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Visa cash flow, quarter by quarter

Latest: Q4 FY26 · from the cash-flow statements filed with the SEC

Free cash flow$6.9B in Q4 FY26

Operating cash flow$7.4B
Capital spending−$493M
Free cash flow+$6.9B
Cash / net income1.2×

Analysis

In Q4 FY26, Visa generated $7.4B of operating cash flow and spent $493M on capital projects, leaving free cash flow of $6.9B. That is $1.0B more than in Q4 FY25 ($5.8B).

Operating cash flow was $7.4B against net income of $6.0B — 1.2× profit, cash ran ahead of reported earnings. The largest differences: accrued liabilities +$399M, depreciation & amortization +$377M, other non-cash +$290M.

Free cash flow

Visa: free cash flow by quarterVisa: free cash flow by quarter$5.1BQ1 FY25$4.4BQ2 FY25$6.3BQ3 FY25$5.8BQ4 FY25$6.4BQ1 FY26$2.6BQ2 FY26$6.1BQ3 FY26$6.9BQ4 FY26
Operating cash flow less capital spending.
Visa: operating cash flow against capital spendingVisa: operating cash flow against capital spendingOperating cash flowCapital spending$5.4B$345MQ1 FY25$4.7B$327MQ2 FY25$6.7B$421MQ3 FY25$6.2B$389MQ4 FY25$6.8B$378MQ1 FY26$3.0B$383MQ2 FY26$6.6B$417MQ3 FY26$7.4B$493MQ4 FY26
Latest (Q4 FY26): Operating cash flow $7.4B, Capital spending $493M.

Capital allocation, year by year

Visa: where the cash came from (up) and went (down), by fiscal yearVisa: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY22: Operating cash flow $18.8BFY22: Net borrowing $2.2BFY22: Shares issued $196MFY22: Capital spending −$970MFY22: Acquisitions −$1.9BFY22: Buybacks −$11.6BFY22: Dividends −$3.2B$21.3BFY22FY23: Operating cash flow $20.8BFY23: Net borrowing −$2.2BFY23: Shares issued $260MFY23: Capital spending −$1.1BFY23: Buybacks −$12.1BFY23: Dividends −$3.8B$21.0BFY23FY24: Operating cash flow $19.9BFY24: Shares issued $335MFY24: Capital spending −$1.3BFY24: Acquisitions −$915MFY24: Buybacks −$16.7BFY24: Dividends −$4.2B$20.3BFY24FY25: Operating cash flow $23.1BFY25: Net borrowing $3.9BFY25: Shares issued $396MFY25: Capital spending −$1.5BFY25: Acquisitions −$887MFY25: Buybacks −$18.3BFY25: Dividends −$4.6B$27.4BFY25FY26: Operating cash flow $23.7BFY26: Net borrowing −$2.6BFY26: Shares issued $304MFY26: Capital spending −$1.7BFY26: Acquisitions −$705MFY26: Buybacks −$20.5BFY26: Dividends −$5.1B$24.0BFY26
Over these 5 years operating cash flow totalled $106.3B; the largest uses were buybacks ($79.2B) and dividends ($20.9B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$12.9B
Debt$22.1B
Net debt$9.1B
Due within a year$2.8B

Visa funds itself: free cash flow was — over the last twelve months, and $12.9B of cash and investments stands against $22.1B of debt ($2.8B due within a year, 4.7× covered by cash).

Visa: debt maturities by year (FY26)Visa: debt maturities by year (FY26)$2.8BYear 1$1.4BYear 2$2.0BYear 3$1.5BYear 4$1.8BYear 5$13.1BAfter year 5
Principal due in each year as disclosed in the annual report, against $12.9B of cash and investments now.

Where the cash came from and went

Visa: sources (+) and uses (−) of cash, Q4 FY26Visa: sources (+) and uses (−) of cash, Q4 FY26Operating cash flow$7.4BBuybacks−$4.0BOther financing−$1.5BDividends−$1.3BCapital spending−$493MCash drawn (+) / kept (−)−$350MOther investing$254MShares issued$100MExchange rates−$96.0MTaxes on employees’ shares−$17.0M

From profit to cash

Visa: net income to operating cash flow, Q4 FY26Visa: net income to operating cash flow, Q4 FY26Net income$6.0BDepreciation & amortization$377MStock-based pay$200MDeferred taxes$7.0MOther non-cash$290MReceivables−$219MPayables$29.0MAccrued liabilities$399MPrepaid and other assets$250MOperating cash flow$7.4B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingAcquisitionsBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q4 FY26$7.4B−$493M—−$4.0B−$1.3B—$100M−$350M$6.9B
Q3 FY26$6.6B−$417M—−$4.8B−$1.3B−$1.6B$71.0M−$62.0M$6.1B
Q2 FY26$3.0B−$383M−$705M−$7.9B−$1.3B—$55.0M$4.5B$2.6B
Q1 FY26$6.8B−$378M—−$3.7B−$1.3B−$4.0B$78.0M$1.8B$6.4B
Q4 FY25$6.2B−$389M—−$4.9B−$1.1B—$55.0M−$546M$5.8B
Q3 FY25$6.7B−$421M—−$4.8B−$1.2B$3.9B$95.0M−$5.3B$6.3B
Q2 FY25$4.7B−$327M$19.0M−$4.6B−$1.2B—$119M$830M$4.4B
Q1 FY25$5.4B−$345M−$906M−$4.0B−$1.2B—$127M−$203M$5.1B

Visa: income statement and cash flow

Visa, Q4 FY26: revenue $12.1B (+13% year over year), operating margin 59.8%. The chart follows the revenue to costs, profit and cash.

Visa: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.