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Debt
 12 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt
Note 10—Debt
The Company had outstanding debt as follows:
September 30,
Effective Interest Rate(1)
20252024
(in millions, except percentages)
U.S. dollar notes
3.15% Senior Notes due December 2025
$4,000 $4,000 3.26%
1.90% Senior Notes due April 2027
1,500 1,500 2.02%
0.75% Senior Notes due August 2027
500 500 0.84%
2.75% Senior Notes due September 2027
750 750 2.91%
2.05% Senior Notes due April 2030
1,500 1,500 2.13%
1.10% Senior Notes due February 2031
1,000 1,000 1.20%
4.15% Senior Notes due December 2035
1,500 1,500 4.23%
2.70% Senior Notes due April 2040
1,000 1,000 2.80%
4.30% Senior Notes due December 2045
3,500 3,500 4.37%
3.65% Senior Notes due September 2047
750 750 3.73%
2.00% Senior Notes due August 2050
1,750 1,750 2.09%
Euro notes
1.50% Senior Notes due June 2026
1,587 1,513 1.71%
2.25% Senior Notes due May 2028
1,470 — 2.57%
2.00% Senior Notes due June 2029
1,176 1,120 2.13%
3.125% Senior Notes due May 2033
1,176 — 3.20%
2.375% Senior Notes due June 2034
764 728 2.53%
3.50% Senior Notes due May 2037
764 — 3.62%
3.875% Senior Notes due May 2044
705 — 4.02%
Total debt25,392 21,111 
Unamortized discounts and debt issuance costs(171)(142)
Hedge accounting fair value adjustments(2)
(50)(133)
Total carrying value of debt$25,171 $20,836 
Reported as:
Current maturities of debt
$5,569 $— 
Long-term debt19,602 20,836 
Total carrying value of debt$25,171 $20,836 
(1)Effective interest rates disclosed do not reflect hedge accounting adjustments.
(2)Represents the fair value of interest rate swap agreements entered into on a portion of the outstanding senior notes. See Note 1—Summary of Significant Accounting Policies and Note 13—Derivative and Hedging Instruments.
Senior Notes
In May 2025, the Company issued Euro-denominated fixed-rate senior notes in a public offering in an aggregate principal amount of €3.5 billion ($3.9 billion), with maturities ranging between 3 and 19 years. The 2028 Notes, 2033 Notes, 2037 Notes and 2044 Notes have interest rates of 2.25%, 3.125%, 3.50% and 3.875%, respectively. Interest on these notes is payable annually on May 15 of each year, commencing May 15, 2026. The net aggregate proceeds, after deducting discounts and debt issuance costs, were approximately €3.5 billion ($3.9 billion). The Company intends to use the net proceeds for general corporate purposes, which may include, among other things, the refinancing of existing indebtedness.
The Company’s outstanding senior notes are senior unsecured obligations of the Company, ranking equally and ratably among themselves and with the Company’s existing and future unsecured and unsubordinated debt. The senior notes are not secured by any assets of the Company and are not guaranteed by any of the Company’s
subsidiaries. As of September 30, 2025, the Company was in compliance with all related covenants. Each series of senior notes may be redeemed as a whole or in part at the Company’s option at any time at specified redemption prices. In addition, each series of the Euro-denominated senior notes may be redeemed as a whole at specified redemption prices upon the occurrence of certain U.S. tax events.
As of September 30, 2025, future principal payments on the Company’s outstanding debt were as follows:
For the Years Ending
September 30,
20262027202820292030ThereafterTotal
(in millions)
Future principal payments$5,587 $2,750 $1,470 $1,176 $1,500 $12,909 $25,392 
Commercial Paper Program
Visa maintains a commercial paper program to support its working capital requirements and for other general corporate purposes. Under the program, the Company is authorized to issue up to $3.0 billion in outstanding notes, with maturities up to 397 days from the date of issuance. As of September 30, 2025 and 2024, the Company had no outstanding obligations under the program.
Credit Facility
In May 2023, the Company entered into an amended and restated credit agreement for a five-year, unsecured $7.0 billion revolving credit facility, which will expire in May 2028. This credit facility is maintained to ensure the integrity of the payment card settlement process and for general corporate purposes. Interest on borrowings will be charged at the applicable reference rate or an alternative base rate as defined in the credit agreement based on the currency and type of the borrowing, plus an applicable margin based on the applicable credit rating of the Company’s senior unsecured long-term debt. The Company has agreed to pay a commitment fee which will fluctuate based on such applicable rating of the Company. As of September 30, 2025, the Company was in compliance with all related covenants. As of September 30, 2025 and 2024, the Company had no amounts outstanding under the credit facility.