Visa said net revenue for 2025 increased 11% over the prior year, citing growth in processed transactions, nominal cross-border volume and nominal payments volume as factors, partially offset by higher client incentives.

1. 01

   Visa said net revenue for 2025 increased 11% over the prior year, citing growth in processed transactions, nominal cross-border volume and nominal payments volume as factors, partially offset by higher client incentives.

2. 02

   The company said GAAP operating expenses for 2025 increased 30% over the prior year, citing higher litigation provision and personnel expenses as factors. It added that non-GAAP operating expenses increased 11%.

3. 03

   Visa said it recorded additional accruals of $2.2 billion related to interchange multidistrict litigation in 2025 and made additional deposits of $875 million into the U.S. litigation escrow account. The account balance was $3.0 billion as of September 30, 2025.

4. 04

   The company said it repurchased 54 million shares of class A common stock in the open market for $18.2 billion in 2025. As of September 30, 2025, the share repurchase program had remaining authorized funds of $24.9 billion, with total authorized funds of $30.0 billion approved in April 2025.

Key figures

Fiscal year ended September 30, 2025

Revenue

$40.0B

Operating income

$24.0B

Net income

$20.1B

Operating cash flow

$23.1B

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

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.