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Mastercard (MA) Financials

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$491.04 -6.04 (-1.22%)
As of 01:37 PM Eastern
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Annual Income Statements for Mastercard

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Income / (Loss) Attributable to Common Shareholders		 3,808 4,059 3,915 5,859 8,118 6,411 8,687 9,930 11,195 12,874 14,968
Consolidated Net Income / (Loss)		 3,808 4,059 3,915 5,859 8,118 6,411 8,687 9,930 11,195 12,874 14,968
Net Income / (Loss) Continuing Operations		 3,808 4,059 3,915 5,859 8,118 6,411 8,687 9,930 11,195 12,874 14,968
Total Pre-Tax Income 		4,958 5,646 6,522 7,204 9,731 7,760 10,307 11,732 13,639 15,254 18,578
Total Operating Income		 5,078 5,761 6,622 7,282 9,664 8,081 10,082 12,264 14,008 15,582 18,897
Total Gross Profit		 9,667 10,776 12,497 14,950 16,883 15,301 18,884 22,237 25,098 28,167 32,791
Total Revenue		 9,667 10,776 12,497 14,950 16,883 15,301 18,884 22,237 25,098 28,167 32,791
Operating Revenue		 9,667 10,776 12,497 14,950 16,883 15,301 18,884 22,237 25,098 28,167 32,791
Total Cost of Revenue		 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Total Operating Expenses		 4,589 5,015 5,875 7,668 7,219 7,220 8,802 9,973 11,090 12,585 13,894
Selling, General & Admin Expense		 3,341 3,827 4,653 5,174 5,763 5,910 7,087 8,078 8,927 10,193 11,318
Marketing Expense		 821 698 771 907 934 657 895 789 825 815 929
Depreciation Expense		 366 373 436 459 522 580 726 750 799 897 1,143
Other Special Charges / (Income)		 61 117 15 1,128 0.00 73 94 356 539 680 504
Total Other Income / (Expense), net		 -120 -115 -100 -78 67 -321 225 -532 -369 -328 -319
Interest Expense		 61 95 154 186 224 380 431 471 575 646 722
Interest & Investment Income		 25 43 56 122 97 24 11 61 274 327 325
Other Income / (Expense), net		 -84 -63 -2.00 -14 194 35 645 -122 -68 -9.00 78
Income Tax Expense		 1,150 1,587 2,607 1,345 1,613 1,349 1,620 1,802 2,444 2,380 3,610
Basic Earnings per Share		 $3.36 $3.70 $3.67 $5.63 $7.98 $6.40 $8.79 $10.26 $11.86 $13.91 $16.54
Weighted Average Basic Shares Outstanding		 1.13B 1.10B 1.07B 1.04B 1.02B 1.00B 988M 968M 944M 925M 905M
Diluted Earnings per Share		 $3.35 $3.69 $3.65 $5.60 $7.94 $6.37 $8.76 $10.22 $11.83 $13.89 $16.52
Weighted Average Diluted Shares Outstanding		 1.14B 1.10B 1.07B 1.05B 1.02B 1.01B 992M 971M 946M 927M 906M
Weighted Average Basic & Diluted Shares Outstanding		 1.11B 1.08B 1.05B 1.03B 1.01B 993.36M 977.48M 953.24M 932.89M 911.71M 891.81M
Cash Dividends to Common per Share		 $0.67 $0.79 - $1.08 $1.39 - - $2.04 $2.37 $2.74 $3.15

Quarterly Income Statements for Mastercard

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Income / (Loss) Attributable to Common Shareholders		 3,198 2,791 3,011 3,258 3,263 3,342 3,280 3,701 3,927 4,060 3,882
Consolidated Net Income / (Loss)		 3,198 2,791 3,011 3,258 3,263 3,342 3,280 3,701 3,927 4,060 3,882
Net Income / (Loss) Continuing Operations		 3,198 2,791 3,011 3,258 3,263 3,342 3,280 3,701 3,927 4,060 3,882
Total Pre-Tax Income 		3,761 3,321 3,558 3,939 3,866 3,891 4,031 4,672 4,999 4,876 4,812
Total Operating Income		 3,844 3,372 3,604 4,036 4,004 3,938 4,149 4,777 5,061 4,910 4,907
Total Gross Profit		 6,533 6,548 6,348 6,961 7,369 7,489 7,250 8,133 8,602 8,806 8,398
Total Revenue		 6,533 6,548 6,348 6,961 7,369 7,489 7,250 8,133 8,602 8,806 8,398
Operating Revenue		 6,533 6,548 6,348 6,961 7,369 7,489 7,250 8,133 8,602 8,806 8,398
Total Cost of Revenue		 0.00 - 0.00 0.00 0.00 - 0.00 0.00 0.00 - 0.00
Total Operating Expenses		 2,689 3,176 2,744 2,925 3,365 3,551 3,101 3,356 3,541 3,896 3,491
Selling, General & Admin Expense		 2,285 2,399 2,286 2,418 2,744 2,745 2,523 2,766 2,923 3,106 3,039
Marketing Expense		 193 264 116 184 220 295 152 213 245 319 153
Depreciation Expense		 211 205 216 225 225 231 275 281 290 297 299
Other Special Charges / (Income)		 0.00 308 126 98 176 280 151 96 83 174 0.00
Total Other Income / (Expense), net		 -83 -51 -46 -97 -138 -47 -118 -105 -62 -34 -95
Interest Expense		 151 148 150 153 159 184 182 195 186 159 185
Interest & Investment Income		 71 89 95 60 76 96 88 70 81 86 81
Other Income / (Expense), net		 -3.00 69 9.00 -4.00 -55 70 -24 20 43 39 9.00
Income Tax Expense		 563 530 547 681 603 549 751 971 1,072 816 930
Basic Earnings per Share		 $3.40 $2.97 $3.23 $3.51 $3.54 $3.63 $3.60 $4.08 $4.35 $4.51 $4.35
Weighted Average Basic Shares Outstanding		 941M 944M 933M 929M 923M 925M 912M 908M 903M 905M 891M
Diluted Earnings per Share		 $3.39 $2.97 $3.22 $3.50 $3.53 $3.64 $3.59 $4.07 $4.34 $4.52 $4.35
Weighted Average Diluted Shares Outstanding		 943M 946M 935M 930M 925M 927M 914M 909M 905M 906M 893M
Weighted Average Basic & Diluted Shares Outstanding		 937.78M 932.89M 929.62M 923.83M 917.83M 911.71M 908.05M 904.01M 898.00M 891.81M 883.58M
Cash Dividends to Common per Share		 $0.57 - $0.66 $0.66 - - $0.76 $0.76 - - $0.87

Annual Cash Flow Statements for Mastercard

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Net Change in Cash & Equivalents		 610 1,080 -681 745 632 3,450 -2,517 -706 1,269 343 2,440
Net Cash From Operating Activities		 4,101 4,637 5,664 6,223 8,183 7,224 9,463 11,195 11,980 14,780 17,648
Net Cash From Continuing Operating Activities		 4,101 4,637 5,664 6,223 8,183 7,224 9,463 11,195 11,980 14,780 17,648
Net Income / (Loss) Continuing Operations		 3,808 4,059 3,915 5,859 8,118 6,411 8,687 9,930 11,195 12,874 14,968
Consolidated Net Income / (Loss)		 3,808 4,059 3,915 5,859 8,118 6,411 8,687 9,930 11,195 12,874 14,968
Depreciation Expense		 366 373 437 459 522 580 726 750 799 897 1,143
Amortization Expense		 764 860 1,001 1,235 1,141 1,072 1,371 1,586 1,622 1,830 2,098
Non-Cash Adjustments To Reconcile Net Income		 -80 110 488 -17 100 311 -405 -167 307 219 881
Changes in Operating Assets and Liabilities, net		 -757 -765 -177 -1,313 -1,698 -1,150 -916 -904 -1,943 -1,040 -1,442
Net Cash From Investing Activities		 -715 -1,163 -1,781 -506 -1,640 -1,879 -5,272 -1,470 -1,351 -3,402 -1,362
Net Cash From Continuing Investing Activities		 -715 -1,163 -1,781 -506 -1,640 -1,879 -5,272 -1,470 -1,351 -3,402 -1,362
Purchase of Property, Plant & Equipment		 -177 -215 -300 -330 -422 -339 -407 -442 -371 -474 -489
Acquisitions		 -749 -167 -1,298 -174 -1,746 -1,358 -4,843 -968 -717 -3,231 -726
Purchase of Investments		 -1,890 -988 -861 -1,391 -1,110 -609 -617 -355 -389 -550 -840
Divestitures		 - - - - 0.00 0.00 186 7.00 44 125 181
Sale and/or Maturity of Investments		 2,102 205 679 1,403 1,642 424 376 291 88 731 510
Other Investing Activities, net		 -1.00 2.00 -1.00 -14 -4.00 3.00 33 -3.00 -6.00 -3.00 2.00
Net Cash From Financing Activities		 -2,516 -2,344 -4,764 -4,966 -5,867 -2,152 -6,555 -10,328 -9,488 -10,836 -14,179
Net Cash From Continuing Financing Activities		 -2,516 -2,344 -4,764 -4,966 -5,867 -2,152 -6,555 -10,328 -9,488 -10,836 -14,179
Repayment of Debt		 -17 -2.00 -70 -4.00 -515 69 -665 -744 0.00 -1,440 -850
Repurchase of Common Equity		 -3,518 -3,511 -3,762 -4,933 -6,497 -4,522 -5,904 -8,753 -9,032 -10,954 -11,727
Payment of Dividends		 -727 -837 -942 -1,044 -1,345 -1,605 -1,874 -1,903 -2,158 -2,448 -2,756
Issuance of Debt		 1,735 1,972 0.00 991 2,724 3,959 2,024 1,123 1,554 3,960 1,242
Other Financing Activities, net		 11 34 10 24 -234 -53 -136 -51 148 46 -88
Effect of Exchange Rate Changes		 -260 -50 200 -6.00 -44 257 -153 -103 128 -199 333

Quarterly Cash Flow Statements for Mastercard

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 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
Net Change in Cash & Equivalents		 221 1,723 -1,278 -385 4,165 -2,159 -826 1,590 1,273 403 -2,484
Net Cash From Operating Activities		 3,233 4,130 1,672 3,138 5,136 4,834 2,380 4,603 5,663 5,002 2,999
Net Cash From Continuing Operating Activities		 3,233 4,130 1,672 3,138 5,136 4,834 2,380 4,603 5,663 5,002 2,999
Net Income / (Loss) Continuing Operations		 3,198 2,791 3,011 3,258 3,263 3,342 3,280 3,701 3,927 4,060 3,882
Consolidated Net Income / (Loss)		 3,198 2,791 3,011 3,258 3,263 3,342 3,280 3,701 3,927 4,060 3,882
Depreciation Expense		 211 205 216 225 225 231 275 281 290 297 299
Amortization Expense		 414 426 411 415 502 502 476 517 533 572 620
Non-Cash Adjustments To Reconcile Net Income		 -75 -11 137 120 86 -124 233 241 171 236 412
Changes in Operating Assets and Liabilities, net		 -515 719 -2,103 -880 1,060 883 -1,884 -137 742 -163 -2,214
Net Cash From Investing Activities		 -522 -214 -174 -294 -256 -2,678 -340 -227 -374 -421 -362
Net Cash From Continuing Investing Activities		 -522 -214 -174 -294 -256 -2,678 -340 -227 -374 -421 -362
Purchase of Property, Plant & Equipment		 -104 -77 -157 -115 -107 -95 -159 -40 -178 -112 -154
Acquisitions		 -130 -192 -221 -181 -163 -2,666 -198 -169 -181 -178 -181
Purchase of Investments		 -95 -84 -95 -134 -205 -108 -119 -128 -138 -455 -68
Sale and/or Maturity of Investments		 -191 72 307 115 218 91 133 123 137 117 81
Other Investing Activities, net		 -2.00 67 -8.00 -2.00 1.00 -2.00 3.00 -13 -14 26 -40
Net Cash From Financing Activities		 -2,404 -2,350 -2,681 -3,257 -857 -4,041 -2,987 -3,006 -4,000 -4,186 -5,005
Net Cash From Continuing Financing Activities		 -2,404 -2,350 -2,681 -3,257 -857 -4,041 -2,987 -3,006 -4,000 -4,186 -5,005
Repayment of Debt		 -3.00 - 0.00 -1,000 -336 -23 -750 -100 - - 0.00
Repurchase of Common Equity		 -1,906 -1,832 -1,992 -2,639 -2,934 -3,470 -2,549 -2,289 -3,331 -3,558 -4,035
Payment of Dividends		 -538 -534 -616 -615 -611 -606 -694 -691 -687 -684 -777
Issuance of Debt		 4.00 - 0.00 983 2,977 - 1,242 - - - 0.00
Other Financing Activities, net		 39 16 -73 14 47 58 -236 74 18 56 -193
Effect of Exchange Rate Changes		 -86 157 -95 28 142 -274 121 220 -16 8.00 -116

Annual Balance Sheets for Mastercard

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 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Total Assets		 16,250 18,675 0.00 24,860 29,236 33,584 37,669 38,724 42,448 48,081 54,157
Total Current Assets		 10,984 13,228 0.00 16,171 16,902 19,113 16,949 16,606 18,961 19,724 23,558
Cash & Equivalents		 5,747 6,721 5,933 6,682 6,988 10,113 7,421 7,008 8,588 8,442 10,566
Restricted Cash		 541 543 0.00 553 584 586 586 589 32 492 561
Short-Term Investments		 991 1,614 0.00 1,696 688 483 473 400 592 330 332
Accounts Receivable		 1,079 1,416 0.00 2,276 2,514 2,646 3,006 3,425 4,060 3,773 4,609
Prepaid Expenses		 663 850 1,040 1,432 1,763 1,883 2,271 2,346 2,611 2,992 3,743
Other Current Assets		 1,963 2,084 0.00 3,532 4,365 3,402 3,192 2,838 3,078 3,695 3,747
Plant, Property, & Equipment, net		 675 733 829 921 1,828 1,902 0.00 2,006 2,061 2,138 2,303
Total Noncurrent Assets		 4,591 4,714 5,583 7,768 10,506 12,569 20,720 20,112 21,426 26,219 28,296
Goodwill		 1,891 1,756 3,035 2,904 4,021 4,960 7,662 7,522 7,660 9,193 9,560
Intangible Assets		 803 722 0.00 991 1,417 1,753 3,671 3,859 4,086 5,453 5,554
Noncurrent Deferred & Refundable Income Taxes		 317 307 250 570 543 491 486 1,151 1,355 1,614 1,567
Other Noncurrent Operating Assets		 1,580 1,929 2,298 3,303 4,525 5,365 8,901 7,580 8,325 9,959 11,615
Total Liabilities & Shareholders' Equity		 16,250 18,675 0.00 24,860 29,236 33,584 37,669 38,724 42,448 48,081 54,157
Total Liabilities		 10,188 12,991 0.00 19,371 23,245 27,067 30,257 32,347 35,451 41,566 46,411
Total Current Liabilities		 6,269 7,206 0.00 11,593 11,904 11,847 13,162 14,171 16,264 19,220 22,762
Short-Term Debt		 - - 0.00 500 0.00 649 792 274 1,337 750 749
Accounts Payable		 472 609 933 537 489 527 738 926 834 929 999
Accrued Expenses		 2,763 3,318 3,931 4,747 5,489 5,430 6,642 7,801 8,517 10,393 13,272
Customer Deposits		 895 991 0.00 1,080 - 1,696 1,873 1,568 1,845 1,874 2,121
Other Current Liabilities		 2,139 2,288 792 4,729 4,556 3,545 3,117 3,602 3,731 5,274 5,621
Total Noncurrent Liabilities		 3,919 5,785 1,438 7,778 11,341 15,220 17,095 18,176 19,187 22,346 23,649
Long-Term Debt		 3,268 5,180 0.00 5,834 8,527 12,023 13,109 13,749 14,344 17,476 18,251
Noncurrent Deferred & Payable Income Tax Liabilities		 79 81 0.00 67 85 86 395 393 369 317 307
Other Noncurrent Operating Liabilities		 572 524 1,438 1,877 2,729 3,111 3,591 4,034 4,474 4,553 5,091
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		 6,062 5,684 5,497 5,418 5,917 6,488 7,383 6,356 6,975 6,515 7,746
Total Preferred & Common Equity		 6,028 5,656 0.00 5,395 5,893 6,391 7,312 6,298 6,929 6,485 7,737
Total Common Equity		 6,028 5,656 22,364 5,395 5,893 6,391 7,312 6,298 6,929 6,485 7,737
Common Stock		 4,004 4,183 0.00 4,580 4,787 4,982 5,061 5,298 5,893 6,442 6,907
Retained Earnings		 16,222 19,418 22,364 27,283 33,984 38,747 45,648 53,607 62,564 72,907 85,035
Treasury Stock		 -13,522 -17,021 0.00 -25,750 -32,205 -36,658 -42,588 -51,354 -60,429 -71,431 -83,224
Accumulated Other Comprehensive Income / (Loss)		 -676 -924 0.00 -718 -673 -680 -809 -1,253 -1,099 -1,433 -981
Noncontrolling Interest		 34 28 0.00 23 24 97 71 58 46 30 9.00

Quarterly Balance Sheets for Mastercard

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 Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q1 2026
Period end date 6/30/2023 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 3/31/2026
Total Assets		 39,004 39,674 42,448 42,602 42,333 47,237 48,081 48,470 51,431 53,289 52,449
Total Current Assets		 16,530 16,983 18,961 18,424 17,780 22,300 19,724 19,804 22,140 23,223 22,498
Cash & Equivalents		 6,170 6,890 8,588 7,293 6,996 11,063 8,442 7,575 9,031 10,313 7,906
Restricted Cash		 598 0.00 32 - - - 492 507 542 478 551
Short-Term Investments		 344 602 592 364 362 338 330 319 336 335 313
Accounts Receivable		 3,763 3,925 4,060 4,231 4,195 4,014 3,773 3,965 4,184 4,247 4,720
Prepaid Expenses		 2,554 2,624 2,611 3,028 2,941 3,039 2,992 3,419 3,630 3,954 4,639
Other Current Assets		 3,101 2,942 3,078 3,508 3,286 3,846 3,695 4,019 4,417 3,896 4,369
Plant, Property, & Equipment, net		 1,986 1,972 2,061 2,077 2,148 2,176 2,138 2,171 2,225 2,299 2,349
Total Noncurrent Assets		 20,488 20,719 21,426 22,101 22,405 22,761 26,219 26,495 27,066 27,767 27,602
Goodwill		 7,579 7,488 7,660 7,545 7,563 7,721 9,193 9,352 9,598 9,574 9,525
Intangible Assets		 4,049 4,022 4,086 4,123 4,149 4,235 5,453 5,533 5,629 5,591 5,495
Noncurrent Deferred & Refundable Income Taxes		 1,121 1,370 1,355 1,329 1,423 1,612 1,614 1,575 1,570 1,546 1,396
Other Noncurrent Operating Assets		 7,739 7,839 8,325 9,104 9,270 9,193 9,959 10,035 10,269 11,056 11,186
Total Liabilities & Shareholders' Equity		 39,004 39,674 42,448 42,602 42,333 47,237 48,081 48,470 51,431 53,289 52,449
Total Liabilities		 33,425 33,293 35,451 35,294 34,851 39,739 41,566 41,774 43,557 45,370 45,727
Total Current Liabilities		 14,636 14,519 16,264 16,905 15,594 17,294 19,220 17,828 19,029 20,693 22,934
Short-Term Debt		 1,336 1,337 1,337 2,086 1,086 750 750 0.00 0.00 0.00 1,748
Accounts Payable		 643 589 834 790 835 911 929 993 818 935 1,030
Accrued Expenses		 7,117 7,775 8,517 8,062 8,007 9,105 10,393 9,263 10,116 11,979 12,327
Customer Deposits		 1,723 1,824 1,845 1,861 1,772 1,868 1,874 1,900 1,999 2,054 2,307
Other Current Liabilities		 3,817 2,994 3,731 4,106 3,894 4,660 5,274 5,672 6,096 5,725 5,522
Total Noncurrent Liabilities		 18,789 18,774 19,187 18,389 19,257 22,445 22,346 23,946 24,528 24,677 22,793
Long-Term Debt		 14,284 14,229 14,344 13,543 14,519 17,608 17,476 18,802 18,970 18,983 17,212
Noncurrent Deferred & Payable Income Tax Liabilities		 395 385 369 345 337 349 317 315 361 326 331
Other Noncurrent Operating Liabilities		 4,110 4,160 4,474 4,501 4,401 4,488 4,553 4,829 5,197 5,368 5,250
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		 5,557 6,360 6,975 7,286 7,460 7,475 6,515 6,696 7,874 7,919 6,722
Total Preferred & Common Equity		 5,504 6,311 6,929 7,243 7,421 7,440 6,485 6,671 7,853 7,904 6,719
Total Common Equity		 5,504 6,311 6,929 7,243 7,421 7,440 6,485 6,671 7,853 7,904 6,719
Common Stock		 5,622 5,791 5,893 5,920 6,089 6,290 6,442 6,326 6,562 6,757 6,843
Retained Earnings		 57,730 60,390 62,564 64,959 67,604 70,258 72,907 75,495 78,509 81,752 88,146
Treasury Stock		 -56,659 -58,573 -60,429 -62,434 -65,067 -68,035 -71,431 -73,995 -76,299 -79,670 -87,342
Accumulated Other Comprehensive Income / (Loss)		 -1,189 -1,297 -1,099 -1,202 -1,205 -1,073 -1,433 -1,155 -919 -935 -928
Noncontrolling Interest		 53 49 46 43 39 35 30 25 21 15 3.00

Annual Metrics And Ratios for Mastercard

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

Metric 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Period end date 12/31/2015 12/31/2016 12/31/2017 12/31/2018 12/31/2019 12/31/2020 12/31/2021 12/31/2022 12/31/2023 12/31/2024 12/31/2025
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 2.39% 11.47% 15.97% 19.63% 12.93% -9.37% 23.42% 35.51% 12.87% 12.23% 16.42%
EBITDA Growth		 0.21% 126.36% -41.87% 11.22% 28.55% -15.22% 293.86% 101.06% -71.64% 11.61% 21.40%
EBIT Growth		 -2.06% 128.19% -41.91% 9.79% 342.54% -58.84% 296.51% -62.27% 15.31% 11.43% 21.85%
NOPAT Growth		 7.26% 112.38% -52.01% 48.99% 72.26% -17.19% 154.56% -233.52% 10.77% 14.38% 15.77%
Net Income Growth		 5.28% 6.59% -3.55% 49.66% 38.56% -21.03% 35.50% 57.23% 12.74% 15.00% 16.27%
EPS Growth		 8.06% 10.15% -1.08% 53.42% 83.57% -19.77% 37.52% 100.00% 15.75% 17.41% 18.93%
Operating Cash Flow Growth		 20.37% 26.14% 22.15% 9.87% 62.99% -11.72% 30.99% 54.91% 7.01% 23.37% 19.40%
Free Cash Flow Firm Growth		 20.00% 95.63% -40.36% -55.35% -292.19% 816.13% -105.94% 3,659.28% -88.97% 6.76% 38.38%
Invested Capital Growth		 46.19% -3.17% -90.99% 707.82% 116.39% -36.03% 60.27% -258.38% 8.57% 14.93% -1.23%
Revenue Q/Q Growth		 1.11% 2.27% 4.66% 3.42% 3.73% -1.89% 6.16% 5.56% 3.00% 3.46% 4.18%
EBITDA Q/Q Growth		 0.84% 109.81% -48.62% -2.04% 12.13% -1.80% 218.50% -12.86% 1.96% 4.15% 5.24%
EBIT Q/Q Growth		 0.32% 111.04% -48.58% -51.94% 130.38% -2.91% 219.45% -159.17% 1.88% 4.19% 5.39%
NOPAT Q/Q Growth		 3.84% 100.83% -15.50% 12.72% 16.17% -4.92% 117.64% 4.33% 2.06% 4.36% 4.86%
Net Income Q/Q Growth		 2.39% 1.07% -15.28% 12.96% 17.36% -4.68% 7.34% 7.46% 2.43% 4.47% 5.04%
EPS Q/Q Growth		 1.82% 0.82% -15.12% 13.36% 17.80% -4.50% 7.88% 8.39% 3.05% 5.07% 5.63%
Operating Cash Flow Q/Q Growth		 9.98% -0.06% 14.77% -7.31% 25.22% -9.14% 10.98% -3.15% 9.41% 5.00% 0.96%
Free Cash Flow Firm Q/Q Growth		 -18.26% 152.14% 424.59% -50.29% -122.19% 85.06% -135.11% 761.69% 13.96% -11.60% 16.80%
Invested Capital Q/Q Growth		 -4.29% 93.47% -95.48% -54.56% 99.74% 10.53% 95.02% 2.31% -6.84% 7.07% -3.10%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 200.00% 100.00% 200.00% 100.00% 300.00% 300.00% 100.00% 100.00% 100.00%
EBITDA Margin		 63.35% 128.64% 64.48% 59.95% 136.48% 63.84% 339.55% 195.32% 65.43% 65.07% 67.75%
Operating Margin		 52.53% 106.92% 52.99% 48.71% 114.48% 52.81% 266.95% 275.76% 55.81% 55.32% 57.63%
EBIT Margin		 51.66% 52.88% 105.95% 48.62% 58.39% 53.04% 340.83% 163.81% 55.79% 55.39% 57.87%
Profit (Net Income) Margin		 39.39% 75.33% 31.33% 39.19% 96.17% 41.90% 230.01% 223.28% 44.61% 45.71% 45.65%
Tax Burden Percent		 76.81% 143.78% 120.06% 81.33% 166.85% 82.62% 252.85% 423.20% 82.08% 84.40% 80.57%
Interest Burden Percent		 99.28% 198.17% 197.04% 99.12% 197.42% 95.61% 192.17% 483.12% 97.41% 97.77% 97.91%
Effective Tax Rate		 23.19% 28.11% 79.94% 18.67% 33.15% 17.38% 62.87% 61.44% 17.92% 15.60% 19.43%
Return on Invested Capital (ROIC)		 225.83% 622.27% 183.60% 364.46% 433.88% 65.06% 326.19% 272.67% 88.89% 90.87% 98.98%
ROIC Less NNEP Spread (ROIC-NNEP)		 227.79% 628.89% 1,296.07% 366.10% 470.95% 34.87% 348.15% 51.28% 84.05% 87.29% 95.86%
Return on Net Nonoperating Assets (RNNOA)		 -166.73% -136.07% -413.82% -257.79% -21.44% 4.90% 215.92% 206.12% 78.52% 99.68% 110.94%
Return on Equity (ROE)		 59.10% 211.93% -23.31% 106.66% 412.44% 69.96% 498.93% 630.37% 167.41% 190.56% 209.92%
Cash Return on Invested Capital (CROIC)		 188.31% 315.20% 350.53% 208.52% -34.14% 109.00% -6.38% 248.43% 80.67% 76.98% 100.21%
Operating Return on Assets (OROA)		 31.63% 93.65% 70.90% 58.47% 72.89% 25.84% 150.55% 95.36% 34.50% 34.47% 37.12%
Return on Assets (ROA)		 24.12% 23.24% 41.93% 47.14% 60.03% 20.41% 24.38% 77.99% 27.58% 28.44% 29.28%
Return on Common Equity (ROCE)		 58.79% 210.87% 231.34% 269.51% 139.06% 68.71% 122.71% 622.19% 165.57% 189.17% 209.34%
Return on Equity Simple (ROE_SIMPLE)		 63.17% 71.76% 0.00% 108.60% 137.76% 100.31% 237.61% 473.01% 161.57% 198.52% 0.00%
Net Operating Profit after Tax (NOPAT)		 3,900 8,283 3,975 5,922 8,062 6,676 16,995 10,380 11,498 13,151 15,225
NOPAT Margin		 40.35% 38.43% 31.81% 39.62% 95.51% 43.63% 134.99% 140.04% 45.81% 46.69% 46.43%
Net Nonoperating Expense Percent (NNEP)		 -1.95% -4.29% -0.96% -1.64% 9.60% 30.19% -12.48% 13.00% 4.85% 3.59% 3.11%
Return On Investment Capital (ROIC_SIMPLE)		 - - - - - - - 50.94% 50.75% 53.15% 56.92%
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		 34.56% 35.51% 74.47% 34.61% 34.13% 38.62% 75.06% 72.65% 35.57% 36.19% 34.52%
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		 47.47% 93.08% 94.02% 51.29% 85.52% 47.19% 139.83% 179.39% 44.19% 44.68% 42.37%
Earnings before Interest and Taxes (EBIT)		 4,994 11,396 6,620 7,268 19,716 8,116 32,181 12,142 14,001 15,602 18,975
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 6,124 13,862 8,058 8,962 11,521 9,768 38,472 57,912 16,422 18,329 22,216
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 17.20 38.37 6.90 34.97 49.77 54.51 144.12 52.38 57.31 74.42 66.16
Price to Tangible Book Value (P/TBV)		 31.09 68.29 7.98 125.78 1,302.52 0.00 0.00 0.00 0.00 0.00 0.00
Price to Revenue (P/Rev)		 10.72 9.98 12.35 12.62 35.10 22.77 55.80 29.97 15.82 17.13 15.61
Price to Earnings (P/E)		 27.22 26.50 79.63 32.20 73.00 54.34 121.31 33.22 35.47 37.49 34.20
Dividend Yield		 0.69% 1.54% 0.60% 0.55% 0.91% 0.46% 0.99% 1.71% 0.54% 0.50% 0.53%
Earnings Yield		 3.67% 3.77% 5.04% 3.11% 5.49% 1.84% 9.91% 8.98% 2.82% 2.67% 2.92%
Enterprise Value to Invested Capital (EV/IC)		 48.60 105.58 414.51 64.37 46.93 43.71 83.41 27.09 29.97 31.76 33.98
Enterprise Value to Revenue (EV/Rev)		 10.31 19.46 11.87 12.45 35.15 22.87 56.68 15.11 16.08 17.45 15.84
Enterprise Value to EBITDA (EV/EBITDA)		 16.28 30.25 18.42 20.77 51.50 35.83 55.49 70.55 24.58 26.82 23.38
Enterprise Value to EBIT (EV/EBIT)		 19.96 18.23 22.42 25.61 60.19 43.12 99.78 27.67 28.83 31.51 27.37
Enterprise Value to NOPAT (EV/NOPAT)		 25.56 50.63 75.44 31.43 36.43 52.42 125.96 32.37 35.10 37.38 34.12
Enterprise Value to Operating Cash Flow (EV/OCF)		 24.31 22.40 26.20 29.92 35.89 48.45 151.02 121.84 33.69 33.26 29.43
Enterprise Value to Free Cash Flow (EV/FCFF)		 30.65 16.33 19.55 54.94 0.00 31.29 0.00 28.71 38.68 44.13 33.70
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 0.54 0.91 0.00 1.15 1.42 1.94 3.75 11.00 2.24 2.80 2.45
Long-Term Debt to Equity		 0.54 1.82 0.00 1.06 2.85 1.84 7.07 6.47 2.05 2.68 2.36
Financial Leverage		 -0.73 -1.31 -1.12 -0.70 -0.16 0.14 0.50 2.01 0.93 1.14 1.16
Leverage Ratio		 2.45 6.26 1.67 2.26 9.59 5.02 15.35 16.62 6.07 6.70 7.17
Compound Leverage Factor		 2.43 6.20 1.65 2.24 4.65 4.80 19.66 16.06 5.91 6.55 7.02
Debt to Total Capital		 35.03% 95.36% 0.00% 53.57% 117.47% 66.04% 195.67% 206.22% 69.15% 73.67% 71.04%
Short-Term Debt to Total Capital		 0.00% 0.00% 0.00% 4.23% 0.00% 3.38% 11.15% 9.40% 5.90% 3.03% 2.80%
Long-Term Debt to Total Capital		 35.03% 95.36% 0.00% 49.34% 117.47% 62.66% 123.01% 269.59% 63.25% 70.64% 68.24%
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		 0.36% 0.52% 0.00% 0.80% 1.35% 0.66% 1.41% 1.55% 0.30% 0.12% 0.03%
Common Equity to Total Capital		 64.61% 104.12% 813.68% 45.63% 81.18% 33.31% 102.92% 61.75% 30.55% 26.21% 28.93%
Debt to EBITDA		 0.53 0.75 0.00 0.71 1.48 1.30 5.42 3.87 0.95 0.99 0.86
Net Debt to EBITDA		 -0.66 -1.07 0.00 -0.29 0.05 0.15 1.69 2.08 0.39 0.49 0.34
Long-Term Debt to EBITDA		 0.53 0.75 0.00 0.65 0.74 1.23 5.11 0.95 0.87 0.95 0.82
Debt to NOPAT		 0.84 1.25 0.00 1.07 1.06 1.90 3.27 5.40 1.36 1.39 1.25
Net Debt to NOPAT		 -1.03 -1.79 0.00 -0.44 0.07 0.22 3.19 1.16 0.56 0.68 0.50
Long-Term Debt to NOPAT		 0.84 2.50 0.00 0.99 1.06 1.80 4.63 6.62 1.25 1.33 1.20
Altman Z-Score		 9.46 16.88 0.00 9.17 22.34 10.85 71.72 19.61 10.54 10.76 10.60
Noncontrolling Interest Sharing Ratio		 0.53% 1.06% -301.21% -152.68% 3.35% 1.79% 4.87% 5.19% 1.10% 0.73% 0.27%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.75 3.67 0.00 1.39 2.84 1.61 3.86 3.52 1.17 1.03 1.04
Quick Ratio		 1.25 2.71 0.00 0.92 1.71 1.12 1.66 0.76 0.81 0.65 0.68
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 3,252 12,725 7,589 3,388 -1,562 11,185 -664 94,573 10,435 11,140 15,415
Operating Cash Flow to CapEx		 2,316.95% 2,156.74% 1,888.00% 1,885.76% 1,939.10% 2,130.97% 6,975.18% 10,131.22% 3,229.11% 3,118.14% 3,609.00%
Free Cash Flow to Firm to Interest Expense		 53.31 66.97 49.28 18.22 -13.95 29.43 -1.54 200.79 18.15 17.24 21.35
Operating Cash Flow to Interest Expense		 67.23 97.62 36.78 33.46 36.53 19.01 109.78 47.54 20.83 22.88 24.44
Operating Cash Flow Less CapEx to Interest Expense		 64.33 93.09 34.83 31.68 34.65 18.12 63.03 114.15 20.19 22.15 23.77
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.61 1.77 1.34 1.20 1.25 0.49 2.12 2.33 0.62 0.62 0.64
Accounts Receivable Turnover		 8.84 8.64 0.00 0.00 14.10 5.93 33.41 27.66 6.71 7.19 7.82
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		 14.99 15.31 16.00 17.09 12.28 8.20 0.00 0.00 12.34 13.42 14.77
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)		 41.31 42.25 0.00 0.00 51.78 61.55 273.11 263.90 54.43 50.75 46.65
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)		 41.31 42.25 0.00 0.00 106.13 61.55 54.62 316.68 54.43 50.75 46.65
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 2,051 3,972 358 2,892 12,516 8,007 25,666 12,403 13,466 15,477 15,287
Invested Capital Turnover		 5.60 5.34 5.77 9.20 3.69 1.49 5.44 4.67 1.94 1.95 2.13
Increase / (Decrease) in Invested Capital		 648 5,893 -3,614 2,534 9,624 -4,509 17,659 -26,526 1,063 2,011 -190
Enterprise Value (EV)		 99,687 103,882 148,394 186,163 293,684 349,974 711,605 336,008 403,622 491,583 519,429
Market Capitalization		 103,664 217,028 154,327 188,666 293,319 348,358 1,053,804 666,474 397,085 482,591 511,879
Book Value per Share		 $5.37 $10.38 $21.12 $5.22 $11.68 $6.41 $14.88 $19.65 $7.39 $7.07 $8.62
Tangible Book Value per Share		 $2.97 $2.92 $18.26 $1.45 $0.90 ($0.32) ($4.09) ($10.57) ($5.14) ($8.89) ($8.22)
Total Capital		 9,330 10,864 5,497 11,823 14,518 19,189 42,626 40,800 22,678 24,741 26,746
Total Debt		 3,268 10,360 0.00 6,334 8,527 12,672 13,901 28,046 15,681 18,226 19,000
Total Long-Term Debt		 3,268 10,360 0.00 5,834 17,054 12,023 39,327 27,498 14,344 17,476 18,251
Net Debt		 -4,011 -7,396 -5,933 -2,597 534 1,490 5,421 18,078 6,469 8,962 7,541
Capital Expenditures (CapEx)		 177 215 300 330 844 339 814 1,326 371 474 489
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -2,564 -5,712 -5,933 -3,853 -6,524 -3,267 -3,901 -10,576 -5,178 -8,010 -9,914
Debt-free Net Working Capital (DFNWC)		 4,715 12,044 0.00 5,078 9,996 7,915 9,158 5,418 4,034 1,254 1,545
Net Working Capital (NWC)		 4,715 12,044 0.00 4,578 9,996 7,266 11,361 4,870 2,697 504 796
Net Nonoperating Expense (NNE)		 92 165 60 63 -56 265 -569 901 303 277 257
Net Nonoperating Obligations (NNO)		 -4,011 -7,396 -5,139 -2,597 267 1,490 21,684 6,026 6,469 8,962 7,541
Total Depreciation and Amortization (D&A)		 1,130 1,233 1,438 1,694 3,326 1,652 2,097 2,336 2,421 2,727 3,241
Debt-free, Cash-free Net Working Capital to Revenue		 -26.52% -53.01% -94.95% -25.77% -38.64% -21.35% -61.97% -71.34% -20.63% -28.44% -30.23%
Debt-free Net Working Capital to Revenue		 48.77% 55.88% 0.00% 33.97% 59.21% 51.73% 96.99% 24.36% 16.07% 4.45% 4.71%
Net Working Capital to Revenue		 48.77% 111.77% 0.00% 30.62% 59.21% 47.49% 100.27% 10.95% 10.75% 1.79% 2.43%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.36 $3.70 $3.67 $5.63 $7.98 $6.40 $8.79 $10.26 $11.86 $13.91 $16.54
Adjusted Weighted Average Basic Shares Outstanding		 1.13B 1.10B 1.07B 1.04B 1.02B 1.00B 988M 968M 944M 925M 905M
Adjusted Diluted Earnings per Share		 $3.35 $3.69 $3.65 $5.60 $7.94 $6.37 $8.76 $10.22 $11.83 $13.89 $16.52
Adjusted Weighted Average Diluted Shares Outstanding		 1.14B 1.10B 1.07B 1.05B 1.02B 1.01B 992M 971M 946M 927M 906M
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		 1.11B 1.08B 1.05B 1.03B 1.01B 993.36M 977.48M 953.24M 932.89M 911.71M 891.81M
Normalized Net Operating Profit after Tax (NOPAT)		 3,947 8,452 3,984 6,840 16,124 6,737 17,153 10,682 11,940 13,725 15,631
Normalized NOPAT Margin		 40.83% 78.43% 63.76% 45.75% 95.51% 44.03% 45.42% 48.04% 47.57% 48.73% 47.67%
Pre Tax Income Margin		 51.29% 104.79% 52.19% 48.19% 115.28% 50.72% 382.06% 211.04% 54.34% 54.16% 56.66%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 81.87 59.98 42.99 39.08 88.02 21.36 124.44 51.56 24.35 24.15 26.28
NOPAT to Interest Expense		 63.94 87.19 25.81 31.84 35.99 17.57 78.86 44.08 20.00 20.36 21.09
EBIT Less CapEx to Interest Expense		 78.97 115.43 84.03 37.30 42.13 20.47 143.67 124.20 23.70 23.42 25.60
NOPAT Less CapEx to Interest Expense		 61.04 82.67 23.86 30.07 68.22 16.68 75.08 105.50 19.35 19.62 20.41
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 19.09% 41.24% 48.12% 17.82% 33.14% 25.04% 64.72% 114.98% 19.28% 19.02% 18.41%
Augmented Payout Ratio		 111.48% 107.12% 120.15% 102.01% 193.20% 95.57% 358.14% 322.01% 99.96% 104.73% 96.76%

Quarterly Metrics And Ratios for Mastercard

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

Metric Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 Q1 2026
Period end date 9/30/2023 12/31/2023 3/31/2024 6/30/2024 9/30/2024 12/31/2024 3/31/2025 6/30/2025 9/30/2025 12/31/2025 3/31/2026
DEI Shares Outstanding		 - - - - - - - - - - 891,812,311.00
DEI Adjusted Shares Outstanding		 - - - - - - - - - - 891,812,311.00
DEI Earnings Per Adjusted Shares Outstanding		 - - - - - - - - - - 4.35
Growth Metrics		 - - - - - - - - - - -
Revenue Growth		 13.50% 12.57% 10.44% 11.04% 12.80% 14.37% 14.21% 16.84% 16.73% 17.59% 15.83%
EBITDA Growth		 -60.26% 8.41% -39.41% 6.55% 4.70% 16.43% 15.00% 19.76% 26.75% 23.47% 19.67%
EBIT Growth		 -59.69% -63.96% -58.90% 6.41% 2.81% 16.48% 14.17% 18.97% 29.25% 24.38% 19.18%
NOPAT Growth		 29.11% -45.56% 17.52% 18.88% 3.39% 19.36% 10.69% 13.36% 17.64% 20.87% 17.26%
Net Income Growth		 27.97% 10.53% 27.53% 14.52% 2.03% 19.74% 8.93% 13.60% 20.35% 21.48% 18.35%
EPS Growth		 31.40% 13.36% 30.36% 16.67% 4.13% 22.56% 11.49% 16.29% 22.95% 24.18% 21.17%
Operating Cash Flow Growth		 -16.16% 33.23% -12.87% 16.31% 58.86% 17.05% 42.34% 46.69% 10.26% 3.48% 26.01%
Free Cash Flow Firm Growth		 -82.68% 169.32% -53.27% -89.61% 191.44% -94.84% -89.32% 51.99% -21.45% 211.97% 165.79%
Invested Capital Growth		 17.08% -63.81% -43.03% 11.66% 0.00% 14.93% 11.89% 7.67% 9.14% -1.23% -1.08%
Revenue Q/Q Growth		 4.21% 0.23% -3.05% 9.66% 5.86% 1.63% -3.19% 12.18% 5.77% 2.37% -4.63%
EBITDA Q/Q Growth		 1.85% -8.82% 5.71% 10.19% 0.09% 1.39% 2.85% 14.75% 5.93% -1.84% 0.29%
EBIT Q/Q Growth		 1.37% -10.41% 6.89% 11.60% -2.06% 1.49% 2.92% 16.29% 6.40% -3.04% -0.67%
NOPAT Q/Q Growth		 16.40% -13.30% 7.62% 9.45% 1.24% 0.09% -0.19% 12.09% 5.06% 2.83% -3.17%
Net Income Q/Q Growth		 12.41% -12.73% 7.88% 8.20% 0.15% 2.42% -1.86% 12.84% 6.11% 3.39% -4.38%
EPS Q/Q Growth		 13.00% -12.39% 8.42% 8.70% 0.86% 3.12% -1.37% 13.37% 6.63% 4.15% -3.76%
Operating Cash Flow Q/Q Growth		 19.83% 27.75% -59.52% 87.68% 63.67% -5.88% -50.77% 93.40% 23.03% -11.67% -40.04%
Free Cash Flow Firm Q/Q Growth		 -92.90% 2,191.95% -45.03% -88.38% 99.23% -59.42% 13.68% 65.37% 2.97% 61.16% -3.15%
Invested Capital Q/Q Growth		 2.61% -6.84% 13.20% 2.94% -8.10% 7.07% 10.47% -0.95% -6.84% -3.10% 10.63%
Profitability Metrics		 - - - - - - - - - - -
Gross Margin		 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%
EBITDA Margin		 68.36% 62.19% 66.79% 67.12% 63.46% 63.31% 67.26% 68.79% 68.90% 66.07% 69.48%
Operating Margin		 58.84% 51.50% 56.77% 57.98% 54.34% 52.58% 57.23% 58.74% 58.84% 55.76% 58.43%
EBIT Margin		 58.79% 52.55% 56.92% 57.92% 53.59% 53.52% 56.90% 58.98% 59.34% 56.20% 58.54%
Profit (Net Income) Margin		 48.95% 42.62% 47.43% 46.80% 44.28% 44.63% 45.24% 45.51% 45.65% 46.10% 46.23%
Tax Burden Percent		 85.03% 84.04% 84.63% 82.71% 84.40% 85.89% 81.37% 79.22% 78.56% 83.27% 80.67%
Interest Burden Percent		 97.92% 96.51% 98.48% 97.69% 97.90% 97.08% 97.72% 97.39% 97.94% 98.53% 97.88%
Effective Tax Rate		 14.97% 15.96% 15.37% 17.29% 15.60% 14.11% 18.63% 20.78% 21.44% 16.74% 19.33%
Return on Invested Capital (ROIC)		 90.98% 42.87% 58.65% 84.89% 86.38% 87.91% 83.62% 86.15% 96.24% 98.97% 94.08%
ROIC Less NNEP Spread (ROIC-NNEP)		 89.97% 42.41% 58.33% 83.93% 84.83% 87.38% 82.57% 85.19% 95.58% 98.63% 93.34%
Return on Net Nonoperating Assets (RNNOA)		 98.05% 58.73% 110.00% 107.67% 91.87% 99.79% 108.33% 96.02% 91.84% 114.13% 143.23%
Return on Equity (ROE)		 189.03% 101.60% 168.65% 192.56% 178.25% 187.70% 191.95% 182.18% 188.08% 213.10% 237.32%
Cash Return on Invested Capital (CROIC)		 68.33% 41.18% 175.32% 72.77% 87.18% 76.98% 72.03% 77.86% 87.31% 100.21% 94.05%
Operating Return on Assets (OROA)		 37.07% 32.50% 35.88% 37.59% 33.58% 33.30% 36.32% 38.05% 37.15% 36.05% 39.37%
Return on Assets (ROA)		 30.87% 26.36% 29.90% 30.37% 27.74% 27.77% 28.88% 29.35% 28.59% 29.57% 31.09%
Return on Common Equity (ROCE)		 186.79% 100.48% 166.77% 190.56% 176.60% 186.34% 190.71% 181.20% 187.19% 212.52% 236.82%
Return on Equity Simple (ROE_SIMPLE)		 173.17% 0.00% 163.54% 165.18% 165.63% 0.00% 197.02% 0.00% 0.00% 0.00% 0.00%
Net Operating Profit after Tax (NOPAT)		 3,269 2,834 3,050 3,338 3,379 3,382 3,376 3,784 3,976 4,088 3,959
NOPAT Margin		 50.03% 43.28% 48.05% 47.96% 45.86% 45.16% 46.57% 46.53% 46.22% 46.43% 47.14%
Net Nonoperating Expense Percent (NNEP)		 1.01% 0.46% 0.32% 0.96% 1.55% 0.52% 1.05% 0.96% 0.66% 0.34% 0.74%
Return On Investment Capital (ROIC_SIMPLE)		 - 12.51% - - - 13.67% 13.24% 14.10% 14.78% 15.29% 15.41%
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		 34.98% 36.64% 36.01% 34.74% 37.24% 36.65% 34.80% 34.01% 33.98% 35.27% 36.19%
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		 41.16% 48.50% 43.23% 42.02% 45.66% 47.42% 42.77% 41.26% 41.16% 44.24% 41.57%
Earnings before Interest and Taxes (EBIT)		 3,841 3,441 3,613 4,032 3,949 4,008 4,125 4,797 5,104 4,949 4,916
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)		 4,466 4,072 4,240 4,672 4,676 4,741 4,876 5,595 5,927 5,818 5,835
Valuation Ratios		 - - - - - - - - - - -
Price to Book Value (P/BV)		 58.68 57.31 62.17 55.18 61.23 74.42 74.79 64.89 64.97 66.16 66.21
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)		 15.20 15.82 17.52 15.52 16.73 17.13 17.16 16.85 16.32 15.61 13.11
Price to Earnings (P/E)		 33.89 35.47 38.02 33.41 36.97 37.49 37.96 37.51 36.04 34.20 28.57
Dividend Yield		 0.56% 0.54% 0.49% 0.56% 0.52% 0.50% 0.50% 0.51% 0.52% 0.53% 0.63%
Earnings Yield		 2.95% 2.82% 2.63% 2.99% 2.70% 2.67% 2.63% 2.67% 2.77% 2.92% 3.50%
Enterprise Value to Invested Capital (EV/IC)		 26.18 29.97 30.00 26.56 32.00 31.76 29.79 30.63 33.05 33.98 26.91
Enterprise Value to Revenue (EV/Rev)		 15.53 16.08 17.84 15.83 16.99 17.45 17.52 17.15 16.57 15.84 13.41
Enterprise Value to EBITDA (EV/EBITDA)		 23.50 24.58 26.80 24.03 26.29 26.82 26.86 26.08 24.70 23.38 19.63
Enterprise Value to EBIT (EV/EBIT)		 27.54 28.83 31.34 28.11 30.89 31.51 31.61 30.73 28.96 27.37 23.02
Enterprise Value to NOPAT (EV/NOPAT)		 33.60 35.10 38.34 33.45 36.71 37.38 37.79 37.25 35.91 34.12 28.78
Enterprise Value to Operating Cash Flow (EV/OCF)		 34.57 33.69 39.07 34.32 32.86 33.26 32.89 30.59 29.83 29.43 24.91
Enterprise Value to Free Cash Flow (EV/FCFF)		 41.34 38.68 12.42 38.51 36.71 44.13 43.68 40.79 39.51 33.70 28.45
Leverage & Solvency		 - - - - - - - - - - -
Debt to Equity		 2.44 2.24 2.14 2.09 2.45 2.80 2.81 2.41 2.40 2.45 2.82
Long-Term Debt to Equity		 2.23 2.05 1.85 1.94 2.35 2.68 2.81 2.41 2.40 2.36 2.56
Financial Leverage		 1.09 1.38 1.89 1.28 1.08 1.14 1.31 1.13 0.96 1.16 1.53
Leverage Ratio		 6.03 6.07 6.41 6.23 6.26 6.70 6.50 6.11 6.52 7.17 7.52
Compound Leverage Factor		 5.90 5.86 6.32 6.08 6.13 6.50 6.36 5.95 6.39 7.06 7.36
Debt to Total Capital		 70.93% 69.15% 68.14% 67.59% 71.00% 73.67% 73.74% 70.67% 70.56% 71.04% 73.83%
Short-Term Debt to Total Capital		 6.09% 5.90% 9.09% 4.70% 2.90% 3.03% 0.00% 0.00% 0.00% 2.80% 6.81%
Long-Term Debt to Total Capital		 64.83% 63.25% 59.04% 62.89% 68.10% 70.64% 73.74% 70.67% 70.56% 68.24% 67.02%
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		 0.32% 0.30% 0.28% 0.26% 0.22% 0.12% 0.10% 0.08% 0.06% 0.03% 0.01%
Common Equity to Total Capital		 28.76% 30.55% 31.58% 32.14% 28.77% 26.21% 26.16% 29.25% 29.38% 28.93% 26.16%
Debt to EBITDA		 0.97 0.95 0.91 0.90 1.04 0.99 0.99 0.95 0.90 0.86 0.82
Net Debt to EBITDA		 0.50 0.39 0.47 0.47 0.40 0.49 0.55 0.46 0.37 0.34 0.44
Long-Term Debt to EBITDA		 0.88 0.87 0.79 0.84 1.00 0.95 0.99 0.95 0.90 0.82 0.74
Debt to NOPAT		 1.38 1.36 1.31 1.25 1.46 1.39 1.40 1.36 1.31 1.25 1.20
Net Debt to NOPAT		 0.72 0.56 0.67 0.66 0.55 0.68 0.77 0.65 0.54 0.50 0.64
Long-Term Debt to NOPAT		 1.26 1.25 1.13 1.16 1.40 1.33 1.40 1.36 1.31 1.20 1.09
Altman Z-Score		 9.81 9.72 10.72 10.29 9.94 9.96 10.28 10.12 9.90 9.74 9.14
Noncontrolling Interest Sharing Ratio		 1.19% 1.10% 1.12% 1.04% 0.92% 0.73% 0.64% 0.53% 0.47% 0.27% 0.21%
Liquidity Ratios		 - - - - - - - - - - -
Current Ratio		 1.17 1.17 1.09 1.14 1.29 1.03 1.11 1.16 1.12 1.04 0.98
Quick Ratio		 0.79 0.81 0.70 0.74 0.89 0.65 0.67 0.71 0.72 0.68 0.56
Cash Flow Metrics		 - - - - - - - - - - -
Free Cash Flow to Firm (FCFF)		 1,160 26,577 14,592 1,696 3,379 1,371 1,559 2,578 2,655 4,278 4,144
Operating Cash Flow to CapEx		 3,108.65% 5,363.64% 1,064.97% 2,728.70% 4,800.00% 5,088.42% 1,496.86% 11,507.50% 3,181.46% 4,466.07% 1,947.40%
Free Cash Flow to Firm to Interest Expense		 7.68 179.57 97.28 11.09 21.25 7.45 8.57 13.22 14.27 26.91 22.40
Operating Cash Flow to Interest Expense		 21.41 27.91 11.15 20.51 32.30 26.27 13.08 23.61 30.45 31.46 16.21
Operating Cash Flow Less CapEx to Interest Expense		 20.72 27.39 10.10 19.76 31.63 25.76 12.20 23.40 29.49 30.75 15.38
Efficiency Ratios		 - - - - - - - - - - -
Asset Turnover		 0.63 0.62 0.63 0.65 0.63 0.62 0.64 0.65 0.63 0.64 0.67
Accounts Receivable Turnover		 6.87 6.71 6.64 6.63 6.86 7.19 7.09 7.22 7.62 7.82 7.82
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		 12.42 12.34 12.59 12.77 13.13 13.42 13.69 13.83 14.07 14.77 15.02
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)		 53.12 54.43 54.98 55.03 53.22 50.75 51.46 50.57 47.90 46.65 46.70
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)		 53.12 54.43 54.98 55.03 53.22 50.75 51.46 50.57 47.90 46.65 46.70
Capital & Investment Metrics		 - - - - - - - - - - -
Invested Capital		 14,455 13,466 15,280 15,729 14,455 15,477 17,097 16,935 15,776 15,287 16,912
Invested Capital Turnover		 1.82 0.99 1.22 1.77 1.88 1.95 1.80 1.85 2.08 2.13 2.00
Increase / (Decrease) in Invested Capital		 2,109 -23,743 -11,542 1,642 0.00 2,011 1,817 1,206 1,321 -190 -185
Enterprise Value (EV)		 378,493 403,622 458,350 417,811 462,599 491,583 509,360 518,661 521,405 519,429 455,031
Market Capitalization		 370,349 397,085 450,313 409,503 455,584 482,591 498,934 509,579 513,533 511,879 444,838
Book Value per Share		 $6.70 $7.39 $7.76 $7.98 $8.05 $7.07 $7.32 $8.65 $8.74 $8.62 $7.53
Tangible Book Value per Share		 ($5.52) ($5.14) ($4.74) ($4.62) ($4.89) ($8.89) ($9.01) ($8.12) ($8.03) ($8.22) ($9.31)
Total Capital		 21,947 22,678 22,937 23,087 25,856 24,741 25,498 26,844 26,902 26,746 25,682
Total Debt		 15,566 15,681 15,629 15,605 18,358 18,226 18,802 18,970 18,983 19,000 18,960
Total Long-Term Debt		 14,229 14,344 13,543 14,519 17,608 17,476 18,802 18,970 18,983 18,251 17,212
Net Debt		 8,074 6,469 7,972 8,247 6,957 8,962 10,401 9,061 7,857 7,541 10,190
Capital Expenditures (CapEx)		 104 77 157 115 107 95 159 40 178 112 154
Debt-free, Cash-free Net Working Capital (DFCFNWC)		 -3,691 -5,178 -4,052 -4,086 -5,645 -8,010 -6,425 -6,798 -8,596 -9,914 -7,458
Debt-free Net Working Capital (DFNWC)		 3,801 4,034 3,605 3,272 5,756 1,254 1,976 3,111 2,530 1,545 1,312
Net Working Capital (NWC)		 2,464 2,697 1,519 2,186 5,006 504 1,976 3,111 2,530 796 -436
Net Nonoperating Expense (NNE)		 71 43 39 80 116 40 96 83 49 28 77
Net Nonoperating Obligations (NNO)		 8,074 6,469 7,972 8,247 6,957 8,962 10,401 9,061 7,857 7,541 10,190
Total Depreciation and Amortization (D&A)		 625 631 627 640 727 733 751 798 823 869 919
Debt-free, Cash-free Net Working Capital to Revenue		 -15.15% -20.63% -15.77% -15.48% -20.73% -28.44% -22.10% -22.48% -27.31% -30.23% -21.97%
Debt-free Net Working Capital to Revenue		 15.60% 16.07% 14.03% 12.40% 21.14% 4.45% 6.80% 10.29% 8.04% 4.71% 3.87%
Net Working Capital to Revenue		 10.11% 10.75% 5.91% 8.28% 18.39% 1.79% 6.80% 10.29% 8.04% 2.43% -1.28%
Earnings Adjustments		 - - - - - - - - - - -
Adjusted Basic Earnings per Share		 $3.40 $2.97 $3.23 $3.51 $3.54 $3.63 $3.60 $4.08 $4.35 $4.51 $4.35
Adjusted Weighted Average Basic Shares Outstanding		 941M 944M 933M 929M 923M 925M 912M 908M 903M 905M 891M
Adjusted Diluted Earnings per Share		 $3.39 $2.97 $3.22 $3.50 $3.53 $3.64 $3.59 $4.07 $4.34 $4.52 $4.35
Adjusted Weighted Average Diluted Shares Outstanding		 943M 946M 935M 930M 925M 927M 914M 909M 905M 906M 893M
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		 937.78M 932.89M 929.62M 923.83M 917.83M 911.71M 908.05M 904.01M 898.00M 891.81M 883.58M
Normalized Net Operating Profit after Tax (NOPAT)		 3,269 3,093 3,157 3,419 3,528 3,623 3,499 3,860 4,041 4,233 3,959
Normalized NOPAT Margin		 50.03% 47.23% 49.73% 49.12% 47.88% 48.38% 48.26% 47.46% 46.98% 48.07% 47.14%
Pre Tax Income Margin		 57.57% 50.72% 56.05% 56.59% 52.46% 51.96% 55.60% 57.45% 58.11% 55.37% 57.30%
Debt Service Ratios		 - - - - - - - - - - -
EBIT to Interest Expense		 25.44 23.25 24.09 26.35 24.84 21.78 22.66 24.60 27.44 31.13 26.57
NOPAT to Interest Expense		 21.65 19.15 20.33 21.82 21.25 18.38 18.55 19.41 21.37 25.71 21.40
EBIT Less CapEx to Interest Expense		 24.75 22.73 23.04 25.60 24.16 21.27 21.79 24.39 26.48 30.42 25.74
NOPAT Less CapEx to Interest Expense		 20.96 18.63 19.29 21.07 20.58 17.87 17.68 19.20 20.42 25.01 20.57
Payout Ratios		 - - - - - - - - - - -
Dividend Payout Ratio		 19.19% 19.28% 18.82% 18.79% 19.28% 19.02% 19.22% 19.15% 18.79% 18.41% 18.23%
Augmented Payout Ratio		 107.19% 99.96% 87.59% 87.06% 95.54% 104.73% 107.42% 101.90% 100.47% 96.76% 103.10%

Financials Breakdown Chart

Key Financial Trends

MarketBeat readers, here are concise takeaways on Mastercard (NYSE: MA) using the last four years of quarterly statements provided. The focus is on notable trends in revenue, profitability, cash flow, balance sheet strength, and capital allocation that may matter to retail investors.

  • Rising revenue through 2025. Operating revenue climbed from about $7.25B in Q1 2025 to about $8.81B in Q4 2025, with quarterly figures like 8.60B (Q3 2025) and 8.81B (Q4 2025), indicating a solid growth trajectory.
  • Strong net income growth in late 2025. Net income attributable to common shareholders rose to roughly $4.063B in Q4 2025, up from about $3.279B in Q3 2024 and from earlier periods, demonstrating improving profitability alongside revenue growth.
  • Robust cash flow from operations in 2025. Net cash from continuing operating activities was about $5.66B in Q3 2025 and roughly $5.00B in Q4 2025, signaling Mastercard’s ability to convert earnings into cash.
  • Active capital return for shareholders. Mastercard executed substantial share repurchases in 2025, with roughly $3.33B spent on repurchases in Q3 2025 and about $3.56B in Q4 2025, complemented by ongoing dividend activity, reflecting strong confidence in value creation and a shareholder-friendly stance.
  • Solid liquidity position with ample cash. Cash and cash equivalents hovered around $9.0B–$10.3B in 2025 (e.g., $10.31B in Q3 2025 vs. $9.03B in Q2 2025), providing a cushion for ongoing buybacks and debt management.
  • Very high gross margins implied by cost structure. In several quarters, Total Cost of Revenue was reported as zero or near-zero, meaning gross profit effectively tracks revenue, which is characteristic of Mastercard’s licensing/processing model and supports strong margins over time.
  • Financing cash outflows are large in 2025. Mastercard shows substantial negative net cash from financing activities due to aggressive buybacks and debt-related actions (e.g., around -$4.0B in Q3 2025 and -$4.19B in Q4 2025), reducing cash available for other uses.
  • Investing cash outflows in 2025 were still meaningful. Net cash used in investing activities persisted (e.g., -$374M in Q3 2025 and -$421M in Q4 2025), which reduces cash despite strong operating cash flow.
  • Significant long-term liabilities relative to equity. In mid-2025, Long-Term Debt was about $18.9B and Total Liabilities around $45.4B, with Total Equity about $7.9B, implying a leveraged balance sheet that investors should monitor as cash flows grow.
  • High goodwill and intangible asset levels could pose impairment risk over time. Goodwill (~$9.6B) and Intangible Assets (~$5.6B) were substantial in 2025, which could lead to impairment testing if slower growth or changes in the business environment occur.
05/06/26 11:46 AM ETAI Generated. May Contain Errors.

Frequently Asked Questions About Mastercard's Financials

When does Mastercard's fiscal year end?

According to the most recent income statement we have on file, Mastercard's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

How has Mastercard's net income changed over the last 10 years?

Mastercard's net income appears to be on an upward trend, with a most recent value of $14.97 billion in 2025, rising from $3.81 billion in 2015. The previous period was $12.87 billion in 2024. See Mastercard's forecast for analyst expectations on what’s next for the company.

What is Mastercard's operating income?
Mastercard's total operating income in 2025 was $18.90 billion, based on the following breakdown:
  • Total Gross Profit: $32.79 billion
  • Total Operating Expenses: $13.89 billion
How has Mastercard's revenue changed over the last 10 years?

Over the last 10 years, Mastercard's total revenue changed from $9.67 billion in 2015 to $32.79 billion in 2025, a change of 239.2%.

How much debt does Mastercard have?

Mastercard's total liabilities were at $46.41 billion at the end of 2025, a 11.7% increase from 2024, and a 355.5% increase since 2015.

How much cash does Mastercard have?

In the past 10 years, Mastercard's cash and equivalents has ranged from $5.75 billion in 2015 to $10.57 billion in 2025, and is currently $10.57 billion as of their latest financial filing in 2025.

How has Mastercard's book value per share changed over the last 10 years?

Over the last 10 years, Mastercard's book value per share changed from 5.37 in 2015 to 8.62 in 2025, a change of 60.5%.


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Financial statements for NYSE:MA last updated on 5/3/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.
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