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Sankey diagram of Visa Inc.. A complete text table follows the diagram.
Payment volume and cross-border activity widened the network while client incentives remained the largest offset
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Gross revenue is the exact sum of Visa's reported revenue categories before the separately reported client-incentive contra-revenue.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Service revenue | 1 | $5.0B | Driven by prior-quarter payment volume; up 13% |
| Data processing revenue | 1 | $5.5B | Transactions and value-added services; up 18% |
| International transaction revenue | 1 | $3.6B | Cross-border activity; up 10% |
| Other revenue | 1 | $1.3B | Advisory and other services; up 41% |
| Revenue before client incentives | 2 | $15.5B | Exact sum of reported revenue categories |
| Net revenue | 3 | $11.2B | Up 17% year over year |
| Client incentives | 3 | $4.2B | 27% of gross revenue returned to clients |
| Operating income | 4 | $7.2B | 64.4% operating margin |
| Operating expenses | 4 | $4.0B | People, marketing, network and litigation |
| Income before tax | 5 | $7.2B | After net financing expense |
| Net non-operating expense | 5 | $60M | Interest less investment and other income |
| Net income | 6 | $6.0B | 53.6% net margin |
| Income tax | 6 | $1.2B | 16.1% effective rate |
| From | To | Value |
|---|---|---|
| Service revenue | Revenue before client incentives | $5.0B |
| Data processing revenue | Revenue before client incentives | $5.5B |
| International transaction revenue | Revenue before client incentives | $3.6B |
| Other revenue | Revenue before client incentives | $1.3B |
| Revenue before client incentives | Net revenue | $11.2B |
| Revenue before client incentives | Client incentives | $4.2B |
| Net revenue | Operating income | $7.2B |
| Net revenue | Operating expenses | $4.0B |
| Operating income | Income before tax | $7.2B |
| Operating income | Net non-operating expense | $60M |
| Income before tax | Net income | $6.0B |
| Income before tax | Income tax | $1.2B |