Visa Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $20.06B | $19.74B | $17.27B | $14.96B | $12.31B | $10.87B | $12.08B | $10.30B |
| Depreciation & Amortization | $1.22B | $1.03B | $943.0M | $861.0M | $804.0M | $767.0M | $656.0M | $613.0M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $78.0M | $79.0M | $76.0M | $90.0M | $83.0M | $80.0M | $60.0M | $55.0M |
| Stock-Based Compensation | $897.0M | $850.0M | $765.0M | $602.0M | $542.0M | $416.0M | $407.0M | $327.0M |
| Net Cash from Operating Activities | $23.06B | $19.95B | $20.76B | $18.85B | $15.23B | $10.44B | $12.78B | $12.94B |
| Investing Activities | ||||||||
| Capital Expenditures | $1.48B | $1.26B | $1.06B | $970.0M | $705.0M | $736.0M | $756.0M | $718.0M |
| Business Acquisitions | $887.0M | $915.0M | $0 | $1.95B | $75.0M | $77.0M | $699.0M | $196.0M |
| Net Cash from Investing Activities | $708.0M | $-1.93B | $-2.01B | $-4.29B | $-152.0M | $1.43B | $-591.0M | $-3.08B |
| Financing Activities | ||||||||
| Dividends Paid | $4.63B | $4.22B | $3.75B | $3.20B | $2.80B | $2.66B | $2.27B | $1.92B |
| Stock Repurchases | $18.32B | $16.71B | $12.10B | $11.59B | $8.68B | $8.11B | $8.61B | $7.19B |
| Net Cash from Financing Activities | $-18.96B | $-20.63B | $-17.77B | $-12.70B | $-14.41B | $-3.97B | $-12.06B | $-10.79B |
| Net Change in Cash | $5.22B | $-2.23B | $1.61B | $578.0M | $628.0M | $8.34B | $-145.0M | $-1.71B |
| Free Cash Flow | $21.58B | $18.69B | $19.70B | $17.88B | $14.52B | $9.70B | $12.03B | $12.22B |