Financials Visa, Inc.

Equities

V

US92826C8394

Internet Services

Market Closed - Nyse Other stock markets 04:00:02 2025-05-15 pm EDT			5-day change	1st Jan Change
362.30 ^USD	+1.64%		+3.14%	+14.64%

May. 15	Viking Global Investors Reports Share Stake in Meta, Cuts in JPMorgan	RE
May. 15	ValueAct Holdings LP Raises Share Stake in Visa & Meta	RE

Projected Income Statement: Visa, Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net sales ¹	21,846	24,105	29,310	32,653	35,926	39,523	43,602	47,896
Change	-	10.34%	21.59%	11.41%	10.02%	10.01%	10.32%	9.85%
EBITDA ¹	14,848	16,608	19,674	21,943	25,351	27,709	30,883	34,026
Change	-	11.85%	18.46%	11.53%	15.53%	9.3%	11.45%	10.18%
EBIT ¹	14,081	15,804	18,813	21,000	24,317	26,700	29,788	32,862
Change	-	12.24%	19.04%	11.62%	15.8%	9.8%	11.57%	10.32%
Interest Paid ¹	-516	-513	-538	-644	-641	-647.9	-645.1	-694
Earnings before Tax (EBT) ¹	13,790	16,063	18,136	21,037	23,916	25,471	29,898	33,070
Change	-	16.48%	12.91%	16%	13.69%	6.5%	17.38%	10.61%
Net income ¹	10,866	12,311	14,957	17,273	19,743	20,997	24,352	26,715
Change	-	13.3%	21.49%	15.48%	14.3%	6.35%	15.98%	9.7%
Announcement Date	10/28/20	10/26/21	10/25/22	10/24/23	10/29/24	-	-	-

¹USD in Million

Estimates

Fiscal Period: September	2020 Q3	2020 Q4	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
Net sales ¹	4,837	5,101	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	9,829	10,586	10,534	10,583	10,896	11,700	11,623	11,632
Change	-	5.46%	11.49%	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%	2.45%	7.7%	-0.49%	0.47%	2.96%	7.38%	-0.66%	0.08%
EBITDA ¹	3,196	3,338	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	6,877	7,402	7,581	7,513	7,736	8,289	8,322	8,322
Change	-	4.44%	21.06%	-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%	0.72%	7.63%	2.43%	-0.9%	2.97%	7.15%	0.4%	-0.01%
EBIT ¹	2,999	3,142	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	6,610	7,098	7,235	7,218	7,418	7,961	8,013	7,989
Change	-	4.77%	22.34%	-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%	1.33%	7.4%	1.92%	-0.23%	2.77%	7.33%	0.64%	-0.3%
Charge d'intérêts ¹	-142	-145	-136	-121	-131	-125	-134	-134	-111	-159	-137	-142	-182	-183	-187	-82	-196	-176	-182	-158	-144.8	-168.2	-163	-162.6	-162.4	-164	-	-
Earnings before Tax (EBT) ¹	2,932	3,055	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	6,674	7,103	7,223	7,207	7,402	7,943	8,109	8,052
Change	-	4.2%	22.68%	-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%	22.72%	6.43%	1.7%	-0.22%	2.71%	7.31%	2.08%	-0.7%
Net income ¹	2,373	2,137	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	5,513	5,810	5,949	5,924	6,094	6,527	6,658	6,633
Change	-	-9.95%	46.28%	-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%	20.44%	5.4%	2.39%	-0.43%	2.87%	7.1%	2.01%	-0.37%
Announcement Date	7/28/20	10/28/20	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	-	-	-	-	-	-	-	-

¹USD in Million

Estimates

Forecast Balance Sheet: Visa, Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Net Debt ¹	4,029	760	3,928	335	5,661	7,305	6,121	3,693
Change	-	-81.14%	416.84%	-91.47%	1,589.85%	29.04%	-16.21%	-39.67%
Announcement Date	10/28/20	10/26/21	10/25/22	10/24/23	10/29/24	-	-	-

¹USD in Million

Estimates

Cash Flow Forecast: Visa, Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
CAPEX ¹	736	705	970	1,059	1,257	1,309	1,403	1,499
Change	-	-4.21%	37.59%	9.18%	18.7%	4.16%	7.13%	6.87%
Free Cash Flow (FCF) ¹	9,704	14,522	17,879	19,696	18,693	22,540	24,720	27,094
Change	-	49.65%	23.12%	10.16%	-5.09%	20.58%	9.67%	9.61%
Announcement Date	10/28/20	10/26/21	10/25/22	10/24/23	10/29/24	-	-	-

¹USD in Million

Estimates

Forecast Financial Ratios: Visa, Inc.

Fiscal Period: September	2020	2021	2022	2023	2024	2025	2026	2027
Profitability
EBITDA Margin (%)	67.97%	68.9%	67.12%	67.2%	70.56%	70.11%	70.83%	71.04%
EBIT Margin (%)	64.46%	65.56%	64.19%	64.31%	67.69%	67.56%	68.32%	68.61%
EBT Margin (%)	63.12%	66.64%	61.88%	64.43%	66.57%	64.45%	68.57%	69.04%
Net margin (%)	49.74%	51.07%	51.03%	52.9%	54.95%	53.13%	55.85%	55.78%
FCF margin (%)	44.42%	60.24%	61%	60.32%	52.03%	57.03%	56.69%	56.57%
FCF / Net Income (%)	89.31%	117.96%	119.54%	114.03%	94.68%	107.35%	101.51%	101.42%
Profitability
ROA	14.16%	15.03%	17.76%	19.63%	21.34%	23.67%	25.41%	26.29%
ROE	30.65%	33.36%	40.88%	46.49%	50.71%	56.27%	61.17%	61.67%
Financial Health
Leverage (Debt/EBITDA)	0.27x	0.05x	0.2x	0.02x	0.22x	0.26x	0.2x	0.11x
Debt / Free cash flow	0.42x	0.05x	0.22x	0.02x	0.3x	0.32x	0.25x	0.14x
Capital Intensity
CAPEX / Current Assets (%)	3.37%	2.92%	3.31%	3.24%	3.5%	3.31%	3.22%	3.13%
CAPEX / EBITDA (%)	4.96%	4.24%	4.93%	4.83%	4.96%	4.72%	4.54%	4.41%
CAPEX / FCF (%)	7.58%	4.85%	5.43%	5.38%	6.72%	5.81%	5.67%	5.53%
Items per share
Cash flow per share ¹	4.211	6.96	8.824	9.954	9.832	12.13	16.15	15.77
Change	-	65.27%	26.79%	12.81%	-1.23%	23.38%	33.13%	-2.32%
Dividend per Share ¹	1.22	1.335	1.575	1.87	2.08	2.39	2.638	2.904
Change	-	9.43%	17.98%	18.73%	11.23%	14.88%	10.4%	10.07%
Book Value Per Share ¹	21.52	22.41	16.66	18.58	19.29	18.99	20.91	22.68
Change	-	4.16%	-25.67%	11.52%	3.83%	-1.55%	10.11%	8.46%
EPS ¹	4.89	5.63	7	8.28	9.73	10.69	12.65	14.21
Change	-	15.13%	24.33%	18.29%	17.51%	9.83%	18.39%	12.28%
Nbr of stocks (in thousands)	1,974,960	1,973,911	1,920,074	1,890,459	1,902,367	1,872,162	1,872,162	1,872,162
Announcement Date	10/28/20	10/26/21	10/25/22	10/24/23	10/29/24	-	-	-