Mastercard (MA) financial statements

Financial Services · Credit Services · Market cap $530.2B

Mastercard reported revenue of $32.8B in fiscal 2025, up 13.2% a year over 9 years.

Net income was $15.0B and the operating margin 57.6%, against 53.5% in 2016.

Free cash flow was $17.2B, and the company returned $2.8B in dividends and $11.7B in net buybacks.

The diluted share count fell 18% over the period (buybacks).

Revenue and free cash flow

Fiscal years, $ billions.

0102030402016201720182019202020212022202320242025RevenueFree cash flow
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Income statement

Fiscal years, from Mastercard's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Revenue$10.8B$12.5B$14.9B$16.9B$15.3B$18.9B$22.2B$25.1B$28.2B$32.8B
Selling, general and admin$3.8B$4.7B$5.2B$5.8B$5.9B$7.1B$8.1B$8.9B$10.2B$11.3B
Operating income$5.8B$6.6B$7.3B$9.7B$8.1B$10.1B$12.3B$14.0B$15.6B$18.9B
Interest expense$95M$154M$186M$224M$380M$431M$471M$575M$646M$722M
Pre-tax 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
EPS (diluted)$3.69$3.65$5.60$7.94$6.37$8.76$10.22$11.83$13.89$16.52
Diluted shares1.10B1.07B1.05B1.02B1.01B992M971M946M927M906M
Operating margin53.5%53.0%48.7%57.2%52.8%53.4%55.2%55.8%55.3%57.6%
Net margin37.7%31.3%39.2%48.1%41.9%46.0%44.7%44.6%45.7%45.6%

Balance sheet

Fiscal years, from Mastercard's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
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
Receivables$1.4B$2.0B$2.3B$2.5B$2.6B$3.0B$3.4B$4.1B$3.8B$4.6B
Total current assets$13.2B$13.8B$16.2B$16.9B$19.1B$16.9B$16.6B$19.0B$19.7B$23.6B
Property, plant and equipment$733M$829M$921M$1.8B$1.9B$1.9B$2.0B$2.1B$2.1B$2.3B
Goodwill$1.8B$3.0B$2.9B$4.0B$5.0B$7.7B$7.5B$7.7B$9.2B$9.6B
Total assets$18.7B$21.3B$24.9B$29.2B$33.6B$37.7B$38.7B$42.4B$48.1B$54.2B
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$12.0B$13.1B$13.7B$14.3B$17.5B$18.3B
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
Net debt-$1.5B-$509M-$348M$1.5B$2.6B$6.5B$7.0B$7.1B$9.8B$8.4B

Cash flow

Fiscal years, from Mastercard's 10-K filings with the SEC.

Fiscal year2016201720182019202020212022202320242025
Operating cash flow$4.6B$5.7B$6.2B$8.2B$7.2B$9.5B$11.2B$12.0B$14.8B$17.6B
Capital spending$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
Stock-based compensation$149M$176M$196M$250M$254M$273M$295M$460M$526M$597M
Dividends paid$837M$942M$1.0B$1.3B$1.6B$1.7B$1.9B$2.2B$2.4B$2.8B
Share buybacks (net)-$3.5B-$3.8B-$4.9B-$6.5B-$4.5B-$5.9B-$8.8B-$9.0B-$11.0B-$11.7B
Net borrowing$2.0B-$64M$991M$2.2B$4.0B$1.4B$399M$1.6B$2.6B$492M
Free cash flow margin41.0%42.9%39.4%46.0%45.0%48.0%48.4%46.3%50.8%52.3%
Dividends per share$0.76$0.88$1.00$1.32$1.60$1.76$1.96$2.28$2.64$3.04
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Questions

What was Mastercard's revenue in 2025?

$32.8B in fiscal 2025, from its 10-K filing.

How much free cash flow does Mastercard generate?

$17.2B in fiscal 2025 (operating cash flow minus capital spending).

From Mastercard's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.