Visa (V) FY2019 results: revenue $23.0 billion, up 11.5% on the year
Visa Inc. (V) reported revenue of $23.0 billion for fiscal 2019, the year ended 30 September 2019, up 11.5% on the year before. Net income was $12.1 billion, up 17.3%, and diluted earnings per share $5.32. The figures are the company's own, from the 10-K it filed with the SEC on 14 November 2019.
Revenue
$23.0 billion
+11.5% on the year
FY2012FY2019
Operating margin
65.3%
62.9% a year earlier
FY2012FY2019
Net income
$12.1 billion
+17.3% on the year
FY2012FY2019
Diluted EPS
$5.32
+20.4% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
22,977
20,609
18,358
+11.5%
Operating income
15,001
12,954
12,144
+15.8%
Operating margin
65.3%
62.9%
66.2%
Pre-tax income
14,884
12,806
11,694
+16.2%
Income tax
2,804
2,505
4,995
+11.9%
Effective tax rate
18.8%
19.6%
42.7%
Net income
12,080
10,301
6,699
+17.3%
Net margin
52.6%
50.0%
36.5%
Diluted EPS
$5.32
$4.42
$2.80
+20.4%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
12,784
12,941
9,317
-1.2%
Capital expenditure
756
718
707
+5.3%
Free cash flow
12,028
12,223
8,610
-1.6%
Free cash flow margin
52.3%
59.3%
46.9%
Cash from investing
-591
-3,084
735
Cash from financing
-12,061
-10,790
-5,924
Depreciation and amortisation
656
613
556
+7.0%
Share-based compensation
407
327
235
+24.5%
Buybacks
8,607
7,192
6,891
+19.7%
Dividends paid
2,269
1,918
1,579
+18.3%
Dividend per share
$0.25
n/a
$0.17
Diluted shares, weighted
2,272m
2,329m
2,395m
-2.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
34,684
34,006
32,760
+2.0%
Debt
16,729
16,630
18,367
+0.6%
Other liabilities
21,161
18,589
16,850
+13.8%
Total liabilities and equity
72,574
69,225
67,977
+4.8%
Fixed assets
2,695
2,472
2,253
+9.0%
Goodwill
15,656
15,194
15,110
+3.0%
Intangible assets
26,780
27,558
27,848
-2.8%
Investments
6,267
7,516
5,408
-16.6%
Trading assets
n/a
98.0
82.0
Cash and equivalents
7,838
8,162
9,874
-4.0%
Receivables
1,542
1,208
1,132
+27.6%
Other assets
11,796
7,017
6,270
+68.1%
Total assets
72,574
69,225
67,977
+4.8%
10-K for the year ended 30 September 2019, filed 14 November 2019: the filing.