Visa Inc. (V) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|
| Cash from Operations | 3.01B | 6.78B | 6.24B | 6.73B | 4.7B | 5.4B | 6.66B | 5.13B | 4.54B | 3.61B | 6.93B | 5.8B | 3.86B | 4.17B | 5.88B | 5.25B | 3.49B | 4.23B | 3.97B | 4.41B |
| Operating CF Margin % | 26.79% | 62.2% | 58.17% | 66.16% | 48.94% | 56.74% | 69.29% | 57.69% | 51.72% | 41.86% | 80.46% | 71.37% | 48.34% | 52.56% | 75.46% | 72.19% | 48.53% | 59.95% | 60.54% | 72.01% |
| Operating CF Growth % | -35.93% | 25.65% | -6.39% | 31.09% | 3.46% | 49.31% | -3.8% | -11.44% | 17.56% | -13.35% | 17.89% | 10.38% | 10.63% | -1.44% | 47.97% | 18.98% | 4.81% | 20.47% | 89.46% | 47.04% |
| Net Income | 6.02B | 5.85B | 5.09B | 5.27B | 4.58B | 5.12B | 5.32B | 4.87B | 4.66B | 4.89B | 4.68B | 4.16B | 4.26B | 4.18B | 3.94B | 3.41B | 3.65B | 3.96B | 3.58B | 2.58B |
| Depreciation & Amortization | 333M | 326M | 316M | 317M | 305M | 282M | 274M | 264M | 249M | 247M | 247M | 235M | 234M | 227M | 226M | 230M | 207M | 198M | 202M | 204M |
| Stock-Based Compensation | 275M | 231M | 191M | 223M | 259M | 224M | 188M | 211M | 242M | 209M | 174M | 184M | 214M | 177M | 132M | 152M | 190M | 128M | 108M | 159M |
| Deferred Taxes | 453M | -435M | -195M | 433M | -124M | 38M | -1M | -31M | -127M | 59M | -230M | -99M | -22M | -132M | -133M | -224M | 36M | -15M | -108M | 1.01B |
| Other Non-Cash Items | 4.24B | 4.29B | 4.22B | 4.01B | 3.77B | 3.9B | 3.63B | 3.6B | 3.3B | 3.33B | 3.34B | 3.09B | 2.99B | 2.86B | 2.95B | 2.79B | 2.58B | 2.1B | 2.15B | 1.64B |
| Working Capital Changes | -8.31B | -3.49B | -3.38B | -3.53B | -4.09B | -4.17B | -2.75B | -3.78B | -3.79B | -5.12B | -1.28B | -1.78B | -3.82B | -3.14B | -1.24B | -1.11B | -3.17B | -2.14B | -1.97B | -1.17B |
| Change in Receivables | -128M | -109M | 377M | -521M | -749M | 593M | 1.05B | -248M | -849M | -195M | -22M | -161M | -7M | -60M | -17M | 93M | 40M | -213M | -123M | -55M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1.31B | 1.48B | 1.05B | 0 | 0 | 0 | 0 | 0 | 0 | 379M | 785M |
| Change in Payables | 89M | -114M | 81M | 31M | 9M | -54M | 136M | -2M | -7M | -18M | 85M | -3M | 16M | -64M | 96M | 46M | -66M | -9M | 87M | 42M |
| Cash from Investing | -878M | 361M | 304M | -256M | -130M | 790M | 584M | 555M | -1.18B | -1.89B | -1.19B | 17M | -325M | -510M | 107M | -2.06B | -1.78B | -547M | -1.7B | 72M |
| Capital Expenditures | -383M | -378M | -389M | -421M | -327M | -345M | -309M | -400M | -281M | -267M | -305M | -295M | -210M | -249M | -295M | -235M | -267M | -173M | -208M | -179M |
| CapEx % of Revenue | 3.41% | 3.47% | 3.63% | 4.14% | 3.41% | 3.63% | 3.21% | 4.49% | 3.2% | 3.09% | 3.54% | 3.63% | 2.63% | 3.14% | 3.79% | 3.23% | 3.71% | 2.45% | 3.17% | 2.92% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 1.82B | 2.13B | 2.83B | 3.29B | 3.49B | 3.72B | 5.75B | 6.73B | 7.8B | 7.81B | 5.76B | 5.29B | 5.59B | 5.52B | 4.97B | 5.55B | 3.53B | 3.29B | 3.73B | 2.32B |
| Other Investing | -40M | 19M | 164M | -18M | -30M | 5M | -42M | -4M | -42M | -5M | -47M | 3M | -23M | 42M | 0 | 47M | 9M | 72M | 4M | 64M |
| Cash from Financing | -6.41B | -8.99B | -6B | -1.83B | -5.66B | -5.47B | -7.07B | -5.31B | -3.87B | -4.38B | -4.58B | -3.92B | -2.93B | -6.35B | -4.04B | -289M | -3.4B | -4.97B | -3.62B | -2.85B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -7.9B | -3.73B | -4.87B | -4.69B | -4.48B | -4.01B | -5.87B | -4.44B | -2.76B | -3.58B | -3.75B | -3.04B | -2.19B | -3.12B | -2.06B | -2.43B | -2.95B | -4.1B | -2.97B | -2.2B |
| Dividends Paid | -1.29B | -1.29B | -1.15B | -1.15B | -1.16B | -1.17B | -1.04B | -1.06B | -1.06B | -1.06B | -928M | -937M | -941M | -945M | -794M | -798M | -802M | -809M | -696M | -698M |
| Share Repurchases | -7.9B | -3.73B | -4.93B | -4.78B | -4.6B | -4.01B | -5.85B | -4.53B | -2.76B | -3.58B | -3.75B | -3.04B | -2.19B | -3.12B | -2.1B | -2.43B | -2.95B | -4.1B | -2.97B | -2.2B |
| Other Financing | -219M | -3.97B | 3.94B | 89M | -19M | -294M | -161M | 188M | -56M | 261M | 99M | 59M | 209M | -37M | -186M | 24M | 51M | -54M | 44M | 52M |
| Net Change in Cash | -4.47B | -1.81B | -673M | 5.3B | -830M | 203M | 487M | 328M | -688M | -2.35B | 951M | 1.91B | 745M | -1.99B | 1.38B | 2.48B | -1.81B | -1.48B | -1.48B | 1.72B |
| Free Cash Flow | 2.63B | 6.4B | 5.85B | 6.31B | 4.37B | 5.05B | 6.36B | 4.73B | 4.26B | 3.35B | 6.62B | 5.5B | 3.65B | 3.92B | 5.58B | 5.02B | 3.22B | 4.06B | 3.76B | 4.24B |
| FCF Margin % | 23.37% | 58.73% | 54.54% | 62.02% | 45.53% | 53.11% | 66.08% | 53.19% | 48.51% | 38.77% | 76.92% | 67.73% | 45.71% | 49.42% | 71.67% | 68.96% | 44.82% | 57.5% | 57.37% | 69.09% |
| FCF Growth % | -39.9% | 26.75% | -7.96% | 33.27% | 2.61% | 50.91% | -4.03% | -13.96% | 16.63% | -14.66% | 18.65% | 9.67% | 13.28% | -3.38% | 48.31% | 18.47% | 1.61% | 21.06% | 95.18% | 49.07% |
| FCF per Share | 1.36 | 3.31 | 3.01 | 3.22 | 2.21 | 2.54 | 3.17 | 2.33 | 2.09 | 1.64 | 3.21 | 2.65 | 1.74 | 1.87 | 2.64 | 2.36 | 1.50 | 1.88 | 1.73 | 1.94 |
| FCF Conversion (FCF/Net Income) | 0.50x | 1.16x | 1.23x | 1.28x | 1.03x | 1.05x | 1.25x | 1.05x | 0.97x | 0.74x | 1.48x | 1.39x | 0.91x | 1.00x | 1.49x | 1.54x | 0.96x | 1.07x | 1.11x | 1.71x |
| Interest Paid | 0 | 0 | -539M | 278M | 48M | 213M | 49M | 273M | 48M | 213M | 49M | 275M | 49M | 244M | 59M | 244M | 60M | 244M | 60M | 243M |
| Taxes Paid | 0 | 0 | -3.59B | 532M | 1.86B | 1.19B | 1.08B | 1.04B | 2.15B | 1.5B | 420M | 378M | 1.91B | 721M | 850M | 784M | 1.84B | 268M | 878M | 629M |