Year-end financial highlights

Fiscal Year 2020 Key Statistics

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

2018 2019 2020
Total volume, including payments and cash volume1 $11.3T $11.6T $11.3T
Payments volume1 $8.3T $8.8T $8.8T
Transactions processed on Visa’s networks 124.3B 138.3B 140.8B
Cards2 3.3B 3.4B 3.5B
Financial Highlights (GAAP) In millions (except for per share data)

FY 2018 FY 2019 FY 2020
Net revenues $20,609 $22,977 $21,846
Operating expenses $7,655 $7,976 $7,765
Operating income $12,954 $15,001 $14,081
Net income $10,301 $12,080 $10,866
Stockholders' equity $34,006 $34,684 $36,210
Diluted class A common stock earnings per share $4.42 $5.32 $4.89
Financial Highlights (Non-GAAP)3 In millions (except for per share data)

FY 2018 FY 2019 FY 2020
Net revenues $20,609 $22,977 $21,846
Operating expenses $6,860 $7,596 $7,702
Operating income $13,749 $15,381 $14,144
Net income $10,656 $12,274 $11,193
Diluted class A common stock earnings per share $4.58 $5.40 $5.04

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 9/30/15 9/30/16 9/30/17 9/30/18 9/30/19 9/30/20
Visa Inc. $100 $120 $153 $220 $254 $297
S&P 500 Index $100 $115 $137 $161 $168 $194
S&P 500 Data Processing Index $100 $117 $153 $217 $254 $311

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 Visa-branded cards and payment products. 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 - Nominal payments volume and transaction counts in this Annual Report.

2.

These figures represent data at June 30, 2020, June 30, 2019 and June 30, 2018.

3.

For further discussion of fiscal years 2020, 2019 and 2018 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 - Financial results in this Annual Report.

4.

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