Mastercard
MA · NYSEServices-Business Services, NEC · Fiscal year ends Dec 31
Mastercard reported revenue of $32.8B in the fiscal year ended Dec 2025, up 16.4% from the year before. Operating income was $18.9B, an operating margin of 57.6%, and net income was $15B. Operating cash flow of $17.6B less capital expenditure of $489M left free cash flow of $17.2B. Net debt was $8.4B.
Last 5 fiscal years
Revenue and net income
Income statement
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue | $29.8B | $22.2B | $25.1B | $28.2B | $32.8B |
| Operating income | $10.1B | $12.3B | $14B | $15.6B | $18.9B |
| Interest expense | $431M | $471M | $575M | $646M | $722M |
| Pre-tax income | $10.3B | $11.7B | $13.6B | $15.3B | $18.6B |
| Income tax | $1.6B | $1.8B | $2.4B | $2.4B | $3.6B |
| Net income | $8.7B | $9.9B | $11.2B | $12.9B | $15B |
| Diluted EPS | 8.76 | 10.22 | 11.83 | 13.89 | 16.52 |
| Diluted shares | 992M | 971M | 946M | 927M | 906M |
Balance sheet
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Cash & equivalents | $7.4B | $7B | $8.6B | $8.4B | $10.6B |
| Receivables | $3B | $3.4B | $4.1B | $3.8B | $4.6B |
| Current assets | $16.9B | $16.6B | $19B | $19.7B | $23.6B |
| Net PP&E | $1.9B | $2B | $2.1B | $2.1B | $2.3B |
| Goodwill | $7.7B | $7.5B | $7.7B | $9.2B | $9.6B |
| Total assets | $37.7B | $38.7B | $42.4B | $48.1B | $54.2B |
| Payables | $738M | $926M | $834M | $929M | $999M |
| Deferred revenue | $1.9B | $1.6B | $1.8B | $1.9B | – |
| Current liabilities | $13.2B | $14.2B | $16.3B | $19.2B | $22.8B |
| Short-term debt | $792M | $274M | $1.3B | $750M | $749M |
| Long-term debt | $13.1B | $13.7B | $14.3B | $17.5B | $18.3B |
| Total liabilities | $30.3B | $32.3B | $35.5B | $41.6B | $46.4B |
| Shareholders' equity | $7.3B | $6.3B | $6.9B | $6.5B | $7.7B |
Cash flow
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Operating cash flow | $9.5B | $11.2B | $12B | $14.8B | $17.6B |
| Capital expenditure | $407M | $442M | $371M | $474M | $489M |
| Free cash flow | $9.1B | $10.8B | $11.6B | $14.3B | $17.2B |
| Depreciation & amortisation | $726M | $750M | $799M | $897M | $1.1B |
| Stock-based compensation | $273M | $295M | $460M | $526M | $597M |
| Acquisitions | $4.4B | $313M | $0 | $2.5B | $0 |
| Share buybacks | $5.9B | $8.8B | $9B | $11B | $11.7B |
| Dividends paid | $1.7B | $1.9B | $2.2B | $2.4B | $2.8B |
| Dividend per share | – | 2.04 | 2.37 | 2.74 | 3.15 |
Key ratios
| Fiscal year | Dec 2021 | Dec 2022 | Dec 2023 | Dec 2024 | Dec 2025 |
|---|---|---|---|---|---|
| Revenue growth (YoY) | – | −25.5% | 12.9% | 12.2% | 16.4% |
| Operating income growth (YoY) | – | 21.6% | 14.2% | 11.2% | 21.3% |
| EPS growth (YoY) | – | 16.7% | 15.8% | 17.4% | 18.9% |
| Operating margin | 33.8% | 55.2% | 55.8% | 55.3% | 57.6% |
| Net margin | 29.1% | 44.7% | 44.6% | 45.7% | 45.6% |
| Return on equityBlank when equity is negative | 118.8% | 157.7% | 161.6% | 198.5% | 193.5% |
| ROCEEBIT ÷ (assets − current liabilities) | 41.1% | 49.9% | 53.5% | 54.0% | 60.2% |
| Free cash flow margin | 30.3% | 48.4% | 46.3% | 50.8% | 52.3% |
| Cash conversion (CFO ÷ net income) | 1.09x | 1.13x | 1.07x | 1.15x | 1.18x |
| Receivable days | 37 | 56 | 59 | 49 | 51 |
| Interest cover | 23.4x | 26.0x | 24.4x | 24.1x | 26.2x |
| Debt ÷ equity | 1.90x | 2.23x | 2.26x | 2.81x | 2.46x |
| Net debtDebt − cash & equivalents; excludes investments; negative = net cash | $6.5B | $7B | $7.1B | $9.8B | $8.4B |
| Current ratio | 1.29x | 1.17x | 1.17x | 1.03x | 1.03x |
Recent filings
More in Services-Business Services, Nec
Standardised figures from the company's XBRL filings with the SEC (10-K, 10-Q). Line items follow US GAAP tags, so a company's own statement layout may differ and some lines show “–” where the company does not report that item. Ratios are calculated from these figures. For education only; not investment advice or a recommendation.