Visa Inc. announced its financial results for the fiscal fourth quarter and full year 2023. The company’s GAAP net income in the fiscal fourth quarter was $4.7 billion, or $2.27 per share, marking a 19% and 22% increase respectively compared to the previous year. In the entire fiscal year 2023, the company reported a GAAP net income of $17.3 billion, or $8.28 per share, showing a 15% and 18% increase respectively from the prior year’s results.
Visa’s net revenues in the fiscal fourth quarter reached $8.6 billion, experiencing an 11% growth driven by the year-over-year increase in payments volume, cross-border volume, and processed transactions. On a constant-dollar basis, net revenues increased by 10%. In the full fiscal year 2023, the company reported net revenues of $32.7 billion, marking an 11% increase. On a constant-dollar basis, net revenues increased by 13%.
During the three months ended September 30, 2023, Visa processed a total of $56.0 billion in transactions, while for the 12 months ending on the same date, total processed transactions amounted to $212.6 billion. This represents a 10% increase compared to the prior year.
Visa’s service revenues for the fiscal fourth quarter reached $3.9 billion, indicating a 12% increase from the previous year.
The company’s GAAP operating expenses for the fiscal fourth quarter amounted to $3.1 billion, showing a 13% increase compared to the prior year, primarily influenced by rises in personnel expenses and litigation provision.
Visa’s cash, cash equivalents, and investment securities were valued at $22.0 billion as of September 30, 2023.
For the quarter ending September 30, 2023, the weighted average number of diluted shares of class A common stock outstanding was 2.07 billion.
Ryan McInerney, the CEO of Visa Inc., expressed confidence in the company’s ability to perform well in the face of geopolitical and economic uncertainty. He highlighted the strong fourth-quarter performance, resilient consumer spending, recovery of cross-border travel spend, and growth across new flows and value-added services businesses. McInerney stated, “There is tremendous opportunity ahead, and I am as optimistic as ever about Visa’s role in the future of payments.”
