2.76B |
| Gross profit | $32.15B | $28.88B | $26.09B | $23.58B | $19.14B | $17.33B | $18.81B | $16.75B | $15.11B | $12.32B |
| Research & development | — | — | — | — | — | — | — | — | $285.0M | $259.0M |
| Sales, general & admin | $4.37B | $3.79B | $3.22B | $3.04B | $2.52B | $2.48B | $2.75B | $2.58B | $2.39B | $2.05B |
| Total operating expenses | $8.15B | $5.29B | $5.09B | $4.76B | $3.33B | $3.25B | $3.81B | $3.80B | $2.97B | $4.43B |
| Operating income | $23.99B | $23.59B | $21.00B | $18.81B | $15.80B | $14.08B | $15.00B | $12.95B | $12.14B | $7.88B |
| Interest income | $200.0M | $307.0M | $19.0M | $765.0M | $218.0M | $516.0M | $533.0M | $612.0M | $563.0M | $427.0M |
| Interest expense | $589.0M | $641.0M | $644.0M | $538.0M | $513.0M | $516.0M | $533.0M | $612.0M | $563.0M | $427.0M |
| Income before taxes | $24.19B | $23.92B | $21.04B | $18.14B | $16.06B | $13.79B | $14.88B | $12.81B | $11.69B | $8.01B |
| Income taxes | $4.14B | $4.17B | $3.76B | $3.18B | $3.75B | $2.92B | $2.80B | $2.50B | $5.00B | $2.02B |
| Net income | $20.06B | $19.74B | $17.27B | $14.96B | $12.31B | $10.87B | $12.08B | $10.30B | $6.70B | $5.99B |
| EBITDA | $26.00B | $25.59B | $22.62B | $19.54B | $17.38B | $15.07B | $16.07B | $14.03B | $12.72B | $8.94B |
| EPS (diluted) | $11.47 | $10.05 | $8.76 | $7.51 | $5.91 | $5.03 | $5.45 | $4.60 | $3.48 | $2.84 |
| Gross margin | 80.4% | 80.4% | 79.9% | 80.4% | 79.4% | 79.3% | 81.9% | 81.3% | 82.3% | 81.7% |
| Operating margin | 60.0% | 65.7% | 64.3% | 64.2% | 65.6% | 64.5% | 65.3% | 62.9% | 66.2% | 52.3% |
| Net margin | 50.1% | 55.0% | 52.9% | 51.0% | 51.1% | 49.7% | 52.6% | 50.0% | 36.5% | 39.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $11.63B | $11.23B | $10.90B | $10.72B | $10.17B | $9.59B | $9.51B | $9.62B | $8.90B | $8.78B | $8.63B | $8.61B |
| Cost of revenue | $2.74B | $2.10B | $2.00B | $1.98B | $1.97B | $1.88B | $2.02B | $1.82B | $1.77B | $2.04B | $1.66B | $1.70B |
| Gross profit | $8.89B | $9.13B | $8.90B | $8.74B | $8.20B | $7.71B | $7.49B | $7.80B | $7.13B | $6.73B | $6.97B | $6.91B |
| Sales, general & admin | $1.40B | $1.23B | $1.13B | $1.38B | $1.09B | $973.0M | $930.0M | $1.17B | $912.0M | $612.0M | $764.0M | $988.0M |
| Total operating expenses | $2.02B | $1.90B | $2.17B | $2.60B | $2.02B | $2.28B | $1.26B | $1.45B | $1.19B | $924.0M | $1.02B | $1.36B |
| Operating income | $6.88B | $7.23B | $6.74B | $6.15B | $6.18B | $5.43B | $6.23B | $6.35B | $5.94B | $5.35B | $5.95B | $5.55B |
| Interest income | — | — | $11.0M | $75.0M | $156.0M | $3.0M | $34.0M | $23.0M | — | — | — | — |
| Interest expense | $194.0M | $566.0M | $194.0M | $210.0M | $39.0M | $158.0M | $182.0M | $176.0M | $196.0M | $82.0M | $187.0M | $183.0M |
| Income before taxes | $6.83B | $7.17B | $6.73B | $6.22B | $6.33B | $5.44B | $6.20B | $6.37B | $5.99B | $5.51B | $6.04B | $5.64B |
| Income taxes | $1.21B | $1.15B | $873.0M | $1.13B | $1.06B | $861.0M | $1.08B | $1.05B | $1.12B | $850.0M | $1.15B | $955.0M |
| 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 |
| EBITDA | $7.21B | $7.90B | $7.25B | $6.75B | $6.69B | $5.90B | $6.66B | $6.82B | $6.45B | $6.06B | $6.48B | $6.07B |
| EPS (diluted) | $3.32 | $3.31 | $3.17 | $2.98 | $2.98 | $2.76 | $2.75 | $2.71 | $2.42 | $2.51 | $2.41 | $2.33 |
| Gross margin | 76.5% | 81.3% | 81.7% | 81.5% | 80.6% | 80.4% | 78.8% | 81.1% | 80.1% | 76.7% | 80.8% | 80.3% |
| Operating margin | 59.1% | 64.4% | 61.8% | 57.3% | 60.7% | 56.6% | 65.6% | 66.0% | 66.7% | 61.0% | 69.0% | 64.5% |
| Net margin | 48.4% | 53.6% | 53.7% | 47.5% | 51.8% | 47.7% | 53.8% | 55.3% | 54.7% | 53.1% | 56.6% | 54.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in V's financial statements (latest annual report filed November 6, 2025); data from EODHD. Sales, general & administrative expenses include sales and marketing.
V financial results
In fiscal year 2025 (ended September 30, 2025), Visa reported revenue of $40.0 billion, up 11.3% from the year before. It had net income of $20.1 billion (up 1.6%), a net profit margin of 50.1%. Diluted earnings per share came to $11.47. Over five years revenue grew at an average rate of 12.9% a year.
See the V stock overview for the latest quote and news, or the V chart for price history and technical indicators.
V income statement FAQ
What is Visa's annual revenue?
Visa reported total revenue of $40.0 billion for fiscal year 2025, which ended on September 30, 2025. That was up 11.3% from $35.9 billion the previous year.
Is Visa profitable?
Yes. Visa reported net income of $20.1 billion in fiscal 2025, a net profit margin of 50.1%; its operating margin was 60.0%.
What is Visa's gross margin?
Visa's gross margin was 80.4% in fiscal 2025: for every $100 of revenue, Visa kept $80 after the direct cost of its products and services.
How fast is Visa growing?
Revenue grew 12.9% a year on average over the last five fiscal years, from $21.8 billion to $40.0 billion.
What are Visa's earnings per share?
Visa earned $11.47 per diluted share in fiscal 2025, compared with $10.05 a year earlier.
When will Visa report its next earnings?
Visa is expected to report results for the quarter ending September 30, 2026 on October 27, 2026 after the market closes.
When does Visa's fiscal year end?
Visa's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on November 6, 2025.