NYSE : MA
Mastercard Incorporated — Financial statements
Financials · Credit Services · United States
Last price 635.7 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 556.88B
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Financial statements
Mastercard Incorporated (MA) reported revenue of 36.29B USD (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 36.29B | 32.79B | 28.17B | 25.10B | 22.24B | 18.88B |
| Gross Profit | 36.29B | 32.79B | 28.17B | 25.10B | 22.24B | 18.88B |
| Selling, General & Admin | 13.26B | 12.25B | 10.82B | 9.75B | 8.80B | 7.89B |
| Operating Expenses | 14.49B | 13.39B | 11.71B | 10.55B | 9.55B | 8.62B |
| Operating Income | 21.80B | 19.40B | 16.45B | 14.55B | 12.69B | 10.27B |
| Interest Expense | -812.00M | -722.00M | -646.00M | -575.00M | -471.00M | -431.00M |
| Interest & Investment Income | 343.00M | 325.00M | 327.00M | 274.00M | 61.00M | 11.00M |
| Other Non Operating Income (Expenses) | 295.00M | 166.00M | 20.00M | -7.00M | 23.00M | -10.00M |
| EBT Excluding Unusual Items | 21.62B | 19.17B | 16.15B | 14.24B | 12.30B | 9.84B |
| Merger & Restructuring Charges | -202.00M | -190.00M | ||||
| Gain (Loss) on Sale of Investments | -177.00M | -88.00M | -29.00M | -61.00M | -145.00M | 645.00M |
| Legal Settlements | -330.00M | -504.00M | -680.00M | -539.00M | -356.00M | -94.00M |
| Other Unusual Items | -67.00M | -82.00M | ||||
| Pretax Income | 20.91B | 18.58B | 15.25B | 13.64B | 11.73B | 10.31B |
| Income Tax Expense | 3.96B | 3.61B | 2.38B | 2.44B | 1.80B | 1.62B |
| Net Income | 16.96B | 14.97B | 12.87B | 11.20B | 9.93B | 8.69B |
| Net Income to Common | 16.96B | 14.97B | 12.87B | 11.20B | 9.93B | 8.69B |
| Shares Outstanding (Basic) | 886.25M | 905.00M | 925.00M | 944.00M | 968.00M | 988.00M |
| Shares Outstanding (Diluted) | 887.25M | 906.00M | 927.00M | 946.00M | 971.00M | 992.00M |
| EPS (Basic) | 19.13 | 16.54 | 13.92 | 11.86 | 10.26 | 8.79 |
| EPS (Diluted) | 19.11 | 16.52 | 13.89 | 11.83 | 10.22 | 8.76 |
| Free Cash Flow | 16.08B | 17.16B | 14.31B | 11.61B | 10.75B | 9.06B |
| Free Cash Flow Per Share | 18.13 | 18.94 | 15.43 | 12.27 | 11.07 | 9.13 |
| Dividend Per Share | 3.48 | 3.15 | 2.74 | 2.37 | 2.04 | 1.81 |
| Gross Margin | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% | 100.00% |
| Operating Margin | 60.07% | 59.17% | 58.41% | 57.96% | 57.05% | 54.37% |
| Profit Margin | 46.73% | 45.65% | 45.71% | 44.60% | 44.66% | 46.00% |
| Free Cash Flow Margin | 44.32% | 52.33% | 50.79% | 46.26% | 48.36% | 47.96% |
| EBITDA | 23.03B | 20.54B | 17.35B | 15.35B | 13.44B | 10.99B |
| EBITDA Margin | 63.46% | 62.65% | 61.59% | 61.14% | 60.43% | 58.22% |
| D&A For EBITDA | 1.23B | 1.14B | 897.00M | 799.00M | 750.00M | 726.00M |
| EBIT | 21.80B | 19.40B | 16.45B | 14.55B | 12.69B | 10.27B |
| EBIT Margin | 60.07% | 59.17% | 58.41% | 57.96% | 57.05% | 54.37% |
| Effective Tax Rate | 18.92% | 19.43% | 15.60% | 17.92% | 15.36% | 15.72% |
| Advertising Expenses | 929.00M | 815.00M | 825.00M | 789.00M | 895.00M |
Balance sheet
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 10.15B | 10.57B | 8.44B | 8.59B | 7.01B | 7.42B |
| Short-Term Investments | 317.00M | 332.00M | 330.00M | 592.00M | 400.00M | 473.00M |
| Cash & Short-Term Investments | 10.46B | 10.90B | 8.77B | 9.18B | 7.41B | 7.89B |
| Receivables | 5.26B | 4.61B | 3.77B | 4.06B | 3.42B | 3.01B |
| Restricted Cash | 564.00M | 561.00M | 492.00M | 32.00M | 589.00M | 586.00M |
| Other Current Assets | 8.19B | 7.49B | 6.69B | 5.69B | 5.18B | 5.46B |
| Total Current Assets | 24.48B | 23.56B | 19.72B | 18.96B | 16.61B | 16.95B |
| Property, Plant & Equipment | 2.64B | 2.30B | 2.14B | 2.06B | 2.01B | 1.91B |
| Long-Term Investments | 1.67B | 1.71B | 1.61B | 1.73B | 1.73B | 1.83B |
| Goodwill | 10.80B | 9.56B | 9.19B | 7.66B | 7.52B | 7.66B |
| Other Intangible Assets | 5.70B | 5.55B | 5.45B | 4.09B | 3.86B | 3.67B |
| Long-Term Deferred Tax Assets | 1.57B | 1.57B | 1.61B | 1.35B | 1.15B | 486.00M |
| Long-Term Deferred Charges | 8.91B | 7.87B | 6.55B | 5.17B | 4.58B | 3.80B |
| Other Long-Term Assets | 2.37B | 2.04B | 1.80B | 1.43B | 1.27B | 1.36B |
| Total Assets | 58.15B | 54.16B | 48.08B | 42.45B | 38.72B | 37.67B |
| Accounts Payable | 1.08B | 999.00M | 929.00M | 834.00M | 926.00M | 738.00M |
| Accrued Expenses | 12.48B | 12.36B | 9.94B | 8.03B | 7.53B | 6.31B |
| Current Portion of Long-Term Debt | 1.75B | 749.00M | 750.00M | 1.34B | 274.00M | 792.00M |
| Current Portion of Leases | 157.00M | 133.00M | 142.00M | 140.00M | 127.00M | |
| Current Income Taxes Payable | 1.47B | 914.00M | 454.00M | 486.00M | 279.00M | 337.00M |
| Current Unearned Revenue | 1.51B | 1.14B | 890.00M | 459.00M | 434.00M | 482.00M |
| Other Current Liabilities | 5.90B | 6.45B | 6.12B | 4.97B | 4.59B | 4.38B |
| Total Current Liabilities | 24.20B | 22.76B | 19.22B | 16.26B | 14.17B | 13.16B |
| Long-Term Debt | 22.19B | 18.25B | 17.48B | 14.34B | 13.75B | 13.11B |
| Long-Term Leases | 676.00M | 627.00M | 633.00M | 630.00M | 645.00M | |
| Long-Term Unearned Revenue | 329.00M | 424.00M | 449.00M | 318.00M | 248.00M | 180.00M |
| Pension & Post-Retirement Benefits | 46.00M | 72.00M | ||||
| Long-Term Deferred Tax Liabilities | 341.00M | 307.00M | 317.00M | 369.00M | 393.00M | 395.00M |
| Other Long-Term Liabilities | 4.35B | 3.99B | 3.48B | 3.52B | 3.11B | 2.69B |
| Total Liabilities | 51.41B | 46.41B | 41.57B | 35.45B | 32.35B | 30.26B |
| Additional Paid-In Capital | 7.31B | 6.91B | 6.44B | 5.89B | 5.30B | 5.06B |
| Retained Earnings | 95.64B | 85.03B | 72.91B | 62.56B | 53.61B | 45.65B |
| Treasury Stock | -95.20B | -83.22B | -71.43B | -60.43B | -51.35B | -42.59B |
| Comprehensive Income & Other | -994.00M | -981.00M | -1.43B | -1.10B | -1.25B | -809.00M |
| Total Common Equity | 6.75B | 7.74B | 6.49B | 6.93B | 6.30B | 7.31B |
| Minority Interest | -13.00M | 9.00M | 30.00M | 68.00M | 79.00M | 100.00M |
| Shareholders' Equity | 6.74B | 7.75B | 6.51B | 7.00B | 6.38B | 7.41B |
| Total Liabilities & Equity | 58.15B | 54.16B | 48.08B | 42.45B | 38.72B | 37.67B |
| Total Debt | 23.94B | 19.83B | 18.99B | 16.46B | 14.79B | 14.67B |
| Net Cash (Debt) | -13.42B | -8.73B | -9.98B | -6.77B | -6.99B | -6.15B |
| Net Cash Per Share | -15.12 | -9.64 | -10.76 | -7.16 | -7.19 | -6.20 |
| Filing Date Shares Outstanding | 871.18M | 891.81M | 911.71M | 932.89M | 953.24M | 977.48M |
| Total Common Shares Outstanding | 872.10M | 894.00M | 914.00M | 934.50M | 956.00M | 979.90M |
| Working Capital | 284.00M | 796.00M | 504.00M | 2.70B | 2.44B | 3.79B |
| Book Value Per Share | 7.74 | 8.65 | 7.10 | 7.41 | 6.59 | 7.46 |
| Tangible Book Value | -9.76B | -7.38B | -8.16B | -4.82B | -5.08B | -4.02B |
| Tangible Book Value Per Share | -11.19 | -8.25 | -8.93 | -5.15 | -5.32 | -4.10 |
| Buildings | 744.00M | 709.00M | 678.00M | 652.00M | 615.00M | |
| Machinery | 2.45B | 2.22B | 2.03B | 1.81B | 1.55B | |
| Leasehold Improvements | 497.00M | 436.00M | 398.00M | 376.00M | 371.00M |
Cash flow statement
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 16.96B | 14.97B | 12.87B | 11.20B | 9.93B | 8.69B |
| Depreciation & Amortization | 1.39B | 1.30B | 1.04B | 940.00M | 887.00M | 848.00M |
| Other Amortization | 2.60B | 2.10B | 1.83B | 1.62B | 1.59B | 1.37B |
| Loss (Gain) From Sale of Investments | 177.00M | 88.00M | 29.00M | 61.00M | 145.00M | -645.00M |
| Stock-Based Compensation | 637.00M | 597.00M | 526.00M | 460.00M | 295.00M | 273.00M |
| Other Operating Activities | -9.00M | 35.00M | -481.00M | -355.00M | -744.00M | -155.00M |
| Change in Accounts Receivable | -1.04B | -642.00M | 186.00M | -546.00M | -481.00M | -397.00M |
| Change in Accounts Payable | 168.00M | 45.00M | 75.00M | -99.00M | 190.00M | 100.00M |
| Change in Income Taxes | -276.00M | -276.00M | -328.00M | -300.00M | -109.00M | -139.00M |
| Change in Other Net Operating Assets | -3.75B | -569.00M | -973.00M | -998.00M | -504.00M | -480.00M |
| Operating Cash Flow | 16.86B | 17.65B | 14.78B | 11.98B | 11.20B | 9.46B |
| Capital Expenditures | -779.00M | -489.00M | -474.00M | -371.00M | -442.00M | -407.00M |
| Cash Acquisitions | -1.37B | -2.51B | -313.00M | -4.44B | ||
| Sale (Purchase) of Intangibles | -652.00M | -726.00M | -720.00M | -717.00M | -655.00M | -407.00M |
| Investment in Securities | -176.00M | -149.00M | 306.00M | -257.00M | -57.00M | -55.00M |
| Other Investing Activities | -45.00M | 2.00M | -3.00M | -6.00M | -3.00M | 33.00M |
| Investing Cash Flow | -3.02B | -1.36B | -3.40B | -1.35B | -1.47B | -5.27B |
| Long-Term Debt Issued | 1.24B | 3.96B | 1.55B | 1.12B | 2.02B | |
| Long-Term Debt Repaid | -750.00M | -1.34B | -724.00M | -650.00M | ||
| Net Debt Issued (Repaid) | 4.98B | 492.00M | 2.62B | 1.55B | 399.00M | 1.37B |
| Issuance of Common Stock | 181.00M | 203.00M | 224.00M | 237.00M | 90.00M | 61.00M |
| Repurchase of Common Stock | -15.67B | -12.02B | -11.13B | -9.12B | -8.89B | -6.04B |
| Common Dividends Paid | -3.00B | -2.76B | -2.45B | -2.16B | -1.90B | -1.74B |
| Other Financing Activities | -108.00M | -100.00M | -104.00M | -20.00M | -212.00M | |
| Financing Cash Flow | -13.61B | -14.18B | -10.84B | -9.49B | -10.33B | -6.55B |
| Foreign Exchange Rate Adjustments | -129.00M | 333.00M | -199.00M | 128.00M | -103.00M | -153.00M |
| Net Cash Flow | 97.00M | 2.44B | 343.00M | 1.27B | -706.00M | -2.52B |
| Free Cash Flow | 16.08B | 17.16B | 14.31B | 11.61B | 10.75B | 9.06B |
| Free Cash Flow Margin | 44.32% | 52.33% | 50.79% | 46.26% | 48.36% | 47.96% |
| Free Cash Flow Per Share | 18.13 | 18.94 | 15.43 | 12.27 | 11.07 | 9.13 |
| Levered Free Cash Flow | 16.63B | 16.27B | 14.46B | 11.11B | 10.68B | 8.46B |
| Unlevered Free Cash Flow | 17.14B | 16.72B | 14.87B | 11.47B | 10.97B | 8.73B |
| Cash Interest Paid | 680.00M | 680.00M | 571.00M | 477.00M | 414.00M | 399.00M |
| Cash Income Tax Paid | 3.02B | 3.02B | 3.25B | 2.75B | 2.51B | 1.82B |
| Change in Working Capital | -4.90B | -1.44B | -1.04B | -1.94B | -904.00M | -916.00M |
Ratios
Fiscal year January - December; amounts in USD.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 573.67B | 512.65B | 483.30B | 399.97B | 334.33B | 353.05B |
| Enterprise Value | 587.09B | 521.00B | 490.32B | 407.66B | 340.52B | 359.61B |
| Last Close Price | 638.01 | 567.23 | 520.22 | 418.94 | 339.49 | 348.76 |
| PE Ratio | 34.46 | 34.25 | 37.54 | 35.73 | 33.67 | 40.64 |
| Forward PE | 29.62 | 31.04 | 33.59 | 31.20 | 30.18 | 36.62 |
| PS Ratio | 15.32 | 15.63 | 17.16 | 15.94 | 15.04 | 18.70 |
| PB Ratio | 82.39 | 66.18 | 74.18 | 57.16 | 52.43 | 47.63 |
| P/FCF Ratio | 34.56 | 29.88 | 33.78 | 34.45 | 31.09 | 38.98 |
| P/OCF Ratio | 32.96 | 29.05 | 32.70 | 33.39 | 29.86 | 37.31 |
| PEG Ratio | 1.72 | 2.14 | 2.37 | 1.81 | 1.45 | 1.47 |
| EV/Sales Ratio | 15.69 | 15.89 | 17.41 | 16.24 | 15.31 | 19.04 |
| EV/EBITDA Ratio | 24.72 | 25.36 | 28.26 | 26.56 | 25.34 | 32.71 |
| EV/EBIT Ratio | 26.11 | 26.85 | 29.80 | 28.02 | 26.84 | 35.02 |
| EV/FCF Ratio | 35.40 | 30.36 | 34.27 | 35.12 | 31.67 | 39.71 |
| Debt / Equity Ratio | 3.55 | 2.56 | 2.91 | 2.35 | 2.32 | 1.98 |
| Debt / EBITDA Ratio | 1.04 | 0.97 | 1.09 | 1.07 | 1.10 | 1.33 |
| Debt / FCF Ratio | 1.49 | 1.16 | 1.33 | 1.42 | 1.38 | 1.62 |
| Net Debt / Equity Ratio | 1.99 | 1.13 | 1.53 | 0.97 | 1.09 | 0.83 |
| Net Debt / EBITDA Ratio | 0.58 | 0.42 | 0.57 | 0.44 | 0.52 | 0.56 |
| Net Debt / FCF Ratio | 0.83 | 0.51 | 0.70 | 0.58 | 0.65 | 0.68 |
| Asset Turnover | 0.65 | 0.64 | 0.62 | 0.62 | 0.58 | 0.53 |
| Quick Ratio | 0.65 | 0.68 | 0.65 | 0.81 | 0.76 | 0.83 |
| Current Ratio | 1.01 | 1.03 | 1.03 | 1.17 | 1.17 | 1.29 |
| Return on Equity (ROE) | 231.37% | 209.91% | 190.56% | 167.41% | 144.03% | 124.73% |
| Return on Assets (ROA) | 24.45% | 23.72% | 22.72% | 22.40% | 20.76% | 18.01% |
| Return on Invested Capital (ROIC) | 90.98% | 93.57% | 89.58% | 85.18% | 76.83% | 73.23% |
| Return on Capital Employed (ROCE) | 64.20% | 61.80% | 57.00% | 55.60% | 51.70% | 41.90% |
| Earnings Yield | 2.90% | 2.92% | 2.66% | 2.80% | 2.97% | 2.46% |
| FCF Yield | 2.89% | 3.35% | 2.96% | 2.90% | 3.22% | 2.56% |
| Dividend Yield | 0.53% | 0.55% | 0.52% | 0.55% | 0.58% | 0.50% |
| Payout Ratio | 18.21% | 18.41% | 19.02% | 19.28% | 19.16% | 20.04% |
| Buyback Yield / Dilution | 2.63% | 2.27% | 2.01% | 2.57% | 2.12% | 1.39% |
| Total Shareholder Return | 3.18% | 2.81% | 2.53% | 3.13% | 2.70% | 1.89% |