Visa(US:V)2025-04-29 22:07PART I. FINANCIAL INFORMATION This section covers Visa Inc.'s unaudited consolidated financial statements, management's analysis, market risks, and internal controls ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) This section presents Visa Inc.'s unaudited consolidated financial statements, including balance sheets, income, equity, cash flows, and key notes Consolidated Balance Sheets This section details Visa's financial position, presenting assets, liabilities, and equity at specific reporting dates | Metric | March 31, 2025 (in millions) | September 30, 2024 (in millions) | | :-------------------------------- | :----------------------------- | :------------------------------- | | Assets | | | | Total current assets | $32,934 | $34,033 | | Total assets | $92,853 | $94,511 | | Liabilities | | | | Total current liabilities | $30,381 | $26,517 | | Long-term debt | $16,814 | $20,836 | | Total liabilities | $54,823 | $55,374 | | Equity | | | | Total equity | $38,030 | $39,137 | | Total liabilities and equity | $92,853 | $94,511 | - Total assets decreased from $94,511 million as of September 30, 2024, to $92,853 million as of March 31, 2025. Total equity also decreased from $39,137 million to $38,030 million over the same period13 Consolidated Statements of Operations This section outlines Visa's financial performance, detailing revenues, expenses, operating income, and net income | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | Six Months Ended March 31, 2025 (in millions) | Six Months Ended March 31, 2024 (in millions) | | :-------------------------- | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Net revenue | $9,594 | $8,775 | $19,104 | $17,409 | | Total operating expenses | $4,159 | $3,421 | $7,435 | $6,101 | | Operating income | $5,435 | $5,354 | $11,669 | $11,308 | | Income before income taxes | $5,438 | $5,513 | $11,638 | $11,555 | | Net income | $4,577 | $4,663 | $9,696 | $9,553 | | Basic EPS (Class A) | $2.32 | $2.29 | $4.90 | $4.68 | | Diluted EPS (Class A) | $2.32 | $2.29 | $4.90 | $4.68 | - Net revenue increased by 9% for the three months ended March 31, 2025, and by 10% for the six months ended March 31, 2025, compared to the prior-year periods. However, net income slightly decreased by 2% for the three-month period but increased by 1% for the six-month period15 Consolidated Statements of Comprehensive Income This section presents Visa's comprehensive income, including net income and other comprehensive income (loss) components | Metric | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | Six Months Ended March 31, 2025 (in millions) | Six Months Ended March 31, 2024 (in millions) | | :-------------------------------- | :-------------------------------------------- | :-------------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Net income | $4,577 | $4,663 | $9,696 | $9,553 | | Other comprehensive income (loss) | $420 | $(343) | $(519) | $319 | | Comprehensive income | $4,997 | $4,320 | $9,177 | $9,872 | - Other comprehensive income (loss) significantly improved from a loss of $343 million in Q1 2024 to a gain of $420 million in Q1 2025, primarily driven by foreign currency translation adjustments. However, for the six-month period, it shifted from a gain of $319 million in 2024 to a loss of $519 million in 202517 Consolidated Statements of Changes in Equity This section details changes in Visa's total equity, including net income, dividends, share repurchases, and other equity adjustments | Metric | Three Months Ended March 31, 2025 (in millions) | Six Months Ended March 31, 2025 (in millions) | | :-------------------------------- | :-------------------------------------------- | :------------------------------------------ | | Balance as of December 31, 2024 / September 30, 2024 | $38,296 / $39,137 | $39,137 | | Net income | $4,577 | $9,696 | | Other comprehensive income (loss) | $420 | $(519) | | Cash dividends declared and paid | $(1,164) | $(2,334) | | Repurchases of class A common stock | $(4,473) | $(8,413) | | Balance as of March 31, 2025 | $38,030 | $38,030 | - Total equity decreased from $39,137 million as of September 30, 2024, to $38,030 million as of March 31, 2025, primarily due to significant share repurchases ($8.4 billion) and cash dividends paid ($2.3 billion) over the six-month period, partially offset by net income22 Consolidated Statements of Cash Flows This section presents Visa's cash inflows and outflows from operating, investing, and financing activities | Activity | Six Months Ended March 31, 2025 (in millions) | Six Months Ended March 31, 2024 (in millions) | | :--------------------------------------- | :------------------------------------------ | :------------------------------------------ | | Net cash provided by operating activities | $10,091 | $8,152 | | Net cash provided by (used in) investing activities | $660 | $(3,065) | | Net cash provided by (used in) financing activities | $(11,135) | $(8,253) | | Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | $(627) | $(3,042) | | Cash, cash equivalents, restricted cash and restricted cash equivalents as of end of period | $19,136 | $18,948 | - Net cash provided by operating activities increased significantly to $10,091 million for the six months ended March 31, 2025, from $8,152 million in the prior-year period. Investing activities shifted from a net cash outflow of $3,065 million to a net inflow of $660 million, primarily due to the absence of investment security purchases in the current period33126127 Note 1—Summary of Significant Accounting Policies This section outlines Visa's core business and the significant accounting policies used in preparing its financial statements - Visa Inc. is a global payments technology company facilitating commerce and money movement across over 200 countries, operating VisaNet for transaction processing services. The company is not a financial institution and does not issue cards or extend credit36 - The unaudited consolidated financial statements are prepared in accordance with U.S. GAAP and SEC requirements for Form 10-Q, including all normal recurring adjustments necessary for fair presentation373839 Note 2—Acquisitions This section details Visa's recent acquisition activities, including the purchase of Featurespace Limited - In December 2024, Visa acquired Featurespace Limited, an AI payments protection technology developer, for $946 million. Of this, $794 million was allocated to goodwill41103 Note 3—Revenue This section provides a detailed breakdown of Visa's revenue streams by category and geographic segment | Revenue Category | Three Months Ended March 31, 2025 (in millions) | Three Months Ended March 31, 2024 (in millions) | Six Months Ended March 31, 2025 (in millions) | Six Months Ended March 31,