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Stockholders' Equity | 6 Months Ended
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Mar. 31, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Note 9—Stockholders’ Equity As-converted class A common stock. The number of shares of each series and class, and the number of shares of class A common stock on an as-converted basis were as follows:
| March 31, 2024 |  | September 30, 2023 |
| Shares Outstanding |  | Conversion Rate Into Class A Common Stock |  | As-converted Class A Common Stock(1) |  | Shares Outstanding |  | Conversion Rate Into Class A Common Stock |  | As-converted Class A Common Stock(1) |
| (in millions, except conversion rate) |
Series A preferred stock | — |  | (2) | 100.0000 |  |  | 6 |  |  | — |  | (2) | 100.0000 |  |  | 7 |  |
Series B preferred stock | 2 |  |  | 2.9030 |  |  | 7 |  |  | 2 |  |  | 2.9370 |  |  | 7 |  |
Series C preferred stock | 3 |  |  | 3.6250 |  |  | 11 |  |  | 3 |  |  | 3.6290 |  |  | 11 |  |
Class A common stock | 1,574 |  |  | — |  |  | 1,574 |  |  | 1,594 |  |  | — |  |  | 1,594 |  |
Class B-1 common stock | 245 |  |  | 1.5875 |  | (3) | 390 |  |  | 245 |  |  | 1.5875 |  | (3) | 390 |  |
Class C common stock | 9 |  |  | 4.0000 |  |  | 37 |  |  | 10 |  |  | 4.0000 |  |  | 38 |  |
Total |  |  |  |  | 2,025 |  |  |  |  |  |  | 2,047 |  |
(1)Figures in the table may not recalculate exactly due to rounding. As-converted class A common stock is calculated based on unrounded numbers. (2)The number of shares outstanding was less than one million. (3)The class B-1 to class A common stock conversion rate is presented on a rounded basis. Conversion calculations for dividend payments are based on a conversion rate rounded to the tenth decimal. Reduction in as-converted shares. The following table presents the reduction in the number of as-converted class B-1 common stock after deposits into the U.S. litigation escrow account under the U.S. retrospective responsibility plan:
| Six Months Ended March 31,
| 2024 |  | 2023
| (in millions, except per share data)
Reduction in equivalent number of class A common stock | — |  |  | 2 |
Effective price per share(1) | $ | — |  |  | $ | 209.14 |
Deposits into the U.S. litigation escrow account | $ | — |  |  | $ | 350 |
(1)Effective price per share for each adjustment is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificate of incorporation. The following table presents the reduction in the number of as-converted series B and C preferred stock after the Company recovered VE territory covered losses through conversion rate adjustments under the Europe retrospective responsibility plan:
| Six Months Ended March 31, 2024 |  | Six Months Ended March 31, 2023 |
| Series B |  | Series C |  | Series B |  | Series C |
| (in millions, except per share data) |
Reduction in equivalent number of class A common stock | — |  | (1) | — |  | (1) | — |  | (1) | — |  | (1)
Effective price per share(2) | $ | 254.32 |  |  | $ | 254.32 |  |  | $ | 211.34 |  |  | $ | 211.34 |  |
Recovery through conversion rate adjustment | $ | 22 |  |  | $ | 3 |  |  | $ | 7 |  |  | $ | 7 |  |
(1)The reduction in equivalent number of shares of class A common stock was less than one million shares. (2)Effective price per share for each adjustment is calculated using the volume-weighted average price of the Company’s class A common stock over a pricing period in accordance with the Company’s current certificates of designations for its series B and C preferred stock. Common stock repurchases. The following table presents share repurchases in the open market:
| Three Months Ended March 31, |  | Six Months Ended March 31,
| 2024 |  | 2023 |  | 2024 |  | 2023
| (in millions, except per share data)
Shares repurchased in the open market(1) | 10 |  |  | 10 |  |  | 25 |  |  | 26 |
Average repurchase cost per share(2) | $ | 280.41 |  |  | $ | 221.32 |  |  | $ | 255.09 |  |  | $ | 206.88 |
Total cost(2) | $ | 2,784 |  |  | $ | 2,216 |  |  | $ | 6,393 |  |  | $ | 5,331 |
(1)Shares repurchased in the open market reflect repurchases that settled during the three and six months ended March 31, 2024 and 2023. All shares repurchased in the open market have been retired and constitute authorized but unissued shares. (2)Figures in the table may not recalculate exactly due to rounding. Average repurchase cost per share and total cost are calculated based on unrounded numbers and include applicable taxes. In October 2023 and 2022, the Company’s board of directors authorized share repurchase programs of $25.0 billion providing multi-year flexibility, and $12.0 billion, respectively. These authorizations have no expiration date. As of March 31, 2024, the Company’s share repurchase program had remaining authorized funds of $23.6 billion. All share repurchase programs authorized prior to October 2023 have been completed. Class B common stock. On January 23, 2024, Visa’s common stockholders approved amendments to the Company’s certificate of incorporation authorizing Visa to implement an exchange offer program that would have the effect of releasing transfer restrictions on portions of the Company’s class B common stock by allowing holders to exchange a portion of their outstanding shares of class B common stock for shares of freely tradeable class C common stock. The certificate of incorporation amendments automatically redenominated all shares of class B common stock outstanding at the amendment date as class B-1 common stock with no changes to the par value, conversion features, rights and privileges of the class B-1 common stock. The amendments also authorized new classes of class B common stock that will only be issuable in connection with an exchange offer where a preceding class of B common stock is tendered in exchange and retired. When referred to prior to January 23, 2024, class B common stock means the Company’s legacy class B common stock, and following January 23, 2024, means the Company’s class B-1 common stock, and to the extent issued in an exchange offer, class B-2 common stock, class B-3 common stock, class B-4 common stock and class B-5 common stock, collectively. Capital stock authorized. As of March 31, 2024 and September 30, 2023, the Company was authorized to issue 25 million shares of preferred stock, of which the following series have been created and authorized: 4 million shares of series A convertible participating preferred stock, 2 million shares of series B convertible participating preferred stock and 3 million shares of series C convertible participating preferred stock. As of March 31, 2024, the Company was authorized to issue 2.0 trillion shares of class A common stock, 499 million shares of class B-1 common stock, 123 million shares of class B-2 common stock, 61 million shares of class B-3 common stock, 31 million shares of class B-4 common stock, 15 million shares of class B-5 common stock and 1.1 billion shares of class C common stock. As of September 30, 2023, the Company was authorized to issue 2.0 trillion shares of class A common stock, 622 million shares of class B-1 common stock and 1.1 billion shares of class C common stock. Dividends. During the three months ended March 31, 2024 and 2023, the Company declared and paid dividends of $1,060 million and $941 million, respectively. During the six months ended March 31, 2024 and 2023, the Company declared and paid dividends of $2.1 billion and $1.9 billion, respectively. On April 23, 2024, the Company’s board declared a quarterly cash dividend of $0.52 per share of class A common stock (determined in the case of all other outstanding common and preferred stock on an as-converted basis), payable on June 3, 2024, to all holders of record as of May 17, 2024.

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