Visa (V) FY2020 results: revenue $21.8 billion, down 4.9% on the year
Visa Inc. (V) reported revenue of $21.8 billion for fiscal 2020, the year ended 30 September 2020, down 4.9% on the year before. Net income was $10.9 billion, down 10.0%, and diluted earnings per share $4.89. The figures are the company's own, from the 10-K it filed with the SEC on 19 November 2020.
Revenue
$21.8 billion
-4.9% on the year
FY2013FY2020
Operating margin
64.5%
65.3% a year earlier
FY2013FY2020
Net income
$10.9 billion
-10.0% on the year
FY2013FY2020
Diluted EPS
$4.89
-8.1% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
21,846
22,977
20,609
-4.9%
Operating income
14,081
15,001
12,954
-6.1%
Operating margin
64.5%
65.3%
62.9%
Pre-tax income
13,790
14,884
12,806
-7.4%
Income tax
2,924
2,804
2,505
+4.3%
Effective tax rate
21.2%
18.8%
19.6%
Net income
10,866
12,080
10,301
-10.0%
Net margin
49.7%
52.6%
50.0%
Diluted EPS
$4.89
$5.32
$4.42
-8.1%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
10,440
12,784
12,941
-18.3%
Capital expenditure
736
756
718
-2.6%
Free cash flow
9,704
12,028
12,223
-19.3%
Free cash flow margin
44.4%
52.3%
59.3%
Cash from investing
1,427
-591
-3,084
Cash from financing
-3,968
-12,061
-10,790
Depreciation and amortisation
767
656
613
+16.9%
Share-based compensation
416
407
327
+2.2%
Buybacks
8,114
8,607
7,192
-5.7%
Dividends paid
2,664
2,269
1,918
+17.4%
Dividend per share
$0.30
$0.25
n/a
+20.0%
Diluted shares, weighted
2,223m
2,272m
2,329m
-2.2%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
36,210
34,684
34,006
+4.4%
Debt
24,070
16,729
16,630
+43.9%
Operating lease liabilities
473
n/a
n/a
Other liabilities
20,166
21,161
18,589
-4.7%
Total liabilities and equity
80,919
72,574
69,225
+11.5%
Fixed assets
2,737
2,695
2,472
+1.6%
Goodwill
15,910
15,656
15,194
+1.6%
Intangible assets
27,808
26,780
27,558
+3.8%
Investments
3,835
6,267
7,516
-38.8%
Trading assets
n/a
n/a
98.0
Cash and equivalents
16,289
7,838
8,162
+107.8%
Receivables
1,618
1,542
1,208
+4.9%
Other assets
12,722
11,796
7,017
+7.9%
Total assets
80,919
72,574
69,225
+11.5%
10-K for the year ended 30 September 2020, filed 19 November 2020: the filing.