MA financial statements

The full income statement, balance sheet, and cash-flow statement for Mastercard Incorporated (MA), plus valuation ratios — straight from SEC filings. Switch between annual, quarterly, and trailing-twelve-month figures, pick how far back to look, and flip the time order. Every line has a trend sparkline.

Shares outstanding (point-in-time)

2024-06 923.8M2024-09 917.8M2024-12 911.7M2025-03 908.0M2025-06 904.0M2025-09 898.0M2025-12 891.8M2026-03 883.6M2026-06 876.0M-5.2% over 8 periods

SEC-filed end-of-period counts (cover pages and balance sheets, split-adjusted) — the series realized buyback yield is computed from. The weighted-average share lines in the statements below lag these by design: an average over the year sits near the midpoint of an ongoing buyback.

PeriodRangeOrderChangeYoYQoQFiguresAs-reported fiscal years.

Line item	FY2025	FY2024	FY2023	FY2022	FY2021
Income Statement	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Revenue	32.8B YoY+16.4%	28.2B YoY+12.2%	25.1B YoY+12.9%	22.2B YoY-25.5%	29.8B YoY+26.4%
	13.9B YoY+10.4%	12.6B YoY+13.5%	11.1B YoY+11.2%	9.97B YoY+13.3%	8.80B YoY+21.9%
Selling, general & administrative	11.3B YoY+11.0%	10.2B YoY+14.2%	8.93B YoY+10.5%	8.08B YoY+14.0%	7.09B YoY+19.9%
General & administrative	11.3B YoY+11.0%	10.2B YoY+14.2%	8.93B YoY+10.5%	8.08B YoY+14.0%	7.09B YoY+19.9%
Amortization of intangibles	760M YoY+45.3%	523M YoY+14.4%	457M YoY+10.4%	414M YoY-2.4%	424M YoY+39.9%
Operating income	18.9B YoY+21.3%	15.6B YoY+11.2%	14.0B YoY+14.2%	12.3B YoY+21.6%	10.1B YoY+24.8%
Interest expense	722M YoY+11.8%	646M YoY+12.3%	575M YoY+22.1%	471M YoY+9.3%	431M YoY+13.4%
Other non-operating income	166M YoY+730.0%	20.0M YoY+385.7%	-7.00M YoY-130.4%	23.0M	0.00 YoY-100.0%
Equity-method income	—	—	-61.0M YoY+57.9%	-145M YoY-122.5%	645M YoY+2050.0%
Gain (loss) on equity securities	-88.0M YoY-214.3%	-28.0M YoY+54.1%	-61.0M YoY+57.9%	-145M YoY-122.5%	645M YoY+2050.0%
Pre-tax income	18.6B YoY+21.8%	15.3B YoY+11.8%	13.6B YoY+16.3%	11.7B YoY+13.8%	10.3B YoY+32.8%
Income tax	3.61B YoY+51.7%	2.38B YoY-2.6%	2.44B YoY+35.6%	1.80B YoY+11.2%	1.62B YoY+20.1%
	15.0B YoY+16.3%	12.9B YoY+15.0%	11.2B YoY+12.7%	9.93B YoY+14.3%	8.69B YoY+35.5%
Net income to non-controlling interest	21.0M YoY+31.3%	16.0M YoY+33.3%	12.0M YoY-7.7%	13.0M YoY+44.4%	9.00M YoY+112.3%
	$16.52 YoY+18.9%	$13.89 YoY+17.4%	$11.83 YoY+15.8%	$10.22 YoY+16.7%	$8.76 YoY+37.5%
EPS (basic)	$16.54 YoY+18.9%	$13.91 YoY+17.3%	$11.86 YoY+15.6%	$10.26 YoY+16.7%	$8.79 YoY+37.3%
	905M YoY-2.2%	925M YoY-2.0%	944M YoY-2.5%	968M YoY-2.0%	988M YoY-1.4%
	906M YoY-2.3%	927M YoY-2.0%	946M YoY-2.6%	971M YoY-2.1%	992M YoY-1.4%
Dividends per share	$3.15 YoY+15.0%	$2.74 YoY+15.6%	$2.37 YoY+16.2%	$2.04 YoY+16.2%	$1.76 YoY+10.0%
Balance Sheet	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	23.6B YoY+19.4%	19.7B YoY+4.0%	19.0B YoY+14.2%	16.6B YoY-2.0%	16.9B YoY-11.3%
Cash & equivalents	10.6B YoY+25.2%	8.44B YoY-1.7%	8.59B YoY+22.5%	7.01B YoY-5.6%	7.42B YoY-26.6%
Accounts receivable	4.61B YoY+22.2%	3.77B YoY-7.1%	4.06B YoY+18.5%	3.42B YoY+13.9%	3.01B YoY+13.6%
Prepaid expenses	3.74B YoY+25.1%	2.99B YoY+14.6%	2.61B YoY+11.3%	2.35B YoY+3.3%	2.27B YoY+20.6%
Other current assets	1.21B YoY+6.5%	1.14B YoY+9.3%	1.04B YoY+9.1%	954M YoY+11.8%	853M YoY+18.6%
	54.2B YoY+12.6%	48.1B YoY+13.3%	42.4B YoY+9.6%	38.7B YoY+2.8%	37.7B YoY+12.2%
Property, plant & equipment	2.30B YoY+7.7%	2.14B YoY+3.7%	2.06B YoY+2.7%	2.01B YoY+5.2%	1.91B YoY+0.3%
Operating lease right-of-use	750M YoY+10.1%	681M YoY-0.7%	686M YoY+1.0%	679M YoY+1.2%	671M YoY-10.3%
Goodwill	9.56B YoY+4.0%	9.19B YoY+20.0%	7.66B YoY+1.8%	7.52B YoY-1.8%	7.66B YoY+54.5%
Intangible assets	5.55B YoY+1.9%	5.45B YoY+33.5%	4.09B YoY+5.9%	3.86B YoY+5.1%	3.67B YoY+109.4%
Deferred tax assets	1.57B YoY-2.9%	1.61B YoY+19.1%	1.35B YoY+17.7%	1.15B YoY+136.8%	486M YoY-1.0%
Other non-current assets	11.6B YoY+16.6%	9.96B YoY+19.6%	8.32B YoY+9.8%	7.58B YoY+8.4%	6.99B YoY+30.4%
	22.8B YoY+18.4%	19.2B YoY+18.2%	16.3B YoY+14.8%	14.2B YoY+7.7%	13.2B YoY+11.1%
Accounts payable	999M YoY+7.5%	929M YoY+11.4%	834M YoY-9.9%	926M YoY+25.5%	738M YoY+40.0%
Accrued liabilities	13.3B YoY+27.7%	10.4B YoY+22.0%	8.52B YoY+9.2%	7.80B YoY+17.4%	6.64B YoY+22.3%
Deferred revenue	—	1.87B YoY+1.6%	1.84B YoY+17.7%	1.57B YoY-16.3%	1.87B YoY+10.4%
Short-term & current debt	749M YoY-0.1%	750M YoY-43.9%	1.34B YoY+388.0%	274M YoY-65.4%	792M YoY+22.0%
Current lease liability	157M YoY+18.0%	133M YoY-6.3%	142M YoY+1.4%	140M YoY+10.2%	127M YoY+1.6%
Other current liabilities	2.41B YoY+18.9%	2.03B YoY+26.0%	1.61B YoY+15.2%	1.40B YoY+2.4%	1.36B YoY+11.1%
	46.4B YoY+11.7%	41.6B YoY+17.2%	35.5B YoY+9.6%	32.3B YoY+6.9%	30.3B YoY+11.8%
Long-term debt	18.3B YoY+4.4%	17.5B YoY+21.8%	14.3B YoY+4.3%	13.7B YoY+4.9%	13.1B YoY+9.0%
Non-current lease liability	676M YoY+7.8%	627M YoY-0.9%	633M YoY+0.5%	630M YoY-2.3%	645M YoY-11.2%
Operating lease liability (total)	833M YoY+9.6%	760M YoY-1.9%	775M YoY+0.6%	770M YoY-0.3%	772M YoY-9.3%
Deferred tax liabilities	307M YoY-3.2%	317M YoY-14.1%	369M YoY-6.1%	393M YoY-0.5%	395M YoY+359.3%
Other non-current liabilities	5.09B YoY+11.8%	4.55B YoY+1.8%	4.47B YoY+10.9%	4.03B YoY+12.3%	3.59B YoY+15.4%
	7.74B YoY+19.3%	6.49B YoY-6.4%	6.93B YoY+10.0%	6.30B YoY-13.9%	7.31B YoY+14.4%
Additional paid-in capital	6.91B YoY+7.2%	6.44B YoY+9.3%	5.89B YoY+11.2%	5.30B YoY+4.7%	5.06B YoY+1.6%
Retained earnings	85.0B YoY+16.6%	72.9B YoY+16.5%	62.6B YoY+16.7%	53.6B YoY+17.4%	45.6B YoY+17.8%
Treasury stock	83.2B YoY+16.5%	71.4B YoY+18.2%	60.4B YoY+17.7%	51.4B YoY+20.6%	42.6B YoY+16.2%
Accumulated other comprehensive income	-981M YoY+31.5%	-1.43B YoY-30.4%	-1.10B YoY+12.3%	-1.25B YoY-54.9%	-809M YoY-19.0%
Non-controlling interest	9.00M YoY-70.0%	30.0M YoY-34.8%	46.0M YoY-20.7%	58.0M YoY-18.3%	71.0M YoY-26.8%
Total equity incl. non-controlling	7.75B YoY+18.9%	6.51B YoY-6.6%	6.97B YoY+9.7%	6.36B YoY-13.9%	7.38B YoY+13.8%
Total liabilities & equity	54.2B YoY+12.6%	48.1B YoY+13.3%	42.4B YoY+9.6%	38.7B YoY+2.8%	37.7B YoY+12.2%
Cash Flow	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
	17.6B YoY+19.4%	14.8B YoY+23.4%	12.0B YoY+7.0%	11.2B YoY+18.3%	9.46B YoY+31.0%
Depreciation & amortization	1.14B YoY+27.4%	897M YoY+12.3%	799M YoY+6.5%	750M YoY+3.3%	726M YoY+25.2%
Intangible amortization	760M YoY+45.3%	523M YoY+14.4%	457M YoY+10.4%	414M YoY-2.4%	424M YoY+39.9%
Share-based compensation	597M YoY+13.5%	526M YoY+14.3%	460M YoY+55.9%	295M YoY+8.1%	273M YoY+7.5%
Deferred income taxes	57.0M YoY+110.8%	-527M YoY-123.3%	-236M YoY+63.7%	-651M YoY-843.5%	-69.0M YoY-194.5%
Change in receivables	642M YoY+445.2%	-186M YoY-134.1%	546M YoY+13.5%	481M YoY+21.2%	397M YoY+361.6%
Change in payables	45.0M YoY-40.0%	75.0M YoY+175.8%	-99.0M YoY-152.1%	190M YoY+90.0%	100M YoY+284.6%
	-1.36B YoY+60.0%	-3.40B YoY-151.8%	-1.35B YoY+8.1%	-1.47B YoY+72.1%	-5.27B YoY-180.6%
Capital expenditure	489M YoY+3.2%	474M YoY+27.8%	371M YoY-16.1%	442M YoY+8.6%	407M YoY+20.1%
Free cash flow	17.2B YoY+19.9%	14.3B YoY+23.2%	11.6B YoY+8.0%	10.8B YoY+18.7%	9.06B YoY+31.5%
Acquisitions	0.00 YoY-100.0%	2.51B	0.00 YoY-100.0%	313M YoY-92.9%	4.44B YoY+348.5%
Sales/maturities of investments	232M YoY-11.5%	262M YoY+37.2%	191M YoY-9.5%	211M YoY-27.5%	291M YoY+107.9%
Other investing activities	-2.00M YoY-166.7%	3.00M YoY-50.0%	6.00M YoY+100.0%	3.00M YoY+109.1%	-33.0M YoY-1000.0%
	-14.2B YoY-30.9%	-10.8B YoY-14.2%	-9.49B YoY+8.1%	-10.3B YoY-57.6%	-6.55B YoY-204.6%
Long-term debt issued	1.24B YoY-68.6%	3.96B YoY+154.8%	1.55B YoY+38.4%	1.12B YoY-44.5%	2.02B YoY-48.9%
Long-term debt repaid	0.00	0.00	0.00	0.00	0.00
Common stock issued	0.00	0.00	0.00	0.00	0.00
Common stock repurchased	11.7B YoY+7.1%	11.0B YoY+21.3%	9.03B YoY+3.2%	8.75B YoY+48.3%	5.90B YoY+32.0%
Dividends paid	2.76B YoY+12.6%	2.45B YoY+13.4%	2.16B YoY+13.4%	1.90B YoY+9.3%	1.74B YoY+8.5%
Other financing activities	-100M YoY+3.8%	-104M	0.00 YoY+100.0%	-20.0M YoY-33.3%	-15.0M YoY-121.7%
FX effect on cash	333M YoY+267.3%	-199M YoY-255.5%	128M YoY+224.3%	-103M YoY+32.7%	-153M YoY-159.5%
Net change in cash	2.44B YoY+611.4%	343M YoY-73.0%	1.27B YoY+279.7%	-706M YoY+72.0%	-2.52B YoY-173.0%
Interest paid	—	571M YoY+19.7%	477M YoY+15.2%	414M YoY+3.8%	399M YoY+28.3%
Income taxes paid	3.02B YoY-7.1%	3.25B YoY+18.4%	2.75B YoY+9.6%	2.51B YoY+37.7%	1.82B YoY+34.9%
Valuation Ratios	as ofDec 31 ’25	as ofDec 31 ’24	as ofDec 31 ’23	as ofDec 31 ’22	as ofDec 31 ’21
Market cap	504B YoY+4.4%	483B YoY+20.2%	402B YoY+19.5%	337B YoY-5.0%	354B YoY-0.7%
P/E	33.7× YoY-10.2%	37.5× YoY+2.0%	36.8× YoY+7.0%	34.4× YoY-15.6%	40.8× YoY-26.7%
P/S	15.4× YoY-10.4%	17.2× YoY-5.1%	18.1× YoY+84.1%	9.8× YoY-17.3%	11.9× YoY-21.5%
P/B	65.2× YoY-12.5%	74.5× YoY+17.0%	63.7× YoY+20.4%	52.9× YoY+9.2%	48.5× YoY-13.2%
P/FCF	29.4× YoY-13.0%	33.8× YoY-11.6%	38.2× YoY+23.2%	31.0× YoY-20.7%	39.1× YoY-24.5%
	3.0% YoY+11.4%	2.7% YoY-2.0%	2.7% YoY-6.5%	2.9% YoY+18.5%	2.5% YoY+36.5%
	3.4% YoY+14.9%	3.0% YoY+13.1%	2.6% YoY-18.8%	3.2% YoY+26.1%	2.6% YoY+32.5%
	0.55% YoY+6.0%	0.52% YoY-6.4%	0.56% YoY-5.3%	0.59% YoY+20.1%	0.49% YoY+9.3%
Source filing	10-K	10-K	10-K	10-K	10-K

About this data

Source: MA's SEC filings (10-K / 10-Q). Annual columns are as-reported fiscal years; quarterly columns are as-reported fiscal quarters (Q4 derived as full-year minus the first three quarters where a company doesn't file a standalone Q4); TTM (quarterly) rolls the trailing four quarters at every quarter end, TTM (yearly) samples that one year apart; balance-sheet rows show the period-end balance. Valuation ratios are sampled as of each period end. View all MA filings on SEC EDGAR → Not investment advice.