Income StatementBalance SheetCash FlowBusiness Segments
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Visa Cash Flow Statement

Operating, investing, and financing cash movements

Visa generated $23.1B in operating cash flow over the trailing twelve months. After $1.5B in capital expenditures, free cash flow was $21.6B. Free cash flow increased 0.3% year-over-year. Based on the Q4 2025 filing.

Net Cash From Operating (TTM)$23.1BNet Cash From Investing (TTM)$708.0MNet Cash From Financing (TTM)-$19.0BCapital Expenditures (TTM)$1.5BDepreciation And Amortization (TTM)$1.2BNet Change In Cash (TTM)$5.2B
Latest FilingQ4 2025
Report Date2025-11-06
Market Cap$568.35B
P/E Ratio28.34

Investing

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Acquisitions, net of cash acquired—$906.0M$221.8M$221.8M$221.8M$221.8M
Capital expenditures—$345.0M$370.5M$370.5M$370.5M$370.5M
Net cash from investing activities—$790.0M$177.0M$177.0M$177.0M$177.0M
Other investing activities—-$5.0M-$30.3M-$30.3M-$30.3M-$30.3M
Proceeds from fixed maturity securities—$2.0B$756.0M$756.0M$756.0M$756.0M
Purchases of investments—$6.0M$17.0M$17.0M$17.0M$17.0M

Operating

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Change in accounts payable—-$54.0M$16.8M$16.8M$16.8M$16.8M
Change in accounts receivable—$64.0M$135.5M$135.5M$135.5M$135.5M
Change in accrued liabilities—-$303.0M————
Change in other assets—$10.0M-$40.0M-$40.0M-$40.0M-$40.0M
Other working capital changes—-$186.0M-$13.0M-$13.0M-$13.0M-$13.0M
Deferred income taxes—$38.0M$38.0M$38.0M$38.0M$38.0M
Depreciation and amortization$247.0M$282.0M$305.0M$317.0M$282.0M$316.0M
Net gains (losses) on investments—-$75.0M-$21.8M-$21.8M-$21.8M-$21.8M
Net cash from operating activities—$5.4B$5.8B$5.8B$5.8B$5.8B
Net income$4.9B$5.1B$4.6B$5.3B$5.1B$5.1B
Stock-based compensation—$224.0M$224.3M$224.3M$224.3M$224.3M
Change in Accrued Litigation—-$72.0M$325.8M$325.8M$325.8M$325.8M
Change in Client Incentives Liability—$3.6B$3.8B$3.8B$3.8B$3.8B
Change in Settlement Payable—-$673.0M-$211.8M-$211.8M-$211.8M-$211.8M
Change in Settlement Receivable—-$657.0M-$93.5M-$93.5M-$93.5M-$93.5M
Client Incentives (Non-cash)—$3.8B$3.9B$3.9B$3.9B$3.9B
Other Non-cash Income (Expense)—-$56.0M-$23.5M-$23.5M-$23.5M-$23.5M
VE Territory Covered Losses—-$27.0M-$7.0M-$7.0M-$7.0M-$7.0M

Financing

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Proceeds from issuance of debt$0.0$0.0$981.0M$981.0M$981.0M$981.0M
Dividends paid—$1.2B$1.2B$1.2B$1.2B$1.2B
Net cash from financing activities—-$5.5B-$4.7B-$4.7B-$4.7B-$4.7B
Proceeds from issuance of common stock—$127.0M$99.0M$99.0M$99.0M$99.0M
Repurchases of common stock—$4.0B$4.6B$4.6B$4.6B$4.6B
Taxes paid for net share settlement—$235.0M$70.3M$70.3M$70.3M$70.3M

Other

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Effect of exchange rate changes on cash—-$508.0M$105.0M$105.0M$105.0M$105.0M
Net increase (decrease) in cash—$203.0M$1.3B$1.3B$1.3B$1.3B

Supplemental

MetricQ3 '24Q4 '24Q1 '25Q2 '25Q3 '25Q4 '25
Income taxes paid—$1.2B$1.1B$1.1B$1.1B$1.1B
Interest paid—$213.0M$146.8M$146.8M$146.8M$146.8M
Accrued Capital Expenditures—$40.0M$14.8M$14.8M$14.8M$14.8M

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