Prior filing listed China, India, Indonesia, Thailand, and Vietnam as countries imposing market participation restrictions. The current filing added South Africa to this list.
Net revenue increased 11% from $35,926 million in 2024 to $40,000 million in 2025. Operating expenses increased significantly by 30% from $12,331 million in 2024 to $16,006 million in 2025, while net income increased slightly by 2% from $19,743 million in 2024 to $20,058 million in 2025.
Non-GAAP operating expenses increased 11% from $11,609 million to $12,906 million. Non-GAAP net income increased 11% from $20,389 million to $22,542 million. Non-GAAP diluted earnings per share increased by 14% from $10.05 to $11.47.
In the current filing, net revenue growth for fiscal 2025 was attributed primarily to growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives. In the prior filing for fiscal 2024, net revenue growth was attributed to similar factors but with slightly different emphasis.
GAAP operating expenses increased 30% driven by higher litigation provision and personnel expenses in 2025, compared to a 6% increase in 2024 driven by personnel, general and administrative, and marketing expenses, partially offset by lower litigation provision.
The 2025 filing includes a new disclosure about releasing $1.4 billion of the as-converted value from series B and C preferred stock and issuing 40,080 shares of series A preferred stock in August 2025 related to the ninth anniversary of the Visa Europe acquisition. This disclosure is not present in the prior filing.
In 2024, there were additional accruals of $140 million for interchange multidistrict litigation and $1.5 billion deposited into a U.S. litigation escrow account. In 2025, there is a mention of higher litigation provision driving up GAAP operating expenses but no specific accrual or escrow amount disclosed.
Prior filing included Syria in the list of countries subject to comprehensive OFAC trade sanctions. The current filing removed Syria from this list. Additionally, South Africa was added to the list of countries imposing regulations promoting domestic payment systems under government-imposed market participation restrictions (China, India, Indonesia, Thailand, Vietnam, and South Africa).
Visa Inc.'s Board of Directors authorized proceeding with a successive exchange offer for Visa's outstanding Class B common stock, contingent on meeting conditions from a December 7, 2023 proxy statem...
On September 29, 2025, Visa Inc.'s Board of Directors increased its size from 11 to 12 members and elected Bill Ready as a new independent director. Mr. Ready was appointed to the Finance Committee an...
Factor Model (net +0.7)
Factor Model
net +0.7 2.7 / 10Visa Trades Near Low Despite Strong Market Cap
Watch: Monitor Visa's next earnings report and any commentary on shipping and brokerage risks impacting transaction volumes.
Visa trades near its 52-week low of $294 while holding a $587 billion market cap. Recent legal shifts post-Supreme Court ruling increase freight brokerage risk, impacting carrier safety assessments in logistics, a indirect pressure on payment flows. Visa faces a mixed environment with steady fundamentals and new external legal risks affecting industry relations.
Legal changes elevate brokerage liability, introducing risk to Visa's shipment-related payment volumes, potentially pressuring short-term transaction growth despite solid fundamentals.
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Recent transactions
Visa Inc.'s Board of Directors authorized proceeding with a successive exchange offer for Visa's outstanding Class B common stock, contingent on meeting conditions from a December 7, 2023 proxy statement. Conditions include passage of one year since the initial exchange offer and a 50% or greater reduction in estimated interchange reimbursement fees related to unresolved U.S. litigation claims since October 1, 2023. More than one year has passed since the initial offer, advancing the process. SEC↗
On September 29, 2025, Visa Inc.'s Board of Directors increased its size from 11 to 12 members and elected Bill Ready as a new independent director. Mr. Ready was appointed to the Finance Committee and the Nominating and Corporate Governance Committee. His term expires at the 2026 Annual Meeting of Shareholders. There are no special compensation arrangements or related transactions reported. SEC↗
full analysis
Prior filing listed China, India, Indonesia, Thailand, and Vietnam as countries imposing market participation restrictions. The current filing added South Africa to this list.
full analysis
Net revenue increased 11% from $35,926 million in 2024 to $40,000 million in 2025. Operating expenses increased significantly by 30% from $12,331 million in 2024 to $16,006 million in 2025, while net income increased slightly by 2% from $19,743 million in 2024 to $20,058 million in 2025.
full analysis
Non-GAAP operating expenses increased 11% from $11,609 million to $12,906 million. Non-GAAP net income increased 11% from $20,389 million to $22,542 million. Non-GAAP diluted earnings per share increased by 14% from $10.05 to $11.47.
full analysis
In the current filing, net revenue growth for fiscal 2025 was attributed primarily to growth in processed transactions, nominal cross-border volume, and nominal payments volume, partially offset by higher client incentives. In the prior filing for fiscal 2024, net revenue growth was attributed to similar factors but with slightly different emphasis.
full analysis
GAAP operating expenses increased 30% driven by higher litigation provision and personnel expenses in 2025, compared to a 6% increase in 2024 driven by personnel, general and administrative, and marketing expenses, partially offset by lower litigation provision.
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