Sunday 15 November 2026 Export MA’s income statement to Excel — free account

Mastercard Incorporated

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

661.19 8.59 +1.32%

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Market cap: $568.5B
P/E: 34.5×
Fwd P/E: 33.7×
Dividend yield: 0.53%
F-score: 8/9
ROIC: 67.6%
Net debt / EBITDA: 0.3×
Dividend safety: n/a

Overview Business Profile Earnings & Analysis Segments Valuation Filings

Mastercard Incorporated (MA) revenue by segment, product and region

Where the money comes from and where it goes

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 product or service $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Payment network	19,476 59.39%	17,335 61.54%	15,824 63.05%	14,358 64.57%	11,943 63.24%	9,897 64.68%	—	—
Value-added services and solutions	13,315 40.61%	10,832 38.46%	9,274 36.95%	7,879 35.43%	6,941 36.76%	5,404 35.32%	—	—
Transaction Processing	—	—	—	—	—	—	8,469 33.90%	7,391 33.86%
Domestic Assessments	—	—	—	—	—	—	6,781 27.15%	6,138 28.12%
Cross-border Volume Fees	—	—	—	—	—	—	5,606 22.44%	4,954 22.69%
Other Revenues	—	—	—	—	—	—	4,124 16.51%	3,348 15.34%
Revenue	32,791	28,167	25,098	22,237	18,884	15,301	24,980	21,831

Revenue by segment $m

Line	FY2025	FY2024	FY2023	FY2022
Payment Solutions	32,791 100.00%	28,167 100.00%	25,098 100.00%	22,237 100.00%
Revenue	32,791	28,167	25,098	22,237

Revenue by region $m

Line	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Asia Pacific, Europe, Middle East and Africa	18,747 57.17%	15,792 56.07%	13,963 55.63%	12,081 54.33%	12,217 64.69%	9,828 64.23%
Americas	14,044 42.83%	12,375 43.93%	11,135 44.37%	10,156 45.67%	—	—
Americas 1	—	—	—	—	6,667 35.31%	5,473 35.77%
Revenue	32,791	28,167	25,098	22,237	18,884	15,301

Operating figures as reported in each quarter’s results release or filing

Figure	Quarter	Latest	A year before	Change
Cards	Q3 FY2026	3.5B	3.3B	+6.72%
Cash Trans.	Q3 FY2026	2.9B	3.1B	−5.10%
Cash Volume	Q3 FY2026	$469.0B	$466.0B	+0.64%
Cross-border volume growth	Q3 FY2026	11.0%	15.0%	—
GDV	Q3 FY2026	$2.95T	$2.75T	+7.46%
Mastercard and Maestro-branded cards	Q3 FY2026	3.8B	3.6B	+5.56%
Purchase Trans.	Q3 FY2026	59.5B	54.2B	+9.67%
Purchase Volume	Q3 FY2026	$2.48T	$2.28T	+8.90%
Switched transactions growth	Q3 FY2026	9.00%	10.0%	—

	Q3 FY2026	Q2 FY2026	Q1 FY2026	Q4 FY2025	Q3 FY2025	Q2 FY2025	Q1 FY2025	Q4 FY2024	Q3 FY2024	Q2 FY2024	Q1 FY2024	Q4 FY2023	Q3 FY2023
Cards	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cash Trans.	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cash Volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Cross-border volume growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
GDV	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Mastercard and Maestro-branded cards	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Purchase Trans.	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Purchase Volume	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
Switched transactions growth	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡
	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡	‡

As each company reports them in its 10-K and 10-Q filings, in US dollars. Where a later filing recast a year's segments, the year is shown as recast; a period whose breakdown does not add up to the company's revenue is left out.