Visa Inc., adjustment to net income

US$ in millions

12 months ended:	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Net income (as reported)	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)
Add: Investment securities	(105)	(4)	(1)	16)	(90)	37)
Net income (adjusted)	14,852)	12,307)	10,865)	12,096)	10,211)	6,736)

Download chart

Visa Inc., adjusted profitability ratios

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
Net Profit Margin
Reported net profit margin	51.03%	51.07%	49.74%	52.57%	49.98%	36.49%
Adjusted net profit margin	50.67%	51.06%	49.73%	52.64%	49.55%	36.69%
Return on Equity (ROE)
Reported ROE	42.04%	32.75%	30.01%	34.83%	30.29%	20.45%
Adjusted ROE	41.74%	32.74%	30.01%	34.87%	30.03%	20.56%
Return on Assets (ROA)
Reported ROA	17.49%	14.85%	13.43%	16.65%	14.88%	9.85%
Adjusted ROA	17.37%	14.85%	13.43%	16.67%	14.75%	9.91%

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Visa Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Visa Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Visa Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

Download chart

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
As Reported
Selected Financial Data (US$ in millions)
Net income	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)
Net revenues	29,310)	24,105)	21,846)	22,977)	20,609)	18,358)
Profitability Ratio
Net profit margin¹	51.03%	51.07%	49.74%	52.57%	49.98%	36.49%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	14,852)	12,307)	10,865)	12,096)	10,211)	6,736)
Net revenues	29,310)	24,105)	21,846)	22,977)	20,609)	18,358)
Profitability Ratio
Adjusted net profit margin²	50.67%	51.06%	49.73%	52.64%	49.55%	36.69%

2022 Calculations

¹ Net profit margin = 100 × Net income ÷ Net revenues
= 100 × 14,957 ÷ 29,310 = 51.03%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Net revenues
= 100 × 14,852 ÷ 29,310 = 50.67%

Download chart

Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by revenue.	Visa Inc. adjusted net profit margin ratio improved from 2020 to 2021 but then slightly deteriorated from 2021 to 2022.

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
As Reported
Selected Financial Data (US$ in millions)
Net income	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)
Equity	35,581)	37,589)	36,210)	34,684)	34,006)	32,760)
Profitability Ratio
ROE¹	42.04%	32.75%	30.01%	34.83%	30.29%	20.45%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	14,852)	12,307)	10,865)	12,096)	10,211)	6,736)
Equity	35,581)	37,589)	36,210)	34,684)	34,006)	32,760)
Profitability Ratio
Adjusted ROE²	41.74%	32.74%	30.01%	34.87%	30.03%	20.56%

2022 Calculations

¹ ROE = 100 × Net income ÷ Equity
= 100 × 14,957 ÷ 35,581 = 42.04%

² Adjusted ROE = 100 × Adjusted net income ÷ Equity
= 100 × 14,852 ÷ 35,581 = 41.74%

Download chart

Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by shareholders’ equity.	Visa Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

	Sep 30, 2022	Sep 30, 2021	Sep 30, 2020	Sep 30, 2019	Sep 30, 2018	Sep 30, 2017
As Reported
Selected Financial Data (US$ in millions)
Net income	14,957)	12,311)	10,866)	12,080)	10,301)	6,699)
Total assets	85,501)	82,896)	80,919)	72,574)	69,225)	67,977)
Profitability Ratio
ROA¹	17.49%	14.85%	13.43%	16.65%	14.88%	9.85%
Adjusted: Mark to Market Available-for-sale Securities
Selected Financial Data (US$ in millions)
Adjusted net income	14,852)	12,307)	10,865)	12,096)	10,211)	6,736)
Total assets	85,501)	82,896)	80,919)	72,574)	69,225)	67,977)
Profitability Ratio
Adjusted ROA²	17.37%	14.85%	13.43%	16.67%	14.75%	9.91%

2022 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 14,957 ÷ 85,501 = 17.49%

² Adjusted ROA = 100 × Adjusted net income ÷ Total assets
= 100 × 14,852 ÷ 85,501 = 17.37%

Download chart

Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by total assets.	Visa Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

Visa Inc. (NYSE:V)

Analysis of Investments