Mastercard Inc. Class A Common Stock (MA) Financials

EPS

Hollow marker is the consensus estimate; filled is the reported figure, colored by beat or miss.

Revenue

Outlined bar is the consensus estimate; solid is reported.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
Q1 26	$4.41	$4.6	+4.3%	—	$8.4B	—
Q4 25	$4.24	$4.76	+12.3%	—	$8.8B	—
Q3 25	$4.31	$4.38	+1.6%	—	$8.6B	—
Q2 25	$4.02	$4.15	+3.2%	—	$8.1B	—
Q1 25	$3.56	$3.73	+4.8%	—	$7.3B	—
Q4 24	$3.69	$3.82	+3.5%	—	$7.5B	—
Q3 24	$3.75	$3.89	+3.7%	—	$7.4B	—
Q2 24	$3.51	$3.59	+2.3%	—	$7B	—
Q1 24	$3.24	$3.31	+2.2%	—	$6.3B	—
Q4 23	$3.08	$3.18	+3.2%	—	$6.5B	—
Q3 23	$3.21	$3.39	+5.6%	—	$6.5B	—
Q2 23	$2.83	$2.89	+2.1%	—	$6.3B	—
Q1 23	$2.71	$2.8	+3.3%	—	$5.7B	—
Q4 22	$2.58	$2.65	+2.7%	—	$5.8B	—
Q3 22	$2.57	$2.68	+4.3%	—	$5.8B	—
Q2 22	$2.36	$2.56	+8.5%	—	$5.5B	—

EPS

Reported per-share earnings by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Revenue

Reported revenue by fiscal year; the line turns dotted where reported figures end and the analyst consensus begins, with the shaded band marking the low–high range.

Results

Periods without a consensus estimate or a reported figure show a dash.

Period	EPS estimate	EPS actual	EPS surprise %	Revenue estimate	Revenue actual	Revenue surprise %
FY25	—	$16.5	—	—	$32.8B	—
FY24	—	$13.9	—	—	$28.2B	—
FY23	—	$11.9	—	—	$25.1B	—
FY22	—	$10.3	—	—	$22.2B

Total revenue

Reported revenue per period; the line is the change from the same period a year earlier, on its own left axis.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	$10.8B	$12.5B	$14.9B	$16.9B	$15.3B	$18.9B	$22.2B	$25.1B	$28.2B	$32.8B
YoY change	+11.5%	+16%	+19.6%	+12.9%	-9.37%	+23.4%	+17.8%	+12.9%	+12.2%	+16.4%

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Revenue	10.8B	12.5B	14.9B	16.9B	15.3B	18.9B	22.2B	25.1B	28.2B	32.8B
Cost of revenue	2.2B	2.7B	3.2B	3.5B	3.8B	4.5B	5.3B	6B	6.7B	7.3B
Gross profit	8.6B	9.8B	11.7B	13.3B	11.5B	14.4B	17B	19.1B	21.5B	25.5B
Gross margin	79.4%	78.5%	78.5%	79%	75.2%	76.2%	76.3%	76%	76.3%	77.9%
Research & development	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	2.3B	2.6B	2.9B	3.1B	2.8B	3.4B	3.5B	3.6B	4.3B	4.9B
Operating expenses	2.3B	2.6B	2.9B	3.1B	2.8B	3.4B	3.5B	3.6B	4.3B	4.9B
Operating income	5.9B	6.7B	8.4B	9.7B	8.2B	10.2B	12.7B	14.6B	16.3B	19.5B
Operating margin	54.9%	54%	56%	57.4%	53.3%	54.2%	57.2%	58.3%	58%	59.5%
Non-operating income, net	-171M	-67M	-984M	259M	-23M	511M	-519M	-416M	-427M	-214M
Pretax income	5.6B	6.5B	7.2B	9.7B	7.8B	10.3B	11.7B	13.6B	15.3B	18.6B
Income tax	1.6B	2.6B	1.3B	1.6B	1.3B	1.6B	1.8B	2.4B	2.4B	3.6B
Net income	4.1B	3.9B	5.9B	8.1B	6.4B	8.7B	9.9B	11.2B	12.9B	15B
Net margin	37.7%	31.3%	39.2%	48.1%	41.9%	46%	44.7%	44.6%	45.7%	45.6%
EBITDA	6.2B	7.2B	8.8B	10.2B	8.7B	11B	13.5B	15.4B	17.2B	20.8B
EPS	3.7	3.67	5.63	7.98	6.4	8.79	10.3	11.9	13.9	16.5
Diluted EPS	3.69	3.65	5.6	7.94	6.37	8.76	10.2	11.8	13.9	16.5

Revenue and profits

Revenue, gross profit, operating income, and net income per period.

Condensed income statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	6.5B	6.5B	6.3B	7B	7.4B	7.5B	7.3B	8.1B	8.6B	8.8B	8.4B	9.3B
Cost of revenue	1.6B	1.5B	1.5B	1.6B	1.9B	1.7B	1.7B	1.9B	1.9B	1.8B	2B	1.9B
Gross profit	5B	5B	4.8B	5.4B	5.5B	5.8B	5.6B	6.3B	6.7B	7B	6.4B	7.3B
Gross margin	75.9%	76.7%	76.1%	76.9%	74.2%	77.9%	76.7%	77.2%	78%	79.4%	75.7%	79%
Research & development	—	—	—	—	—	—	—	—	—	—	—	—
Selling, general & administrative	880M	1.1B	860M	990M	1B	1.4B	986M	1.1B	1.2B	1.6B	1.1B	1.3B
Operating expenses	880M	1.1B	860M	990M	1B	1.4B	986M	1.1B	1.2B	1.6B	1.1B	1.3B
Operating income	3.9B	3.7B	3.8B	4.1B	4.2B	4.2B	4.3B	4.9B	5.2B	5.1B	5B	5.7B
Operating margin	59.2%	56.5%	59.2%	59.5%	56.9%	56.5%	59.3%	60.4%	60.1%	58.2%	59.1%	61.7%
Non-operating income, net	43M	-229M	-50M	-47M	-171M	-159M	-88M	-47M	15M	-94M	32M	-24M
Pretax income	3.8B	3.3B	3.6B	3.9B	3.9B	3.9B	4B	4.7B	5B	4.9B	4.8B	5.5B
Income tax	563M	530M	547M	681M	603M	549M	751M	971M	1.1B	816M	930M	1.1B
Net income	3.2B	2.8B	3B	3.3B	3.3B	3.3B	3.3B	3.7B	3.9B	4.1B	3.9B	4.4B
Net margin	49%	42.6%	47.4%	46.8%	44.3%	44.6%	45.2%	45.5%	45.7%	46.1%	46.2%	47.3%
EBITDA	4.1B	3.9B	4B	4.4B	4.4B	4.5B	4.6B	5.2B	5.5B	5.6B	5.3B	6.1B
EPS	3.4	2.98	3.23	3.51	3.54	3.64	3.6	4.08	4.35	4.53	4.35	4.98
Diluted EPS	3.39	2.97	3.22	3.5	3.53	3.64	3.59	4.07	4.34	4.52	4.35	4.97

P/E

Annual history by fiscal year; click a table row below to chart a different metric.

Current values are trailing twelve months where available, otherwise the latest fiscal year; unreported figures show a dash.

Key stats

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Market cap	113.4B	161.5B	196.4B	303.7B	357.7B	355B	336.6B	402.6B	487.1B	516.6B	497.8B
Enterprise value	110.2B	159.1B	194.3B	304.5B	359.7B	361B	343.2B	409.1B	496.5B	524.7B	510.3B
Shares outstanding	1.1B	1.1B	1B	1B	1B	988M	968M	944M	925M	905M	905M

Valuation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
P/E	27.9	41.3	33.5	37.4	55.8	40.9	33.9	36	37.8	34.5	31.2
P/S	10.5	12.9	13.1	18	23.4	18.8	15.1	16	17.3	15.8	14.2
P/B	19.9	29	35.8	50.7	54.9	47.9	52.8	57.5	74.8	66.7	88.7
EV/EBITDA	17.7	22.2	22	29.7	41.1	33	25.4	26.5	28.8	25.2	23
EV/Sales	10.2	12.7	13	18	23.5	19.1	15.4	16.3	17.6	16	14.5
Earnings yield	3.58%	2.42%	2.98%	2.67%	1.79%	2.45%	2.95%	2.78%	2.64%	2.9%	3.21%
FCF yield	3.75%	3.25%	2.91%	2.45%	1.82%	2.44%	3%	2.71%	2.79%	3.18%	3.41%
PEG	—	—	—	—	—	—	—	—	—	—	1.41

Profitability

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Gross margin	79.4%	78.5%	78.5%	79%	75.2%	76.2%	76.3%	76%	76.3%	77.9%	79%
Operating margin	54.9%	54%	56%	57.4%	53.3%	54.2%	57.2%	58.3%	58%	59.5%	61.1%
Net margin	37.7%	31.3%	39.2%	48.1%	41.9%	46%	44.7%	44.6%	45.7%	45.6%	46.3%
ROE	71.4%	70.3%	106.7%	135.5%	98.4%	117.2%	155.7%	160%	197.6%	193.2%	241.2%
ROA	21.7%	18.4%	23.6%	27.8%	19.1%	23.1%	25.6%	26.4%	26.8%	27.6%	24.1%
ROIC	168.1%	126.1%	197.7%	118.2%	78.5%	64.2%	82.9%	89%	86.3%	99.2%	90.8%
Return on tangible assets	29.6%	30.1%	34.3%	44.2%	31.8%	57.9%	62.2%	59.1%	68.5%	62.6%	58.6%

Financial health

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Current ratio	1.84	1.57	1.39	1.42	1.61	1.29	1.17	1.17	1.03	1.03	1.06
Quick ratio	1.84	1.57	1.39	1.42	1.61	1.29	1.17	1.17	1.03	1.03	1.06
Debt / equity	0.91	0.97	1.15	1.42	1.94	1.88	2.2	2.24	2.8	2.45	4.4
Debt / assets	0.28	0.25	0.25	0.29	0.38	0.37	0.36	0.37	0.38	0.35	0.43
Net debt / EBITDA	-0.51	-0.33	-0.23	0.08	0.24	0.55	0.49	0.42	0.55	0.39	0.58
Interest coverage	60.4	43.4	39.7	44.4	21.4	24.9	25.9	24.7	24.6	26.7	28
Effective tax rate	28.1%	40%	18.7%	16.6%	17.4%	15.7%	15.4%	17.9%	15.6%	19.4%	19.4%

Per share

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Revenue per share	9.81	11.7	14.4	16.6	15.3	19.1	23	26.6	30.5	36.2	39.3
EPS (basic)	3.7	3.67	5.63	7.98	6.4	8.79	10.3	11.9	13.9	16.5	16.5
EPS (diluted)	3.69	3.65	5.6	7.94	6.37	8.76	10.2	11.8	13.9	16.5	18.2
Book value per share	5.18	5.22	5.27	5.89	6.5	7.5	6.59	7.41	7.04	8.56	6.4
FCF per share	3.88	4.91	5.49	7.33	6.5	8.75	10.4	11.5	14.7	18.2	18.1
Cash per share	7.59	7.29	8.05	7.55	10.6	7.99	7.65	9.72	9.48	12	13.3
Capex per share	0.2	0.28	0.32	0.41	0.34	0.41	0.46	0.39	0.51	0.8	0.82

Capital allocation

Metric	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25	Current
Capex / revenue	2%	2.4%	2.21%	2.5%	2.22%	2.16%	1.99%	1.48%	1.68%	2.21%	2.07%
Capex / operating cash flow	4.21%	5.44%	5.64%	4.21%	3.75%	3.74%	3.71%	2.6%	2.9%	4.11%	4.17%
Payout ratio	20.6%	24.1%	17.8%	16.6%	25%	20%	19.2%	19.3%	19%	18.4%	17.9%
Dividend yield	0.74%	0.58%	0.53%	0.44%	0.45%	0.49%	0.57%	0.54%	0.5%	0.53%	0.61%

Yield

0.61%

trailing twelve months

Frequency

Quarterly

Last dividend

$0.87

ex-dividend Jul 9, 2026

Payout ratio

18%

of earnings

Dividend growth

14 years

consecutive annual raises

Dividend per share

Split-adjusted payout per share by ex-dividend date.

Recent payouts

Ex-dividend	Amount
Jul 9, 2026	$0.87
Apr 9, 2026	$0.87
Jan 9, 2026	$0.87

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Revenue	$6.5B	$6.5B	$6.3B	$7B	$7.4B	$7.5B	$7.3B	$8.1B	$8.6B	$8.8B	$8.4B	$9.3B
YoY change	+13.5%	+12.6%	+10.4%	+11%	+12.8%	+14.4%	+14.2%	+16.8%	+16.7%	+17.6%	+15.8%	+14.1%

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Cash & short-term investments	8.3B	7.8B	8.4B	7.7B	10.6B	7.9B	7.4B	9.2B	8.8B	10.9B
Receivables	1.4B	2B	2.3B	2.5B	2.6B	3B	3.4B	4.1B	3.8B	4.6B
Inventory	—	—	—	—	—	—	—	—	—	—
Total current assets	13.2B	13.8B	16.2B	16.9B	19.1B	16.9B	16.6B	19B	19.7B	23.6B
Property, plant & equipment	199M	374M	440M	1.3B	1.4B	1.3B	1.4B	1.4B	1.4B	1.6B
Goodwill & intangibles	5B	8.3B	7.8B	10.9B	13.4B	22.7B	22.8B	23.5B	29.3B	30.2B
Total assets	18.7B	21.3B	24.9B	29.2B	33.6B	37.7B	38.7B	42.4B	48.1B	54.2B
Accounts payable	609M	933M	537M	489M	527M	738M	926M	834M	929M	999M
Short-term debt	—	—	500M	—	649M	792M	274M	1.3B	750M	749M
Total current liabilities	7.2B	8.8B	11.6B	11.9B	11.8B	13.2B	14.2B	16.3B	19.2B	22.8B
Long-term debt	5.2B	5.4B	5.8B	8.5B	12B	13.1B	13.7B	14.3B	17.5B	18.3B
Total liabilities	13B	15.8B	19.4B	23.2B	27.1B	30.3B	32.3B	35.5B	41.6B	46.4B
Shareholders' equity	5.7B	5.6B	5.5B	6B	6.5B	7.4B	6.4B	7B	6.5B	7.7B
Total debt	5.2B	5.4B	6.3B	8.5B	12.7B	13.9B	14B	15.7B	18.2B	19B
Net debt	-1.5B	-509M	-348M	1.5B	2.6B	6.5B	7B	7.1B	9.8B	8.4B

Assets vs. liabilities & equity

What the company owns (left stack) against what it owes plus shareholders' equity (right stack). The two stacks should match — that's the balance.

Condensed balance sheet

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Cash & short-term investments	—	—	—	—	—	—	—	—	10.6B	10.9B	8.2B	11.6B
Receivables	—	—	—	—	—	—	—	—	4.2B	4.6B	4.7B	5B
Inventory	—	—	—	—	—	—	—	—	—	—	—	—
Total current assets	—	—	—	—	—	—	—	—	23.2B	23.6B	22.5B	26.5B
Property, plant & equipment	—	—	—	—	—	—	—	—	-2.7B	1.6B	-2.8B	-2.9B
Goodwill & intangibles	—	—	—	—	—	—	—	—	30.3B	30.2B	30B	29.9B
Total assets	—	—	—	—	—	—	—	—	53.3B	54.2B	52.4B	57.7B
Accounts payable	—	—	—	—	—	—	—	—	935M	999M	1B	1.1B
Short-term debt	1.3B	—	—	1.1B	—	—	—	—	—	749M	1.7B	2.5B
Total current liabilities	—	—	—	—	—	—	—	—	20.7B	22.8B	22.9B	25B
Long-term debt	—	—	—	—	—	—	—	—	19B	18.3B	17.2B	22.2B
Total liabilities	—	—	—	—	—	—	—	—	45.4B	46.4B	45.7B	52.1B
Shareholders' equity	—	—	—	—	—	—	—	—	7.9B	7.7B	6.7B	5.6B
Total debt	1.3B	—	—	1.1B	—	—	—	—	19B	19B	19B	24.6B
Net debt	—	—	—	—	—	—	—	—	8.7B	8.4B	11.1B	13.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	FY16	FY17	FY18	FY19	FY20	FY21	FY22	FY23	FY24	FY25
Net income	4.1B	3.9B	5.9B	8.1B	6.4B	8.7B	9.9B	11.2B	12.9B	15B
Depreciation & amortization	373M	437M	459M	522M	580M	726M	750M	799M	897M	1.1B
Stock-based compensation	101M	176M	196M	250M	254M	273M	295M	460M	526M	597M
Change in working capital	-295M	-323M	-1.7B	-34M	626M	-131M	-36M	428M	556M	437M
Operating cash flow	5.1B	5.5B	5.9B	10B	9B	10.9B	11.9B	14.3B	16.3B	17.6B
Capital expenditure	-215M	-300M	-330M	-422M	-339M	-407M	-442M	-371M	-474M	-726M
Investing cash flow	-996M	-1.7B	-332M	-1.3B	-1.5B	-4.9B	-815M	-634M	-2.7B	-873M
Dividends paid	-837M	-942M	-1B	-1.3B	-1.6B	-1.7B	-1.9B	-2.2B	-2.4B	-2.8B
Share repurchases	-3.5B	-3.8B	-4.9B	-6.5B	-4.5B	-5.9B	-8.8B	-9B	-11B	-11.7B
Financing cash flow	-2.4B	-4.8B	-5.1B	-6B	-2.2B	-6.6B	-10.4B	-9.7B	-11.1B	-14.4B
Net change in cash	1.7B	-961M	453M	2.7B	5.3B	-588M	685M	3.9B	2.6B	2.4B
Free cash flow	4.3B	5.2B	5.7B	7.5B	6.5B	8.6B	10.1B	10.9B	13.6B	16.4B

Cash generation and uses

Cash from operations, what's left after capex, and what went back to shareholders. Bars below the line are cash going out.

Condensed cash flow statement

Click a row to chart it; unreported figures show a dash.

Period	Q3 23	Q4 23	Q1 24	Q2 24	Q3 24	Q4 24	Q1 25	Q2 25	Q3 25	Q4 25	Q1 26	Q2 26
Net income	3.2B	2.8B	3B	3.3B	3.3B	3.3B	3.3B	3.7B	3.9B	4.1B	3.9B	4.4B
Depreciation & amortization	211M	205M	216M	225M	225M	231M	275M	281M	290M	297M	299M	309M
Stock-based compensation	131M	86M	108M	155M	155M	108M	129M	179M	177M	112M	136M	190M
Change in working capital	-113M	675M	-40M	-351M	632M	315M	239M	-409M	415M	-193M	-398M	-722M
Operating cash flow	3.6B	4.1B	3.7B	3.7B	4.6B	4.3B	4.5B	4.6B	5.7B	5B	3B	3.8B
Capital expenditure	-104M	-77M	-157M	-115M	-107M	-95M	-159M	-169M	-181M	-178M	-181M	-187M
Investing cash flow	-392M	-22M	47M	-113M	-93M	-12M	-142M	-187M	-196M	-309M	-208M	-226M
Dividends paid	-538M	-534M	-616M	-615M	-611M	-606M	-694M	-691M	-687M	-684M	-777M	-771M
Share repurchases	-1.9B	-1.8B	-2B	-2.6B	-2.9B	-3.5B	-2.5B	-2.3B	-3.3B	-3.6B	-4B	-4.9B
Financing cash flow	-2.4B	-2.4B	-2.8B	-3.3B	-905M	-4.1B	-3B	-3.1B	-4B	-4.3B	-5B	-97M
Net change in cash	792M	1.7B	1B	266M	3.6B	192M	1.3B	1.3B	1.4B	443M	-2.2B	3.5B
Free cash flow	3B	3.9B	1.3B	2.8B	4.9B	4.6B	2B	4.4B	5.3B	4.7B	2.7B	3.3B

Mastercard Inc. Class A Common Stock Financials

EPS

Revenue

Results

EPS

Revenue

Results

Total revenue

Total revenue

Revenue and profits

Condensed income statement

Revenue and profits

Condensed income statement

P/E

Key stats

Valuation

Profitability

Financial health

Per share

Capital allocation

Dividend per share

Recent payouts

Assets vs. liabilities & equity

Condensed balance sheet

Assets vs. liabilities & equity

Condensed balance sheet

Cash generation and uses

Condensed cash flow statement

Cash generation and uses

Condensed cash flow statement

Split history