Visa annual operating margin
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2025
Visa Operating Margin Growth & History (V)
Visa's operating margin was 59.99% for fiscal 2025.
View full Visa company overviewVisa annual operating margin history
| Fiscal year | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| 2025 | 2025-09-30 | 59.99% | −5.69 pp |
| 2024 | 2024-09-30 | 65.68% | +1.36 pp |
| 2023 | 2023-09-30 | 64.31% | +0.13 pp |
| 2022 | 2022-09-30 | 64.19% | −1.38 pp |
| 2021 | 2021-09-30 | 65.56% | +1.11 pp |
| 2020 | 2020-09-30 | 64.46% | −0.83 pp |
| 2019 | 2019-09-30 | 65.29% | +2.43 pp |
| 2018 | 2018-09-30 | 62.86% | −3.29 pp |
| 2017 | 2017-09-30 | 66.15% | +13.88 pp |
| 2016 | 2016-09-30 | 52.27% | −13.03 pp |
| 2015 | 2015-09-30 | 65.30% | +4.71 pp |
| 2014 | 2014-09-30 | 60.60% | −0.87 pp |
| 2013 | 2013-09-30 | 61.46% | +40.94 pp |
| 2012 | 2012-09-30 | 20.53% | −38.86 pp |
| 2011 | 2011-09-30 | 59.38% | +2.48 pp |
| 2010 | 2010-09-30 | 56.90% | +5.71 pp |
| 2009 | 2009-09-30 | 51.19% | +31.52 pp |
| 2008 | 2008-09-30 | 19.67% | +60.03 pp |
| 2007 | 2007-09-30 | −40.36% | — |
Visa quarterly operating margin
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| Fiscal quarter | Period ended | Operating margin | Change (percentage points) |
|---|---|---|---|
| Q2 2026 | 2026-03-31 | 64.42% | +7.77 pp |
| Q1 2026 | 2025-12-31 | 61.80% | −3.75 pp |
| Q4 2025 | 2025-09-30 | 57.33% | −8.69 pp |
| Q3 2025 | 2025-06-30 | 60.73% | −5.99 pp |
| Q2 2025 | 2025-03-31 | 56.65% | −4.36 pp |
| Q1 2025 | 2024-12-31 | 65.55% | −3.41 pp |
| Q4 2024 | 2024-09-30 | 66.02% | +1.55 pp |
| Q3 2024 | 2024-06-30 | 66.72% | +4.87 pp |
| Q2 2024 | 2024-03-31 | 61.01% | −5.81 pp |
| Q1 2024 | 2023-12-31 | 68.96% | +4.82 pp |
| Q4 2023 | 2023-09-30 | 64.47% | −0.86 pp |
| Q3 2023 | 2023-06-30 | 61.85% | +4.83 pp |
| Q2 2023 | 2023-03-31 | 66.83% | +0.03 pp |
| Q1 2023 | 2022-12-31 | 64.14% | −3.52 pp |
| Q4 2022 | 2022-09-30 | 65.33% | −0.46 pp |
| Q3 2022 | 2022-06-30 | 57.02% | −9.28 pp |
| Q2 2022 | 2022-03-31 | 66.80% | +4.29 pp |
| Q1 2022 | 2021-12-31 | 67.66% | +0.07 pp |
| Q4 2021 | 2021-09-30 | 65.79% | +4.19 pp |
| Q3 2021 | 2021-06-30 | 66.30% | +4.30 pp |
| Q2 2021 | 2021-03-31 | 62.51% | −4.52 pp |
| Q1 2021 | 2020-12-31 | 67.59% | +1.26 pp |
| Q4 2020 | 2020-09-30 | 61.60% | +0.74 pp |
| Q3 2020 | 2020-06-30 | 62.00% | −4.92 pp |
| Q2 2020 | 2020-03-31 | 67.03% | +0.76 pp |
| Q1 2020 | 2019-12-31 | 66.34% | −1.17 pp |
| Q4 2019 | 2019-09-30 | 60.86% | −1.82 pp |
| Q3 2019 | 2019-06-30 | 66.92% | +11.86 pp |
| Q2 2019 | 2019-03-31 | 66.27% | +0.51 pp |
| Q1 2019 | 2018-12-31 | 67.51% | −0.92 pp |
| Q4 2018 | 2018-09-30 | 62.68% | −3.48 pp |
| Q3 2018 | 2018-06-30 | 55.06% | −11.19 pp |
| Q2 2018 | 2018-03-31 | 65.76% | +3.04 pp |
| Q1 2018 | 2017-12-31 | 68.43% | −1.06 pp |
| Q4 2017 | 2017-09-30 | 66.16% | +4.55 pp |
| Q3 2017 | 2017-06-30 | 66.24% | +54.45 pp |
| Q2 2017 | 2017-03-31 | 62.72% | −4.41 pp |
| Q1 2017 | 2016-12-31 | 69.49% | +2.28 pp |
| Q4 2016 | 2016-09-30 | 61.61% | −2.33 pp |
| Q3 2016 | 2016-06-30 | 11.79% | −52.51 pp |
| Q2 2016 | 2016-03-31 | 67.13% | +0.22 pp |
| Q1 2016 | 2015-12-31 | 67.21% | +1.04 pp |
| Q4 2015 | 2015-09-30 | 63.93% | +15.87 pp |
| Q3 2015 | 2015-06-30 | 64.30% | +0.27 pp |
| Q2 2015 | 2015-03-31 | 66.91% | +2.16 pp |
| Q1 2015 | 2014-12-31 | 66.17% | +0.34 pp |
| Q4 2014 | 2014-09-30 | 48.06% | −10.83 pp |
| Q3 2014 | 2014-06-30 | 64.03% | +3.11 pp |
| Q2 2014 | 2014-03-31 | 64.75% | +1.87 pp |
| Q1 2014 | 2013-12-31 | 65.83% | +2.59 pp |
| Q4 2013 | 2013-09-30 | 58.90% | +3.17 pp |
| Q3 2013 | 2013-06-30 | 60.91% | +162.55 pp |
| Q2 2013 | 2013-03-31 | 62.88% | +0.58 pp |
| Q1 2013 | 2012-12-31 | 63.25% | −0.28 pp |
| Q4 2012 | 2012-09-30 | 55.73% | −1.42 pp |
| Q3 2012 | 2012-06-30 | −101.64% | −159.56 pp |
| Q2 2012 | 2012-03-31 | 62.30% | +0.69 pp |
| Q1 2012 | 2011-12-31 | 63.53% | +2.49 pp |
| Q4 2011 | 2011-09-30 | 57.15% | +4.58 pp |
| Q3 2011 | 2011-06-30 | 57.92% | +1.89 pp |
| Q2 2011 | 2011-03-31 | 61.60% | +4.33 pp |
| Q1 2011 | 2010-12-31 | 61.04% | −1.06 pp |
| Q4 2010 | 2010-09-30 | 52.57% | +6.33 pp |
| Q3 2010 | 2010-06-30 | 56.04% | +6.10 pp |
| Q2 2010 | 2010-03-31 | 57.27% | +3.78 pp |
| Q1 2010 | 2009-12-31 | 62.09% | +6.54 pp |
| Q4 2009 | 2009-09-30 | 46.25% | +6.07 pp |
| Q3 2009 | 2009-06-30 | 49.94% | — |
| Q2 2009 | 2009-03-31 | 53.49% | — |
| Q1 2009 | 2008-12-31 | 55.55% | — |
| Q3 2008 | 2008-06-30 | 40.17% | — |
Visa operating margin trends
Over the last five reported fiscal years, Visa's operating margin decreased from 64.46% to 59.99%, a change of −4.47 percentage points. The latest reported quarter, Q2 2026, shows 64.42%.
About the metric
What operating margin means
Operating margin measures the percentage of revenue left after operating costs and expenses. It shows how much operating profit a company generates from each dollar of revenue.
Calculation and source
How operating margin is calculated
TickerStat calculates operating margin as SEC-reported operating income divided by SEC-reported revenue for the same fiscal period. Changes are shown in percentage points. Fiscal periods can differ from calendar years, so exact period-end dates are included.
Review Visa filings at SEC.gov ↗