Visa Inc (V, Financial) released its earnings report for the fiscal fourth quarter and full-year 2023 on October 24, 2023. The company reported strong performance with significant growth in net revenues and GAAP net income.
Financial Performance
Visa's GAAP net income for the fiscal fourth quarter was $4.7 billion or $2.27 per share, marking an increase of 19% and 22% respectively, over the prior year's results. For the full fiscal year, the GAAP net income was $17.3 billion or $8.28 per share, an increase of 15% and 18% respectively, over the prior year's results.
Net revenues for the fiscal fourth quarter were $8.6 billion, an increase of 11%, driven by the year-over-year growth in payments volume, cross-border volume, and processed transactions. For the full fiscal year, net revenues were $32.7 billion, marking an 11% increase.
Business Highlights
Visa reported a 9% increase in payments volume and a 10% increase in processed transactions for both Q4 and the full fiscal year. Cross-border volume excluding transactions within Europe increased 18% for Q4 and 25% for the full fiscal year.
Visa's board of directors increased the company's quarterly cash dividend by 16% to $0.520 per share and authorized a new $25.0B multi-year share repurchase program.
CEO Commentary
We finished our fiscal year with strong fourth quarter performance, as net revenues grew 11% and GAAP EPS grew 22%. Throughout the year, we have seen resilient consumer spending, ongoing recovery of cross-border travel spend versus 2019 and continued growth across our new flows and value added services businesses. As we enter a new fiscal year, I am confident in our ability to deliver against a backdrop of geopolitical and economic uncertainty. There is tremendous opportunity ahead and I am as optimistic as ever about Visas role in the future of payments." - Ryan McInerney, Chief Executive Officer, Visa Inc.
Visa's strong performance in the fiscal fourth quarter and full-year 2023 demonstrates its resilience and growth potential in the face of economic uncertainty. With its strategic initiatives and robust financial health, Visa is well-positioned for continued success in the future.
