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Friday 6 November 2026 Export MA’s income statement to Excel — free account

Mastercard Incorporated

MA Financial Credit Services

Mastercard Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $32.8 billion, up 16.4% from fiscal 2024.

Revenue
+14.0%
EPS
+21.6%
Free cash flow
−10.3%
Total debt
+26.1%

Quarter to September 2026, against a year earlier

658.96 3.04 +0.46%
Market cap
$571.4B
P/E
34.2×
Fwd P/E
32.5×
Dividend yield
0.53%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Earnings & Analysis
Financials
Income Statement Balance Sheet Cash Flow Metrics & Ratios
Segments Valuation Filings

Revenue by segment Fiscal 2025

  • Payment Solutions

Every year since 2018 →

Insider Decisions last twelve months

Sold, $m 73.36
Trades a month
Jan 26 Apr 26 Jul 26 Oct 26
Buy — — — — — — — — — — — —
Sell — — 1 — — — — 6 6 — 3 —
Insider Ownership 8.34%

Capital & Financial Ratios $m

Size
Market Cap 571,420.00
Revenue ttm 36,288.00
Net income ttm 16,958.00
Free cash flow ttm 15,430.00
Net debt Q 12,910.00
Valuation
P/E 34.24
Forward P/E 32.50
Price / sales 15.81 (above 10: high)
Forward P/S Powerpack
Price / FCF 37.19
Price / book 85.13
Financial health
Current ratio Q 1.01
Debt / equity Q 3.55
Interest coverage Q 23.45
Growth
Revenue growth Q +14.01% (above 0%: growing)
Operating income growth Q +15.83% (above 0%: growing)
EPS, this year +17.90% (at or above 15%: strong)
EPS, next year A +15.63% (at or above 15%: strong)
Revenue, next year A +13.88% (at or above 10%: strong)
EPS, past 5 yrs +21.00% (at or above 15%: strong)
EPS, next 5 yrs A +16.49% (at or above 15%: strong)

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

P/E against its own 10 years 30.80%
10-year low 10-year high
P/S against its own 10 years 47.16%
10-year low 10-year high
P/B against its own 10 years 98.13%
10-year low 10-year high

Dividends raised every year since 2018

Yield
0.53%
Annual rate
3.48
Payout ratio
18.2%
Growth, 2018–26
+16.9%/yr
  1. 1.00 ’18
  2. 1.32 ’19 +32
  3. 1.60 ’20 +21
  4. 1.76 ’21 +10
  5. 1.96 ’22 +11
  6. 2.28 ’23 +16
  7. 2.64 ’24 +16
  8. 3.04 ’25 +15
  9. 3.48 ’26 +14
paid change on the year, % Powerpack

Assets vs Liabilities $m

2023 2024 2025 Q'26
Cash 9,212 9,264 11,459 11,028
Receivables 4,060 3,773 4,609 5,258
Inventory — — — —
Other 3,078 3,695 3,747 3,824
18,961 19,724 23,558 24,480
2023 2024 2025 Q'26
Payables 834 929 999 1,083
ST’ Debt 1,337 750 749 1,749
Other 4,853 6,218 6,942 7,152
16,264 19,220 22,762 24,196

Compound Annual Growth %

10y 5y 3y
Sales 12.99% 16.47% 13.82%
Cash Flow 15.71% 19.56% 16.38%
Earnings 14.67% 18.48% 14.66%
Book Value 2.48% 3.61% 6.81%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY26 Estimate 5.14 Actual 5.31

Earnings per share against the consensus, by quarter
Quarter Estimate Reported Result
Q4 FY25 4.20 4.76 Beat by 0.56
Q1 FY26 4.40 4.60 Beat by 0.20
Q2 FY26 4.77 5.04 Beat by 0.27
Q3 FY26 5.14 5.31 Beat by 0.17
Q4 FY26 5.11 — Reports 4 February 2027

EPS $

Mar Jun Sep Dec Year
’26 4.35 4.97 5.28 — —
’25 3.59 4.07 4.34 4.52 16.52
’24 3.22 3.50 3.53 3.64 13.89
’23 2.47 3.00 3.39 2.97 11.83
’22 2.68 2.34 2.58 2.62 10.22
’21 1.83 2.08 2.44 2.41 8.76
’20 1.68 1.41 1.51 1.78 6.37
Fiscal quarters ending in the months shown.

Revenue $m

Mar Jun Sep Dec Year
’26 8,398 9,277 9,807 — —
’25 7,250 8,133 8,602 8,806 32,791
’24 6,348 6,961 7,369 7,489 28,167
’23 5,748 6,269 6,533 6,548 25,098
’22 5,167 5,497 5,756 5,817 22,237
’21 4,155 4,528 4,985 5,216 18,884
’20 4,009 3,335 3,837 4,120 15,301
Fiscal quarters ending in the months shown.

Operating Cash Flow $m

Mar Jun Sep Dec Year
’26 2,999 3,773 5,087 — —
’25 2,380 4,603 5,663 5,002 17,648
’24 1,672 3,138 5,136 4,834 14,780
’23 1,919 2,698 3,233 4,130 11,980
’22 1,782 2,457 3,856 3,100 11,195
’21 1,463 2,268 2,543 3,189 9,463
’20 1,859 1,458 1,654 2,253 7,224
Fiscal quarters ending in the months shown.

Free Cash Flow $m

Mar Jun Sep Dec Year
’26 2,664 3,295 4,759 — —
’25 2,023 4,394 5,304 4,712 16,433
’24 1,294 2,842 4,866 4,584 13,586
’23 1,567 2,465 2,999 3,861 10,892
’22 1,488 2,270 3,579 2,761 10,098
’21 1,319 2,075 2,294 2,961 8,649
’20 1,650 1,275 1,489 2,102 6,516
Fiscal quarters ending in the months shown.

Valuation

The price implies the dividend a share growing 36.7% a year for ten years. It grew 16.9% a year over the last ten.

Implied
36.7%
10 years, reported
16.9%
Open the model

Target Price Range

Analyst price targets

Recommendation Rating

1.5
1Buy 2 3Hold 4 5Sell

Ten years at a glance Fiscal years to December

Ten-year view Analyst estimates Powerpack
Group Line 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 TTM Sep ’26 Trend 10 yrs 2026e 2027e 2028e Next 3/yr
Income, $m
Income, $m Revenue 10,776 12,497 14,950 16,883 15,301 18,884 22,237 25,098 28,167 32,791 36,288 +13.2% 37,344 42,052 47,161 +12.9%
Gross margin, % 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 0.0 pt
EBT 5,646 6,522 7,204 9,731 7,760 10,307 11,732 13,639 15,254 18,578 20,915 +14.1%
EBT margin, % 52.39 52.19 48.19 57.64 50.72 54.58 52.76 54.34 54.16 56.66 57.64 +4.3 pt
Net income 4,059 3,915 5,859 8,118 6,411 8,687 9,930 11,195 12,874 14,968 16,958 +15.6%
Per share, $
Per share, $ Revenue 9.81 11.71 14.36 16.60 15.27 19.11 22.97 26.59 30.45 36.23 41.47 +15.6%
Earnings 3.70 3.67 5.63 7.98 6.40 8.79 10.26 11.86 13.92 16.54 19.15 +18.1%
Cash flow 4.22 5.31 5.98 8.05 7.21 9.58 11.57 12.69 15.98 19.50 19.27 +18.5%
Capex (0.35) (0.40) (0.48) (0.72) (0.71) (0.82) (1.13) (1.15) (1.29) (1.34) (1.64) +16.2%
Free cash flow 3.88 4.91 5.49 7.33 6.50 8.75 10.43 11.54 14.69 18.16 17.63 +18.7%
Book value 5.18 5.15 5.20 5.82 6.48 7.47 6.57 7.39 7.04 8.56 7.70 +5.7%
Shares, m 1,098 1,067 1,041 1,017 1,002 988 968 944 925 905 888 (2.1%)
Valuation, ×
Valuation, × P/E 28.56 41.62 33.57 37.42 55.86 40.83 33.83 35.54 37.83 34.47 34.24 38.0
P/S 10.74 12.97 13.14 17.99 23.37 18.80 15.10 15.87 17.29 15.76 15.81 16.1
P/B 20.36 29.49 36.25 51.32 55.13 48.08 52.82 57.10 74.76 66.70 85.13 49.2
EV/Sales 10.40 12.74 12.96 18.01 23.47 19.09 15.37 16.13 17.61 15.99 — 16.2
EV/FCF 26.33 30.37 33.88 40.78 55.12 41.67 33.84 37.16 36.51 31.90 — 36.8
Cash, $m
Cash, $m Operating cash flow 4,637 5,664 6,223 8,183 7,224 9,463 11,195 11,980 14,780 17,648 16,861 +16.0%
Capex (382) (423) (504) (728) (708) (814) (1,097) (1,088) (1,194) (1,215) (1,431) +13.7%
Free cash flow 4,255 5,241 5,719 7,455 6,516 8,649 10,098 10,892 13,586 16,433 15,430 +16.2%
Balance, $m
Balance, $m Working capital 6,022 5,004 4,578 4,998 7,266 3,787 2,435 2,697 504 796 284 (20.1%)
Net debt (3,698) (2,904) (2,597) 373 1,490 5,421 6,026 6,469 8,962 7,541 12,910 n/m
Shareholders’ equity 5,684 5,497 5,418 5,917 6,488 7,383 6,356 6,975 6,515 7,746 6,740 +3.5%
Returns, %
Returns, % ROA 23.24 19.57 25.37 30.01 20.41 24.38 26.00 27.58 28.44 29.28 30.43 +6.0 pt
ROIC 181.30 159.61 161.33 96.03 63.31 49.21 61.90 65.12 62.92 77.26 67.64 (104.0) pt
ROE 69.11 70.03 107.36 143.24 103.36 125.25 144.55 167.95 190.87 209.92 231.37 +140.8 pt
People
People Employees 11,900 13,400 14,800 18,600 21,000 24,000 29,900 33,400 35,300 39,800 — +14.4%
Revenue/emp, $m 0.91 0.93 1.01 0.91 0.73 0.79 0.74 0.75 0.80 0.82 — (1.0%)
Negative figures in brackets.
estimates

All 10 years →

Fiscal years to Dec 2025 · latest quarter Sep 2026 · fundamentals updated 5 Nov 2026

Business profile

Updated

Mastercard is a technology company in the global payments industry. It operates a network that connects financial institutions, merchants, consumers, businesses, governments and digital partners. Founded in 1979, it is headquartered in Purchase and led by chief executive Michael Miebach.

When a customer pays a merchant, Mastercard’s network routes the transaction to the customer’s financial institution for approval, exchanges the information needed to process it and helps move funds between the institutions. Its network supports credit, debit and prepaid products under brands including Mastercard, Maestro and Cirrus. Mastercard does not issue cards or lend to cardholders; those relationships generally belong to its financial institution customers.

Where the money comes from and where it goes Fiscal 2025

Fiscal 2025: revenue by segment, and margins
Payment Solutions 32,791 100.00%
Gross margin 100.00%
Operating margin 57.63%
Pre-tax margin 56.66%

Revenue by segment since 2018

Mastercard Incorporated vs peers in Credit Services (Q) = latest quarter vs a year earlier

Company Market cap P/E Fwd P/E Revenue growth (Q) EPS growth (Q) FCF growth (Q) Gross margin (Q) EBIT margin (Q) Compare
V Visa Inc. $809.5B 32.7× 32.6× +13.19% (above 0%: growing) +27.62% (above 0%: growing) +17.85% (above 0%: growing) 100.00% 59.82% Compare
MA Mastercard Incorporated $571.4B 34.2× 32.5× +14.01% (above 0%: growing) +21.61% (above 0%: growing) −10.28% (below 0%: shrinking) 100.00% 59.77%
AXP American Express Company $217.9B 18.3× 17.4× +6.92% (above 0%: growing) +31.16% (above 0%: growing) −20.47% (below 0%: shrinking) 91.27% 0.00% Compare
COF Capital One Financial Corporation $122.6B 12.1× 11.7× +3.24% (above 0%: growing) +16.36% (above 0%: growing) −39.32% (below 0%: shrinking) 80.29% 0.00% Compare
PYPL PayPal Holdings, Inc. $49.0B 11.2× 11.2× +1.98% (above 0%: growing) −3.53% (below 0%: shrinking) −16.59% (below 0%: shrinking) 40.96% 16.33% Compare
AFRM Affirm Holdings, Inc. $23.6B 11.8× 36.6× +35.24% (above 0%: growing) +100.00% (above 0%: growing) −54.85% (below 0%: shrinking) 0.00% 14.82% Compare
SYF Synchrony Financial $23.1B 7.7× 7.9× +0.60% (above 0%: growing) −6.23% (below 0%: shrinking) −5.27% (below 0%: shrinking) 83.39% 0.00% Compare
SOFI SoFi Technologies, Inc. $20.8B 27.8× 27.5× +41.86% (above 0%: growing) +58.33% (above 0%: growing) −120.02% (below 0%: shrinking) 77.00% 0.00% Compare
ALLY Ally Financial Inc. $11.7B 8.8× 8.1× +4.53% (above 0%: growing) +10.92% (above 0%: growing) +32.70% (above 0%: growing) 62.76% 0.00% Compare
Median of peers $36.3B 11.9× 14.5× +5.72% +21.99% −18.53% 78.65% 0.00%

All 53 Credit Services stocks →

From the latest earnings call

Updated

  • CFO Ling Hai said third-quarter revenue exceeded Mastercard’s expectations partly because of the timing of services projects and payment network deals.
  • CEO Michael Miebach said Mastercard’s Global Money Platform connects traditional currencies and stablecoins for financial institutions and fintechs following its BVNK acquisition.

Analyst rating changes each firm’s latest, last six months

Firm Date Action Rating Target
Goldman Sachs Oct 29, 2026 Target raised Buy 716.00 → 743.00
Rothschild & Co Redburn Oct 10, 2026 Target cut Buy 710.00 → 688.00
Baird Oct 10, 2026 Target raised — 710.00

Largest institutional holders 13F, quarter to 30 June 2026

Held by institutions 88.48%
Held by the ten largest 43.76%
Holder Shares Stake Change
Vanguard 79.78m 9.18% −419.52k
BlackRock 66.39m 7.64% −618.42k
MASTERCARD FOUNDATION ASSET MANAGEMENT CORP 60.35m 6.94% −4.89m
State Street 36.96m 4.25% +486.28k
JPMorgan Chase 28.23m 3.25% −4.43m
Capital Group 26.43m 3.04% −2.54m
Fidelity (FMR) 23.84m 2.74% −420.43k
T. Rowe Price 21.97m 2.53% +1.31m
Geode Capital Management 21.51m 2.47% +440.64k
Morgan Stanley 15.00m 1.73% −161.07k
13F filings for the quarter to 30 June 2026: long positions in US-listed shares reported by managers with $100m or more, ~45 days after the quarter.

Pay and ownership Proxy statement filed 27 April 2026

Chief executive’s pay

Year Total pay Actually paid $100 invested
2025 35.42m 35.65m 165.00
Total pay is as the Summary Compensation Table states it; actually paid revalues the year’s share awards at its end, as the SEC’s pay-versus-performance rule asks. $100 invested is what $100 in the company’s shares at the start of the earliest year shown was worth at each year’s end. Read the proxy statement

Mastercard Incorporated (MA) Latest News

6 Nov

Impact 3 · · Zacks

2 Nov

Impact 3 · · StockStory

31 Oct

Impact 3 · · MarketBeat transcript

30 Oct

Impact 3 · · Zacks
Impact 3 · · The Daily Upside

29 Oct

Impact 4 · · The Motley Fool
Impact 4 · · Stocktwits
Impact 4 · · Moby
Impact 4 · · The Motley Fool
Impact 4 · · The Motley Fool transcript
Impact 4 · · Proactive Investors earnings
Impact 4 · · Investing.com
Impact 3 · · Simply Wall St.
Impact 3 · · StockStory
Impact 3 · · MT Newswires
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · Zacks
Impact 3 · · StockStory
Impact 3 · · Associated Press
Impact 3 · · electronicpaymentsinternational.com

28 Oct

Impact 4 · · Simply Wall St.
Impact 4 · · Trefis
Impact 3 · · TIKR
Impact 3 · · 24/7 Wall St.
Impact 3 · · StockStory earnings
Impact 3 · · Business Wire

27 Oct

Impact 4 · · Forkast News
Impact 3 · · PR Newswire
Impact 3 · · TheStreet

MA metrics, ten years each

stockrow.com/MA · Data as of Nov 5, 2026 · For information only; not investment advice. · © 2026 stockrow.com