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Annual Report 2023

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Year-end financial highlights

Fiscal Year 2023 Key Statistics

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

2021 2022 2023
Total volume2 $13.0T $14.1T $14.8T
Payments volume2 $10.4T $11.6T $12.3T
Transactions processed on Visa’s networks 164.7B 192.5B 212.6B
Cards3 3.7B 4.0B 4.3B
Financial Highlights (GAAP) In millions (except per share data)

FY 2021 FY 2022 FY 2023
Net revenues $24,105 $29,310 $32,653
Operating expenses $8,301 $10,497 $11,653
Net income $12,311 $14,957 $17,273
Diluted class A common stock earnings per share $5.63 $7.00 $8.28
Financial Highlights (Non-GAAP)1 In millions (except per share data)

FY 2021 FY 2022 FY 2023
Net revenues $24,105 $29,310 $32,653
Operating expenses $8,077 $9,387 $10,481
Net income $12,933 $16,034 $18,280
Diluted class A common stock earnings per share $5.91 $7.50 $8.77

Stock Performance

The accompanying graph and chart compare the cumulative total return on Visa’s class A common stock with the cumulative total return on Standard & Poor’s 500 Index and Standard & Poor’s 500 Data Processing Index from September 30, 2018 through September 30, 2023. The comparison assumes $100 was invested on September 30, 2018, and that dividends were reinvested. There is currently no established public trading market for Visa Inc.’s class B and class C common stock.

Base period Indexed Returns (Fiscal Year Ended)
Company/Index 9/30/18 9/30/19 9/30/20 9/30/21 9/30/22 9/30/23
Visa Inc. $100 $115 $135 $151 $121 $159
S&P 500 Index $100 $104 $120 $156 $132 $160
S&P 500 Data Processing Index $100 $117 $143 $161 $116 $170

Revenue Details

Net revenues consist of service revenues, data processing revenues, international transaction revenues and other revenues, minus client incentives.

Visa Revenue Details
1.

For further discussion and a reconciliation of our GAAP to non-GAAP financial measures presented, please see Item 7–Management’s Discussion and Analysis of Financial Condition and Results of Operations – Overview – Non-GAAP financial results in this Annual Report.

2.

Total volume is the sum of payments volume and cash volume. Payments volume represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume. 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 this Annual Report.

3.

These figures represent data at June 30, 2021, June 30, 2022 and June 30, 2023.

4.

Figure may not recalculate exactly due to rounding.

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