Company profile
SEC EDGAR ↗- Industry
- Services-Business Services, NEC
- Listed
- NYSE: V
- Incorporated
- DE
- Headquarters
- San Francisco, CA
- Fiscal year end
- Sep 30
Financials
FY2025- Revenue
- $40.0B
- Net income
- $20.1B
- Total assets
- $99.6B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $40.0B | $20.1B | $99.6B |
| FY2024 | $35.9B | $19.7B | $94.5B |
| FY2023 | $32.7B | $17.3B | $90.5B |
| FY2022 | $29.3B | $15.0B | $85.5B |
| FY2021 | $24.1B | $12.3B | $82.9B |
| FY2020 | $21.8B | $10.9B | $80.9B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Decisions on record
One verified Decision Case on Visa, and the casebook each one belongs to.
| Fork date | Decision type | What Visa chose | Where it stood | The story | Casebook |
|---|---|---|---|---|---|
| 1970 | Moat Anatomy | Issuer-owned cooperative | litigation accrual of about $1.5 billion as of September 30, 2024, with more than $3 billion in a U.S. litigation escrow (2024-09) | Read the story → | Moat Anatomy Casebook → |
Run one of these yourself
The decisions Visa faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
Business ModelThe Money MachineWhere does the money actually come from, and who sets the rate it comes in at?See the pack →Crisis & ReinventionThe Crisis ResponseWhat is one more quarter of not acting worth?See the pack →Growth & PortfolioThe FlywheelWhat does your loop actually return, and how much of it is left?See the pack →
The analyses
The Money Machine · Business Model
How Visa Turns $13 Trillion in Payments Into $36 Billion at a 65% Margin
Everyone thinks Visa is a credit-card lender. It isn't - it lends nothing and carries no default risk; the banks do that. Visa built the toll road money drives on and takes a sliver of every trip. On roughly $13 trillion of payments a year, a sliver works out to $36 billion in revenue at a 65% operating margin.
7 min
The Crisis Response · Crisis & Reinvention
Twenty Years of Swipe-Fee Lawsuits, and Visa's Fees Only Went Up
A merchant lawsuit filed in 2005 has produced a vacated $7.25B deal, an approved $5.54B one, a rejected $30B one, and now a $38B proposal — while U.S. swipe fees hit $111.2 billion in 2024. The litigation isn't a crisis. It's a pressure valve.
8 min
The Flywheel · Moat & Competition
Visa Built Its Two-Sided Network Once — Under a Cooperative That Diffused the Antitrust Risk
Visa runs a two-sided flywheel: 4.6 billion credentials pull in 150 million merchants, and the merchants pull in more credentials. The genius wasn't building it - it was building it once, under a cooperative that diffused the antitrust risk across thousands of banks, leaving a network you cannot un-spin.
8 min
The Moat Anatomy · Moat & Competition
Visa's Moat Is a 1970 Governance Design That Made Every Rival Bank a Co-Owner
Everyone calls Visa's moat its network — 5 billion credentials, 175 million merchants, 234 billion transactions a year. That's the symptom. The moat is a 1970 governance design that made every rival bank a co-owner, locking them in with paperwork no startup has replicated.
8 min
The Moat Anatomy · Moat & Competition
The DOJ Mapped Visa's Real Wall: Contracts Foreclosing 45% of U.S. Debit
The flattering story is that Visa is protected by network effects. The DOJ tells a different one: a contractual web that, it alleges, forecloses at least 45% of all U.S. debit transactions and insulates 75% of Visa's debit volume from competition. A judge let that story proceed.
8 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
More from Stratrix
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Set a live decision against the companies that made it before you.
AcquisitionsThe Distance TestDivestituresThe Divestiture TestDiversificationThe Diversification TestMake or buyThe Make-or-Buy TestStratrix Team
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The defining moves in business, and what they teach, as they publish.