Mastercard Incorporated (MA) Q1 FY2026 Financial Statements: Net revenue $8.40B, Net income $3.88B
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PeriodQ2 FY2026Q1 FY2026
Archived record for Q1 FY2026. The current period is Q2 FY2026.
Published
Mastercard Incorporated reported $8.40 billion in net revenue for Q1 FY2026, the quarter ended March 31, 2026, up 15.8% from $7.25 billion a year earlier, and net income of $3.88 billion, up 18.4%, or $4.35 per diluted share, up 21.2%. The reported growth was flattered by a weaker dollar: gross dollar volume grew considerably more slowly in local currency than in reported dollars, and growth in United States volume was the weakest of the company's drivers, while cross-border volume and switched transactions held up. Value-added services and solutions, the faster-growing of Mastercard's two revenue categories, reached $3.45 billion, up 22.4%, against $4.95 billion of payment network revenue, up 11.6%, a line struck after rebates and incentives paid to customers that again grew faster than the network revenue they support. Operating income of $4.91 billion, up 18.3%, grew faster than revenue and lifted the operating margin, absorbing a restructuring charge in general and administrative expenses that the year-ago quarter did not carry, while the litigation provision booked a year earlier did not recur.
| Metric | Amount | vs. year ago |
|---|---|---|
| Net revenue | $8,398,000,000 | up 15.8% |
| Net income | $3,882,000,000 | up 18.4% |
| Diluted EPS | $4.35 | up 21.2% |
| Payment network revenue | $4,948,000,000 | up 11.6% |
| Value-added services revenue | $3,450,000,000 | up 22.4% |
| Operating income | $4,907,000,000 | up 18.3% |
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 |
| Fiscal year end | December 31 |
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 expenditure | 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 |
| 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
| 2026-03-31 | 2025-03-31 | |
|---|---|---|
| Fiscal quarter | Q1 2026 | Q1 2025 |
| Period start | 2026-01-01 | 2025-01-01 |
| Period end | 2026-03-31 | 2025-03-31 |
| Period type | three months | three months |
| Source accession | 0001141391-26-000031 | 0001141391-26-000031 |
| Source form | 10-Q filed 2026-04-30 | 10-Q filed 2026-04-30 (comparative prior-year columns) |
| Audited | no | no |
| Income statement | ||
| Net revenue | 8,398,000,000 | 7,250,000,000 |
| Net revenue payment network | 4,948,000,000 | 4,432,000,000 |
| Net revenue value added services and solutions | 3,450,000,000 | 2,818,000,000 |
| Net revenue americas | 3,564,000,000 | 3,151,000,000 |
| Net revenue asia pacific europe middle east africa | 4,834,000,000 | 4,099,000,000 |
| Gross payment network assessments | 10,587,000,000 | 9,011,000,000 |
| Assessments domestic | 2,896,000,000 | 2,658,000,000 |
| Assessments cross border | 3,190,000,000 | 2,595,000,000 |
| Assessments transaction processing | 4,224,000,000 | 3,527,000,000 |
| Assessments other network | 277,000,000 | 231,000,000 |
| Rebates and incentives payment network | 5,639,000,000 | 4,579,000,000 |
| Rebates and incentives source | disclosed in the filing | derived: gross payment network assessments less payment network net revenue |
| Rebates as pct of gross payment network assessments | 0.5326 | 0.5081 |
| Operating expenses general and administrative | 3,039,000,000 | 2,523,000,000 |
| Operating expenses advertising and marketing | 153,000,000 | 152,000,000 |
| Operating expenses depreciation and amortization | 299,000,000 | 275,000,000 |
| Operating expenses provision for litigation | 0 | 151,000,000 |
| Total operating expenses | 3,491,000,000 | 3,101,000,000 |
| Operating income | 4,907,000,000 | 4,149,000,000 |
| Operating margin | 0.5843 | 0.5723 |
| Investment income | 81,000,000 | 88,000,000 |
| Gains losses on equity investments net | -66,000,000 | -29,000,000 |
| Interest expense | -185,000,000 | -182,000,000 |
| Other income expense net | 75,000,000 | 5,000,000 |
| Total other income expense | -95,000,000 | -118,000,000 |
| Income before income taxes | 4,812,000,000 | 4,031,000,000 |
| Income tax expense | 930,000,000 | 751,000,000 |
| Effective tax rate | 0.1933 | 0.1863 |
| Net income | 3,882,000,000 | 3,280,000,000 |
| Net margin | 0.4623 | 0.4524 |
| Basic EPS | 4.35 | 3.6 |
| Basic weighted average shares | 891,000,000 | 912,000,000 |
| Diluted EPS | 4.35 | 3.59 |
| Diluted weighted average shares | 893,000,000 | 914,000,000 |
| Balance sheet | ||
| Cash and cash equivalents | 7,906,000,000 | |
| Restricted cash and restricted cash equivalents | 551,000,000 | |
| Restricted security deposits held for customers asset | 2,307,000,000 | |
| Investments | 313,000,000 | |
| Accounts receivable | 4,720,000,000 | |
| Settlement assets | 2,062,000,000 | |
| Prepaid expenses and other current assets | 4,639,000,000 | |
| Total current assets | 22,498,000,000 | |
| Property equipment and right of use assets net | 2,349,000,000 | |
| Deferred income tax assets | 1,396,000,000 | |
| Goodwill | 9,525,000,000 | |
| Other intangible assets net | 5,495,000,000 | |
| Other assets | 11,186,000,000 | |
| Total assets | 52,449,000,000 | |
| Accounts payable | 1,030,000,000 | |
| Settlement obligations | 2,544,000,000 | |
| Restricted security deposits held for customers liability | 2,307,000,000 | |
| Accrued litigation | 339,000,000 | |
| Accrued expenses | 12,327,000,000 | |
| Short term debt | 1,748,000,000 | |
| Other current liabilities | 2,639,000,000 | |
| Total current liabilities | 22,934,000,000 | |
| Long term debt | 17,212,000,000 | |
| Deferred income tax liabilities | 331,000,000 | |
| Other liabilities | 5,250,000,000 | |
| Total liabilities | 45,727,000,000 | |
| Total debt | 18,960,000,000 | |
| Additional paid in capital | 6,843,000,000 | |
| Class a treasury stock at cost | -87,342,000,000 | |
| Retained earnings | 88,146,000,000 | |
| Accumulated other comprehensive income loss | -928,000,000 | |
| Stockholders equity attributable to mastercard | 6,719,000,000 | |
| Non controlling interests | 3,000,000 | |
| Total equity | 6,722,000,000 | |
| Class a shares outstanding | 880,000,000 | |
| Class b shares outstanding | 7,000,000 | |
| Total shares outstanding | 887,000,000 | |
| Cash flow | ||
| Net cash provided by operating activities | 2,999,000,000 | 2,380,000,000 |
| Amortization of customer incentives | 620,000,000 | 476,000,000 |
| Depreciation and amortization | 299,000,000 | 275,000,000 |
| Share based compensation | 136,000,000 | 129,000,000 |
| Purchases of property and equipment | 154,000,000 | 159,000,000 |
| Capitalized software | 181,000,000 | 198,000,000 |
| Capital expenditure | 335,000,000 | 357,000,000 |
| Free cash flow | 2,664,000,000 | 2,023,000,000 |
| Net cash used in investing activities | -362,000,000 | -340,000,000 |
| Purchases of treasury stock | -4,035,000,000 | -2,549,000,000 |
| Dividends paid | -777,000,000 | -694,000,000 |
| Proceeds from debt net | 0 | 1,242,000,000 |
| Payment of debt | 0 | -750,000,000 |
| Net cash used in financing activities | -5,005,000,000 | -2,987,000,000 |
| Dividends declared per share | 0.87 | 0.76 |
| Total dividends declared | 771,000,000 | 692,000,000 |
| 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. | |
MA trailing twelve month income statement and cash flow
| 2026-03-31 | |
|---|---|
| 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 | 33,939,000,000 |
| Net revenue payment network | 19,992,000,000 |
| Net revenue value added services and solutions | 13,947,000,000 |
| Gross payment network assessments | 41,574,000,000 |
| Rebates and incentives payment network | 21,582,000,000 |
| Total operating expenses | 14,284,000,000 |
| Operating income | 19,655,000,000 |
| Operating margin | 0.5791 |
| Income before income taxes | 19,359,000,000 |
| Income tax expense | 3,789,000,000 |
| Effective tax rate | 0.1957 |
| Net income | 15,570,000,000 |
| Net margin | 0.4588 |
| Diluted EPS sum of reported periods | 17.28 |
| Net cash provided by operating activities | 18,267,000,000 |
| Capital expenditure | 1,193,000,000 |
| Free cash flow | 17,074,000,000 |
| Dividends paid | -2,839,000,000 |
| Purchases of treasury stock | -13,213,000,000 |
Adjustments
| Value | |
|---|---|
| Splits applied | none |
| 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 | n/a |
| 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
| Value | |
|---|---|
| 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. |
MA operating metrics
| Value | |
|---|---|
| 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
| Value | |
|---|---|
| Shares outstanding 2026 04 27 class a | 877,036,230 |
| Shares outstanding 2026 04 27 class b | 6,547,625 |
| Shares outstanding 2026 04 27 total | 883,583,855 |
| Source | cover page of the Q1 2026 10-Q (accession 0001141391-26-000031), stated as exact share counts |
MA dividends and share buybacks
| Value | |
|---|---|
| Remaining buyback authorization 2026 03 31 | 13,400,000,000 |
| 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
| 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 | Q1 |
| Tag | FY26Q1 |
| Period end | 2026-03-31 |
| Form | 10-Q |
| Accession | 0001141391-26-000031 |
| Fiscal year end | 1231 |
| Source | facts |
FAQ · Mastercard financial statements
How much revenue did Mastercard report in Q1 FY2026?
Mastercard Incorporated reported $8.40 billion in net revenue for Q1 FY2026, the quarter ended March 31, 2026. That is up 15.8% from $7.25 billion in the same quarter a year earlier, growth that was helped by a weaker dollar and was slower on a currency-neutral basis.
How much did Mastercard earn in Q1 FY2026?
Mastercard Incorporated earned net income of $3.88 billion in Q1 FY2026, the quarter ended March 31, 2026, up 18.4% from $3.28 billion a year earlier. That worked out to $4.35 per diluted share, up 21.2% from $3.59, helped by a share count reduced by buybacks.
How fast is Mastercard's value-added services business growing?
Value-added services and solutions revenue was $3.45 billion in Q1 FY2026, up 22.4% from $2.82 billion a year earlier, well ahead of payment network revenue, which was $4.95 billion and up 11.6%. It is the smaller of Mastercard Incorporated's two revenue categories but the faster growing, and it covers security, digital and authentication, consumer engagement, insights and processing services.
How profitable is Mastercard?
Mastercard Incorporated turned $8.40 billion of net revenue into $4.91 billion of operating income in Q1 FY2026, up 18.3% from $4.15 billion a year earlier, and $3.88 billion of net income. Operating income grew faster than revenue even after a restructuring charge taken in general and administrative expenses, and the year-ago quarter carried a litigation provision that did not recur.
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.
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How this page was built
This page was built from two 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 eight 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.
Published by Ticker Scout, an independent publisher of company filings data. About Ticker Scout · Disclaimer
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.