FirmAtlas
Company handbook · MA · Prepared by FirmAtlas · firmatlas.app · printed 2026-10-17
MA · CIK 1141391 · LATEST FILING: 10-Q JUN '26 · FILED JUL 30, 2026
Mastercard Incorporated
$617.42
+1.10 (+0.18%)
Close, Oct 16, 2026 · 52-week $465–622
Mastercard runs a card payments network: it approves, clears and settles card payments between banks and merchants under the Mastercard, Maestro and Cirrus brands. It also sells fraud prevention, data, consulting and other payment services. It does not issue cards or lend money.
- ProductsPayment Network 59% · Value Added Services And Solutions 41% (FY25)
- RegionsInternational Markets 57% · Americas 43% (FY25)
- CustomersBanks and other financial institutions that issue its cards and sign up merchants, paying it fees; also merchants, fintechs and governments for its services, worldwide
- Cash useFY24–FY25: buybacks $22.7B · dividends $5.2B · acquisitions $2.5B · capex $963M
Reinvested 11% of operating cash flow · returned 89% of free cash flow
Last fiscal year
Mastercard Incorporated reported revenue of $32.8B for the year ended Dec 31, 2025 (FY25), up 16.4% from FY24. Net income was $15.0B, operating cash flow $17.6B and free cash flow $17.2B. Source: 10-K filed Feb 11, 2026.
Recent developments is part of Pro: what changed after each report, with a link to the filing.
Market cap
$559.4B
P/E
34.4
EV/EBITDA
28.2x
P/B
99.7
Div yield
0.56%
ROIC
111.2%
Revenue 1Y
16.4%/yr
EPS 1Y
18.9%/yr
Shares 1Y
−2%
Loading chart…
Median
Daily closes, split-adjusted · ratios at each fiscal year end
Company
CEOMichael Miebach
HQPurchase, NY
AuditorPricewaterhouseCoopers LLP
Year endsDecember
Compounded growth & averages
10Y
5Y
3Y
TTM
Share price
19.9%
11.6%
15.5%
12.3%
Upgrade to see 10 years
Share price: yearly compound rate of the traded close; the last column is the past year.
Where the cash went · FY24–FY25
$31.4B deployed
Capex
$963M
3.1%
Acquisitions
$2.5B
8.0%
Dividends
$5.2B
16.6%
Buybacks
$22.7B
72.3%
Operating cash flow over the period: $32.4B. Total debt changed by +$774M.
Growth engines
How much of the profit growth came from new investment, and how much from running the business better.
Upgrade to see 10 years
Financials
Last 2 years · Upgrade to see 10 years · USD millions · each year opens its 10-K · change vs previous year
Last 4 quarters · USD millions · quarter-end month shown · change vs same quarter a year earlier
TTM = the last four quarters, to Jun '26. Balance-sheet rows show that latest quarter. “—” where the quarters do not add up to the annual figures. No TTM for cash: our quarterly rows do not hold short-term investments yet, and annual cash includes them.
Income
Revenue
28,167
32,791+16.4%
35,083
YoY
+16.4%
Operating income
15,582
18,897+21.3%
20,465
Operating margin
55.3%
57.6%+2.3 pp
—
EBITDA
16,479
20,040+21.6%
—
EBITDA margin
58.5%
61.1%+2.6 pp
—
Interest expense
571
680+19.1%
—
Interest coverage
28.86x
29.47x+0.61x
—
Net income
12,874
14,968+16.3%
16,257
YoY
+16.3%
Net margin
45.7%
45.6%−0.1 pp
—
EPS (diluted, $)
13.89
16.52+18.9%
18.14
YoY
+18.9%
Balance sheet
Total assets
48,081
54,157+12.6%
57,691
Cash & short-term investments
10,808
13,248+22.6%
—
Accounts receivable
3,773
4,609+22.2%
—
Net PP&E
2,138
2,303+7.7%
—
Other assets
31,362
33,997+8.4%
—
Total liabilities
41,596
46,420+11.6%
52,080
Accounts payable
929
999+7.5%
—
Total debt
18,226
19,000+4.2%
24,643
Other liabilities
22,441
26,421+17.7%
—
Shareholders’ equity
6,485
7,737+19.3%
5,611
Total liabilities = total assets − shareholders’ equity, so it includes minority interest where a company has one.
Cash flow statement · as filed
Cash from operations
14,780
17,648+19.4%
17,437
Net income
12,874
14,968+16.3%
—
Depreciation & amortization
897
1,143+27.4%
—
Stock-based compensation
526
597+13.5%
—
Working capital & other
483
940+94.6%
—
Cash from investing
(3,402)
(1,362)n/m
—
Capex
(474)
(489)n/m
—
Acquisitions
(2,511)
0n/m
—
Investments bought
(508)
(501)n/m
—
Investments sold / matured
262
232−11.5%
—
Other investing
(171)
(604)n/m
—
Cash from financing
(10,836)
(14,179)n/m
—
Debt raised
3,960
1,242−68.6%
—
Debt repaid
(1,336)
(750)n/m
—
Dividends
(2,448)
(2,756)n/m
—
Buybacks
(10,954)
(11,727)n/m
—
Shares issued
224
203−9.4%
—
Other financing
(282)
(391)n/m
—
Net change in cash
343
2,440+611.4%
—
Free cash flow (OCF − capex)
14,306
17,159+19.9%
16,702
Where the cash went
Operating cash flow
14,780
17,648+19.4%
17,437
Reinvested in the business
2,985
489−83.6%
—
% of operating cash flow
20.2%
2.8%
Capex
474
489+3.2%
735
Acquisitions
2,511
0−100.0%
—
Free cash flow
14,306
17,159+19.9%
16,702
YoY
+19.9%
Returned to shareholders
13,402
14,483+8.1%
—
% of free cash flow
93.7%
84.4%
Dividends
2,448
2,756+12.6%
—
Buybacks
10,954
11,727+7.1%
—
Change in total debt
—
774
—
Cash left over
—
3,450
—
FCF conversion (FCF ÷ net income)
111.1%
114.6%+3.5 pp
—
Owner earnings
—
14,856
—
Owner earnings margin
—
45.3%
—
Buyback yield
2.2%
2.3%+0.0 pp
—
Returns & ratios
ROIC (all capital)
94.6%
111.2%+16.6 pp
—
ROIC (operating)
264.0%
279.5%+15.5 pp
—
Net debt / EBITDA
0.45x
0.29x−0.16x
—
Debt / equity
2.81x
2.46x−0.35x
—
ROE
198.5%
193.5%−5.1 pp
—
ROA
26.8%
27.6%+0.9 pp
—
ROCE
54.0%
60.2%+6.2 pp
—
NOPAT
13,151
15,225+15.8%
—
Invested capital (operating)
4,982
5,913+18.7%
—
Invested capital (all)
13,903
13,489−3.0%
—
Reinvestment rate
—
6.1%
—
Income
Sep '25
Dec '25
Mar '26
Jun '26
Revenue
8,602
8,806
8,398
9,277
vs year-ago quarter
Operating income
5,061
4,910
4,907
5,587
Net income
3,927
4,060
3,882
4,388
vs year-ago quarter
Net margin
45.7%
46.1%
46.2%
47.3%
EPS (diluted, $)
4.34
4.48
4.35
4.97
vs year-ago quarter
Balance sheet
Sep '25
Dec '25
Mar '26
Jun '26
Total assets
53,289
54,157
52,449
57,691
Cash & equivalents
12,845
13,248
10,764
13,975
Total debt
18,983
19,000
18,960
24,643
Shareholders’ equity
7,904
7,737
6,719
5,611
Cash flow
Sep '25
Dec '25
Mar '26
Jun '26
Operating cash flow
5,663
5,002
2,999
3,773
Capex
178
112
154
291
Free cash flow
5,485
4,890
2,845
3,482
vs year-ago quarter