Visa
Visa returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q3 | Jun 30, 2026 | 48.46% | 41.95% | — | — | 23.22% | 40.8 pp |
| FY 2026 Q2 | Mar 31, 2026 | 46.88% | 40.95% | 1,286.37% | — | 23.67% | 39.2 pp |
| FY 2026 Q1 | Dec 31, 2025 | 44.92% | 38.24% | — | — | 22.04% | 37.2 pp |
| FY 2025 Q4 | Sep 30, 2025 | 42.36% | 36.2% | — | — | 20.66% | 34.7 pp |
| FY 2025 Q3 | Jun 30, 2025 | 42.86% | 36.11% | — | — | 21.23% | 35.2 pp |
| FY 2025 Q2 | Mar 31, 2025 | 41.72% | 36.45% | — | — | 21.47% | 34 pp |
| FY 2025 Q1 | Dec 31, 2024 | 42.42% | 36.29% | — | — | 21.79% | 34.7 pp |
| FY 2024 Q4 | Sep 30, 2024 | 42.85% | 34.85% | 43.93% | — | 21.34% | 35.2 pp |
| FY 2024 Q3 | Jun 30, 2024 | 41.14% | 33.42% | 59.39% | — | 21.2% | 33.4 pp |
| FY 2024 Q2 | Mar 31, 2024 | 38.57% | 32.03% | 59.21% | — | 20.53% | 30.9 pp |
| FY 2024 Q1 | Dec 31, 2023 | 39.13% | 32.44% | 66.99% | — | 20.34% | 31.4 pp |
| FY 2023 Q4 | Sep 30, 2023 | 40.45% | 31.81% | 304.1% | — | 19.63% | 32.8 pp |
| FY 2023 Q3 | Jun 30, 2023 | 37.56% | 30.86% | — | — | 18.93% | 29.9 pp |
| FY 2023 Q2 | Mar 31, 2023 | 36.38% | 30.07% | 447.87% | — | 18.73% | 28.7 pp |
| FY 2023 Q1 | Dec 31, 2022 | 36.86% | 29.56% | 187.49% | — | 18.14% | 29.2 pp |
| FY 2022 Q4 | Sep 30, 2022 | 36.76% | 28.55% | 1,293.85% | — | 17.76% | 29.1 pp |
| FY 2022 Q3 | Jun 30, 2022 | 34.88% | 26.98% | 95.34% | — | 17.37% | 27.2 pp |
| FY 2022 Q2 | Mar 31, 2022 | 31.39% | 27.5% | 110.69% | — | 16.99% | 23.7 pp |
| FY 2022 Q1 | Dec 31, 2021 | 29.69% | 25.47% | — | — | 16.19% | 22 pp |
| FY 2021 Q4 | Sep 30, 2021 | 28.15% | 23.66% | — | — | 15.03% | 20.4 pp |
| FY 2021 Q3 | Jun 30, 2021 | 25.76% | 22.43% | — | — | 13.53% | 18.1 pp |
| FY 2021 Q2 | Mar 31, 2021 | 25.49% | 21.82% | — | — | 13.94% | 17.8 pp |
| FY 2021 Q1 | Dec 31, 2020 | 25.3% | 22.21% | -281.42% | — | 13.81% | 17.6 pp |
| FY 2020 Q4 | Sep 30, 2020 | 25.34% | 22.43% | -259.53% | — | 14.16% | 17.6 pp |
| FY 2020 Q3 | Jun 30, 2020 | — | 24.21% | — | — | 15.87% | — |
| FY 2020 Q2 | Mar 31, 2020 | 29.41% | 27.02% | — | — | 17.5% | 21.7 pp |
| FY 2020 Q1 | Dec 31, 2019 | 29.04% | 26.5% | 207.42% | — | 16.9% | 21.3 pp |
| FY 2019 Q4 | Sep 30, 2019 | 28.3% | 25.63% | 159.39% | — | 17.04% | 20.6 pp |
| FY 2019 Q3 | Jun 30, 2019 | — | 25.15% | — | — | 17.19% | — |
| FY 2019 Q2 | Mar 31, 2019 | 25.91% | 23.14% | 219.33% | — | 16.02% | 18.2 pp |
| FY 2019 Q1 | Dec 31, 2018 | 25.8% | 22.8% | 626.19% | — | 15.5% | 18.1 pp |
| FY 2018 Q4 | Sep 30, 2018 | 24.89% | 22.35% | 283.64% | — | 15.02% | 17.2 pp |
| FY 2018 Q3 | Jun 30, 2018 | 24.2% | 22.84% | 301.99% | — | 14.52% | 16.5 pp |
| FY 2018 Q2 | Mar 31, 2018 | 23.3% | 22.93% | 196.88% | — | 14.1% | 15.6 pp |
| FY 2018 Q1 | Dec 31, 2017 | 17.57% | 22.13% | — | — | 10.96% | 9.9 pp |
| FY 2017 Q4 | Sep 30, 2017 | 16.48% | 21.31% | — | — | 10.15% | 8.8 pp |
| FY 2017 Q3 | Jun 30, 2017 | 16.23% | 20.9% | — | — | 10.15% | 8.5 pp |
| FY 2017 Q2 | Mar 31, 2017 | 14.54% | 17.53% | — | — | 8.24% | 6.8 pp |
| FY 2017 Q1 | Dec 31, 2016 | 16.81% | 16.73% | — | — | 10.34% | 9.1 pp |
| FY 2016 Q4 | Sep 30, 2016 | 16.96% | 17.35% | -2.86% | — | 11.49% | 9.3 pp |
| FY 2016 Q3 | Jun 30, 2016 | — | 16.81% | — | — | 10.79% | — |
| FY 2016 Q2 | Mar 31, 2016 | — | 22.7% | — | — | 14.72% | — |
| FY 2016 Q1 | Dec 31, 2015 | — | 22.3% | — | — | 14.28% | — |
| FY 2015 Q4 | Sep 30, 2015 | — | 26.89% | — | — | 16.06% | — |
| FY 2015 Q3 | Jun 30, 2015 | — | 25.25% | — | — | 15.28% | — |
| FY 2015 Q2 | Mar 31, 2015 | — | 24.63% | — | — | 14.59% | — |
| FY 2015 Q1 | Dec 31, 2014 | — | 24.2% | — | — | 14.91% | — |
| FY 2014 Q4 | Sep 30, 2014 | — | 23.98% | — | — | 14.59% | — |
| FY 2014 Q3 | Jun 30, 2014 | — | 24.68% | — | — | 15.23% | — |
| FY 2014 Q2 | Mar 31, 2014 | — | 24.14% | — | — | 14.99% | — |
| FY 2014 Q1 | Dec 31, 2013 | — | 23.5% | — | — | 14.13% | — |
| FY 2013 Q4 | Sep 30, 2013 | — | 22.74% | — | — | 13.11% | — |
| FY 2013 Q3 | Jun 30, 2013 | — | 22.43% | — | — | 14.72% | — |
| FY 2013 Q2 | Mar 31, 2013 | — | 7.95% | — | — | 6.64% | — |
| FY 2013 Q1 | Dec 31, 2012 | — | 7.21% | — | — | 6.72% | — |
| FY 2012 Q4 | Sep 30, 2012 | — | 6.75% | — | — | 5.73% | — |
| FY 2012 Q3 | Jun 30, 2012 | — | 6.4% | — | — | 3.72% | — |
| FY 2012 Q2 | Mar 31, 2012 | — | 18.47% | — | — | 11.8% | — |
| FY 2012 Q1 | Dec 31, 2011 | — | 18.25% | — | — | 10.88% | — |
| FY 2011 Q4 | Sep 30, 2011 | — | 17.82% | — | 14.19% | 10.71% | — |
| FY 2011 Q3 | Jun 30, 2011 | — | 17.32% | — | 13.97% | 10.56% | — |
| FY 2011 Q2 | Mar 31, 2011 | — | 16.81% | — | 12.99% | 9.79% | — |
| FY 2011 Q1 | Dec 31, 2010 | — | 16.23% | — | 12.6% | 9.4% | — |
| FY 2010 Q4 | Sep 30, 2010 | 14.73% | 15.89% | 33.26% | 12.31% | 9.03% | 7 pp |
| FY 2010 Q3 | Jun 30, 2010 | — | 15.14% | — | 11.4% | 8.29% | — |
| FY 2010 Q2 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2010 Q1 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q4 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Jun 30, 2009 | — | — | — | — | — | — |
Sources and calculations
Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.
Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · V, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.