VISA INC. (V) FY2026 Q1 Statement of Cash Flows

Income StatementCash FlowBalance Sheet

Statement of Cash Flows

2025-10-01 to 2025-12-31

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VISA INC. cash flow reconciliation, Oct 1, 2025 through Dec 31, 2025One connected Sankey reconciles operating, investing and financing net cash flows through a shared cash pool, from beginning cash to ending cash. Ribbons flow left to right on one dollar scale. Activity totals are dark gray; beginning and ending cash are blue. Cash basis for beginning and ending balances and net cash change: Cash, cash equivalents, and restricted cash. Intermediate calculation bars are lighter gray. Net income is green for profit and red for loss. Identified asset purchases, sales and maturities are blue in either cash direction. Purple identifies capital transactions such as borrowing, repayments, share issuance and dividends. Free cash flow is a separate comparison, not an added cash flow. Read chart description and values below for full signed amounts, including zero items.Net income → Net cash from operating activities: $5,853,000,000.00Client incentives → Operating adjustments reconciliation: $4,269,000,000.00Settlement receivable → Operating adjustments reconciliation: $981,000,000.00Accrued litigation → Operating adjustments reconciliation: $373,000,000.00Depreciation and amortization → Operating adjustments reconciliation: $326,000,000.00Share-based compensation → Operating adjustments reconciliation: $231,000,000.00Other assets → Operating adjustments reconciliation: $35,000,000.00Other → Operating adjustments reconciliation: $18,000,000.00(Gains) losses on equity investments, net → Operating adjustments reconciliation: $7,000,000.00Operating adjustments reconciliation → Net cash from operating activities: $927,000,000.00Operating adjustments reconciliation → Client incentives: $3,808,000,000.00Operating adjustments reconciliation → Accrued and other liabilities: $611,000,000.00Operating adjustments reconciliation → Deferred income taxes: $435,000,000.00Operating adjustments reconciliation → Settlement payable: $233,000,000.00Operating adjustments reconciliation → Accounts payable: $114,000,000.00Operating adjustments reconciliation → Accounts receivable: $109,000,000.00Operating adjustments reconciliation → VE territory covered losses: $3,000,000.00Proceeds from maturities and sales of investment securities → investing reconciliation: $725,000,000.00Other investing activities → investing reconciliation: $19,000,000.00investing reconciliation → Net cash from investing activities: $361,000,000.00investing reconciliation → Purchases of property, equipment and technology: $378,000,000.00investing reconciliation → Purchases of other investments: $5,000,000.00Net cash used in financing activities → financing reconciliation: $8,986,000,000.00Other financing activities → financing reconciliation: $185,000,000.00Proceeds from stock issued under equity plans → financing reconciliation: $78,000,000.00financing reconciliation → Repayments of debt: $4,000,000,000.00financing reconciliation → Repurchases of class A common stock: $3,725,000,000.00financing reconciliation → Dividends paid: $1,293,000,000.00financing reconciliation → Taxes paid related to stock issued under equity plans: $231,000,000.00Exchange-rate effect → Cash sources and uses: $34,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash → Cash sources and uses: $24,987,000,000.00Net cash from operating activities → Cash sources and uses: $6,780,000,000.00Net cash from investing activities → Cash sources and uses: $361,000,000.00Cash sources and uses → Ending cash: Cash, cash equivalents, and restricted cash: $23,176,000,000.00Cash sources and uses → Net cash used in financing activities: $8,986,000,000.00Net income: $5,853,000,000.00Net income+$5.85 BClient incentives: $4,269,000,000.00Client incentives+$4.27 BShare-based compensation: $231,000,000.00Stock-based compensation+$231.00 MDepreciation and amortization: $326,000,000.00Depreciation & amortization+$326.00 MDeferred income taxes: -$435,000,000.00Deferred income taxes−$435.00 MVE territory covered losses: -$3,000,000.00VE territory covered losses−$3.00 M(Gains) losses on equity investments, net: $7,000,000.00Equity investment gain & loss+$7.00 MOther: $18,000,000.00Other non-cash items+$18.00 MSettlement receivable: $981,000,000.00Settlement receivable+$981.00 MAccounts receivable: -$109,000,000.00Accounts receivable−$109.00 MClient incentives: -$3,808,000,000.00Client incentives−$3.81 BOther assets: $35,000,000.00Other operating assets+$35.00 MAccounts payable: -$114,000,000.00Accounts payable−$114.00 MSettlement payable: -$233,000,000.00Settlement payable−$233.00 MAccrued and other liabilities: -$611,000,000.00Accrued & other liabilities−$611.00 MAccrued litigation: $373,000,000.00Accrued litigation+$373.00 MNet cash from operating activities: $6,780,000,000.00Operating cash+$6.78 BOperating adjustments reconciliation: $6,240,000,000.00Dividends paid: -$1,293,000,000.00Dividends paid−$1.29 BOther financing activities: $185,000,000.00Other financing, net+$185.00 MTaxes paid related to stock issued under equity plans: -$231,000,000.00Stock-award tax withholding−$231.00 MRepurchases of class A common stock: -$3,725,000,000.00Common stock repurchases−$3.73 BProceeds from stock issued under equity plans: $78,000,000.00Stock option exercises+$78.00 MRepayments of debt: -$4,000,000,000.00Long-term debt repaid−$4.00 BNet cash used in financing activities: -$8,986,000,000.00. Cash required to fund net payments.Financing cash−$8.99 Bfinancing reconciliation: $9,249,000,000.00Proceeds from maturities and sales of investment securities: $725,000,000.00AFS securities proceeds+$725.00 MOther investing activities: $19,000,000.00Other investing, net+$19.00 MPurchases of other investments: -$5,000,000.00Other investment purchases−$5.00 MAcquisitions, net of cash and restricted cash acquired: $0.00Purchases of property, equipment and technology: -$378,000,000.00Capital expenditures−$378.00 MNet cash from investing activities: $361,000,000.00Investing cash+$361.00 Minvesting reconciliation: $744,000,000.00Cash sources and uses: $32,162,000,000.00Beginning cash: Cash, cash equivalents, and restricted cash: $24,987,000,000.00Beginning cash$24.99 BEnding cash: Cash, cash equivalents, and restricted cash: $23,176,000,000.00Ending cash$23.18 BExchange-rate effect: $34,000,000.00FX effect+$34.00 MCASH RECONCILIATIONOperatingflowsInvestingflowsFinancingflowsFree cash flow$6.40 BOperating cash − cash spent on productive assetsCash flow / Net income1.16×Operating cash flow ÷ net incomeNet cash change−$1.81 BEnding cash − beginning cash
Chart details

VISA INC. cash flow reconciliation, Oct 1, 2025 through Dec 31, 2025

Cash flows for Oct 1, 2025 through Dec 31, 2025. Cash basis: Cash, cash equivalents, and restricted cash. Beginning cash: Sep 30, 2025. Ending cash: Dec 31, 2025. Beginning and ending cash are dated balances. Positive cash flows add cash; negative cash flows reduce it.

Beginning cash on Sep 30, 2025
24,987,000,000 US dollars. Beginning cash: Cash, cash equivalents, and restricted cash
Operating activities
6,780,000,000 US dollars. Net cash provided.
Net income
5,853,000,000 US dollars
Client incentives
4,269,000,000 US dollars
Share-based compensation
231,000,000 US dollars
Depreciation and amortization
326,000,000 US dollars
Deferred income taxes
negative 435,000,000 US dollars
VE territory covered losses
negative 3,000,000 US dollars
(Gains) losses on equity investments, net
7,000,000 US dollars
Other
18,000,000 US dollars
Settlement receivable
981,000,000 US dollars
Accounts receivable
negative 109,000,000 US dollars
Client incentives
negative 3,808,000,000 US dollars
Other assets
35,000,000 US dollars
Accounts payable
negative 114,000,000 US dollars
Settlement payable
negative 233,000,000 US dollars
Accrued and other liabilities
negative 611,000,000 US dollars
Accrued litigation
373,000,000 US dollars
Investing activities
361,000,000 US dollars. Net cash provided.
Proceeds from maturities and sales of investment securities
725,000,000 US dollars
Other investing activities
19,000,000 US dollars
Purchases of other investments
negative 5,000,000 US dollars
Acquisitions, net of cash and restricted cash acquired
0 US dollars
Purchases of property, equipment and technology
negative 378,000,000 US dollars
Financing activities
negative 8,986,000,000 US dollars. Net cash used.
Dividends paid
negative 1,293,000,000 US dollars
Other financing activities
185,000,000 US dollars
Taxes paid related to stock issued under equity plans
negative 231,000,000 US dollars
Repurchases of class A common stock
negative 3,725,000,000 US dollars
Proceeds from stock issued under equity plans
78,000,000 US dollars
Repayments of debt
negative 4,000,000,000 US dollars
Operating adjustment reconciliation
6,240,000,000 US dollars. Intermediate calculation joining the operating reconciliation branches. Its gross amount includes any portion of net income routed through this junction. It is not an additional cash source or use.
financing gross reconciliation
9,249,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
investing gross reconciliation
744,000,000 US dollars. Gross amount at the activity's junction before offsetting its receipts and deductions. It is not an additional cash source or use.
Exchange-rate effect
34,000,000 US dollars
Ending cash on Dec 31, 2025
23,176,000,000 US dollars. Ending cash: Cash, cash equivalents, and restricted cash
Cash sources and uses
32,162,000,000 US dollars. Opening cash plus net sources, equal to net uses plus ending cash.
Net cash change
negative 1,811,000,000 US dollars. Ending cash minus beginning cash.
Cash flow / Net income
1.16×. Operating cash flow divided by reconciliation net income for the same period. Black from 0.90× through 1.10×; green above 1.10×; red below 0.90×. Color uses the unrounded ratio.
Operating cash flow
6,780,000,000 US dollars. Operating cash flow used in the free cash flow calculation.
cash spent on productive assets
378,000,000 US dollars. These cash purchases are already included in investing activities above.
Free cash flow
6,402,000,000 US dollars. A supplemental measure; finance-lease payments are excluded from this definition.

Chart connections

  • Beginning cash plus operating, investing and financing cash flows plus the exchange-rate effect equals ending cash. Negative amounts reduce cash.
  • Financing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Investing contributions meet at a reconciliation junction before connecting to the net cash total.
  • Operating reconciliation adjustments are not all independent cash receipts.
  • Net income enters operating cash directly in the reconciliation. The adjustment junction contributes the remaining $927.00M after reconciling the other positive and negative adjustments. These connections depict an accounting reconciliation, not traced cash receipts.
  • Each activity has one net cash bar connected to the shared cash pool. Positive activity totals enter the pool; negative activity totals leave the pool to fund that activity's net payments. The central pool does not assign a particular funding source to a particular payment.
  • The intermediate calculation bars include both sides of the displayed activity breakdowns; they are not additional cash flows.
  • Operating cash flow minus cash spent on productive assets equals free cash flow: 6,780,000,000 US dollars minus 378,000,000 US dollars equals 6,402,000,000 US dollars.
VISA INC. (V) FY2026 Q1 Statement of Cash Flows Sankey chart
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