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Visa Inc. Fiscal 2015, 2014 and 2013
Operating Revenues
The following table sets forth our operating revenues earned in the United States, internationally
and from Visa Europe. Revenues earned from Visa Europe are a result of our contractual arrangement
with Visa Europe, as governed by the Framework Agreement that provides for trademark and
technology licenses and bilateral services. See Note 2—Visa Europe to our consolidated financial
statements.
Fiscal Year Ended
September 30, $ Change % Change(1)
2015 2014 2013
2015
vs.
2014
2014
vs.
2013
2015
vs.
2014
2014
vs.
2013
(in millions, except percentages)
United States ................... $ 7,406 $ 6,847 $ 6,379 $ 559 $ 468 8% 7%
International .................... 6,219 5,629 5,177 590 452 10% 9%
Visa Europe ..................... 255 226 222 29 4 13% 2%
Total operating revenues ........ $13,880 $12,702 $11,778 $1,178 $ 924 9% 8%
(1) Figures in the table may not recalculate exactly due to rounding. Percentage changes are
calculated based on unrounded numbers.
The increase in operating revenues primarily reflects continued growth in processed transactions
and nominal payments volume. These benefits were partially offset by increases in client incentives.
Overall revenue growth also reflects the positive impact of select pricing modifications effected in the
third quarter of fiscal 2015 combined with higher foreign currency exchange volatility on international
transaction revenues.
Our operating revenues, primarily service revenues, international transaction revenues, and client
incentives, are impacted by the overall strengthening or weakening of the U.S. dollar as payments
volume and related revenues denominated in local currencies are converted to U.S. dollars. The effect
of exchange rate movements in fiscal 2015, as partially mitigated by our hedging program, resulted in
an overall decline of about two-and-a-half percentage points in total operating revenue growth.
The following table sets forth the components of our total operating revenues.
Fiscal Year Ended
September 30, $ Change % Change(1)
2015 2014 2013
2015
vs.
2014
2014
vs.
2013
2015
vs.
2014
2014
vs.
2013
(in millions, except percentages)
Service revenues ................ $ 6,302 $ 5,797 $ 5,352 $ 505 $ 445 9% 8%
Data processing revenues ......... 5,552 5,167 4,642 385 525 7% 11%
International transaction revenues . . 4,064 3,560 3,389 504 171 14% 5%
Other revenues .................. 823 770 716 53 54 7% 7%
Client incentives ................. (2,861) (2,592) (2,321) (269) (271) 10% 12%
Total operating revenues ........ $13,880 $12,702 $11,778 $1,178 $ 924 9% 8%
(1) Figures in the table may not recalculate exactly due to rounding. Percentage changes are
calculated based on unrounded numbers.
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