Tools · V

Visa Inc., taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is Visa Inc.’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

Visa Inc. annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2025FY2024FY2023FY2022
Revenue$40.00B$35.93B$32.65B$29.31B
Cost of revenue$7.86B$7.04B$6.57B$5.73B
Gross profit$32.15B$28.88B$26.09B$23.58B
Operating expenses$5.59B$4.83B$4.16B$3.90B
Operating income$26.56B$24.06B$21.93B$19.68B
Net income$20.06B$19.74B$17.27B$14.96B
Diluted EPS10.209.738.287.00

Net income moved +34.1% across these years while earnings per share moved +45.7% — more than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.