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Visa (V) FY2023 results: revenue $32.7 billion, up 11.4% on the year

Visa Inc. (V) reported revenue of $32.7 billion for fiscal 2023, the year ended 30 September 2023, up 11.4% on the year before. Net income was $17.3 billion, up 15.5%, and diluted earnings per share $8.28. The figures are the company's own, from the 10-K it filed with the SEC on 15 November 2023.

Revenue
$32.7 billion
+11.4% on the year
FY2016FY2023
Operating margin
64.3%
64.2% a year earlier
FY2016FY2023
Net income
$17.3 billion
+15.5% on the year
FY2016FY2023
Diluted EPS
$8.28
+18.3% on the year
FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ millionFY2023FY2022FY2021On the yearLast 8 years
Revenue32,65329,31024,105+11.4%
Operating income21,00018,81315,804+11.6%
Operating margin64.3%64.2%65.6%
Interest expense644538n/a+19.7%
Pre-tax income21,03718,13616,063+16.0%
Income tax3,7643,1793,752+18.4%
Effective tax rate17.9%17.5%23.4%
Net income17,27314,95712,311+15.5%
Net margin52.9%51.0%51.1%
Diluted EPS$8.28$7.00$5.63+18.3%
$ 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

$ millionFY2023FY2022FY2021On the yearLast 8 years
Operating cash flow20,75518,84915,227+10.1%
Capital expenditure1,059970705+9.2%
Free cash flow19,69617,87914,522+10.2%
Free cash flow margin60.3%61.0%60.2%
Cash from investing-2,006-4,288-152
Cash from financing-17,772-12,696-14,410
Depreciation and amortisation943861804+9.5%
Share-based compensation765602542+27.1%
Buybacks12,10111,5898,676+4.4%
Dividends paid3,7513,2032,798+17.1%
Dividend per share$0.45$0.38$0.32+20.0%
Diluted shares, weighted2,085m2,136m2,188m-2.4%

Balance sheet

$ millionFY2023FY2022FY2021On the yearLast 8 years
Shareholders' equity38,73335,58137,589+8.9%
Debt20,46322,45020,977-8.9%
Operating lease liabilities412422471-2.4%
Other liabilities30,89127,04823,859+14.2%
Total liabilities and equity90,49985,50182,896+5.8%
Fixed assets3,4253,2232,715+6.3%
Goodwill17,99717,78715,958+1.2%
Intangible assets26,10425,06527,664+4.1%
Investments1,9212,1361,705-10.1%
Cash and equivalents16,28615,68916,487+3.8%
Receivables2,2912,0201,968+13.4%
Other assets22,47519,58116,399+14.8%
Total assets90,49985,50182,896+5.8%

10-K for the year ended 30 September 2023, filed 15 November 2023: the filing.