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
For the Years Ended September 30,
Statement of Operations Data**:**
2019**(1)**
2018**(1)**
2017**(1)**
2016**(1)**
2015
(in millions, except per share data)
Net revenues
$
22,977
$
20,609
$
18,358
$
15,082
$
13,880
Operating expenses
$
7,976
$
7,655
$
6,214
$
7,199
(2)
$
4,816
Operating income
$
15,001
$
12,954
$
12,144
$
7,883
$
9,064
Net income
$
12,080
$
10,301
(3)
$
6,699
(4)
$
5,991
$
6,328
Basic earnings per share—class A common stock
$
5.32
$
4.43
$
2.80
$
2.49
$
2.58
Diluted earnings per share—class A common stock
$
5.32
$
4.42
$
2.80
$
2.48
$
2.58
At September 30,
Balance Sheet Data**:**
2019**(1)**
2018**(1)**
2017**(1)**
2016**(1)**
2015
(in millions, except per share data)
Total assets
$
72,574
$
69,225
$
67,977
$
64,035
$
39,367
Accrued litigation
$
1,203
(5)
$
1,434
(5)
$
982
$
981
$
1,024
Long-term debt
$
16,729
$
16,630
$
16,618
(6)
$
15,882
(6)
$
—
Total equity
$
34,684
$
34,006
$
32,760
$
32,912
$
29,842
Dividend declared and paid per common share
$
1.000
$
0.825
$
0.660
$
0.560
$
0.480
(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)
During fiscal 2018, pursuant to an amended settlement agreement that superseded the 2012 Settlement Agreement related to the interchange multidistrict litigation, we recorded an accrual of $600 million. During fiscal 2019, related to the interchange multidistrict litigation, we made payments of $600 million, partially offset by an additional accrual of $370 million. See Note 5—U.S. and Europe Retrospective Responsibility Plans and Note 20—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 9—Debt to our consolidated financial statements included in Item 8—Financial Statements and Supplementary Data of this report.
filings.tools