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Mastercard (NYSE: MA) stock fundamentals

NYSE: MA · Financials · United States

Signed off by OffScriptBySami on  · Updated

Data as of  · For information only, not investment advice.

In brief

Mastercard (NYSE: MA) runs a global payments network that connects consumers, financial institutions and merchants. Its Form 10-K reports revenue of USD 32.8 billion and net income of USD 15.0 billion for FY2025. Its Form 10-Q for Q2 FY2026, the quarter ended 30 Jun 2026, reports revenue of USD 9.28 billion.

Data as of Source: Form 10-K for FY2025 and Form 10-Q for Q2 2026

Key facts

Data as of

Mastercard (NYSE: MA) · USD · fiscal year ends 31 December · figures from SEC filings; derived values are marked.

Revenue (USD bn)
32.8
FY2025 (ended ) · Form 10-K
Revenue, TTM (USD bn)
35.1
TTM to · derived
Revenue by quarter, from USD 7.37 bn in Q3 2024 to USD 9.28 bn in Q2 2026
Net income attributable to shareholders (USD bn)
15.0
FY2025 (ended ) · Form 10-K
Operating margin
57.6%
FY2025 (ended ) · derived
Free cash flow (USD bn)
17.2
FY2025 (ended ) · derived
Net debt (USD bn)
13.4
at · derived: total debt minus cash and short-term investments
Dividend declared per share (USD)
3.15
FY2025 (ended ) · Form 10-K

Fundamentals profile

vs Mastercard's own FY2021–FY2025 range (fewer than 5 covered peers) · TTM to Q2 2026 · Data as of

Each row places Mastercard's value against its own FY2021–FY2025 range. It describes; it does not rate. There is no overall score. How we calculate this

Mastercard fundamentals profile compared with its own FY2021–FY2025 range. Each row names its period; values are percentages, multiples or years.
DimensionMetricMastercardOwn 5-year medianPositionRange
GrowthRevenue, 3-year CAGR to FY202513.8%Own 5-year median 13.8%Near its 5-year median
Lower (8.1%) Higher (17.9%)
MarginsOperating margin (TTM to Q2 2026)58.3%Own 5-year median 55.3%Above its 5-year median
Lower (53.4%) Higher (57.6%)
LeverageNet debt / EBITDA (TTM to Q2 2026; below zero means net cash)0.6×Own 5-year median 0.5×Near its 5-year median
Lower (0.4×) Higher (0.6×)
Cash flowFCF margin (TTM to Q2 2026)47.6%Own 5-year median 48.4%Near its 5-year median
Lower (46.3%) Higher (52.3%)
Dividend historyConsecutive years of cash dividends, to FY2025Counted from FY2022; our data has no dividend per share for FY2021, so the run may be longer.At least 4Own 5-year median not availablenot availablenot available

Source: Mastercard Forms 10-Q and 10-K, SEC EDGAR. Derived by StockFactsheet. Data as of

Compared with Mastercard's own FY2021–FY2025 range because fewer than 5 covered peers exist. Descriptive only; not a rating.

How did Mastercard's quarterly revenue and operating margin change from Q3 FY2024 to Q2 FY2026?

Mastercard's quarterly revenue rose from USD 7.37 billion in Q3 FY2024 to USD 9.28 billion in Q2 FY2026, the quarter ended 30 Jun 2026. Revenue grew year on year in each of those 8 quarters, by 14.1% in Q2 FY2026 (our calculations).

Chart 1

Mastercard quarterly revenue, Q3 2024 to Q2 2026

USD bn · quarters ended to

Revenue by quarter, from USD 7.37 bn in Q3 2024 to USD 9.28 bn in Q2 2026.0.02.55.07.510.09.3Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Mastercard Forms 10-Q and 10-K, SEC EDGAR Data as of
Report an error in this table

Swipe for earlier periods

Table 1 Mastercard quarterly revenue, margins and profit, Q3 2024–Q2 2026 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Revenue9,2778,3988,806 D8,6028,1337,2507,489 D7,369
Revenue YoY %increased 14.1%increased 15.8%increased 17.6%increased 16.7%increased 16.8%increased 14.2%increased 14.4%increased 12.8%
Operating income5,5874,9074,910 D5,0614,7774,1493,938 D4,004
Operating margin %60.2%58.4%55.8%58.8%58.7%57.2%52.6%54.3%
Net income attributable to shareholders4,388 13,882 14,060 D 13,927 13,701 13,280 13,342 D 13,263 1
(opens in new tab)

Source: Mastercard Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.

1 Filled from a related concept the company reports (net_income); see Methodology.

Totals may not add up because of rounding.

Arrows show direction of change only, not whether a change is good or bad.

Mastercard's operating margin, our calculation, was 52.6% in Q4 FY2024 and 60.2% in Q2 FY2026. In between it was 55.8% in Q4 FY2025 and 58.8% in Q3 FY2025. Operating income in Q2 FY2026 was USD 5.59 billion, and net income was USD 4.39 billion.

No 10-Q covers a fourth quarter. We derive Q4 FY2024 and Q4 FY2025 as the full-year 10-K figure less the first 3 quarters, and mark those cells D, as our guide on how to read a 10-Q explains. The 8 quarters, with each column linked to its filing, are set out on the Mastercard financial statements page.

Why does Mastercard's FY2025 10-K show lower FY2024 buybacks than its FY2024 10-K?

Mastercard's FY2025 10-K prints purchases of treasury stock for FY2024 as USD 10,954 million.[3] Its FY2024 10-K printed USD 11,035 million for the same year.[7] The FY2025 10-K says certain prior period amounts within the consolidated statements of cash flows were reclassified to conform to the 2025 presentation.[3]

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Table 2 Mastercard restated annual figures, FY2024 (USD millions) USD millions, except per-share data (USD) and percentages
USD mFY2024ended
Share buybacks−10,954 R
(opens in new tab)

Source: Mastercard Forms 10-Q and 10-K, SEC EDGAR Data as of

  • R Restated in Form 10-K filed ; originally reported USD −11,035 m in Form 10-K filed .

The same note says the reclassification had no impact on previously reported net cash flows from operating, investing or financing activities.[3] FY2024 is the only year in our buyback table whose cell is marked R.

We show the later figure in the FY2024 cell and mark it R, with a footnote that names the original filing and value. Our methodology explains how we mark restated and derived figures. To compare the two numbers, open the cash flow statement in each 10-K; our guide on how to read a 10-K shows where that statement sits.

How did Mastercard's buybacks and dividends paid compare with its free cash flow from FY2021 to FY2025?

Mastercard's free cash flow, our calculation, rose from USD 9.06 billion in FY2021 to USD 17.2 billion in FY2025. Dividends paid rose from USD 1.74 billion to USD 2.76 billion over the same 5 years, and buybacks from USD 5.90 billion in FY2021 to USD 9.03 billion in FY2023.

Report an error in this table

Swipe for earlier periods

Table 3 Mastercard cash flow, dividends paid and buybacks, FY2021–FY2025 (USD millions) USD millions · outflows shown with a minus sign
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Cash from operations17,64814,78011,98011,1959,463
Capital expenditure−489−474−371−442−407
Free cash flow17,159 D14,306 D11,609 D10,753 D9,056 D
Dividends paid−2,756−2,448−2,158−1,903−1,741
Share buybacks−11,727−10,954 R−9,032−8,753−5,904
(opens in new tab)

Source: Mastercard Forms 10-Q and 10-K, SEC EDGAR Data as of

  • D Free cash flow = cash from operations minus capital expenditure.
  • R Restated in Form 10-K filed ; originally reported USD −11,035 m in Form 10-K filed .

Totals may not add up because of rounding.

Free cash flow is cash from operations less capital expenditure. Mastercard's cash from operations rose from USD 9.46 billion in FY2021 to USD 17.6 billion in FY2025. Its capital expenditure stayed between USD 371 million, in FY2023, and USD 489 million, in FY2025. In each year from FY2021 to FY2023, buybacks were smaller than free cash flow, and so were dividends paid.

Buybacks were also the larger of the two shareholder payouts in each of those 3 years. Mastercard declared dividends of USD 3.15 per share for FY2025, according to its FY2025 10-K.[3] The cash flow statement counts dividends when they are paid, so declared and paid amounts can fall in different years.

The NVIDIA stock fundamentals page shows how another company reports its buybacks next to free cash flow. Both pages use the same free cash flow formula.

How we got these numbers

Every figure comes from Mastercard's Forms 10-Q and 10-K as filed with the SEC. Derived values are marked D and explained below.

Full method for this page
Source documents
Forms 10-Q (Q3 2023 to Q2 2026) and 10-K (FY2018 to FY2025)
Period covered
8 quarters and 5 fiscal years
Calculations
TTM = sum of the last 4 quarters. Q4 = fiscal year minus the nine-month YTD. Margins = line item ÷ revenue. FCF = cash from operations − capital expenditure. EBITDA = operating income + depreciation and amortisation (our calculation). Net debt = total debt − cash and short-term investments. CAGR = compound annual growth over three fiscal years.
Restatements
Restated figures carry the R marker; its footnote gives the originally reported value.
Comparator
Each profile row compares the current value with Mastercard's own last five fiscal years, FY2021 to FY2025: the median of those five years and their range, from the lowest to the highest. A current value outside that range is drawn just past the end of the strip. Fewer than 5 covered peers exist, so there is no sector median yet.
Currency
As reported (USD); no FX conversion.
Read the full methodology

Latest filings and disclosures

SEC filings behind Mastercard's figures, newest first.

(opens in new tab)
  1. Filing Form 10-Q, quarter ended 30 Jun 2026 sec.gov
  2. Filing Form 10-Q, quarter ended 31 Mar 2026 sec.gov
  3. Filing Form 10-K, fiscal year ended 31 Dec 2025 sec.gov
  4. Filing Form 10-Q, quarter ended 30 Sep 2025 sec.gov
  5. Filing Form 10-Q, quarter ended 30 Jun 2025 sec.gov
  6. Filing Form 10-Q, quarter ended 31 Mar 2025 sec.gov
  7. Filing Form 10-K, fiscal year ended 31 Dec 2024 sec.gov
  8. Filing Form 10-Q, quarter ended 30 Sep 2024 sec.gov
All filings on SEC EDGAR

Company identifiers

Data as of
(opens in new tab)
Legal name
Mastercard Incorporated
Exchange
NYSE
Ticker
MA
Sector
Financials
Country
United States
Fiscal year end
31 December
Reporting currency
USD
Accounting standard
US GAAP
SEC CIK
0001141391
Latest filing in this page's data
Form 10-Q, quarter ended 30 Jun 2026 · filed

Sources and data

Data as of Figures are as reported in the filings below. Derived figures are our calculations (see Methodology).

(opens in new tab)
  1. [1] Filing Form 10-Q, quarter ended 30 Jun 2026 Mastercard Incorporated · · sec.gov
  2. [2] Filing Form 10-Q, quarter ended 31 Mar 2026 Mastercard Incorporated · · sec.gov
  3. [3] Filing Form 10-K, fiscal year ended 31 Dec 2025 Mastercard Incorporated · · sec.gov
  4. [4] Filing Form 10-Q, quarter ended 30 Sep 2025 Mastercard Incorporated · · sec.gov
  5. [5] Filing Form 10-Q, quarter ended 30 Jun 2025 Mastercard Incorporated · · sec.gov
  6. [6] Filing Form 10-Q, quarter ended 31 Mar 2025 Mastercard Incorporated · · sec.gov
  7. [7] Filing Form 10-K, fiscal year ended 31 Dec 2024 Mastercard Incorporated · · sec.gov
  8. [8] Filing Form 10-Q, quarter ended 30 Sep 2024 Mastercard Incorporated · · sec.gov
  9. [9] Filing Form 10-K, fiscal year ended 31 Dec 2023 Mastercard Incorporated · · sec.gov
  10. [10] Filing Form 10-K, fiscal year ended 31 Dec 2022 Mastercard Incorporated · · sec.gov
  11. [11] Filing Form 10-K, fiscal year ended 31 Dec 2021 Mastercard Incorporated · · sec.gov
  12. [12] Filing Form 10-Q, quarter ended 30 Jun 2024 Mastercard Incorporated · · sec.gov
  13. [13] Filing Form 10-Q, quarter ended 31 Mar 2024 Mastercard Incorporated · · sec.gov
  14. [14] Filing Form 10-Q, quarter ended 30 Sep 2023 Mastercard Incorporated · · sec.gov
  15. [15] Filing Form 10-K, fiscal year ended 31 Dec 2020 Mastercard Incorporated · · sec.gov
  16. [16] Filing Form 10-K, fiscal year ended 31 Dec 2019 Mastercard Incorporated · · sec.gov
  17. [17] Filing Form 10-K, fiscal year ended 31 Dec 2018 Mastercard Incorporated · · sec.gov
  18. [18] Our dataset StockFactsheet fundamentals dataset, extracted from SEC EDGAR XBRL on ; derived values (Q4, TTM, free cash flow, net debt, margins, growth rates and ratios) are explained in Methodology.

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Cite this page

StockFactsheet (2026). "Mastercard (NYSE: MA) stock fundamentals." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/ma/

Not investment advice

For information only. StockFactsheet does not recommend buying, selling or holding any security. Figures can contain errors; always check the original filings. Full disclaimer

Author and editor

OffScriptBySami

Founder and editor, StockFactsheet

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How you can check this page

  • The filings behind the figures on this page are listed in Sources and data above.
  • Signed off by OffScriptBySami on , after the figure, wording and source checks.
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How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset and the company's own filings
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.