Mastercard Inc financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Mastercard Inc files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	10,776	12,497	21,831	24,980	23,616	29,845	22,237	25,098	28,167	32,791
Selling and marketing	698	771	907	934	657	895	789	825	815	929
General and administrative	3,827	4,653	5,174	5,763	5,910	7,087	8,078	8,927	10,193	11,318
Operating expenses	5,015	5,875	7,668	7,219	7,220	8,802	9,973	11,090	12,585	13,894
Operating income	5,761	6,622	7,282	9,664	8,081	10,082	12,264	14,008	15,582	18,897
Interest expense	95	154	186	224	380	431	471	575	646	722
Other non-operating income	-115	-100	-78	67	-321	225	-532	-369	-328	-319
Pre-tax income	5,646	6,522	7,204	9,731	7,760	10,307	11,732	13,639	15,254	18,578
Income tax	1,587	2,607	1,345	1,613	1,349	1,620	1,802	2,444	2,380	3,610
Net income to minority interests	6	-1	6	-1	-73	9	13	12	16	21
Net income	4,059	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874	14,968
EBITDA	6,134	7,059	7,741	10,186	8,661	10,808	13,014	14,807	16,479	20,040
EPS, basic	3.70	3.67	5.63	7.98	6.40	8.79	10.26	11.86	13.91	16.54
EPS, diluted	3.69	3.65	5.60	7.94	6.37	8.76	10.22	11.83	13.89	16.52
Shares, basic (weighted)	1,098	1,067	1,041	1,017	1,002	988	968	944	925	905
Shares, diluted (weighted)	1,101	1,072	1,047	1,022	1,006	992	971	946	927	906
Dividend per share	0.79	0.91	1.08	1.39			2.04	2.37	2.74	3.15

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	6,721	5,933	6,682	6,988	10,113	7,421	7,008	8,588	8,442	10,566
Receivables	1,416	1,969	2,276	2,514	2,646	3,006	3,425	4,060	3,773	4,609
Other current assets	253	499	603	786	719	853	954	1,041	1,138	1,212
Total current assets	13,228	13,797	16,171	16,902	19,113	16,949	16,606	18,961	19,724	23,558
Property, plant and equipment	733	829	921	1,828	1,902	1,907	2,006	2,061	2,138	2,303
Lease right-of-use assets				711	748	671	679	686	681	750
Goodwill	1,756	3,035	2,904	4,021	4,960	7,662	7,522	7,660	9,193	9,560
Intangible assets	722	1,120	991	1,417	1,753	3,671	3,859	4,086	5,453	5,554
Other non-current assets	1,929	2,298	3,303	4,525	5,365	6,994	7,580	8,325	9,959	11,615
Total assets	18,675	21,329	24,860	29,236	33,584	37,669	38,724	42,448	48,081	54,157
Accounts payable	609	933	537	489	527	738	926	834	929	999
Accrued liabilities	3,318	3,931	4,747	5,489	5,430	6,642	7,801	8,517	10,393	13,272
Deferred revenue				1,370	1,696	1,873	1,568	1,845	1,874
Short-term debt		0	500	0	649	792	274	1,337	750	749
Total current liabilities	7,206	8,793	11,593	11,904	11,847	13,162	14,171	16,264	19,220	22,762
Long-term debt	5,180	5,424	5,834	8,527	12,023	13,109	13,749	14,344	17,476	18,251
Lease liabilities				656	726	645	630	633	627	676
Other non-current liabilities	524	1,438	1,877	2,729	3,111	3,591	4,034	4,474	4,553	5,091
Total liabilities	12,991	15,761	19,371	23,245	27,067	30,257	32,347	35,451	41,566	46,411
Total debt	5,180	5,424	6,334	8,527	12,672	13,901	14,023	15,681	18,226	19,000
Paid-in capital	4,183	4,365	4,580	4,787	4,982	5,061	5,298	5,893	6,442	6,907
Retained earnings	19,418	22,364	27,283	33,984	38,747	45,648	53,607	62,564	72,907	85,035
Treasury stock	-17,021	-20,764	-25,750	-32,205	-36,658	-42,588	-51,354	-60,429	-71,431	-83,224
Other comprehensive income	-924	-497	-718	-673	-680	-809	-1,253	-1,099	-1,433	-981
Shareholders' equity	5,656	5,468	5,395	5,893	6,391	7,312	6,298	6,929	6,485	7,737
Minority interests	28	29	23	24	97	71	58	46	30	9
Total equity	5,684	5,497	5,418	5,917	6,488	7,383	6,356	6,975	6,515	7,746
Total liabilities and equity	18,675	21,329	24,860	29,236	33,584	37,669	38,724	42,448	48,081	54,157

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	4,059	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874	14,968
Depreciation and amortization	373	437	459	522	580	726	750	799	897	1,143
Stock-based compensation	149	176	196	250	254	273	295	460	526	597
Deferred income tax	-20	86	-244	-7	73	-69	-651	-236	-527	57
Change in receivables	-338	-445	-317	-246	-86	-397	-481	-546	186	-642
Change in payables	145	290	101	-42	26	100	190	-99	75	45
Cash from operations	4,637	5,664	6,223	8,183	7,224	9,463	11,195	11,980	14,780	17,648
Capital expenditures	-215	-300	-330	-422	-339	-407	-442	-371	-474	-489
Acquisitions	0	-1,175	0	-1,440	-989	-4,436	-313	0	-2,511	0
Purchases of investments				-643	-220	-389	-267	-300	-508	-501
Sales and maturities of investments	339	500	379	376	140	291	211	191	262	232
Cash from investing	-1,163	-1,781	-506	-1,640	-1,879	-5,272	-1,470	-1,351	-3,402	-1,362
Debt issued	1,972	0	991	2,724	3,959	2,024	1,123	1,554	3,960	1,242
Debt repaid	0	-64	0	-500	0	-650	-724	0	-1,336	-750
Stock issued	37	57	104	126	97	61	90	237	224	203
Share buybacks	-3,511	-3,762	-4,933	-6,497	-4,473	-5,904	-8,753	-9,032	-10,954	-11,727
Dividends paid	-837	-942	-1,044	-1,345	-1,605	-1,741	-1,903	-2,158	-2,448	-2,756
Cash from financing	-2,344	-4,764	-4,966	-5,867	-2,152	-6,555	-10,328	-9,488	-10,836	-14,179
Exchange rate effect	-50	200	-6	-44	257	-153	-103	128	-199	333
Net change in cash	1,080	-681	745	632	3,450	-2,517	-706	1,269	343	2,440
Free cash flow	4,422	5,364	5,893	7,761	6,885	9,056	10,753	11,609	14,306	17,159
Interest paid	74	135	153	199	311	399	414	477	571
Income taxes paid	1,579	1,893	1,790	1,644	1,349	1,820	2,506	2,746	3,252	3,020

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $567.65 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Operating margin	58.3%	Operating income / revenue.
EBITDA margin	61.7%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	57.5%	Pre-tax income / revenue.
Net margin	46.3%	Net income / revenue.
FCF margin	47.6%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	49.7%	Cash from operations / revenue.
Effective tax rate	19.4%	Income tax / pre-tax income, when pre-tax income is positive.
Return on equity (ROE)	289.7%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	28.2%	Net income / average total assets.
Return on invested capital (ROIC)	87.0%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
Stock-based pay / revenue	1.8%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	2.1%	Capital expenditures / revenue.
D&A / revenue	3.4%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	16.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	13.8%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	6.8%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating income growth, 1y	21.3%	Operating income vs the same period a year earlier. Only from a positive base.
Operating income CAGR, 3y	15.5%	Compound annual growth of operating income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating income CAGR, 5y	18.5%	Compound annual growth of operating income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EBITDA growth, 1y	21.6%	EBITDA vs the same period a year earlier. Only from a positive base.
EBITDA CAGR, 3y	15.5%	Compound annual growth of ebitda over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EBITDA CAGR, 5y	18.3%	Compound annual growth of ebitda over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Net income growth, 1y	16.3%	Net income vs the same period a year earlier. Only from a positive base.
Net income CAGR, 3y	14.7%	Compound annual growth of net income over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Net income CAGR, 5y	18.5%	Compound annual growth of net income over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
EPS growth, 1y	18.9%	EPS vs the same period a year earlier. Only from a positive base.
EPS CAGR, 3y	17.4%	Compound annual growth of eps over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
EPS CAGR, 5y	21.0%	Compound annual growth of eps over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Operating cash flow growth, 1y	19.4%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	16.4%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	19.6%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	19.9%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	16.9%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	20.0%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Dividend per share growth, 1y	15.0%	Dividend per share vs the same period a year earlier. Only from a positive base.
Dividend per share CAGR, 3y	15.6%	Compound annual growth of dividend per share over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value growth, 1y	19.3%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	7.1%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	3.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	12.6%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	11.8%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	10.0%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	-2.3%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-2.3%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.06x	Current assets / current liabilities.
Quick ratio	0.65x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.45x	(Cash + short-term investments) / current liabilities.
Debt / equity	4.39x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	42.7%	Total debt / total assets.
Liabilities / assets	90.3%	Total liabilities / total assets.
Net debt	$13.35B	Total debt - cash - short-term investments. Negative means more cash than debt.
Net debt / EBITDA	0.62x	Net debt / EBITDA (twelve months), when EBITDA is positive.
Interest coverage	27.4x	Operating income / interest expense.
Working capital	$1.52B	Current assets - current liabilities.
Goodwill and intangibles / assets	25.9%	(Goodwill + intangible assets) / total assets.
Tangible book value	-$9.35B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.61x	Revenue / average total assets.
Fixed asset turnover	13.8x	Revenue / average property, plant and equipment.
Receivables turnover	6.95x	Revenue / average receivables.
Days sales outstanding	53 days	365 x average receivables / revenue.
FCF conversion	102.7%	Free cash flow / net income, when net income is positive.
Capex / operating cash flow	4.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
EPS, diluted	$18.41	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$39.73	Revenue / diluted weighted shares.
FCF per share	$18.92	Free cash flow / diluted weighted shares.
Operating cash flow per share	$19.75	Cash from operations / diluted weighted shares.
Book value per share	$6.35	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	-$10.59	Tangible book value / shares outstanding.
Cash per share	$12.79	(Cash + short-term investments) / shares outstanding.
Payout ratio	18.0%	Dividends paid / net income, when net income is positive.
Dividends / FCF	17.5%	Dividends paid / free cash flow, when free cash flow is positive.
Buybacks / FCF	94.7%	Share buybacks / free cash flow, when free cash flow is positive.

Valuation

Metric	Value	How it is calculated
Market cap	$497.27B	Share price x shares outstanding.
Enterprise value	$510.62B	Market cap + total debt - cash - short-term investments.
P/E	30.6x	Market cap / net income. Only when net income is positive.
P/S	14.2x	Market cap / revenue.
P/B	88.6x	Market cap / shareholders' equity. Only when equity is positive.
P/FCF	29.8x	Market cap / free cash flow. Only when free cash flow is positive.
P/OCF	28.5x	Market cap / cash from operations, when positive.
EV/Sales	14.6x	Enterprise value / revenue.
EV/EBIT	25.0x	Enterprise value / operating income, when both are positive.
EV/EBITDA	23.6x	Enterprise value / EBITDA, when both are positive.
EV/FCF	30.6x	Enterprise value / free cash flow, when both are positive.
FCF yield	3.4%	Free cash flow / market cap.
Earnings yield	3.3%	Net income / market cap (the inverse of P/E).
Dividend yield	0.6%	Dividends paid over the period / market cap.
Shareholder yield	3.8%	(Dividends paid + share buybacks) / market cap.
PEG	1.76x	P/E / EPS growth per year over 3 years (in percent). Only when both are positive.

What was Mastercard Inc's revenue in fiscal 2025?

Mastercard Inc reported revenue of $32.79B for fiscal 2025, 16.4% higher than the year before.

Was Mastercard Inc profitable in fiscal 2025?

Yes. Net income was $14.97B, a net margin of 45.6%.

How much free cash flow did Mastercard Inc generate in fiscal 2025?

Cash from operations of $17.65B minus capital expenditures of $489.0M left free cash flow of $17.16B.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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