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Mastercard vs PDD: revenue, profit, margins and growth compared

Mastercard brought in $32.8B of revenue in fiscal 2025, PDD $61.8B in fiscal 2025. Revenue changed by +16.4% at Mastercard and +14.5% at PDD on the year before, so Mastercard grew faster. Mastercard kept 45.6% of its revenue as net profit, PDD 22.7%.

Side by side, latest fiscal year

MAPDD
Fiscal year endedFY2025 (December 31, 2025)FY2025 (December 31, 2025)
Revenue$32.8B$61.8B
Revenue growth+16.4%+14.5%
Net income$15B$14B
Net margin45.6%22.7%
Free cash flow$17.2Bn/a
Free cash flow margin52.3%n/a
Earnings per share (diluted)$16.52$2.36
Cash$10.6B$15.6B
Debt$19Bn/a
Price to earnings34.4n/a
Market value$497.3B$110.4B
Dividend yield0.55%n/a
Rank by revenue in sector#31 of 778 · Consumer discretionary#14 of 778 · Consumer discretionary

Over the years

Revenue
MA FY2018: $21.8BMA FY2019: $25BMA FY2020: $23.6BMA FY2021: $29.8BMA FY2022: $22.2BMA FY2023: $25.1BMA FY2024: $28.2BMA FY2025: $32.8BPDD FY2018: $1.9BPDD FY2019: $4.3BPDD FY2020: $9.1BPDD FY2020: $14.7BPDD FY2022: $18.9BPDD FY2023: $34.9BPDD FY2024: $54BPDD FY2025: $61.8BFY18FY19FY20FY21FY22FY23FY24FY25
MA $32.8BPDD $61.8B
Net income
MA FY2018: $5.9BMA FY2019: $8.1BMA FY2020: $6.4BMA FY2021: $8.7BMA FY2022: $9.9BMA FY2023: $11.2BMA FY2024: $12.9BMA FY2025: $15BPDD FY2018: -$1.5BPDD FY2019: -$1BPDD FY2020: -$1.1BPDD FY2020: $1.2BPDD FY2022: $4.6BPDD FY2023: $8.5BPDD FY2024: $15.4BPDD FY2025: $14BFY18FY19FY20FY21FY22FY23FY24FY25
MA $15BPDD $14B
Net margin
MA FY2018: 26.8%MA FY2019: 32.5%MA FY2020: 27.1%MA FY2021: 29.1%MA FY2022: 44.7%MA FY2023: 44.6%MA FY2024: 45.7%MA FY2025: 45.6%PDD FY2018: -77.9%PDD FY2019: -23.1%PDD FY2020: -12.1%PDD FY2020: 8.3%PDD FY2022: 24.2%PDD FY2023: 24.2%PDD FY2024: 28.5%PDD FY2025: 22.7%FY18FY19FY20FY21FY22FY23FY24FY25
MA 45.6%PDD 22.7%
Revenue growth
MA FY2019: +14.4%MA FY2020: -5.5%MA FY2021: +26.4%MA FY2022: -25.5%MA FY2023: +12.9%MA FY2024: +12.2%MA FY2025: +16.4%PDD FY2019: +126.9%PDD FY2020: +110.6%PDD FY2020: +61.7%PDD FY2022: +28.4%PDD FY2023: +84.3%PDD FY2024: +54.7%PDD FY2025: +14.5%FY19FY20FY21FY22FY23FY24FY25
MA +16.4%PDD +14.5%
Free cash flow
MA FY2018: $5.9BMA FY2019: $7.8BMA FY2020: $6.9BMA FY2021: $9.1BMA FY2022: $10.8BMA FY2023: $11.6BMA FY2024: $14.3BMA FY2025: $17.2BPDD FY2018: $1.1BPDD FY2019: $2.1BPDD FY2020: $4.3BFY18FY19FY20FY21FY22FY23FY24FY25
MA $17.2BPDD $4.3B

Fiscal years as each company reports them; the two may end in different months.

Questions about Mastercard and PDD

Which is bigger by revenue, Mastercard or PDD?

PDD is bigger by revenue: $61.8B in fiscal 2025, against $32.8B for Mastercard in fiscal 2025.

Which keeps more of its revenue as profit, Mastercard or PDD?

Mastercard had a net margin of 45.6% in fiscal 2025; PDD had 22.7% in fiscal 2025.

Which grew revenue faster, Mastercard or PDD?

In their latest fiscal years revenue changed by +16.4% at Mastercard and +14.5% at PDD.

Where do these numbers come from?

From the annual reports each company files with the SEC (10-K, or 20-F and 40-F for foreign companies), read from their XBRL data. Margins and growth are simple arithmetic on those figures. Nothing here is a recommendation.

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