Detailed financial statements for Mastercard Incorporated (MA): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Mastercard Incorporated is a global technology firm specializing in providing transaction processing and a wide array of payment solutions, operating across the United States and internationally. Its core business centers on enabling the entire payment transaction lifecycle – including authorization, clearing, and settlement – alongside offering a spectrum of complementary payment services.
Analysis Summary
Mastercard Incorporated reported revenue of $32.79B in the most recent fiscal year, growing at a 5-year CAGR of 16.5%. Net income reached $14.97B, with a 18.5% 5-year CAGR.
Trailing-twelve-month margins: gross margin 100.0%, operating margin 59.8%, net margin 46.3%. Free cash flow grew at 21.0% CAGR over 5 years.
At the current price of $552.26, MA trades at a P/E of 30.38 and an ROE of 232.46%. Market capitalisation stands at $484.4B, placing it among large-cap names.
Balance sheet quality for MA: current ratio of 1.0, net debt of $8.10B. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Cash flow quality is strong: free cash flow of $16.91B represents 113% conversion of reported net income. High conversion (above 90%) suggests earnings translate cleanly into cash; lower conversion may indicate working capital tightness or accounting timing differences.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $10.78B | $12.50B | $14.95B | $16.88B | $15.30B | $18.88B | $22.24B | $25.10B | $28.17B | $32.79B |
| Cost of Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Gross Profit | $10.78B | $12.50B | $14.95B | $16.88B | $15.30B | $18.88B | $22.24B | $25.10B | $28.17B | $32.79B |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Selling, General & Admin | $4.49B | $5.32B | $6.12B | $6.67B | $6.56B | $7.93B | $8.77B | $9.67B | $10.94B | $12.13B |
| Operating Expenses | $5.01B | $5.88B | $7.67B | $7.22B | $7.22B | $8.80B | $9.52B | $10.47B | $11.84B | $13.28B |
| Operating Income | $5.76B | $6.62B | $7.28B | $9.66B | $8.08B | $10.08B | $12.72B | $14.63B | $16.33B | $19.51B |
| EBITDA | $6.11B | $7.11B | $7.85B | $10.48B | $8.72B | $11.46B | $12.95B | $15.01B | $16.80B | $20.44B |
| Interest Expense | $95.0M | $154.0M | $186.0M | $224.0M | $380.0M | $431.0M | $471.0M | $575.0M | $646.0M | $722.0M |
| Pre-tax Income | $5.65B | $6.52B | $7.20B | $9.73B | $7.76B | $10.31B | $11.73B | $13.64B | $15.25B | $18.58B |
| Income Tax | $1.59B | $2.61B | $1.34B | $1.61B | $1.35B | $1.62B | $1.80B | $2.44B | $2.38B | $3.61B |
| Net Income | $4.06B | $3.92B | $5.86B | $8.12B | $6.41B | $8.69B | $9.93B | $11.20B | $12.87B | $14.97B |
| EPS | $3.70 | $3.67 | $5.63 | $7.98 | $6.40 | $8.79 | $10.26 | $11.86 | $13.92 | $16.55 |
| EPS (Diluted) | $3.69 | $3.65 | $5.60 | $7.94 | $6.37 | $8.76 | $10.23 | $11.83 | $13.89 | $16.52 |
| Shares Outstanding (Diluted) | $1.10B | $1.07B | $1.05B | $1.02B | $1.01B | $992.0M | $971.0M | $946.0M | $927.0M | $898.0M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $8.60B | $8.81B | $8.40B | $9.28B |
| Gross Profit | $8.60B | $8.81B | $8.40B | $9.28B |
| Operating Income | $5.17B | $5.13B | $4.96B | $5.73B |
| EBITDA | $5.47B | $5.33B | $5.30B | $6.01B |
| Net Income | $3.93B | $4.06B | $3.88B | $4.39B |
| EPS | $4.35 | $4.53 | $4.35 | $4.98 |
| EPS (Diluted) | $4.34 | $4.52 | $4.35 | $4.97 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.72B | $5.93B | $6.68B | $6.99B | $10.11B | $7.42B | $7.01B | $8.59B | $8.44B | $10.57B |
| Short-term Investments | $1.61B | $1.85B | $1.70B | $688.0M | $483.0M | $473.0M | $400.0M | $592.0M | $330.0M | $332.0M |
| Receivables | $2.51B | $3.34B | $4.73B | $5.51B | $4.35B | $3.01B | $3.42B | $4.06B | $3.77B | $4.61B |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $13.23B | $13.80B | $16.17B | $16.90B | $19.11B | $16.95B | $16.61B | $18.96B | $19.72B | $23.56B |
| Property, Plant & Equipment | $733.0M | $829.0M | $921.0M | $1.83B | $1.90B | $1.91B | $2.01B | $2.06B | $2.14B | $2.30B |
| Goodwill | $1.76B | $3.04B | $2.90B | $4.02B | $4.96B | $7.66B | $7.52B | $7.66B | $9.19B | $9.56B |
| Intangible Assets | $722.0M | $1.12B | $991.0M | $1.42B | $1.75B | $3.67B | $3.86B | $4.09B | $5.45B | $5.55B |
| Total Assets | $18.68B | $21.33B | $24.86B | $29.24B | $33.58B | $37.67B | $38.72B | $42.45B | $48.08B | $54.16B |
| Accounts Payable | $609.0M | $933.0M | $537.0M | $489.0M | $527.0M | $738.0M | $926.0M | $834.0M | $929.0M | $999.0M |
| Short-term Debt | 0 | 0 | $500.0M | 0 | $649.0M | $792.0M | $274.0M | $1.34B | $750.0M | $749.0M |
| Total Current Liabilities | $7.21B | $8.79B | $11.59B | $11.90B | $11.85B | $13.16B | $14.17B | $16.26B | $19.22B | $22.76B |
| Long-term Debt | $5.18B | $5.42B | $5.83B | $8.53B | $12.02B | $13.11B | $13.75B | $14.34B | $17.48B | $18.25B |
| Total Liabilities | $12.99B | $15.76B | $19.37B | $23.25B | $27.07B | $30.26B | $32.35B | $35.45B | $41.57B | $46.41B |
| Retained Earnings | $19.42B | $22.36B | $27.28B | $33.98B | $38.75B | $45.65B | $53.61B | $62.56B | $72.91B | $85.03B |
| Total Equity | $5.66B | $5.47B | $5.39B | $5.89B | $6.39B | $7.31B | $6.30B | $6.93B | $6.49B | $7.74B |
| Total Debt | $5.18B | $5.42B | $6.33B | $8.53B | $12.67B | $13.90B | $14.02B | $15.68B | $18.23B | $19.00B |
| Net Debt | -$3.15B | -$2.36B | -$2.04B | $851.0M | $2.08B | $6.01B | $6.62B | $6.50B | $9.45B | $8.10B |
| Working Capital | $6.02B | $5.00B | $4.58B | $5.00B | $7.27B | $3.79B | $2.44B | $2.70B | $504.0M | $796.0M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $10.31B | $10.57B | $7.91B | $11.29B |
| Total Assets | $53.29B | $54.16B | $52.45B | $57.69B |
| Total Liabilities | $45.37B | $46.41B | $45.73B | $52.09B |
| Total Equity | $7.90B | $7.74B | $6.72B | $5.61B |
| Total Debt | $18.98B | $19.00B | $18.96B | $24.64B |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Net Income | $4.06B | $3.92B | $5.86B | $8.12B | $6.41B | $8.69B | $9.93B | $11.20B | $12.87B | $14.97B |
| Depreciation & Amortization | $373.0M | $437.0M | $459.0M | $522.0M | $580.0M | $726.0M | $750.0M | $799.0M | $897.0M | $2.10B |
| Stock-based Compensation | $101.0M | $176.0M | $196.0M | $250.0M | $254.0M | $273.0M | $295.0M | $460.0M | $526.0M | $597.0M |
| Change in Working Capital | -$867.0M | -$286.0M | -$1.31B | -$1.70B | -$1.15B | -$916.0M | -$904.0M | -$1.94B | -$1.04B | -$1.69B |
| Operating Cash Flow | $4.48B | $5.55B | $6.22B | $8.18B | $7.22B | $9.46B | $11.20B | $11.98B | $14.78B | $17.40B |
| Capital Expenditure | -$382.0M | -$423.0M | -$504.0M | -$728.0M | -$708.0M | -$814.0M | -$1.10B | -$371.0M | -$474.0M | -$489.0M |
| Acquisitions | -$167.0M | -$1.18B | $174.0M | -$1.44B | -$989.0M | -$4.44B | -$313.0M | 0 | -$2.51B | 0 |
| Stock Repurchased | -$3.51B | -$3.76B | -$4.93B | -$6.50B | -$4.47B | -$5.90B | -$8.75B | -$9.03B | -$11.04B | -$11.73B |
| Dividends Paid | -$837.0M | -$942.0M | -$1.04B | -$1.34B | -$1.60B | -$1.74B | -$1.90B | -$2.16B | -$2.45B | -$2.76B |
| Free Cash Flow | $4.10B | $5.13B | $5.72B | $7.46B | $6.52B | $8.65B | $10.10B | $11.61B | $14.31B | $16.91B |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | $5.66B | $4.93B | $3.00B | $3.77B |
| Capital Expenditure | -$178.0M | -$112.0M | -$154.0M | -$478.0M |
| Free Cash Flow | $5.49B | $4.82B | $2.85B | $3.29B |
| Dividends Paid | -$687.0M | -$684.0M | -$777.0M | -$771.0M |
| Stock-based Compensation | $177.0M | 0 | $136.0M | $190.0M |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +16.0% | +19.6% | +12.9% | -9.4% | +23.4% | +17.8% | +12.9% | +12.2% | +16.4% | |
| Net Income Growth (YoY) | -3.5% | +49.7% | +38.6% | -21.0% | +35.5% | +14.3% | +12.7% | +15.0% | +16.3% | |
| EPS Growth (YoY) | -0.8% | +53.4% | +41.7% | -19.8% | +37.3% | +16.7% | +15.6% | +17.4% | +18.9% | |
| Shares Change (YoY) | -2.6% | -2.3% | -2.4% | -1.6% | -1.4% | -2.1% | -2.6% | -2.0% | -3.1% | |
| FCF Growth (YoY) | +25.1% | +11.4% | +30.4% | -12.6% | +32.7% | +16.8% | +15.0% | +23.2% | +18.2% | |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 53.5% | 53.0% | 48.7% | 57.2% | 52.8% | 53.4% | 57.2% | 58.3% | 58.0% | 59.5% |
| EBITDA Margin | 56.7% | 56.9% | 52.5% | 62.1% | 57.0% | 60.7% | 58.2% | 59.8% | 59.6% | 62.3% |
| Net Margin | 37.7% | 31.3% | 39.2% | 48.1% | 41.9% | 46.0% | 44.7% | 44.6% | 45.7% | 45.6% |
| FCF Margin | 38.1% | 41.1% | 38.3% | 44.2% | 42.6% | 45.8% | 45.4% | 46.3% | 50.8% | 51.6% |
| Effective Tax Rate | 28.1% | 40.0% | 18.7% | 16.6% | 17.4% | 15.7% | 15.4% | 17.9% | 15.6% | 19.4% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $3.73 | $4.79 | $5.46 | $7.29 | $6.48 | $8.72 | $10.40 | $12.27 | $15.43 | $18.83 |
| Dividends Per Share | $0.76 | $0.88 | $1.00 | $1.32 | $1.60 | $1.76 | $1.96 | $2.28 | $2.64 | $3.07 |
| Shares Outstanding (Basic) | $1.10B | $1.07B | $1.04B | $1.02B | $1.00B | $988.0M | $968.0M | $944.0M | $925.0M | $897.0M |
What to look at in Financial Services
Asset managers, brokers, fintech, exchanges. They are not banks — look at AUM, fees and FCF quality.
- 5y revenue growth — Without growth, there is no long-term value creation
- Operating margin — Good asset managers have >30% margins thanks to scalability
- ROE — Quality financial services have a consistent ROE >15%
- FCF / Net Income — Earnings quality — >90% expected in capital-light businesses
- Debt / Equity — Fintech and brokers with high D/E are time bombs in crises
- P/E vs own 5y — Asset managers have stable multiples in well-known ranges
- Dividend yield + buybacks — These businesses return a lot of capital — look at total yield (div + buybacks)
Profitability
| Return on Equity | 232.46% |
| Return on Invested Capital | 48.13% |
| Return on Assets | 28.18% |
| Gross Margin | 100.00% |
| Operating Margin | 59.84% |
| Net Margin | 46.34% |
Financial Health
| Debt / Equity | 4.39 |
| Current Ratio | 1.06 |
| Piotroski F-Score | 8 |
| Altman Z-Score | 10.63 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| P/E | 27.91 | 41.24 | 33.51 | 37.42 | 55.77 | 40.88 | 33.89 | 35.96 | 37.83 | 34.49 |
| P/B | 20.04 | 29.54 | 36.40 | 51.53 | 55.96 | 48.55 | 53.45 | 58.11 | 75.11 | 66.19 |
| P/S | 10.52 | 12.92 | 13.14 | 17.99 | 23.37 | 18.80 | 15.14 | 16.04 | 17.29 | 15.62 |
| Gross Margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating Margin | 53.5% | 53.0% | 48.7% | 57.2% | 52.8% | 53.4% | 57.2% | 58.3% | 58.0% | 59.5% |
| Net Margin | 37.7% | 31.3% | 39.2% | 48.1% | 41.9% | 46.0% | 44.7% | 44.6% | 45.7% | 45.6% |
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Explore sector: Financial Services · Financial - Credit Services
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