v3.25.2
Debt
 9 Months Ended
Jun. 30, 2025
Debt Disclosure [Abstract]  
Debt
Note 7—Debt
The Company had outstanding debt as follows:
June 30,
2025		September 30,
2024
Effective Interest Rate(1)
(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
1,469 — 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 debt
25,391 21,111 
Unamortized discounts and debt issuance costs(188)(142)
Hedge accounting fair value adjustments(2)
(65)(133)
Total carrying value of debt
$25,138 $20,836 
Reported as:
Current maturities of debt$5,548 $— 
Long-term debt19,590 20,836 
Total carrying value of debt
$25,138 $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.

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 June 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.
Non-derivative Financial Instrument Designated as a Net Investment Hedge
The Company designated all of the €3.5 billion Euro-denominated senior notes issued in May 2025, a non-derivative financial instrument, as a hedge against a portion of the Company’s Euro-denominated net investment in Visa Europe.