Mastercard Incorporated (MA) Q2 FY2026 Financial Statements: Net revenue $9.28B, Net income $4.39B
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PeriodQ2 FY2026Q1 FY2026
Published
Mastercard reported $9.28 billion in net revenue for Q2 FY2026, the quarter ended June 30, 2026, up 14.1% from a year earlier, and net income of $4.39 billion, or $4.97 per diluted share. The faster-growing half of the business was value-added services and solutions at $3.83 billion, up 20.0%, against $5.45 billion from the payment network itself, up 10.2%. Operating income was $5.59 billion, up 17.0%, as revenue growth ran ahead of operating expenses.
| Metric | Amount | vs. year ago |
|---|---|---|
| Net revenue | $9,277,000,000 | up 14.1% |
| Net income | $4,388,000,000 | up 18.6% |
| Diluted EPS | $4.97 | up 22.1% |
| Payment network revenue | $5,451,000,000 | up 10.2% |
| Value-added services revenue | $3,826,000,000 | up 20.0% |
| Operating income | $5,587,000,000 | up 17.0% |
About this file
| 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 | no |
| Units | actual dollars (not millions), except per-share amounts, share counts, and ratios |
MA annual income statement, balance sheet and cash flow
| FY2025 | FY2024 | FY2023 | |
|---|---|---|---|
| Fiscal year | 2025 | 2024 | 2023 |
| Period start | 2025-01-01 | 2024-01-01 | 2023-01-01 |
| Period end | 2025-12-31 | 2024-12-31 | 2023-12-31 |
| Period type | fiscal year | fiscal year | fiscal year |
| Source accession | 0001141391-26-000013 | 0001141391-26-000013 | 0001141391-26-000013 |
| Source form | 10-K filed 2026-02-11 | 10-K filed 2026-02-11 (comparative prior-year columns) | 10-K filed 2026-02-11 (comparative prior-year columns) |
| Audited | yes | yes | yes |
| Income statement | |||
| Net revenue | 32,791,000,000 | 28,167,000,000 | 25,098,000,000 |
| Net revenue payment network | 19,476,000,000 | 17,335,000,000 | 15,824,000,000 |
| Net revenue value added services and solutions | 13,315,000,000 | 10,832,000,000 | 9,274,000,000 |
| Net revenue americas | 14,044,000,000 | 12,375,000,000 | 11,135,000,000 |
| Net revenue asia pacific europe middle east africa | 18,747,000,000 | 15,792,000,000 | 13,963,000,000 |
| Gross payment network assessments | 39,998,000,000 | 34,964,000,000 | 31,005,000,000 |
| Assessments domestic | 11,029,000,000 | 10,245,000,000 | 9,566,000,000 |
| Assessments cross border | 12,021,000,000 | 10,181,000,000 | 8,409,000,000 |
| Assessments transaction processing | 15,930,000,000 | 13,602,000,000 | 12,067,000,000 |
| Assessments other network | 1,018,000,000 | 936,000,000 | 963,000,000 |
| Rebates and incentives payment network | 20,522,000,000 | 17,629,000,000 | 15,181,000,000 |
| Rebates and incentives source | disclosed in the filing | derived: gross payment network assessments less payment network net revenue | derived: gross payment network assessments less payment network net revenue |
| Rebates as pct of gross payment network assessments | 0.5131 | 0.5042 | 0.4896 |
| Operating expenses general and administrative | 11,318,000,000 | 10,193,000,000 | 8,927,000,000 |
| Operating expenses advertising and marketing | 929,000,000 | 815,000,000 | 825,000,000 |
| Operating expenses depreciation and amortization | 1,143,000,000 | 897,000,000 | 799,000,000 |
| Operating expenses provision for litigation | 504,000,000 | 680,000,000 | 539,000,000 |
| Total operating expenses | 13,894,000,000 | 12,585,000,000 | 11,090,000,000 |
| Operating income | 18,897,000,000 | 15,582,000,000 | 14,008,000,000 |
| Operating margin | 0.5763 | 0.5532 | 0.5581 |
| Investment income | 325,000,000 | 327,000,000 | 274,000,000 |
| Gains losses on equity investments net | -88,000,000 | -29,000,000 | -61,000,000 |
| Interest expense | -722,000,000 | -646,000,000 | -575,000,000 |
| Other income expense net | 166,000,000 | 20,000,000 | -7,000,000 |
| Total other income expense | -319,000,000 | -328,000,000 | -369,000,000 |
| Income before income taxes | 18,578,000,000 | 15,254,000,000 | 13,639,000,000 |
| Income tax expense | 3,610,000,000 | 2,380,000,000 | 2,444,000,000 |
| Effective tax rate | 0.1943 | 0.156 | 0.1792 |
| Net income | 14,968,000,000 | 12,874,000,000 | 11,195,000,000 |
| Net margin | 0.4565 | 0.457 | 0.4461 |
| Basic EPS | 16.54 | 13.91 | 11.86 |
| Basic weighted average shares | 905,000,000 | 925,000,000 | 944,000,000 |
| Diluted EPS | 16.52 | 13.89 | 11.83 |
| Diluted weighted average shares | 906,000,000 | 927,000,000 | 946,000,000 |
| Balance sheet | |||
| Cash and cash equivalents | 10,566,000,000 | 8,442,000,000 | |
| Restricted cash and restricted cash equivalents | 561,000,000 | 492,000,000 | |
| Restricted security deposits held for customers asset | 2,121,000,000 | 1,874,000,000 | |
| Investments | 332,000,000 | 330,000,000 | |
| Accounts receivable | 4,609,000,000 | 3,773,000,000 | |
| Settlement assets | 1,626,000,000 | 1,821,000,000 | |
| Prepaid expenses and other current assets | 3,743,000,000 | 2,992,000,000 | |
| Total current assets | 23,558,000,000 | 19,724,000,000 | |
| Property equipment and right of use assets net | 2,303,000,000 | 2,138,000,000 | |
| Deferred income tax assets | 1,567,000,000 | 1,614,000,000 | |
| Goodwill | 9,560,000,000 | 9,193,000,000 | |
| Other intangible assets net | 5,554,000,000 | 5,453,000,000 | |
| Other assets | 11,615,000,000 | 9,959,000,000 | |
| Total assets | 54,157,000,000 | 48,081,000,000 | |
| Accounts payable | 999,000,000 | 929,000,000 | |
| Settlement obligations | 2,409,000,000 | 2,316,000,000 | |
| Restricted security deposits held for customers liability | 2,121,000,000 | 1,874,000,000 | |
| Accrued litigation | 800,000,000 | 930,000,000 | |
| Accrued expenses | 13,272,000,000 | 10,393,000,000 | |
| Short term debt | 749,000,000 | 750,000,000 | |
| Other current liabilities | 2,412,000,000 | 2,028,000,000 | |
| Total current liabilities | 22,762,000,000 | 19,220,000,000 | |
| Long term debt | 18,251,000,000 | 17,476,000,000 | |
| Deferred income tax liabilities | 307,000,000 | 317,000,000 | |
| Other liabilities | 5,091,000,000 | 4,553,000,000 | |
| Total liabilities | 46,411,000,000 | 41,566,000,000 | |
| Total debt | 19,000,000,000 | 18,226,000,000 | |
| Additional paid in capital | 6,907,000,000 | 6,442,000,000 | |
| Class a treasury stock at cost | -83,224,000,000 | -71,431,000,000 | |
| Retained earnings | 85,035,000,000 | 72,907,000,000 | |
| Accumulated other comprehensive income loss | -981,000,000 | -1,433,000,000 | |
| Stockholders equity attributable to mastercard | 7,737,000,000 | 6,485,000,000 | |
| Non controlling interests | 9,000,000 | 30,000,000 | |
| Total equity | 7,746,000,000 | 6,515,000,000 | |
| Class a shares outstanding | 887,000,000 | 907,000,000 | |
| Class b shares outstanding | 7,000,000 | 7,000,000 | |
| Total shares outstanding | 894,000,000 | 914,000,000 | |
| Cash flow | |||
| Net cash provided by operating activities | 17,648,000,000 | 14,780,000,000 | 11,980,000,000 |
| Amortization of customer incentives | 2,098,000,000 | 1,830,000,000 | 1,622,000,000 |
| Depreciation and amortization | 1,143,000,000 | 897,000,000 | 799,000,000 |
| Share based compensation | 597,000,000 | 526,000,000 | 460,000,000 |
| Purchases of property and equipment | 489,000,000 | 474,000,000 | 371,000,000 |
| Capitalized software | 726,000,000 | 720,000,000 | 717,000,000 |
| Capital expenditures | 1,215,000,000 | 1,194,000,000 | 1,088,000,000 |
| Free cash flow | 16,433,000,000 | 13,586,000,000 | 10,892,000,000 |
| Acquisition of businesses net of cash acquired | 0 | -2,511,000,000 | 0 |
| Net cash used in investing activities | -1,362,000,000 | -3,402,000,000 | -1,351,000,000 |
| Purchases of treasury stock | -11,727,000,000 | -10,954,000,000 | -9,032,000,000 |
| Dividends paid | -2,756,000,000 | -2,448,000,000 | -2,158,000,000 |
| Proceeds from debt net | 1,242,000,000 | 3,960,000,000 | 1,554,000,000 |
| Payment of debt | -750,000,000 | -1,336,000,000 | 0 |
| Net cash used in financing activities | -14,179,000,000 | -10,836,000,000 | -9,488,000,000 |
| Cash dividends paid per share | 3.04 | 2.64 | 2.28 |
| Dividends declared per share | 3.15 | 2.74 | 2.37 |
| Total dividends declared | 2,840,000,000 | 2,526,000,000 | 2,231,000,000 |
| Label | FY2025 | FY2024 | FY2023 |
| 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. | ||
MA quarterly income statement, balance sheet and cash flow
| Q2 2026 | Q2 2025 | |
|---|---|---|
| Fiscal quarter | Q2 2026 | Q2 2025 |
| Label | Q2 2026 | Q2 2025 |
| Period start | 2026-04-01 | 2025-04-01 |
| Period end | 2026-06-30 | 2025-06-30 |
| Period type | three months | three months |
| Source accession | 0001141391-26-000083 | 0001141391-26-000083 |
| Source form | 10-Q filed 2026-07-30 | 10-Q filed 2026-07-30 (comparative prior-year columns) |
| Audited | no | no |
| Income statement | ||
| Net revenue | 9,277,000,000 | 8,133,000,000 |
| Operating expenses general and administrative | 3,082,000,000 | 2,766,000,000 |
| Operating expenses advertising and marketing | 217,000,000 | 213,000,000 |
| Operating expenses depreciation and amortization | 309,000,000 | 281,000,000 |
| Operating expenses provision for litigation | 82,000,000 | 96,000,000 |
| Total operating expenses | 3,690,000,000 | 3,356,000,000 |
| Operating income | 5,587,000,000 | 4,777,000,000 |
| Investment income | 88,000,000 | 70,000,000 |
| Gains losses on equity investments net | -2,000,000 | 4,000,000 |
| Interest expense | -218,000,000 | -195,000,000 |
| Other income expense net | 31,000,000 | 16,000,000 |
| Total other income expense | -101,000,000 | -105,000,000 |
| Income before income taxes | 5,486,000,000 | 4,672,000,000 |
| Income tax expense | 1,098,000,000 | 971,000,000 |
| Net income | 4,388,000,000 | 3,701,000,000 |
| Net revenue payment network | 5,451,000,000 | 4,945,000,000 |
| Net revenue value added services and solutions | 3,826,000,000 | 3,188,000,000 |
| Net revenue americas | 3,999,000,000 | 3,406,000,000 |
| Net revenue asia pacific europe middle east africa | 5,278,000,000 | 4,727,000,000 |
| Basic EPS | 4.98 | 4.08 |
| Diluted EPS | 4.97 | 4.07 |
| Basic weighted average shares | 882,000,000 | 908,000,000 |
| Diluted weighted average shares | 883,000,000 | 909,000,000 |
| Assessments domestic | 3,154,000,000 | 2,789,000,000 |
| Assessments cross border | 3,460,000,000 | 2,848,000,000 |
| Assessments transaction processing | 4,508,000,000 | 3,971,000,000 |
| Assessments other network | 326,000,000 | 260,000,000 |
| Gross payment network assessments | 11,448,000,000 | 9,868,000,000 |
| Rebates and incentives payment network | 5,997,000,000 | 4,923,000,000 |
| Rebates as pct of gross payment network assessments | 0.5238 | 0.4989 |
| Operating margin | 0.6023 | 0.5874 |
| Effective tax rate | 0.2002 | 0.2078 |
| Net margin | 0.473 | 0.4551 |
| Rebates and incentives source | disclosed in the filing | derived: gross payment network assessments less payment network net revenue |
| Balance sheet | ||
| Cash and cash equivalents | 11,291,000,000 | |
| Restricted cash and restricted cash equivalents | 488,000,000 | |
| Restricted security deposits held for customers asset | 2,196,000,000 | |
| Investments | 318,000,000 | |
| Accounts receivable | 5,047,000,000 | |
| Settlement assets | 2,371,000,000 | |
| Prepaid expenses and other current assets | 4,811,000,000 | |
| Total current assets | 26,522,000,000 | |
| Property equipment and right of use assets net | 2,541,000,000 | |
| Deferred income tax assets | 1,441,000,000 | |
| Goodwill | 9,498,000,000 | |
| Other intangible assets net | 5,466,000,000 | |
| Other assets | 12,223,000,000 | |
| Total assets | 57,691,000,000 | |
| Accounts payable | 1,130,000,000 | |
| Settlement obligations | 3,159,000,000 | |
| Restricted security deposits held for customers liability | 2,196,000,000 | |
| Accrued litigation | 296,000,000 | |
| Accrued expenses | 13,027,000,000 | |
| Short term debt | 2,459,000,000 | |
| Other current liabilities | 2,737,000,000 | |
| Total current liabilities | 25,004,000,000 | |
| Long term debt | 22,184,000,000 | |
| Deferred income tax liabilities | 315,000,000 | |
| Other liabilities | 4,582,000,000 | |
| Total liabilities | 52,085,000,000 | |
| Additional paid in capital | 7,070,000,000 | |
| Class a treasury stock at cost | -92,226,000,000 | |
| Retained earnings | 91,771,000,000 | |
| Accumulated other comprehensive income loss | -1,004,000,000 | |
| Stockholders equity attributable to mastercard | 5,611,000,000 | |
| Non controlling interests | -5,000,000 | |
| Total equity | 5,606,000,000 | |
| Total debt | 24,643,000,000 | |
| Class a shares outstanding | 871,000,000 | |
| Class b shares outstanding | 7,000,000 | |
| Total shares outstanding | 878,000,000 | |
| Cash flow | ||
| Dividends declared per share | 0.87 | 0.76 |
| Total dividends declared | 763,000,000 | 687,000,000 |
| Net cash provided by operating activities | 3,773,000,000 | 4,603,000,000 |
| Amortization of customer incentives | 690,000,000 | 517,000,000 |
| Depreciation and amortization | 309,000,000 | 281,000,000 |
| Share based compensation | 190,000,000 | 179,000,000 |
| Purchases of property and equipment | 291,000,000 | 40,000,000 |
| Capitalized software | 187,000,000 | 169,000,000 |
| Capital expenditures | 478,000,000 | 209,000,000 |
| Free cash flow | 3,295,000,000 | 4,394,000,000 |
| Net cash used in investing activities | -517,000,000 | -227,000,000 |
| Purchases of treasury stock | -4,898,000,000 | -2,289,000,000 |
| Dividends paid | -771,000,000 | -691,000,000 |
| Proceeds from debt net | 5,596,000,000 | 0 |
| Payment of debt | 0 | 0 |
| Net cash used in financing activities | -35,000,000 | -3,006,000,000 |
| Cash flow basis | derived: the six months ended June 30, 2026 in this 10-Q less the three months ended March 31, 2026 as reported in the Q1 2026 10-Q filed April 30, 2026 (accession 0001141391-26-000031), the same three-month cash flow statement printed in the earnings release furnished that day (accession 0001141391-26-000029) | derived: the six months ended June 30, 2025 in this 10-Q less the three months ended March 31, 2025 as reported in the Q1 2026 10-Q filed April 30, 2026 (accession 0001141391-26-000031), the same three-month cash flow statement printed in the earnings release furnished that day (accession 0001141391-26-000029) |
| Balance sheet note | The Q2 2026 10-Q presents balance sheets as of June 30, 2026 and December 31, 2025 only, so no June 30, 2025 balance sheet is available from this filing. | |
MA year-to-date income statement and cash flow
| Six months ended June 30, 2026 | |
|---|---|
| Label | Six months ended June 30, 2026 |
| Period start | 2026-01-01 |
| Period end | 2026-06-30 |
| Period type | six months |
| Source accession | 0001141391-26-000083 |
| Source form | 10-Q filed 2026-07-30 |
| Audited | no |
| Income statement | |
| Net revenue | 17,675,000,000 |
| Net revenue payment network | 10,399,000,000 |
| Net revenue value added services and solutions | 7,276,000,000 |
| Net revenue americas | 7,563,000,000 |
| Net revenue asia pacific europe middle east africa | 10,112,000,000 |
| Gross payment network assessments | 22,035,000,000 |
| Assessments domestic | 6,050,000,000 |
| Assessments cross border | 6,650,000,000 |
| Assessments transaction processing | 8,732,000,000 |
| Assessments other network | 603,000,000 |
| Rebates and incentives payment network | 11,636,000,000 |
| Rebates and incentives source | disclosed in the filing |
| Rebates as pct of gross payment network assessments | 0.5281 |
| Operating expenses general and administrative | 6,121,000,000 |
| Operating expenses advertising and marketing | 370,000,000 |
| Operating expenses depreciation and amortization | 608,000,000 |
| Operating expenses provision for litigation | 82,000,000 |
| Total operating expenses | 7,181,000,000 |
| Operating income | 10,494,000,000 |
| Operating margin | 0.5937 |
| Investment income | 169,000,000 |
| Gains losses on equity investments net | -68,000,000 |
| Interest expense | -403,000,000 |
| Other income expense net | 106,000,000 |
| Total other income expense | -196,000,000 |
| Income before income taxes | 10,298,000,000 |
| Income tax expense | 2,028,000,000 |
| Effective tax rate | 0.1969 |
| Net income | 8,270,000,000 |
| Net margin | 0.4679 |
| Basic EPS | 9.33 |
| Basic weighted average shares | 887,000,000 |
| Diluted EPS | 9.32 |
| Diluted weighted average shares | 888,000,000 |
| Cash flow | |
| Net cash provided by operating activities | 6,772,000,000 |
| Amortization of customer incentives | 1,310,000,000 |
| Depreciation and amortization | 608,000,000 |
| Share based compensation | 326,000,000 |
| Purchases of property and equipment | 445,000,000 |
| Capitalized software | 368,000,000 |
| Capital expenditures | 813,000,000 |
| Free cash flow | 5,959,000,000 |
| Net cash used in investing activities | -879,000,000 |
| Purchases of treasury stock | -8,933,000,000 |
| Dividends paid | -1,548,000,000 |
| Proceeds from debt net | 5,596,000,000 |
| Payment of debt | 0 |
| Net cash used in financing activities | -5,040,000,000 |
| Dividends declared per share | 1.74 |
| Total dividends declared | 1,534,000,000 |
| Prior year comparative | |
| Label | Six months ended June 30, 2025 |
| Period start | 2025-01-01 |
| Period end | 2025-06-30 |
| Period type | six months |
| Source accession | 0001141391-26-000083 |
| Source form | 10-Q filed 2026-07-30 (comparative prior-year columns) |
| Audited | no |
| Income statement | |
| Net revenue | 15,383,000,000 |
| Net revenue payment network | 9,377,000,000 |
| Net revenue value added services and solutions | 6,006,000,000 |
| Net revenue americas | 6,557,000,000 |
| Net revenue asia pacific europe middle east africa | 8,826,000,000 |
| Gross payment network assessments | 18,879,000,000 |
| Assessments domestic | 5,447,000,000 |
| Assessments cross border | 5,443,000,000 |
| Assessments transaction processing | 7,498,000,000 |
| Assessments other network | 491,000,000 |
| Rebates and incentives payment network | 9,502,000,000 |
| Rebates and incentives source | derived: gross payment network assessments less payment network net revenue |
| Rebates as pct of gross payment network assessments | 0.5033 |
| Operating expenses general and administrative | 5,289,000,000 |
| Operating expenses advertising and marketing | 365,000,000 |
| Operating expenses depreciation and amortization | 556,000,000 |
| Operating expenses provision for litigation | 247,000,000 |
| Total operating expenses | 6,457,000,000 |
| Operating income | 8,926,000,000 |
| Operating margin | 0.5802 |
| Investment income | 158,000,000 |
| Gains losses on equity investments net | -25,000,000 |
| Interest expense | -377,000,000 |
| Other income expense net | 21,000,000 |
| Total other income expense | -223,000,000 |
| Income before income taxes | 8,703,000,000 |
| Income tax expense | 1,722,000,000 |
| Effective tax rate | 0.1979 |
| Net income | 6,981,000,000 |
| Net margin | 0.4538 |
| Basic EPS | 7.67 |
| Basic weighted average shares | 910,000,000 |
| Diluted EPS | 7.66 |
| Diluted weighted average shares | 911,000,000 |
| Cash flow | |
| Net cash provided by operating activities | 6,983,000,000 |
| Amortization of customer incentives | 993,000,000 |
| Depreciation and amortization | 556,000,000 |
| Share based compensation | 308,000,000 |
| Purchases of property and equipment | 199,000,000 |
| Capitalized software | 367,000,000 |
| Capital expenditures | 566,000,000 |
| Free cash flow | 6,417,000,000 |
| Net cash used in investing activities | -567,000,000 |
| Purchases of treasury stock | -4,838,000,000 |
| Dividends paid | -1,385,000,000 |
| Proceeds from debt net | 1,242,000,000 |
| Payment of debt | -750,000,000 |
| Net cash used in financing activities | -5,993,000,000 |
| Dividends declared per share | 1.52 |
| Total dividends declared | 1,379,000,000 |
MA trailing twelve month income statement and cash flow
| Trailing twelve months ended June 30, 2026 | |
|---|---|
| Label | Trailing twelve months ended June 30, 2026 |
| Period start | 2025-07-01 |
| Period end | 2026-06-30 |
| Period type | trailing twelve months |
| Source accession | 0001141391-26-000083 |
| Source form | calculated: fiscal year 2025 from the 10-K (accession 0001141391-26-000013) plus the six months ended June 30, 2026 less the six months ended June 30, 2025, both from the 10-Q (accession 0001141391-26-000083) |
| Audited | no |
| Basis | calculated, not a reported figure: full year 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025 |
| Income statement | |
| Net revenue | 35,083,000,000 |
| Net revenue payment network | 20,498,000,000 |
| Net revenue value added services and solutions | 14,585,000,000 |
| Net revenue americas | 15,050,000,000 |
| Net revenue asia pacific europe middle east africa | 20,033,000,000 |
| Gross payment network assessments | 43,154,000,000 |
| Assessments domestic | 11,632,000,000 |
| Assessments cross border | 13,228,000,000 |
| Assessments transaction processing | 17,164,000,000 |
| Assessments other network | 1,130,000,000 |
| Rebates and incentives payment network | 22,656,000,000 |
| Rebates and incentives source | calculated from the reported periods |
| Rebates as pct of gross payment network assessments | 0.525 |
| Operating expenses general and administrative | 12,150,000,000 |
| Operating expenses advertising and marketing | 934,000,000 |
| Operating expenses depreciation and amortization | 1,195,000,000 |
| Operating expenses provision for litigation | 339,000,000 |
| Total operating expenses | 14,618,000,000 |
| Operating income | 20,465,000,000 |
| Operating margin | 0.5833 |
| Investment income | 336,000,000 |
| Gains losses on equity investments net | -131,000,000 |
| Interest expense | -748,000,000 |
| Other income expense net | 251,000,000 |
| Total other income expense | -292,000,000 |
| Income before income taxes | 20,173,000,000 |
| Income tax expense | 3,916,000,000 |
| Effective tax rate | 0.1941 |
| Net income | 16,257,000,000 |
| Net margin | 0.4634 |
| Basic EPS | 18.2 |
| Basic weighted average shares | 894,000,000 |
| Diluted EPS | 18.18 |
| Diluted weighted average shares | 895,000,000 |
| Share count basis | the trailing weighted-average share counts are calculated by weighting the reported periods by their length: twice the full-year 2025 average less the first-half 2025 average gives the second half of 2025, which is then averaged with the first half of 2026. The trailing earnings per share figures are the sum of the reported periods' per-share amounts and so may differ slightly from net income divided by these counts |
| Cash flow | |
| Net cash provided by operating activities | 17,437,000,000 |
| Amortization of customer incentives | 2,415,000,000 |
| Depreciation and amortization | 1,195,000,000 |
| Share based compensation | 615,000,000 |
| Purchases of property and equipment | 735,000,000 |
| Capitalized software | 727,000,000 |
| Capital expenditures | 1,462,000,000 |
| Free cash flow | 15,975,000,000 |
| Net cash used in investing activities | -1,674,000,000 |
| Purchases of treasury stock | -15,822,000,000 |
| Dividends paid | -2,919,000,000 |
| Proceeds from debt net | 5,596,000,000 |
| Payment of debt | 0 |
| Net cash used in financing activities | -13,226,000,000 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| ADR ratio | n/a |
| FX | none: Mastercard reports in U.S. dollars, so no currency translation was applied |
Notes
- Periods reported here are exactly the ones the two filings put on their face: the FY2025 10-K (accession 0001141391-26-000013) presents fiscal years 2025, 2024 and 2023 on the income statement and cash flow statement and balance sheets at December 31, 2025 and 2024; the June 30, 2026 10-Q (accession 0001141391-26-000083) presents the three and six months ended June 30, 2026 and 2025, balance sheets at June 30, 2026 and December 31, 2025, and cash flows for the six-month periods only. The three fiscal years were confirmed line by line against the 10-K's printed columns and agree with the figures published for them previously, so no restatement was involved.
- 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 are disclosed directly for the three months ended June 30, 2026 ($5,997 million) and the six months ended June 30, 2026 ($11,636 million) in the 10-Q, and for FY2025 ($20,522 million) in the 10-K. For the comparable 2025 periods and for FY2024 and FY2023 the figure is not stated, so it was derived as gross payment network assessments less payment network net revenue. That derivation reproduces every disclosed figure exactly - for the June 2026 quarter, $11,448 million of assessments less $5,451 million of net payment network revenue equals the disclosed $5,997 million - and the derived 2025 comparatives reproduce the 22% growth rates the 10-Q states. Each period records whether its figure was disclosed or derived.
- 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.
- The 10-Q's cash flow statement covers the six-month periods only; it prints no three-month column. The quarterly cash flow figures here are therefore derived by differencing: the six months ended June 30 less the three months ended March 31 of the same year, the latter as reported in the Q1 2026 10-Q filed April 30, 2026 (accession 0001141391-26-000031), the same three-month cash flow statement printed in the earnings release furnished that day (accession 0001141391-26-000029). Each quarter's cash flow block records that basis. The derivation is corroborated by depreciation and amortization, which appears in both statements: the differenced figures ($309 million for the 2026 quarter, $281 million for the 2025 quarter) match the three-month income statement lines exactly. Every figure in the year-to-date and full-year cash flow blocks is read directly from a filing and involves no differencing.
- 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 most periods shown, which matters for a business whose principal asset is a processing network rather than physical plant.
- Total debt is taken from the debt note, which reconciles the face amount of the senior notes and commercial paper to the balance sheet: $24,643 million outstanding at June 30, 2026 against $19,000 million at December 31, 2025. The increase is real new borrowing, not reclassification: in June 2026 Mastercard issued $5.000 billion of notes maturing between 2028 and 2036 for net proceeds of $4.978 billion, and had $710 million of commercial paper outstanding at June 30, 2026 at a weighted-average rate of 3.84%. Short-term debt of $2,459 million at June 30, 2026 comprises the commercial paper plus the 2016 notes due November 2026 and the 2020 notes due March 2027.
- Total equity is reported both including and excluding non-controlling interests. Mastercard's book equity is very small relative to its earnings power ($5.6 billion at June 30, 2026 against $16.3 billion of trailing-twelve-month net income) because cumulative treasury stock stands at $92.2 billion; conventional return-on-equity measures are therefore not meaningful for this company. Book equity fell from $7.7 billion at December 31, 2025 because $9.0 billion of stock was repurchased and $1.5 billion of dividends declared in the six months, against $8.3 billion of net income.
- The FY2025 10-K reports no balance sheet as of December 31, 2023, and the June 30, 2026 10-Q reports no balance sheet as of June 30, 2025. Those two balance sheets are recorded as unavailable rather than estimated. The statement of changes in equity does show total equity of $7,874 million at June 30, 2025, of which $7,853 million was attributable to Mastercard, but no other June 30, 2025 balance sheet line is available from this filing.
- Dividends are reported on two bases where they differ: cash dividends paid per share (from the cash flow discussion, available for the fiscal years) and dividends declared per share (from the stockholders' equity note, available for every period). Mastercard declared $0.87 per share in the June 2026 quarter against $0.76 a year earlier, a 14% increase.
- The provision for litigation was $82 million in the June 2026 quarter against $96 million a year earlier, and $82 million for the six months against $247 million. 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.
- In March 2026 Mastercard agreed to acquire BVNK Holdings Limited, a stablecoin infrastructure provider, for $1.5 billion plus up to $300 million of contingent consideration. The transaction had not closed as of the June 30, 2026 balance sheet date and the company expects to complete it before the end of the third quarter of 2026, so nothing for it appears in any figure in this file.
- Two measures of shareholders' equity are reported here because they differ: $5,611 million attributable to Mastercard Incorporated at June 30, 2026, and $5,606 million including non-controlling interests, which were negative $5 million at that date.
- The trailing-twelve-month block is a calculation, not a reported figure: fiscal year 2025 plus the six months ended June 30, 2026 less the six months ended June 30, 2025. Its trailing earnings per share figures are the sum of the reported periods' per-share amounts rather than a recomputed figure, so they may differ slightly from net income divided by the trailing share counts shown.
- The most recent quarterly results filed are those in this 10-Q. An earnings release for the same quarter was furnished on July 30, 2026 alongside it, and no results for any period after June 30, 2026 have been filed, so every figure here comes from the 10-K or the 10-Q rather than from a press release.
- 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 than the payment network 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 faster still, from $11.83 to $16.52, because diluted shares fell from 946 million to 906 million. The June 2026 quarter extended that pattern and accelerated it: net revenue of $9,277 million was up 14% (12% currency-neutral), payment network revenue up 10% and value-added services up 20%; operating income of $5,587 million was up 17% on a 60.2% margin, the highest of any period in this file; net income of $4,388 million was up 19% and diluted earnings per share of $4.97 up 22%, the extra 3 points coming from a 26 million share reduction in the diluted count. On a trailing-twelve-month basis net revenue was $35,083 million, operating income $20,465 million, net income $16,257 million and free cash flow $15,975 million on $17,437 million of operating cash flow and $1,462 million of capital expenditure. Cash returned kept pace with cash generated: $15,822 million of buybacks and $2,919 million of dividends over the same twelve months.
Uncertainties
- The quarterly cash flow figures are derived, not printed. The 10-Q's cash flow statement gives six-month columns only, so each quarter here is the six-month column less the first quarter as reported in the Q1 2026 10-Q filed April 30, 2026 (accession 0001141391-26-000031), the same three-month cash flow statement printed in the earnings release furnished that day (accession 0001141391-26-000029). The differencing is corroborated by depreciation and amortization, which matches the three-month income statement line exactly in both years, but any reclassification the company made between the two filings would not be visible in this file. The year-to-date and full-year cash flow figures are read directly and are unaffected.
- Capital expenditure in the June 2025 quarter comes out at $209 million on this differencing - $40 million of property and equipment and $169 million of capitalized software - against $478 million in the June 2026 quarter and $357 million in the March 2025 quarter. The six-month totals it is derived from are printed figures, but the quarter-to-quarter swing is large and readers should treat the quarterly split of capital expenditure as lumpy rather than as a run rate.
- Rebates and incentives for the 2025 comparative periods, for FY2024 and for FY2023 are derived, not disclosed. The derivation method reproduces every disclosed figure exactly and matches the growth rates stated in the filings, but those 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 every period 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 revenue figure prepared under generally accepted accounting principles.
- FY2023 has no balance sheet in the latest 10-K and June 30, 2025 has none in the latest 10-Q, so no balance sheet data, total debt or period-end share count is reported for those two dates. No older filings were used to fill them in.
- The trailing-twelve-month weighted-average share counts (894 million basic, 895 million diluted) are calculated by weighting the reported periods by their length, not read from a filing; Mastercard publishes no twelve-month weighted-average count at a June quarter end. Trailing earnings per share is the sum of the reported periods' per-share amounts, which is why it does not tie exactly to trailing net income divided by those counts.
- 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 three-month 2026 income tax expense reflects a 20.0% effective rate against 20.8% a year earlier and 19.4% for full-year 2025; quarterly effective rates at Mastercard move with discrete items and should not be annualised.
- The line item recording purchases of property and equipment plus capitalized software is named capital_expenditures in this file, where the previously published quarter named the same concept capital_expenditure. The definition and the figures are unchanged.
Company details
| Value | |
|---|---|
| Name | Mastercard Inc |
| Ticker | MA |
| CIK | 0001141391 |
| Exchange | NYSE |
| State | New York |
| Incorporation | Delaware |
| SIC | 7389 |
| Office | Trade & Services |
| Industry | Services-Business Services, NEC |
Fiscal period
| FY2026 | |
|---|---|
| Fiscal year | 2026 |
| Fiscal period | Q2 |
| Tag | FY26Q2 |
| Period end | 2026-06-30 |
| Form | 10-Q |
| Accession | 0001141391-26-000083 |
| Fiscal year end | 1231 |
| Source | facts |
Source filings
| Role | Current | Form | Fiscal year | Fiscal period | Tag | Period end | Filed | Accession | Url | Source |
|---|---|---|---|---|---|---|---|---|---|---|
| annual | no | 10-K | 2025 | FY | FY25 | 2025-12-31 | 2026-02-11 | 0001141391-26-000013 | https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/0001141391-26-000013-index.htm | reported |
| quarterly | yes | 10-Q | 2026 | Q2 | FY26Q2 | 2026-06-30 | 2026-07-30 | 0001141391-26-000083 | https://www.sec.gov/Archives/edgar/data/1141391/000114139126000083/0001141391-26-000083-index.htm | facts |
FAQ · Mastercard financial statements
How much revenue did Mastercard report in Q2 FY2026?
Mastercard reported $9.28 billion in net revenue for Q2 FY2026, the quarter ended June 30, 2026. That is up 14.1% from $8.13 billion in the same quarter a year earlier.
What was Mastercard's earnings per share in Q2 FY2026?
Mastercard earned $4.97 per diluted share in Q2 FY2026, up 22.1% from $4.07 a year earlier, on net income of $4.39 billion. Earnings per share grew faster than net income because Mastercard continued to retire shares through buybacks.
How fast is Mastercard's value-added services business growing?
Mastercard's value-added services and solutions revenue was $3.83 billion in Q2 FY2026, up 20.0% from $3.19 billion a year earlier. That outpaced the core payment network, which contributed $5.45 billion, up 10.2%.
How profitable is Mastercard?
Mastercard generated $5.59 billion of operating income on $9.28 billion of net revenue in Q2 FY2026, the quarter ended June 30, 2026, with operating income up 17.0% from $4.78 billion a year earlier. Mastercard runs a payments network rather than issuing cards or lending, and the net revenue figure is already stated after the rebates and incentives it pays its customers.
Where can I get Mastercard Incorporated (MA) financial data in machine-readable form?
Ticker Scout publishes Mastercard Incorporated's financial statements as JSON at https://tickerscout.ai/ma/financials.json, free, with no API key and no signup. The 10-K and 10-Q narrative and the 8-K events digest are published as Markdown at https://tickerscout.ai/ma/narrative.md and https://tickerscout.ai/ma/events.md. Mastercard Incorporated's SEC CIK is 0001141391. Every figure cites the SEC accession number it came from, so it can be checked against sec.gov.
When does Mastercard Incorporated (MA) next file with the SEC?
Mastercard Incorporated (MA) is expected to file its next Form 10-Q with the SEC on or around October 29, 2026. That date is a projection rather than a company-announced date: it is derived from Mastercard Incorporated's own filing history with the SEC, by taking the date the company filed the same fiscal period a year earlier and adding 52 weeks. The most recent periodic report on file is the 10-Q for Q2 FY2026, the period ended 2026-06-30, SEC accession 0001141391-26-000083.
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How this page was built
This page was built from four of Mastercard Incorporated's own filings with the SEC, read one at a time. Nothing on it is taken from a pre-tagged dataset, a data vendor or another website. The figures are on the company's own fiscal calendar and in actual dollars, as the filings report them. Where the filings do not support a figure, the record says so instead of reporting a zero; this period names 10 such gaps.
A single company files thousands of pages with the SEC in a year, and no two companies file them the same way, so the reading and the assembly here are done by AI rather than by rules that break on the differences. Every pass is then audited back against the filings it came from before the page is published, and anything the filings do not support is left out and named rather than filled in. AI can still make mistakes. That is why the accession numbers are printed: the filing is the authority, and this page is a route to it.
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Built from Mastercard Incorporated's SEC filings by Ticker Scout; accession numbers are cited throughout so every figure can be checked against sec.gov. Free to cite with attribution: Ticker Scout (tickerscout.ai). Not investment advice, see the Disclaimer.