The company is a technology company operating in the global payments industry, connecting consumers, financial institutions, merchants, governments and businesses through electronic payment networks. It operates a payments network that authorizes, clears and settles transactions under its brands, and also provides account-based payment capabilities including automated clearing house transactions. Beyond network switching, it provides services and solutions such as security solutions, consumer acquisition and engagement services, data and insights, digital and authentication services, and processing and gateway solutions.
| Income statement · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Total revenues | 32,791 | 28,167 | 25,098 | 2 |
| · Payment network | 19,476 | 17,335 | 15,824 | |
| · Value added services and solutions | 13,315 | 10,832 | 9,274 | |
| Selling, general and administrative | 11,318 | 10,193 | 8,927 | |
| Depreciation, depletion and amortization | 1,143 | 897 | 799 | |
| Total operating expenses | 13,894 | 12,585 | 11,090 | |
| Operating income | 18,897 | 15,582 | 14,008 | |
| Interest expense | — | — | 575 | |
| Other income (expense), net | (319) | (328) | (369) | |
| Income before income taxes | 18,578 | 15,254 | 13,639 | |
| Income tax provision | 3,610 | 2,380 | 2,444 | 1 |
| — of which current | 3,553 | 2,907 | 2,681 | 1 |
| Net income incl. noncontrolling interests | 14,968 | 12,874 | 11,195 | |
| Less: noncontrolling interests | 21 | 16 | 12 | |
| Net income attributable to common | 14,968 | 12,874 | 11,195 | 1 |
| Diluted earnings per share | $16.52 | $13.89 | $11.83 | |
| Weighted-average diluted shares | 906 | 927 | 946 |
| Cash flow · $ millions | 2025 | 2024 | 2023 | |
|---|---|---|---|---|
| Net income incl. noncontrolling interests | 14,968 | 12,874 | 11,195 | |
| Depreciation, depletion and amortization | 1,143 | 897 | 799 | |
| Share-based compensation | 597 | 526 | 460 | |
| Deferred income taxes | 57 | (527) | (236) | |
| Change in receivables | 642 | (186) | 546 | |
| Change in payables | 45 | 75 | (99) | |
| Net cash provided by operating activities | 17,648 | 14,780 | 11,980 | 4 |
| Capital expenditure | 489 | 474 | 371 | 1 |
| Acquisitions, net of cash | 0 | 2,511 | 0 | |
| Net cash used in investing activities | (1,362) | (3,402) | (1,351) | |
| Dividends paid | 2,756 | 2,448 | 2,158 | 2 |
| Repurchases of common stock | 11,727 | 10,954 | 9,032 | 2 |
| Debt issued | 1,242 | 3,960 | 1,554 | |
| Debt repaid | 750 | 1,336 | 0 | |
| Net cash used in financing activities | (14,179) | (10,836) | (9,488) | |
| Cash and equivalents at end of period | 13,248 | 10,808 | 10,465 |
| Balance sheet · $ millions | 2025 | 2024 | |
|---|---|---|---|
| Cash and cash equivalents | 10,566 | 8,442 | |
| Receivables, net | 4,609 | 3,773 | 1 |
| Total current assets | 23,558 | 19,724 | |
| Property, plant and equipment, net | 2,303 | 2,138 | |
| Goodwill | 9,560 | 9,193 | 1 |
| Intangible assets, net | 5,382 | 5,300 | |
| Total assets | 54,157 | 48,081 | 1 |
| Accounts payable | 999 | 929 | |
| Current debt | 749 | 750 | 1 |
| Total current liabilities | 22,762 | 19,220 | |
| Long-term debt | 18,251 | 17,476 | 1 |
| Total liabilities | 46,411 | 41,566 | |
| Stockholders' equity | 7,737 | 6,485 | |
| Noncontrolling interests | 9 | 30 | |
| Total equity | 7,746 | 6,515 |
| Largest FY/FY moves · $ millions, ranked by |Δ| | FY2025 | FY2024 | Δ $ | Δ % | Reading |
|---|---|---|---|---|---|
| Total assets · BS | 54,157 | 48,081 | +6,076 | +12.6% | — |
| Total liabilities · BS | 46,411 | 41,566 | +4,845 | +11.7% | — |
| Total revenues · IS | 32,791 | 28,167 | +4,624 | +16.4% | — |
| Total current assets · BS | 23,558 | 19,724 | +3,834 | +19.4% | — |
| Total current liabilities · BS | 22,762 | 19,220 | +3,542 | +18.4% | — |
| Net cash used in financing activities · CF | (14,179) | (10,836) | −3,343 | -30.9% | — |
| Income before income taxes · IS | 18,578 | 15,254 | +3,324 | +21.8% | — |
| Operating income · IS | 18,897 | 15,582 | +3,315 | +21.3% | — |
| Net cash provided by operating activities · CF | 17,648 | 14,780 | +2,868 | +19.4% | — |
| Debt issued · CF | 1,242 | 3,960 | −2,718 | -68.6% | ◐ outsized |
| Acquisitions, net of cash · CF | 0 | 2,511 | −2,511 | -100.0% | ◐ outsized |
| · Value added services and solutions · IS | 13,315 | 10,832 | +2,483 | +22.9% | — |
| Cash and equivalents at end of period · CF | 13,248 | 10,808 | +2,440 | +22.6% | — |
| · Payment network · IS | 19,476 | 17,335 | +2,141 | +12.4% | — |
| Business quality — Buffett/Munger screen · deterministic · not part of the filing score | Value | Reading |
|---|---|---|
| Return on equity net income ÷ average of start- and end-of-year equity | 210.5% sector median 13.7% | strong |
| Share count, year-end (year-end shares − prior year-end) ÷ prior year-end | n/a sector median -1.0% | insufficient data |
| Debt to equity (current debt + long-term debt) ÷ year-end equity | 2.46 sector median 0.57 | leveraged |
| FCF consistency, 5yr operating cash flow − capital expenditure, per year | positive 5 of 5 | consistent |
| Margin stability pre-tax income ÷ revenue, swing across up to five years | pre-tax margin 56.7% sector median 26.4% | stable |
| Quarterly · as filed in 10-Q/10-K · $ millions | MAR 25 | JUN 25 | SEP 25 | MAR 26 | JUN 26 |
|---|---|---|---|---|---|
| Total revenues | 7,250 | 8,133 | 8,602 | 8,398 | 9,277 |
| Selling, general and administrative | 2,523 | 2,766 | 2,923 | 3,039 | 3,082 |
| Depreciation, depletion and amortization | 275 | 281 | 290 | 299 | 309 |
| Total operating expenses | 3,101 | 3,356 | 3,541 | 3,491 | 3,690 |
| Operating income | 4,149 | 4,777 | 5,061 | 4,907 | 5,587 |
| Interest expense | 182 | 195 | 186 | 185 | 218 |
| Other income (expense), net | (118) | (105) | (62) | (95) | (101) |
| Income before income taxes | 4,031 | 4,672 | 4,999 | 4,812 | 5,486 |
| Income tax provision | 751 | 971 | 1,072 | 930 | 1,098 |
| Net income incl. noncontrolling interests | 3,280 | 3,701 | 3,927 | 3,882 | 4,388 |
| Less: noncontrolling interests | 5 | 4 | 6 | 6 | 8 |
| Diluted earnings per share | $3.59 | $4.07 | $4.34 | $4.35 | $4.97 |
| Weighted-average diluted shares | 914 | 909 | 905 | 893 | 883 |
| Net cash provided by operating activities | 2,380 | — | — | 2,999 | — |
| Largest QoQ moves · latest vs prior filed quarter | Prior | Latest | Δ $ | Δ % |
|---|---|---|---|---|
| Total revenues | 8,398 | 9,277 | +879 | +10.5% |
| Operating income | 4,907 | 5,587 | +680 | +13.9% |
| Income before income taxes | 4,812 | 5,486 | +674 | +14.0% |
| Net cash provided by operating activities | 2,380 | 2,999 | +619 | +26.0% |
| Net income incl. noncontrolling interests | 3,882 | 4,388 | +506 | +13.0% |
| Total operating expenses | 3,491 | 3,690 | +199 | +5.7% |
| Income tax provision | 930 | 1,098 | +168 | +18.1% |
| Selling, general and administrative | 3,039 | 3,082 | +43 | +1.4% |
| Ownership — insiders & floatForm 4 + 10-K cover · open-market trades only | Value | Reading |
|---|---|---|
| Public float | $505,000M | 10-K cover · as of 2025-06-30 |
| Insider Form 4s, 90d | 18 filings · 0 buys / 17 sells | net selling · −$41,146,893 |
| · Miebach Michael | SELL $9,644,240 | Form 4 filed 2026-08-04 · open market |
| · Miebach Michael | SELL $9,439,383 | Form 4 filed 2026-08-04 · open market |
| · Mclaughlin Edward Grunde | SELL $7,489,187 | Form 4 filed 2026-07-02 · open market |
| · Mclaughlin Edward Grunde | SELL $3,292,970 | Form 4 filed 2026-07-15 · open market |
| · Seshadri Raj | SELL $2,534,700 | Form 4 filed 2026-07-02 · open market |
| Insider ownership % | — | needs the proxy statement — not read yet, never estimated |
| Institutional % | — | needs 13F aggregation — not read yet, never estimated |
| · 10b5-1 adopted | Michael Miebach, President and Chief Executive Officer | November 3, 2025 · Up to (i) 26,400 shares of Class A common stock underlying employee stock options, (ii) 16,000 shares of Class A common stock underlying vested but not yet settled performance stock units and (iii) 6,228 shares of Class A common stock 3 shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Ed McLaughlin, President & Chief Technology Officer, Mastercard Technology | November 4, 2025 · Up to 34,060 shares of Class A common stock underlying employee stock options shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Ling Hai, President, Asia Pacific, Europe, Middle East & Africa | December 10, 2025 · Up to 12,952 shares of Class A common stock underlying employee stock options shares · 10-K insider trading arrangements |
| · 10b5-1 adopted | Craig Vosburg, Chief Services Officer | December 10, 2025 · Up to 7,443 shares of Class A common stock shares · 10-K insider trading arrangements |
Not investment advice. DHI Signal publishes impersonal, rules-based research; no recommendation to buy or sell any security is made or implied. Every statement figure is transcribed from Mastercard's Form 10-K for FY2025 (accession 0001141391-26-000013), pulled from EDGAR XBRL. Derived measures are computed only from lines shown on this page and the arithmetic is displayed so it can be checked. MA is not in the tracked book. Market posture attaches only when the dashboard feed carries the name; this page computes none of it.