Bought back $20.5B of its own shares, 22.0× what it paid in stock
Dilution: new shares, stock pay and buybacks
Shares offered
Since Nov 13, 2023: 2 registrations of shares for a merger, units or notes, 1 shelf registration.
- Apr 13, 2026 Shares for a merger, units or notes 424B3
- Jul 24, 2024 Shelf registration: shares and other securities, amount not fixed S-3ASR
- Apr 8, 2024 Shares for a merger, units or notes 424B3
Every offering filing →“Prospectus OFFER TO EXCHANGE ANY AND ALL ISSUED AND OUTSTANDING SHARES OF CLASS B-1 AND CLASS B-2 COMMON STOCK FOR A COMBINATION OF SHARES OF CLASS B-3 AND CLASS C COMMON STOCK Visa Inc. (“Visa” or the “Company”) is offering to exchange, upon the terms and subject to the conditions set forth in this prospectus and the accompanying letter of election and transmittal (as supplemented and amended from time to time, the …”
424B3, Apr 13, 2026 ↗
Where the cash came from and where it went
FY2022 to FY2026, from the cash flow statements in the 10-Ks, added up.
Came from
| Operating cash flow NetCashProvidedByUsedInOperatingActivities, 0001403161-24-000058; NetCashProvidedByUsedInOperatingActivities, 0001403161-25-000089; NetCashProvidedByUsedInOperatingActivities, 0001403161-26-000134 |
$106.3B |
| Debt raised ProceedsFromIssuanceOfDebt, 0001403161-24-000058; ProceedsFromIssuanceOfDebt, 0001403161-25-000089; ProceedsFromIssuanceOfLongTermDebt, 0001403161-26-000134 |
$10.1B |
| Shares sold ProceedsFromStockOptionsExercised, 0001403161-24-000058; ProceedsFromStockOptionsExercised, 0001403161-25-000089; ProceedsFromStockOptionsExercised, 0001403161-26-000134 |
$1.5B |
| Cash on hand used CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001403161-24-000058; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001403161-25-000089; CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect, 0001403161-26-000134 |
$681.0M |
| Other, net investments bought and sold, other financing and investing lines, and exchange rates |
$1.1B |
Went to
| Capital spending PaymentsToAcquireProductiveAssets, 0001403161-24-000058; PaymentsToAcquireProductiveAssets, 0001403161-25-000089; PaymentsToAcquireProductiveAssets, 0001403161-26-000134 |
$6.4B |
| Acquisitions PaymentsToAcquireBusinessesNetOfCashAcquired, 0001403161-24-000058; PaymentsToAcquireBusinessesNetOfCashAcquired, 0001403161-25-000089; PaymentsToAcquireBusinessesNetOfCashAcquired, 0001403161-26-000134 |
$4.5B |
| Buybacks PaymentsForRepurchaseOfCommonStock, 0001403161-24-000058; PaymentsForRepurchaseOfCommonStock, 0001403161-25-000089; PaymentsForRepurchaseOfCommonStock, 0001403161-26-000134 |
$79.2B |
| Dividends PaymentsOfDividends, 0001403161-24-000058; PaymentsOfDividends, 0001403161-25-000089; PaymentsOfDividends, 0001403161-26-000134 |
$20.9B |
| Debt repaid RepaymentsOfLongTermDebt, 0001403161-24-000058; RepaymentsOfLongTermDebt, 0001403161-25-000089; RepaymentsOfLongTermDebt, 0001403161-26-000134 |
$8.8B |
Each number is a line of the cash flow statement as the company tagged it. "Other, net" is what those lines do not cover (investments bought and sold, other financing and investing lines, and exchange rates); Tickdelta does not estimate it.
What the 10-Ks show for each CEO's years
The CEO of each fiscal year as named in the proxy's pay versus performance table, and what the 10-Ks show for those years.
McInerney
- Operating cash flow
- $63.8B
- Capital spending
- $3.8B
- Acquisitions
- $1.8B
- Buybacks
- $47.1B
- Dividends
- $12.6B
- Stock-based pay
- $2.5B
- Revenue since FY2022
- +36%
- Debt since FY2022
- +$2.7B
- CEO pay (reported)
- $109.9M
Kelly
- Operating cash flow
- $34.1B
- Capital spending
- $1.7B
- Acquisitions
- $2.0B
- Buybacks
- $20.3B
- Dividends
- $6.0B
- Stock-based pay
- $1.1B
- Revenue since FY2020
- +34%
- Debt since FY2020
- -$1.6B
- CEO pay (reported)
- $59.0M
Buybacks, dividends and share count
| Fiscal year to | Buybacks | Dividends | Stock pay | Shares issued for cash | Diluted shares |
|---|---|---|---|---|---|
| 2026-09-30 | $20.5B | $5.1B | $928.0M | $304.0M | - |
| 2025-09-30 | $18.3B | $4.6B | $897.0M | $396.0M | - |
| 2024-09-30 | $16.7B | $4.2B | $850.0M | $335.0M | - |
| 2023-09-30 | $12.1B | $3.8B | $765.0M | $260.0M | - |
| 2022-09-30 | $11.6B | $3.2B | $602.0M | $196.0M | - |
From the XBRL of the 10-Ks (cash flow statement and diluted weighted average shares); each year as reported in the latest 10-K that includes it. Concepts: buybacks = PaymentsForRepurchaseOfCommonStock; dividends = PaymentsOfDividends; sbc = ShareBasedCompensation; issuance = ProceedsFromStockOptionsExercised.
What it paid for each share it bought back
What V paid on average for each share it bought back, each fiscal year: dollars spent divided by shares bought, both from the 10-K.
| Fiscal year to | Shares bought | Spent | Average price | |
|---|---|---|---|---|
| 2014-09-30 | 20.00M | $4.1B | $205.90 | |
| 2013-09-30 | 33.00M | $5.4B | $162.58 | |
| 2012-09-30 | 6.00M | $710.0M | $118.33 |
Shares and dollars from the statement of shareholders' equity (the cash flow line also counts shares withheld for taxes, so it is not used). Share counts filed before a stock split are put on today's count. A year where the 10-K does not tag both numbers is left out. The latest year with both numbers tagged is 2014.