VISA INC.V

VISA INC. Leases Disclosure

10-KFiled Nov 6, 20252 min read
Note 9—Leases
The Company has entered into various operating lease agreements primarily for real estate. The Company's leases have original lease periods expiring between fiscal 2026 and 2041. For certain leases, the Company has options to extend the lease term for up to 10 years. Payments under the Company’s lease arrangements are generally fixed.
As of September 30, 2025 and 2024, ROU assets included in other assets on the consolidated balance sheets was $954 million and $873 million, respectively. As of September 30, 2025 and 2024, the current portion of lease liabilities included in accrued liabilities on the consolidated balance sheets was $150 million for both periods, and the long-term portion of lease liabilities included in other liabilities was $763 million and $685 million, respectively.
During fiscal 2025, 2024 and 2023, total operating lease cost was $195 million, $179 million and $129 million, respectively. As of September 30, 2025 and 2024, the weighted-average remaining lease term for operating leases was approximately nine and eight years, respectively, and the weighted-average discount rate for operating leases was 4.11% and 3.51%, respectively.
As of September 30, 2025, the present value of future minimum lease payments was as follows:
Operating Leases
(in millions)
Fiscal:
2026$163 
2027152 
2028133 
2029108 
203086 
Thereafter494 
Total undiscounted lease payments1,136 
Less: imputed interest(223)
Present value of lease liabilities$913 
During fiscal 2025, 2024 and 2023, ROU assets obtained in exchange for lease liabilities was $231 million, $410 million and $82 million, respectively.

Historical Timeline

Fiscal YearFiled
2025Nov 6, 2025Showing above
2024Nov 13, 2024
2023Nov 15, 2023
2022Nov 16, 2022
2021Nov 18, 2021
2020Nov 19, 2020

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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