Visa (V) FY2021 results: revenue $24.1 billion, up 10.3% on the year
Visa Inc. (V) reported revenue of $24.1 billion for fiscal 2021, the year ended 30 September 2021, up 10.3% on the year before. Net income was $12.3 billion, up 13.3%, and diluted earnings per share $5.63. The figures are the company's own, from the 10-K it filed with the SEC on 18 November 2021.
Revenue
$24.1 billion
+10.3% on the year
FY2014FY2021
Operating margin
65.6%
64.5% a year earlier
FY2014FY2021
Net income
$12.3 billion
+13.3% on the year
FY2014FY2021
Diluted EPS
$5.63
+15.1% on the year
FY2014FY2021
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Revenue
24,105
21,846
22,977
+10.3%
Operating income
15,804
14,081
15,001
+12.2%
Operating margin
65.6%
64.5%
65.3%
Pre-tax income
16,063
13,790
14,884
+16.5%
Income tax
3,752
2,924
2,804
+28.3%
Effective tax rate
23.4%
21.2%
18.8%
Net income
12,311
10,866
12,080
+13.3%
Net margin
51.1%
49.7%
52.6%
Diluted EPS
$5.63
$4.89
$5.32
+15.1%
$ 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
FY2021
FY2020
FY2019
On the year
Last 8 years
Operating cash flow
15,227
10,440
12,784
+45.9%
Capital expenditure
705
736
756
-4.2%
Free cash flow
14,522
9,704
12,028
+49.6%
Free cash flow margin
60.2%
44.4%
52.3%
Cash from investing
-152
1,427
-591
Cash from financing
-14,410
-3,968
-12,061
Depreciation and amortisation
804
767
656
+4.8%
Share-based compensation
542
416
407
+30.3%
Buybacks
8,676
8,114
8,607
+6.9%
Dividends paid
2,798
2,664
2,269
+5.0%
Dividend per share
$0.32
$0.30
$0.25
+6.7%
Diluted shares, weighted
2,188m
2,223m
2,272m
-1.6%
Balance sheet
$ million
FY2021
FY2020
FY2019
On the year
Last 8 years
Shareholders' equity
37,589
36,210
34,684
+3.8%
Debt
20,977
24,070
16,729
-12.9%
Operating lease liabilities
471
473
n/a
-0.4%
Other liabilities
23,859
20,166
21,161
+18.3%
Total liabilities and equity
82,896
80,919
72,574
+2.4%
Fixed assets
2,715
2,737
2,695
-0.8%
Goodwill
15,958
15,910
15,656
+0.3%
Intangible assets
27,664
27,808
26,780
-0.5%
Investments
1,705
3,835
6,267
-55.5%
Cash and equivalents
16,487
16,289
7,838
+1.2%
Receivables
1,968
1,618
1,542
+21.6%
Other assets
16,399
12,722
11,796
+28.9%
Total assets
82,896
80,919
72,574
+2.4%
10-K for the year ended 30 September 2021, filed 18 November 2021: the filing.