Mastercard Inc (MA) financial statements: income statement, balance sheet and cash flow
Mastercard Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), Mastercard Inc reported revenue of $32.8B (+16.4% year on year) and net income of $15.0B (+16.3% year on year).
Income statement
Mastercard Inc income statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net revenue
$32.8B
$28.2B
$25.1B
$22.2B
General and administrative
$11.3B
$10.2B
$8.9B
$8.1B
Advertising and marketing
$929.0M
$815.0M
$825.0M
$789.0M
Depreciation and amortization
$1.1B
$897.0M
$799.0M
$750.0M
Provision for litigation
$504.0M
$680.0M
$539.0M
$356.0M
Total operating expenses
$13.9B
$12.6B
$11.1B
$10.0B
Operating income
$18.9B
$15.6B
$14.0B
$12.3B
Investment income
$325.0M
$327.0M
$274.0M
$61.0M
Gains (losses) on equity investments, net
($88.0M)
($29.0M)
($61.0M)
($145.0M)
Interest expense
($722.0M)
($646.0M)
($575.0M)
($471.0M)
Other income (expense), net
$166.0M
$20.0M
($7.0M)
$23.0M
Total other income (expense)
($319.0M)
($328.0M)
($369.0M)
($532.0M)
Income before income taxes
$18.6B
$15.3B
$13.6B
$11.7B
Income tax expense
$3.6B
$2.4B
$2.4B
$1.8B
Net Income
$15.0B
$12.9B
$11.2B
$9.9B
Basic Earnings per Share (in dollars per share)
$16.54
$13.91
$11.86
$10.26
Basic weighted-average shares outstanding (in shares)
905.0M
925.0M
944.0M
968.0M
Diluted Earnings per Share (in dollars per share)
$16.52
$13.89
$11.83
$10.22
Diluted weighted-average shares outstanding (in shares)
906.0M
927.0M
946.0M
971.0M
Mastercard Inc income statement, quarters
Line item
Jun 30, 2026 · Q2
Mar 31, 2026 · Q1
Sep 30, 2025 · Q3
Jun 30, 2025 · Q2
Net Revenue
$9.3B
$8.4B
$8.6B
$8.1B
General and administrative
$3.1B
$3.0B
$2.9B
$2.8B
Advertising and marketing
$217.0M
$153.0M
$245.0M
$213.0M
Depreciation and amortization
$309.0M
$299.0M
$290.0M
$281.0M
Provision for litigation
$82.0M
$0
$83.0M
$96.0M
Total operating expenses
$3.7B
$3.5B
$3.5B
$3.4B
Operating income
$5.6B
$4.9B
$5.1B
$4.8B
Investment income
$88.0M
$81.0M
$81.0M
$70.0M
Gains (losses) on equity investments, net
($2.0M)
($66.0M)
$41.0M
$4.0M
Interest expense
($218.0M)
($185.0M)
($186.0M)
($195.0M)
Other income (expense), net
$31.0M
$75.0M
$2.0M
$16.0M
Total other income (expense)
($101.0M)
($95.0M)
($62.0M)
($105.0M)
Income before income taxes
$5.5B
$4.8B
$5.0B
$4.7B
Income tax expense
$1.1B
$930.0M
$1.1B
$971.0M
Net Income
$4.4B
$3.9B
$3.9B
$3.7B
Basic Earnings per Share (in dollars per share)
$4.98
$4.35
$4.35
$4.08
Basic weighted-average shares outstanding (in shares)
882.0M
891.0M
903.0M
908.0M
Diluted Earnings per Share (in dollars per share)
$4.97
$4.35
$4.34
$4.07
Diluted weighted-average shares outstanding (in shares)
883.0M
893.0M
905.0M
909.0M
Balance sheet
Mastercard Inc balance sheet, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Cash and cash equivalents
$10.6B
$8.4B
$8.6B
$7.0B
Restricted cash and restricted cash equivalents
$561.0M
$492.0M
$0
$589.0M
Investments
$332.0M
$330.0M
$592.0M
$400.0M
Accounts receivable
$4.6B
$3.8B
$4.1B
$3.4B
Settlement assets
$1.6B
$1.8B
$1.2B
$1.3B
Prepaid expenses and other current assets
$3.7B
$3.0B
$2.6B
$2.3B
Total current assets
$23.6B
$19.7B
$19.0B
$16.6B
Property, equipment and right-of-use assets, net
$2.3B
$2.1B
$2.1B
$2.0B
Deferred income taxes
$1.6B
$1.6B
$1.4B
$1.2B
Goodwill
$9.6B
$9.2B
$7.7B
$7.5B
Other intangible assets, net
$5.6B
$5.5B
$4.1B
$3.9B
Other assets
$11.6B
$10.0B
$8.3B
$7.6B
Total Assets
$54.2B
$48.1B
$42.4B
$38.7B
Accounts payable
$999.0M
$929.0M
$834.0M
$926.0M
Settlement obligations
$2.4B
$2.3B
$1.4B
$1.1B
Restricted security deposits held for customers
$2.1B
$1.9B
$1.8B
$1.6B
Accrued litigation
$800.0M
$930.0M
$723.0M
$1.1B
Accrued expenses
$13.3B
$10.4B
$8.5B
$7.8B
Short-term debt
$749.0M
$750.0M
$1.3B
$274.0M
Other current liabilities
$2.4B
$2.0B
$1.6B
$1.4B
Total current liabilities
$22.8B
$19.2B
$16.3B
$14.2B
Long-term debt
$18.3B
$17.5B
$14.3B
$13.7B
Deferred income taxes
$307.0M
$317.0M
$369.0M
$393.0M
Other liabilities
$5.1B
$4.6B
$4.5B
$4.0B
Total Liabilities
$46.4B
$41.6B
$35.5B
$32.3B
Common stock value
$0
$0
$0
$0
Additional paid-in-capital
$6.9B
$6.4B
$5.9B
$5.3B
Class A treasury stock, at cost, 518 and 497 shares, respectively
-83.2B
-71.4B
-60.4B
-51.4B
Retained earnings
$85.0B
$72.9B
$62.6B
$53.6B
Accumulated other comprehensive income (loss)
($981.0M)
($1.4B)
($1.1B)
($1.3B)
Mastercard Incorporated Stockholders' Equity
$7.7B
$6.5B
$6.9B
$6.3B
Non-controlling interests
$9.0M
$30.0M
$46.0M
$58.0M
Total Equity
$7.7B
$6.5B
$7.0B
$6.4B
Total Liabilities and Equity
$54.2B
$48.1B
$42.4B
$38.7B
Mastercard Inc balance sheet, quarters
Line item
Jun 30, 2026
Mar 31, 2026
Sep 30, 2025
Jun 30, 2025
Cash and cash equivalents
$11.3B
$7.9B
$10.3B
$9.0B
Restricted cash and restricted cash equivalents
$488.0M
$551.0M
$478.0M
$542.0M
Investments
$318.0M
$313.0M
$335.0M
$336.0M
Accounts receivable
$5.0B
$4.7B
$4.2B
$4.2B
Settlement assets
$2.4B
$2.1B
$1.8B
$2.4B
Prepaid expenses and other current assets
$4.8B
$4.6B
$4.0B
$3.6B
Total current assets
$26.5B
$22.5B
$23.2B
$22.1B
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,878 and $2,756, respectively
$2.5B
$2.3B
$2.3B
$2.2B
Deferred income taxes
$1.4B
$1.4B
$1.5B
$1.6B
Goodwill
$9.5B
$9.5B
$9.6B
$9.6B
Other intangible assets, net of accumulated amortization of $3,303 and $3,096, respectively
$5.5B
$5.5B
$5.6B
$5.6B
Other assets
$12.2B
$11.2B
$11.1B
$10.3B
Total Assets
$57.7B
$52.4B
$53.3B
$51.4B
Accounts payable
$1.1B
$1.0B
$935.0M
$818.0M
Settlement obligations
$3.2B
$2.5B
$2.4B
$2.7B
Restricted security deposits held for customers
$2.2B
$2.3B
$2.1B
$2.0B
Accrued litigation
$296.0M
$339.0M
$943.0M
$1.0B
Accrued expenses
$13.0B
$12.3B
$12.0B
$10.1B
Short-term debt
$2.5B
$1.7B
$0
$0
Other current liabilities
$2.7B
$2.6B
$2.4B
$2.4B
Total current liabilities
$25.0B
$22.9B
$20.7B
$19.0B
Long-term debt
$22.2B
$17.2B
$19.0B
$19.0B
Deferred income taxes
$315.0M
$331.0M
$326.0M
$361.0M
Other liabilities
$4.6B
$5.3B
$5.4B
$5.2B
Total Liabilities
$52.1B
$45.7B
$45.4B
$43.6B
Common stock
$0
$0
$0
$0
Additional paid-in-capital
$7.1B
$6.8B
$6.8B
$6.6B
Class A treasury stock, at cost, 536 and 518 shares, respectively
-92.2B
-87.3B
-79.7B
-76.3B
Retained earnings
$91.8B
$88.1B
$81.8B
$78.5B
Accumulated other comprehensive income (loss)
($1.0B)
($928.0M)
($935.0M)
($919.0M)
Mastercard Incorporated Stockholders' Equity
$5.6B
$6.7B
$7.9B
$7.9B
Non-controlling interests
($5.0M)
$3.0M
$15.0M
$21.0M
Total Equity
$5.6B
$6.7B
$7.9B
$7.9B
Total Liabilities and Equity
$57.7B
$52.4B
$53.3B
$51.4B
Cash flow statement
Mastercard Inc cash flow statement, fiscal years
Line item
Dec 31, 2025 · FY
Dec 31, 2024 · FY
Dec 31, 2023 · FY
Dec 31, 2022 · FY
Net Income
$15.0B
$12.9B
$11.2B
$9.9B
Amortization of customer incentives
$2.1B
$1.8B
$1.6B
$1.6B
Depreciation and amortization
$1.1B
$897.0M
$799.0M
$750.0M
(Gains) losses on equity investments, net
$88.0M
$29.0M
$61.0M
$145.0M
Share-based compensation
$597.0M
$526.0M
$460.0M
$295.0M
Deferred income taxes
$57.0M
($527.0M)
($236.0M)
($651.0M)
Other
$139.0M
$191.0M
$22.0M
$44.0M
Accounts receivable
($642.0M)
$186.0M
($546.0M)
($481.0M)
Income taxes receivable
($91.0M)
($165.0M)
($171.0M)
$12.0M
Settlement assets
$202.0M
($593.0M)
$40.0M
$48.0M
Prepaid expenses
($3.4B)
($3.2B)
($2.4B)
($2.2B)
Accrued litigation and legal settlements
($142.0M)
$205.0M
($375.0M)
$240.0M
Restricted security deposits held for customers
$247.0M
$29.0M
$277.0M
($305.0M)
Accounts payable
$45.0M
$75.0M
($99.0M)
$190.0M
Settlement obligations
$89.0M
$922.0M
$282.0M
$201.0M
Accrued expenses
$1.8B
$1.6B
$571.0M
$1.2B
Long-term taxes payable
($185.0M)
($163.0M)
($129.0M)
($121.0M)
Net change in other assets and liabilities
$587.0M
$102.0M
$645.0M
$299.0M
Net cash provided by operating activities
$17.6B
$14.8B
$12.0B
$11.2B
Purchases of investment securities available-for-sale
($501.0M)
($508.0M)
($300.0M)
($267.0M)
Purchases of investments held-to-maturity
($28.0M)
($108.0M)
($347.0M)
($239.0M)
Proceeds from sales of investment securities available-for-sale
$254.0M
$199.0M
$87.0M
$54.0M
Proceeds from maturities of investment securities available-for-sale
$232.0M
$262.0M
$191.0M
$211.0M
Proceeds from maturities of investments held-to-maturity
$52.0M
$378.0M
$157.0M
$265.0M
Purchases of property and equipment
($489.0M)
($474.0M)
($371.0M)
($442.0M)
Capitalized software
($726.0M)
($720.0M)
($717.0M)
($655.0M)
Purchases of equity investments
($339.0M)
($42.0M)
($89.0M)
($88.0M)
Proceeds from sales of equity investments
$181.0M
$125.0M
$44.0M
$7.0M
Acquisition of businesses, net of cash acquired
$0
($2.5B)
$0
($313.0M)
Other investing activities
$2.0M
($3.0M)
($6.0M)
($3.0M)
Net cash used in investing activities
($1.4B)
($3.4B)
($1.4B)
($1.5B)
Purchases of treasury stock
($11.7B)
($11.0B)
($9.0B)
($8.8B)
Dividends paid
($2.8B)
($2.4B)
($2.2B)
($1.9B)
Proceeds from debt, net
$1.2B
$4.0B
$1.6B
$1.1B
Payment of debt
($750.0M)
($1.3B)
$0
($724.0M)
Tax withholdings related to share-based payments
($291.0M)
($178.0M)
($89.0M)
($141.0M)
Cash proceeds from employee stock plans
$203.0M
$224.0M
$237.0M
$90.0M
Other financing activities
($100.0M)
($23.0M)
$0
($16.0M)
Net cash used in financing activities
($14.2B)
($10.8B)
($9.5B)
($10.3B)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
$333.0M
($199.0M)
$128.0M
($103.0M)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents
$2.4B
$343.0M
$1.3B
($706.0M)
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period
$10.8B
$10.5B
$9.2B
$9.9B
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period
$13.2B
$10.8B
$10.5B
$9.2B
Mastercard Inc cash flow statement, quarters
Line item
Jun 30, 2026 · YTD
Mar 31, 2026 · Q1
Sep 30, 2025 · YTD
Jun 30, 2025 · YTD
Net income
$8.3B
$3.9B
$10.9B
$7.0B
Amortization of customer incentives
$1.3B
$620.0M
$1.5B
$993.0M
Depreciation and amortization
$608.0M
$299.0M
$846.0M
$556.0M
(Gains) losses on equity investments, net
$68.0M
$66.0M
($16.0M)
$25.0M
Share-based compensation
$326.0M
$136.0M
$485.0M
$308.0M
Deferred income taxes
$110.0M
$193.0M
$77.0M
$81.0M
Other
$84.0M
$17.0M
$99.0M
$60.0M
Accounts receivable
($448.0M)
($110.0M)
($264.0M)
($217.0M)
Settlement assets
($745.0M)
($437.0M)
($14.0M)
($590.0M)
Prepaid expenses
($3.8B)
($2.1B)
($2.9B)
($2.2B)
Accrued litigation and legal settlements
($504.0M)
($461.0M)
($4.0M)
$81.0M
Restricted security deposits held for customers
$90.0M
$199.0M
$180.0M
$125.0M
Accounts payable
$124.0M
$14.0M
($28.0M)
($168.0M)
Settlement obligations
$750.0M
$135.0M
$102.0M
$356.0M
Accrued expenses
$788.0M
$39.0M
$658.0M
($203.0M)
Net change in other assets and liabilities
($224.0M)
$468.0M
$1.0B
$833.0M
Net cash provided by operating activities
$6.8B
$3.0B
$12.6B
$7.0B
Purchases of investment securities available-for-sale
($134.0M)
($68.0M)
($385.0M)
($247.0M)
Purchases of investments held-to-maturity
$0
$0
($28.0M)
($22.0M)
Proceeds from sales of investment securities available-for-sale
$32.0M
$24.0M
$192.0M
$126.0M
Proceeds from maturities of investment securities available-for-sale
$89.0M
$44.0M
$183.0M
$125.0M
Proceeds from maturities of investments held-to-maturity
$13.0M
$13.0M
$46.0M
$27.0M
Purchases of property and equipment
($445.0M)
($154.0M)
($377.0M)
($199.0M)
Capitalized software
($368.0M)
($181.0M)
($548.0M)
($367.0M)
Other investing activities
($66.0M)
($40.0M)
($24.0M)
($10.0M)
Net cash used in investing activities
($879.0M)
($362.0M)
($941.0M)
($567.0M)
Purchases of treasury stock
($8.9B)
($4.0B)
($8.2B)
($4.8B)
Dividends paid
($1.5B)
($777.0M)
($2.1B)
($1.4B)
Proceeds from debt, net of discounts
$5.6B
$0
$1.2B
$1.2B
Payment of debt
$0
$0
($750.0M)
($750.0M)
Proceeds from (payment of) debt, maturities of 90 days or less, net
$84.0M
—
—
—
Tax withholdings related to share-based payments
($204.0M)
($204.0M)
($283.0M)
($279.0M)
Cash proceeds from employee stock plans
$73.0M
$11.0M
$139.0M
$117.0M
Other financing activities
($108.0M)
—
($100.0M)
($100.0M)
Net cash used in financing activities
($5.0B)
($5.0B)
($10.0B)
($6.0B)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents
($126.0M)
($116.0M)
$325.0M
$341.0M
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents
$727.0M
($2.5B)
$2.0B
$764.0M
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period
$13.2B
$13.2B
$10.8B
$10.8B
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period