Visa (V) FY2018 results: revenue $20.6 billion, up 12.3% on the year
Visa Inc. (V) reported revenue of $20.6 billion for fiscal 2018, the year ended 30 September 2018, up 12.3% on the year before. Net income was $10.3 billion, up 53.8%, and diluted earnings per share $4.42. The figures are the company's own, from the 10-K it filed with the SEC on 16 November 2018.
Revenue
$20.6 billion
+12.3% on the year
FY2011FY2018
Operating margin
62.9%
66.2% a year earlier
FY2011FY2018
Net income
$10.3 billion
+53.8% on the year
FY2011FY2018
Diluted EPS
$4.42
+57.9% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
20,609
18,358
15,082
+12.3%
Operating income
12,954
12,144
7,883
+6.7%
Operating margin
62.9%
66.2%
52.3%
Pre-tax income
12,806
11,694
8,012
+9.5%
Income tax
2,505
4,995
2,021
-49.8%
Effective tax rate
19.6%
42.7%
25.2%
Net income
10,301
6,699
5,991
+53.8%
Net margin
50.0%
36.5%
39.7%
Diluted EPS
$4.42
$2.80
n/a
+57.9%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
12,941
9,317
5,574
+38.9%
Capital expenditure
718
707
523
+1.6%
Free cash flow
12,223
8,610
5,051
+42.0%
Free cash flow margin
59.3%
46.9%
33.5%
Cash from investing
-3,084
735
-10,916
Cash from financing
-10,790
-5,924
7,477
Depreciation and amortisation
613
556
502
+10.3%
Share-based compensation
327
235
221
+39.1%
Buybacks
7,192
6,891
n/a
+4.4%
Dividends paid
1,918
1,579
1,350
+21.5%
Dividend per share
n/a
$0.17
$0.14
Diluted shares, weighted
2,329m
2,395m
n/a
-2.8%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
34,006
32,760
32,912
+3.8%
Debt
16,630
18,367
15,882
-9.5%
Other liabilities
18,589
16,850
15,241
+10.3%
Total liabilities and equity
69,225
67,977
64,035
+1.8%
Fixed assets
2,472
2,253
2,150
+9.7%
Goodwill
15,194
15,110
15,066
+0.6%
Intangible assets
27,558
27,848
27,234
-1.0%
Investments
7,516
5,408
7,179
+39.0%
Trading assets
98.0
82.0
71.0
+19.5%
Cash and equivalents
8,162
9,874
5,619
-17.3%
Receivables
1,208
1,132
1,041
+6.7%
Other assets
7,017
6,270
5,675
+11.9%
Total assets
69,225
67,977
64,035
+1.8%
10-K for the year ended 30 September 2018, filed 16 November 2018: the filing.