Visa Inc. Files 2024 Annual Report

TL;DR

Visa's 2024 10-K is in. Stock symbol V, notes due 2026, 2029, 2034 listed.

AI Summary

Visa Inc. filed its annual report for the fiscal year ended September 30, 2024. The company is incorporated in Delaware and headquartered in San Francisco, California. Its Class A Common Stock trades on the New York Stock Exchange under the symbol V, alongside various senior notes due in 2026, 2029, and 2034.

Why It Matters

This filing provides a comprehensive overview of Visa's financial performance and operational status for the past fiscal year, offering insights for investors and stakeholders.

Risk Assessment

Risk Level: low — This is a standard annual report filing for a large, established company, indicating routine disclosure rather than immediate risk.

Key Players & Entities

• Visa Inc. (company) — Registrant
• September 30, 2024 (date) — Fiscal year end
• Delaware (jurisdiction) — State of incorporation
• San Francisco, California (location) — Principal executive offices
• V (stock_symbol) — Class A Common Stock trading symbol
• New York Stock Exchange (company) — Exchange for Class A Common Stock
• 1.500% Senior Notes due 2026 (financial_instrument) — Registered security
• 2.000% Senior Notes due 2029 (financial_instrument) — Registered security
• 2.375% Senior Notes due 2034 (financial_instrument) — Registered security

FAQ

Key Financial Figures

• $0.0001 — stered Class A Common Stock, par value $0.0001 per share V New York Stock Exchange 1.
• $16 — a's total payments and cash volume were $16 trillion, an d we had 4.6 billion payme
• $20 — s On an annual basis, we see more than $20 trillion (2) of opportunity globally, e
• $200 — ddressable opportunity of approximately $200 trillion (3) of payment flows annually,
• $145 — the business focuses on addressing the $145 trillion of opportunity in B2B payment
• $105 — ly evolving for more use cases. Another $105 trillion of the annual opportunity is i
• $15 — illion in B2C, $20 trillion in P2P, and $15 trillion in G2C opportunities annually,

Filing Documents

• v-20240930.htm (10-K) — 2813KB
• vex421093024.htm (EX-4.21) — 113KB
• vex19193024.htm (EX-19.1) — 103KB
• vex211093024.htm (EX-21.1) — 5KB
• vex231093024.htm (EX-23.1) — 2KB
• vex31193024.htm (EX-31.1) — 12KB
• vex31293024.htm (EX-31.2) — 12KB
• vex32193024.htm (EX-32.1) — 10KB
• v-20240930_g1.gif (GRAPHIC) — 151KB
• v-20240930_g10.jpg (GRAPHIC) — 65KB
• v-20240930_g11.jpg (GRAPHIC) — 195KB
• v-20240930_g12.jpg (GRAPHIC) — 91KB
• v-20240930_g13.jpg (GRAPHIC) — 88KB
• v-20240930_g14.jpg (GRAPHIC) — 99KB
• v-20240930_g15.jpg (GRAPHIC) — 65KB
• v-20240930_g16.jpg (GRAPHIC) — 119KB
• v-20240930_g17.jpg (GRAPHIC) — 89KB
• v-20240930_g18.jpg (GRAPHIC) — 124KB
• v-20240930_g2.jpg (GRAPHIC) — 421KB
• v-20240930_g3.jpg (GRAPHIC) — 248KB
• v-20240930_g4.jpg (GRAPHIC) — 249KB
• v-20240930_g5.jpg (GRAPHIC) — 1KB
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• v-20240930_g8.jpg (GRAPHIC) — 1KB
• v-20240930_g9.jpg (GRAPHIC) — 1KB
• visaa.jpg (GRAPHIC) — 2KB
• 0001403161-24-000058.txt ( ) — 19709KB
• v-20240930.xsd (EX-101.SCH) — 93KB
• v-20240930_cal.xml (EX-101.CAL) — 142KB
• v-20240930_def.xml (EX-101.DEF) — 542KB
• v-20240930_lab.xml (EX-101.LAB) — 1099KB
• v-20240930_pre.xml (EX-101.PRE) — 813KB
• v-20240930_htm.xml (XML) — 2389KB

Risk Factors

Item 1A Risk Factors 19

Unresolved Staff Comments

Item 1B Unresolved Staff Comments 34 Item 1C Cybersecurity 34

Properties

Item 2 Properties 36

Legal Proceedings

Item 3 Legal Proceedings 36

Mine Safety Disclosures

Item 4 Mine Safety Disclosures 36 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5 Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 37

[Reserved] 37

Item 6 [Reserved] 37

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7 Management's Discussion and Analysis of Financial Condition and Results of Operations 38

Quantitative and Qualitative Disclosures About Market Risk

Item 7A Quantitative and Qualitative Disclosures About Market Risk 51

Financial Statements and Supplementary Data

Item 8 Financial Statements and Supplementary Data 53

Changes in and Disagreements W ith Accountants on Accounting and Financial Disclosure s

Item 9 Changes in and Disagreements W ith Accountants on Accounting and Financial Disclosure s 104

Controls and Procedures

Item 9A Controls and Procedures 104

Other Information

Item 9B Other Information 104

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 105 PART III

Directors, Executive Officers and Corporate Governance

Item 10 Directors, Executive Officers and Corporate Governance 106

Executive Compensation

Item 11 Executive Compensation 106

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 106

Certain Relationships and Related Transactions, and Director Independence

Item 13 Certain Relationships and Related Transactions, and Director Independence 106

Principal Account ant Fees and Services

Item 14 Principal Account ant Fees and Services 106 PART IV

Exhibits and Financial Statement Schedules

Item 15 Exhibits and Financial Statement Schedules 107

Form 10-K Summary

Item 16 Form 10-K Summary 107 Unless the context indicates otherwise, reference to Visa, we, us, our or the Company refers to Visa Inc. and its subsidiaries. Visa and our other trademarks referenced in this report are Visa's property. This report may contain additional trade names and trademarks of other companies. The use or display of other companies' trade names or trademarks does not imply our endorsement or sponsorship of, or a relationship with, these companies. 2 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995 that relate to, among other things, the impact on our future financial position, results of operations and cash flows; prospects, developments, strategies and growth of our business; anticipated expansion of our products in certain countries; size and growth of the total addressable opportunities in consumer payments and new flows and our ability to capture such opportunities; industry developments; anticipated timing and benefits of our acquisitions; expectations regarding litigation matters, investigations and proceedings; timing and amount of stock repurchases; sufficiency of sources of liquidity and funding; effectiveness of our risk management programs; and expectations regarding the impact of recent accounting pronouncements on our consolidated financial statements. Forward-looking statements generally are identified by words such as "anticipates," "believes," "estimates," "expects," "intends," "may," "projects," "could," "should," "will," "continue" and other similar expressions. All statements other than statements of historical fact could be forward-looking statements, which speak only as of the date they are made, are not guarantees of future performance and are subject to certain risks, uncertainties and other factors, many of which are beyond our control and are difficult to predict. We describe risks and uncertainties that could cause actual results to differ materially from those expressed in, or implied by, any of these forward-looking statements in Item 1 , Item 1A , Item 7 and elsewhere in this report. Except as required by law, we do not intend to update or revise any forward-looking statements as a result of new information, future events or otherwise. 3 Table of Contents PART I

Business

ITEM 1. Business OVERVIEW Visa is one of the world's leaders in digital payments. Our purpose is to uplift everyone, everywhere by being the best way to pay and be paid. We facilitate global commerce and money movement across more than 200 countries and territories among a global set of consumers, merchants, financial institutions and government entities through innovative technologies. Since Visa's early days in 1958, we have been in the business of facilitating payments between consumers and businesses. We are focused on extending, enhancing and investing in our proprietary advanced transaction processing network, VisaNet, to offer a single connection point for facilitating payment transactions to multiple endpoints through various form factors. As a network of networks enabling global movement of money through all available networks, we are working to provide payment solutions and services for everyone, everywhere. We facilitate secure, reliable and efficient money movement among consumers, issuing and acquiring financial institutions and merchants. We have traditionally referred to this structure as the "four-party" model. Please see Our Core Business discussion below. As the payments ecosystem continues to evolve, we have broadened this model to include digital banks, digital wallets and a range of financial technology companies (fintechs), governments and non-governmental organizations (NGOs). We provide transaction processing services (primarily authorization, clearing and settlement) to our financial institution and merchant clients through VisaNet. During fiscal 2024, 303 billion payments and cash transactions with Visa's brand were processed by Visa or other networks, equating to an average of 829 million transactions per day. Of the 303 billion total transactions, 234 billion were processed by Visa. We offer a wide range of Visa-branded payment products that our clients, including nearly 14,500 financial institutions, use to develop and offer payment

View Full Filing

View this 10-K filing on SEC EDGAR