At a glance
Visa Inc. is worth $807.62B, about 40 times its fiscal 2025 earnings. Revenue grew 11.3% to $40.00B in fiscal 2025, with 50.1% kept as profit; over 5 years it has grown 12.9% a year. It pays a 0.63% dividend yield, raised every year for at least 8 years, and returned $86.00B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +25.9% over the past year with dividends reinvested and +16.1% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 36.4% in the 2020 crash (S&P 500: 33.7%) and 24.1% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 6 months after the lows.
The business in plain English
Visa runs VisaNet, a global network that passes payment data and money between four parties: the shopper, the shopper's bank (the issuer), the seller, and the seller's bank or processor (the acquirer). When someone pays with a Visa card, Visa sends the request to the issuer for approval, called authorization. It then handles clearing and settlement, the steps that total up and move the funds. Visa is not a financial institution. It does not issue cards, lend money or set cardholders' interest rates and fees, and it bears no credit risk on those accounts.
In fiscal 2025, which ended September 30, 2025, 329 billion transactions carried the Visa brand, and Visa processed 258 billion of them. Payments and cash volume totaled $17 trillion. Nearly 14,500 financial institutions use Visa to offer credit, debit and prepaid cards. Visa charges these clients service fees based on their use of its payment services, data processing fees for handling transactions, and international transaction fees for cross-border payments and currency conversion. It also earns fees for extras such as fraud tools, licensing and consulting. It pays incentives to banks and sellers to win business, and those incentives reduce revenue.
Net revenue was $40.0 billion. International business supplied 60.9% ($24.4 billion) and the US 39.1% ($15.6 billion).
Price history
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V +25.9% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By geography
| International | $24.37B | 60.9% |
| UNITED STATES | $15.63B | 39.1% |
Latest results
- In Q3 FY2026 (ended Jun 30, 2026), revenue was $11.63B, up 14.4% from a year earlier, and net income was $5.63B (+6.8%).
- For fiscal 2025, revenue was $40.00B (+11.3% year over year; +12.9% a year from FY2020 to FY2025) with a 50.1% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +12.9% good |
|---|---|
| Operating margin | 60% good |
| Free cash flow margin | 53.9% good |
| Return on equity (FY2025) | 52.9% good |
| Return on assets (FY2025) | 20.1% good |
| Net cash (cash minus debt) | $-11.35B watch |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $21.85B | $10.87B | $9.70B |
| FY2021 | $24.11B | $12.31B | $14.52B |
| FY2022 | $29.31B | $14.96B | $17.88B |
| FY2023 | $32.65B | $17.27B | $19.70B |
| FY2024 | $35.93B | $19.74B | $18.69B |
| FY2025 | $40.00B | $20.06B | $21.58B |
Valuation snapshot
| Market value | $807.62B |
|---|---|
| P/E ratio | 40.3 |
| Dividend yield | 0.63% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| V price data to Nov 2, 2026 | +22.1% | +25.9% | +21.4% | +16.1% | +18.9% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +22.1% |
| 2025 | +11.8% |
| 2024 | +22.3% |
| 2023 | +26.3% |
| 2022 | -3.4% |
| 2021 | -0.3% |
| 2020 | +17.1% |
| 2019 | +43.3% |
| 2018 | +16.5% |
| 2017 | +47.2% |
| 2016 | +1.4% |
| 2015 | +19.1% |
| 2014 | +18.6% |
| 2013 | +48.1% |
| 2012 | +50.7% |
| 2011 | +45.4% |
| 2010 | -19.0% |
| 2009 | +67.9% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 36.4% over that stretch · deepest drop along the way 36.4%, back to its old high 5.2 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 19.1% over that stretch · deepest drop along the way 24.1%, back to its old high 6.4 months after the low |
Insider activity
Form 4 filings from 2025-11-03 to 2026-11-03 (25 read): 0 open-market purchases and 16 sales ($61.6M), 10 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Jul 30, 2026 | Tullier Kelly Mahon VICE CHAIR, CHF PPL & CORP AFF | sell | $13.6M |
| Apr 29, 2026 | Ryan Mcinerney Chief Executive Officer, Director | sell (plan) | $10.7M |
| Jul 30, 2026 | Tullier Kelly Mahon VICE CHAIR, CHF PPL & CORP AFF | sell | $7.3M |
| Jun 29, 2026 | Ryan Mcinerney Chief Executive Officer, Director | sell (plan) | $7.1M |
| Aug 21, 2026 | Rajat Taneja PRESIDENT, TECHNOLOGY | sell | $6.7M |
Who owns it
Large shareholders (13G filings)
| Vanguard Capital Management | 7.35% | Mar 31, 2026 |
ETFs with the most weight in V
| IYG iShares U.S. Financial Services ETF | 9.96% |
| IYJ iShares U.S. Industrials ETF | 9.2% |
| XLF Financial Select Sector SPDR Fund | 8.64% |
| FNCL Fidelity MSCI Financials Index ETF | 7.62% |
| USSE Segall Bryant & Hamill Select Equity ETF | 7.03% |
| IPAY Amplify Mobile Payments ETF | 6.62% |
| FDFF Fidelity Disruptive Finance ETF | 6.43% |
| TOLL Tema Monopolies and Oligopolies ETF | 6.03% |
What could go wrong
- Fee and routing rules could cut revenue. Interchange, the fee sellers' banks pay card issuers, mostly isn't Visa's revenue but shapes its volume. If upheld, a 2025 court ruling could bring a lower US debit cap. Congress may revisit credit card routing.
- Merchant pushback and lawsuits. Sellers and processors keep pushing to lower the cost of accepting cards and to challenge industry practices. Visa also faces lawsuits and investigations whose outcomes could be costly.
- Covering clients' unpaid settlements. Settlement losses arise when a client can't pay what it owes on Visa transactions. Visa has agreed to cover them, which could mean significant losses and less cash on hand.
- Limited access to China and India. Government rules on international payment networks may keep Visa from competing fully in some countries, including large markets such as China and India. Visa's own estimate of its consumer spending opportunity excludes Russia and China.
- Competition and fast-changing payment technology. Competition is intense, including from direct bank-to-bank and real-time payments. If Visa fails to keep pace with new technology, or other companies push its brand out of view, growth could slow.
- Outages or cyberattacks on VisaNet. Visa processed 258 billion transactions on its own network in fiscal 2025. An outage, cyberattack or data breach could disrupt payments and damage trust in the Visa brand.
Recent events
- Quarterly results released; Other company announcement
- Other company announcement
- Quarterly results released; Other company announcement
- Bylaws or fiscal year changed
- Other company announcement
- Major agreement signed; Other company announcement
- Investor presentation or announcement
- Quarterly results released; Other company announcement
- Other company announcement
- Investor presentation or announcement
For income and retirement investors
Visa's dividend is small: the yield was 0.65% as of October 30, 2026, so a holding supplies little income to live on. Visa has raised its dividend at least eight years in a row through fiscal 2025. Dividends per share grew about 14.5% a year from fiscal 2020 to 2025. Dividends used just 23.1% of fiscal 2025 earnings and 21.5% of free cash flow (cash left after running and investing in the business). Visa returns far more by buying back its own shares: $67.4 billion from fiscal 2021 through 2025, against $18.6 billion in dividends.
In the 2020 COVID crash, the shares fell 36.4% from February 19 to March 23, 2020, and recovered by August 28. In the 2022 downturn they fell 24.1% from peak to low and recovered by April 2023. The deepest drop in 18.6 years of price history through October 30, 2026, was 51.9%. A single stock carries more risk than a diversified fund.
Questions investors ask
How does Visa make money?
Visa makes money by charging banks and payment processors fees to use its network, not by lending to cardholders. Its main sources are service fees based on clients' use of Visa payment services, data processing fees for authorizing, clearing and settling transactions, and international transaction fees for cross-border payments and currency conversion. It also earns licensing and advisory fees. Incentives it pays to banks and sellers to win business reduce revenue. Net revenue was $40.0 billion in fiscal 2025, which ended September 30, 2025.
Does Visa issue credit cards or lend money?
No. Visa is not a financial institution. It does not issue cards, extend credit or set the interest rates and fees cardholders pay, and it bears no credit risk on card balances. Nearly 14,500 financial institutions use Visa to offer credit, debit and prepaid cards. Visa runs the network that connects those banks with sellers and the sellers' banks. It does carry one related risk: it has agreed to cover certain settlement losses if a client fails to pay what it owes on Visa transactions.
Does Visa raise its dividend every year?
Yes, so far. Visa has raised its dividend at least eight fiscal years in a row through fiscal 2025, and the true streak may be longer. Dividends per share grew about 14.5% a year from fiscal 2020 to 2025. The yield was a small 0.65% as of October 30, 2026. Dividends took 23.1% of fiscal 2025 earnings. Visa spent far more buying back its own shares: $18.3 billion in fiscal 2025, against $4.6 billion in dividends. Past increases do not guarantee future ones.
How much of Visa's revenue comes from outside the US?
About 61%. In fiscal 2025, Visa earned $24.4 billion of its $40.0 billion in net revenue, or 60.9%, from international business and $15.6 billion, or 39.1%, from the United States. Its network reaches more than 200 countries and territories. As of June 30, 2025, Visa credentials could be used at more than 175 million merchant locations. Some large markets are harder to enter: government rules may keep Visa from competing fully in China and India.
How has Visa stock performed over the long term?
Its share price has risen sharply over the past decade, with some steep drops. As of October 30, 2026, the price-based return was about 18.4% a year over 10 years (440% in total) and 15.2% a year over five years. The shares fell 36.4% in the 2020 COVID crash and 24.1% in the 2022 downturn, and recovered by August 2020 and April 2023. On October 30, 2026, the price was 39.1 times fiscal 2025 earnings, a measure called the price-to-earnings (P/E) ratio. Past returns do not predict future ones.