Mastercard Incorporated (MA) Financial Statements

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Mastercard financial statements at a glance

Mastercard reported revenue of $32.79 billion for fiscal year 2025 (ended December 31, 2025), up 16.4% from fiscal year 2024. Net income was $14.97 billion, a net margin of 45.6%, and diluted earnings per share were $16.52.

At the end of fiscal year 2025 it had total assets of $54.16 billion, total liabilities of $46.41 billion and shareholders' equity of $7.74 billion, with cash and short-term investments of $10.90 billion and total debt of $19.00 billion.

Its operations brought in $17.65 billion of cash; capital spending was $1.22 billion, leaving free cash flow of $16.43 billion.

The tables below show the income statement, balance sheet and cash flow statement; the key figures of the last 5 fiscal years are at the bottom of the page.

Figures from company filings, in USD; latest fiscal year ended December 31, 2025.

MA logo

Mastercard Incorporated

MAUnited States
Financial Services
USD (Local)

Income Statement

Annual • USD

Total Revenue
32.79B
Prev Year: 28.17B
YoY: +16.4%
Net Interest Income
-722.00M
Prev Year: -646.00M
YoY: -11.8%
Interest Expense
722.00M
Prev Year: 646.00M
YoY: +11.8%
Other Non-operating Income (expense)
166.00M
Prev Year: 20.00M
YoY: +730.0%
Other Special Charges
504.00M
Prev Year: 680.00M
YoY: -25.9%
Gain on Sale of Securities
124.00M
Prev Year: 233.00M
YoY: -46.8%
Net Non Operating Interest Income Expense
-722.00M
Prev Year: -646.00M
YoY: -11.8%
Non-operating Interest Expense
722.00M
Prev Year: 646.00M
YoY: +11.8%
Operating Income
19.51B
Prev Year: 16.33B
YoY: +19.5%
Operating Expense
6.03B
Prev Year: 5.17B
YoY: +16.6%
Depreciation Amortization Depletion
1.14B
Prev Year: 897.00M
YoY: +27.4%
Depreciation and amortization
1.14B
Prev Year: 897.00M
YoY: +27.4%
Other General and Administrative
3.95B
Prev Year: 3.46B
YoY: +14.4%
Gross Profit
25.54B
Prev Year: 21.49B
YoY: +18.8%
Cost of Revenue
7.25B
Prev Year: 6.67B
YoY: +8.7%
Operating Revenue
32.79B
Prev Year: 28.17B
YoY: +16.4%
Selling General and Administrative
4.88B
Prev Year: 4.27B
YoY: +14.4%
General and Administrative Expense
3.95B
Prev Year: 3.46B
YoY: +14.4%
Selling and Marketing Expense
929.00M
Prev Year: 815.00M
YoY: +14.0%
Special Income Charges
-504.00M
Prev Year: -680.00M
YoY: +25.9%
Pre-tax Income
18.58B
Prev Year: 15.25B
YoY: +21.8%
Provision for Income Taxes
3.61B
Prev Year: 2.38B
YoY: +51.7%
Net Income Common Stockholders
14.97B
Prev Year: 12.87B
YoY: +16.3%
Net Income
14.97B
Prev Year: 12.87B
YoY: +16.3%
Net Income Including Non-Controlling Interests
14.97B
Prev Year: 12.87B
YoY: +16.3%
Net Income from Continuing Operations
14.97B
Prev Year: 12.87B
YoY: +16.3%
Diluted NI Available to Com Stockholders
14.97B
Prev Year: 12.87B
YoY: +16.3%
Net Income from Continuing and Discontinued Operation
14.97B
Prev Year: 12.87B
YoY: +16.3%
Normalized Income
15.27B
Prev Year: 13.25B
YoY: +15.3%
Reconciled Depreciation
1.14B
Prev Year: 897.00M
YoY: +27.4%
Net Income from Continuing Operation Net Minority Interest
14.97B
Prev Year: 12.87B
YoY: +16.3%
Total Unusual Items Excluding Goodwill
-380.00M
Prev Year: -447.00M
YoY: +15.0%
Total Unusual Items
-380.00M
Prev Year: -447.00M
YoY: +15.0%
Tax Rate for Calcs
0.194
Prev Year: 0
Tax Effect of Unusual Items
-73.84M
Prev Year: -69.73M
YoY: -5.9%
Normalized EBITDA
20.82B
Prev Year: 17.24B
YoY: +20.8%
Reconciled Cost of Revenue
7.25B
Prev Year: 6.67B
YoY: +8.7%
EBITDA
20.44B
Prev Year: 16.80B
YoY: +21.7%
EBIT
19.30B
Prev Year: 15.90B
YoY: +21.4%
Total Expenses
13.28B
Prev Year: 11.84B
YoY: +12.1%
Total Operating Income as Reported
18.90B
Prev Year: 15.58B
YoY: +21.3%
Weighted Average Shares (diluted)
906.00M
Prev Year: 927.00M
YoY: -2.3%
Weighted Average Shares (basic)
905.00M
Prev Year: 925.00M
YoY: -2.2%
Diluted EPS
16.52
Prev Year: 13.89
YoY: +18.9%
Basic EPS
16.54
Prev Year: 13.91
YoY: +18.9%
Other Income Expense
-214.00M
Prev Year: -427.00M
YoY: +49.9%
Values in USD

Mastercard key figures by fiscal year

FY2025FY2024FY2023FY2022FY2021
Revenue$32.8B$28.2B$25.1B$22.2B$18.9B
Gross profit$25.5B$21.5B$19.1B$17.0B$14.4B
Operating income$19.5B$16.3B$14.6B$12.7B$10.2B
Net income$15.0B$12.9B$11.2B$9.9B$8.7B
Diluted EPS$16.52$13.89$11.83$10.22$8.76
Total assets$54.2B$48.1B$42.4B$38.7B$37.7B
Total liabilities$46.4B$41.6B$35.5B$32.3B$30.3B
Shareholders' equity$7.7B$6.5B$6.9B$6.3B$7.3B
Cash and short-term investments$10.9B$8.8B$9.2B$7.4B$7.9B
Total debt$19.0B$18.2B$15.7B$14.0B$13.9B
Operating cash flow$17.6B$14.8B$12.0B$11.2B$9.5B
Capital spending$1.2B$1.2B$1.1B$1.1B$814.0M
Free cash flow$16.4B$13.6B$10.9B$10.1B$8.6B

In USD. Fiscal years as reported by the company; statements on this page go back to fiscal year 2014.

Questions and answers

What was Mastercard's revenue in fiscal year 2025?

$32.79 billion, up 16.4% from $28.17 billion in fiscal year 2024.

How much profit does Mastercard make?

Mastercard reported net income of $14.97 billion for fiscal year 2025 (45.6% of revenue); operating income was $19.51 billion.

How much cash and debt does Mastercard have?

At the end of fiscal year 2025: cash and short-term investments of $10.90 billion and total debt of $19.00 billion.

What is Mastercard's free cash flow?

$16.43 billion in fiscal year 2025 (operating cash flow of $17.65 billion minus capital spending of $1.22 billion).

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Disclaimer: This analysis is for informational and educational purposes only and does not constitute financial, investment, tax, or legal advice. Data may be incomplete, delayed, or contain inaccuracies. Consult with a qualified financial advisor before making any investment decisions.
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