Saturday 17 October 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. 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%

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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

Insider Decisions trades per month

Total sells 65.15

Totals in millions of $.

	Dec 25			Mar 26			Jun 26			Sep 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	1	—	—	—	—	6	6	—	1

Insider Ownership 8.56%

Capital & Financial Ratios $m

Market Cap 539,900.00

Revenue 35,083.00

Net Income 16,257.00

Free Cash Flow 15,975.00

Net Debt 12,546.00

Current Ratio 1.06

Debt/Equity 4.40

P/E ratio 33.91

Fwd P/E 25.40

P/S ratio 15.52

P/B ratio 97.14

Past 5Y EPS Growth 21.00%

This Y EPS Growth 17.34%

Next Y EPS Growth 15.76%

Next Y revenue growth 13.63%

Next 5Y EPS Growth 16.45%

Green and red mark values outside typical ranges. How we judge →

Valuation vs history

P/E against its own 10 years 28.82%

10-year low 10-year high

P/S against its own 10 years 42.09%

10-year low 10-year high

P/B against its own 10 years 100.00%

10-year low 10-year high

Dividends

Payout Ratio 0.19

Annual Dividend Rate 3.48

Annual Dividend Yield 0.56%

	total	individual payouts
2028	Powerpack
2027	Powerpack
2026	3.48	0.87 0.87 0.87 0.87
2025	3.04	0.76 0.76 0.76 0.76
2024	2.64	0.66 0.66 0.66 0.66
2023	2.28	0.57 0.57 0.57 0.57
2022	1.96	0.49 0.49 0.49 0.49
2021	1.76	0.44 0.44 0.44 0.44
2020	1.60	0.40 0.40 0.40 0.40
2019	1.32	0.33 0.33 0.33 0.33
2018	1.00	0.25 0.25 0.25 0.25
2017	0.88	0.22 0.22 0.22 0.22
2016	0.76	0.19 0.19 0.19 0.19

predictions special payouts not included in total or ratios

Assets vs Liabilities $m

	2023	2024	2025	Q'26
Cash	9,212	9,264	11,459	12,097
Receivables	4,060	3,773	4,609	5,047
Inventory	—	—	—	—
Other	3,078	3,695	3,747	4,567
	18,961	19,724	23,558	26,522

	2023	2024	2025	Q'26
Payables	834	929	999	1,130
ST’ Debt	1,337	750	749	2,459
Other	4,853	6,218	6,942	8,092
	16,264	19,220	22,762	25,004

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%

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	8,398	9,277	—	—	—
’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	—	—	—
’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	—	—	—
’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.

EPS $

	Mar	Jun	Sep	Dec	Year
’26	4.35	4.97	—	—	—
’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.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	2026e
Price, $
Price, $	Low	78.52	104.01	151.12	180.98	199.99	306.00	276.87	340.21	416.53	465.59	Analyst estimates 2026–2028 Powerpack
	High	108.93	154.65	225.35	301.53	367.25	401.50	399.92	428.36	537.70	601.77
People
People	Employees	11,900	13,400	14,800	18,600	21,000	24,000	29,900	33,400	35,300	39,800
	Revenue/emp, $m	0.91	0.93	1.01	0.91	0.73	0.79	0.74	0.75	0.80	0.82
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
	Gross margin, %	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
	EBT	5,646	6,522	7,204	9,731	7,760	10,307	11,732	13,639	15,254	18,578
	EBT margin, %	52.39	52.19	48.19	57.64	50.72	54.58	52.76	54.34	54.16	56.66
	Net income	4,059	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874	14,968
	Depreciation	1,233	1,438	1,694	1,663	1,652	2,097	2,336	2,421	2,727	3,241
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
	Earnings	3.70	3.67	5.63	7.98	6.40	8.79	10.26	11.86	13.92	16.54
	Cash flow	4.22	5.31	5.98	8.05	7.21	9.58	11.57	12.69	15.98	19.50
	Capex	(0.35)	(0.40)	(0.48)	(0.72)	(0.71)	(0.82)	(1.13)	(1.15)	(1.29)	(1.34)
	Free cash flow	3.88	4.91	5.49	7.33	6.50	8.75	10.43	11.54	14.69	18.16
	Book value	5.18	5.15	5.20	5.82	6.48	7.47	6.57	7.39	7.04	8.56
	Shares, m	1,098	1,067	1,041	1,017	1,002	988	968	944	925	905
Valuation, ×
Valuation, ×	P/E	28.56	41.62	33.57	37.42	55.86	40.83	33.83	35.54	37.83	34.47
	P/S	10.74	12.97	13.14	17.99	23.37	18.80	15.10	15.87	17.29	15.76
	P/B	20.36	29.49	36.25	51.32	55.13	48.08	52.82	57.10	74.76	66.70
	EV/Sales	10.40	12.74	12.96	18.01	23.47	19.09	15.37	16.13	17.61	15.99
	EV/FCF	26.33	30.37	33.88	40.78	55.12	41.67	33.84	37.16	36.51	31.90
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
	Capex	(382)	(423)	(504)	(728)	(708)	(814)	(1,097)	(1,088)	(1,194)	(1,215)
	Free cash flow	4,255	5,241	5,719	7,455	6,516	8,649	10,098	10,892	13,586	16,433
Balance, $m
Balance, $m	Working capital	6,022	5,004	4,578	4,998	7,266	3,787	2,435	2,697	504	796
	Total debt	5,180	5,424	6,334	8,633	12,672	13,901	14,023	15,681	18,226	19,000
	Net debt	(3,698)	(2,904)	(2,597)	373	1,490	5,421	6,026	6,469	8,962	7,541
	Shareholders’ equity	5,684	5,497	5,418	5,917	6,488	7,383	6,356	6,975	6,515	7,746
Returns, %
Returns, %	ROA	23.24	19.57	25.37	30.01	20.41	24.38	26.00	27.58	28.44	29.28
	ROIC	181.30	159.61	161.33	96.03	63.31	49.21	61.90	65.12	62.92	77.26
	ROE	69.11	70.03	107.36	143.24	103.36	125.25	144.55	167.95	190.87	209.92

Negative figures in brackets.

All 10 years →

Fiscal years to Dec 2025 · latest quarter Jun 2026

Charts ten years each

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.	$746.4B	33.0×	25.4×	+14.36% (above 0%: growing)	+10.41% (above 0%: growing)	−2.73% (below 0%: shrinking)	100.00%	59.12%	Compare
MA Mastercard Incorporated	$539.9B	33.9×	25.4×	+14.07% (above 0%: growing)	+22.06% (above 0%: growing)	−25.01% (below 0%: shrinking)	100.00%	60.22%
AXP American Express Company	$212.0B	19.0×	17.6×	+8.34% (above 0%: growing)	+11.27% (above 0%: growing)	+19.44% (above 0%: growing)	90.93%	0.00%	Compare
COF Capital One Financial Corporation	$122.0B	12.5×	11.6×	+21.66% (above 0%: growing)	n/m	+42.53% (above 0%: growing)	79.80%	0.00%	Compare
PYPL PayPal Holdings, Inc.	$48.9B	10.6×	8.1×	+4.75% (above 0%: growing)	−3.08% (below 0%: shrinking)	+157.72% (above 0%: growing)	39.60%	16.44%	Compare
AFRM Affirm Holdings, Inc.	$25.6B	13.0×	35.7×	+33.04% (above 0%: growing)	+2,171.43% (above 0%: growing)	+875.00% (above 0%: growing)	58.84%	12.63%	Compare
SYF Synchrony Financial	$24.1B	7.5×	7.6×	+0.28% (above 0%: growing)	+3.98% (above 0%: growing)	−5.47% (below 0%: shrinking)	82.95%	0.00%	Compare
SOFI SoFi Technologies, Inc.	$19.5B	28.5×	26.8×	+39.09% (above 0%: growing)	+33.33% (above 0%: growing)	−160.17% (below 0%: shrinking)	77.57%	0.00%	Compare
ALLY Ally Financial Inc.	$11.5B	8.8×	8.4×	+4.52% (above 0%: growing)	+13.33% (above 0%: growing)	+42.87% (above 0%: growing)	62.82%	0.00%	Compare
Median of peers	$37.3B	12.7×	14.6×	+11.35%	+11.27%	+30.99%	78.69%	0.00%

All 55 Credit Services stocks →

Mastercard Incorporated (MA) key facts

Strength: Mastercard Incorporated’s revenue for fiscal 2025 (year ended December 2025) was $32.8 billion, up 16.4% from fiscal 2024.
Strength: Net income was $15.0 billion, or $16.54 per share (basic), a net margin of 45.7%.
Mastercard Incorporated (MA) is a Credit Services company in the Financial sector, listed on the New York Stock Exchange.
As of October 16, 2026, MA traded at $617.42, a market capitalization of $539.9 billion.
At that price the stock trades at 33.9× trailing-twelve-month earnings and 15.5× sales; its P/E is higher than 29% of its own readings over the past ten years.
Mastercard Incorporated pays an annual dividend of $3.48 per share, a yield of 0.56%, with a payout ratio of 19.1%.
Return on equity was 209.9% and debt-to-equity 4.40.
Its Piotroski F-score is 8 out of 9 for fiscal 2025.

Source: company filings (standardised) and stockrow calculations.

Financial Analysis (summary)

Updated 25 September 2026

Mastercard reported $32.8 billion of revenue and $15.0 billion of net income in FY2025. In Q2 FY2026, revenue was $9.3 billion, operating income was $5.6 billion and net income was $4.4 billion. Market capitalisation was $499.3 billion as of September 24, 2026.

Revenue grew 16.4% in FY2025 against FY2024, while diluted EPS grew 18.9% in FY2025 against FY2024. Operating margin was 57.6% in FY2025, and return on invested capital was 77.3% in FY2025. Net debt was $12.5 billion in Q2 FY2026, while the current ratio was 1.1× in Q2 FY2026.

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