SAN FRANCISCO--(BUSINESS WIRE)--
Visa (NYSE: V) today announced its fiscal fourth quarter and full-year 2024 financial results through an earnings release that will be furnished with the Securities and Exchange Commission on a Form 8-K and available on its Investor Relations website at investor.visa.com/financial-information/quarterly-earnings/default.aspx.
Visa will host a live audio webcast at 2:00 p.m. Pacific Time (5:00 p.m. Eastern Time) to discuss these financial results. The webcast and all related materials can also be accessed through Visa’s Investor Relations website at investor.visa.com.
Fiscal Fourth Quarter Results:
GAAP net income of $5.3B or $2.65 per share and non-GAAP net income of $5.4B or $2.71 per share
Net revenue of $9.6B, an increase of 12% on a nominal and constant-dollar basis
Fiscal Full-Year Results:
GAAP net income of $19.7B or $9.73 per share and non-GAAP net income of $20.4B or $10.05 per share
Net revenue of $35.9B, an increase of 10% on a nominal and constant-dollar basis
Other Highlights:
Fiscal fourth quarter growth in payments volume, cross-border volume and processed transactions remained relatively stable
Share repurchases and dividends of $6.8B and $20.9B for fiscal fourth quarter and full-year, respectively
The board of directors increased Visa's quarterly cash dividend 13% to $0.590 per share
Fiscal Fourth Quarter 2024 — Financial Highlights
GAAP net income in the fiscal fourth quarter was $5.3 billion or $2.65 per share, an increase of 14% and 17%, respectively, over prior year’s results. Current year's results included $46 million of net losses from equity investments and $76 million from the amortization of acquired intangible assets and acquisition-related costs. Prior year’s results included a special item of $109 million for a litigation provision associated with the interchange multidistrict litigation ("MDL") case, $7 million of net gains from equity investments and $67 million from the amortization of acquired intangible assets and acquisition-related costs. Excluding these items and related tax impacts, non-GAAP net income for the quarter was $5.4 billion or $2.71 per share, increases of 13% and 16%, respectively, over prior year’s results (refer to Non-GAAP Financial Measures for further details).
GAAP earnings per share growth was approximately 18% on a constant-dollar basis, which excludes the impact of foreign currency fluctuations against the U.S. dollar. Non-GAAP earnings per share growth was approximately 17% on a constant-dollar basis. All references to earnings per share assume fully diluted class A share count.
Net revenue in the fiscal fourth quarter was $9.6 billion, an increase of 12%, driven by the year-over-year growth in payments volume, cross-border volume and processed transactions. Net revenue increased 12% on a constant-dollar basis.
Payments volume for the three months ended June 30, 2024, on which fiscal fourth quarter service revenue is recognized, increased 7% over the prior year on a constant-dollar basis.
Payments volume for the three months ended September 30, 2024 increased 8% over the prior year on a constant-dollar basis.
Cross-border volume excluding transactions within Europe, which drives our international transaction revenue, increased 13% on a constant-dollar basis for the three months ended September 30, 2024. Total cross-border volume on a constant-dollar basis increased 13% in the quarter.
Total processed transactions, which represent transactions processed by Visa, for the three months ended September 30, 2024, were 61.5 billion, a 10% increase over the prior year.
Fiscal fourth quarter service revenue was $4.2 billion, an increase of 8% over the prior year, and is recognized based on payments volume in the prior quarter. All other revenue categories are recognized based on current quarter activity. Data processing revenue rose 8% over the prior year to $4.6 billion. International transaction revenue grew 9% over the prior year to $3.5 billion. Other revenue of $969 million rose 30% over the prior year. Client incentives were $3.6 billion, up 6% over the prior year.
GAAP operating expenses were $3.3 billion for the fiscal fourth quarter, a 7% increase over the prior year's results, primarily driven by increases in marketing and personnel expenses, partially offset by a decrease in the litigation provision. GAAP operating expenses included the amortization of acquired intangible assets and acquisition-related costs in the current and prior year and the special item related to the litigation provision associated with the MDL case in the prior year. Excluding these items, non-GAAP operating expenses increased 11% over the prior year, primarily driven by increases in marketing and personnel expenses.
GAAP non-operating income was $23 million for the fiscal fourth quarter, including $46 million of net equity investment losses. Excluding this item, non-GAAP non-operating income was $69 million.
GAAP and non-GAAP effective income tax rate was 16.5% for the quarter ended September 30, 2024. GAAP and non-GAAP tax rates had a tax benefit due to an update in our tax position across jurisdictions.
Cash, cash equivalents and investment securities were $17.7 billion at September 30, 2024.
The weighted-average number of diluted shares of class A common stock outstanding was 2.00 billion for the quarter ended September 30, 2024.
About Visa
Visa (NYSE: V) is a world leader in digital payments, facilitating transactions between consumers, merchants, financial institutions and government entities across more than 200 countries and territories. Our mission is to connect the world through the most innovative, convenient, reliable and secure payments network, enabling individuals, businesses and economies to thrive. We believe that economies that include everyone everywhere, uplift everyone everywhere and see access as foundational to the future of money movement. Learn more at Visa.com.
An email has been sent to your address with instructions for changing your password.
There is no user registered with this email.
Sign Up
To create a free account, please fill out the form below.
Thank you for signing up!
A confirmation email has been sent to your email address. Please check your email and follow the instructions in the message to complete the registration process. If you do not receive the email, please check your spam folder or contact us for assistance.
Welcome to our platform!
Oops!
Something went wrong while trying to create your new account. Please try again and if the problem persist, Email Us to receive support.
