Explain this page
Arphra AIPlain-English read on Visa Inc.’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $24.11B | $29.31B | $32.65B | $35.93B | $40B | $45.54B | $50.37B | $55.53B | $61.99B |
| Cost of revenue | $4.97B | $5.73B | $6.57B | $7.04B | $7.86B | $9.15B | $10.2B | $10.74B | $12.14B |
| Gross profit | $19.14B | $23.58B | $26.09B | $28.88B | $32.15B | $35.71B | $39.94B | $45.1B | $50.1B |
| Gross margin | +79.38% | +80.44% | +79.89% | +80.40% | +80.36% | +78.41% | +79.30% | +81.22% | +80.82% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $2.52B | $3.04B | $3.22B | $3.79B | $4.37B | $4.9B | $5.25B | $5.93B | $6.43B |
| Total operating expenses | $3.33B | $4.76B | $5.09B | $5.29B | $8.15B | $7.55B | $8.33B | $9.48B | $10.41B |
| Operating income | $15.8B | $18.81B | $21B | $23.6B | $23.99B | $28.89B | $31.87B | $36.07B | $40.26B |
| Operating margin | +65.56% | +64.19% | +64.31% | +65.68% | +59.98% | +63.44% | +63.28% | +64.96% | +64.94% |
| EBITDA | $17.38B | $19.54B | $22.62B | $25.59B | $26B | $31.41B | $34.62B | $37.08B | $42.47B |
| EBIT | $16.58B | $18.67B | $21.68B | $24.56B | $24.78B | $29.04B | $33.55B | $35.89B | $40.9B |
| Below the line | |||||||||
| Interest expense | $513M | $538M | $644M | $641M | $589M | $812.98M | $875.58M | $945.42M | $1.1B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $259M | -$677M | $37M | $321M | $200M | — | — | — | — |
| Pre-tax income | $16.06B | $18.14B | $21.04B | $23.92B | $24.19B | $29.7B | $32.39B | $34.89B | $38.89B |
| Income tax expense | $3.75B | $3.18B | $3.76B | $4.17B | $4.14B | $4.98B | $5.66B | $6.01B | $6.92B |
| Earnings | |||||||||
| Net income | $12.31B | $14.96B | $17.27B | $19.74B | $20.06B | $24.21B | $26.07B | $29B | $32.51B |
| Net income · continuing ops | $12.31B | $14.96B | $17.27B | $19.74B | $20.06B | $23.5B | $26.98B | $29.57B | $33.59B |
| Net margin | +51.07% | +51.03% | +52.90% | +54.95% | +50.14% | +53.17% | +51.77% | +52.23% | +52.44% |
| EPS · basic | $5.63 | $7.01 | $8.29 | $9.74 | $10.22 | $13.15 | $15.11 | $16.67 | $19.47 |
| EPS · diluted | $5.63 | $7.00 | $8.28 | $9.73 | $10.20 | $13.15 | $14.90 | $16.83 | $19.35 |
| EPS · low estimate | — | — | — | — | — | $12.78 | $14.49 | $16.01 | $18.75 |
| EPS · high estimate | — | — | — | — | — | $13.32 | $15.19 | $17.97 | $19.77 |
| Shares · basic | 2.13B | 2.14B | 2.09B | 2B | 1.94B | 1.94B | 1.95B | 1.96B | 1.92B |
| Shares · diluted | 2.19B | 2.14B | 2.09B | 2.03B | 1.97B | 1.98B | 1.96B | 1.96B | 1.96B |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 27 | 28 | 24 | 12 |
| Analysts (EPS) | — | — | — | — | — | 24 | 25 | 15 | 9 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
Full income statement, balance sheet, and cash-flow history is included with Pro.
Upgrade to Pro