Slide 1: Fiscal First Quarter 2025 Financial Results
Fiscal First Quarter 2025 Financial Results January 30, 2025 ©2025 Visa. All rights reserved.
Slide 2: Fiscal First Quarter 2025 Results
Fiscal First Quarter 2025 Results Diluted Class A Net Operating Effective Income Common Stock YoY increase / (decrease) except for Effective Income Tax Rate Revenue Expenses Tax Rate Earnings Per Share GAAP Nominal-Dollar Basis 10% 22% 17.4% 8% Non-GAAP Nominal-Dollar Basis(1) 10% 11% 17.7% 14% Fore
Slide 3: Fiscal First Quarter 2025 Results and Other Highlights
Fiscal First Quarter 2025 Results and Other Highlights • Growth in payments volume, cross-border volume and processed transactions was strong • Share repurchases and dividends of $5.1B Income Statement Summary Q1 2025 In billions, except percentages and per share data. % change is calculated over th
Slide 4: Operational Performance Metrics through January 28, 2025
Operational Performance Metrics through January 28, 2025* 2024 - 2025 U.S. Payments Volume Growth 2024 - 2025 Processed Transactions Growth Total Credit Debit 14% 10% 12% 8% 10% 6% 8% 4% 2% 6% 0% 4% Oct Nov Dec Jan Oct Nov Dec Jan 1 - 28 1 - 28 2024 - 2025 Cross-Border Volume Growth Total Total (ex.
Slide 5: Total Payments Volume Growth
Total Payments Volume Growth Q4 FY2024 Q1 FY2025 9% 8% 7% 6% 6% 5% Nominal Credit Debit Total 10% 9% 8% 8% 8% 7% Constant Credit Debit Total Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these m
Slide 6: Payments Volume Growth: U.S. and International
Payments Volume Growth: U.S. and International Q4 FY2024 Q1 FY2025 U.S. International Visa 10% 10% 9% 8% 8% 8% 7% 7% 7% 7% 6% 6% 5% 5% 5% 5% 5% 5% Nominal Credit Debit Total Credit Debit Total Credit Debit Total 12% 12% 11% 10% 10% 9% 9% 9% 8% 8% 8% 8% 7% 7% 7% 5% 5% 5% Constant Credit Debit Total C
Slide 7: Transactions and Cross-Border Volume Results
Transactions and Cross-Border Volume Results Q1 FY2025 Transactions Cross-Border Volume 16% 16% 15% 11% 10% 9% Total Payments Processed Total Total Constant Nominal Constant (excluding (1) Transaction Count (in millions) Intra-Europe) (1) Cross-border volume excluding transactions within Europe. Cre
Slide 8: Total Cards (in billions)
Total Cards (in billions) 2023 2024 Q4 FY2024 Credit Debit Total 5% 8% 7% 4.7 4.4 3.3 3.1 1.3 1.4 Note: The chart results are calculated over the comparable prior-year period. Refer to Operational Performance Data Footnote for further information on these metrics. Fiscal First Quarter 2025 Financial
Slide 9: Operational Performance Data Footnote
Operational Performance Data Footnote Current quarter payments volume and other select metrics are provided in the operational performance data supplement to provide more recent operating data. Service revenue continues to be recognized based on payments volume in the prior quarter. Total transactio
Slide 10: Revenue Results
Revenue Results Q1 FY2025 32% 14% 13% 10% 8% 9% Service Data International Other Client Net Revenue Processing Transaction Revenue Revenue Incentives Revenue Revenue Reported Nominal USD (in millions) $4,208 $4,745 $3,442 $912 ($3,797) $9,510 Note: The chart results are calculated over the comparabl
Slide 11: Operating Expenses Results
Operating Expenses Results Q1 FY2025 42% 23% 22% 15% 14% 9% 4% NM Network & Professional Depreciation & General & Litigation Total Personnel Marketing Operating Processing Fees Amortization Administrative Provision Expenses Reported Nominal USD (in millions) $1,813 $306 $207 $143 $282 $481 $44 $3,27
Slide 12: Free Cash Flow and Capital Returns
Free Cash Flow and Capital Returns Cash, cash equivalents and investment securities were $16.1 billion as of December 31, 2024. (in millions) Calculation of Free Cash Flow Q1 2025 Net cash provided by operating activities $5,396 Less: capital expenditures (345) Free cash flow(1) $5,051 (1) Free cash
Slide 13: Other Notable Items
Other Notable Items • On December 19, 2024, Visa announced it completed its acquisition of Featurespace, a developer of real-time artificial intelligence payments protection technology that prevents and mitigates payments fraud and financial crime risks. Fiscal First Quarter 2025 Financial Results ©
Slide 14: Financial Outlook for Fiscal Second Quarter and Fiscal Full-Year 2025
Financial Outlook for Fiscal Second Quarter and Fiscal Full-Year 2025 Q2 2025 Full-Year 2025 YoY increase / (decrease) on an Adjusted Constant-Dollar Basis(1) High single-digit to Net Revenue Growth Low double-digit low double-digit High single-digit to High single-digit to Operating Expense Growth
Slide 15: Appendix
Appendix ©2025 Visa. All rights reserved.
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures We present our results and our financial outlook on a non-GAAP basis, which exclude certain items that we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer term operating trends. We
Slide 17: Non-GAAP Financial Measures - continued
Non-GAAP Financial Measures - continued • Litigation provision. Litigation provision includes significant accruals related to certain legal matters that are not covered by the U.S. retrospective responsibility plan or the Europe retrospective responsibility plan (uncovered legal matters) and additio
Slide 18: Reconciliation of GAAP to Non-GAAP Financial Results
Reconciliation of GAAP to Non-GAAP Financial Results Three Months Ended December 31, 2024 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Expenses (Expense) Provision(1) Tax Rate(2) Income Per Share(2) (in millions, except percentages and per share data) As reported $
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended December 31, 2024 Network Depreciation General Total and Professional and and Litigation Operating YoY Personnel Marketing Processing Fees Amortization Administrative Provision Expenses Change (in millions, except pe
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Three Months Ended March 31, 2024 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Expenses (Expense) Provision(1) Tax Rate(2) Income Per Share(2) (in millions, except percentages and per share data) As r
Slide 21: Reconciliation of GAAP to Non-GAAP Financial Results - continued
Reconciliation of GAAP to Non-GAAP Financial Results - continued Twelve Months Ended September 30, 2024 Non-operating Income Effective Diluted Operating Income Tax Income Net Earnings Per Expenses (Expense) Provision(1) Tax Rate(2) Income Share(2) (in millions, except percentages and per share data)
Slide 22: Reconciliation of Fiscal Second Quarter 2025 Financial Outlook
Reconciliation of Fiscal Second Quarter 2025 Financial Outlook Diluted Class A Common Stock Net Revenue Growth(1) Operating Expense Growth Earnings Per Share Growth YoY increase / (decrease) GAAP Nominal-Dollar Basis High single-digit (Mid-single-digit) Low to mid-teens Non-GAAP Adjustments(2),(3) N
Slide 23: Reconciliation of Fiscal Full-Year 2025 Financial Outlook
Reconciliation of Fiscal Full-Year 2025 Financial Outlook Annual Diluted Class A Common Annual Net Revenue Growth(1) Annual Operating Expense Growth Stock Earnings Per Share Growth YoY increase / (decrease) High single-digit to High end of low double-digit to GAAP Nominal-Dollar Basis High single-di
Slide 24: Forward-Looking Statements
Forward-Looking Statements Our earnings release and related materials contain forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, our future operations, prospects, developments, strategies, business growth, an