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:
2018(1)
2017(1)
2016(1)
2015
2014
(in millions, except per share data)
Operating revenues
$
20,609
$
18,358
$
15,082
$
13,880
$
12,702
Operating expenses
$
7,655
$
6,214
$
7,199
(2)
$
4,816
$
5,005
Operating income
$
12,954
$
12,144
$
7,883
$
9,064
$
7,697
Net income
$
10,301
(3)
$
6,699
(4)
$
5,991
$
6,328
$
5,438
Basic earnings per share—class A common stock(5)
$
4.43
$
2.80
$
2.49
$
2.58
$
2.16
Diluted earnings per share—class A common stock(5)
$
4.42
$
2.80
$
2.48
$
2.58
$
2.16
At September 30,
Balance Sheet Data:
2018(1)
2017(1)
2016(1)
2015
2014
(in millions, except per share data)
Total assets
$
69,225
$
67,977
$
64,035
$
39,367
$
37,543
Accrued litigation
$
1,434
(6)
$
982
$
981
$
1,024
$
1,456
(6)
Long-term debt
$
16,630
$
16,618
(7)
$
15,882
(7)
$
—
$
—
Total equity
$
34,006
$
32,760
$
32,912
$
29,842
$
27,413
Dividend declared and paid per common share(5)
$
0.825
$
0.660
$
0.560
$
0.480
$
0.400
(1)
Our results of operations and the financial position beginning with the last quarter of fiscal 2016 include Visa Europe’s financial results.
(2)
During fiscal 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.
(3)
During fiscal 2018, as a result of the U.S. tax reform legislation, our net income reflected a lower statutory tax rate, a non-recurring, non-cash income tax benefit of approximately $1.1 billion from the remeasurement of our deferred tax liabilities, and a one-time transition tax of approximately $1.1 billion.
(4)
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.
(5)
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.
(6)
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. During fiscal 2018, pursuant to an amended settlement agreement that superseded the 2012 Settlement Agreement, we recorded an additional accrual of $600 million. See Note 2—U.S. and Europe Retrospective Responsibility Plans and Note 17—Legal Matters to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
(7)
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 6—Debt to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
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