Visa said net revenues for the three months ended December 31, 2023 rose 9% from the prior-year period, the company cited growth in nominal cross-border volume, processed transactions and nominal payments volume as the main drivers, partly offset by higher client incentives.

10-QQuarterly reportFiled Jan 26, 2024Period of report Dec 31, 2023Summary published (UTC) Oct 24, 2026

Key points

AI summary

Visa said net revenues for the three months ended December 31, 2023 rose 9% from the prior-year period, the company cited growth in nominal cross-border volume, processed transactions and nominal payments volume as the main drivers, partly offset by higher client incentives.
The company said GAAP operating expenses for the same quarter fell 6% from the prior-year period, mainly due to a lower litigation provision, partly offset by higher personnel expenses. Non-GAAP operating expenses rose 7%.
The company repurchased 15 million shares of class A common stock in the open market for $3.6 billion in the 3 months ended December 31, 2023, and it had $26.4 billion in remaining authorized funds as of that date. It also acquired Pismo for $1.0 billion in cash on January 16, 2024.
Visa said operating cash flow for the 3 months ended December 31, 2023 was lower than in the prior-year period. The company attributed the decline mainly to higher incentive payments and higher litigation payments, which it said were partly offset by growth in its underlying business.

Key figures

Quarter ended December 31, 2023

Revenue: $8.6B
Operating income: $6.0B
Net income: $4.9B
Operating cash flow: $3.6B

From the XBRL financial data filed with the SEC · not processed by AI.

Summary

AI-written

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

Quarterly net revenues up 9%

Visa said net revenues for the three months ended December 31, 2023 rose 9% from the prior-year period, the company cited growth in nominal cross-border volume, processed transactions and nominal payments volume as the main drivers, partly offset by higher client incentives.

Source · Based on the MD&A text of the filing

GAAP operating expenses down 6%

The company said GAAP operating expenses for the same quarter fell 6% from the prior-year period, mainly due to a lower litigation provision, partly offset by higher personnel expenses. Non-GAAP operating expenses rose 7%.

Source · Based on the MD&A text of the filing

Share repurchases and Pismo acquisition

The company repurchased 15 million shares of class A common stock in the open market for $3.6 billion in the 3 months ended December 31, 2023, and it had $26.4 billion in remaining authorized funds as of that date. It also acquired Pismo for $1.0 billion in cash on January 16, 2024.

Source · Based on the MD&A text of the filing

Operating cash flow decline explained

Visa said operating cash flow for the 3 months ended December 31, 2023 was lower than in the prior-year period. The company attributed the decline mainly to higher incentive payments and higher litigation payments, which it said were partly offset by growth in its underlying business.

Source · Based on the MD&A text of the filing

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

The filing as submitted to SEC EDGAR. You can check the figures and statements of this summary against it.

View the original filing on SEC EDGAR ↗

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