Visa's (V) Q4 2024 earnings report highlights robust financial performance, with net revenue reaching $35,926 million, a 10% increase from $32,653 million in the prior year. This growth was driven by increases across all major revenue categories, including service revenue, data processing revenue, international transaction revenue, and other revenue. Notably, service revenue grew by 9%, data processing revenue by 11%, and international transaction revenue by 9%, reflecting strong underlying business fundamentals.

Client incentives, a contra-revenue item, increased by 12% to $13,764 million, reflecting higher payments volume and client performance. Despite this increase, Visa's net revenue growth remained strong, underscoring the company's ability to manage incentives effectively while driving top-line growth.

Visa's net income for fiscal 2024 was $19,743 million, a significant increase from $17,273 million in fiscal 2023. This represents a strong bottom-line performance, supported by revenue growth and operational efficiency. Basic earnings per share (EPS) for Class A common stock rose to $9.74, compared to $8.28 in the prior year, reflecting enhanced shareholder value.

Operating cash flow remained robust at $19,950 million, slightly lower than the $20,755 million reported in fiscal 2023. This strong cash generation underscores Visa's ability to fund operations, invest in growth opportunities, and return capital to shareholders through dividends and share repurchases.

Geographically, the U.S. accounted for 41% of Visa's total net revenue in fiscal 2024, down slightly from 43% in 2023. This indicates a diversification of revenue sources, with international markets contributing significantly to overall growth. No other individual country contributed more than 10% of total net revenue, highlighting Visa's broad global footprint.

Visa's international transaction revenue grew by 9% in fiscal 2024, driven by a 14% increase in nominal cross-border volume (excluding intra-Europe transactions). This growth was partially offset by lower currency volatility, which impacted exchange rate-related revenues. The strong performance in cross-border transactions reflects a recovery in global travel and spending patterns.

Operating expenses for fiscal 2024 were $11,653 million, reflecting disciplined cost management. On a non-GAAP basis, operating expenses were $10,481 million, further highlighting Visa's focus on operational efficiency. These expenses include investments in technology and marketing to support long-term growth.

Visa returned significant capital to shareholders in fiscal 2024, repurchasing $16,713 million of Class A common stock and paying $4,217 million in dividends. These actions demonstrate Visa's commitment to shareholder returns while maintaining a strong balance sheet.

Visa's balance sheet remains strong, with cash, cash equivalents, and restricted cash totaling $19,763 million as of September 30, 2024. This liquidity position provides flexibility for strategic investments and navigating potential market uncertainties.