{ "ticker": "MA", "cik": "0001141391", "company": "Mastercard Incorporated", "business_type": "Global payments network and value-added services provider (four-party card network: issuers, acquirers, merchants, account holders). Not a lender - Mastercard does not issue cards, extend credit or set interest rates or fees to account holders; it earns assessment and processing fees on volume and transactions, and fees for security, data, digital and other services.", "schema_template": "Payments network template. Mastercard has no cost of goods sold and no meaningful inventory, so a revenue/COGS/gross-margin presentation would be misleading. This file instead presents: (1) net revenue split into payment network and value-added services and solutions, (2) the gross payment network assessments the company bills customers alongside the rebates and incentives netted against them, because the gap between gross assessments and net payment network revenue is the single largest economic lever in the business, (3) the four reported operating expense lines and operating margin, (4) a balance sheet emphasising cash, total debt and the very small book equity that results from decades of buybacks, and (5) cash flow with capital expenditure defined as purchases of property and equipment plus capitalized software.", "reporting_currency": "USD", "converted_to_usd": false, "units": "actual dollars (not millions), except per-share amounts, share counts, and ratios", "fiscal_year_end": "December 31", "units_notes_seen": { "FY2025 10-K consolidated statements of operations": "(in millions, except per share data)", "FY2025 10-K consolidated statements of comprehensive income": "(in millions)", "FY2025 10-K consolidated balance sheets": "(in millions, except per share data)", "FY2025 10-K consolidated statements of cash flows": "(in millions)", "FY2025 10-K MD&A key metrics related to the payment network (assessments table)": "($ in millions)", "FY2025 10-K MD&A components of net revenue table": "($ in millions)", "FY2025 10-K MD&A components of operating expenses table": "($ in millions)", "FY2025 10-K MD&A annual dividends paid table": "(in millions, except per share data)", "FY2025 10-K Note 3 (Revenue) disaggregation table": "(in millions)", "FY2025 10-K Note 13 (Debt) schedule": "(in millions)", "FY2025 10-K Note 15 (Stockholders' Equity) dividends declared table": "(in millions, except per share data)", "Q1 2026 10-Q consolidated statements of operations": "(in millions, except per share data)", "Q1 2026 10-Q consolidated balance sheets": "(in millions, except per share data)", "Q1 2026 10-Q consolidated statements of cash flows": "(in millions)", "Q1 2026 10-Q Note 3 (Revenue) disaggregation table": "(in millions)", "Q1 2026 10-Q Note 8 (Debt) schedule": "(in millions)", "Q1 2026 10-Q Note 10 (Stockholders' Equity) dividends declared table": "(in millions, except per share data)", "Q1 2026 10-Q MD&A key metrics related to the payment network and components of net revenue": "($ in millions)", "Q1 2026 10-Q cover page share counts": "stated as exact share numbers, not in thousands or millions" }, "adjustments": { "splits_applied": [], "splits_note": "No stock split falls within the periods reported here, so no per-share figure required split adjustment. Earnings per share and weighted-average share counts are exactly as the filings present them.", "adr_ratio": null, "adr_note": "Mastercard Class A common stock trades directly on the NYSE; it is not an American Depositary Receipt, so no depositary ratio applies.", "fx": "None applied. Mastercard's reporting currency is the U.S. dollar, confirmed on the face of every statement used here. The company's primary functional currencies are the U.S. dollar, euro, British pound and Brazilian real, and results from non-dollar functional-currency entities are translated into dollars within the filings themselves; no further conversion was made." }, "definitions": { "net_revenue": "Revenue from contracts with customers, reported net of rebates and incentives provided to customers. This is the top line on Mastercard's income statement - there is no gross revenue line on the face of the statements.", "gross_payment_network_assessments": "The sum of the four payment network assessment metrics Mastercard discloses (domestic, cross-border, transaction processing and other network assessments). The company states that assessments represent agreed-upon standard pricing and do not represent net revenue.", "rebates_and_incentives_payment_network": "Rebates and incentives netted against payment network revenue. For FY2025 and both first quarters this figure is disclosed verbatim in the filing; for FY2024 and FY2023 it is derived as gross payment network assessments less payment network net revenue (see notes).", "total_debt": "Total debt outstanding per the debt note, equal to short-term debt plus long-term debt on the balance sheet.", "capital_expenditure": "Purchases of property and equipment plus capitalized software, both from the investing section of the cash flow statement.", "free_cash_flow": "Net cash provided by operating activities less capital expenditure as defined above.", "total_equity": "Total equity including non-controlling interests. Equity attributable to Mastercard Incorporated stockholders is reported separately." }, "annual": [ { "fiscal_year": 2025, "period_end": "2025-12-31", "period_type": "fiscal year", "source_accession": "0001141391-26-000013", "source_form": "10-K filed 2026-02-11", "audited": true, "income_statement": { "net_revenue": 32791000000, "net_revenue_payment_network": 19476000000, "net_revenue_value_added_services_and_solutions": 13315000000, "net_revenue_americas": 14044000000, "net_revenue_asia_pacific_europe_middle_east_africa": 18747000000, "gross_payment_network_assessments": 39998000000, "assessments_domestic": 11029000000, "assessments_cross_border": 12021000000, "assessments_transaction_processing": 15930000000, "assessments_other_network": 1018000000, "rebates_and_incentives_payment_network": 20522000000, "rebates_and_incentives_source": "disclosed in the filing", "rebates_as_pct_of_gross_payment_network_assessments": 0.5131, "operating_expenses_general_and_administrative": 11318000000, "operating_expenses_advertising_and_marketing": 929000000, "operating_expenses_depreciation_and_amortization": 1143000000, "operating_expenses_provision_for_litigation": 504000000, "total_operating_expenses": 13894000000, "operating_income": 18897000000, "operating_margin": 0.5763, "investment_income": 325000000, "gains_losses_on_equity_investments_net": -88000000, "interest_expense": -722000000, "other_income_expense_net": 166000000, "total_other_income_expense": -319000000, "income_before_income_taxes": 18578000000, "income_tax_expense": 3610000000, "effective_tax_rate": 0.1943, "net_income": 14968000000, "net_margin": 0.4565, "basic_eps": 16.54, "basic_weighted_average_shares": 905000000, "diluted_eps": 16.52, "diluted_weighted_average_shares": 906000000 }, "balance_sheet": { "cash_and_cash_equivalents": 10566000000, "restricted_cash_and_restricted_cash_equivalents": 561000000, "restricted_security_deposits_held_for_customers_asset": 2121000000, "investments": 332000000, "accounts_receivable": 4609000000, "settlement_assets": 1626000000, "prepaid_expenses_and_other_current_assets": 3743000000, "total_current_assets": 23558000000, "property_equipment_and_right_of_use_assets_net": 2303000000, "deferred_income_tax_assets": 1567000000, "goodwill": 9560000000, "other_intangible_assets_net": 5554000000, "other_assets": 11615000000, "total_assets": 54157000000, "accounts_payable": 999000000, "settlement_obligations": 2409000000, "restricted_security_deposits_held_for_customers_liability": 2121000000, "accrued_litigation": 800000000, "accrued_expenses": 13272000000, "short_term_debt": 749000000, "other_current_liabilities": 2412000000, "total_current_liabilities": 22762000000, "long_term_debt": 18251000000, "deferred_income_tax_liabilities": 307000000, "other_liabilities": 5091000000, "total_liabilities": 46411000000, "total_debt": 19000000000, "additional_paid_in_capital": 6907000000, "class_a_treasury_stock_at_cost": -83224000000, "retained_earnings": 85035000000, "accumulated_other_comprehensive_income_loss": -981000000, "stockholders_equity_attributable_to_mastercard": 7737000000, "non_controlling_interests": 9000000, "total_equity": 7746000000, "class_a_shares_outstanding": 887000000, "class_b_shares_outstanding": 7000000, "total_shares_outstanding": 894000000 }, "cash_flow": { "net_cash_provided_by_operating_activities": 17648000000, "amortization_of_customer_incentives": 2098000000, "depreciation_and_amortization": 1143000000, "share_based_compensation": 597000000, "purchases_of_property_and_equipment": 489000000, "capitalized_software": 726000000, "capital_expenditure": 1215000000, "free_cash_flow": 16433000000, "acquisition_of_businesses_net_of_cash_acquired": 0, "net_cash_used_in_investing_activities": -1362000000, "purchases_of_treasury_stock": -11727000000, "dividends_paid": -2756000000, "proceeds_from_debt_net": 1242000000, "payment_of_debt": -750000000, "net_cash_used_in_financing_activities": -14179000000, "cash_dividends_paid_per_share": 3.04, "dividends_declared_per_share": 3.15, "total_dividends_declared": 2840000000 } }, { "fiscal_year": 2024, "period_end": "2024-12-31", "period_type": "fiscal year", "source_accession": "0001141391-26-000013", "source_form": "10-K filed 2026-02-11 (comparative prior-year columns)", "audited": true, "income_statement": { "net_revenue": 28167000000, "net_revenue_payment_network": 17335000000, "net_revenue_value_added_services_and_solutions": 10832000000, "net_revenue_americas": 12375000000, "net_revenue_asia_pacific_europe_middle_east_africa": 15792000000, "gross_payment_network_assessments": 34964000000, "assessments_domestic": 10245000000, "assessments_cross_border": 10181000000, "assessments_transaction_processing": 13602000000, "assessments_other_network": 936000000, "rebates_and_incentives_payment_network": 17629000000, "rebates_and_incentives_source": "derived: gross payment network assessments less payment network net revenue", "rebates_as_pct_of_gross_payment_network_assessments": 0.5042, "operating_expenses_general_and_administrative": 10193000000, "operating_expenses_advertising_and_marketing": 815000000, "operating_expenses_depreciation_and_amortization": 897000000, "operating_expenses_provision_for_litigation": 680000000, "total_operating_expenses": 12585000000, "operating_income": 15582000000, "operating_margin": 0.5532, "investment_income": 327000000, "gains_losses_on_equity_investments_net": -29000000, "interest_expense": -646000000, "other_income_expense_net": 20000000, "total_other_income_expense": -328000000, "income_before_income_taxes": 15254000000, "income_tax_expense": 2380000000, "effective_tax_rate": 0.156, "net_income": 12874000000, "net_margin": 0.457, "basic_eps": 13.91, "basic_weighted_average_shares": 925000000, "diluted_eps": 13.89, "diluted_weighted_average_shares": 927000000 }, "balance_sheet": { "cash_and_cash_equivalents": 8442000000, "restricted_cash_and_restricted_cash_equivalents": 492000000, "restricted_security_deposits_held_for_customers_asset": 1874000000, "investments": 330000000, "accounts_receivable": 3773000000, "settlement_assets": 1821000000, "prepaid_expenses_and_other_current_assets": 2992000000, "total_current_assets": 19724000000, "property_equipment_and_right_of_use_assets_net": 2138000000, "deferred_income_tax_assets": 1614000000, "goodwill": 9193000000, "other_intangible_assets_net": 5453000000, "other_assets": 9959000000, "total_assets": 48081000000, "accounts_payable": 929000000, "settlement_obligations": 2316000000, "restricted_security_deposits_held_for_customers_liability": 1874000000, "accrued_litigation": 930000000, "accrued_expenses": 10393000000, "short_term_debt": 750000000, "other_current_liabilities": 2028000000, "total_current_liabilities": 19220000000, "long_term_debt": 17476000000, "deferred_income_tax_liabilities": 317000000, "other_liabilities": 4553000000, "total_liabilities": 41566000000, "total_debt": 18226000000, "additional_paid_in_capital": 6442000000, "class_a_treasury_stock_at_cost": -71431000000, "retained_earnings": 72907000000, "accumulated_other_comprehensive_income_loss": -1433000000, "stockholders_equity_attributable_to_mastercard": 6485000000, "non_controlling_interests": 30000000, "total_equity": 6515000000, "class_a_shares_outstanding": 907000000, "class_b_shares_outstanding": 7000000, "total_shares_outstanding": 914000000 }, "cash_flow": { "net_cash_provided_by_operating_activities": 14780000000, "amortization_of_customer_incentives": 1830000000, "depreciation_and_amortization": 897000000, "share_based_compensation": 526000000, "purchases_of_property_and_equipment": 474000000, "capitalized_software": 720000000, "capital_expenditure": 1194000000, "free_cash_flow": 13586000000, "acquisition_of_businesses_net_of_cash_acquired": -2511000000, "net_cash_used_in_investing_activities": -3402000000, "purchases_of_treasury_stock": -10954000000, "dividends_paid": -2448000000, "proceeds_from_debt_net": 3960000000, "payment_of_debt": -1336000000, "net_cash_used_in_financing_activities": -10836000000, "cash_dividends_paid_per_share": 2.64, "dividends_declared_per_share": 2.74, "total_dividends_declared": 2526000000 } }, { "fiscal_year": 2023, "period_end": "2023-12-31", "period_type": "fiscal year", "source_accession": "0001141391-26-000013", "source_form": "10-K filed 2026-02-11 (comparative prior-year columns)", "audited": true, "income_statement": { "net_revenue": 25098000000, "net_revenue_payment_network": 15824000000, "net_revenue_value_added_services_and_solutions": 9274000000, "net_revenue_americas": 11135000000, "net_revenue_asia_pacific_europe_middle_east_africa": 13963000000, "gross_payment_network_assessments": 31005000000, "assessments_domestic": 9566000000, "assessments_cross_border": 8409000000, "assessments_transaction_processing": 12067000000, "assessments_other_network": 963000000, "rebates_and_incentives_payment_network": 15181000000, "rebates_and_incentives_source": "derived: gross payment network assessments less payment network net revenue", "rebates_as_pct_of_gross_payment_network_assessments": 0.4896, "operating_expenses_general_and_administrative": 8927000000, "operating_expenses_advertising_and_marketing": 825000000, "operating_expenses_depreciation_and_amortization": 799000000, "operating_expenses_provision_for_litigation": 539000000, "total_operating_expenses": 11090000000, "operating_income": 14008000000, "operating_margin": 0.5581, "investment_income": 274000000, "gains_losses_on_equity_investments_net": -61000000, "interest_expense": -575000000, "other_income_expense_net": -7000000, "total_other_income_expense": -369000000, "income_before_income_taxes": 13639000000, "income_tax_expense": 2444000000, "effective_tax_rate": 0.1792, "net_income": 11195000000, "net_margin": 0.4461, "basic_eps": 11.86, "basic_weighted_average_shares": 944000000, "diluted_eps": 11.83, "diluted_weighted_average_shares": 946000000 }, "balance_sheet": null, "balance_sheet_note": "The FY2025 10-K presents balance sheets for December 31, 2025 and 2024 only, so no December 31, 2023 balance sheet is available from this filing.", "cash_flow": { "net_cash_provided_by_operating_activities": 11980000000, "amortization_of_customer_incentives": 1622000000, "depreciation_and_amortization": 799000000, "share_based_compensation": 460000000, "purchases_of_property_and_equipment": 371000000, "capitalized_software": 717000000, "capital_expenditure": 1088000000, "free_cash_flow": 10892000000, "acquisition_of_businesses_net_of_cash_acquired": 0, "net_cash_used_in_investing_activities": -1351000000, "purchases_of_treasury_stock": -9032000000, "dividends_paid": -2158000000, "proceeds_from_debt_net": 1554000000, "payment_of_debt": 0, "net_cash_used_in_financing_activities": -9488000000, "cash_dividends_paid_per_share": 2.28, "dividends_declared_per_share": 2.37, "total_dividends_declared": 2231000000 } } ], "quarterly": [ { "fiscal_quarter": "Q1 2026", "period_start": "2026-01-01", "period_end": "2026-03-31", "period_type": "three months", "source_accession": "0001141391-26-000031", "source_form": "10-Q filed 2026-04-30", "audited": false, "income_statement": { "net_revenue": 8398000000, "net_revenue_payment_network": 4948000000, "net_revenue_value_added_services_and_solutions": 3450000000, "net_revenue_americas": 3564000000, "net_revenue_asia_pacific_europe_middle_east_africa": 4834000000, "gross_payment_network_assessments": 10587000000, "assessments_domestic": 2896000000, "assessments_cross_border": 3190000000, "assessments_transaction_processing": 4224000000, "assessments_other_network": 277000000, "rebates_and_incentives_payment_network": 5639000000, "rebates_and_incentives_source": "disclosed in the filing", "rebates_as_pct_of_gross_payment_network_assessments": 0.5326, "operating_expenses_general_and_administrative": 3039000000, "operating_expenses_advertising_and_marketing": 153000000, "operating_expenses_depreciation_and_amortization": 299000000, "operating_expenses_provision_for_litigation": 0, "total_operating_expenses": 3491000000, "operating_income": 4907000000, "operating_margin": 0.5843, "investment_income": 81000000, "gains_losses_on_equity_investments_net": -66000000, "interest_expense": -185000000, "other_income_expense_net": 75000000, "total_other_income_expense": -95000000, "income_before_income_taxes": 4812000000, "income_tax_expense": 930000000, "effective_tax_rate": 0.1933, "net_income": 3882000000, "net_margin": 0.4623, "basic_eps": 4.35, "basic_weighted_average_shares": 891000000, "diluted_eps": 4.35, "diluted_weighted_average_shares": 893000000 }, "balance_sheet": { "cash_and_cash_equivalents": 7906000000, "restricted_cash_and_restricted_cash_equivalents": 551000000, "restricted_security_deposits_held_for_customers_asset": 2307000000, "investments": 313000000, "accounts_receivable": 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"operating_expenses_advertising_and_marketing": 152000000, "operating_expenses_depreciation_and_amortization": 275000000, "operating_expenses_provision_for_litigation": 151000000, "total_operating_expenses": 3101000000, "operating_income": 4149000000, "operating_margin": 0.5723, "investment_income": 88000000, "gains_losses_on_equity_investments_net": -29000000, "interest_expense": -182000000, "other_income_expense_net": 5000000, "total_other_income_expense": -118000000, "income_before_income_taxes": 4031000000, "income_tax_expense": 751000000, "effective_tax_rate": 0.1863, "net_income": 3280000000, "net_margin": 0.4524, "basic_eps": 3.6, "basic_weighted_average_shares": 912000000, "diluted_eps": 3.59, "diluted_weighted_average_shares": 914000000 }, "balance_sheet": null, "balance_sheet_note": "The Q1 2026 10-Q presents balance sheets as of March 31, 2026 and December 31, 2025 only, so no March 31, 2025 balance sheet is available from this filing.", "cash_flow": { "net_cash_provided_by_operating_activities": 2380000000, "amortization_of_customer_incentives": 476000000, "depreciation_and_amortization": 275000000, "share_based_compensation": 129000000, "purchases_of_property_and_equipment": 159000000, "capitalized_software": 198000000, "capital_expenditure": 357000000, "free_cash_flow": 2023000000, "net_cash_used_in_investing_activities": -340000000, "purchases_of_treasury_stock": -2549000000, "dividends_paid": -694000000, "proceeds_from_debt_net": 1242000000, "payment_of_debt": -750000000, "net_cash_used_in_financing_activities": -2987000000, "dividends_declared_per_share": 0.76, "total_dividends_declared": 692000000 } } ], "trailing_twelve_months": { "period_start": "2025-04-01", "period_end": "2026-03-31", "derivation": "Fiscal year 2025 plus the three months ended March 31, 2026, less the three months ended March 31, 2025. Built from figures reported in the FY2025 10-K (accession 0001141391-26-000013) and the Q1 2026 10-Q (accession 0001141391-26-000031); no trailing-twelve-month figure appears in either filing itself.", "net_revenue": 33939000000, "net_revenue_payment_network": 19992000000, "net_revenue_value_added_services_and_solutions": 13947000000, "gross_payment_network_assessments": 41574000000, "rebates_and_incentives_payment_network": 21582000000, "total_operating_expenses": 14284000000, "operating_income": 19655000000, "operating_margin": 0.5791, "income_before_income_taxes": 19359000000, "income_tax_expense": 3789000000, "effective_tax_rate": 0.1957, "net_income": 15570000000, "net_margin": 0.4588, "diluted_eps_sum_of_reported_periods": 17.28, "net_cash_provided_by_operating_activities": 18267000000, "capital_expenditure": 1193000000, "free_cash_flow": 17074000000, "dividends_paid": -2839000000, "purchases_of_treasury_stock": -13213000000 }, "operating_metrics": { "note": "Volume and transaction growth rates as disclosed in the filings. Mastercard reports these as growth percentages rather than absolute levels.", "FY2025": { "mastercard_branded_gdv_growth_usd": 0.09, "mastercard_branded_gdv_growth_local_currency": 0.09, "united_states_gdv_growth_usd": 0.06, "united_states_gdv_growth_local_currency": 0.06, "worldwide_less_united_states_gdv_growth_usd": 0.1, "worldwide_less_united_states_gdv_growth_local_currency": 0.1, "cross_border_volume_growth_usd": 0.18, "cross_border_volume_growth_local_currency": 0.15, "switched_transactions_growth": 0.1 }, "FY2024": { "mastercard_branded_gdv_growth_usd": 0.08, "mastercard_branded_gdv_growth_local_currency": 0.11, "united_states_gdv_growth_usd": 0.07, "united_states_gdv_growth_local_currency": 0.07, "worldwide_less_united_states_gdv_growth_usd": 0.09, "worldwide_less_united_states_gdv_growth_local_currency": 0.12, "cross_border_volume_growth_usd": 0.17, "cross_border_volume_growth_local_currency": 0.18, "switched_transactions_growth": 0.11 }, "Q1_2026": { "gdv_growth_usd": 0.12, "gdv_growth_local_currency": 0.07 } }, "share_count_reference": { "shares_outstanding_2026_04_27_class_a": 877036230, "shares_outstanding_2026_04_27_class_b": 6547625, "shares_outstanding_2026_04_27_total": 883583855, "source": "cover page of the Q1 2026 10-Q (accession 0001141391-26-000031), stated as exact share counts" }, "capital_returns": { "remaining_buyback_authorization_2026_03_31": 13400000000, "buyback_programs_authorized": "In December 2025 and December 2024 the Board approved programs authorizing repurchases of Class A common stock of up to $14.0 billion and $12.0 billion respectively; the 2025 program becomes effective after the 2024 program is completed.", "dividend_declared_2026_02_10_per_share": 0.87, "source_accession": "0001141391-26-000031 and 0001141391-26-000013" }, "notes": [ "Mastercard's income statement has a single top line, Net Revenue, which is already net of rebates and incentives paid to customers. There is no gross revenue line on the face of the statements, so this file adds the gross payment network assessments Mastercard discloses in management's discussion (domestic, cross-border, transaction processing and other network assessments) to make the scale of customer incentives visible. The company explicitly cautions that assessments represent agreed-upon standard pricing and do not represent net revenue.", "Rebates and incentives netted against payment network revenue were disclosed directly for FY2025 ($20,522 million, per the FY2025 10-K, accession 0001141391-26-000013) and for the three months ended March 31, 2026 ($5,639 million, per the Q1 2026 10-Q, accession 0001141391-26-000031). For FY2024, FY2023 and the three months ended March 31, 2025 the figure is not stated, so it was derived as gross payment network assessments less payment network net revenue. That derivation reproduces both disclosed figures exactly (FY2025: $39,998 million of assessments less $19,476 million of net payment network revenue equals $20,522 million; Q1 2026: $10,587 million less $4,948 million equals $5,639 million), and the derived FY2024 and Q1 2025 values reproduce the growth rates the filings state (16% and 23% respectively). The derived figures are labelled as derived in each period.", "Rebates and incentives are attributed by the company to the revenue category they pertain to, so value-added services and solutions revenue is also reported net of some incentives. Only the payment network portion is quantified in the filings, so no gross figure is presented for value-added services and solutions.", "Capital expenditure is defined here as purchases of property and equipment plus capitalized software, both taken from the investing section of the cash flow statement. Capitalized software is the larger of the two in every period shown, which matters for a business whose principal asset is a processing network rather than physical plant.", "Total equity is reported both including and excluding non-controlling interests. Mastercard's book equity is very small relative to its earnings power ($7.7 billion at December 31, 2025 against $15.0 billion of net income) because cumulative treasury stock stands at $83.2 billion; conventional return-on-equity measures are therefore not meaningful for this company.", "Total debt is taken from the debt note, which reconciles the face amount of senior notes to the balance sheet: $19,000 million outstanding at December 31, 2025 and $18,960 million at March 31, 2026. Short-term debt rose from $749 million to $1,748 million between those dates because the 2020 USD Notes due March 2027 joined the 2016 USD Notes due November 2026 in the current-maturity classification; this is a reclassification, not new borrowing, and no debt was issued or repaid in the quarter.", "The FY2025 10-K reports no balance sheet as of December 31, 2023, and the Q1 2026 10-Q reports no balance sheet as of March 31, 2025. Those two balance sheets are recorded as unavailable rather than estimated.", "Dividends are reported on two bases because they differ: cash dividends paid per share (from the cash flow discussion) and dividends declared per share (from the stockholders' equity note). For FY2025 these were $3.04 and $3.15 respectively, the gap reflecting the December 2025 declaration paid in February 2026.", "The provision for litigation was $504 million in FY2025, $680 million in FY2024 and $539 million in FY2023; it was $nil in the three months ended March 31, 2026 versus $151 million in the comparable 2025 quarter. Mastercard treats this line as a special item in its own non-GAAP presentation, so a reader comparing operating margins across periods should be aware it is lumpy.", "The SEC's structured XBRL company facts were checked against the filings for net revenue, operating income, net income, diluted earnings per share, diluted weighted-average shares, total assets, stockholders' equity, cash and cash equivalents, long-term debt, operating cash flow and purchases of property and equipment across all periods reported here. They agreed with the filings in every case, so no override was required. One presentational difference is worth flagging for readers: the structured data's stockholders' equity concept carries the amount attributable to Mastercard Incorporated ($7,737 million at December 31, 2025) rather than total equity including non-controlling interests ($7,746 million); both are reported separately in this file.", "Capitalized software is not carried under the common structured-data concept for software development payments, so the capital expenditure figures here were read directly from the cash flow statements in both filings.", "The most recent event filing on record is dated 2026-06-17 and contains no financial results, and no earnings release for a quarter after March 31, 2026 has been filed. The Q1 2026 10-Q is therefore the latest financial reporting available, and every quarterly figure here comes from that 10-Q rather than from a press release.", "The trailing-twelve-month block is a calculation, not a reported figure. It is arithmetic on the reported fiscal-year and quarterly periods and is labelled as such; the trailing diluted earnings per share is the sum of the reported periods' per-share amounts rather than a recomputed figure, so it may differ slightly from net income divided by a trailing share count.", "Multi-year trend the filings show: net revenue grew from $25,098 million in 2023 to $28,167 million in 2024 to $32,791 million in 2025, with value-added services and solutions growing faster (23% in 2025) than the payment network (12%) and rising from 37% to 41% of net revenue over the three years. Operating margin moved from 55.8% to 55.3% to 57.6%. Net income grew from $11,195 million to $12,874 million to $14,968 million, and diluted earnings per share grew faster still, from $11.83 to $13.89 to $16.52, because diluted shares fell from 946 million to 906 million. Operating cash flow grew from $11,980 million to $17,648 million while capital expenditure stayed near $1.1-1.2 billion, so free cash flow rose from $10,892 million to $16,433 million. Essentially all of it was returned: $11,727 million of buybacks and $2,756 million of dividends in 2025 alone. The first quarter of 2026 continued the pattern with net revenue up 16% and net income up 18% year over year." ], "uncertainties": [ "Rebates and incentives for FY2024, FY2023 and the three months ended March 31, 2025 are derived, not disclosed. The derivation method reproduces both disclosed figures exactly and matches the growth rates stated in the filings, but these three values are arithmetic inferences from the assessments tables rather than figures printed in a filing.", "The rebates figure applies only to the payment network category. Value-added services and solutions revenue is also stated net of incentives attributed to it, and that amount is nowhere quantified, so the total company-wide rebates and incentives burden is larger than the payment network figures shown here by an undisclosed amount.", "Gross payment network assessments are the sum of four separately disclosed assessment metrics. Mastercard presents them as key metrics and states they do not represent net revenue; while the four sum exactly to net payment network revenue plus disclosed rebates in both periods where rebates are disclosed, the company does not itself present the sum as a gross revenue line, and it should not be read as a GAAP revenue figure.", "FY2023 has no balance sheet in the latest 10-K, so no December 31, 2023 balance sheet data, total debt or period-end share count is reported. The same applies to March 31, 2025 in the 10-Q. No older filings were used to fill these in.", "Operating metrics (gross dollar volume, cross-border volume and switched transactions) are disclosed only as growth percentages, not as absolute dollar or transaction counts, so no level figures are available for those drivers.", "The FY2025 10-K states total debt outstanding at December 31, 2025 was '$19.0 billion' in management's discussion and $19,000 million in the debt note; these agree, but the balance-sheet components (short-term debt $749 million plus long-term debt $18,251 million) sum to exactly $19,000 million only because the note nets unamortized discount, issuance costs and hedge accounting adjustments against a $19,149 million face amount. The face amount of the notes, not reported as a separate line here, is therefore higher than the carrying value shown.", "As of April 27, 2026 Mastercard had $2.5 billion of commercial paper outstanding, issued during April 2026. That is after the March 31, 2026 balance sheet date and is not reflected in any debt figure in this file.", "The three-month 2026 income tax expense reflects a 19.3% effective rate versus 18.6% a year earlier and 19.4% for full-year 2025; quarterly effective rates at Mastercard move with discrete items and should not be annualised." ], "company_details": { "Name": "Mastercard Inc", "Ticker": "MA", "CIK": "0001141391", "Exchange": "NYSE", "State": "New York", "Incorporation": "Delaware", "SIC": "7389", "Office": "Trade & Services", "Industry": "Services-Business Services, NEC" }, "next_filing": { "predicted_date": "2026-07-30", "predicted_type": "10-Q" }, "fiscal_period": { "fiscal_year": 2026, "fiscal_period": "Q1", "tag": "FY26Q1", "period_end": "2026-03-31", "form": "10-Q", "accession": "0001141391-26-000031", "fiscal_year_end": "1231", "source": "facts" } }