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Mastercard

MA NYSE Transaction & Payment Processing Services Financials FY2016–FY2025

Mastercard's revenue rose 16.4% to $32.8 billion in fiscal 2025. Its operating margin was 57.6%, up from 55.3% a year earlier. Free cash flow was $17.2 billion, up 19.9%. It paid out $14.5 billion in dividends and buybacks, 84% of free cash flow. The diluted share count fell 2.3%.

Last close · Oct 23, 2026

$623.60

1.5%
Value it Compare
Revenue Total sales reported in the income statement.
$32.8B
16.4% vs prior year
Operating margin Operating income as a share of revenue.
57.6%
2.3 pts
Net income Profit after all expenses, interest and tax.
$15.0B
16.3%
Free cash flow Cash from operations minus capital spending.
$17.2B
19.9%
Return on capital After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
93.8%
7.1 pts
Market cap Last close times the latest diluted share count, so it is approximate.
$550.6B
Oct 23 close
P/E Last close divided by diluted earnings per share over the last four quarters.
34.3x
On $18.18 EPS (TTM)

What Mastercard does

Mastercard runs a global payments network. When someone pays with a Mastercard-branded card or another supported payment method, the network handles the transaction: it authorizes the payment, clears it and settles it between the banks and the merchant. Its customers are banks and other financial institutions, merchants, governments, digital partners and businesses. It sells under the Mastercard, Maestro and Cirrus brands.

The 10-K reports net revenue of $32.8B for 2025. Besides switching payments, Mastercard sells services built around them, such as fraud and security tools, identity checks, data and market insights, and services that help issuers sign up and engage cardholders. It also offers account-to-account payments through automated clearing house (ACH) networks and money-transfer products under the name Mastercard Move.

Mastercard names three priorities: consumer payments, commercial and new payment flows, and services. It says it competes worldwide with payment networks such as Visa, American Express, JCB, China UnionPay and Discover, and notes that banks can issue both Mastercard products and competing ones.

Legal name
Mastercard Incorporated
Fiscal year ends
December 31, 2025
Latest annual report
10-K · Feb 11, 2026
Accession · CIK
0001141391-26-000013
0001141391

Revenue and margins

Mastercard had $32.8B of revenue in fiscal 2025, up 16.4% on the year before.

Revenue
Revenue
Margins, % of revenue
Gross Operating Net FCF
Margins, % of revenue
Gross Operating Net FCF

Net income and earnings per share

From fiscal 2016 to 2025, diluted EPS grew 18.1% a year. Loss periods are shown in red.

Net income
Net income
Diluted EPS
Diluted EPS

Returns on capital

After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.

Return on capital, equity and assets (annual)
Return on capital Return on equity Return on assets

Cash flow

Free cash flow was $17.2B in fiscal 2025, 52.3% of revenue. Cash from operations minus capital spending.

Free cash flow
Free cash flow
Cash from operations vs capital spending
Cash from operations Capital spending
Cash from operations vs capital spending
Cash from operations Capital spending

Dividends, buybacks and share count

Mastercard returned $14.5B to shareholders in fiscal 2025, 84% of free cash flow. The diluted share count fell 2.3%.

Dividends and buybacks
Dividends Buybacks
Dividends and buybacks
Dividends Buybacks
Diluted shares outstanding (annual)

Value Mastercard yourself

Change the assumptions and see what they imply per share. These are models, not forecasts or price targets — the answer depends entirely on what you put in.

Discounted cash flow

Value per share

—

Adds net cash of −$8.4B and divides by 906.0M diluted shares. Ten years of cash flows plus a terminal value, discounted to today.

Earnings multiple

Value per share

—

Reference multiples: today 34.3x · peers 10.7x · sector 13.7x.

Balance sheet

Cash, debt and the ratios that show how comfortably Mastercard can carry it.

Cash vs debt (incl. leases)
Cash Debt
Fiscal year endFY21FY22FY23FY24FY25
Cash and short-term investments $7.4B$7.0B$8.6B$8.4B$10.6B
Debt incl. finance leases $13.9B$14.0B$15.7B$18.2B$19.0B
Net debt / EBITDA 0.6x0.5x0.5x0.6x0.4x
Debt / equity 1.9x2.2x2.3x2.8x2.5x
Interest coverage 23.4x26.0x24.4x24.1x26.2x
Current ratio 1.3x1.2x1.2x1.0x1.0x
Quick ratio 1.3x1.2x1.2x1.0x1.0x
Total assets $37.7B$38.7B$42.4B$48.1B$54.2B
Total liabilities $30.3B$32.3B$35.5B$41.6B$46.4B
Shareholders' equity $7.3B$6.3B$6.9B$6.5B$7.7B
Net debt (− = net cash) $6.5B$7.0B$7.1B$9.8B$8.4B

Insider trades

Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. 'Plan' marks trades under a pre-arranged Rule 10b5-1 plan.

Bought, 12 months

$0.0M

0 insiders

Sold, 12 months

$33.7M

5 insiders

Of sales under plans

100%

$33.7M

DateInsiderTradeSharesPriceValueFiling
Oct 16, 2026 Hai LingChief Financial Officer Sold plan 4,317 $620.00 $2.7M Form 4
Oct 12, 2026 Julius GenachowskiDirector Sold plan 370 $590.21 $0.2M Form 4
Oct 9, 2026 Julius GenachowskiDirector Sold plan 371 $585.01 $0.2M Form 4
Sep 2, 2026 Sachin J. MehraChief Business Officer Sold plan 3,266 $584.00 $1.9M Form 4
Aug 31, 2026 Linda Pistecchia KirkpatrickChief Services Officer Sold plan 923 $593.54 $0.5M Form 4
Aug 20, 2026 Sachin J. MehraChief Business Officer Sold plan 1,000 $572.07 $0.6M Form 4
Aug 19, 2026 Sachin J. MehraChief Business Officer Sold plan 7,444 $577.13 $4.3M Form 4
Aug 17, 2026 Linda Pistecchia KirkpatrickChief Services Officer Sold plan 1,191 $565.24 $0.7M Form 4
Aug 5, 2026 Michael MiebachPresident & CEO, Director Sold plan 15,372 $575.00 $8.8M Form 4
Aug 5, 2026 Sachin J. MehraChief Business Officer Sold plan 3,000 $571.87 $1.7M Form 4
Aug 4, 2026 Linda Pistecchia KirkpatrickChief Services Officer Sold plan 4,280 $570.31 $2.4M Form 4
Aug 3, 2026 Michael MiebachPresident & CEO, Director Sold plan 16,628 $580.00 $9.6M Form 4

Piotroski F-score

Nine pass/fail tests of profitability, funding and efficiency. 8–9 is strong, 0–2 weak.

TestFY23FY24FY25
Net income is positive ✓ ✓ ✓
Cash from operations is positive ✓ ✓ ✓
Return on assets rose ✓ ✓ ✓
Cash from operations exceeds net income ✓ ✓ ✓
Debt fell relative to assets ✕ ✕ ✓
Current ratio rose ✕ ✕ ✓
Share count didn't rise ✓ ✓ ✓
Gross margin rose — — —
Revenue rose relative to assets ✓ ✓ ✓
F-score 6 / 86 / 88 / 8
Accruals ratio −1.9%−4.2%−5.2%
Altman Z'' 7.657.357.74

Similar companies

Each company's latest fiscal year. Fiscal years end in different months, so periods don't line up exactly.

CompanyMarket capGrowthOp. marginFCF marginROICP/EF-score
Mastercard MA $550.6B 16.4% 57.6% 52.3% 93.8% 34.3x 8
PayPal PYPL $52.5B 4.3% 18.3% 16.8% 25.7% 10.7x 7 Compare →
Visa V — 11.3% 60.0% 53.9% 42.4% — — Compare →
Block XYZ $46.5B 0.3% 7.1% 10.0% 6.4% 136.5x 5 Compare →
Fiserv FISV $26.6B 3.6% 27.5% 20.3% 9.0% 9.6x 6 Compare →

10 years of figures

US$ millions unless stated. Hover a ratio's name for its definition.

Download CSV
Fiscal yearFY16FY17FY18FY19FY20FY21FY22FY23FY24FY25
Income statement
Revenue $10.8B $12.5B $15.0B $16.9B $15.3B $18.9B $22.2B $25.1B $28.2B $32.8B
Operating income $5.8B $6.6B $7.3B $9.7B $8.1B $10.1B $12.3B $14.0B $15.6B $18.9B
Interest expense $95.0M $154M $186M $224M $380M $431M $471M $575M $646M $722M
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 $15.0B
Diluted EPS $3.69 $3.65 $5.60 $7.94 $6.37 $8.76 $10.22 $11.83 $13.89 $16.52
Diluted shares 1.10B 1.07B 1.05B 1.02B 1.01B 0.99B 0.97B 0.95B 0.93B 0.91B
Cash flow
Cash from operations $4.6B $5.7B $6.2B $8.2B $7.2B $9.5B $11.2B $12.0B $14.8B $17.6B
Capital expenditure $215M $300M $330M $422M $339M $407M $442M $371M $474M $489M
Free cash flow $4.4B $5.4B $5.9B $7.8B $6.9B $9.1B $10.8B $11.6B $14.3B $17.2B
Depreciation and amortization $373M $436M $459M $522M $580M $726M $750M $799M $897M $1.1B
Stock-based compensation $149M $176M $196M $250M $254M $273M $295M $460M $526M $597M
Acquisitions $0.0M $1.2B $0.0M $1.4B $989M $4.4B $313M $0.0M $2.5B $0.0M
Share buybacks $3.5B $3.8B $4.9B $6.5B $4.5B $5.9B $8.8B $9.0B $11.0B $11.7B
Dividends paid $837M $942M $1.0B $1.3B $1.6B $1.7B $1.9B $2.2B $2.4B $2.8B
Dividends and buybacks $4.3B $4.7B $6.0B $7.8B $6.1B $7.6B $10.7B $11.2B $13.4B $14.5B
Balance sheet
Cash and short-term investments $6.7B $5.9B $6.7B $7.0B $10.1B $7.4B $7.0B $8.6B $8.4B $10.6B
Total debt $5.2B $5.4B $6.3B $8.5B $12.7B $13.9B $14.0B $15.7B $18.2B $19.0B
Finance lease liabilities $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Current assets $13.2B $13.8B $16.2B $16.9B $19.1B $16.9B $16.6B $19.0B $19.7B $23.6B
Current liabilities $7.2B $8.8B $11.6B $11.9B $11.8B $13.2B $14.2B $16.3B $19.2B $22.8B
Inventory $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M $0.0M
Property and equipment, net $733M $829M $921M $1.8B $1.9B $1.9B $2.0B $2.1B $2.1B $2.3B
Total assets $18.7B $21.3B $24.9B $29.2B $33.6B $37.7B $38.7B $42.4B $48.1B $54.2B
Total liabilities $13.0B $15.8B $19.4B $23.2B $27.1B $30.3B $32.3B $35.5B $41.6B $46.4B
Shareholders' equity $5.7B $5.5B $5.4B $5.9B $6.4B $7.3B $6.3B $6.9B $6.5B $7.7B
Margins
Operating margin 53.5% 53.0% 48.7% 57.2% 52.8% 53.4% 55.2% 55.8% 55.3% 57.6%
EBITDA margin 56.9% 56.5% 51.8% 60.3% 56.6% 57.2% 58.5% 59.0% 58.5% 61.1%
Net margin 37.7% 31.3% 39.2% 48.1% 41.9% 46.0% 44.7% 44.6% 45.7% 45.7%
FCF margin 41.0% 42.9% 39.4% 46.0% 45.0% 48.0% 48.4% 46.3% 50.8% 52.3%
Returns
Return on capital 107.2% 87.1% 117.8% 128.7% 80.9% 74.2% 76.2% 83.8% 86.6% 93.8%
Return on capital employed 53.7% 55.2% 56.4% 63.2% 41.4% 43.6% 50.0% 55.2% 56.6% 62.7%
Return on equity 69.5% 70.4% 107.9% 143.8% 104.4% 126.8% 145.9% 169.3% 192.0% 210.5%
Return on assets 23.2% 19.6% 25.4% 30.0% 20.4% 24.4% 26.0% 27.6% 28.4% 29.3%
Growth
Revenue growth 11.5% 16.0% 19.6% 12.9% −9.4% 23.4% 17.8% 12.9% 12.2% 16.4%
Net income growth 6.6% −3.6% 49.7% 38.6% −21.0% 35.5% 14.3% 12.7% 15.0% 16.3%
EPS growth 10.2% −1.1% 53.4% 41.8% −19.8% 37.5% 16.7% 15.8% 17.4% 18.9%
FCF growth 12.7% 21.3% 9.9% 31.7% −11.3% 31.5% 18.7% 8.0% 23.2% 19.9%
Share count change −3.2% −2.6% −2.3% −2.4% −1.6% −1.4% −2.1% −2.6% −2.0% −2.3%
Financial health
Net debt / EBITDA −0.3x −0.1x −0.0x 0.2x 0.3x 0.6x 0.5x 0.5x 0.6x 0.4x
Debt / equity 0.9x 1.0x 1.2x 1.5x 2.0x 1.9x 2.2x 2.3x 2.8x 2.5x
Interest coverage 60.6x 43.0x 39.2x 43.1x 21.3x 23.4x 26.0x 24.4x 24.1x 26.2x
Current ratio 1.8x 1.6x 1.4x 1.4x 1.6x 1.3x 1.2x 1.2x 1.0x 1.0x
Quick ratio 1.8x 1.6x 1.4x 1.4x 1.6x 1.3x 1.2x 1.2x 1.0x 1.0x
Capital allocation
Capex / revenue 2.0% 2.4% 2.2% 2.5% 2.2% 2.2% 2.0% 1.5% 1.7% 1.5%
Stock comp / revenue 1.4% 1.4% 1.3% 1.5% 1.7% 1.5% 1.3% 1.8% 1.9% 1.8%
Payouts / FCF 98.3% 87.7% 101.4% 101.0% 88.3% 84.4% 99.1% 96.4% 93.7% 84.4%
Quality scores
Piotroski F-score 7.0 6.0 6.0 6.0 5.0 7.0 7.0 6.0 6.0 8.0
Altman Z'' 8.0 7.4 7.1 7.4 7.1 6.7 7.3 7.7 7.4 7.7
Accruals ratio −3.3% −8.7% −1.6% −0.2% −2.6% −2.2% −3.3% −1.9% −4.2% −5.2%

Source: SEC EDGAR XBRL filings (CIK 0001141391). Data updated October 9, 2026. Quarterly fourth quarters are the full year minus the first nine months. For information only — not investment advice. Check the original filings before relying on any figure.

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