MethodologyAbout
Search
Menu
US · NYSE MA

Mastercard (MA) financial statements: income, balance sheet and cash flow

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) reported revenue of USD 9.28 billion and net income of USD 4.39 billion for Q2 2026, the quarter ended 30 Jun 2026, in its Form 10-Q. Total debt was USD 24.6 billion at 30 Jun 2026, after a note offering in June 2026, and the operating margin was 60.2%, our calculation.

Data as of Source: Form 10-Q for Q2 2026, filed

Key facts

Data as of

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

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
Operating income, TTM (USD bn)
20.5
TTM to · derived
Net income, TTM (USD bn)
16.3
TTM to · derived
Free cash flow, TTM (USD bn)
16.7
TTM to · derived
Total assets (USD bn)
57.7
at · Form 10-Q
Net debt (USD bn)
13.4
at · derived: total debt minus cash and short-term investments

What the numbers show

Mastercard's income statement for Q2 FY2026, the quarter ended 30 Jun 2026, shows revenue of USD 9.28 billion, up 14.1% on Q2 FY2025. Operating income was USD 5.59 billion, an operating margin of 60.2%, and net income was USD 4.39 billion, a net margin of 47.3%. Both margins are our calculation.

Over FY2021 to FY2025, revenue grew from USD 18.9 billion to USD 32.8 billion, a compound annual growth rate of 14.8%, our calculation, while operating income grew 17.0% a year. The FY2025 operating margin was 57.6%, against 55.3% in FY2024. The net margin did not follow: 45.6% against 45.7%, as income tax rose from USD 2.38 billion to USD 3.61 billion.

On the balance sheet, total assets were USD 57.7 billion at 30 Jun 2026, up from USD 54.2 billion at 31 Dec 2025. Total debt, the sum of short-term and long-term borrowings, rose from USD 19.0 billion to USD 24.6 billion over the same six months. The 10-Q's debt note records a note offering in June 2026 and commercial paper outstanding at quarter-end. Equity fell from USD 7.74 billion to USD 5.61 billion, and current assets of USD 26.5 billion exceeded current liabilities of USD 25.0 billion.

A 10-Q reports cash flows year to date, so the cash flow statement's Q2 FY2026 cells are our derivation, marked D. So are the Q4 cells: the 10-K year less the first nine months. Cash from operations was USD 3.77 billion in Q2 FY2026 against USD 4.60 billion in Q2 FY2025. The 10-Q says six-month cash from operations fell because higher customer incentive payments and cash paid for litigation settlements more than offset higher net income after non-cash items. Capital expenditure was USD 291 million. Free cash flow, our calculation, was USD 3.48 billion, and USD 16.7 billion over the 4 quarters to 30 Jun 2026, against USD 17.2 billion for FY2025.

Buybacks were USD 4.90 billion in Q2 FY2026 and USD 4.04 billion in Q1, each above that quarter's net income. Equity was USD 5.61 billion at 30 Jun 2026, against USD 7.74 billion at 31 Dec 2025. FY2024 buybacks carry an R: the FY2025 10-K reclassified that line, and the Q4 buyback cells stay empty because the quarter cannot be derived across the restatement. Diluted EPS was USD 4.97 per share in Q2 FY2026, against USD 4.07 per share in Q2 FY2025. Over FY2021 to FY2025 the diluted share count went from 992 million shares to 906 million shares and diluted EPS grew 17.2% a year, our calculation. Mastercard stock fundamentals sets out the buyback restatement itself.

Income statement

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

Annual

Report an error in this table
Download CSV

Swipe for earlier periods

Table 1 Mastercard income statement, annual, FY2021–FY2025 (USD millions) USD millions, except per-share data (USD) and percentages · Fiscal year ends 31 December
USD mFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended CAGRFY21–FY25
Revenue32,79128,16725,09822,23718,884increased 14.8%
Revenue YoY %increased 16.4%increased 12.2%increased 12.9%increased 17.8%increased 23.4%not available
Operating income18,89715,58214,00812,26410,082increased 17.0%
Operating margin %57.6%55.3%55.8%55.2%53.4%not available
Pre-tax income18,57815,25413,63911,73210,307increased 15.9%
Income tax3,6102,3802,4441,8021,620increased 22.2%
Net income14,968 112,874 111,195 19,930 18,687 1increased 14.6%
Net margin %45.6%45.7%44.6%44.7%46.0%not available
Per share
Diluted EPS (USD)16.5213.8911.8310.228.76increased 17.2%
Diluted shares (m)906927946971992not available
(opens in new tab)

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

  • Not available

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

CAGR: compound annual growth rate from FY2021 to FY2025, our calculation; n/m when the endpoints differ in sign or the base is zero or negative.

Totals may not add up because of rounding.

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

Quarterly

Report an error in this table
Download CSV

Swipe for earlier periods

Table 2 Mastercard income statement, quarterly, 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%
Pre-tax income5,4864,8124,876 D4,9994,6724,0313,891 D3,866
Income tax1,098930816 D1,072971751549 D603
Net income4,388 13,882 14,060 D 13,927 13,701 13,280 13,342 D 13,263 1
Net margin %47.3%46.2%46.1%45.7%45.5%45.2%44.6%44.3%
Per share
Diluted EPS (USD)4.974.35not available4.344.073.59not available3.53
Diluted shares (m)883893not available905909914not available925
(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.
  • Not available

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.

Balance sheet

Annual

Report an error in this table
Download CSV

Swipe for earlier periods

Table 3 Mastercard assets, annual, FY2021–FY2025 (USD millions) USD millions
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Cash and short-term investments10,5668,4428,5887,0087,421
Receivables4,6093,7734,0603,4253,006
Total current assets23,55819,72418,96116,60616,949
PP&E (net)2,3032,1382,0612,0061,907
Goodwill and intangibles15,114 D14,646 D11,746 D11,381 D11,333 D
Total assets54,15748,08142,44838,72437,669
(opens in new tab)

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

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

Report an error in this table
Download CSV

Swipe for earlier periods

Table 4 Mastercard liabilities and shareholders' equity, annual, FY2021–FY2025 (USD millions) USD millions · net cash shown as a negative net debt
USD mFY2025at FY2024at FY2023at FY2022at FY2021at
Current liabilities22,76219,22016,26414,17113,162
Total debt19,000 D18,226 D15,681 D14,023 D13,901 D
Total liabilities46,41141,56635,45132,34730,257
Shareholders' equity7,7376,4856,9296,2987,312
Net debt / (net cash)8,434 D9,784 D7,093 D7,015 D6,480 D
(opens in new tab)

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

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Quarterly

Report an error in this table
Download CSV

Swipe for earlier periods

Table 5 Mastercard assets, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Cash and short-term investments11,2917,90610,56610,3139,0317,5758,44211,063
Receivables5,0474,7204,6094,2474,1843,9653,7734,014
Total current assets26,52222,49823,55823,22322,14019,80419,72422,300
PP&E (net)2,5412,3492,3032,2992,2252,1712,1382,176
Goodwill and intangibles14,964 D15,020 D15,114 D15,165 D15,227 D14,885 D14,646 D11,956 D
Total assets57,69152,44954,15753,28951,43148,47048,08147,237
(opens in new tab)

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

  • D Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.

Totals may not add up because of rounding.

Report an error in this table
Download CSV

Swipe for earlier periods

Table 6 Mastercard liabilities and shareholders' equity, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · net cash shown as a negative net debt
USD mQ2 2026at Q1 2026at Q4 2025at Q3 2025at Q2 2025at Q1 2025at Q4 2024at Q3 2024at
Current liabilities25,00422,93422,76220,69319,02917,82819,22017,294
Total debt24,643 D18,960 D19,000 D18,983 D18,970 D18,802 D18,226 D18,358 D
Total liabilities52,08545,72746,41145,37043,55741,77441,56639,739
Shareholders' equity5,6116,7197,7377,9047,8536,6716,4857,440
Net debt / (net cash)13,352 D11,054 D8,434 D8,670 D9,939 D11,227 D9,784 D7,295 D
(opens in new tab)

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

  • D Total debt = short-term debt + long-term debt, from the same filing.
  • D Net debt = total debt minus cash and short-term investments; a negative value is net cash.

Totals may not add up because of rounding.

Cash flow

Chart 2

Mastercard quarterly free cash flow, Q3 2024 to Q2 2026

USD bn · quarters ended to

Free cash flow by quarter, from USD 5.03 bn in Q3 2024 to USD 3.48 bn in Q2 2026.02463.5Q32024Q4Q12025Q2Q3Q4Q12026Q2stockfactsheet.com
Source: Mastercard Forms 10-Q and 10-K, SEC EDGAR Data as of

Annual

Report an error in this table
Download CSV

Swipe for earlier periods

Table 7 Mastercard cash flow, annual, 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
Cash from investing−1,362−3,402−1,351−1,470−5,272
Cash from financing−14,179−10,836−9,488−10,328−6,555
(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.

Quarterly

Report an error in this table
Download CSV

Swipe for earlier periods

Table 8 Mastercard cash flow, quarterly, Q3 2024–Q2 2026 (USD millions) USD millions · outflows shown with a minus sign
USD mQ2 2026ended Q1 2026ended Q4 2025ended Q3 2025ended Q2 2025ended Q1 2025ended Q4 2024ended Q3 2024ended
Cash from operations3,773 D2,9995,002 D5,663 D4,603 D2,3804,834 D5,136 D
Capital expenditure−291 D−154−112 D−178 D−40 D−159−95 D−107 D
Free cash flow3,482 D2,845 D4,890 D5,485 D4,563 D2,221 D4,739 D5,029 D
Dividends paid−771 D−777−684 D−687 D−691 D−694−606 D−611 D
Share buybacks−4,898 D−4,035not available−3,331 D−2,289 D−2,549not available−2,934 D
Cash from investing−517 D−362−421 D−374 D−227 D−340−2,678 D−256 D
Cash from financing−35 D−5,005−4,186 D−4,000 D−3,006 D−2,987−4,041 D−857 D
(opens in new tab)

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

  • D Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • D Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
  • D Free cash flow = cash from operations minus capital expenditure.
  • Not available

Totals may not add up because of rounding.

Per share and dividends

Report an error in this table
Download CSV

Swipe for earlier periods

Table 9 Mastercard per-share data and dividends, annual, FY2021–FY2025 USD per share, split-adjusted · shares in millions
USDFY2025ended FY2024ended FY2023ended FY2022ended FY2021ended
Basic EPS (USD)16.5413.9111.8610.268.79
Diluted EPS (USD)16.5213.8911.8310.228.76
Dividends declared per share (USD)3.152.742.37 12.04 1not available
Diluted shares (m)906927946971992
FCF cover (×)6.2×5.8×5.4×5.7×5.2×
(opens in new tab)

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

  • Not available

1 As presented in Form 10-K filed .

Notes on these figures

  • R Restated
    • Restated in Form 10-K filed ; originally reported USD −11,035 m in Form 10-K filed .
  • D Derived by StockFactsheet
    • Fourth quarter derived as the fiscal year minus the nine-month year-to-date total.
    • Goodwill plus the intangible assets the filing reports under the standard intangible-asset tags or the components our mapping lists for the company, from the same filing. Intangible assets a company shows on separate balance sheet lines under other tags, such as licences, may not be included, so for some companies this line is goodwill alone; the lines included can change when the company changes its balance sheet.
    • Total debt = short-term debt + long-term debt, from the same filing.
    • Net debt = total debt minus cash and short-term investments; a negative value is net cash.
    • Free cash flow = cash from operations minus capital expenditure.
    • Quarter derived from year-to-date totals: the six- or nine-month figure minus the earlier quarters.
  • Template: standard statement set (not bank or insurer).
  • Arrows show direction of change only, not whether a change is good or bad.

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 2024 to Q2 2026) and 10-K (FY2021 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. CAGR = compound annual growth across the annual table.
Restatements
Restated figures carry the R marker; its footnote gives the originally reported value.
Comparator
None: this page shows the company's own figures only.
Currency
As reported (USD); no FX conversion.
Read the full methodology

CSV downloads

One file per statement, with the annual and quarterly figures on this page in full units.

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] 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.

Spotted an error? Report it Corrections log Methodology

Cite this page

StockFactsheet (2026). "Mastercard (MA) financial statements: income, balance sheet and cash flow." Signed off by OffScriptBySami. Updated ; data as of . https://stockfactsheet.com/stocks/ma/financials/

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

Signed off by OffScriptBySami on · How pages are checked

StockFactsheet is not a licensed investment adviser, broker or dealer, and does not give personal recommendations.

How this page was made
  1. Data imported (SEC EDGAR, )
  2. Drafted from our dataset only
  3. Automated checks and review steps passed ()
  4. Signed off and published by OffScriptBySami (, GST)

Update history

  1. Published First published version.