Financials Visa, Inc.

Equities

V

US92826C8394

Business Support Services

Market Closed - Nyse Other stock markets 16:00:02 2026-01-16 EST			5-day change	1st Jan Change
328.30 ^USD	+0.17%		-6.14%	-6.39%

01-17	How can a stock fall despite strong results?
01-15	PRESS DIGEST-Financial Times - January 16	RE

Projected Income Statement: Visa, Inc.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net sales ¹	24,105	29,310	32,653	35,926	40,000	44,454	48,881	53,689
Change	-	21.59%	11.41%	10.02%	11.34%	11.13%	9.96%	9.84%
EBITDA ¹	16,608	19,674	21,943	25,351	28,314	31,261	34,372	38,051
Change	-	18.46%	11.53%	15.53%	11.69%	10.41%	9.95%	10.7%
EBIT ¹	15,804	18,813	21,000	24,317	27,094	30,079	33,250	36,584
Change	-	19.04%	11.62%	15.8%	11.42%	11.02%	10.54%	10.03%
Interest Paid ¹	-513	-538	-644	-641	-589	-755.1	-785.9	-825.5
Earnings before Tax (EBT) ¹	16,063	18,136	21,037	23,916	24,194	29,932	33,216	36,679
Change	-	12.91%	16%	13.69%	1.16%	23.72%	10.97%	10.43%
Net income ¹	12,311	14,957	17,273	19,743	20,058	24,318	26,749	29,436
Change	-	21.49%	15.48%	14.3%	1.6%	21.24%	9.99%	10.05%
Announcement Date	10/26/21	10/25/22	10/24/23	10/29/24	10/28/25	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2021 Q1	2021 Q2	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2	2026 Q3	2026 Q4	2027 Q1	2027 Q2	2027 Q3	2027 Q4
Net sales ¹	5,687	5,729	6,130	6,559	7,059	7,189	7,275	7,787	7,936	7,985	8,123	8,609	8,634	8,775	8,900	9,617	9,510	9,594	10,172	10,724	10,691	10,720	11,141	11,891	11,795	11,737	12,255	13,071
Change	-	0.74%	7%	7%	7.62%	1.84%	1.2%	7.04%	1.91%	0.62%	1.73%	5.98%	0.29%	1.63%	1.42%	8.06%	-1.11%	0.88%	6.02%	5.43%	-0.31%	0.27%	3.93%	6.73%	-0.81%	-0.49%	4.42%	6.66%
EBITDA ¹	4,041	3,782	4,268	4,517	4,974	5,009	4,378	5,313	5,317	5,570	5,259	5,797	6,262	6,153	6,237	6,699	6,875	6,828	7,182	7,429	7,704	7,563	7,767	8,294	8,540	8,366	8,608	9,168
Change	-	-6.41%	12.85%	5.83%	10.12%	0.7%	-12.6%	21.36%	0.08%	4.76%	-5.58%	10.23%	8.02%	-1.74%	1.37%	7.41%	2.63%	-0.68%	5.18%	3.44%	3.7%	-1.84%	2.7%	6.78%	2.97%	-2.03%	2.88%	6.51%
EBIT ¹	3,844	3,581	4,064	4,315	4,776	4,802	4,148	5,087	5,090	5,336	5,024	5,550	6,015	5,904	5,973	6,425	6,593	6,523	6,865	7,113	7,421	7,258	7,469	7,988	8,194	8,011	8,289	8,840
Change	-	-6.84%	13.49%	6.18%	10.68%	0.54%	-13.62%	22.64%	0.06%	4.83%	-5.85%	10.47%	8.38%	-1.85%	1.17%	7.57%	2.61%	-1.06%	5.24%	3.61%	4.34%	-2.2%	2.9%	6.96%	2.57%	-2.23%	3.48%	6.65%
Charge d'intérêts ¹	-136	-121	-131	-125	-134	-134	-111	-159	-137	-142	-182	-183	-187	-82	-196	-176	-182	-158	-39	-210	-189.9	-189.1	-188.4	-187.6	-169	-169	-169	-169
Earnings before Tax (EBT) ¹	3,748	3,628	4,389	4,298	4,897	4,542	3,829	4,868	4,977	5,278	5,146	5,636	6,042	5,513	5,989	6,372	6,200	5,438	6,333	6,223	7,406	7,199	7,398	7,945	8,180	7,950	8,204	8,792
Change	-	-3.2%	20.98%	-2.07%	13.94%	-7.25%	-15.7%	27.14%	2.24%	6.05%	-2.5%	9.52%	7.2%	-8.76%	8.63%	6.4%	-2.7%	-12.29%	16.46%	-1.74%	19.01%	-2.79%	2.76%	7.39%	2.96%	-2.81%	3.19%	7.16%
Net income ¹	3,126	3,026	2,575	3,584	3,959	3,647	3,411	3,940	4,179	4,257	4,156	4,681	4,890	4,663	4,872	5,318	5,119	4,577	5,272	5,090	6,062	5,865	6,011	6,460	6,642	6,481	6,661	7,136
Change	-	-3.2%	-14.9%	39.18%	10.46%	-7.88%	-6.47%	15.51%	6.07%	1.87%	-2.37%	12.63%	4.46%	-4.64%	4.48%	9.15%	-3.74%	-10.59%	15.18%	-3.45%	19.1%	-3.25%	2.49%	7.46%	2.82%	-2.43%	2.79%	7.12%
Announcement Date	1/28/21	4/27/21	7/27/21	10/26/21	1/27/22	4/26/22	7/26/22	10/25/22	1/26/23	4/25/23	7/25/23	10/24/23	1/25/24	4/23/24	7/23/24	10/29/24	1/30/25	4/29/25	7/29/25	10/28/25	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Visa, Inc.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Net Debt ¹	760	3,928	335	5,661	6,174	7,591	-13.2	-1,089
Change	-	416.84%	-91.47%	1,589.85%	9.06%	22.95%	-100.17%	-8,150%
Announcement Date	10/26/21	10/25/22	10/24/23	10/29/24	10/28/25	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Visa, Inc.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
CAPEX ¹	705	970	1,059	1,257	1,482	1,540	1,663	1,700
Change	-	37.59%	9.18%	18.7%	17.9%	3.92%	7.95%	2.24%
Free Cash Flow (FCF) ¹	14,522	17,879	19,696	18,693	21,577	25,405	27,858	30,668
Change	-	23.12%	10.16%	-5.09%	15.43%	17.74%	9.66%	10.09%
Announcement Date	10/26/21	10/25/22	10/24/23	10/29/24	10/28/25	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Visa, Inc.

Fiscal Period: September	2021	2022	2023	2024	2025	2026	2027	2028
Profitability
EBITDA Margin (%)	68.9%	67.12%	67.2%	70.56%	70.78%	70.32%	70.32%	70.87%
EBIT Margin (%)	65.56%	64.19%	64.31%	67.69%	67.74%	67.66%	68.02%	68.14%
EBT Margin (%)	66.64%	61.88%	64.43%	66.57%	60.48%	67.33%	67.95%	68.32%
Net margin (%)	51.07%	51.03%	52.9%	54.95%	50.14%	54.71%	54.72%	54.83%
FCF margin (%)	60.24%	61%	60.32%	52.03%	53.94%	57.15%	56.99%	57.12%
FCF / Net Income (%)	117.96%	119.54%	114.03%	94.68%	107.57%	104.47%	104.15%	104.18%
Profitability
ROA	15.03%	17.76%	19.63%	21.34%	20.66%	24.17%	25.39%	26.82%
ROE	33.36%	40.88%	46.49%	50.71%	52.07%	64.05%	68.11%	76.54%
Financial Health
Leverage (Debt/EBITDA)	0.05x	0.2x	0.02x	0.22x	0.22x	0.24x	-	-
Debt / Free cash flow	0.05x	0.22x	0.02x	0.3x	0.29x	0.3x	-	-
Capital Intensity
CAPEX / Current Assets (%)	2.92%	3.31%	3.24%	3.5%	3.7%	3.46%	3.4%	3.17%
CAPEX / EBITDA (%)	4.24%	4.93%	4.83%	4.96%	5.23%	4.93%	4.84%	4.47%
CAPEX / FCF (%)	4.85%	5.43%	5.38%	6.72%	6.87%	6.06%	5.97%	5.54%
Items per share
Cash flow per share ¹	6.96	8.824	9.954	9.832	11.73	15.05	16.38	18.25
Change	-	26.79%	12.81%	-1.23%	19.29%	28.35%	8.79%	11.44%
Dividend per Share ¹	1.335	1.575	1.87	2.08	2.44	2.651	2.926	3.217
Change	-	17.98%	18.73%	11.23%	17.31%	8.64%	10.38%	9.94%
Book Value Per Share ¹	22.41	16.66	18.58	19.29	19.28	20.9	22.95	24.59
Change	-	-25.67%	11.52%	3.83%	-0.03%	8.39%	9.79%	7.17%
EPS ¹	5.63	7	8.28	9.73	10.2	12.66	14.26	16.1
Change	-	24.33%	18.29%	17.51%	4.83%	24.08%	12.67%	12.94%
Nbr of stocks (in thousands)	2,110,147	2,056,310	2,026,695	1,967,903	1,925,152	1,912,238	1,912,238	1,912,238
Announcement Date	10/26/21	10/25/22	10/24/23	10/29/24	10/28/25	-	-	-