Mastercard Inc

Listed Company

MACIK 0001141391NYSELarge AcceleratedServices-Business Services, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$32.79B

Net Income

$14.97B

Total Assets

$54.16B

Equity

$7.74B

Shares Out

122.53M

Op. Cash Flow

$17.65B

Business

Mastercard Inc is a technology company in the global payments industry that connects consumers, financial institutions, merchants, governments, digital partners and businesses by enabling electronic payments and switching (authorizing, clearing and settling) transactions over its proprietary global payments network. It offers payment products and applications including consumer credit, debit, prepaid, virtual card and account-based (ACH and real-time) payments, together with security, tokenization, authentication and digital commerce solutions. Its business is organized around a payment network and value-added services and solutions — such as security, consumer acquisition and engagement, business and market insights, processing and open banking — that complement core switching capabilities. Mastercard distributes its products globally through issuers, acquirers, fintechs, digital platforms and direct sales, facilitating acceptance across countries, currencies and a broad set of merchant and digital channels.

Summary from filing dated 2025-02-12

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Net revenue	32,791	28,167	25,098	22,237	18,884
General and administrative	11,318	10,193	8,927	8,078	7,087
Advertising and marketing	929	815	825	789	895
Depreciation and amortization	1,143	897	799	750	726
Provision for litigation	504	680	539	356	94
Total operating expenses	13,894	12,585	11,090	9,973	8,802
Operating income	18,897	15,582	14,008	12,264	10,082
Investment income	325	327	274	61	11
Gains (losses) on equity investments, net	−88	−29	−61	−145	—
Interest expense	−722	−646	−575	−471	—
Other income (expense), net	166	20	−7	23	0
Total other income (expense)	−319	−328	−369	−532	225
Income before income taxes	18,578	15,254	13,639	11,732	—
Income tax expense	3,610	2,380	2,444	1,802	1,620
Net Income	14,968	12,874	11,195	9,930	8,687
Basic Earnings per Share (in dollars per share)	16.54	13.91	11.86	10.26	8.79
Basic weighted-average shares outstanding (in shares)	905	925	944	968	988
Diluted Earnings per Share (in dollars per share)	16.52	13.89	11.83	10.22	8.76
Diluted weighted-average shares outstanding (in shares)	906	927	946	971	992

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	10,566	8,442	8,588	7,008	7,421
Restricted cash and restricted cash equivalents	561	492	32	589	586
Restricted security deposits held for customers	2,121	1,874	1,845	1,568	1,873
Investments	332	330	592	400	473
Accounts receivable	4,609	3,773	4,060	3,425	3,006
Settlement assets	1,626	1,821	1,233	1,270	1,319
Prepaid expenses and other current assets	3,743	2,992	2,611	2,346	2,271
Total current assets	23,558	19,724	18,961	16,606	16,949
Property, equipment and right-of-use assets, net	2,303	2,138	2,061	2,006	1,907
Deferred income taxes	1,567	1,614	1,355	1,151	486
Goodwill	9,560	9,193	7,660	7,522	7,662
Other intangible assets, net	5,554	5,453	4,086	3,859	3,671
Other assets	11,615	9,959	8,325	7,580	6,994
Total Assets	54,157	48,081	42,448	38,724	37,669
Accounts payable	999	929	834	926	738
Settlement obligations	2,409	2,316	1,399	1,111	913
Restricted security deposits held for customers	2,121	1,874	1,845	1,568	—
Accrued litigation	800	930	723	1,094	840
Accrued expenses	13,272	10,393	8,517	7,801	6,642
Short-term debt	749	750	1,337	274	792
Other current liabilities	2,412	2,028	1,609	1,397	1,364
Total current liabilities	22,762	19,220	16,264	14,171	13,162
Long-term debt	18,251	17,476	14,344	13,749	13,109
Deferred income taxes	307	317	369	393	395
Other liabilities	5,091	4,553	4,474	4,034	3,591
Total Liabilities	46,411	41,566	35,451	32,347	30,257
Commitments and Contingencies	—	—	—	—	—
Additional paid-in-capital	6,907	6,442	5,893	5,298	5,061
Class A treasury stock, at cost, 518 and 497 shares, respectively	−83,224	−71,431	−60,429	−51,354	−42,588
Retained earnings	85,035	72,907	62,564	53,607	45,648
Accumulated other comprehensive income (loss)	−981	−1,433	−1,099	−1,253	−809
Mastercard Incorporated Stockholders' Equity	7,737	6,485	6,929	6,298	7,312
Non-controlling interests	9	30	46	58	71
Total Equity	7,746	6,515	6,975	6,356	7,383
Total Liabilities and Equity	54,157	48,081	42,448	38,724	37,669

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of customer incentives	2,098	1,830	1,622	1,586	1,371
Depreciation and amortization	1,143	897	799	750	726
(Gains) losses on equity investments, net	88	29	61	145	−645
Share-based compensation	597	526	460	295	273
Deferred income taxes	57	−527	−236	−651	−69
Other	139	191	22	44	36
Accounts receivable	−642	186	−546	−481	−397
Income taxes receivable	−91	−165	−171	12	−87
Settlement assets	202	−593	40	48	390
Prepaid expenses	−3,388	−3,225	−2,438	−2,175	−2,087
Accrued litigation and legal settlements	−142	205	−375	240	−1
Restricted security deposits held for customers	247	29	277	−305	177
Accounts payable	45	75	−99	190	100
Settlement obligations	89	922	282	201	−568
Accrued expenses	1,836	1,587	571	1,188	1,355
Long-term taxes payable	−185	−163	−129	−121	−52
Net change in other assets and liabilities	587	102	645	299	254
Net cash provided by operating activities	17,648	14,780	11,980	11,195	9,463
Purchases of investment securities available-for-sale	−501	−508	−300	−267	−389
Purchases of investments held-to-maturity	−28	−108	−347	−239	−294
Proceeds from sales of investment securities available-for-sale	254	199	87	54	83
Proceeds from maturities of investment securities available-for-sale	232	262	191	211	291
Proceeds from maturities of investments held-to-maturity	52	378	157	265	296
Purchases of property and equipment	−489	−474	−371	−442	−407
Capitalized software	−726	−720	−717	−655	−407
Purchases of equity investments	−339	−42	−89	−88	−228
Proceeds from sales of equity investments	181	125	44	7	186
Acquisition of businesses, net of cash acquired	0	−2,511	0	−313	−4,436
Other investing activities	2	−3	−6	−3	33
Net cash used in investing activities	−1,362	−3,402	−1,351	−1,470	−5,272
Purchases of treasury stock	−11,727	−10,954	−9,032	−8,753	−5,904
Dividends paid	−2,756	−2,448	−2,158	−1,903	−1,741
Proceeds from debt, net	1,242	3,960	1,554	1,123	2,024
Payment of debt	−750	−1,336	0	−724	−650
Tax withholdings related to share-based payments	−291	−178	−89	−141	−133
Cash proceeds from employee stock plans	203	224	237	90	61
Other financing activities	−100	−104	0	−20	−15
Net cash used in financing activities	−14,179	−10,836	−9,488	−10,328	−6,555
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents	333	−199	128	−103	−153
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents	2,440	343	1,269	−706	−2,517

Filings

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