The following tables present selected Visa Inc. financial data for the past five fiscal years. The data below should be read in conjunction with Item 7—Management's Discussion and Analysis of Financial Condition and Results of Operations and Item 8—Financial Statements and Supplementary Data of this report.
Selected Financial Data
Fiscal Year Ended September 30,
Statement of Operations Data:
2017(1)
2016(1)
2015
2014
2013
(in millions, except per share data)
Operating revenues
$
18,358
$
15,082
$
13,880
$
12,702
$
11,778
Operating expenses
$
6,214
$
7,199
(3)
$
4,816
$
5,005
$
4,539
Operating income
$
12,144
$
7,883
$
9,064
$
7,697
$
7,239
Net income
$
6,699
(2)
$
5,991
$
6,328
$
5,438
$
4,980
Basic earnings per share—class A common stock(4)
$
2.80
$
2.49
$
2.58
$
2.16
$
1.90
Diluted earnings per share—class A common stock(4)
$
2.80
$
2.48
$
2.58
$
2.16
$
1.90
At September 30,
Balance Sheet Data:
2017(1)
2016(1)
2015
2014
2013
(in millions, except per share data)
Total assets
$
67,977
$
64,035
$
39,367
$
37,543
$
35,495
Accrued litigation
$
982
$
981
$
1,024
$
1,456
(5)
$
5
(5)
Long-term debt
$
16,618
(6)
$
15,882
(6)
$
—
$
—
$
—
Total equity
$
32,760
$
32,912
$
29,842
$
27,413
$
26,870
Dividend declared and paid per common share(4)
$
0.66
$
0.56
$
0.48
$
0.40
$
0.33
(1)
Our results of operations for fiscal 2017 and the last quarter of fiscal 2016, and the financial position as of September 30, 2017 and 2016, include Visa Europe's financial results.
(2)
During fiscal 2017, in connection with our legal entity reorganization, we eliminated deferred tax balances originally recognized upon the acquisition of Visa Europe, resulting in the recognition of a non-recurring, non-cash income tax provision of $1.5 billion.
(3)
During 2016, upon consummation of the Visa Europe acquisition, we recorded a non-recurring loss of $1.9 billion, before tax, in operating expense resulting from the effective settlement of the Framework Agreement between us and Visa Europe. Net of related tax benefit of $693 million, determined by applying applicable federal and state tax rates, the adjustment to net income was an increase of $1.2 billion.
(4)
The per share amounts for the prior periods presented have been retroactively adjusted to reflect the four-for-one stock split effected in the second quarter of fiscal 2015.
(5)
During fiscal 2013, we made payments from the U.S. litigation escrow account totaling $4.4 billion in connection with the U.S. covered litigation. During fiscal 2014, the court entered the final judgment order approving the settlement with the class plaintiffs in the interchange multidistrict litigation proceedings. Certain merchants in the settlement classes objected to the settlement and filed opt-out claims. Takedown payments of approximately $1.1 billion related to the opt-out merchants were received and deposited into the U.S. litigation escrow account, and a related increase in accrued litigation to address the opt-out claims were recorded in the second quarter of fiscal 2014. See Note 3—U.S. and Europe Retrospective Responsibility Plans and Note 19—Legal Matters to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
(6)
During fiscal 2017 and fiscal 2016, we issued fixed-rate senior notes in an aggregate principal amount of $2.5 billion and $16.0 billion, respectively. See Note 8—Debt to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
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