Visa Inc.

TTM free cash flow is about 22.1B dollars. For 9M FY25, operating cash flow was 16.8B dollars with 1.1B in capex; adding FY24 Q4 OCF of 6.7B and capex of 0.3B yields TTM FCF ≈ 22.1B. Cash, cash equivalents and restricted cash were 24.4B at June 30, 2025, with modest interest outlays (0.54B in 9M FY25).

Visa also issued €3.5B of euro notes in May 2025 while facing manageable near‑term maturities (4.0B due Dec 2025 and €1.4B due Jun 2026). The model is asset‑light, cash‑rich and resilient even through shocks.