VISA INC.V
VISA INC. Debt Disclosure
Note 10—Debt
The Company had outstanding debt as follows:
| September 30, | Effective Interest Rate(1) | ||||||||||||||||
| 2025 | 2024 | ||||||||||||||||
| (in millions, except percentages) | |||||||||||||||||
| U.S. dollar notes | |||||||||||||||||
3.15% Senior Notes due December 2025 | $ | 4,000 | $ | 4,000 | 3.26 | % | |||||||||||
1.90% Senior Notes due April 2027 | 1,500 | 1,500 | 2.02 | % | |||||||||||||
0.75% Senior Notes due August 2027 | 500 | 500 | 0.84 | % | |||||||||||||
2.75% Senior Notes due September 2027 | 750 | 750 | 2.91 | % | |||||||||||||
2.05% Senior Notes due April 2030 | 1,500 | 1,500 | 2.13 | % | |||||||||||||
1.10% Senior Notes due February 2031 | 1,000 | 1,000 | 1.20 | % | |||||||||||||
4.15% Senior Notes due December 2035 | 1,500 | 1,500 | 4.23 | % | |||||||||||||
2.70% Senior Notes due April 2040 | 1,000 | 1,000 | 2.80 | % | |||||||||||||
4.30% Senior Notes due December 2045 | 3,500 | 3,500 | 4.37 | % | |||||||||||||
3.65% Senior Notes due September 2047 | 750 | 750 | 3.73 | % | |||||||||||||
2.00% Senior Notes due August 2050 | 1,750 | 1,750 | 2.09 | % | |||||||||||||
| Euro notes | |||||||||||||||||
1.50% Senior Notes due June 2026 | 1,587 | 1,513 | 1.71 | % | |||||||||||||
2.25% Senior Notes due May 2028 | 1,470 | — | 2.57 | % | |||||||||||||
2.00% Senior Notes due June 2029 | 1,176 | 1,120 | 2.13 | % | |||||||||||||
3.125% Senior Notes due May 2033 | 1,176 | — | 3.20 | % | |||||||||||||
2.375% Senior Notes due June 2034 | 764 | 728 | 2.53 | % | |||||||||||||
3.50% Senior Notes due May 2037 | 764 | — | 3.62 | % | |||||||||||||
3.875% Senior Notes due May 2044 | 705 | — | 4.02 | % | |||||||||||||
| Total debt | 25,392 | 21,111 | |||||||||||||||
| Unamortized discounts and debt issuance costs | (171) | (142) | |||||||||||||||
Hedge accounting fair value adjustments(2) | (50) | (133) | |||||||||||||||
| Total carrying value of debt | $ | 25,171 | $ | 20,836 | |||||||||||||
| Reported as: | |||||||||||||||||
Current maturities of debt | $ | 5,569 | $ | — | |||||||||||||
| Long-term debt | 19,602 | 20,836 | |||||||||||||||
| Total carrying value of debt | $ | 25,171 | $ | 20,836 | |||||||||||||
(1)Effective interest rates disclosed do not reflect hedge accounting adjustments.
(2)Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes. See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative and Hedging Instruments.
Senior Notes
In May 2025, the Company issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.5 billion ($3.9 billion), with maturities ranging between 3 and 19 years. The 2028 Notes, 2033 Notes, 2037 Notes and 2044 Notes have interest rates of 2.25%, 3.125%, 3.50% and 3.875%, respectively. Interest on these notes is payable annually on May 15 of each year, commencing May 15, 2026. The net aggregate proceeds, after deducting discounts and debt issuance costs, were approximately €3.5 billion ($3.9 billion). The Company intends to use the net proceeds for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness.
The Company’s outstanding senior notes are senior unsecured obligations of the Company, ranking equally and ratably among themselves and with the Company’s existing and future unsecured and unsubordinated debt. The senior notes are not secured by any assets of the Company and are not guaranteed by any of the Company’s
subsidiaries. As of September 30, 2025, the Company was in compliance with all related covenants. Each series of senior notes may be redeemed as a whole or in part at the Company’s option at any time at specified redemption prices. In addition, each series of the Euro-denominated senior notes may be redeemed as a whole at specified redemption prices upon the occurrence of certain U.S. tax events.
As of September 30, 2025, future principal payments on the Company’s outstanding debt were as follows:
| For the Years Ending September 30, | |||||||||||||||||||||||||||||||||||||||||
| 2026 | 2027 | 2028 | 2029 | 2030 | Thereafter | Total | |||||||||||||||||||||||||||||||||||
| (in millions) | |||||||||||||||||||||||||||||||||||||||||
| Future principal payments | $ | 5,587 | $ | 2,750 | $ | 1,470 | $ | 1,176 | $ | 1,500 | $ | 12,909 | $ | 25,392 | |||||||||||||||||||||||||||
Commercial Paper Program
Visa maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company is authorized to issue up to $3.0 billion in outstanding notes, with maturities up to 397 days from the date of issuance. As of September 30, 2025 and 2024, the Company had no outstanding obligations under the program.
Credit Facility
In May 2023, the Company entered into an amended and restated credit agreement for a five-year, unsecured $7.0 billion revolving credit facility, which will expire in May 2028. This credit facility is maintained to ensure the integrity of the payment card settlement process and for general corporate purposes. Interest on borrowings will be charged at the applicable reference rate or an alternative base rate as defined in the credit agreement based on the currency and type of the borrowing, plus an applicable margin based on the applicable credit rating of the Company’s senior unsecured long-term debt. The Company has agreed to pay a commitment fee which will fluctuate based on such applicable rating of the Company. As of September 30, 2025, the Company was in compliance with all related covenants. As of September 30, 2025 and 2024, the Company had no amounts outstanding under the credit facility.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Nov 6, 2025 | Showing above |
| 2024 | Nov 13, 2024 | |
| 2023 | Nov 15, 2023 | |
| 2022 | Nov 16, 2022 | |
| 2021 | Nov 18, 2021 | |
| 2020 | Nov 19, 2020 | |
| 2019 | Nov 14, 2019 | |
| 2018 | Nov 16, 2018 | |
| 2017 | Nov 17, 2017 | |
| 2016 | Nov 15, 2016 | |
| 2015 | Nov 20, 2015 | |
About Debt Disclosures
Debt disclosures detail a company's borrowing structure — the types of instruments, interest rates, maturity schedule, and covenant restrictions that define its financial obligations and flexibility. This section is essential for assessing refinancing risk, interest rate exposure, and the margin of safety against financial distress.
Key signals: the maturity schedule reveals concentration risk — large maturities within 1-2 years during tight credit markets can force dilutive refinancing or asset sales. Compare the fair value of debt against carrying amount to gauge whether the market views the company's credit risk differently than the balance sheet suggests. Watch covenant compliance disclosures for tightening cushions, especially leverage and interest coverage ratios. Variable-rate debt exposure quantifies sensitivity to interest rate changes. Secured versus unsecured mix affects recovery rates and future borrowing capacity. Compare net debt-to-EBITDA against industry peers and covenant limits to assess financial health.