UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
FORM 10-Q

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022March 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to        
Commission file number 001-33977
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VISA INC.
(Exact name of Registrant as specified in its charter)
Delaware 26-0267673
(State or other jurisdiction
of incorporation or organization)
 (IRS Employer
Identification No.)
P.O. Box 8999 94128-8999
San Francisco,California
(Address of principal executive offices) (Zip Code)
(650) 432-3200
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange on which registered
Class A Common Stock, par value $0.0001 per shareVNew York Stock Exchange
1.500% Senior Notes due 2026V26New York Stock Exchange
2.000% Senior Notes due 2029V29New York Stock Exchange
2.375% Senior Notes due 2034V34New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes      No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.



Large accelerated filerAccelerated filer
Non-accelerated filerSmaller reporting company
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No  
As of July 20, 2022,April 19, 2023, there were 1,635,014,6501,618,223,392 shares outstanding of the registrant’s class A common stock, par value $0.0001 per share, 245,513,385 shares outstanding of the registrant’s class B common stock, par value $0.0001 per share, and 9,886,5389,580,212 shares outstanding of the registrant’s class C common stock, par value $0.0001 per share.


Table of Contents
VISA INC.
TABLE OF CONTENTS
 
  Page
PART I.
Item 1.
Item 2.
Item 3.
Item 4.
PART II.
Item 1.
Item 1A.
Item 2.
Item 3.
Item 4.
Item 5.
Item 6.
3

Table of Contents
PART I. FINANCIAL INFORMATION
ITEM 1.Financial Statements (Unaudited)
VISA INC.
CONSOLIDATED BALANCE SHEETS
(UNAUDITED)
June 30,
2022
September 30,
2021
March 31,
2023
September 30,
2022
(in millions, except per share data) (in millions, except per share data)
AssetsAssetsAssets
Cash and cash equivalentsCash and cash equivalents$14,047 $16,487 Cash and cash equivalents$13,842 $15,689 
Restricted cash equivalents—U.S. litigation escrowRestricted cash equivalents—U.S. litigation escrow1,483 894 Restricted cash equivalents—U.S. litigation escrow1,616 1,449 
Investment securitiesInvestment securities3,309 2,025 Investment securities2,752 2,833 
Settlement receivableSettlement receivable1,860 1,758 Settlement receivable1,942 1,932 
Accounts receivableAccounts receivable2,021 1,968 Accounts receivable2,122 2,020 
Customer collateralCustomer collateral2,261 2,260 Customer collateral2,739 2,342 
Current portion of client incentivesCurrent portion of client incentives1,323 1,359 Current portion of client incentives1,477 1,272 
Prepaid expenses and other current assetsPrepaid expenses and other current assets2,667 856 Prepaid expenses and other current assets2,167 2,668 
Total current assetsTotal current assets28,971 27,607 Total current assets28,657 30,205 
Investment securitiesInvestment securities2,240 1,705 Investment securities2,840 2,136 
Client incentivesClient incentives3,321 3,245 Client incentives3,737 3,348 
Property, equipment and technology, netProperty, equipment and technology, net3,146 2,715 Property, equipment and technology, net3,359 3,223 
GoodwillGoodwill17,977 15,958 Goodwill18,078 17,787 
Intangible assets, netIntangible assets, net26,093 27,664 Intangible assets, net26,574 25,065 
Other assetsOther assets3,662 4,002 Other assets3,510 3,737 
Total assetsTotal assets$85,410 $82,896 Total assets$86,755 $85,501 
LiabilitiesLiabilitiesLiabilities
Accounts payableAccounts payable$228 $266 Accounts payable$280 $340 
Settlement payableSettlement payable3,068 2,443 Settlement payable3,069 3,281 
Customer collateralCustomer collateral2,261 2,260 Customer collateral2,739 2,342 
Accrued compensation and benefitsAccrued compensation and benefits1,106 1,211 Accrued compensation and benefits998 1,359 
Client incentivesClient incentives5,608 5,243 Client incentives6,783 6,099 
Accrued liabilitiesAccrued liabilities3,303 2,334 Accrued liabilities3,626 3,726 
Current maturities of debtCurrent maturities of debt3,249 999 Current maturities of debt 2,250 
Accrued litigationAccrued litigation1,486 983 Accrued litigation1,602 1,456 
Total current liabilitiesTotal current liabilities20,309 15,739 Total current liabilities19,097 20,853 
Long-term debtLong-term debt20,546 19,978 Long-term debt20,606 20,200 
Deferred tax liabilitiesDeferred tax liabilities5,685 6,128 Deferred tax liabilities5,462 5,332 
Other liabilitiesOther liabilities3,387 3,462 Other liabilities3,025 3,535 
Total liabilitiesTotal liabilities49,927 45,307 Total liabilities48,190 49,920 
EquityEquityEquity
Preferred stock, $0.0001 par value, 25 shares authorized and 5 shares issued and outstanding as follows:
Series A convertible participating preferred stock, less than one shares issued and outstanding at June 30, 2022 and September 30, 2021 (the “series A preferred stock”)398 486 
Series B convertible participating preferred stock, 2 shares issued and outstanding at June 30, 2022 and September 30, 2021 (the “series B preferred stock”)936 1,071 
Series C convertible participating preferred stock, 3 shares issued and outstanding at June 30, 2022 and September 30, 2021 (the “series C preferred stock”)1,517 1,523 
Class A common stock, $0.0001 par value, 2,001,622 shares authorized, 1,637 and 1,677 shares issued and outstanding at June 30, 2022 and September 30, 2021 respectively — 
Class B common stock, $0.0001 par value, 622 shares authorized, 245 shares issued and outstanding at June 30, 2022 and September 30, 2021 — 
Class C common stock, $0.0001 par value, 1,097 shares authorized, 10 shares issued and outstanding at June 30, 2022 and September 30, 2021 — 
Series A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstandingSeries A, Series B and Series C convertible participating preferred stock (preferred stock), $0.0001 par value: 25 shares authorized and 5 (Series A less than one, Series B 2, Series C 3) shares issued and outstanding1,885 2,324 
Class A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,874 (Class A 1,619, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstandingClass A, Class B and Class C common stock and additional paid-in capital, $0.0001 par value: 2,003,341 shares authorized (Class A 2,001,622, Class B 622, Class C 1,097); 1,874 (Class A 1,619, Class B 245, Class C 10) and 1,890 (Class A 1,635, Class B 245, Class C 10) shares issued and outstanding20,095 19,545 
Right to recover for covered lossesRight to recover for covered losses(23)(133)Right to recover for covered losses(35)(35)
Additional paid-in capital18,962 18,855 
Accumulated incomeAccumulated income14,960 15,351 Accumulated income17,610 16,116 
Accumulated other comprehensive income (loss), net:Accumulated other comprehensive income (loss), net:Accumulated other comprehensive income (loss), net:
Investment securitiesInvestment securities(74)(1)Investment securities(66)(106)
Defined benefit pension and other postretirement plansDefined benefit pension and other postretirement plans(48)(49)Defined benefit pension and other postretirement plans(161)(169)
Derivative instrumentsDerivative instruments135 (257)Derivative instruments(268)418 
Foreign currency translation adjustmentsForeign currency translation adjustments(1,280)743 Foreign currency translation adjustments(495)(2,512)
Total accumulated other comprehensive income (loss), netTotal accumulated other comprehensive income (loss), net(1,267)436 Total accumulated other comprehensive income (loss), net(990)(2,369)
Total equityTotal equity35,483 37,589 Total equity38,565 35,581 
Total liabilities and equityTotal liabilities and equity$85,410 $82,896 Total liabilities and equity$86,755 $85,501 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
4

Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(UNAUDITED)
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
2022202120222021 2023202220232022
(in millions, except per share data) (in millions, except per share data)
Net revenuesNet revenues$7,275 $6,130 $21,523 $17,546 Net revenues$7,985 $7,189 $15,921 $14,248 
Operating ExpensesOperating ExpensesOperating Expenses
PersonnelPersonnel1,283 1,098 3,634 3,193 Personnel1,515 1,226 2,852 2,351 
MarketingMarketing313 268 907 679 Marketing309 314 641 594 
Network and processingNetwork and processing178 186 558 538 Network and processing179 190 357 380 
Professional feesProfessional fees117 108 342 273 Professional fees130 125 239 225 
Depreciation and amortizationDepreciation and amortization230 204 635 602 Depreciation and amortization234 207 461 405 
General and administrativeGeneral and administrative289 204 856 770 General and administrative282 325 604 567 
Litigation provisionLitigation provision717 (2)865 Litigation provision — 341 148 
Total operating expensesTotal operating expenses3,127 2,066 7,797 6,057 Total operating expenses2,649 2,387 5,495 4,670 
Operating incomeOperating income4,148 4,064 13,726 11,489 Operating income5,336 4,802 10,426 9,578 
Non-operating Income (Expense)Non-operating Income (Expense)Non-operating Income (Expense)
Interest expense, net(111)(131)(379)(388)
Investment income and other(208)456 (79)664 
Interest expenseInterest expense(142)(134)(279)(268)
Investment income (expense) and otherInvestment income (expense) and other84 (126)108 129 
Total non-operating income (expense)Total non-operating income (expense)(319)325 (458)276 Total non-operating income (expense)(58)(260)(171)(139)
Income before income taxesIncome before income taxes3,829 4,389 13,268 11,765 Income before income taxes5,278 4,542 10,255 9,439 
Income tax provisionIncome tax provision418 1,814 2,251 3,038 Income tax provision1,021 895 1,819 1,833 
Net incomeNet income$3,411 $2,575 $11,017 $8,727 Net income$4,257 $3,647 $8,436 $7,606 
Basic Earnings Per ShareBasic Earnings Per ShareBasic Earnings Per Share
Class A common stockClass A common stock$1.60 $1.18 $5.15 $3.99 Class A common stock$2.04 $1.70 $4.03 $3.54 
Class B common stockClass B common stock$2.59 $1.92 $8.33 $6.47 Class B common stock$3.26 $2.76 $6.45 $5.74 
Class C common stockClass C common stock$6.42 $4.72 $20.58 $15.94 Class C common stock$8.15 $6.82 $16.10 $14.16 
Basic Weighted-average Shares OutstandingBasic Weighted-average Shares OutstandingBasic Weighted-average Shares Outstanding
Class A common stockClass A common stock1,642 1,691 1,655 1,693 Class A common stock1,624 1,654 1,627 1,662 
Class B common stockClass B common stock245 245 245 245 Class B common stock245 245 245 245 
Class C common stockClass C common stock10 10 10 11 Class C common stock10 10 10 10 
Diluted Earnings Per ShareDiluted Earnings Per ShareDiluted Earnings Per Share
Class A common stockClass A common stock$1.60 $1.18 $5.14 $3.98 Class A common stock$2.03 $1.70 $4.02 $3.54 
Class B common stockClass B common stock$2.59 $1.91 $8.33 $6.46 Class B common stock$3.25 $2.75 $6.44 $5.73 
Class C common stockClass C common stock$6.41 $4.72 $20.56 $15.92 Class C common stock$8.14 $6.81 $16.09 $14.15 
Diluted Weighted-average Shares OutstandingDiluted Weighted-average Shares OutstandingDiluted Weighted-average Shares Outstanding
Class A common stockClass A common stock2,129 2,184 2,143 2,192 Class A common stock2,093 2,142 2,098 2,150 
Class B common stockClass B common stock245 245 245 245 Class B common stock245 245 245 245 
Class C common stockClass C common stock10 10 10 11 Class C common stock10 10 10 10 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
(UNAUDITED)
 Three Months Ended
June 30,
Nine Months Ended
June 30,
 2022202120222021
 (in millions)
Net income$3,411 $2,575 $11,017 $8,727 
Other comprehensive income (loss), net of tax
Investment securities:
Net unrealized gain (loss)(43)(2)(93)(4)
Income tax effect10 20 
Reclassification adjustments (1) (1)
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost) — (1)(3)
Income tax effect —  
Reclassification adjustments 2 13 
Income tax effect (2) (3)
Derivative instruments:
Net unrealized gain (loss)348 (95)539 (112)
Income tax effect(68)22 (103)28 
Reclassification adjustments(9)14 (48)
Income tax effect (2)4 
Foreign currency translation adjustments(1,100)287 (2,023)322 
Other comprehensive income (loss), net of tax(862)229 (1,703)247 
Comprehensive income$2,549 $2,804 $9,314 $8,974 

 Three Months Ended
March 31,
Six Months Ended
March 31,
 2023202220232022
 (in millions)
Net income$4,257 $3,647 $8,436 $7,606 
Other comprehensive income (loss):
Investment securities:
Net unrealized gain (loss)36 (40)51 (50)
Income tax effect(8)(11)10 
Defined benefit pension and other postretirement plans:
Net unrealized actuarial gain (loss) and prior service credit (cost)3 (2)5 (1)
Income tax effect — (1)— 
Reclassification adjustments3 4 
Derivative instruments:
Net unrealized gain (loss)(75)77 (191)191 
Income tax effect17 (13)31 (35)
Reclassification adjustments6 (33)(1)(39)
Income tax effect(3)(7)
Foreign currency translation adjustments290 (335)1,499 (923)
Other comprehensive income (loss), net of tax269 (333)1,379 (841)
Comprehensive income$4,526 $3,314 $9,815 $6,765 
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY
(UNAUDITED)
Three Months Ended June 30, 2022
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 Series ASeries BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of March 31, 2022— (1)1,648 245 10 $2,987 $(120)$18,876 $14,651 $(405)$35,989 
Net income3,411 3,411 
Other comprehensive income (loss), net of tax(862)(862)
Comprehensive income2,549 
VE territory covered losses incurred(15)(15)
Recovery through conversion rate adjustment(112)112 — 
Conversion of series A preferred stock upon sales into public market— (1)— (1)(24)24 — 
Conversion of class C common stock upon sales into public market— (1)— 
Share-based compensation, net of forfeitures152 152 
Vesting of restricted stock and performance-based shares— (1)— 
Restricted stock and performance-based shares settled in cash for taxes— (1)(1)(1)
Cash proceeds from issuance of class A common stock under employee equity plans— (1)40 40 
Cash dividends declared and paid, at a quarterly amount of $0.375 per class A common stock(798)(798)
Repurchase of class A common stock(12)(129)(2,304)(2,433)
Balance as of June 30, 2022 (1)2 3 1,637 245 10 $2,851 $(23)$18,962 $14,960 $(1,267)$35,483 
Three Months Ended March 31, 2023
 Preferred StockCommon Stock and Additional Paid-in CapitalRight to Recover for Covered LossesAccumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 SharesAmountSharesAmount
 (in millions, except per share data)
Balance as of December 31, 2022$1,981 1,881 $19,827 $(28)$16,403 $(1,259)$36,924 
Net income4,257 4,257 
Other comprehensive income (loss), net of tax269 269 
VE territory covered losses incurred(7)(7)
Conversion to class A common stock upon sales into public market— (1)(96)96 — 
Share-based compensation, net of forfeitures223 223 
Stock issued under equity plans62 62 
Restricted stock and performance-based shares settled in cash for taxes— (1)(6)(6)
Cash dividends declared and paid, at a quarterly amount of $0.45 per class A common stock(941)(941)
Repurchase of class A common stock(10)(107)(2,109)(2,216)
Balance as of March 31, 20235 $1,885 1,874 $20,095 $(35)$17,610 $(990)$38,565 
(1)Increase decrease or balancedecrease is less than one million shares.




See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Nine Months Ended June 30, 2022
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 Series
A
Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of September 30, 2021— (1)1,677 245 10 $3,080 $(133)$18,855 $15,351 $436 $37,589 
Net income11,017 11,017 
Other comprehensive income (loss), net of tax(1,703)(1,703)
Comprehensive income9,314 
VE territory covered losses incurred(31)(31)
Recovery through conversion rate adjustment(141)141 — 
Conversion of series A preferred stock upon sales into public market— (1)(88)88 — 
Conversion of class C common stock upon sales into public market— (1)— 
Share-based compensation, net of forfeitures470 470 
Vesting of restricted stock and performance-based shares— 
Restricted stock and performance-based shares settled in cash for taxes— (1)(117)(117)
Cash proceeds from issuance of class A common stock under employee equity plans153 153 
Cash dividends declared and paid, at a quarterly amount of $0.375 per class A common stock(2,409)(2,409)
Repurchase of class A common stock(46)(487)(8,999)(9,486)
Balance as of June 30, 2022 (1)2 3 1,637 245 10 $2,851 $(23)$18,962 $14,960 $(1,267)$35,483 
Six Months Ended March 31, 2023
 Preferred StockCommon Stock and Additional Paid-in CapitalRight to Recover for Covered LossesAccumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 SharesAmountSharesAmount
 (in millions, except per share data)
Balance as of September 30, 2022$2,324 (1)1,890 $19,545 $(35)$16,116 $(2,369)$35,581 
Net income8,436 8,436 
Other comprehensive income (loss), net of tax1,379 1,379 
VE territory covered losses incurred(15)(15)
Recovery through conversion rate adjustment(14)15 
Conversion to class A common stock upon sales into public market— (2)(425)425 — 
Share-based compensation, net of forfeitures400 400 
Stock issued under equity plans118 118 
Restricted stock and performance-based shares settled in cash for taxes— (2)(118)(118)
Cash dividends declared and paid, at a quarterly amount of $0.45 per class A common stock(1,886)(1,886)
Repurchase of class A common stock(26)(275)(5,056)(5,331)
Balance as of March 31, 20235 $1,885 (1)1,874 $20,095 $(35)$17,610 $(990)$38,565 
(1)As of March 31, 2023 and September 30, 2022, the book value of series A preferred stock was $627 million and $1.0 billion, respectively. Refer to Note 4—U.S. and Europe Retrospective Responsibility Plans for the book value of series B and series C preferred stock.
(2)Increase decrease or balancedecrease is less than one million shares.

See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Three Months Ended June 30, 2021
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 Series
A
Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of March 31, 2021— (1)1,694 245 11 $3,347 $(41)$18,505 $15,513 $372 $37,696 
Net income2,575 2,575 
Other comprehensive income (loss), net of tax229 229 
Comprehensive income2,804 
VE territory covered losses incurred(21)(21)
Recovery through conversion rate adjustment(40)38 (2)
Conversion of series A preferred stock upon sales into public market— (1)(175)175 — 
Conversion of class C common stock upon sales into public market(1)— 
Share-based compensation, net of forfeitures159 159 
Vesting of restricted stock and performance-based shares— (1)— 
Restricted stock and performance-based shares settled in cash for taxes— (1)(2)(2)
Cash proceeds from issuance of class A common stock under employee equity plans— (1)54 54 
Cash dividends declared and paid, at a quarterly amount of $0.32 per class A common stock(698)(698)
Repurchase of class A common stock(10)(104)(2,096)(2,200)
Balance as of June 30, 2021— (1)1,689 245 10 $3,132 $(24)$18,787 $15,294 $601 $37,790 
Three Months Ended March 31, 2022
 Preferred StockCommon Stock and Additional Paid-in CapitalRight to Recover for Covered LossesAccumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 SharesAmountSharesAmount
 (in millions, except per share data)
Balance as of December 31, 2021$2,995 1,916 $18,776 $(111)$14,606 $(72)$36,194 
Net income3,647 3,647 
Other comprehensive income (loss), net of tax(333)(333)
VE territory covered losses incurred(9)(9)
Conversion to class A common stock upon sales into public market— (1)(8)— (1)— 
Share-based compensation, net of forfeitures190 190 
Stock issued under equity plans54 54 
Restricted stock and performance-based shares settled in cash for taxes— (1)(3)(3)
Cash dividends declared and paid, at a quarterly amount of $0.375 per class A common stock(802)(802)
Repurchase of class A common stock(15)(149)(2,800)(2,949)
Balance as of March 31, 2022$2,987 1,903 $18,876 $(120)$14,651 $(405)$35,989 
(1)Increase decrease or balancedecrease is less than one million shares.
See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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Table of Contents
VISA INC.
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY—(Continued)
(UNAUDITED)
Nine Months Ended June 30, 2021
 Preferred StockCommon StockPreferred StockRight to Recover for Covered LossesAdditional
Paid-In Capital
Accumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 Series
A
Series BSeries CClass AClass BClass C
 (in millions, except per share data)
Balance as of September 30, 2020— (1)1,683 245 11 $5,086 $(39)$16,721 $14,088 $354 $36,210 
Net income8,727 8,727 
Other comprehensive income (loss), net of tax247 247 
Comprehensive income8,974 
Adoption of new accounting standards
VE territory covered losses incurred(38)(38)
Recovery through conversion rate adjustment(55)53 (2)
Conversion of series A preferred stock upon sales into public market— (1)28 (1,899)1,899 — 
Conversion of class C common stock upon sales into public market(1)— 
Share-based compensation, net of forfeitures

434 434 
Vesting of restricted stock and performance-based shares— 
Restricted stock and performance-based shares settled in cash for taxes(1)(142)(142)
Cash proceeds from issuance of class A common stock under employee equity plans162 162 
Cash dividends declared and paid, at a quarterly amount of $0.32 per class A common stock(2,102)(2,102)
Repurchase of class A common stock(27)(287)(5,422)(5,709)
Balance as of June 30, 2021— (1)1,689 245 10 $3,132 $(24)$18,787 $15,294 $601 $37,790 
Six Months Ended March 31, 2022
 Preferred StockCommon Stock and Additional Paid-in CapitalRight to Recover for Covered LossesAccumulated
Income
Accumulated
Other
Comprehensive
 Income (Loss), Net
Total
Equity
 SharesAmountSharesAmount
 (in millions, except per share data)
Balance as of September 30, 2021$3,080 1,932 $18,855 $(133)$15,351 $436 $37,589 
Net income7,606 7,606 
Other comprehensive income (loss), net of tax(841)(841)
VE territory covered losses incurred(16)(16)
Recovery through conversion rate adjustment(29)29 — 
Conversion to class A common stock upon sales into public market— (1)(64)64 — 
Share-based compensation, net of forfeitures

318 318 
Stock issued under equity plans113 113 
Restricted stock and performance-based shares settled in cash for taxes— (1)(116)(116)
Cash dividends declared and paid, at a quarterly amount of $0.375 per class A common stock(1,611)(1,611)
Repurchase of class A common stock(34)(358)(6,695)(7,053)
Balance as of March 31, 2022$2,987 1,903 $18,876 $(120)$14,651 $(405)$35,989 
(1)Increase decrease or balancedecrease is less than one million shares.


See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(UNAUDITED)
Nine Months Ended
June 30,
Six Months Ended
March 31,
20222021 20232022
(in millions) (in millions)
Operating ActivitiesOperating ActivitiesOperating Activities
Net incomeNet income$11,017 $8,727 Net income$8,436 $7,606 
Adjustments to reconcile net income to net cash provided by (used in) operating activities:Adjustments to reconcile net income to net cash provided by (used in) operating activities:Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Client incentivesClient incentives7,435 5,980 Client incentives5,691 4,865 
Share-based compensationShare-based compensation470 434 Share-based compensation400 318 
Depreciation and amortization of property, equipment, technology and intangible assetsDepreciation and amortization of property, equipment, technology and intangible assets635 602 Depreciation and amortization of property, equipment, technology and intangible assets461 405 
Deferred income taxesDeferred income taxes(203)981 Deferred income taxes(154)21 
VE territory covered losses incurredVE territory covered losses incurred(31)(38)VE territory covered losses incurred(15)(16)
(Gains) losses on equity investments, net(Gains) losses on equity investments, net142 (611)(Gains) losses on equity investments, net196 (104)
OtherOther(71)(82)Other(22)(61)
Change in operating assets and liabilities:Change in operating assets and liabilities:Change in operating assets and liabilities:
Settlement receivableSettlement receivable(248)(351)Settlement receivable147 
Accounts receivableAccounts receivable(80)(220)Accounts receivable(67)(173)
Client incentivesClient incentives(7,038)(5,202)Client incentives(5,521)(4,503)
Other assetsOther assets(455)(164)Other assets(77)(291)
Accounts payableAccounts payable(29)Accounts payable(48)(75)
Settlement payableSettlement payable886 574 Settlement payable(493)111 
Accrued and other liabilitiesAccrued and other liabilities37 639 Accrued and other liabilities(1,047)(173)
Accrued litigationAccrued litigation506 (14)Accrued litigation144 (212)
Net cash provided by (used in) operating activitiesNet cash provided by (used in) operating activities12,973 11,256 Net cash provided by (used in) operating activities8,031 7,721 
Investing ActivitiesInvesting ActivitiesInvesting Activities
Purchases of property, equipment and technologyPurchases of property, equipment and technology(675)(497)Purchases of property, equipment and technology(459)(440)
Investment securities:Investment securities:Investment securities:
PurchasesPurchases(4,415)(3,223)Purchases(2,487)(1,948)
Proceeds from maturities and salesProceeds from maturities and sales2,580 5,286 Proceeds from maturities and sales1,760 1,975 
Acquisitions, net of cash and restricted cash acquiredAcquisitions, net of cash and restricted cash acquired(1,945)(75)Acquisitions, net of cash and restricted cash acquired (1,945)
Purchases of / contributions to other investments(68)(50)
Purchases of other investmentsPurchases of other investments(70)(55)
Settlement of derivative instrumentsSettlement of derivative instruments402 — 
Other investing activitiesOther investing activities128 105 Other investing activities19 81 
Net cash provided by (used in) investing activitiesNet cash provided by (used in) investing activities(4,395)1,546 Net cash provided by (used in) investing activities(835)(2,332)
Financing ActivitiesFinancing ActivitiesFinancing Activities
Repurchase of class A common stockRepurchase of class A common stock(9,486)(5,709)Repurchase of class A common stock(5,309)(7,053)
Repayments of debtRepayments of debt (3,000)Repayments of debt(2,250)— 
Dividends paidDividends paid(2,409)(2,102)Dividends paid(1,886)(1,611)
Proceeds from issuance of senior notes3,218 — 
Cash proceeds from issuance of class A common stock under employee equity plans153 162 
Proceeds from issuance of commercial paperProceeds from issuance of commercial paper 300 
Cash proceeds from issuance of class A common stock under equity plansCash proceeds from issuance of class A common stock under equity plans118 113 
Restricted stock and performance-based shares settled in cash for taxesRestricted stock and performance-based shares settled in cash for taxes(117)(142)Restricted stock and performance-based shares settled in cash for taxes(118)(116)
Other financing activitiesOther financing activities(15)— Other financing activities172 — 
Net cash provided by (used in) financing activitiesNet cash provided by (used in) financing activities(8,656)(10,791)Net cash provided by (used in) financing activities(9,273)(8,367)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalentsEffect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents(725)92 Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents828 (305)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalentsIncrease (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents(803)2,103 Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents(1,249)(3,283)
Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of periodCash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period19,799 19,171 Cash, cash equivalents, restricted cash and restricted cash equivalents at beginning of period20,377 19,799 
Cash, cash equivalents, restricted cash and restricted cash equivalents at end of periodCash, cash equivalents, restricted cash and restricted cash equivalents at end of period$18,996 $21,274 Cash, cash equivalents, restricted cash and restricted cash equivalents at end of period$19,128 $16,516 
Supplemental DisclosureSupplemental DisclosureSupplemental Disclosure
Cash paid for income taxes, netCash paid for income taxes, net$2,891 $2,134 Cash paid for income taxes, net$2,635 $2,107 
Interest payments on debtInterest payments on debt$548 $583 Interest payments on debt$293 $304 
Accruals related to purchases of property, equipment and technologyAccruals related to purchases of property, equipment and technology$34 $52 Accruals related to purchases of property, equipment and technology$148 $27 


See accompanying notes, which are an integral part of these unaudited consolidated financial statements.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(UNAUDITED)
Note 1—Summary of Significant Accounting Policies
Organization. Visa Inc. (“Visa”, together with its subsidiaries (Visa or the “Company”)Company), is a global payments technology company that facilitates global commerce and money movement across more than 200 countries and territories. Visa and its wholly-owned consolidated subsidiaries operateoperates one of the world’s largest electronic payments networknetworks — VisaNet — which provides transaction processing services (primarily authorization, clearing and settlement). The Company offers products, solutions and solutionsservices that facilitate secure, reliable and efficient money movement for all participants in the ecosystem. Visa is not a financial institution and does not issue cards, extend credit or set rates and fees for account holders of Visa products. In most cases, account holder and merchant relationships belong to, and are managed by, Visa’s financial institution clients.
Consolidation and basis of presentation. The accompanying unaudited consolidated financial statements include the accounts of Visa and its consolidated entities and are presented in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”)(U.S. GAAP). The Company consolidates its majority-owned and controlled entities, including variable interest entities (“VIEs”)(VIEs) for which the Company is the primary beneficiary. The Company’s investments in VIEs have not been material to its unaudited consolidated financial statements as of and for the periods presented. All significant intercompany accounts and transactions are eliminated in consolidation.
During the prior quarter, economic sanctions were imposed on Russia, impacting Visa and its clients. The extent and severity of the sanctions impacted the Company’s operations and a reduction in Ruble liquidity impacted the Company’s ability to manage operational impact and related foreign currency risk. In March 2022, the Company announced it was suspending its operations in Russia. In addition, the Company deconsolidated its Russian subsidiary, resulting in a pre-tax loss of $35 million for the nine months ended June 30, 2022, which is included in general and administrative expense on the consolidated statements of operations.
The accompanying unaudited consolidated financial statements are presented in accordance with U.S. Securities and Exchange Commission (“SEC”)(SEC) requirements for Quarterly Reports on Form 10-Q and, consequently, do not include all of the annual disclosures required by U.S. GAAP. Reference should be made to the Visa Annual Report on Form 10-K for the year ended September 30, 20212022 for additional disclosures, including a summary of the Company’s significant accounting policies.
In the opinion of management, the accompanying unaudited consolidated financial statements include all normal recurring adjustments necessary for a fair presentation of the Company’s financial position, results of operations and cash flows for the interim periods presented. The results of operations for interim periods are not necessarily indicative of results for the full year.
Use of estimates. The preparation of the accompanying unaudited consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions about future events. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the unaudited consolidated financial statements and reported amounts of revenues and expenses during the reporting period. These estimates may change as new events occur and additional information is obtained, and will be recognized in the period in which such changes occur. Future actual results could differ materially from these estimates.
Recently Adopted Accounting Pronouncements
Pronouncement. In December 2019,March 2020, the Financial Accounting Standards Board (“FASB”)(FASB) issued Accounting Standards Update (“ASU”) 2019-12,(ASU) 2020-04, which simplifiesprovides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference the accounting for income taxes by removing certain exceptionsLondon Interbank Offered Rate (LIBOR) or another reference rate expected to be discontinued because of reference rate reform. Subsequently, the general principlesFASB also issued amendments to this standard. The amendments in the existing guidance and making other minor improvements. TheASU are effective upon issuance through December 31, 2024. During the quarter ended March 31, 2023, the Company adopted certain optional expedients provided in this guidance effective October 1, 2021.ASU in relation to contract modifications and hedge accounting. The adoption did not have a material impact on the consolidated financial statements.
In January 2020, the FASB issued ASU 2020-01, which clarifies that an entity should consider observable transactions that require it to either apply or discontinue the equity method of accounting for purposes of applying
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
the fair value measurement alternative. The Company adopted this guidance effective October 1, 2021. The adoption did not have a material impact on the consolidated financial statements.
Note 2—Acquisitions
Currencycloud
On December 20, 2021, Visa acquired The Currency Cloud Group Limited (“Currencycloud���), a UK-based global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments, for a total purchase consideration of $893 million (which includes the fair value of Visa’s previously held equity interest in Currencycloud). The Company allocated $150 million of the purchase consideration to technology, intangible assets, other net assets acquired and deferred tax liabilities and the remaining $743 million to goodwill.
Tink
On March 10, 2022, Visa acquired 100% of the share capital of Tink AB (“Tink”) for $1.9 billion in cash. Tink is a European open banking platform that enables financial institutions, fintechs and merchants to build financial products and services and move money. The acquisition is expected to help accelerate the adoption of open banking around the world by providing a secure, reliable platform for innovation.
Total purchase consideration has been allocated to the assets acquired and liabilities assumed and is subject to revision. If additional information becomes available, the Company may further revise the purchase price allocation as soon as practicable, but no later than one year from the acquisition date; however, at this time, material changes are not expected.
The following table summarizes the purchase price allocation for Tink:
Purchase Price AllocationWeighted-Average Useful Life
 (in millions)(in years)
Technology$245 4
Customer relationships90 6
Deferred tax liabilities(71)
Other net assets acquired (liabilities assumed)22 
Goodwill1,577 
Total$1,863 5
Goodwill is primarily attributable to synergies expected to be achieved from the acquisition and the assembled workforce. None of the goodwill recognized is expected to be deductible for tax purposes.

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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Note 3—2—Revenues
The nature, amount, timing and uncertainty of the Company’s revenues and cash flows and how they are affected by economic factors are most appropriately depicted through the Company’s revenue categories and geographical markets. The following tables disaggregate the Company’s net revenues by revenue category and by geography:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021202220212023202220232022
(in millions)(in millions)
Service revenuesService revenues$3,189 $2,828 $9,903 $8,350 Service revenues$3,771 $3,521 $7,282 $6,714 
Data processing revenuesData processing revenues3,579 3,327 10,673 9,356 Data processing revenues3,819 3,480 7,646 7,094 
International transaction revenuesInternational transaction revenues2,560 1,696 6,942 4,635 International transaction revenues2,749 2,208 5,546 4,382 
Other revenuesOther revenues517 409 1,440 1,185 Other revenues551 474 1,138 923 
Client incentivesClient incentives(2,570)(2,130)(7,435)(5,980)Client incentives(2,905)(2,494)(5,691)(4,865)
Net revenuesNet revenues$7,275 $6,130 $21,523 $17,546 Net revenues$7,985 $7,189 $15,921 $14,248 

Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021202220212023202220232022
(in millions)(in millions)
U.S.U.S.$3,170 $2,806 $9,427 $8,156 U.S.$3,540 $3,079 $7,107 $6,257 
InternationalInternational4,105 3,324 12,096 9,390 International4,445 4,110 8,814 7,991 
Net revenuesNet revenues$7,275 $6,130 $21,523 $17,546 Net revenues$7,985 $7,189 $15,921 $14,248 
Note 4—3—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents
The Company reconciles cash, cash equivalents, restricted cash and restricted cash equivalents reported in the consolidated balance sheets that aggregate to the beginning and ending balances shown in the consolidated statements of cash flows as follows:
June 30,
2022
September 30,
2021
(in millions)
Cash and cash equivalents$14,047 $16,487 
Restricted cash and restricted cash equivalents:
U.S. litigation escrow1,483 894 
Customer collateral2,261 2,260 
Prepaid expenses and other current assets1,205 158 
Cash, cash equivalents, restricted cash and restricted cash equivalents$18,996 $19,799 
Prepaid expenses and other current assets include restricted cash and restricted cash equivalents related to funds held by the Company, primarily from Currencycloud, on behalf of clients in segregated bank accounts that cannot be withdrawn or used for general operating activities. These amounts are fully offset by corresponding liabilities recorded in accrued liabilities on the Company’s unaudited consolidated balance sheets.
March 31,
2023
September 30,
2022
(in millions)
Cash and cash equivalents$13,842 $15,689 
Restricted cash and restricted cash equivalents:
U.S. litigation escrow1,616 1,449 
Customer collateral2,739 2,342 
Prepaid expenses and other current assets931 897 
Cash, cash equivalents, restricted cash and restricted cash equivalents$19,128 $20,377 
Note 5—4—U.S. and Europe Retrospective Responsibility Plans
U.S. Retrospective Responsibility Plan
Under the terms of the U.S. retrospective responsibility plan, the Company maintains an escrow account from which settlements of, or judgments in, certain litigation referred to as the “U.S. covered litigation” are paid. The accrual related to the U.S. covered litigation could be either higher or lower than the U.S. litigation escrow account balance. See Note 13—12—Legal Matters.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
The following table presents the changes in the restricted cash equivalents—U.S. litigation escrow account:
Nine Months Ended
June 30,
Six Months Ended
March 31,
2022202120232022
(in millions) (in millions)
Balance at beginning of periodBalance at beginning of period$894 $901 Balance at beginning of period$1,449 $894 
Deposits into the litigation escrow accountDeposits into the litigation escrow account850 — Deposits into the litigation escrow account350 250 
Payments to opt-out merchants(1) and interest earned on escrow funds
(261)(7)
Payments to opt-out merchants(1), net of interest earned on escrow funds
Payments to opt-out merchants(1), net of interest earned on escrow funds
(183)(262)
Balance at end of periodBalance at end of period$1,483 $894 Balance at end of period$1,616 $882 
(1)These payments are associated with the interchange multidistrict litigation. See Note 13—12—Legal Matters.
Europe Retrospective Responsibility Plan
Visa Inc., Visa International and Visa Europe are parties to certain existing and potential litigation relating to the setting of multilateral interchange fee rates in the Visa Europe territory (the “VE(VE territory covered litigation”)litigation). Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover certain losses resulting from VE territory covered litigation (the “VE(VE territory covered losses”)losses) through a periodic adjustment to the class A common stock conversion rates applicable to the series B and C preferred stock. VE territory covered losses are recorded in a contra-equity account referred to as “right to recover for covered losses” within stockholders’ equity before the corresponding adjustment to the applicable conversion rate is effected. Adjustments to the conversion rate may be executed once in any six-month period unless a single, individual loss greater than €20 million is incurred, in which case, the six-month limitation does not apply. When the adjustment to the conversion rate is made, the amount previously recorded in “right to recover for covered losses” as contra-equity is then recorded against the book value of the preferred stock within stockholders’ equity.
The following table presents the activities related to VE territory covered losses in preferred stock and “right to recover for covered losses” within stockholders’ equity:
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of September 30, 2021$1,071 $1,523 $(133)
VE territory covered losses incurred(1)
— — (31)
Recovery through conversion rate adjustment(135)(6)141 
Balance as of June 30, 2022$936 $1,517 $(23)
Preferred StockRight to Recover for Covered Losses
Series BSeries C
(in millions)
Balance as of September 30, 2022$460 $812 $(35)
VE territory covered losses incurred(1)
— — (15)
Recovery through conversion rate adjustment(2)
(7)(7)15 
Balance as of March 31, 2023$453 $805 $(35)
Preferred StockRight to Recover for Covered LossesPreferred StockRight to Recover for Covered Losses
Series BSeries CSeries BSeries C
(in millions)(in millions)
Balance as of September 30, 2020$1,106 $1,543 $(39)
Balance as of September 30, 2021Balance as of September 30, 2021$1,071 $1,523 $(133)
VE territory covered losses incurred(1)
VE territory covered losses incurred(1)
— — (38)
VE territory covered losses incurred(1)
— — (16)
Recovery through conversion rate adjustment(2)
Recovery through conversion rate adjustment(2)
(35)(20)53 
Recovery through conversion rate adjustment(2)
(26)(3)29 
Balance as of June 30, 2021$1,071 $1,523 $(24)
Balance as of March 31, 2022Balance as of March 31, 2022$1,045 $1,520 $(120)
(1)VE territory covered losses incurred reflect settlements with merchants and additional legal costs. See Note 13—12—Legal Matters.
(2)Adjustment to right to recover for covered losses for the conversion rate adjustment differs from the actual recovered amount due to differences in foreign exchange rates between the time the losses were incurred and the subsequent recovery through the conversion rate adjustment.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
The following table presents the as-converted value of the preferred stock available to recover VE territory covered losses compared to the book value of preferred stock recorded in stockholders’ equity within the Company’s consolidated balance sheets:
June 30, 2022September 30, 2021March 31, 2023September 30, 2022
As-converted Value of Preferred Stock(1),(2)
Book Value of Preferred Stock(1)
As-converted Value of Preferred Stock(1),(3)
Book Value of Preferred Stock(1)
As-converted Value of Preferred Stock(1),(2)
Book Value of Preferred Stock(1)
As-converted Value of Preferred Stock(1),(3)
Book Value of Preferred Stock(1)
(in millions)(in millions)
Series B preferred stockSeries B preferred stock$2,957 $936 $3,493 $1,071 Series B preferred stock$1,654 $453 $1,309 $460 
Series C preferred stockSeries C preferred stock4,241 1,517 4,806 1,523 Series C preferred stock2,586 805 2,044 812 
TotalTotal7,198 2,453 8,299 2,594 Total4,240 1,258 3,353 1,272 
Less: right to recover for covered lossesLess: right to recover for covered losses(23)(23)(133)(133)Less: right to recover for covered losses(35)(35)(35)(35)
Total recovery for covered losses availableTotal recovery for covered losses available$7,175 $2,430 $8,166 $2,461 Total recovery for covered losses available$4,205 $1,223 $3,318 $1,237 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted and book values are based on unrounded numbers.
(2)As of JuneMarch 31, 2023, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 2.958 and 3.634, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $225.46, Visa’s class A common stock closing stock price.
(3)As of September 30, 2022, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.0552.971 and 6.824,3.645, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $196.89,$177.65, Visa’s class A common stock closing stock price.
(3)As of September 30, 2021, the as-converted value of preferred stock is calculated as the product of: (a) 2 million and 3 million shares of the series B and C preferred stock outstanding, respectively; (b) 6.321 and 6.834, the class A common stock conversion rate applicable to the series B and C preferred stock outstanding, respectively; and (c) $222.75, Visa’s class A common stock closing stock price.
As required by the litigation management deed, on June 21, 2022, the sixth anniversary of the Visa Europe acquisition, Visa, in consultation with the VE territories litigation management committee, carried out a release assessment. After the completion of this assessment, the Company announced on July 8, 2022 that it will release approximately $3.5 billion of the as-converted value from its series B and C preferred stock and will issue approximately 176,853 shares of series A preferred stock on July 29, 2022 (the “Sixth Anniversary Release”). Each holder of a share of series B and C preferred stock will receive a number of series A preferred stock equal to the applicable conversion adjustment divided by 100. The Company will pay cash in lieu of issuing fractional shares of series A preferred stock. Each share of series A preferred stock will be automatically converted into 100 shares of class A common stock in connection with a sale to a person eligible to hold class A common stock in accordance with Visa’s certificate of incorporation. Effective July 29, 2022, the release will result in a downward adjustment to the series B and C conversion rates of 3.084 and 3.179, respectively.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Note 6—5—Fair Value Measurements and Investments
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Fair Value Measurements
Using Inputs Considered as
Fair Value Measurements
Using Inputs Considered as
Level 1Level 2 Level 1Level 2
June 30,
2022
September 30,
2021
June 30,
2022
September 30,
2021
March 31,
2023
September 30,
2022
March 31,
2023
September 30,
2022
(in millions) (in millions)
AssetsAssetsAssets
Cash equivalents and restricted cash equivalents:Cash equivalents and restricted cash equivalents:Cash equivalents and restricted cash equivalents:
Money market fundsMoney market funds$10,894 $11,779 $ $— Money market funds$11,548 $11,736 $ $— 
U.S. government-sponsored debt securities —  100 
U.S. Treasury securitiesU.S. Treasury securities700 2,400  — U.S. Treasury securities 799  — 
Investment securities:Investment securities:Investment securities:
Marketable equity securitiesMarketable equity securities564 490  — Marketable equity securities327 437  — 
U.S. government-sponsored debt securitiesU.S. government-sponsored debt securities — 15 245 U.S. government-sponsored debt securities — 1,016 457 
U.S. Treasury securitiesU.S. Treasury securities4,920 2,985  — U.S. Treasury securities4,249 4,005  — 
Other current and non-current assets:Other current and non-current assets:Other current and non-current assets:
Money market fundsMoney market funds4  — Money market funds22 22  — 
Derivative instrumentsDerivative instruments — 764 410 Derivative instruments — 158 1,131 
TotalTotal$17,082 $17,658 $779 $755 Total$16,146 $16,999 $1,174 $1,588 
LiabilitiesLiabilitiesLiabilities
Accrued compensation and benefits:Accrued compensation and benefits:Accrued compensation and benefits:
Deferred compensation liabilityDeferred compensation liability$153 $167 $ $— Deferred compensation liability$171 $146 $ $— 
Accrued and other liabilities:Accrued and other liabilities:Accrued and other liabilities:
Derivative instrumentsDerivative instruments — 292 109 Derivative instruments — 389 418 
TotalTotal$153 $167 $292 $109 Total$171 $146 $389 $418 
Level 1 assets and liabilities. Money market funds, marketable equityU.S. Treasury securities and U.S. Treasurymarketable equity securities are classified as Level 1 within the fair value hierarchy, as fair value is based on unadjusted quoted prices in active markets for identical assets. The Company’s deferred compensation liability is measured at fair value based on marketable equity securities held under the deferred compensation plan.
Level 2 assets and liabilities. The fair value of U.S. government-sponsored debt securities, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. Derivative instruments are valued using inputs that are observable in the market or can be derived principally from or corroborated by observable market data.
U.S. government-sponsored debt securitiesGovernment-sponsored Debt Securities and U.S. Treasury securities. As of June 30, 2022 and September 30, 2021, grossSecurities
The amortized cost, unrealized gains and losses were not material. Asand fair value of June 30, 2022, $3.4 billion of the Company’s debt securities are due within one year and $2.2 billion is due between one to five years.were as follows:
March 31, 2023
Amortized
Cost
Gross UnrealizedFair
Value
GainsLosses
(in millions)
U.S. government-sponsored debt securities$1,016 $$(1)$1,016 
U.S. Treasury securities4,332 (89)4,249 
Total$5,348 $7 $(90)$5,265 
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Assets Measured at Fair Value on a Non-recurring Basis
September 30, 2022
Amortized
Cost
Gross UnrealizedFair
Value
GainsLosses
(in millions)
U.S. government-sponsored debt securities$458 $— $(1)$457 
U.S. Treasury securities4,937 — (133)4,804 
Total$5,395 $— $(134)$5,261 
Non-marketable equity securities.Debt securities with unrealized losses for less than 12 months and 12 months or greater were as follows:
March 31, 2023
Less Than 12 Months12 Months or Greater
Fair ValueGross Unrealized LossesFair ValueGross Unrealized Losses
(in millions)
U.S. government-sponsored debt securities$179 $(1)$— $— 
U.S. Treasury securities882 (11)2,270 (78)
Total$1,061 $(12)$2,270 $(78)
September 30, 2022
Less Than 12 Months
Fair ValueGross Unrealized Losses
(in millions)
U.S. government-sponsored debt securities$408 $(1)
U.S. Treasury securities3,507 (133)
Total$3,915 $(134)
The unrealized losses were primarily attributable to changes in interest rates.
The stated maturities of debt securities were as follows:
March 31,
2023
(in millions)
Due within one year$2,425 
Due after 1 year through 5 years2,840 
Total$5,265 
Equity Securities
The Company’s non-marketable equity securities are investments in privately held companies without readily determinable market values. These investments are measured at fair value on a non-recurring basis and are classified as Level 3 due to the absence of quoted market prices, the inherent lack of liquidity and the fact that inputs used to measure fair value are unobservable and require management’s judgment.
17

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
The following table summarizes the total carrying value of the Company’s non-marketable equity securities held as of June 30, 2022March 31, 2023 including cumulative unrealized gains and losses:
June 30,March 31,
20222023
(in millions)
Initial cost basis$722754 
Adjustments:
Upward adjustments810829 
Downward adjustments (including impairment)(350)(438)
Carrying amount, end of period$1,1821,145 
Unrealized gains and losses included in the carrying value of the Company’s non-marketable equity securities still held as of June 30,March 31, 2023 and 2022 and 2021 were as follows:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021202220212023202220232022
(in millions)(in millions)
Upward adjustmentsUpward adjustments$5 $180 $231 $323 Upward adjustments$2 $$19 $226 
Downward adjustments (including impairment)Downward adjustments (including impairment)$(284)$— $(337)$(2)Downward adjustments (including impairment)$(89)$(53)$(89)$(53)

For the three months ended June 30,March 31, 2023 and 2022, and 2021, the Company recognized net unrealized losses of $278$82 million and net unrealized gains of $434$156 million, respectively, on marketable and non-marketable equity securities still held as of quarter end. For the ninesix months ended June 30,March 31, 2023 and 2022, and 2021, the Company recognized net unrealized losses of $262$184 million and net unrealized gains of $610$16 million, respectively, on marketable and non-marketable equity securities still held as of quarter end.
Non-financial assets and liabilities. Certain non-financial assets such as goodwill, intangible assets and property, equipment and technology are only recognized at fair value if they are deemed to be impaired. The Company performed its annual impairment review of its indefinite-lived intangible assets and goodwill as of February 1, 2022, and concluded there was no impairment as of that date. As of June 30, 2022, there were no impairment indicators.
Other Fair Value Disclosures
Debt. Debt instruments are measured at amortized cost on the Company’s unaudited consolidated balance sheets. The fair value of the debt instruments, as provided by third-party pricing vendors, is based on quoted prices in active markets for similar, not identical, assets. If measured at fair value in the financial statements, these instruments would be classified as Level 2 in the fair value hierarchy. As of JuneMarch 31, 2023, the carrying value and estimated fair value of debt was $20.6 billion and $18.9 billion, respectively. As of September 30, 2022, the carrying value and estimated fair value of debt was $23.8$22.5 billion and $22.5 billion, respectively. As of September 30, 2021, the carrying value and estimated fair value of debt was $21.0 billion and $22.5$19.9 billion, respectively.
Other financial instruments not measured at fair value. At June 30, 2022,As of March 31, 2023, the carrying values of settlement receivable and payable and customer collateral are an approximate fair value due to their generally short maturities. If measured at fair value in the financial statements, these financial instruments would be classified as Level 2 in the fair value hierarchy.
Non-financial assets. Certain non-financial assets such as goodwill, intangible assets and property, equipment and technology are subject to non-recurring fair value measurements if they are deemed to be impaired. The Company performed its annual impairment review of its indefinite-lived intangible assets and goodwill as of February 1, 2023, and concluded there was no impairment as of that date. No recent events or changes in circumstances indicated that impairment existed as of March 31, 2023.
18

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Note 7—6—Debt
The Company had outstanding debt as follows:
June 30,
2022
September 30,
2021
Effective Interest Rate(1)
March 31,
2023
September 30,
2022
Effective Interest Rate(1)
(in millions, except percentages)(in millions, except percentages)
U.S. dollar notesU.S. dollar notesU.S. dollar notes
2.15% Senior Notes due September 2022$1,000 $1,000 2.30 %
2.80% Senior Notes due December 20222.80% Senior Notes due December 20222,250 2,250 2.89 %2.80% Senior Notes due December 2022$ $2,250 2.89 %
3.15% Senior Notes due December 20253.15% Senior Notes due December 20254,000 4,000 3.26 %3.15% Senior Notes due December 20254,000 4,000 3.26 %
1.90% Senior Notes due April 20271.90% Senior Notes due April 20271,500 1,500 2.02 %1.90% Senior Notes due April 20271,500 1,500 2.02 %
0.75% Senior Notes due August 20270.75% Senior Notes due August 2027500 500 0.84 %0.75% Senior Notes due August 2027500 500 0.84 %
2.75% Senior Notes due September 20272.75% Senior Notes due September 2027750 750 2.91 %2.75% Senior Notes due September 2027750 750 2.91 %
2.05% Senior Notes due April 20302.05% Senior Notes due April 20301,500 1,500 2.13 %2.05% Senior Notes due April 20301,500 1,500 2.13 %
1.10% Senior Notes due February 20311.10% Senior Notes due February 20311,000 1,000 1.20 %1.10% Senior Notes due February 20311,000 1,000 1.20 %
4.15% Senior Notes due December 20354.15% Senior Notes due December 20351,500 1,500 4.23 %4.15% Senior Notes due December 20351,500 1,500 4.23 %
2.70% Senior Notes due April 20402.70% Senior Notes due April 20401,000 1,000 2.80 %2.70% Senior Notes due April 20401,000 1,000 2.80 %
4.30% Senior Notes due December 20454.30% Senior Notes due December 20453,500 3,500 4.37 %4.30% Senior Notes due December 20453,500 3,500 4.37 %
3.65% Senior Notes due September 20473.65% Senior Notes due September 2047750 750 3.73 %3.65% Senior Notes due September 2047750 750 3.73 %
2.00% Senior Notes due August 20502.00% Senior Notes due August 20501,750 1,750 2.09 %2.00% Senior Notes due August 20501,750 1,750 2.09 %
Euro notesEuro notesEuro notes
1.50% Senior Notes due June 20261.50% Senior Notes due June 20261,423 — 1.71 %1.50% Senior Notes due June 20261,475 1,325 1.71 %
2.00% Senior Notes due June 20292.00% Senior Notes due June 20291,054 — 2.13 %2.00% Senior Notes due June 20291,093 982 2.13 %
2.375% Senior Notes due June 20342.375% Senior Notes due June 2034685 — 2.53 %2.375% Senior Notes due June 2034710 638 2.53 %
Total debtTotal debt24,162 21,000 Total debt21,028 22,945 
Unamortized discounts and debt issuance costsUnamortized discounts and debt issuance costs(181)(161)Unamortized discounts and debt issuance costs(168)(173)
Hedge accounting fair value adjustments(2)
Hedge accounting fair value adjustments(2)
(186)138 
Hedge accounting fair value adjustments(2)
(254)(322)
Total carrying value of debtTotal carrying value of debt$23,795 $20,977 Total carrying value of debt$20,606 $22,450 
Reported as:Reported as:Reported as:
Current maturities of debtCurrent maturities of debt$3,249 $999 Current maturities of debt$ $2,250 
Long-term debtLong-term debt20,546 19,978 Long-term debt20,606 20,200 
Total carrying value of debtTotal carrying value of debt$23,795 $20,977 Total carrying value of debt$20,606 $22,450 
(1)Effective interest rates disclosed do not reflect hedge accounting adjustments.
(2)Represents the change in fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes.
Senior Notes
In June 2022,During the six months ended March 31, 2023, the Company issuedrepaid $2.25 billion of principal upon maturity of its senior notes due December 2022.
Non-derivative Financial Instrument Designated as a Net Investment Hedge
During the six months ended March 31, 2023, the Company designated €1.8 billion of the Euro-denominated fixed-rate senior notes (Euro Notes) issued in June 2022 as a public offering in an aggregate principal amount of €3.0 billion ($3.2 billion), with maturities ranging between 4 and 12 years. The June 2026 Notes, 2029 Notes and 2034 Notes, or collectively, the "Euro Notes", have interest rates of 1.50%, 2.00% and 2.375%, respectively. Interest on the Euro Notes is payable annually on June 15 of each year, commencing June 15, 2023. The net aggregate proceeds, after deducting discounts and debt issuance costs, were approximately €3.0 billion ($3.2 billion). The Company plans to use the net proceeds for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness.
The Company’s outstanding senior notes, or collectively, the “Notes”, are senior unsecured obligations of the Company, ranking equally and ratably among themselves and with the Company’s existing and future unsecured and unsubordinated debt. The Notes are not secured by any assets of the Company and are not guaranteed by anyhedge against a portion of the Company’s subsidiaries.Euro-denominated net investment in Visa Europe. As of June 30, 2022,March 31, 2023, all of the Company was in compliance with all related covenants. Each series of€3.0 billion Euro Notes may be redeemedwere designated as a whole or in part at the Company’s option at any time at specifiednet investment hedge.
19

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
redemption prices. In addition, each series of the Euro Notes may be redeemed as a whole at specified redemption prices upon the occurrence of certain U.S. tax events.
Non-derivative Financial Instrument Designated as a Net Investment Hedge
The Company designated €1.2 billion of the €3.0 billion Euro Notes, a non-derivative financial instrument, as a hedge against a portion of the Company’s Euro-denominated net investment in Visa Europe. Changes in the value of the designated portion of the Euro Notes, attributable to the change in exchange rates at the end of each reporting period, partially offset the foreign currency translation adjustments resulting from the Euro-denominated net investment, are reported as a component of accumulated other comprehensive income or loss on the Company’s consolidated balance sheets.
Commercial Paper Program
Visa maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company is authorized to issue up to $3.0 billion in outstanding notes, with maturities up to 397 days from the date of issuance. During the three months ended June 30, 2022, the Company repaid $300 million and $650 million of commercial paper that was issued in March 2022 and April 2022, respectively. The Company had no outstanding obligations under the program as of June 30, 2022 and September 30, 2021.
Note 8—7—Settlement Guarantee Management
The Company indemnifies its clients for settlement losses suffered due to failure of any other client to fund its settlement obligations in accordance with the Visa operating rules. This indemnification creates settlement risk for the Company due to the difference in timing between the date of a payment transaction and the date of subsequent settlement.
Historically, the Company has experienced minimal losses as a result of its settlement risk guarantee. However, the Company’s future obligations, which could be material under its guarantees, are not determinable as they are dependent upon future events.
The Company’s settlement exposure is limited to the amount of unsettled Visa payment transactions at any point in time, which vary significantly day to day. During the ninesix months ended June 30, 2022,March 31, 2023, the Company’s maximum daily settlement exposure was $116.3$123.5 billion and the average daily settlement exposure was $71.8$75.0 billion.
The Company maintains and regularly reviews global settlement risk policies and procedures to manage settlement exposure, which may require clients to post collateral if certain credit standards are not met. The Company held the following collateral to manage settlement exposure:
June 30,
2022
September 30,
2021
March 31,
2023
September 30,
2022
(in millions) (in millions)
Restricted cash and restricted cash equivalentsRestricted cash and restricted cash equivalents$2,261 $2,260 Restricted cash and restricted cash equivalents$2,739 $2,342 
Pledged securities at market valuePledged securities at market value300 254 Pledged securities at market value294 213 
Letters of creditLetters of credit1,622 1,518 Letters of credit1,638 1,582 
GuaranteesGuarantees706 758 Guarantees1,068 950 
TotalTotal$4,889 $4,790 Total$5,739 $5,087 
20

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Note 9—8—Stockholders’ Equity
As-converted class A common stock. The number of shares of each series and class, and the number of shares of class A common stock on an as-converted basis, were as follows:
June 30, 2022September 30, 2021March 31, 2023September 30, 2022
Shares
Outstanding
Conversion Rate Into 
Class A
Common Stock
As-converted Class A
Common
Stock(1)
Shares
Outstanding
Conversion Rate Into
Class A
Common Stock
As-converted Class A
Common
Stock(1)
Shares
Outstanding
Conversion Rate Into 
Class A
Common Stock
As-converted Class A
Common
Stock(1)
Shares
Outstanding
Conversion Rate Into
Class A
Common Stock
As-converted Class A
Common
Stock(1)
(in millions, except conversion rate)(in millions, except conversion rate)
Series A preferred stockSeries A preferred stock (2)100.0000 6 — (2)100.0000 Series A preferred stock (2)100.0000 9 — (2)100.0000 16 
Series B preferred stockSeries B preferred stock2 6.0550 15 6.3210 16 Series B preferred stock2 2.9580 7 2.9710 
Series C preferred stockSeries C preferred stock3 6.8240 22 6.8340 22 Series C preferred stock3 3.6340 11 3.6450 12 
Class A common stock(3)
Class A common stock(3)
1,637  1,637 1,677 — 1,677 
Class A common stock(3)
1,619  1,619 1,635 — 1,635 
Class B common stockClass B common stock245 1.6059 (4)394 245 1.6228 (4)398 Class B common stock245 1.5991 (4)393 245 1.6059 (4)394 
Class C common stockClass C common stock10 4.0000 40 10 4.0000 41 Class C common stock10 4.0000 38 10 4.0000 39 
TotalTotal2,114 2,161 Total2,077 2,103 
(1)Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers.
(2)The number of shares outstanding was less than one million.
(3)Class A common stock shares outstanding reflect repurchases that settled on or before June 30, 2022March 31, 2023 and September 30, 2021, respectively.2022.
(4)The class B to class A common stock conversion rate is presented on a rounded basis. Conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal.
Series A preferred stock issuance. On July 29, 2022, the Company will issue approximately 176,853 shares of series A preferred stock in connection with the Sixth Anniversary Release. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
Reduction in as-converted shares. Under the terms of the U.S. retrospective responsibility plan, when the Company funds the U.S. litigation escrow account, the value of the Company’s class B common stock is subject to dilution through a downward adjustment to the conversion rate of the shares of class B common stock to shares of class A common stock. Under the terms of the Europe retrospective responsibility plan, the Company is entitled to recover VE territory covered losses through periodic adjustments to the class A common stock conversion rates applicable to the series B and C preferred stock. The deposit and recovery have the same economic effect on earnings per share as repurchasing the Company’s class A common stock, because it reduces the class B common stock and the series B and C preferred stock conversion rates and consequently, reduces the as-converted class A common stock share count. See Note 5—U.S. and Europe Retrospective Responsibility Plans.
The following table presents the reduction in the number of as-converted class B common stock after deposit into the U.S. litigation escrow account for the ninesix months ended June 30,March 31, 2023 and 2022. There was no comparable adjustment recorded for class B common stock for the nine months ended June 30, 2021.
Nine Months Ended
June 30, 2022
(in millions, except per share data)
Reduction in equivalent number of class A common stock
Effective price per share(1)
$205.06 
Deposits under the U.S. retrospective responsibility plan$850 
Six Months Ended
March 31,
20232022
(in millions, except per share data)
Reduction in equivalent number of class A common stock2 
Effective price per share(1)
$209.14 $217.61 
Deposits under the U.S. retrospective responsibility plan$350 $250 
(1)Effective price per share is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificate of incorporation. Effective price per share for the fiscal year is calculated using the weighted-average effective prices of the respective adjustments made during the year.
21

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
The following table presents the reduction in the number of as-converted series B and C preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments:
Nine Months Ended
June 30, 2022
Nine Months Ended
June 30, 2021
Six Months Ended
March 31, 2023
Six Months Ended
March 31, 2022
Series BSeries CSeries BSeries CSeries BSeries CSeries BSeries C
(in millions, except per share data)(in millions, except per share data)
Reduction in equivalent number of class A common stockReduction in equivalent number of class A common stock1  (1)— (1)— (1)Reduction in equivalent number of class A common stock (1) (1)— (1)— (1)
Effective price per share(2)
Effective price per share(2)
$203.08 $202.55 $220.84 $220.71 
Effective price per share(2)
$211.34 $211.34 $201.68 $201.68 
Recovery through conversion rate adjustmentRecovery through conversion rate adjustment$135 $6 $35 $20 Recovery through conversion rate adjustment$7 $7 $26 $
(1)The reduction in equivalent number of shares of class A common stock was less than one million shares.
(2)Effective price per share for the quarter is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificates of designations for its series B and C preferred stock. Effective price per share for each fiscal year is calculated using the weighted-average effective prices
21

Table of the respective adjustments made during the year.Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Common stock repurchases. The following table presents share repurchases in the open market:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021202220212023202220232022
(in millions, except per share data)(in millions, except per share data)
Shares repurchased in the open market(1)
Shares repurchased in the open market(1)
12 10 46 27 
Shares repurchased in the open market(1)
10 15 26 34 
Average repurchase price per share(2)
$202.81 $227.11 $208.30 $213.02 
Average repurchase cost per share(2)
Average repurchase cost per share(2)
$221.32 $210.18 $206.88 $210.26 
Total cost(2)
Total cost(2)
$2,433 $2,200 $9,486 $5,709 
Total cost(2)
$2,216 $2,949 $5,331 $7,053 
(1)Shares repurchased in the open market reflect repurchases that settled during the three and ninesix months ended June 30,March 31, 2023 and 2022, and 2021, respectively. All shares repurchased in the open market have been retired and constitute authorized but unissued shares.
(2)Figures in the table may not recalculate exactly due to rounding. Average repurchase pricecost per share and total cost are calculated based on unrounded numbers.numbers and include applicable taxes.
In December 2021,October 2022, the Company’s board of directors authorized a $12.0 billion share repurchase program (the “December 2021 Program”). Previously, in January 2021, the Company’s board of directors authorized an $8.0 billion share repurchase program. These authorizations haveThis authorization has no expiration date. As of June 30, 2022,March 31, 2023, the Company’s repurchase program had remaining authorized funds of $7.3$11.9 billion. All share repurchase programs authorized prior to the December 2021 ProgramOctober 2022 have been completed.
Dividends. The Company declared and paid dividends of $798$941 million and $698$802 million during the three months ended June 30,March 31, 2023 and 2022, and 2021, respectively, and $2.4$1.9 billion and $2.1$1.6 billion during the ninesix months ended June 30,March 31, 2023 and 2022, and 2021, respectively. On July 22, 2022,April 25, 2023, the Company’s board of directors declared a quarterly cash dividend of $0.375$0.45 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C preferred stock on an as-converted basis), which will be paid on SeptemberJune 1, 2022,2023, to all holders of record as of AugustMay 12, 2022.2023.
Note 10—9—Earnings Per Share
Basic earnings per share is computed by dividing net income available to each class of shares by the weighted-average number of shares of common stock outstanding and participating securities during the period. Participating securities include the Company’s series A, B and C preferred stock and restricted stock units (“RSUs”) that contain non-forfeitable rights to dividends or dividend equivalents. Net income is allocated to each class of common stock and participating securities based on its proportional ownership on an as-converted basis. The weighted-average number of shares outstanding of each class of common stock reflects changes in ownership over the periods presented. See
Note 9—Stockholders’ Equity.
22

Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Diluted earnings per share is computed by dividing net income available by the weighted-average number of shares of common stock outstanding, participating securities and, if dilutive, potential class A common stock equivalent shares outstanding during the period. Dilutive class A common stock equivalents may consist of: (1) shares of class A common stock issuable upon the conversion of series A, B and C preferred stock and class B and C common stock based on the conversion rates in effect through the period, and (2) incremental shares of class A common stock calculated by applying the treasury stock method to the assumed exercise of employee stock options, the assumed purchase of stock under the Company’s Employee Stock Purchase Plan and the assumed vesting of unearned performance shares.
The following table presents earnings per share for the three months ended June 30, 2022:March 31, 2023:
Basic Earnings Per ShareDiluted Earnings Per Share Basic Earnings Per ShareDiluted Earnings Per Share
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
 
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
 
Earnings per
Share =
(A)/(B)(2)
(in millions, except per share data)(in millions, except per share data)
Class A common stockClass A common stock$2,634 1,642 $1.60 $3,411 2,129 (3)$1.60 Class A common stock$3,307 1,624 $2.04 $4,257 2,093 (3)$2.03 
Class B common stockClass B common stock637 245 $2.59 $636 245 $2.59 Class B common stock800 245 $3.26 $799 245 $3.25 
Class C common stockClass C common stock64 10 $6.42 $64 10 $6.41 Class C common stock79 10 $8.15 $79 10 $8.14 
Participating securitiesParticipating securities76 Not presentedNot presented$76 Not presentedNot presentedParticipating securities71 Not presentedNot presented$71 Not presentedNot presented
Net incomeNet income$3,411 Net income$4,257 
The following table presents earnings per share for the ninesix months ended June 30, 2022:March 31, 2023:
Basic Earnings Per ShareDiluted Earnings Per Share Basic Earnings Per ShareDiluted Earnings Per Share
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
 
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
 
Earnings per
Share =
(A)/(B)(2)
(in millions, except per share data)(in millions, except per share data)
Class A common stockClass A common stock$8,518 1,655 $5.15 $11,017 2,143 (3)$5.14 Class A common stock$6,549 1,627 $4.03 $8,436 2,098 (3)$4.02 
Class B common stockClass B common stock2,046 245 $8.33 $2,044 245 $8.33 Class B common stock1,584 245 $6.45 $1,582 245 $6.44 
Class C common stockClass C common stock207 10 $20.58 $207 10 $20.56 Class C common stock157 10 $16.10 $156 10 $16.09 
Participating securitiesParticipating securities246 Not presentedNot presented$246 Not presentedNot presentedParticipating securities146 Not presentedNot presented$146 Not presentedNot presented
Net incomeNet income$11,017 Net income$8,436 
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Table of Contents
VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
The following table presents earnings per share for the three months ended June 30, 2021:March 31, 2022:
Basic Earnings Per ShareDiluted Earnings Per Share Basic Earnings Per ShareDiluted Earnings Per Share
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
 
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
 
Earnings per
Share =
(A)/(B)(2)
(in millions, except per share data)(in millions, except per share data)
Class A common stockClass A common stock$1,996 1,691 $1.18 $2,575 2,184 (3)$1.18 Class A common stock$2,819 1,654 $1.70 $3,647 2,142 (3)$1.70 
Class B common stockClass B common stock470 245 $1.92 $470 245 $1.91 Class B common stock677 245 $2.76 $676 245 $2.75 
Class C common stockClass C common stock49 10 $4.72 $49 10 $4.72 Class C common stock69 10 $6.82 $69 10 $6.81 
Participating securitiesParticipating securities60 Not presentedNot presented$60 Not presentedNot presentedParticipating securities82 Not presentedNot presented$81 Not presentedNot presented
Net incomeNet income$2,575 Net income$3,647 
The following table presents earnings per share for the ninesix months ended June 30, 2021:March 31, 2022:
Basic Earnings Per ShareDiluted Earnings Per Share Basic Earnings Per ShareDiluted Earnings Per Share
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
 
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
Earnings per
Share =
(A)/(B)(2)
Income
Allocation
(A)(1)
Weighted-
Average
Shares
Outstanding (B)
 
Earnings per
Share =
(A)/(B)(2)
(in millions, except per share data)(in millions, except per share data)
Class A common stockClass A common stock$6,748 1,693 $3.99 $8,727 2,192 (3)$3.98 Class A common stock$5,884 1,662 $3.54 $7,606 2,150 (3)$3.54 
Class B common stockClass B common stock1,588 245 $6.47 $1,586 245 $6.46 Class B common stock1,409 245 $5.74 $1,407 245 $5.73 
Class C common stockClass C common stock169 11 $15.94 $169 11 $15.92 Class C common stock143 10 $14.16 $143 10 $14.15 
Participating securitiesParticipating securities222 Not presentedNot presented$221 Not presentedNot presentedParticipating securities170 Not presentedNot presented$169 Not presentedNot presented
Net incomeNet income$8,727 Net income$7,606 
(1)The weighted-average number of shares of as-converted class B common stock used in the income allocation was 397393 million for the three and six months ended June 30, 2022March 31, 2023, and 397 million and 398 million for ninethe three and six months ended June 30,March 31, 2022, and three and nine months ended June 30, 2021.respectively. The weighted-average number of shares of as-converted class C common stock used in the income allocation was 39 million for the three and six months ended March 31, 2023 and 40 million for the three and ninesix months ended June 30, 2022 and 42 million for the three and nine months ended June 30, 2021.March 31, 2022. The weighted-average number of shares of preferred stock included within participating securities was 10 million and 11 million of as-converted series A preferred stock for the three and six months ended March 31, 2023, respectively, and 6 million of as-converted series A preferred stock for the three and ninesix months ended June 30,March 31, 2022, and 9 million and 14 million of as-converted series A preferred stock for the three and nine months ended June 30, 2021, respectively, 157 million of as-converted series B preferred stock for the three and six months ended June 30, 2022March 31, 2023 and 16 million of as-converted series B preferred stock for the ninethree and six months ended June 30,March 31, 2022, and 11 million of as-converted series C preferred stock for the three and ninesix months ended June 30, 2021March 31, 2023 and 22 million of as-converted series C preferred stock for the three and ninesix months ended June 30, 2022 and 2021.March 31, 2022.
(2)Figures in the table may not recalculate exactly due to rounding. Basic and diluted earnings per share isare calculated based on unrounded numbers.
(3)Weighted-average diluted shares outstanding are calculated on an as-converted basis and include incremental common stock equivalents, as calculated under the treasury stock method. The common stock equivalents are not material for the three and ninesix months ended June 30, 2022March 31, 2023 and 2021.2022.
Note 11—10—Share-based Compensation
The Company grantedfollowing table presents the following equity awards granted to employees and non-employee directors under the amended and restated 2007 Equity Incentive Compensation Plan or the EIP,(EIP) during the ninesix months ended June 30, 2022:March 31, 2023:
GrantedWeighted-Average Grant Date Fair ValueWeighted-Average Exercise PriceGrantedWeighted-Average Grant Date Fair ValueWeighted-Average Exercise Price
Non-qualified stock optionsNon-qualified stock options961,570 $43.16 $200.86 Non-qualified stock options798,017 $58.56 $211.09 
Restricted stock unitsRestricted stock units3,413,085 $203.22 Restricted stock units3,091,583 $210.58 
Performance-based shares(1)
Performance-based shares(1)
440,722 $186.50 
Performance-based shares(1)
551,818 $221.32 
(1)Represents the maximum number of performance-based shares which could be earned.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Related toFor the EIP,three months ended March 31, 2023 and 2022, the Company recorded share-based compensation cost netrelated to the EIP of estimated forfeitures, of $145$214 million and $153$181 million, respectively, and for the threesix months ended June 30,March 31, 2023 and 2022, and 2021, respectively, and $447the Company recorded share-based compensation cost related to the EIP of $384 million and $417$302 million, for the nine months ended June 30, 2022 and 2021, respectively.
Note 12—11—Income Taxes
For the three and ninesix months ended June 30,March 31, 2023, the effective income tax rates were 19% and 18%, respectively, and for the three and six months ended March 31, 2022, the effective income tax rates were 11%20% and 17%, respectively, and for the three and nine months ended June 30, 2021, the effective income tax rates were 41% and 26%19%, respectively. The effective tax rates for the three and nine months ended June 30, 2022 differ fromdifference in the effective tax rates for the same periods in the prior yearis primarily due to the following:
during the three months ended June 30, 2022, a decrease in the state apportionment rate, including a $176$142 million tax benefit related to prior years recognized during the six months ended March 31, 2023 due to the reassessment of an uncertain tax position as a result of anew information obtained during an ongoing tax position taken related to a recent ruling;examination.
duringDuring the three months ended June 30, 2021, a $1.0 billion non-recurring, non-cashMarch 31, 2023, the Company’s gross and net unrecognized tax expense related tobenefits increased by $86 million and $26 million, respectively. During the remeasurement of UK deferred tax liabilities;
during the threesix months ended June 30, 2021, a $51 million tax benefit as a result of a tax position taken on certain expenses; and
during the nine months ended June 30, 2021, $147 million of tax benefits as a result of the conclusion of audits by taxing authorities.
During the three and nine months ended June 30, 2022,March 31, 2023, the Company’s gross and net unrecognized tax benefits decreased by $34$22 million and increased by $109 million, respectively. The Company’s net unrecognized tax benefits that, if recognized, would favorably impact the effective tax rate, decreased by $75 million and $29$123 million, respectively. The change in unrecognized tax benefits is primarily related to various tax positions across several jurisdictions. Additionally, for the changesix month period, the decrease in state apportionmentunrecognized tax benefits is primarily due to the reassessment mentioned above, partially offset by an increase in gross timing differences as well as various tax positions across several jurisdictions. During the three and nine months ended June 30, 2022, the Company’s accrued penalties related to uncertain tax positions decreased by $31 million.differences.
The Company’s tax filings are subject to examination by U.S. federal, state and foreign taxing authorities. The timing and outcome of the final resolutions of the various ongoing income tax examinations are highly uncertain. It is not reasonably possible to estimate the increase or decrease in unrecognized tax benefits within the next twelve months.
Note 13—12—Legal Matters
The Company is party to various legal and regulatory proceedings. Some of these proceedings involve complex claims that are subject to substantial uncertainties and unascertainable damages. Accordingly, except as disclosed,For those proceedings where a loss is determined to be only reasonably possible or probable but not estimable, the Company has not established reserves or rangesdisclosed the nature of possible loss relatedthe claim. Additionally, unless otherwise disclosed below with respect to these proceedings, as at this time in the proceedings,Company cannot provide an estimate of the matters do not relate to a probablepossible loss and/or the amount or range of losses are not reasonably estimable.loss. Although the Company believes that it has strong defenses for the litigation and regulatory proceedings described below, it could, in the future, incur judgments or fines or enter into settlements of claims that could have a material adverse effect on the Company’s financial position, results of operations or cash flows. From time to time, the Company may engage in settlement discussions or mediations with respect to one or more of its outstanding litigation matters, either on its own behalf or collectively with other parties.
The litigation accrual is an estimate and is based on management’s understanding of its litigation profile, the specifics of each case, advice of counsel to the extent appropriate and management’s best estimate of incurred loss as of the balance sheet date.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
The following table summarizes the activity related to accrued litigation:
Nine Months Ended
June 30,
Six Months Ended
March 31,
20222021 20232022
(in millions) (in millions)
Balance at beginning of periodBalance at beginning of period$983 $914 Balance at beginning of period$1,456 $983 
Provision for uncovered legal mattersProvision for uncovered legal matters2 Provision for uncovered legal matters 
Provision for covered legal mattersProvision for covered legal matters878 23 Provision for covered legal matters352 150 
Payments for legal mattersPayments for legal matters(377)(42)Payments for legal matters(206)(365)
Balance at end of periodBalance at end of period$1,486 $900 Balance at end of period$1,602 $769 
Accrual Summary—U.S. Covered Litigation
Visa Inc., Visa U.S.A. and Visa International are parties to certain legal proceedings that are covered by the U.S. retrospective responsibility plan, which the Company refers to as the U.S. covered litigation. An accrual for the
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
U.S. covered litigation and a charge to the litigation provision are recorded when a loss is deemed to be probable and reasonably estimable. In making this determination, the Company evaluates available information, including but not limited to actions taken by the Company’s litigation committee. The total accrual related to the U.S. covered litigation could be either higher or lower than the escrow account balance. See further discussion below under U.S. Covered Litigation and Note 5—4—U.S. and Europe Retrospective Responsibility Plans.
The following table summarizes the accrual activity related to U.S. covered litigation:
Nine Months Ended
June 30,
Six Months Ended
March 31,
20222021 20232022
(in millions) (in millions)
Balance at beginning of periodBalance at beginning of period$881 $888 Balance at beginning of period$1,441 $881 
Provision for interchange multidistrict litigationProvision for interchange multidistrict litigation861 — Provision for interchange multidistrict litigation341 145 
Payments for U.S. covered litigationPayments for U.S. covered litigation(262)(7)Payments for U.S. covered litigation(201)(262)
Balance at end of periodBalance at end of period$1,480 $881 Balance at end of period$1,581 $764 

During the three and ninesix months ended June 30, 2022,March 31, 2023, the Company recorded an additional accrualsaccrual of $716$341 million and $861deposited $350 million respectively, and deposited $600 million and $850 million, respectively, into the U.S. litigation escrow account to address claims of certain merchants who opted out ofassociated with the Amended Settlement Agreement.interchange multidistrict litigation. The U.S. covered litigation accrual balance is consistent with the Company’s best estimate of its share of the lower end of a probable and reasonably estimable loss with respect to the U.S. covered litigation. While this estimate is consistent with the Company’s view of the current status of the litigation, the probable and reasonably estimable loss or range of such loss could materially vary based on developments in the litigation. The Company will continue to consider and reevaluate this estimate in light of the substantial uncertainties with respect to the litigation. The Company is unable to estimate a potential loss or range of loss, if any, at trial if negotiated resolutions cannot be reached.
Accrual Summary—VE Territory Covered Litigation
Visa Inc., Visa International and Visa Europe are parties to certain legal proceedings that are covered by the Europe retrospective responsibility plan. Unlike the U.S. retrospective responsibility plan, the Europe retrospective responsibility plan does not have an escrow account that is used to fund settlements or judgments. The Company is entitled to recover VE territory covered losses through periodic adjustments to the conversion rates applicable to the series B and C preferred stock. An accrual for the VE territory covered losses and a reduction to stockholders’ equity will be recorded when the loss is deemed to be probable and reasonably estimable. See further discussion below under VE Territory Covered Litigation and Note 5—4—U.S. and Europe Retrospective Responsibility Plans.
The following table summarizes the accrual activity related to VE territory covered litigation:
 Six Months Ended
March 31,
 20232022
(in millions)
Balance at beginning of period$11 $102 
Provision for VE territory covered litigation11 
Payments for VE territory covered litigation(5)(102)
Balance at end of period$17 $
26
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
The following table summarizes the accrual activity related to VE territory covered litigation:
 Nine Months Ended
June 30,
 20222021
(in millions)
Balance at beginning of period$102 $21 
Provision for VE territory covered litigation17 23 
Payments for VE territory covered litigation(114)(29)
Balance at end of period$5 $15 
U.S. Covered Litigation
Interchange Multidistrict Litigation (MDL) - Putative Class Actions
On July 18, 2022, in response to an order fromMarch 15, 2023, the U.S. Court of Appeals for the Second Circuit affirmed the district court certified its final approval of the Amended Settlement Agreement as a partial final judgment.by the district court.
Interchange Multidistrict Litigation (MDL) - Individual Merchant Actions
Visa has reached settlements with a number of merchants representing approximately 55%70% of the Visa-branded payment card sales volume of merchants who opted out of the Amended Settlement Agreement with the Damages Class plaintiffs.
Consumer Interchange Litigation
On December 30, 2022, a putative class action was filed in California state court against Visa, Mastercard, and certain financial institutions on behalf of all Visa and Mastercard cardholders in California who made a purchase using a Visa-branded or Mastercard-branded payment card in California from January 1, 2004. Plaintiffs primarily allege a conspiracy to fix interchange fees and seek injunctive relief, attorneys’ fees and damages as direct and indirect purchasers based on alleged violations of California law. On January 11, 2023, plaintiffs filed an amended complaint asserting the same claims as asserted in the prior complaint. On January 30, 2023, Visa removed the action to federal court. On February 10, 2023, the Judicial Panel on Multidistrict Litigation issued an order transferring the case to MDL 1720. On March 1, 2023, plaintiffs filed a motion to remand the case to California state court.
VE Territory Covered Litigation
Europe Merchant Litigation
Since July 2013, in excess of 850proceedings have been commenced by more than 1,100 Merchants (the capitalized term “Merchant,”“Merchant” when used in this section, means a merchantMerchant together with subsidiary/affiliate companies that are party to the same claim) have commenced proceedings against Visa Europe, Visa Inc. and other Visa subsidiaries in the UK Belgium, Poland and Israelother countries primarily relating to interchange rates in Europe and in some cases relating to fees charged by Visa and certain Visa rules. As of the filing date, Visa has settled the claims asserted by over 150175 Merchants, leaving more than 650and there are approximately 900 Merchants with outstanding claims. In addition, over 30 additional Merchants have threatened to commence similar proceedings. Standstill agreements have been entered into with respect to some of those threatened Merchant claims, several of which have been settled.
On November 26, 2021, with respect to certain pending Merchant claims, the UK Competition Appeal Tribunal (CAT) found that UK and certain other domestic and intra-European Economic Area consumer interchange fees before the introduction of the Interchange Fee Regulation (IFR) were a restriction of competition, but that the question of whether those fees, along with inter-European Economic Area fees, are a restriction of competition after the introduction of the IFR would need to be resolved at trial. Whether any interchange fees are exempt from the finding of restriction under applicable law and the assessment of damages, if any, will also need to be considered at trial. On February 1, 2022, the UK Court of Appeal granted claimants permission to appeal the CAT’s ruling and an appeal hearing is scheduled for July 2022.
On June 1, 2022, two class action claims were filed against Visa with the CAT on behalf of UK businesses that accepted Visa-branded payment cards at any time from June 1, 2016 alleging that UK domestic, intra-European Economic Area, and inter-regional interchange fees on commercial credit cards, and inter-regional interchange fees on consumer cards, are anti-competitive. The Europe retrospective responsibility plan covers liabilities and losses relating to the covered period, which generally refers to the period before the closing of the Visa Europe acquisition.
Other Litigation
On July 3, 2022, Visa filed aVisa’s motion challenging jurisdiction in the class action filed againstregarding interchange on cross-border transactions and the Honor All Cards rule in Israel was denied.
Other Litigation
European Commission Staged Digital Wallets Investigation
On February 16, 2023, the European Commission (EC) notified Visa and MasterCardthat the matter has been closed.
EMV Chip Liability Shift
On November 30, 2022, Visa, jointly with other defendants, served a motion for summary judgment regarding the claims in the Israel Central District Court.amended complaint and a motion to decertify the class.
U.S. Department of Justice Civil Investigative Demand (2021)
On January 4, 2023, the Antitrust Division of the U.S. Department of Justice (Division) issued a further Civil Investigative Demand seeking additional documents and information focusing on U.S. debit and competition with other payment methods and networks. Visa is cooperating with the Division in connection with the investigation.
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VISA INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)—(Continued)
Other Litigation
Pulse Network
On April 5, 2022, the U.S. Court of Appeals for the Fifth Circuit reversed, in part, the district court’s summary judgment decision in Visa's favor, finding that Pulse has standing to pursue certain of its claims, and remanded the case to the district court for further proceedings.
German ATM Litigation
Between December 2021 and June 2022, Visa was served with claims in Germany brought by German savings banks against Visa Europe and Visa Inc. The banks claim that Visa’s ATM rules prohibiting the charging of access fees on domestic cash withdrawals are anti-competitive and they are seeking damages. Visa has filed challenges to the jurisdiction of the German courts to hear these claims.
Foreign Currency Exchange Rate Litigation
On December 6, 2021, an21, 2022, plaintiffs filed a third amended complaint making similar allegations regardingasserting the setting of foreign exchange rates was filed by several individuals on behalf of a nationwide class, and/or California, Washington, Massachusetts or New Jersey subclasses, of cardholders who made a transactionsame claims as asserted in a foreign currency. The amended complaint asserts claims for unjust enrichment and restitution as well as violations of the California Unfair Competition Law, the Washington Consumer Protection Act, the Massachusetts Consumer Protection Act, and the New Jersey Consumer Fraud Act.prior complaints. On January 19, 2022,February 3, 2023, Visa filed a motion to dismiss the third amended complaint.
European Commission Client Incentive Agreements Investigation
On December 2, 2022, the EC informed Visa that it had opened a preliminary investigation into Visa’s incentive agreements with clients. Visa is cooperating with the EC in connection with the investigation.




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ITEM 2.Management’s Discussion and Analysis of Financial Condition and Results of Operations
This management’s discussion and analysis provides a review of the results of operations, financial condition and the liquidity and capital resources of Visa Inc. and its subsidiaries (“Visa,” “we,” “us,” “our”(Visa, we, us, our or the “Company”)Company) on a historical basis and outlines the factors that have affected recent earnings, as well as those factors that may affect future earnings. The following discussion and analysis should be read in conjunction with our unaudited consolidated financial statements and related notes included in Item 1—Financial Statements of this report.
Forward-Looking Statements
This Quarterly Report on Form 10-Q 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 as a result of the invasion of Ukraine by Russia;war in Ukraine; the ongoing effects of the COVID-19 pandemic, as well asincluding the reopening of borders and resumption of international travel; prospects, developments, strategies and growth of our business; anticipated expansion of our products in certain countries; 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 our SEC filings, including our Annual Report on Form 10-K, for the year ended September 30, 2021,2022, and ourany subsequent reports on Forms 10-Q and 8-K. 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.
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Overview
Visa is a global payments technology company that facilitates global commerce and money movement across more than 200 countries and territories among a global networkset of consumers, merchants, financial institutions and government entities through innovative technologies. We provide transaction processing services (primarily authorization, clearing and settlement) to our financial institutionsinstitution and merchantsmerchant clients through VisaNet, our advanced transaction processing network. We offer products and solutions that facilitate secure, reliable and efficient money movement for all participants in the ecosystem.
Financial overview. A summary of our as-reported U.S. GAAP and non-GAAP operating results is as follows:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021
%
Change(1)
20222021
%
Change(1)
20232022
%
Change(1)
20232022
%
Change(1)
(in millions, except percentages and per share data)(in millions, except percentages and per share data)
Net revenuesNet revenues$7,275 $6,130 19 %$21,523 $17,546 23 %Net revenues$7,985 $7,189 11 %$15,921 $14,248 12 %
Operating expensesOperating expenses$3,127 $2,066 51 %$7,797 $6,057 29 %Operating expenses$2,649 $2,387 11 %$5,495 $4,670 18 %
Net incomeNet income$3,411 $2,575 32 %$11,017 $8,727 26 %Net income$4,257 $3,647 17 %$8,436 $7,606 11 %
Diluted earnings per shareDiluted earnings per share$1.60 $1.18 36 %$5.14 $3.98 29 %Diluted earnings per share$2.03 $1.70 20 %$4.02 $3.54 14 %
Non-GAAP operating expenses(2)
Non-GAAP operating expenses(2)
$2,353 $2,048 15 %$6,755 $5,854 15 %
Non-GAAP operating expenses(2)
$2,581 $2,287 13 %$5,020 $4,402 14 %
Non-GAAP net income(2)
Non-GAAP net income(2)
$4,206 $3,256 29 %$11,943 $9,412 27 %
Non-GAAP net income(2)
$4,384 $3,836 14 %$8,965 $7,737 16 %
Non-GAAP diluted earnings per share(2)
Non-GAAP diluted earnings per share(2)
$1.98 $1.49 33 %$5.57 $4.29 30 %
Non-GAAP diluted earnings per share(2)
$2.09 $1.79 17 %$4.27 $3.60 19 %
(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
(2)For a full reconciliation of our GAAP to non-GAAP financial results, see tables in Non-GAAP financial results below.
Disruption in the Banking Sector. During the quarter ended March 31, 2023, certain financial institutions experienced liquidity issues, which resulted in the failure of two U.S. banks and volatility in the global financial markets. These events did not have an impact on our operating results. We continuously monitor and manage balance sheet and operational risks from clients in our portfolio, including their settlement obligations.
Russia & Ukraine. During the quarter ended March 31, 2022, economic sanctions were imposed on Russia by the U.S., European Union, United Kingdom and other jurisdictions and authorities, impacting Visa and its clients. We announced inIn March 2022, that we were suspendingsuspended our operations in Russia. AsRussia and as a result, we are no longer generating revenue from domestic and cross-border activities related to Russia. Since 2015, domestic transactions have been processed by Russia’s state-owned payments operator, National Payment Card System. With respect to cross-border activities, all transactions initiated with Visa cards issued by financial institutions outside Russia no longer work within Russia, and all transactions on cards issued in Russia no longer work outsideFor the country. Furthermore, during the quarterthree months ended March 31, 2022, we deconsolidated our Russian subsidiary, as required under U.S. GAAP. For the nine months ended June 30, 2022 and full year fiscal 2021, total net revenues from Russia, including revenues driven by domestic as well as cross-border activities, werewas approximately 3% and 4% of our consolidated net revenues, respectively.revenues.
With respect to Russia's invasion of Ukraine, our priority is ensuring the safety and security of our colleagues and their families who are directly impacted. We are in close contact with those in the region and are providing ongoing support to our colleagues.
COVID-19. As theThe continuing effects of the evolving COVID-19 pandemic continue, our priority remains the safety of our employees, clientsrecent liquidity issues at certain financial institutions and the communitieswar in which we live and operate. We are taking a phased approach to reopening our offices, with the return to office of our U.S. employees in April 2022 in a new hybrid model of flexible work.
The ongoing effects of Russia’s invasion of Ukraine and COVID-19 are difficult to predict due to numerous uncertainties identified in Part II,I, Item 1A “Risk Factors” in our QuarterlyAnnual Report on Form 10-Q10-K for the quarteryear ended March 31,September 30, 2022. We will continue to evaluate the nature and extent of the impact to our business.
Highlights for the first nine monthshalf of fiscal 2022.2023. For the three and ninesix months ended June 30, 2022,March 31, 2023, net revenues increased 19%11% and 23%12% over the prior-year comparable periods, respectively, primarily due to the growth in nominal cross-border volume, processed transactions and nominal payments volume, and processed transactions, partially offset by higher client incentives. During the three and ninesix months ended June 30, 2022,March 31, 2023, exchange rate movements and our hedging
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program negatively impactedlowered our net revenues growth by approximately three percentage points and two percentage points, respectively.points. See Results of Operations—Net Revenues below for further discussion.
For the three and six months ended June 30, 2022,March 31, 2023, GAAP operating expenses increased 51%11% and 18% over the prior-year comparable period primarily due to higher expenses for litigation provision and personnel. For the nine months ended June 30, 2022, GAAP operating expenses increased 29% over the prior-year comparable periodperiods, respectively, primarily due to higher expenses related to personnel. For the six months ended March 31, 2023, GAAP operating expenses also included higher litigation provision and personnel.provision. See Results of Operations—Operating Expenses below for further discussion. During the three and ninesix months ended June 30, 2022,March 31, 2023, exchange rate movements positively impactedlowered our operating expense growth by approximately twoone percentage points.point.
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For the three and six months ended June 30, 2022,March 31, 2023, non-GAAP operating expenses increased 15%13% and 14% over the prior-year comparable period primarily due to higher expenses for personnel and general and administrative. For the nine months ended June 30, 2022, non-GAAP operating expenses increased 15% over the prior year comparable periodperiods, respectively, primarily due to higher expenses related to personnelpersonnel. For the six months ended March 31, 2023, non-GAAP operating expenses also included higher general and marketing.
Senior notes. In June 2022, we issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.0 billion, with maturities ranging between 4 and 12 years. See Note 7—Debt to our unaudited consolidated financial statements.
Acquisitions. On December 20, 2021, we acquired The Currency Cloud Group Limited (“Currencycloud”), a UK-based global platform that enables banks and fintechs to provide innovative foreign exchange solutions for cross-border payments, for a total purchase consideration of $893 million (which includes the fair value of our previously held equity interest in Currencycloud).
On March 10, 2022, we acquired 100% of the share capital of Tink AB (“Tink”) for $1.9 billion in cash. Tink is a European open banking platform that enables financial institutions, fintechs and merchants to build financial products and services and move money. See Note 2—Acquisitions to our unaudited consolidated financial statements.administrative expenses.
Interchange multidistrict litigation. During the ninesix months ended June 30, 2022,March 31, 2023, we recorded an additional accrualsaccrual of $861$341 million to address claims associated with the interchange multidistrict litigation. We also made deposits of $850$350 million into the U.S. litigation escrow account. See Note 5—4—U.S. and Europe Retrospective Responsibility Plans and Note 13—12—Legal Matters to our unaudited consolidated financial statements.
Common stock repurchases. In December 2021,October 2022, our board of directors authorized a $12.0 billion share repurchase program. During the ninesix months ended June 30, 2022,March 31, 2023, we repurchased 4626 million shares of our class A common stock in the open market for $9.5$5.3 billion. As of June 30, 2022,March 31, 2023, our repurchase programprograms had remaining authorized funds of $7.3$11.9 billion. See Note 9—8—Stockholders’ Equity to our unaudited consolidated financial statements.
Non-GAAP financial results. We use non-GAAP financial measures of our performance which exclude certain items which we believe are not representative of our continuing operations, as they may be non-recurring or have no cash impact, and may distort our longer-term operating trends. We consider non-GAAP measures useful to investors because they provide greater transparency into management’s view and assessment of our ongoing operating performance.
Gains and losses on equity investments. Gains and losses on equity investments include periodic non-cash fair value adjustments and gains and losses upon sale of an investment. These long-term investments are strategic in nature and are primarily private company investments. Gains and losses and the related tax impacts associated with these investments are tied to the performance of the companies that we invest in and therefore do not correlate to the underlying performance of our business.
Amortization of acquired intangible assets. Amortization of acquired intangible assets consists of amortization of intangible assets such as developed technology, customer relationships and brands acquired in connection with business combinations executed beginning in fiscal 2019. Amortization charges for our acquired intangible assets are non-cash and are significantly affected by the timing, frequency and size of our acquisitions, rather than our core operations. As such, we have excluded this amount and the related tax impact to facilitate an evaluation of our current operating performance and comparison to our past operating performance.
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Acquisition-related costs. Acquisition-related costs consist primarily of one-time transaction and integration costs associated with our business combinations. These costs include professional fees, technology integration fees, restructuring activities and other direct costs related to the purchase and integration of acquired entities. These costs also include retention equity and deferred equity compensation when they are agreed upon as part of the purchase price of the transaction but are required to be recognized as expense post-combination. We have excluded these amounts and the related tax impacts as the expenses are recognized for a limited duration and do not reflect the underlying performance of our business.
Litigation provision. During the three and ninesix months ended June 30,March 31, 2023 and 2022, we recorded additional accruals to address claims associated with the interchange multidistrict litigation of $716$341 million and $861$145 million, respectively, and related tax benefit of $159$76 million and $191$32 million, respectively, determined by applying applicable tax rates. Under the U.S. retrospective responsibility plan, we recover the monetary liabilities related to the U.S. covered litigation through a downward adjustment to the conversion rate at which shares of our class B common stock toconvert into shares of class A common stock. See Note 5—4—U.S. and Europe Retrospective Responsibility Plansand Note 13—12—Legal Mattersto our unaudited consolidated financial statements.
Russia-Ukraine charges.charges. During the ninethree and six months ended June 30,March 31, 2022, we recorded a loss within general and administrative expense of $35 million from the deconsolidation of our Russian subsidiary. See Note 1—Summary of Significant Accounting Policies to our unaudited consolidated financial statements. We also incurred charges of $25 million in personnel expense as a result of steps taken to support our employees in Russia and Ukraine. We have excluded these amounts and the related tax benefit of $4 million, determined by applying applicable tax rates, as they are one-time charges and do not reflect the underlying performance of our business.
30

RemeasurementTable of deferred tax balances. During the three and nine months ended June 30, 2021, in connection with the UK enacted legislation on June 10, 2021 that will increase the tax rate from 19% to 25%, effective April 1, 2023, we remeasured our net deferred tax liabilities, resulting in the recognition of a non-recurring, non-cash income tax expense of $1.0 billion.Contents
Indirect taxes. During the nine months ended June 30, 2021, we recognized a one-time charge within general and administrative expense of $152 million, and related tax benefit of $40 million determined by applying applicable tax rates. This charge is to record our estimate of probable additional indirect taxes, related to prior periods, for which we could be liable as a result of certain changes in applicable law. This one-time charge is not representative of our ongoing operations.
Non-GAAP operating expenses, non-operating income (expense), income tax provision, effective income tax rate, net income and diluted earnings per share should not be relied upon as substitutes for, or considered in isolation from, measures calculated in accordance with U.S. GAAP. The following tables reconcile our as-reported financial measures, calculated in accordance with U.S. GAAP, to our respective non-GAAP financial measures:
Three Months Ended June 30, 2022Three Months Ended March 31, 2023
Operating ExpensesNon-operating Income (Expense)Income Tax Provision
Effective Income Tax Rate(1)
Net
Income
Diluted Earnings Per Share(1)
Operating ExpensesNon-operating Income (Expense)Income Tax Provision
Effective Income Tax Rate(1)
Net
Income
Diluted Earnings Per Share(1)
(in millions, except percentages and per share data)(in millions, except percentages and per share data)
As reportedAs reported$3,127 $(319)$418 10.9 %$3,411 $1.60 As reported$2,649 $(58)$1,021 19.3 %$4,257 $2.03 
(Gains) losses on equity investments, net(Gains) losses on equity investments, net— 246 54 192 0.09 (Gains) losses on equity investments, net— 90 19 71 0.03 
Amortization of acquired intangible assetsAmortization of acquired intangible assets(44)— 10 34 0.02 Amortization of acquired intangible assets(46)— 10 36 0.02 
Acquisition-related costsAcquisition-related costs(14)— 12 0.01 Acquisition-related costs(22)— 20 0.01 
Litigation provision(716)— 159 557 0.26 
Non-GAAPNon-GAAP$2,353 $(73)$643 13.3 %$4,206 $1.98 Non-GAAP$2,581 $32 $1,052 19.4 %$4,384 $2.09 
Six Months Ended March 31, 2023
Operating ExpensesNon-operating Income (Expense)Income Tax Provision
Effective Income Tax Rate(1)
Net
Income
Diluted Earnings Per Share(1)
(in millions, except percentages and per share data)
As reported$5,495 $(171)$1,819 17.7 %$8,436 $4.02 
(Gains) losses on equity investments, net— 196 43 153 0.07 
Amortization of acquired intangible assets(89)— 19 70 0.03 
Acquisition-related costs(45)— 41 0.02 
Litigation provision(341)— 76 265 0.13 
Non-GAAP$5,020 $25 $1,961 17.9 %$8,965 $4.27 
Three Months Ended March 31, 2022
Operating ExpensesNon-operating Income (Expense)Income Tax Provision
Effective Income Tax Rate(1)
Net
Income
Diluted Earnings Per Share(1)
(in millions, except percentages and per share data)
As reported$2,387 $(260)$895 19.7 %$3,647 $1.70 
(Gains) losses on equity investments, net— 127 28 99 0.05 
Amortization of acquired intangible assets(20)— 16 0.01 
Acquisition-related costs(20)— 18 0.01 
Russia-Ukraine charges(60)— 56 0.03 
Non-GAAP$2,287 $(133)$933 19.6 %$3,836 $1.79 

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Nine Months Ended June 30, 2022
Operating ExpensesNon-operating Income (Expense)Income Tax Provision
Effective Income Tax Rate(1)
Net
Income
Diluted Earnings Per Share(1)
(in millions, except percentages and per share data)
As reported$7,797 $(458)$2,251 17.0 %$11,017 $5.14 
(Gains) losses on equity investments, net— 142 40 102 0.05 
Amortization of acquired intangible assets(77)— 17 60 0.03 
Acquisition-related costs(44)— 38 0.02 
Litigation provision(861)— 191 670 0.31 
Russia-Ukraine charges(60)— 56 0.03 
Non-GAAP$6,755 $(316)$2,509 17.4 %$11,943 $5.57 
Three Months Ended June 30, 2021
Operating ExpensesNon-operating Income (Expense)Income Tax Provision
Effective Income Tax Rate(1)
Net
Income
Diluted Earnings Per Share(1)
(in millions, except percentages and per share data)
As reported$2,066 $325 $1,814 41.3 %$2,575 $1.18 
(Gains) losses on equity investments, net— (439)(99)(340)(0.16)
Amortization of acquired intangible assets(13)— 10 — 
Acquisition-related costs(5)— — 
Remeasurement of deferred tax balances— — (1,007)1,007 0.46 
Non-GAAP$2,048 $(114)$712 17.9 %$3,256 $1.49 

Nine Months Ended June 30, 2021Six Months Ended March 31, 2022
Operating ExpensesNon-operating Income (Expense)Income Tax Provision
Effective Income Tax Rate(1)
Net
Income
Diluted Earnings Per Share(1)
Operating ExpensesNon-operating Income (Expense)Income Tax Provision
Effective Income Tax Rate(1)
Net
Income
Diluted Earnings Per Share(1)
(in millions, except percentages and per share data)(in millions, except percentages and per share data)
As reportedAs reported$6,057 $276 $3,038 25.8 %$8,727 $3.98 As reported$4,670 $(139)$1,833 19.4 %$7,606 $3.54 
(Gains) losses on equity investments, net(Gains) losses on equity investments, net— (611)(138)(473)(0.22)(Gains) losses on equity investments, net— (104)(14)(90)(0.04)
Amortization of acquired intangible assetsAmortization of acquired intangible assets(38)— 29 0.01 Amortization of acquired intangible assets(33)— 26 0.01 
Acquisition-related costsAcquisition-related costs(13)— 10 — Acquisition-related costs(30)— 26 0.01 
Remeasurement of deferred tax balances— — (1,007)1,007 0.46 
Indirect taxes(152)— 40 112 0.05 
Litigation provisionLitigation provision(145)— 32 113 0.05 
Russia-Ukraine chargesRussia-Ukraine charges(60)— 56 0.03 
Non-GAAPNon-GAAP$5,854 $(335)$1,945 17.1 %$9,412 $4.29 Non-GAAP$4,402 $(243)$1,866 19.4 %$7,737 $3.60 
(1)Figures in the table may not recalculate exactly due to rounding. Effective income tax rate, diluted earnings per share and their respective totals are calculated based on unrounded numbers.
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Payments volume and processed transactions. Payments volume is the primary driver for our service revenues, and the number of processed transactions is the primary driver for our data processing revenues.
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Payments volume represents the aggregate dollar amount of purchases made with cards and other form factors carrying the Visa, Visa Electron, V PAY and Interlink brands and excludes Europe co-badged volume. Nominal payments volume is denominated in U.S. dollars and is calculated each quarter by applying an established U.S. dollar/foreign currency exchange rate for each local currency in which our volumes are reported. Processed transactions represent transactions using cards and other form factors carrying the Visa, Visa Electron, V PAY, Interlink and PLUS brands processed on Visa’s networks.
The following table presents nominal payments and cash volume:
U.S.InternationalVisa Inc.U.S.InternationalVisa Inc.
Three Months Ended March 31,(1)
Three Months Ended March 31,(1)
Three Months Ended March 31,(1)
Three Months Ended December 31,(1)
Three Months Ended December 31,(1)
Three Months Ended December 31,(1)
20222021
% Change(2)
20222021
% Change(2)
20222021
% Change(2)
20222021
% Change(2)
20222021
% Change(2)
20222021
% Change(2)
(in billions, except percentages)(in billions, except percentages)
Nominal payments volumeNominal payments volumeNominal payments volume
Consumer creditConsumer credit$487 $384 27 %$659 $584 13 %$1,146 $968 18 %Consumer credit$569 $525 %$696 $708 (2 %)$1,265 $1,233 %
Consumer debit(3)
Consumer debit(3)
637 607 %659 584 13 %1,295 1,191 %
Consumer debit(3)
706 652 %662 732 (10 %)1,368 1,384 (1 %)
Commercial(4)
Commercial(4)
214 166 28 %120 99 22 %334 265 26 %
Commercial(4)
248 219 13 %137 129 %385 348 11 %
Total nominal payments volume(2)
Total nominal payments volume(2)
$1,337 $1,157 16 %$1,438 $1,267 13 %$2,775 $2,424 14 %
Total nominal payments volume(2)
$1,522 $1,395 %$1,495 $1,569 (5 %)$3,018 $2,964 %
Cash volume(5)
Cash volume(5)
144 158 (9 %)464 463 — %608 621 (2 %)
Cash volume(5)
150 153 (2 %)466 514 (9 %)617 667 (8 %)
Total nominal volume(2),(6)
Total nominal volume(2),(6)
$1,482 $1,316 13 %$1,902 $1,730 10 %$3,383 $3,045 11 %
Total nominal volume(2),(6)
$1,673 $1,548 %$1,962 $2,083 (6 %)$3,634 $3,632 — %
U.S.InternationalVisa Inc.U.S.InternationalVisa Inc.
Nine Months Ended March 31,(1)
Nine Months Ended March 31,(1)
Nine Months Ended March 31,(1)
Six Months Ended December 31,(1)
Six Months Ended December 31,(1)
Six Months Ended December 31,(1)
20222021
% Change(2)
20222021
% Change(2)
20222021
% Change(2)
20222021
% Change(2)
20222021
% Change(2)
20222021
% Change(2)
(in billions, except percentages)(in billions, except percentages)
Nominal payments volumeNominal payments volumeNominal payments volume
Consumer creditConsumer credit$1,492 $1,175 27 %$2,018 $1,778 14 %$3,510 $2,953 19 %Consumer credit$1,120 $1,005 11 %$1,380 $1,360 %$2,500 $2,365 %
Consumer debit(3)
Consumer debit(3)
1,927 1,718 12 %2,081 1,782 17 %4,008 3,500 15 %
Consumer debit(3)
1,388 1,292 %1,300 1,425 (9 %)2,688 2,717 (1 %)
Commercial(4)
Commercial(4)
637 501 27 %366 296 24 %1,003 797 26 %
Commercial(4)
494 424 16 %267 247 %762 671 14 %
Total nominal payments volume(2)
Total nominal payments volume(2)
$4,057 $3,394 20 %$4,465 $3,855 16 %$8,522 $7,249 18 %
Total nominal payments volume(2)
$3,002 $2,721 10 %$2,947 $3,031 (3 %)$5,949 $5,752 %
Cash volume(5)
Cash volume(5)
477 466 %1,475 1,442 %1,952 1,908 %
Cash volume(5)
305 332 (8 %)918 1,011 (9 %)1,223 1,342 (9 %)
Total nominal volume(2),(6)
Total nominal volume(2),(6)
$4,533 $3,860 17 %$5,940 $5,297 12 %$10,473 $9,157 14 %
Total nominal volume(2),(6)
$3,307 $3,053 %$3,865 $4,041 (4 %)$7,172 $7,094 %
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The following table presents the change in nominal and constant payments and cash volume:
InternationalVisa Inc.InternationalVisa Inc.InternationalVisa Inc.InternationalVisa Inc.
Three Months
Ended March 31,
2022 vs. 2021(1),(2)
Three Months
Ended March 31,
2022 vs. 2021(1),(2)
Nine Months
Ended March 31,
2022 vs. 2021(1),(2)
Nine Months
Ended March 31,
2022 vs. 2021(1),(2)
Three Months
Ended December 31,
2022 vs. 2021(1),(2)
Three Months
Ended December 31,
2022 vs. 2021(1),(2)
Six Months
Ended December 31,
2022 vs. 2021(1),(2)
Six Months
Ended December 31,
2022 vs. 2021(1),(2)
Nominal
Constant(7)
Nominal
Constant(7)
Nominal
Constant(7)
Nominal
Constant(7)
Nominal
Constant(7)
Nominal
Constant(7)
Nominal
Constant(7)
Nominal
Constant(7)
Payments volume growthPayments volume growthPayments volume growth
Consumer credit growthConsumer credit growth13 %17 %18 %21 %14 %15 %19 %20 %Consumer credit growth(2 %)10 %%%%12 %%12 %
Consumer debit growth(3)
Consumer debit growth(3)
13 %18 %%11 %17 %17 %15 %15 %
Consumer debit growth(3)
(10 %)(2 %)(1 %)%(9 %)(1 %)(1 %)%
Commercial growth(4)
Commercial growth(4)
22 %29 %26 %29 %24 %26 %26 %27 %
Commercial growth(4)
%19 %11 %15 %%22 %14 %18 %
Total payments volume growthTotal payments volume growth13 %18 %14 %17 %16 %17 %18 %18 %Total payments volume growth(5 %)%%%(3 %)%%%
Cash volume growth(5)
Cash volume growth(5)
— %%(2 %)%%%%%
Cash volume growth(5)
(9 %)(3 %)(8 %)(3 %)(9 %)(3 %)(9 %)(4 %)
Total volume growthTotal volume growth10 %15 %11 %14 %12 %14 %14 %15 %Total volume growth(6 %)%— %%(4 %)%%%
(1)Service revenues in a given quarter are assessed based on nominal payments volume in the prior quarter. Therefore, service revenues reported for the three and ninesix months ended June 30,March 31, 2023 and 2022, and 2021, respectively, were based on nominal payments volume reported by our financial institution clients for the three and ninesix months ended MarchDecember 31, 2022 and 2021, respectively. On occasion, previously presented volume information may be updated. Prior-period updates are not material.
(2)Figures in the table may not recalculate exactly due to rounding. Percentage changes and totals are calculated based on unrounded numbers.
(3)Includes consumer prepaid volume and Interlink volume.
(4)Includes large, medium and small business credit and debit, as well as commercial prepaid volume.
(5)Cash volume generally consists of cash access transactions, balance access transactions, balance transfers and convenience checks.
(6)Total nominal volume is the sum of total nominal payments volume and cash volume. Total nominal volume is provided by our financial institution clients, subject to review by Visa.
(7)Growth on a constant-dollar basis excludes the impact of foreign currency fluctuations against the U.S. dollar.
The following table presents the number of processed transactions:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021
%
Change(1)
20222021
%
Change(1)
20232022
%
Change(1)
20232022
%
Change(1)
(in millions, except percentages)(in millions, except percentages)
Visa processed transactionsVisa processed transactions49,279 42,561 16 %141,645 119,418 19 %Visa processed transactions50,069 44,807 12 %102,581 92,366 11 %
(1)Figures in the table may not recalculate exactly due to rounding. Percentage change is calculated based on unrounded numbers. On occasion, previously presented information may be updated. Prior period updates are not material.
Results of Operations
Net Revenues
The following table presents our net revenues earned in the U.S. and internationally:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021
%
Change(1)
20222021
%
Change(1)
20232022
%
Change(1)
20232022
%
Change(1)
(in millions, except percentages) (in millions, except percentages)
U.S.U.S.$3,170 $2,806 13 %$9,427 $8,156 16 %U.S.$3,540 $3,079 15 %$7,107 $6,257 14 %
InternationalInternational4,105 3,324 23 %12,096 9,390 29 %International4,445 4,110 %8,814 7,991 10 %
Net revenuesNet revenues$7,275 $6,130 19 %$21,523 $17,546 23 %Net revenues$7,985 $7,189 11 %$15,921 $14,248 12 %
(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
Net revenues increased during the three and nine-monthsix-month comparable periods primarily due to the growth in nominal cross-border volume, processed transactions and nominal payments volume, and processed transactions, partially offset by higher client incentives.
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Our net revenues are impacted by the overall strengthening or weakening of the U.S. dollar as payments volume and related revenues denominated in local currencies are converted to U.S. dollars. During the three and ninesix months ended June 30, 2022,March 31, 2023, exchange rate movements and our hedging program negatively impactedlowered our net revenues growth by approximately three percentage points and two percentage points, respectively.points.
The following table presents the components of our net revenues:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021
%
Change(1)
20222021
%
Change(1)
20232022
%
Change(1)
20232022
%
Change(1)
(in millions, except percentages) (in millions, except percentages)
Service revenuesService revenues$3,189 $2,828 13 %$9,903 $8,350 19 %Service revenues$3,771 $3,521 %$7,282 $6,714 %
Data processing revenuesData processing revenues3,579 3,327 %10,673 9,356 14 %Data processing revenues3,819 3,480 10 %7,646 7,094 %
International transaction revenuesInternational transaction revenues2,560 1,696 51 %6,942 4,635 50 %International transaction revenues2,749 2,208 24 %5,546 4,382 27 %
Other revenuesOther revenues517 409 26 %1,440 1,185 21 %Other revenues551 474 16 %1,138 923 23 %
Client incentivesClient incentives(2,570)(2,130)21 %(7,435)(5,980)24 %Client incentives(2,905)(2,494)16 %(5,691)(4,865)17 %
Net revenuesNet revenues$7,275 $6,130 19 %$21,523 $17,546 23 %Net revenues$7,985 $7,189 11 %$15,921 $14,248 12 %
(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
Service revenues increased primarily due to 14%2% and 18%3% growth in nominal payments volume during the three and nine-monthsix-month comparable periods, respectively. Forrespectively, despite the three-month comparable period, service revenues were partially offset byimpact of our suspension of operations in Russia as we recognizedRussia. Service revenues from fiscal third quarter, based on fiscal second quarter payments volume, in fiscal second quarter.also increased due to business mix and select pricing modifications.
Data processing revenues increased primarily due to overall growth in processed transactions of 16%12% and 19%11% during the three and nine-monthsix-month comparable periods, respectively, partially offset by our suspension of operations in Russia and unfavorable currency fluctuations.Russia.
International transaction revenues increased primarily due to growth in nominal cross-border volumes excluding transactions within Europe, of 38%27% and 42%25% during the three and nine-monthsix-month comparable periods, respectively.respectively, excluding transactions within Europe. International transaction revenues also increased due to volatility of a broad range of currencies and select pricing modifications.modifications, partially offset by business mix.
Other revenues increased primarily due to value added services revenues tied to marketing services, travel related card benefits,and consulting services. Other revenues other value added services and select pricing modifications.also increased due to acquisition-related revenues.
Client incentives increased primarily due to growth in payments volume during the three and nine-monthsix-month comparable periods. The amount of client incentives we record in future periods will vary based on changes in performance expectations, actual client performance, amendments to existing contracts or the execution of new contracts.
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Operating Expenses
The following table presents the components of our total operating expenses:
Three Months Ended
June 30,
Nine Months Ended
June 30,
Three Months Ended
March 31,
Six Months Ended
March 31,
20222021
%
Change(1)
20222021
%
Change(1)
20232022
%
Change(1)
20232022
%
Change(1)
(in millions, except percentages) (in millions, except percentages)
PersonnelPersonnel$1,283 $1,098 17 %$3,634 $3,193 14 %Personnel$1,515 $1,226 24 %$2,852 $2,351 21 %
MarketingMarketing313 268 17 %907 679 34 %Marketing309 314 (2 %)641 594 %
Network and processingNetwork and processing178 186 (4 %)558 538 %Network and processing179 190 (6 %)357 380 (6 %)
Professional feesProfessional fees117 108 %342 273 25 %Professional fees130 125 %239 225 %
Depreciation and amortizationDepreciation and amortization230 204 13 %635 602 %Depreciation and amortization234 207 13 %461 405 14 %
General and administrativeGeneral and administrative289 204 41 %856 770 11 %General and administrative282 325 (13 %)604 567 %
Litigation provisionLitigation provision717 (2)NM865 NMLitigation provision — NM341 148 131 %
Total operating expensesTotal operating expenses$3,127 $2,066 51 %$7,797 $6,057 29 %Total operating expenses$2,649 $2,387 11 %$5,495 $4,670 18 %
NM - Not meaningful
(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.

Total operating expenses increased during the three months ended June 30, 2022 primarily due to a provision for U.S. covered litigation, partially offset by a decrease in expenses due to the suspension of our operations in Russia. In the nine months ended June 30, 2022, expenses increased as we lapped planned delays in spending in the first half of fiscal 2021 and invested in future growth and due to the provision for U.S. covered litigation.
Personnel expenses increased during the three and nine months ended June 30, 2022 primarily due to higher headcountnumber of employees and compensation, reflecting our strategy to invest in future growth, including acquisitions. The increase during the nine months ended June 30, 2022 also included expenses incurred as a result of steps taken to support our employees in Russia and Ukraine.
Marketing expenses increased during the threesix months ended June 30, 2022March 31, 2023 primarily in support of a number of campaigns and client marketing. In the nine months ended June 30, 2022, expenses increased as we lapped planned delays in spending in the first half of fiscal 2021 anddue to increased spending in various campaigns, including the BeijingFIFA World Cup 2022 Olympics Winter Games,TM and client marketing. The increase was partially offset by the absence of spending for the Beijing 2022 Olympic Winter Games in the current period.
Professional feesNetwork and processing expenses increased duringdecreased primarily due to the three months ended June 30, 2022, reflecting higher investmentabsence of fees associated with the processing of Russian domestic transactions as a result of our suspension of operations in various corporate projects. In the nine months ended June 30, 2022, expenses increased as we lapped planned delays in spending in the first half of fiscal 2021.Russia, partially offset by continued technology and processing network investments to support growth.
Depreciation and amortization expenses increased during the three and nine months ended June 30, 2022 primarily due to additional depreciation and amortization from our acquisitions and on-going investments.
General and administrative expenses increaseddecreased during the three months ended June 30, 2022March 31, 2023 primarily due to higherthe absence of expenses as a result of the suspension of our operations in Russia. During the six months ended March 31, 2023, expenses increased primarily due to an increase in travel expenses and higher usage of travel related card benefits, andpartially offset by the inclusionabsence of expenses from our acquisitions. In the nine months ended June 30, 2022, expenses increased primarily due toas a result of the suspension of our operations in Russia and deconsolidation of our Russian subsidiary, higher usage of travel related card benefits, higher travel expenses and the inclusion of expenses from our acquisitions, partially offset by one-time charge of indirect taxes in the prior year.Russia.
Litigation provision increased during the three and ninesix months ended June 30, 2022March 31, 2023 primarily due to additional accruals of $716 million and $861 million, respectively,an increase in accrual related to the U.S. covered litigation. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 13—12—Legal Mattersto our unaudited consolidated financial statements.
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Non-operating Income (Expense)
The following table presents the components of our non-operating income (expense):
 Three Months Ended
June 30,
Nine Months Ended
June 30,
20222021
%
Change(1)
20222021
%
Change(1)
 (in millions, except percentages)
Interest expense, net$(111)$(131)(15 %)$(379)$(388)(2 %)
Investment income and other(208)456 (146 %)(79)664 (112 %)
Total non-operating income (expense)$(319)$325 (198 %)$(458)$276 (266 %)
 Three Months Ended
March 31,
Six Months Ended
March 31,
20232022
%
Change(1)
20232022
%
Change(1)
 (in millions, except percentages)
Interest expense$(142)$(134)%$(279)$(268)%
Investment income (expense) and other84 (126)(167 %)108 129 (16 %)
Total non-operating income (expense)$(58)$(260)(78 %)$(171)$(139)23 %
(1)Figures in the table may not recalculate exactly due to rounding. Percentage changes are calculated based on unrounded numbers.
Interest expense net decreased inincreased during the three and six months ended June 30, 2022 primarily due to lower interest expense related to income taxes, partially offset by higher interest expense as a result of the issuance of debt in the three months ended June 30, 2022. The decrease in the nine months ended June 30, 2022 wasMarch 31, 2023 primarily driven by lower gains from derivative instruments, partially offset by lower interest expense duerelated to the timing of debt issuance.indirect taxes.
Investment income (expense) and other decreased inincreased during the three and nine months ended June 30, 2022March 31, 2023 primarily due to higher interest income on our cash and investments and lower losses on our equity investments. Investment income and other decreased during the six months ended March 31, 2023 primarily due to losses on our equityinvestments, offset by higher interest income on our cash and investments.
Effective Income Tax Rate
The following table presents our effective income tax rates:
 Three Months Ended
June 30,
Nine Months Ended
June 30,
 2022202120222021
Effective income tax rate11 %41 %17 %26 %
 Three Months Ended
March 31,
Six Months Ended
March 31,
 2023202220232022
Effective income tax rate19 %20 %18 %19 %
The effective tax rates for the three and nine months ended June 30, 2022 differ fromdifference in the effective tax rates for the same periods in the prior yearis primarily due to the following:
during the three months ended June 30, 2022, a decrease in the state apportionment rate, including a $176$142 million tax benefit related to prior years recognized during the six months ended March 31, 2023 due to the reassessment of an uncertain tax position as a result of anew information obtained during an ongoing tax position taken related to a recent ruling;examination.
during the three months ended June 30, 2021, a $1.0 billion non-recurring, non-cash tax expense related to the remeasurement of UK deferred tax liabilities;
during the three months ended June 30, 2021, a $51 million tax benefit as a result of a tax position taken on certain expenses; and
during the nine months ended June 30, 2021, $147 million of tax benefits as a result of the conclusion of audits by taxing authorities.
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Liquidity and Capital Resources
Cash Flow Data
The following table summarizes our cash flow activity for the periods presented:
Nine Months Ended
June 30,
Six Months Ended
March 31,
20222021 20232022
(in millions) (in millions)
Total cash provided by (used in):Total cash provided by (used in):Total cash provided by (used in):
Operating activitiesOperating activities$12,973 $11,256 Operating activities$8,031 $7,721 
Investing activitiesInvesting activities(4,395)1,546 Investing activities(835)(2,332)
Financing activitiesFinancing activities(8,656)(10,791)Financing activities(9,273)(8,367)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalentsEffect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents(725)92 Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents828 (305)
Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalentsIncrease (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents$(803)$2,103 Increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents$(1,249)$(3,283)
Operating activities. Cash provided by operating activities for the ninesix months ended June 30, 2022March 31, 2023 was higher than the prior-year comparable period primarily due to growth in our underlying business, partially offset by higher client incentive payments.
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Investing activities. Cash was used in investing activities for the ninesix months ended June 30, 2022 as compared to cash provided by investing activities duringMarch 31, 2023 was lower than the prior-year comparable period primarily due to lower proceeds from sales and maturitiesthe absence of investment securities, combined with higher purchases of investment securities, and higher cash paid for acquisitions, combined with cash received from the settlement of net investment hedge derivative instruments in the current year, partially offset by higher purchases, net of cashmaturities and restricted cash acquired. See Note 2—Acquisitions and Note 4—Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents to our unaudited consolidated financial statements.sales, of investment securities.
Financing activities. Cash used in financing activities for the ninesix months ended June 30, 2022March 31, 2023 was lowerhigher than the prior-year comparable period primarily due to the principal debt payment upon maturity of our December 2022 senior notes, the absence of proceeds received from the issuance of senior notes in the current yearcommercial paper and the absence of the principal debt payment made in the prior year,higher dividends paid, partially offset by higherlower share repurchases and higher dividends paid.repurchases. See Note 7—6—Debt and and Note 9—8—Stockholders’ Equity to our unaudited consolidated financial statements.
Sources of Liquidity
Our primary sources of liquidity are cash on hand, cash flow from our operations, our investment portfolio and access to various equity and borrowing arrangements. Funds from operations are maintained in cash and cash equivalents and short-term or long-term investment securities based upon our funding requirements, access to liquidity from these holdings and the returns that these holdings provide. Based on our current cash flow budgets and forecasts of our short-term and long-term liquidity needs, we believe that our current and projected sources of liquidity will be sufficient to meet our projected liquidity needs for more than the next 12 months. We will continue to assess our liquidity position and potential sources of supplemental liquidity in view of our operating performance, current economic and capital market conditions and other relevant circumstances.
Commercial paper program. We maintain a commercial paper program to support our working capital requirements and for other general corporate purposes. During the three months ended June 30, 2022, we repaid $300 million and $650 million of commercial paper that was issued in March 2022 and April 2022, respectively. We had no outstanding obligations under the program as of June 30, 2022.
Senior notes. In June 2022, we issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.0 billion ($3.2 billion), with maturities ranging between 4 and 12 years. See Note 7—Debt to our unaudited consolidated financial statements.
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Uses of Liquidity
There has been no significant change to our primary uses of liquidity since September 30, 2021,2022, except as discussed below.
Common stock repurchases. During the ninesix months ended June 30, 2022,March 31, 2023, we repurchased shares of our class A common stock in the open market for $9.5$5.3 billion. As of June 30, 2022,March 31, 2023, our repurchase programprograms had remaining authorized funds of $7.3$11.9 billion. See Note 9—8—Stockholders’ Equity to our unaudited consolidated financial statements.
Dividends. During the ninesix months ended June 30, 2022,March 31, 2023, we declared and paid $2.4$1.9 billion in dividends to holders of our common and preferred stock. On July 22, 2022,April 25, 2023, our board of directors declared a quarterly cash dividend in the amount of $0.375$0.45 per share of class A common stock (determined in the case of class B and C common stock and series A, B and C convertible participating preferred stock on an as-converted basis). See Note 9—8—Stockholders’ Equity to our unaudited consolidated financial statements. We expect to continue paying quarterly dividends in cash, subject to approval by the board of directors. All preferred and class B and C common stock will share ratably on an as-converted basis in such future dividends.
Senior notesPrincipal payments onDuring the six months ended March 31, 2023, we repaid $2.25 billion of principal upon maturity of our fixed-rate senior notes of $1.0 billion and $2.3 billion are due in September 2022 and December 2022 respectively, for which we have sufficient liquidity.senior notes. See Note 7—6—Debt to our unaudited consolidated financial statements.
Litigation. During the ninesix months ended June 30, 2022,March 31, 2023, we deposited $850$350 million into the U.S. litigation escrow account to address claims associated with the interchange multidistrict litigation. The balance of this account as of June 30, 2022March 31, 2023 was $1.5$1.6 billion and is reflected as restricted cash in our consolidated balance sheets. See Note 5—4—U.S. and Europe Retrospective Responsibility Plans and Note 13—12—Legal Matters to our unaudited consolidated financial statements.
Acquisitions. On December 20, 2021, we acquired Currencycloud for a total purchase consideration of $893 million (which includes the fair value of our previously held equity interest in Currencycloud), and on March 10, 2022, we acquired 100% of the share capital of Tink for $1.9 billion in cash. See Note 2—Acquisitions to our unaudited consolidated financial statements.
Accounting Pronouncements Not Yet Adopted
In March 2020, theThe Financial Accounting Standards Board (“FASB”)has issued Accounting Standards Update (“ASU”) 2020-04,certain accounting updates, which provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions that reference the London Interbank Offered Rate or another reference rate expectedwe have either determined to be discontinued because of reference rate reform. Subsequently, the FASB also issued an amendment to this standard. The amendments in the ASU are effective upon issuance through December 31, 2022. We are evaluating the effect ASU 2020-04 and its subsequent amendment will have on our consolidated financial statements. The adoption isnot applicable or not expected to have a material impact on our consolidated financial statements.
ITEM 3.Quantitative and Qualitative Disclosures about Market Risk
There have been no significant changes to our market risks since September 30, 2021.2022.
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ITEM 4.Controls and Procedures
Evaluation of disclosure controls and procedures. Our management, with the participation of our Chief Executive Officer and Chief Financial Officer, evaluated the effectiveness of the design and operation of the disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended) of Visa Inc. at the end of the period covered by this report and, based on such evaluation, have concluded that the disclosure controls and procedures of Visa Inc. were effective at the reasonable assurance level as of such date.
Changes in internal control over financial reporting. There have been no changes in our internal control over financial reporting that occurred during our thirdsecond quarter of fiscal 20222023 that have materially affected, or is reasonably likely to materially affect, the Company’s internal control over financial reporting.
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PART II. OTHER INFORMATION
 
ITEM 1.Legal Proceedings.
Refer to Note 13—12—Legal Matters to the unaudited consolidated financial statements included in this Form 10-Q for a description ofdevelopments concerning the Company’s current material legal proceedings.proceedings, since the Company's Annual Report on Form 10-K for the year ended September 30, 2022. 
ITEM 1A.Risk Factors.
For a discussion of the Company’s risk factors, see the information under the heading “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended September 30, 2021 and our other Reports on Forms 10-Q and 8-K.2022.
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ITEM 2.Unregistered Sales of Equity Securities and Use of Proceeds.
Issuer Purchases of Equity Securities
The table below presents our purchases of common stock during the quarterthree months ended June 30, 2022:March 31, 2023:
PeriodTotal Number 
of Shares
Purchased
Average Purchase Price 
per Share
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs(1)
Approximate Dollar Value
of Shares that May Yet Be Purchased
Under the Plans or Programs(1)
(in millions, except per share data)
April 1 - 30, 2022$213.62 $9,011 
May 1 - 31, 2022$199.95 $7,999 
June 1 - 30, 2022$195.75 $7,228 
Total12 $202.16 12 
PeriodTotal Number 
of Shares
Purchased
Average Purchase Price 
per Share(1)
Total Number of Shares
Purchased as Part of
Publicly Announced
Plans or Programs(2)
Approximate Dollar Value
of Shares that May Yet Be Purchased
Under the Plans or Programs(1),(2)
(in millions, except per share data)
January 1 - 31, 2023$217.64 $13,790 
February 1 - 28, 2023$224.47 $13,244 
March 1 - 31, 2023$221.86 $11,785 
Total10 $222.09 10 
(1)Includes applicable taxes.
(2)The figures in the table reflect transactions according to the trade dates. For purposes of our unaudited consolidated financial statements included in this Form 10-Q, the impact of these repurchases is recorded according to the settlement dates.
See Note 9—8—Stockholders’ Equity to our unaudited consolidated financial statements for further discussion on our share repurchase programs.
ITEM 3.Defaults Upon Senior Securities.
None.
ITEM 4.Mine Safety Disclosures.
Not applicable.
ITEM 5.Other Information.
None.
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ITEM 6.Exhibits.
EXHIBIT INDEX
 
Incorporated by Reference
Exhibit
Number
Description of DocumentsSchedule/ FormFile NumberExhibitFiling Date
4.1Form of 1.500% Senior Notes due 20268-K001-339776/1/2022
4.2Form of 2.000% Senior Notes due 20298-K001-339776/1/2022
4.3Form of 2.375% Senior Notes due 20348-K001-339776/1/2022
Form of Visa Inc. Incentive Plan, as amended and restated as of July 18, 2022
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
Section 1350 Certification of Principal Executive and Financial Officer
101.INS+Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH+Inline XBRL Taxonomy Extension Schema Document
101.CAL+Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF+Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB+Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE+Inline XBRL Taxonomy Extension Presentation Linkbase Document
104Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
Incorporated by Reference
Exhibit
Number
Description of DocumentsSchedule/ FormFile NumberExhibitFiling Date
Form of Visa Inc. 2007 Equity Incentive Compensation Plan Stock Option Award Agreement for awards granted after January 23, 2023
Form of Visa Inc. 2007 Equity Incentive Compensation Plan Performance Share Award Agreement for awards granted after January 23, 2023
Form of Alternate Visa Inc. 2007 Equity Incentive Compensation Plan Performance Share Award Agreement for awards granted after January 23, 2023
Form of Amendment Notification to Stock Option and Performance Share Award Holders
First Amendment to Amended and Restated Aircraft Time Sharing Agreement, dated January 30, 2023, between Visa and Alfred F. Kelly, Jr.
Aircraft Time Sharing Agreement, effective January 30, 2023, between Visa and Ryan McInerney
Rule 13a-14(a)/15d-14(a) Certification of Principal Executive Officer
Rule 13a-14(a)/15d-14(a) Certification of Principal Financial Officer
Section 1350 Certification of Principal Executive and Financial Officer
101.INS+Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH+Inline XBRL Taxonomy Extension Schema Document
101.CAL+Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF+Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB+Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE+Inline XBRL Taxonomy Extension Presentation Linkbase Document
104+Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)
*Management contract, compensatory plan or arrangement.
+Filed or furnished herewith.
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SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
 
VISA INC.
Date:July 28, 2022April 26, 2023By: /s/ Alfred F. Kelly, Jr.Ryan McInerney
Name: Alfred F. Kelly, Jr.Ryan McInerney
Title: Chairman and Chief Executive Officer
(Principal Executive Officer)
Date:July 28, 2022April 26, 2023By:/s/ Vasant M. Prabhu
Name:Vasant M. Prabhu
Title:Vice Chair, Chief Financial Officer
(Principal Financial Officer)
Date:July 28, 2022April 26, 2023By: /s/ Peter M. Andreski
Name: Peter M. Andreski
Title: Global Corporate Controller, Chief Accounting Officer
(Principal Accounting Officer)
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