Year-end financial highlights

Fiscal Year 2019 Key Statistics

Operational Highlights 12 months ended September 30 (except where noted)

2017 2018 2019
Total volume, including payments and cash volume1 $10.3 T $11.3 T $11.6 T
Payments volume1 $7.4 T $8.3 T $8.8 T
Transactions processed on Visa’s networks 111.2 B 124.3 B 138.3 B
Cards2 3.2 B 3.3 B 3.4 B
Financial Highlights (GAAP) In millions (except for per share data)

FY 2017 FY 2018 FY 2019
Net revenues $18,358 $20,609 $22,977
Operating expenses $6,214 $7,655 $7,976
Operating income $12,144 $12,954 $15,001
Net income $6,699 $10,301 $12,080
Stockholders' equity $32,760 $34,006 $34,684
Diluted class A common stock earnings per share $2.80 $4.42 $5.32
Financial Highlights (Non-GAAP)3 In millions (except for per share data)

FY 2017 FY 2018 FY 2019
Net revenues $18,358 $20,609 $22,977
Operating expenses $6,022 $6,860 $7,606
Operating income $12,336 $13,749 $15,371
Net income $8,335 $10,729 $12,367
Diluted class A common stock earnings per share $3.48 $4.61 $5.44

Stock Performance

The accompanying graph and chart compares the cumulative total return on Visa’s common stock with the cumulative total return on Standard & Poor’s 500 Index and the Standard & Poor’s 500 Data Processing Index from September 30, 2014 through September 30, 2019. The comparison assumes $100 was invested on September 30, 2014, and that dividends were reinvested. Visa Inc.’s class B and C common stock are not publicly traded or listed on any exchange or dealer quotation system.


Base period Indexed Returns (Fiscal Year Ended)
Company/Index 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18 9/30/19
Visa Inc. $100 $132 $157 $202 $289 $334
S&P 500 Index $100 $99 $115 $136 $160 $167
S&P 500 Data Processing Index $100 $119 $139 $182 $258 $303

Revenue Details

Net revenues consist of service revenues, data processing revenues, international transaction revenues, and other revenues minus costs incurred under client incentive arrangements. We have one reportable segment, which is Payment Services.

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1

Total volume is the sum of payments volume and cash volume. Payments volume is the total monetary value of transactions for goods and services that are purchased on cards carrying the Visa, Visa Electron, Interlink and V PAY brands. During fiscal year 2019, Visa updated the definition of payments volume to now include all disbursement volume related to Visa Direct, in addition to the funding volume previously included. All prior periods presented have been adjusted accordingly. Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks. For further discussion, see Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview - Payments volume and processed transactions in the Annual Report.

2

These figures represent data at June 30, 2019, June 30, 2018 and June 30, 2017.

3

For further discussion of fiscal years 2019, 2018 and 2017 non-GAAP operating expenses, operating income, net income and diluted earnings per share, see Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Overview - non-GAAP financial results in the Annual Report.

4

Figures in the tables may not recalculate exactly due to rounding.

5

Please see Note 3—Revenues to our consolidated financial statements included in Item 8. Financial Statements and Supplementary Data in the annual report for the impact of the new revenue standard.