15 years of revenue, profit, cash flow and balance-sheet history through FY2025,
from SEC filings — with a computed, factual read of the trend.
Updated Overview →
Growth & profitability
Revenue has grown 16.5% per year over the past 5 years.
Net income has grown slower than revenue (14.6% vs 16.5% per year).
Operating margin has expanded, at 57.6% in the latest year.
Free cash flow has grown 20.0% per year over the past 5 years.
Financial health
Total debt ($19.0B) exceeds cash ($10.6B); net debt is $8.4B.
Total debt has grown slower than revenue (8.4% vs 16.5% per year).
Operating income covered interest expense 26× in the latest year.
Total debt is 0.9× EBITDA.
Shareholder returns
Dividends have been paid for 15 consecutive years, consuming 18.4% of earnings and 16.1% of free cash flow.
The dividend has grown 11.4% per year over the past 5 years.
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key annual figures
FY
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
2025
$32.8B
$15.0B
0.0%
57.6%
$17.2B
$19.0B
$10.6B
2024
$28.2B
$12.9B
0.0%
55.3%
$14.3B
$18.2B
$8.4B
2023
$25.1B
$11.2B
0.0%
55.8%
$11.6B
$15.7B
$8.6B
2022
$22.2B
$9.9B
0.0%
55.2%
$10.8B
$14.0B
$7.0B
2021
$18.9B
$8.7B
0.0%
53.4%
$9.1B
$13.9B
$7.4B
2020
$15.3B
—
0.0%
52.8%
$6.9B
$12.7B
$10.1B
2019
$16.9B
—
0.0%
57.2%
$7.8B
$8.5B
$7.0B
2018
$14.9B
—
0.0%
48.7%
$5.9B
$6.3B
$6.7B
2017
$12.5B
—
0.0%
53.0%
$5.4B
$5.4B
$5.9B
2016
$10.8B
—
0.0%
53.5%
$4.4B
$5.2B
$6.7B
2014
$9.5B
—
0.0%
53.9%
$3.2B
$1.5B
$5.1B
2013
$8.3B
$3.1B
0.0%
54.0%
$4.0B
$0
$3.6B
2012
$7.4B
$2.8B
0.0%
53.3%
$2.9B
—
$2.1B
2011
$6.7B
$1.9B
0.0%
40.4%
$2.6B
—
$3.7B
2010
$5.5B
$1.8B
0.0%
49.7%
$1.6B
$20M
$3.1B
Revenue & net income
RevenueNet income
Margins (gross / operating / net)
GrossOperatingNet
Free cash flow (CFO − capex, quarterly)
Free cash flow
Cash vs total debt
CashTotal debt
Cash flow: operating / investing / financing
OperatingInvestingFinancing
Key quarterly figures
Quarter
Revenue
Net income
Gross M
Op M
FCF
Total debt
Cash
Mar '26
$8.4B
$3.9B
0.0%
58.4%
$2.8B
$19.0B
$7.9B
Dec '25
$8.8B
$4.1B
0.0%
55.8%
$4.9B
$19.0B
$10.6B
Sep '25
$8.6B
$3.9B
0.0%
58.8%
$5.5B
$19.0B
$10.3B
Jun '25
$8.1B
$3.7B
0.0%
58.7%
$4.6B
$19.0B
$9.0B
Mar '25
$7.3B
$3.3B
0.0%
57.2%
$2.2B
$18.8B
$7.6B
Dec '24
$7.5B
$3.3B
0.0%
52.6%
$4.7B
$18.2B
$8.4B
Sep '24
$7.4B
$3.3B
0.0%
54.3%
$5.0B
$18.4B
$11.1B
Jun '24
$7.0B
$3.3B
0.0%
58.0%
$3.0B
$15.6B
$7.0B
Mar '24
$6.3B
$3.0B
0.0%
56.8%
$1.5B
$15.6B
$7.3B
Dec '23
$6.5B
$2.8B
0.0%
51.5%
$4.1B
$15.7B
$8.6B
Sep '23
$6.5B
$3.2B
0.0%
58.8%
$3.1B
$15.6B
$6.9B
Jun '23
$6.3B
$2.8B
0.0%
58.3%
$2.6B
$15.6B
$6.2B
Mar '23
$5.7B
$2.4B
0.0%
54.6%
$1.8B
$15.6B
$6.6B
Dec '22
$5.8B
$2.5B
0.0%
54.7%
$3.0B
$14.0B
$7.0B
Sep '22
$5.8B
$2.5B
0.0%
54.1%
$3.7B
$14.5B
$7.6B
Jun '22
$5.5B
$2.3B
0.0%
54.9%
$2.4B
$14.5B
$5.9B
Mar '22
$5.2B
$2.6B
0.0%
57.1%
$1.6B
$14.6B
$6.9B
Dec '21
$5.2B
$2.4B
0.0%
54.2%
$3.1B
$13.9B
$7.4B
Sep '21
$5.0B
$2.4B
0.0%
54.5%
$2.4B
$13.9B
$6.4B
Jun '21
$4.5B
$2.1B
0.0%
51.7%
$2.2B
$13.9B
$6.2B
Valuation over time
How the market has priced MA against its own fundamentals since 2023-03 —
each month-end's share price set against the most recent annual filing, so the multiple moves
as price runs ahead of (or behind) earnings. Split-adjusted.
The price-to-earnings ratio has fallen from 32.6× (Mar '23) to 29.1× (Jun '26).
The price-to-sales ratio has fallen from 14.6× (Mar '23) to 13.3× (Jun '26).
The dividend yield has risen from 0.6% (Mar '23) to 0.6% (Jun '26).
Price / earnings (P/E)
P/E
Price / sales (P/S)
P/S
Dividend yield (%)
Dividend yield %
Frequently asked questions
Is MA growing its revenue and profit?
Over the past 5 years, Mastercard's revenue has grown 16.5% per year, and net income grown 14.6% per year. These are computed facts, not advice.
How much debt does MA have?
As of FY2025, Mastercard reported $19.0B of total debt against $10.6B of cash; operating income covered interest expense 26×.
What is MA's profit margin?
In FY2025, gross margin was —, operating margin 57.6%, and net margin 45.6%.
What is MA's P/E ratio?
As of Jun '26, Mastercard traded at a price-to-earnings ratio of about 29.1× (market cap ÷ latest annual net income). The valuation charts above show how its P/E, P/S and dividend yield have moved with the share price. These are computed facts, not advice.
Where does this data come from?
All figures are extracted from the company’s SEC EDGAR/XBRL filings — 10-K annual reports and 10-Q quarterly reports (use the Annual / Quarterly toggle). Quarterly figures are derived from the as-filed statements (year-to-date amounts are differenced into discrete quarters). Growth rates and ratios are computed by tradmap; nothing here is investment advice.
Source: SEC EDGAR / XBRL (10-K + 10-Q filings) · prices EOD (Databento), corporate-action-adjusted ·
growth rates, valuation multiples & ratios computed by tradmap. Valuation uses each month-end price
against the latest annual filing. Informational only — not investment advice.