Mastercard (MA) Financials

$580.67 -5.74 (-0.98%)

As of 05/20/2025 03:58 PM Eastern

Annual Income Statements for Mastercard

This table shows Mastercard's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Income / (Loss) Attributable to Common Shareholders	12,874	11,195	9,930	8,687	6,411	8,118	5,859	3,915	4,059	3,808
Consolidated Net Income / (Loss)	12,874	11,195	9,930	8,687	6,411	8,118	5,859	3,915	4,059	3,808
Net Income / (Loss) Continuing Operations	12,874	11,195	9,930	8,687	6,411	8,118	5,859	3,915	4,059	3,808
Total Pre-Tax Income	15,254	13,639	11,732	10,307	7,760	9,731	7,204	6,522	5,646	4,958
Total Operating Income	15,582	14,008	12,264	10,082	8,081	9,664	7,282	6,622	5,761	5,078
Total Gross Profit	28,167	25,098	22,237	18,884	15,301	16,883	14,950	12,497	10,776	9,667
Total Revenue	28,167	25,098	22,237	18,884	15,301	16,883	14,950	12,497	10,776	9,667
Operating Revenue	28,167	25,098	22,237	18,884	15,301	16,883	14,950	12,497	10,776	9,667
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	12,585	11,090	9,973	8,802	7,220	7,219	7,668	5,875	5,015	4,589
Selling, General & Admin Expense	10,193	8,927	8,078	7,087	5,910	5,763	5,174	4,653	3,827	3,341
Marketing Expense	815	825	789	895	657	934	907	771	698	821
Depreciation Expense	897	799	750	726	580	522	459	436	373	366
Other Special Charges / (Income)	680	539	356	94	73	0.00	1,128	15	117	61
Total Other Income / (Expense), net	-328	-369	-532	225	-321	67	-78	-100	-115	-120
Interest Expense	646	575	471	431	380	224	186	154	95	61
Interest & Investment Income	327	274	61	11	24	97	122	56	43	25
Other Income / (Expense), net	20	-7.00	-122	645	35	194	-14	-2.00	-63	-84
Income Tax Expense	2,380	2,444	1,802	1,620	1,349	1,613	1,345	2,607	1,587	1,150
Basic Earnings per Share	$13.91	$11.86	$10.26	$8.79	$6.40	$7.98	$5.63	$3.67	$3.70	$3.36
Weighted Average Basic Shares Outstanding	925M	944M	968M	988M	1.00B	1.02B	1.04B	1.07B	1.10B	1.13B
Diluted Earnings per Share	$13.89	$11.83	$10.22	$8.76	$6.37	$7.94	$5.60	$3.65	$3.69	$3.35
Weighted Average Diluted Shares Outstanding	927M	946M	971M	992M	1.01B	1.02B	1.05B	1.07B	1.10B	1.14B
Weighted Average Basic & Diluted Shares Outstanding	911.71M	932.89M	953.24M	977.48M	993.36M	1.01B	1.03B	1.05B	1.08B	1.11B
Cash Dividends to Common per Share	$2.74	$2.37	$2.04	-	-	$1.39	$1.08	$0.91	$0.79	$0.67

This table shows Mastercard's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Income / (Loss) Attributable to Common Shareholders	3,280	3,342	3,263	3,258	3,011	2,791	3,198	2,845	2,361	2,525	2,499
Consolidated Net Income / (Loss)	3,280	3,342	3,263	3,258	3,011	2,791	3,198	2,845	2,361	2,525	2,499
Net Income / (Loss) Continuing Operations	3,280	3,342	3,263	3,258	3,011	2,791	3,198	2,845	2,361	2,525	2,499
Total Pre-Tax Income	4,031	3,891	3,866	3,939	3,558	3,321	3,761	3,704	2,853	3,089	3,072
Total Operating Income	4,149	3,938	4,004	4,036	3,604	3,372	3,844	3,656	3,136	3,184	3,112
Total Gross Profit	7,250	7,489	7,369	6,961	6,348	6,548	6,533	6,269	5,748	5,817	5,756
Total Revenue	7,250	7,489	7,369	6,961	6,348	6,548	6,533	6,269	5,748	5,817	5,756
Operating Revenue	7,250	7,489	7,369	6,961	6,348	6,548	6,533	6,269	5,748	5,817	5,756
Total Cost of Revenue	0.00	-	0.00	0.00	0.00	-	0.00	0.00	0.00	-	0.00
Total Operating Expenses	3,101	3,551	3,365	2,925	2,744	3,176	2,689	2,613	2,612	2,633	2,644
Selling, General & Admin Expense	2,523	2,745	2,744	2,418	2,286	2,399	2,285	2,200	2,043	2,218	2,069
Marketing Expense	152	295	220	184	116	264	193	201	167	216	182
Depreciation Expense	275	231	225	225	216	205	211	192	191	184	185
Other Special Charges / (Income)	151	280	176	98	126	308	0.00	20	211	15	208
Total Other Income / (Expense), net	-118	-47	-138	-97	-46	-51	-83	48	-283	-95	-40
Interest Expense	182	184	159	153	150	148	151	144	132	127	120
Interest & Investment Income	88	96	76	60	95	89	71	59	55	33	16
Other Income / (Expense), net	-24	70	-55	-4.00	9.00	69	-3.00	133	-206	-1.00	64
Income Tax Expense	751	549	603	681	547	530	563	859	492	564	573
Basic Earnings per Share	$3.60	$3.63	$3.54	$3.51	$3.23	$2.97	$3.40	$3.01	$2.48	$2.64	$2.59
Weighted Average Basic Shares Outstanding	912M	925M	923M	929M	933M	944M	941M	946M	953M	968M	965M
Diluted Earnings per Share	$3.59	$3.64	$3.53	$3.50	$3.22	$2.97	$3.39	$3.00	$2.47	$2.62	$2.58
Weighted Average Diluted Shares Outstanding	914M	927M	925M	930M	935M	946M	943M	949M	956M	971M	968M
Weighted Average Basic & Diluted Shares Outstanding	908.05M	911.71M	917.83M	923.83M	929.62M	932.89M	937.78M	942.21M	947.85M	953.24M	961.46M

This table details how cash moves in and out of Mastercard's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Net Change in Cash & Equivalents	343	1,269	-706	-2,517	3,450	632	745	-681	1,080	610
Net Cash From Operating Activities	14,780	11,980	11,195	9,463	7,224	8,183	6,223	5,664	4,637	4,101
Net Cash From Continuing Operating Activities	14,780	11,980	11,195	9,463	7,224	8,183	6,223	5,664	4,637	4,101
Net Income / (Loss) Continuing Operations	12,874	11,195	9,930	8,687	6,411	8,118	5,859	3,915	4,059	3,808
Consolidated Net Income / (Loss)	12,874	11,195	9,930	8,687	6,411	8,118	5,859	3,915	4,059	3,808
Depreciation Expense	897	799	750	726	580	522	459	437	373	366
Amortization Expense	1,830	1,622	1,586	1,371	1,072	1,141	1,235	1,001	860	764
Non-Cash Adjustments To Reconcile Net Income	219	307	-167	-405	311	100	-17	488	110	-80
Changes in Operating Assets and Liabilities, net	-1,040	-1,943	-904	-916	-1,150	-1,698	-1,313	-177	-765	-757
Net Cash From Investing Activities	-3,402	-1,351	-1,470	-5,272	-1,879	-1,640	-506	-1,781	-1,163	-715
Net Cash From Continuing Investing Activities	-3,402	-1,351	-1,470	-5,272	-1,879	-1,640	-506	-1,781	-1,163	-715
Purchase of Property, Plant & Equipment	-474	-371	-442	-407	-339	-422	-330	-300	-215	-177
Acquisitions	-3,231	-717	-968	-4,843	-1,358	-1,746	-174	-1,298	-167	-749
Purchase of Investments	-550	-389	-355	-617	-609	-1,110	-1,391	-861	-988	-1,890
Divestitures	125	44	7.00	186	0.00	0.00	-	-	-	-
Sale and/or Maturity of Investments	731	88	291	376	424	1,642	1,403	679	205	2,102
Other Investing Activities, net	-3.00	-6.00	-3.00	33	3.00	-4.00	-14	-1.00	2.00	-1.00
Net Cash From Financing Activities	-10,836	-9,488	-10,328	-6,555	-2,152	-5,867	-4,966	-4,764	-2,344	-2,516
Net Cash From Continuing Financing Activities	-10,836	-9,488	-10,328	-6,555	-2,152	-5,867	-4,966	-4,764	-2,344	-2,516
Repayment of Debt	-1,359	0.00	-744	-665	69	-515	-4.00	-70	-2.00	-17
Repurchase of Common Equity	-11,035	-9,032	-8,753	-5,904	-4,522	-6,497	-4,933	-3,762	-3,511	-3,518
Payment of Dividends	-2,448	-2,158	-1,903	-1,874	-1,605	-1,345	-1,044	-942	-837	-727
Issuance of Debt	3,960	1,554	1,123	2,024	3,959	2,724	991	0.00	1,972	1,735
Other Financing Activities, net	46	148	-51	-136	-53	-234	24	10	34	11
Effect of Exchange Rate Changes	-199	128	-103	-153	257	-44	-6.00	200	-50	-260

This table details how cash moves in and out of Mastercard's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Net Change in Cash & Equivalents	-826	-2,159	4,165	-385	-1,278	1,723	221	-279	-396	-580	1,624
Net Cash From Operating Activities	2,380	4,834	5,136	3,138	1,672	4,130	3,233	2,698	1,919	3,100	3,856
Net Cash From Continuing Operating Activities	2,380	4,834	5,136	3,138	1,672	4,130	3,233	2,698	1,919	3,100	3,856
Net Income / (Loss) Continuing Operations	3,280	3,342	3,263	3,258	3,011	2,791	3,198	2,845	2,361	2,525	2,499
Consolidated Net Income / (Loss)	3,280	3,342	3,263	3,258	3,011	2,791	3,198	2,845	2,361	2,525	2,499
Depreciation Expense	275	231	225	225	216	205	211	192	191	184	185
Amortization Expense	476	502	502	415	411	426	414	404	378	389	385
Non-Cash Adjustments To Reconcile Net Income	233	-124	86	120	137	-11	-75	200	193	-24	-63
Changes in Operating Assets and Liabilities, net	-1,884	883	1,060	-880	-2,103	719	-515	-943	-1,204	26	850
Net Cash From Investing Activities	-340	-2,678	-256	-294	-174	-214	-522	-218	-397	-350	-308
Net Cash From Continuing Investing Activities	-340	-2,678	-256	-294	-174	-214	-522	-218	-397	-350	-308
Purchase of Property, Plant & Equipment	-159	-95	-107	-115	-157	-77	-104	-80	-110	-130	-111
Acquisitions	-198	-2,666	-163	-181	-221	-192	-130	-153	-242	-209	-166
Purchase of Investments	-119	-108	-205	-134	-103	-84	-95	-138	-72	-101	-87
Sale and/or Maturity of Investments	133	91	218	115	307	72	-191	154	53	87	56
Other Investing Activities, net	3.00	-2.00	1.00	-2.00	0.00	67	-2.00	-1.00	-70	3.00	-1.00
Net Cash From Financing Activities	-2,987	-4,041	-857	-3,257	-2,681	-2,350	-2,404	-2,779	-1,955	-3,614	-1,739
Net Cash From Continuing Financing Activities	-2,987	-4,041	-857	-3,257	-2,681	-2,350	-2,404	-2,779	-1,955	-3,614	-1,739
Repayment of Debt	-750	-23	-336	-1,000	0.00	-	-3.00	1.00	2.00	-732	-6.00
Repurchase of Common Equity	-2,549	-3,470	-2,934	-2,639	-1,992	-1,832	-1,906	-2,416	-2,878	-2,414	-1,551
Payment of Dividends	-694	-606	-611	-615	-616	-534	-538	-541	-545	-473	-474
Issuance of Debt	1,242	-	2,977	983	0.00	-	4.00	61	1,489	-4.00	284
Other Financing Activities, net	-236	58	47	14	-73	16	39	116	-23	9.00	8.00
Effect of Exchange Rate Changes	121	-274	142	28	-95	157	-86	20	37	284	-185

This table presents Mastercard's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Total Assets	48,081	42,448	38,724	37,669	33,584	29,236	24,860	0.00	18,675	16,250
Total Current Assets	19,724	18,961	16,606	16,949	19,113	16,902	16,171	0.00	13,228	10,984
Cash & Equivalents	8,442	8,588	7,008	7,421	10,113	6,988	6,682	5,933	6,721	5,747
Restricted Cash	492	32	589	586	586	584	553	0.00	543	541
Short-Term Investments	330	592	400	473	483	688	1,696	0.00	1,614	991
Accounts Receivable	3,773	4,060	3,425	3,006	2,646	2,514	2,276	0.00	1,416	1,079
Prepaid Expenses	2,992	2,611	2,346	2,271	1,883	1,763	1,432	1,040	850	663
Other Current Assets	3,695	3,078	2,838	3,192	3,402	4,365	3,532	0.00	2,084	1,963
Plant, Property, & Equipment, net	2,138	2,061	2,006	0.00	1,902	1,828	921	829	733	675
Total Noncurrent Assets	26,219	21,426	20,112	20,720	12,569	10,506	7,768	5,583	4,714	4,591
Goodwill	9,193	7,660	7,522	7,662	4,960	4,021	2,904	3,035	1,756	1,891
Intangible Assets	5,453	4,086	3,859	3,671	1,753	1,417	991	0.00	722	803
Noncurrent Deferred & Refundable Income Taxes	1,614	1,355	1,151	486	491	543	570	250	307	317
Other Noncurrent Operating Assets	9,959	8,325	7,580	8,901	5,365	4,525	3,303	2,298	1,929	1,580
Total Liabilities & Shareholders' Equity	48,081	42,448	38,724	37,669	33,584	29,236	24,860	0.00	18,675	16,250
Total Liabilities	41,566	35,451	32,347	30,257	27,067	23,245	19,371	0.00	12,991	10,188
Total Current Liabilities	19,220	16,264	14,171	13,162	11,847	11,904	11,593	0.00	7,206	6,269
Short-Term Debt	750	1,337	274	792	649	0.00	500	0.00	-	-
Accounts Payable	929	834	926	738	527	489	537	933	609	472
Accrued Expenses	10,393	8,517	7,801	6,642	5,430	5,489	4,747	3,931	3,318	2,763
Customer Deposits	1,874	1,845	1,568	1,873	1,696	-	1,080	0.00	991	895
Other Current Liabilities	5,274	3,731	3,602	3,117	3,545	4,556	4,729	792	2,288	2,139
Total Noncurrent Liabilities	22,346	19,187	18,176	17,095	15,220	11,341	7,778	1,438	5,785	3,919
Long-Term Debt	17,476	14,344	13,749	13,109	12,023	8,527	5,834	0.00	5,180	3,268
Noncurrent Deferred & Payable Income Tax Liabilities	317	369	393	395	86	85	67	0.00	81	79
Other Noncurrent Operating Liabilities	4,553	4,474	4,034	3,591	3,111	2,729	1,877	1,438	524	572
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	0.00	22	21	29	29	74	71	0.00	0.00	-
Total Equity & Noncontrolling Interests	6,515	6,975	6,356	7,383	6,488	5,917	5,418	5,497	5,684	6,062
Total Preferred & Common Equity	6,485	6,929	6,298	7,312	6,391	5,893	5,395	0.00	5,656	6,028
Total Common Equity	6,485	6,929	6,298	7,312	6,391	5,893	5,395	22,364	5,656	6,028
Common Stock	6,442	5,893	5,298	5,061	4,982	4,787	4,580	0.00	4,183	4,004
Retained Earnings	72,907	62,564	53,607	45,648	38,747	33,984	27,283	22,364	19,418	16,222
Treasury Stock	-71,431	-60,429	-51,354	-42,588	-36,658	-32,205	-25,750	0.00	-17,021	-13,522
Accumulated Other Comprehensive Income / (Loss)	-1,433	-1,099	-1,253	-809	-680	-673	-718	0.00	-924	-676
Noncontrolling Interest	30	46	58	71	97	24	23	0.00	28	34

This table presents Mastercard's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Total Assets	48,470	48,081	47,237	42,333	42,602	42,448	39,674	39,004	38,936	38,724	37,612
Total Current Assets	19,804	19,724	22,300	17,780	18,424	18,961	16,983	16,530	16,420	16,606	16,823
Cash & Equivalents	7,575	8,442	11,063	6,996	7,293	8,588	6,890	6,170	6,566	7,008	7,633
Restricted Cash	507	492	-	-	-	32	0.00	598	596	589	586
Short-Term Investments	319	330	338	362	364	592	602	344	402	400	412
Accounts Receivable	3,965	3,773	4,014	4,195	4,231	4,060	3,925	3,763	3,511	3,425	3,167
Prepaid Expenses	3,419	2,992	3,039	2,941	3,028	2,611	2,624	2,554	2,501	2,346	2,475
Other Current Assets	4,019	3,695	3,846	3,286	3,508	3,078	2,942	3,101	2,844	2,838	2,550
Plant, Property, & Equipment, net	2,171	2,138	2,176	2,148	2,077	2,061	1,972	1,986	2,006	2,006	1,951
Total Noncurrent Assets	26,495	26,219	22,761	22,405	22,101	21,426	20,719	20,488	20,510	20,112	18,838
Goodwill	9,352	9,193	7,721	7,563	7,545	7,660	7,488	7,579	7,575	7,522	7,176
Intangible Assets	5,533	5,453	4,235	4,149	4,123	4,086	4,022	4,049	4,027	3,859	3,582
Noncurrent Deferred & Refundable Income Taxes	1,575	1,614	1,612	1,423	1,329	1,355	1,370	1,121	1,267	1,151	1,069
Other Noncurrent Operating Assets	10,035	9,959	9,193	9,270	9,104	8,325	7,839	7,739	7,641	7,580	7,011
Total Liabilities & Shareholders' Equity	48,470	48,081	47,237	42,333	42,602	42,448	39,674	39,004	38,936	38,724	37,612
Total Liabilities	41,774	41,566	39,739	34,851	35,294	35,451	33,293	33,425	33,529	32,347	31,169
Total Current Liabilities	17,828	19,220	17,294	15,594	16,905	16,264	14,519	14,636	13,651	14,171	13,476
Short-Term Debt	0.00	750	750	1,086	2,086	1,337	1,337	1,336	276	274	957
Accounts Payable	993	929	911	835	790	834	589	643	735	926	615
Accrued Expenses	9,263	10,393	9,105	8,007	8,062	8,517	7,775	7,117	7,310	7,801	6,888
Customer Deposits	1,900	1,874	1,868	1,772	1,861	1,845	1,824	1,723	1,608	1,568	-
Other Current Liabilities	5,672	5,274	4,660	3,894	4,106	3,731	2,994	3,817	3,722	3,602	3,485
Total Noncurrent Liabilities	23,946	22,346	22,445	19,257	18,389	19,187	18,774	18,789	19,878	18,176	17,693
Long-Term Debt	18,802	17,476	17,608	14,519	13,543	14,344	14,229	14,284	15,292	13,749	13,577
Noncurrent Deferred & Payable Income Tax Liabilities	315	317	349	337	345	369	385	395	389	393	346
Other Noncurrent Operating Liabilities	4,829	4,553	4,488	4,401	4,501	4,474	4,160	4,110	4,197	4,034	3,770
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	6,696	6,515	7,475	7,460	7,286	6,975	6,360	5,557	5,386	6,356	6,423
Total Preferred & Common Equity	6,671	6,485	7,440	7,421	7,243	6,929	6,311	5,504	5,330	6,298	6,361
Total Common Equity	6,671	6,485	7,440	7,421	7,243	6,929	6,311	5,504	5,330	6,298	6,361
Common Stock	6,326	6,442	6,290	6,089	5,920	5,893	5,791	5,622	5,376	5,298	5,269
Retained Earnings	75,495	72,907	70,258	67,604	64,959	62,564	60,390	57,730	55,424	53,607	51,625
Treasury Stock	-73,995	-71,431	-68,035	-65,067	-62,434	-60,429	-58,573	-56,659	-54,241	-51,354	-48,916
Accumulated Other Comprehensive Income / (Loss)	-1,155	-1,433	-1,073	-1,205	-1,202	-1,099	-1,297	-1,189	-1,229	-1,253	-1,617
Noncontrolling Interest	25	30	35	39	43	46	49	53	56	58	62

This table displays calculated financial ratios and metrics derived from Mastercard's official financial filings.

Metric	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
Period end date	12/31/2024	12/31/2023	12/31/2022	12/31/2021	12/31/2020	12/31/2019	12/31/2018	12/31/2017	12/31/2016	12/31/2015
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	12.23%	12.87%	35.51%	23.42%	-9.37%	12.93%	19.63%	15.97%	11.47%	2.39%
EBITDA Growth	11.61%	-71.64%	101.06%	293.86%	-15.22%	28.55%	11.22%	-41.87%	126.36%	0.21%
EBIT Growth	11.43%	15.31%	-62.27%	296.51%	-58.84%	342.54%	9.79%	-41.91%	128.19%	-2.06%
NOPAT Growth	14.38%	10.77%	-233.52%	154.56%	-17.19%	72.26%	48.99%	-52.01%	112.38%	7.26%
Net Income Growth	15.00%	12.74%	57.23%	35.50%	-21.03%	38.56%	49.66%	-3.55%	6.59%	5.28%
EPS Growth	17.41%	15.75%	100.00%	37.52%	-19.77%	83.57%	53.42%	-1.08%	10.15%	8.06%
Operating Cash Flow Growth	23.37%	7.01%	54.91%	30.99%	-11.72%	62.99%	9.87%	22.15%	26.14%	20.37%
Free Cash Flow Firm Growth	6.76%	-88.97%	3,659.28%	-105.94%	816.13%	-292.19%	-55.35%	-40.36%	95.63%	20.00%
Invested Capital Growth	14.93%	8.57%	-258.38%	60.27%	-36.03%	116.39%	707.82%	-90.99%	-3.17%	46.19%
Revenue Q/Q Growth	3.46%	3.00%	5.56%	6.16%	-1.89%	3.73%	3.42%	4.66%	2.27%	1.11%
EBITDA Q/Q Growth	4.15%	1.96%	-12.86%	218.50%	-1.80%	12.13%	-2.04%	-48.62%	109.81%	0.84%
EBIT Q/Q Growth	4.19%	1.88%	-159.17%	219.45%	-2.91%	130.38%	-51.94%	-48.58%	111.04%	0.32%
NOPAT Q/Q Growth	4.36%	2.06%	4.33%	117.64%	-4.92%	16.17%	12.72%	-15.50%	100.83%	3.84%
Net Income Q/Q Growth	4.47%	2.43%	7.46%	7.34%	-4.68%	17.36%	12.96%	-15.28%	1.07%	2.39%
EPS Q/Q Growth	5.07%	3.05%	8.39%	7.88%	-4.50%	17.80%	13.36%	-15.12%	0.82%	1.82%
Operating Cash Flow Q/Q Growth	5.00%	9.41%	-3.15%	10.98%	-9.14%	25.22%	-7.31%	14.77%	-0.06%	9.98%
Free Cash Flow Firm Q/Q Growth	-11.60%	13.96%	761.69%	-135.11%	85.06%	-122.19%	-50.29%	424.59%	152.14%	-18.26%
Invested Capital Q/Q Growth	7.07%	-6.84%	2.31%	95.02%	10.53%	99.74%	-54.56%	-95.48%	93.47%	-4.29%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	300.00%	300.00%	100.00%	200.00%	100.00%	200.00%	100.00%	100.00%
EBITDA Margin	65.07%	65.43%	195.32%	339.55%	63.84%	136.48%	59.95%	64.48%	128.64%	63.35%
Operating Margin	55.32%	55.81%	275.76%	266.95%	52.81%	114.48%	48.71%	52.99%	106.92%	52.53%
EBIT Margin	55.39%	55.79%	163.81%	340.83%	53.04%	58.39%	48.62%	105.95%	52.88%	51.66%
Profit (Net Income) Margin	45.71%	44.61%	223.28%	230.01%	41.90%	96.17%	39.19%	31.33%	75.33%	39.39%
Tax Burden Percent	84.40%	82.08%	423.20%	252.85%	82.62%	166.85%	81.33%	120.06%	143.78%	76.81%
Interest Burden Percent	97.77%	97.41%	483.12%	192.17%	95.61%	197.42%	99.12%	197.04%	198.17%	99.28%
Effective Tax Rate	15.60%	17.92%	61.44%	62.87%	17.38%	33.15%	18.67%	79.94%	28.11%	23.19%
Return on Invested Capital (ROIC)	90.87%	88.89%	272.67%	326.19%	65.06%	433.88%	364.46%	183.60%	622.27%	225.83%
ROIC Less NNEP Spread (ROIC-NNEP)	87.29%	84.05%	51.28%	348.15%	34.87%	470.95%	366.10%	1,296.07%	628.89%	227.79%
Return on Net Nonoperating Assets (RNNOA)	99.68%	78.52%	206.12%	215.92%	4.90%	-21.44%	-257.79%	-413.82%	-136.07%	-166.73%
Return on Equity (ROE)	190.56%	167.41%	630.37%	498.93%	69.96%	412.44%	106.66%	-23.31%	211.93%	59.10%
Cash Return on Invested Capital (CROIC)	76.98%	80.67%	248.43%	-6.38%	109.00%	-34.14%	208.52%	350.53%	315.20%	188.31%
Operating Return on Assets (OROA)	34.47%	34.50%	95.36%	150.55%	25.84%	72.89%	58.47%	70.90%	93.65%	31.63%
Return on Assets (ROA)	28.44%	27.58%	77.99%	24.38%	20.41%	60.03%	47.14%	41.93%	23.24%	24.12%
Return on Common Equity (ROCE)	189.17%	165.57%	622.19%	122.71%	68.71%	139.06%	269.51%	231.34%	210.87%	58.79%
Return on Equity Simple (ROE_SIMPLE)	198.52%	161.57%	473.01%	237.61%	100.31%	137.76%	108.60%	0.00%	71.76%	63.17%
Net Operating Profit after Tax (NOPAT)	13,151	11,498	10,380	16,995	6,676	8,062	5,922	3,975	8,283	3,900
NOPAT Margin	46.69%	45.81%	140.04%	134.99%	43.63%	95.51%	39.62%	31.81%	38.43%	40.35%
Net Nonoperating Expense Percent (NNEP)	3.59%	4.85%	13.00%	-12.48%	30.19%	9.60%	-1.64%	-0.96%	-4.29%	-1.95%
Return On Investment Capital (ROIC_SIMPLE)	53.15%	50.75%	50.94%	-	-	-	-	-	-	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	36.19%	35.57%	72.65%	75.06%	38.62%	34.13%	34.61%	74.47%	35.51%	34.56%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	44.68%	44.19%	179.39%	139.83%	47.19%	85.52%	51.29%	94.02%	93.08%	47.47%
Earnings before Interest and Taxes (EBIT)	15,602	14,001	12,142	32,181	8,116	19,716	7,268	6,620	11,396	4,994
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	18,329	16,422	57,912	38,472	9,768	11,521	8,962	8,058	13,862	6,124
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	74.42	57.31	52.38	144.12	54.51	49.77	34.97	6.90	38.37	17.20
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	1,302.52	125.78	7.98	68.29	31.09
Price to Revenue (P/Rev)	17.13	15.82	29.97	55.80	22.77	35.10	12.62	12.35	9.98	10.72
Price to Earnings (P/E)	37.49	35.47	33.22	121.31	54.34	73.00	32.20	79.63	26.50	27.22
Dividend Yield	0.50%	0.54%	1.71%	0.99%	0.46%	0.91%	0.55%	0.60%	1.54%	0.69%
Earnings Yield	2.67%	2.82%	8.98%	9.91%	1.84%	5.49%	3.11%	5.04%	3.77%	3.67%
Enterprise Value to Invested Capital (EV/IC)	31.76	29.97	27.09	83.41	43.71	46.93	64.37	414.51	105.58	48.60
Enterprise Value to Revenue (EV/Rev)	17.45	16.08	15.11	56.68	22.87	35.15	12.45	11.87	19.46	10.31
Enterprise Value to EBITDA (EV/EBITDA)	26.82	24.58	70.55	55.49	35.83	51.50	20.77	18.42	30.25	16.28
Enterprise Value to EBIT (EV/EBIT)	31.51	28.83	27.67	99.78	43.12	60.19	25.61	22.42	18.23	19.96
Enterprise Value to NOPAT (EV/NOPAT)	37.38	35.10	32.37	125.96	52.42	36.43	31.43	75.44	50.63	25.56
Enterprise Value to Operating Cash Flow (EV/OCF)	33.26	33.69	121.84	151.02	48.45	35.89	29.92	26.20	22.40	24.31
Enterprise Value to Free Cash Flow (EV/FCFF)	44.13	38.68	28.71	0.00	31.29	0.00	54.94	19.55	16.33	30.65
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.80	2.24	11.00	3.75	1.94	1.42	1.15	0.00	0.91	0.54
Long-Term Debt to Equity	2.68	2.05	6.47	7.07	1.84	2.85	1.06	0.00	1.82	0.54
Financial Leverage	1.14	0.93	2.01	0.50	0.14	-0.16	-0.70	-1.12	-1.31	-0.73
Leverage Ratio	6.70	6.07	16.62	15.35	5.02	9.59	2.26	1.67	6.26	2.45
Compound Leverage Factor	6.55	5.91	16.06	19.66	4.80	4.65	2.24	1.65	6.20	2.43
Debt to Total Capital	73.67%	69.15%	206.22%	195.67%	66.04%	117.47%	53.57%	0.00%	95.36%	35.03%
Short-Term Debt to Total Capital	3.03%	5.90%	9.40%	11.15%	3.38%	0.00%	4.23%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	70.64%	63.25%	269.59%	123.01%	62.66%	117.47%	49.34%	0.00%	95.36%	35.03%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.12%	0.30%	1.55%	1.41%	0.66%	1.35%	0.80%	0.00%	0.52%	0.36%
Common Equity to Total Capital	26.21%	30.55%	61.75%	102.92%	33.31%	81.18%	45.63%	813.68%	104.12%	64.61%
Debt to EBITDA	0.99	0.95	3.87	5.42	1.30	1.48	0.71	0.00	0.75	0.53
Net Debt to EBITDA	0.49	0.39	2.08	1.69	0.15	0.05	-0.29	0.00	-1.07	-0.66
Long-Term Debt to EBITDA	0.95	0.87	0.95	5.11	1.23	0.74	0.65	0.00	0.75	0.53
Debt to NOPAT	1.39	1.36	5.40	3.27	1.90	1.06	1.07	0.00	1.25	0.84
Net Debt to NOPAT	0.68	0.56	1.16	3.19	0.22	0.07	-0.44	0.00	-1.79	-1.03
Long-Term Debt to NOPAT	1.33	1.25	6.62	4.63	1.80	1.06	0.99	0.00	2.50	0.84
Altman Z-Score	10.76	10.54	19.61	71.72	10.85	22.34	9.17	0.00	16.88	9.46
Noncontrolling Interest Sharing Ratio	0.73%	1.10%	5.19%	4.87%	1.79%	3.35%	-152.68%	-301.21%	1.06%	0.53%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.03	1.17	3.52	3.86	1.61	2.84	1.39	0.00	3.67	1.75
Quick Ratio	0.65	0.81	0.76	1.66	1.12	1.71	0.92	0.00	2.71	1.25
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	11,140	10,435	94,573	-664	11,185	-1,562	3,388	7,589	12,725	3,252
Operating Cash Flow to CapEx	3,118.14%	3,229.11%	10,131.22%	6,975.18%	2,130.97%	1,939.10%	1,885.76%	1,888.00%	2,156.74%	2,316.95%
Free Cash Flow to Firm to Interest Expense	17.24	18.15	200.79	-1.54	29.43	-13.95	18.22	49.28	66.97	53.31
Operating Cash Flow to Interest Expense	22.88	20.83	47.54	109.78	19.01	36.53	33.46	36.78	97.62	67.23
Operating Cash Flow Less CapEx to Interest Expense	22.15	20.19	114.15	63.03	18.12	34.65	31.68	34.83	93.09	64.33
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.62	0.62	2.33	2.12	0.49	1.25	1.20	1.34	1.77	0.61
Accounts Receivable Turnover	7.19	6.71	27.66	33.41	5.93	14.10	0.00	0.00	8.64	8.84
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	13.42	12.34	0.00	0.00	8.20	12.28	17.09	16.00	15.31	14.99
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	50.75	54.43	263.90	273.11	61.55	51.78	0.00	0.00	42.25	41.31
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	50.75	54.43	316.68	54.62	61.55	106.13	0.00	0.00	42.25	41.31
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	15,477	13,466	12,403	25,666	8,007	12,516	2,892	358	3,972	2,051
Invested Capital Turnover	1.95	1.94	4.67	5.44	1.49	3.69	9.20	5.77	5.34	5.60
Increase / (Decrease) in Invested Capital	2,011	1,063	-26,526	17,659	-4,509	9,624	2,534	-3,614	5,893	648
Enterprise Value (EV)	491,583	403,622	336,008	711,605	349,974	293,684	186,163	148,394	103,882	99,687
Market Capitalization	482,591	397,085	666,474	1,053,804	348,358	293,319	188,666	154,327	217,028	103,664
Book Value per Share	$7.07	$7.39	$19.65	$14.88	$6.41	$11.68	$5.22	$21.12	$10.38	$5.37
Tangible Book Value per Share	($8.89)	($5.14)	($10.57)	($4.09)	($0.32)	$0.90	$1.45	$18.26	$2.92	$2.97
Total Capital	24,741	22,678	40,800	42,626	19,189	14,518	11,823	5,497	10,864	9,330
Total Debt	18,226	15,681	28,046	13,901	12,672	8,527	6,334	0.00	10,360	3,268
Total Long-Term Debt	17,476	14,344	27,498	39,327	12,023	17,054	5,834	0.00	10,360	3,268
Net Debt	8,962	6,469	18,078	5,421	1,490	534	-2,597	-5,933	-7,396	-4,011
Capital Expenditures (CapEx)	474	371	1,326	814	339	844	330	300	215	177
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-8,010	-5,178	-10,576	-3,901	-3,267	-6,524	-3,853	-5,933	-5,712	-2,564
Debt-free Net Working Capital (DFNWC)	1,254	4,034	5,418	9,158	7,915	9,996	5,078	0.00	12,044	4,715
Net Working Capital (NWC)	504	2,697	4,870	11,361	7,266	9,996	4,578	0.00	12,044	4,715
Net Nonoperating Expense (NNE)	277	303	901	-569	265	-56	63	60	165	92
Net Nonoperating Obligations (NNO)	8,962	6,469	6,026	21,684	1,490	267	-2,597	-5,139	-7,396	-4,011
Total Depreciation and Amortization (D&A)	2,727	2,421	2,336	2,097	1,652	3,326	1,694	1,438	1,233	1,130
Debt-free, Cash-free Net Working Capital to Revenue	-28.44%	-20.63%	-71.34%	-61.97%	-21.35%	-38.64%	-25.77%	-94.95%	-53.01%	-26.52%
Debt-free Net Working Capital to Revenue	4.45%	16.07%	24.36%	96.99%	51.73%	59.21%	33.97%	0.00%	55.88%	48.77%
Net Working Capital to Revenue	1.79%	10.75%	10.95%	100.27%	47.49%	59.21%	30.62%	0.00%	111.77%	48.77%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$13.91	$11.86	$10.26	$8.79	$6.40	$7.98	$5.63	$3.67	$3.70	$3.36
Adjusted Weighted Average Basic Shares Outstanding	925M	944M	968M	988M	1.00B	1.02B	1.04B	1.07B	1.10B	1.13B
Adjusted Diluted Earnings per Share	$13.89	$11.83	$10.22	$8.76	$6.37	$7.94	$5.60	$3.65	$3.69	$3.35
Adjusted Weighted Average Diluted Shares Outstanding	927M	946M	971M	992M	1.01B	1.02B	1.05B	1.07B	1.10B	1.14B
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	911.71M	932.89M	953.24M	977.48M	993.36M	1.01B	1.03B	1.05B	1.08B	1.11B
Normalized Net Operating Profit after Tax (NOPAT)	13,725	11,940	10,682	17,153	6,737	16,124	6,840	3,984	8,452	3,947
Normalized NOPAT Margin	48.73%	47.57%	48.04%	45.42%	44.03%	95.51%	45.75%	63.76%	78.43%	40.83%
Pre Tax Income Margin	54.16%	54.34%	211.04%	382.06%	50.72%	115.28%	48.19%	52.19%	104.79%	51.29%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	24.15	24.35	51.56	124.44	21.36	88.02	39.08	42.99	59.98	81.87
NOPAT to Interest Expense	20.36	20.00	44.08	78.86	17.57	35.99	31.84	25.81	87.19	63.94
EBIT Less CapEx to Interest Expense	23.42	23.70	124.20	143.67	20.47	42.13	37.30	84.03	115.43	78.97
NOPAT Less CapEx to Interest Expense	19.62	19.35	105.50	75.08	16.68	68.22	30.07	23.86	82.67	61.04
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.02%	19.28%	114.98%	64.72%	25.04%	33.14%	17.82%	48.12%	41.24%	19.09%
Augmented Payout Ratio	104.73%	99.96%	322.01%	358.14%	95.57%	193.20%	102.01%	120.15%	107.12%	111.48%

This table displays calculated financial ratios and metrics derived from Mastercard's official financial filings.

Metric	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Period end date	3/31/2025	12/31/2024	9/30/2024	6/30/2024	3/31/2024	12/31/2023	9/30/2023	6/30/2023	3/31/2023	12/31/2022	9/30/2022
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	14.21%	14.37%	12.80%	11.04%	10.44%	12.57%	13.50%	14.04%	11.24%	23.04%	15.47%
EBITDA Growth	15.00%	16.43%	4.70%	6.55%	-39.41%	8.41%	-60.26%	-68.46%	-100.03%	29.99%	-87.31%
EBIT Growth	14.17%	16.48%	2.81%	6.41%	-58.90%	-63.96%	-59.69%	-67.39%	3.61%	252.03%	43.65%
NOPAT Growth	10.69%	19.36%	3.39%	18.88%	17.52%	-45.56%	29.11%	14.44%	-268.20%	118.49%	-136.96%
Net Income Growth	8.93%	19.74%	2.03%	14.52%	27.53%	10.53%	27.97%	25.05%	-20.52%	36.82%	14.08%
EPS Growth	11.49%	22.56%	4.13%	16.67%	30.36%	13.36%	31.40%	28.21%	-23.51%	26.14%	22.95%
Operating Cash Flow Growth	42.34%	17.05%	58.86%	16.31%	-12.87%	33.23%	-16.16%	9.81%	7.69%	-2.79%	103.26%
Free Cash Flow Firm Growth	-89.32%	-94.84%	191.44%	-89.61%	-53.27%	169.32%	-82.68%	643.30%	650.99%	-684.52%	365.87%
Invested Capital Growth	11.89%	14.93%	0.00%	11.66%	-43.03%	-63.81%	17.08%	-48.96%	-227.45%	-10.05%	-6.19%
Revenue Q/Q Growth	-3.19%	1.63%	5.86%	9.66%	-3.05%	0.23%	4.21%	9.06%	-4.74%	3.18%	9.42%
EBITDA Q/Q Growth	2.85%	1.39%	0.09%	10.19%	5.71%	-8.82%	1.85%	-37.34%	431.58%	-332.89%	-57.52%
EBIT Q/Q Growth	2.92%	1.49%	-2.06%	11.60%	6.89%	-10.41%	1.37%	-56.89%	-23.85%	1.10%	-36.01%
NOPAT Q/Q Growth	-0.19%	0.09%	1.24%	9.45%	7.62%	-13.30%	16.40%	8.21%	-250.72%	105.62%	15.82%
Net Income Q/Q Growth	-1.86%	2.42%	0.15%	8.20%	7.88%	-12.73%	12.41%	20.50%	-6.50%	3.12%	19.69%
EPS Q/Q Growth	-1.37%	3.12%	0.86%	8.70%	8.42%	-12.39%	13.00%	21.46%	-11.45%	6.20%	20.51%
Operating Cash Flow Q/Q Growth	-50.77%	-5.88%	63.67%	87.68%	-59.52%	27.75%	19.83%	40.59%	-152.39%	-39.21%	170.82%
Free Cash Flow Firm Q/Q Growth	13.68%	-59.42%	99.23%	-88.38%	-45.03%	2,191.95%	-92.90%	-47.73%	362.88%	-863.51%	1,228.91%
Invested Capital Q/Q Growth	10.47%	7.07%	-8.10%	2.94%	13.20%	-6.84%	2.61%	-47.48%	-55.83%	604.16%	-331.61%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	300.00%	400.00%	600.00%
EBITDA Margin	67.26%	63.31%	63.46%	67.12%	66.79%	62.19%	68.36%	69.95%	304.37%	258.28%	260.32%
Operating Margin	57.23%	52.58%	54.34%	57.98%	56.77%	51.50%	58.84%	58.32%	54.56%	109.47%	270.33%
EBIT Margin	56.90%	53.52%	53.59%	57.92%	56.92%	52.55%	58.79%	60.44%	305.85%	273.59%	165.53%
Profit (Net Income) Margin	45.24%	44.63%	44.28%	46.80%	47.43%	42.62%	48.95%	45.38%	246.45%	86.81%	130.25%
Tax Burden Percent	81.37%	85.89%	84.40%	82.71%	84.63%	84.04%	85.03%	76.81%	331.02%	490.45%	244.04%
Interest Burden Percent	97.72%	97.08%	97.90%	97.69%	98.48%	96.51%	97.92%	97.76%	584.23%	291.14%	193.45%
Effective Tax Rate	18.63%	14.11%	15.60%	17.29%	15.37%	15.96%	14.97%	23.19%	120.72%	73.03%	74.61%
Return on Invested Capital (ROIC)	83.62%	87.91%	86.38%	84.89%	58.65%	42.87%	90.98%	50.70%	149.60%	236.55%	845.36%
ROIC Less NNEP Spread (ROIC-NNEP)	82.57%	87.38%	84.83%	83.93%	58.33%	42.41%	89.97%	51.01%	83.22%	154.99%	74.08%
Return on Net Nonoperating Assets (RNNOA)	108.33%	99.79%	91.87%	107.67%	110.00%	58.73%	98.05%	101.60%	142.51%	192.99%	489.25%
Return on Equity (ROE)	191.95%	187.70%	178.25%	192.56%	168.65%	101.60%	189.03%	152.29%	232.28%	286.36%	1,026.31%
Cash Return on Invested Capital (CROIC)	72.03%	76.98%	87.18%	72.77%	175.32%	41.18%	68.33%	115.34%	-20.26%	2,248.53%	172.11%
Operating Return on Assets (OROA)	36.32%	33.30%	33.58%	37.59%	35.88%	32.50%	37.07%	37.90%	91.71%	95.57%	98.09%
Return on Assets (ROA)	28.88%	27.77%	27.74%	30.37%	29.90%	26.36%	30.87%	28.46%	98.53%	126.35%	102.91%
Return on Common Equity (ROCE)	190.71%	186.34%	176.60%	190.56%	166.77%	100.48%	186.79%	150.16%	458.14%	423.97%	1,303.74%
Return on Equity Simple (ROE_SIMPLE)	197.02%	0.00%	165.63%	165.18%	163.54%	0.00%	173.17%	185.86%	543.71%	0.00%	307.62%
Net Operating Profit after Tax (NOPAT)	3,376	3,382	3,379	3,338	3,050	2,834	3,269	2,808	2,595	5,205	2,532
NOPAT Margin	46.57%	45.16%	45.86%	47.96%	48.05%	43.28%	50.03%	44.79%	135.45%	44.74%	263.89%
Net Nonoperating Expense Percent (NNEP)	1.05%	0.52%	1.55%	0.96%	0.32%	0.46%	1.01%	-0.31%	4.36%	4.07%	6.04%
Return On Investment Capital (ROIC_SIMPLE)	13.24%	13.67%	-	-	-	12.51%	-	-	-	12.77%	-
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	34.80%	36.65%	37.24%	34.74%	36.01%	36.64%	34.98%	35.09%	106.63%	114.39%	35.95%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	42.77%	47.42%	45.66%	42.02%	43.23%	48.50%	41.16%	41.68%	136.33%	135.79%	275.61%
Earnings before Interest and Taxes (EBIT)	4,125	4,008	3,949	4,032	3,613	3,441	3,841	3,789	8,790	9,549	9,528
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	4,876	4,741	4,676	4,672	4,240	4,072	4,466	4,385	6,998	3,756	11,238
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	74.79	74.42	61.23	55.18	62.17	57.31	58.68	67.24	129.50	159.26	171.86
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	17.16	17.13	16.73	15.52	17.52	15.82	15.20	15.69	60.65	45.11	50.53
Price to Earnings (P/E)	37.96	37.49	36.97	33.41	38.02	35.47	33.89	36.17	71.45	67.12	27.75
Dividend Yield	0.50%	0.50%	0.52%	0.56%	0.49%	0.54%	0.56%	0.54%	2.26%	0.57%	4.06%
Earnings Yield	2.63%	2.67%	2.70%	2.99%	2.63%	2.82%	2.95%	2.76%	11.20%	11.94%	3.60%
Enterprise Value to Invested Capital (EV/IC)	29.79	31.76	32.00	26.56	30.00	29.97	26.18	26.88	79.14	82.35	90.49
Enterprise Value to Revenue (EV/Rev)	17.52	17.45	16.99	15.83	17.84	16.08	15.53	16.05	46.51	45.93	12.82
Enterprise Value to EBITDA (EV/EBITDA)	26.86	26.82	26.29	24.03	26.80	24.58	23.50	24.61	32.61	5.80	4.17
Enterprise Value to EBIT (EV/EBIT)	31.61	31.51	30.89	28.11	31.34	28.83	27.54	28.95	58.07	55.90	18.78
Enterprise Value to NOPAT (EV/NOPAT)	37.79	37.38	36.71	33.45	38.34	35.10	33.60	35.97	104.24	164.42	165.05
Enterprise Value to Operating Cash Flow (EV/OCF)	32.89	33.26	32.86	34.32	39.07	33.69	34.57	32.72	93.66	60.62	99.01
Enterprise Value to Free Cash Flow (EV/FCFF)	43.68	44.13	36.71	38.51	12.42	38.68	41.34	15.75	0.00	18.05	25.28
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.81	2.80	2.45	2.09	2.14	2.24	2.44	2.80	14.40	2.20	6.77
Long-Term Debt to Equity	2.81	2.68	2.35	1.94	1.85	2.05	2.23	2.56	14.14	10.78	12.64
Financial Leverage	1.31	1.14	1.08	1.28	1.89	1.38	1.09	1.99	3.43	4.15	0.93
Leverage Ratio	6.50	6.70	6.26	6.23	6.41	6.07	6.03	6.35	18.21	11.08	5.51
Compound Leverage Factor	6.36	6.50	6.13	6.08	6.32	5.86	5.90	6.21	29.55	5.38	16.63
Debt to Total Capital	73.74%	73.67%	71.00%	67.59%	68.14%	69.15%	70.93%	73.68%	296.89%	274.96%	207.86%
Short-Term Debt to Total Capital	0.00%	3.03%	2.90%	4.70%	9.09%	5.90%	6.09%	6.30%	6.58%	5.37%	13.69%
Long-Term Debt to Total Capital	73.74%	70.64%	68.10%	62.89%	59.04%	63.25%	64.83%	67.38%	291.62%	269.59%	129.45%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.10%	0.12%	0.22%	0.26%	0.28%	0.30%	0.32%	0.35%	2.57%	0.77%	1.95%
Common Equity to Total Capital	26.16%	26.21%	28.77%	32.14%	31.58%	30.55%	28.76%	25.96%	50.82%	154.36%	121.29%
Debt to EBITDA	0.99	0.99	1.04	0.90	0.91	0.95	0.97	1.02	1.08	0.73	0.44
Net Debt to EBITDA	0.55	0.49	0.40	0.47	0.47	0.39	0.50	0.55	0.92	0.31	0.18
Long-Term Debt to EBITDA	0.99	0.95	1.00	0.84	0.79	0.87	0.88	0.93	1.06	1.19	0.61
Debt to NOPAT	1.40	1.39	1.46	1.25	1.31	1.36	1.38	1.48	3.06	1.35	7.15
Net Debt to NOPAT	0.77	0.68	0.55	0.66	0.67	0.56	0.72	0.81	3.93	1.74	3.49
Long-Term Debt to NOPAT	1.40	1.33	1.40	1.16	1.13	1.25	1.26	1.36	4.51	3.97	2.67
Altman Z-Score	10.28	9.96	9.94	10.29	10.72	9.72	9.81	9.70	45.54	18.08	40.73
Noncontrolling Interest Sharing Ratio	0.64%	0.73%	0.92%	1.04%	1.12%	1.10%	1.19%	1.40%	4.14%	5.19%	5.47%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.11	1.03	1.29	1.14	1.09	1.17	1.17	1.13	2.41	1.17	2.50
Quick Ratio	0.67	0.65	0.89	0.74	0.70	0.81	0.79	0.70	4.61	3.82	1.66
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	1,559	1,371	3,379	1,696	14,592	26,577	1,160	16,321	31,225	-38,341	6,693
Operating Cash Flow to CapEx	1,496.86%	5,088.42%	4,800.00%	2,728.70%	1,064.97%	5,363.64%	3,108.65%	3,372.50%	6,978.18%	7,153.85%	17,369.37%
Free Cash Flow to Firm to Interest Expense	8.57	7.45	21.25	11.09	97.28	179.57	7.68	113.34	946.22	-905.70	83.66
Operating Cash Flow to Interest Expense	13.08	26.27	32.30	20.51	11.15	27.91	21.41	18.74	58.15	146.46	64.27
Operating Cash Flow Less CapEx to Interest Expense	12.20	25.76	31.63	19.76	10.10	27.39	20.72	18.18	95.93	93.54	31.21
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.64	0.62	0.63	0.65	0.63	0.62	0.63	0.63	0.60	1.75	1.78
Accounts Receivable Turnover	7.09	7.19	6.86	6.63	6.64	6.71	6.87	6.80	21.39	27.66	28.91
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	13.69	13.42	13.13	12.77	12.59	12.34	12.42	11.99	69.09	0.00	22.71
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	51.46	50.75	53.22	55.03	54.98	54.43	53.12	53.67	102.38	158.34	264.21
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	51.46	50.75	53.22	55.03	54.98	54.43	53.12	53.67	204.75	316.68	103.93
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	17,097	15,477	14,455	15,729	15,280	13,466	14,455	14,087	26,822	37,209	12,346
Invested Capital Turnover	1.80	1.95	1.88	1.77	1.22	0.99	1.82	1.13	4.64	7.05	12.21
Increase / (Decrease) in Invested Capital	1,817	2,011	0.00	1,642	-11,542	-23,743	2,109	-13,513	-85,890	73,128	23,877
Enterprise Value (EV)	509,360	491,583	462,599	417,811	458,350	403,622	378,493	378,650	706,386	1,364,036	277,450
Market Capitalization	498,934	482,591	455,584	409,503	450,313	397,085	370,349	370,067	343,348	666,474	271,465
Book Value per Share	$7.32	$7.07	$8.05	$7.98	$7.76	$7.39	$6.70	$5.81	$16.78	$6.55	$6.58
Tangible Book Value per Share	($9.01)	($8.89)	($4.89)	($4.62)	($4.74)	($5.14)	($5.52)	($6.46)	($13.16)	($10.57)	($4.55)
Total Capital	25,498	24,741	25,856	23,087	22,937	22,678	21,947	21,199	62,925	40,800	83,908
Total Debt	18,802	18,226	18,358	15,605	15,629	15,681	15,566	15,620	62,272	28,046	43,602
Total Long-Term Debt	18,802	17,476	17,608	14,519	13,543	14,344	14,229	14,284	30,584	41,247	40,731
Net Debt	10,401	8,962	6,957	8,247	7,972	6,469	8,074	8,508	24,012	18,078	11,806
Capital Expenditures (CapEx)	159	95	107	115	157	77	104	80	330	260	222
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6,425	-8,010	-5,645	-4,086	-4,052	-5,178	-3,691	-3,882	-9,038	-10,576	-8,654
Debt-free Net Working Capital (DFNWC)	1,976	1,254	5,756	3,272	3,605	4,034	3,801	3,230	9,135	5,418	8,608
Net Working Capital (NWC)	1,976	504	5,006	2,186	1,519	2,697	2,464	1,894	8,307	2,435	3,347
Net Nonoperating Expense (NNE)	96	40	116	80	39	43	71	-37	468	78	65
Net Nonoperating Obligations (NNO)	10,401	8,962	6,957	8,247	7,972	6,469	8,074	8,508	16,008	12,052	5,903
Total Depreciation and Amortization (D&A)	751	733	727	640	627	631	625	596	1,707	1,719	1,140
Debt-free, Cash-free Net Working Capital to Revenue	-22.10%	-28.44%	-20.73%	-15.48%	-15.77%	-20.63%	-15.15%	-16.46%	-99.02%	-95.12%	-60.00%
Debt-free Net Working Capital to Revenue	6.80%	4.45%	21.14%	12.40%	14.03%	16.07%	15.60%	13.69%	53.38%	24.36%	99.46%
Net Working Capital to Revenue	6.80%	1.79%	18.39%	8.28%	5.91%	10.75%	10.11%	8.03%	36.41%	21.90%	46.41%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.60	$3.63	$3.54	$3.51	$3.23	$2.97	$3.40	$3.01	$2.48	$2.64	$2.59
Adjusted Weighted Average Basic Shares Outstanding	912M	925M	923M	929M	933M	944M	941M	946M	953M	968M	965M
Adjusted Diluted Earnings per Share	$3.59	$3.64	$3.53	$3.50	$3.22	$2.97	$3.39	$3.00	$2.47	$2.62	$2.58
Adjusted Weighted Average Diluted Shares Outstanding	914M	927M	925M	930M	935M	946M	943M	949M	956M	971M	968M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	908.05M	911.71M	917.83M	923.83M	929.62M	932.89M	937.78M	942.21M	947.85M	953.24M	961.46M
Normalized Net Operating Profit after Tax (NOPAT)	3,499	3,623	3,528	3,419	3,157	3,093	3,269	2,823	5,540	2,615	2,701
Normalized NOPAT Margin	48.26%	48.38%	47.88%	49.12%	49.73%	47.23%	50.03%	45.04%	289.12%	89.91%	234.60%
Pre Tax Income Margin	55.60%	51.96%	52.46%	56.59%	56.05%	50.72%	57.57%	59.08%	248.17%	265.52%	53.37%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	22.66	21.78	24.84	26.35	24.09	23.25	25.44	26.31	88.79	125.32	52.93
NOPAT to Interest Expense	18.55	18.38	21.25	21.82	20.33	19.15	21.65	19.50	78.64	81.97	63.29
EBIT Less CapEx to Interest Expense	21.79	21.27	24.16	25.60	23.04	22.73	24.75	25.76	64.09	48.08	76.63
NOPAT Less CapEx to Interest Expense	17.68	17.87	20.58	21.07	19.29	18.63	20.96	18.95	37.65	58.41	40.34
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.22%	19.02%	19.28%	18.79%	18.82%	19.28%	19.19%	19.87%	122.30%	76.66%	76.21%
Augmented Payout Ratio	107.42%	104.73%	95.54%	87.06%	87.59%	99.96%	107.19%	110.42%	579.50%	429.37%	387.53%

Frequently Asked Questions About Mastercard's Financials

When does Mastercard's financial year end?

According to the most recent income statement we have on file, Mastercard's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Mastercard's net income changed over the last 9 years?

Mastercard's net income appears to be on an upward trend, with a most recent value of $12.87 billion in 2024, rising from $3.81 billion in 2015. The previous period was $11.20 billion in 2023. View Mastercard's forecast to see where analysts expect Mastercard to go next.

What is Mastercard's operating income?

Mastercard's total operating income in 2024 was $15.58 billion, based on the following breakdown:

Total Gross Profit: $28.17 billion
Total Operating Expenses: $12.59 billion

How has Mastercard revenue changed over the last 9 years?

Over the last 9 years, Mastercard's total revenue changed from $9.67 billion in 2015 to $28.17 billion in 2024, a change of 191.4%.

How much debt does Mastercard have?

Mastercard's total liabilities were at $41.57 billion at the end of 2024, a 17.2% increase from 2023, and a 308.0% increase since 2015.

How much cash does Mastercard have?

In the past 9 years, Mastercard's cash and equivalents has ranged from $5.75 billion in 2015 to $10.11 billion in 2020, and is currently $8.44 billion as of their latest financial filing in 2024.

How has Mastercard's book value per share changed over the last 9 years?

Over the last 9 years, Mastercard's book value per share changed from 5.37 in 2015 to 7.07 in 2024, a change of 31.6%.

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This page (NYSE:MA) was last updated on 5/21/2025 by MarketBeat.com Staff

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Mastercard (MA) Financials

Frequently Asked Questions About Mastercard's Financials

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Mastercard (MA) Financials

Annual Income Statements for Mastercard

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Quarterly Cash Flow Statements for Mastercard

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