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Saturday 17 October 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. In the quarter to June 2026, revenue grew 14.1%, EPS grew 22.1%, free cash flow fell 25.0% and total debt rose 29.9%, each against the same quarter a year earlier. Member of the S&P 500; dividend growth for ten consecutive years, revenue growth for five, operating cash flow growth for five.

617.42 1.10 +0.18%
Market cap
$539.9B
P/E
33.9×
Fwd P/E
25.4×
Dividend yield
0.56%
F-score
8/9
Altman Z
n/a
Beneish M
n/a
Dividend safety
n/a
Overview Business Profile Financial Analysis Income Statement Balance Sheet Cash Flow Metrics & Ratios Filings 10-Q 10-K

Mastercard Incorporated (MA) Financial Analysis

Updated · Covers results through Q2 FY2026 · How this is made

Snapshot

Mastercard had a market capitalisation of $499.3 billion as of September 24, 2026. Revenue was $32.8 billion in FY2025, while net income was $15.0 billion in FY2025 and diluted EPS was $16.52 in FY2025.

In Q2 FY2026, revenue was $9.3 billion, gross profit was $9.3 billion, operating income was $5.6 billion and net income was $4.4 billion. Diluted EPS was $4.97 in Q2 FY2026. Revenue in the trailing twelve months to Q2 FY2026 was $35.1 billion, while net income in the trailing twelve months to Q2 FY2026 was $16.3 billion.

Growth

Revenue increased 16.4% in FY2025 against FY2024, reaching $32.8 billion in FY2025. Revenue compound annual growth was 13.8% in FY2022–FY2025 and 16.5% in FY2020–FY2025. Diluted EPS rose 18.9% in FY2025 against FY2024 to $16.52 in FY2025, with compound annual growth of 17.4% in FY2022–FY2025 and 21.0% in FY2020–FY2025.

Free cash flow grew 21.0% in FY2025 against FY2024 to $16.4 billion in FY2025. Free cash flow compound annual growth was 17.6% in FY2022–FY2025 and 20.3% in FY2020–FY2025. In Q2 FY2026, revenue was $9.3 billion and rose 14.1% against Q2 FY2025; diluted EPS was $4.97 and rose 22.1% against Q2 FY2025. Free cash flow was $3.3 billion in Q2 FY2026 and declined −25.0% against Q2 FY2025.

Profitability

Gross margin was 100.0% in FY2025, unchanged by 0.0 percentage points in FY2024–FY2025 and by 0.0 percentage points in FY2020–FY2025. Operating margin was 57.6% in FY2025, up 2.3 percentage points in FY2024–FY2025 and up 4.8 percentage points in FY2020–FY2025. Pre-tax margin was 56.7% in FY2025, up 2.5 percentage points in FY2024–FY2025 and up 5.9 percentage points in FY2020–FY2025.

Net margin was 45.6% in FY2025, down −0.1 percentage points in FY2024–FY2025 but up 3.7 percentage points in FY2020–FY2025. Return on equity was 209.9% in FY2025, return on assets was 29.3% in FY2025, and return on invested capital was 77.3% in FY2025. Industry median comparisons are not reported.

Balance sheet

Total debt was $19.0 billion in FY2025, compared with shareholders’ equity of $7.7 billion in FY2025. Cash and short-term investments were $11.5 billion in FY2025, and net debt was $7.5 billion in FY2025. Working capital was $796.0 million in FY2025, while book value per share was $8.56 in FY2025.

At Q2 FY2026, net debt was $12.5 billion. The current ratio was 1.1× in Q2 FY2026, and debt to equity was 4.4× in Q2 FY2026. Net debt was $10.2 billion in Q1 FY2026, before rising to $12.5 billion in Q2 FY2026.

Cash flow & capital return

Operating cash flow was $17.6 billion in FY2025, increasing 19.4% in FY2025 against FY2024. Capital expenditure was $1.2 billion in FY2025, and free cash flow was $16.4 billion in FY2025. Free cash flow represented 109.8% of net income in FY2025.

Dividends paid were $2.8 billion in FY2025, while net share repurchases were $11.5 billion in FY2025. Capital returned to shareholders was $14.3 billion in FY2025 and $56.6 billion in FY2021–FY2025. Weighted average shares were 905.0 million shares in FY2025, and the share count changed −9.68% in FY2020–FY2025. In Q2 FY2026, weighted average shares were 882.0 million shares.

Valuation

The P/E was 31.1× as of September 24, 2026, below the five-year median of 35.5× as of September 24, 2026, over the five fiscal years to FY2025, and below the ten-year median of 36.5× as of September 24, 2026, over the ten fiscal years to FY2025. The P/S was 14.2× as of September 24, 2026, below the five-year median of 15.9× and the ten-year median of 15.8× for their respective periods ending September 24, 2026.

The P/B was 89.1× as of September 24, 2026, above the five-year median of 57.1× and the ten-year median of 52.1× for their respective periods ending September 24, 2026. EV/Sales was 14.6× as of September 24, 2026, below both the five-year and ten-year medians of 16.1× for their respective periods ending September 24, 2026. EV/Cash flow was 32.0× as of September 24, 2026, below the five-year median of 36.5× and ten-year median of 35.2× for their respective periods ending September 24, 2026. Industry median multiples are not reported.

What changed since last quarter

Revenue was $9.3 billion in Q2 FY2026, up 10.5% against Q1 FY2026 and up 14.1% against Q2 FY2025. Diluted EPS was $4.97 in Q2 FY2026, up 14.3% against Q1 FY2026 and up 22.1% against Q2 FY2025. Operating margin was 60.2% in Q2 FY2026, up 1.8 percentage points against Q1 FY2026 and up 1.5 percentage points against Q2 FY2025.

Free cash flow was $3.3 billion in Q2 FY2026, up 23.7% against Q1 FY2026 but down −25.0% against Q2 FY2025. Net debt was $12.5 billion in Q2 FY2026, increasing by $2.4 billion against Q1 FY2026 and by $3.5 billion against Q2 FY2025. Weighted average shares were 882.0 million shares in Q2 FY2026, changing −1.01% against Q1 FY2026 and −2.86% against Q2 FY2025. No management explanation for these changes is reported.

Open questions

  • What factors drove the change in free cash flow between the latest quarter and the comparable prior-year quarter?
  • What explains the increase in net debt during the latest quarter?
  • How are dividends and share repurchases expected to relate to operating cash flow and debt levels?
  • What factors contributed to the change in operating margin during the latest quarter?

This page is for information only. It is not investment advice, a recommendation or an offer to buy or sell any security. Figures may contain errors; verify against the company's filings.