Mastercard Financial Statements
Latest data: Dec 31, 2025
Mastercard (MA) reported revenue of $32.79B in FY2025 with net income of $14.97B. Total assets stood at $54.16B and free cash flow was $16.91B.
Mastercard Income Statement
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| Item | Chart | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Revenue | $18.88B | $22.24B | $25.10B | $28.17B | $32.79B | |
| Cost of Revenue | -$4.49B | -$5.26B | -$6.02B | -$6.67B | -$5.43B | |
| Gross Profit | $14.40B | $16.97B | $19.08B | $21.49B | $27.36B | |
| Operating Expenses | -$4.31B | -$4.71B | -$5.07B | -$5.91B | -$7.96B | |
| Operating Income | $10.08B | $12.26B | $14.01B | $15.58B | $19.40B | |
| Profit Before Tax | $10.31B | $11.73B | $13.64B | $15.25B | $18.58B | |
| Income Tax | $1.62B | $1.80B | $2.44B | $2.38B | $3.61B | |
| Net Income | $8.69B | $9.93B | $11.20B | $12.87B | $14.97B | |
| Diluted Shares | 992.00M | 971.00M | 946.00M | 927.00M | 898.00M | |
| Diluted EPS | $8.76 | $10.23 | $11.83 | $13.89 | $16.52 |
Values in millions (M) and billions (B). All amounts in USD ($).
Understanding the Income Statement
The income statement shows Mastercard's revenue and expenses over a period. Revenue (the top line) minus costs gives gross profit; after operating expenses, interest, and taxes, the remainder is net income (the bottom line). Diluted EPS divides net income by all shares that could exist if options and convertibles were exercised.
Mastercard Balance Sheet
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| Item | Chart | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Total Current Assets | $16.95B | $16.61B | $18.96B | $19.72B | $23.56B | |
| Total Non-Current Assets | $20.72B | $22.12B | $23.49B | $28.36B | $30.60B | |
| Total Assets | $37.67B | $38.72B | $42.45B | $48.08B | $54.16B | |
| Total Current Liabilities | $13.16B | $14.17B | $16.26B | $19.22B | $22.76B | |
| Total Non-Current Liabilities | $17.10B | $18.18B | $19.19B | $22.35B | $23.65B | |
| Total Liabilities | $30.26B | $32.35B | $35.45B | $41.57B | $46.41B | |
| Total Equity | $7.31B | $6.30B | $6.93B | $6.49B | $7.74B | |
| Total Liabilities & Equity | $37.67B | $38.72B | $42.45B | $48.08B | $54.16B |
Values in millions (M) and billions (B). All amounts in USD ($).
Understanding the Balance Sheet
The balance sheet captures Mastercard's financial position at a point in time — what it owns (assets), what it owes (liabilities), and the residual value to shareholders (equity). Total assets always equals total liabilities plus equity.
Mastercard Cash Flow Statement
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| Item | Chart | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|
| Net Income | $8.69B | $9.93B | $11.20B | $12.87B | $14.97B | |
| Cash from Operations | $9.46B | $11.20B | $11.98B | $14.78B | $17.40B | |
| Capital Expenditure | -$814.00M | -$1.10B | -$371.00M | -$474.00M | -$489.00M | |
| Cash from Investing | -$5.27B | -$1.47B | -$1.35B | -$3.40B | -$1.36B | |
| Debt Repayment | $1.37B | $399.00M | $1.55B | $2.62B | $492.00M | |
| Stock Buyback | -$5.90B | -$8.75B | -$9.03B | -$11.04B | -$11.73B | |
| Dividend Paid | -$1.74B | -$1.90B | -$2.16B | -$2.45B | -$2.76B | |
| Cash from Financing | -$6.56B | -$10.33B | -$9.49B | -$10.84B | -$14.18B | |
| Free Cash Flow | $8.65B | $10.10B | $11.61B | $14.31B | $16.91B |
Values in millions (M) and billions (B). All amounts in USD ($).
Understanding Cash Flow
The cash flow statement tracks how Mastercard's cash moves through three activities: operations (day-to-day business), investing (acquisitions, equipment), and financing (debt, buybacks, dividends). Free cash flow — operating cash minus capital expenditure — shows what's available to return to shareholders.
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