MA Financials Mastercard

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 47 d ago 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

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
2025	$32.8B	$15.0B	0.0%	57.6%	193.5%	27.6%	$17.2B	$19.0B	$10.6B
2024	$28.2B	$12.9B	0.0%	55.3%	198.5%	26.8%	$14.3B	$18.2B	$8.4B
2023	$25.1B	$11.2B	0.0%	55.8%	161.6%	26.4%	$11.6B	$15.7B	$8.6B
2022	$22.2B	$9.9B	0.0%	55.2%	157.7%	25.6%	$10.8B	$14.0B	$7.0B
2021	$18.9B	$8.7B	0.0%	53.4%	118.8%	23.1%	$9.1B	$13.9B	$7.4B
2020	$15.3B	—	0.0%	52.8%	0.0%	0.0%	$6.9B	$12.7B	$10.1B
2019	$16.9B	—	0.0%	57.2%	0.0%	0.0%	$7.8B	$8.5B	$7.0B
2018	$14.9B	—	0.0%	48.7%	0.0%	0.0%	$5.9B	$6.3B	$6.7B
2017	$12.5B	—	0.0%	53.0%	0.0%	0.0%	$5.4B	$5.4B	$5.9B
2016	$10.8B	—	0.0%	53.5%	0.0%	0.0%	$4.4B	$5.2B	$6.7B
2014	$9.5B	—	0.0%	53.9%	0.0%	0.0%	$3.2B	$1.5B	$5.1B
2013	$8.3B	$3.1B	0.0%	54.0%	41.6%	21.9%	$4.0B	$0	$3.6B
2012	$7.4B	$2.8B	0.0%	53.3%	39.9%	22.1%	$2.9B	—	$2.1B
2011	$6.7B	$1.9B	0.0%	40.4%	32.5%	17.8%	$2.6B	—	$3.7B
2010	$5.5B	$1.8B	0.0%	49.7%	35.5%	20.9%	$1.6B	$20M	$3.1B

Revenue & net income

RevenueNet income

Margins (gross / operating / net)

GrossOperatingNet

Return on equity & assets (ROE / ROA)

ROEROA

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	ROE	ROA	FCF	Total debt	Cash
Jun '26	$9.3B	$4.4B	0.0%	60.2%	78.2%	7.6%	$3.5B	$24.6B	$11.3B
Mar '26	$8.4B	$3.9B	0.0%	58.4%	57.8%	7.4%	$2.8B	$19.0B	$7.9B
Dec '25	$8.8B	$4.1B	0.0%	55.8%	52.5%	7.5%	$4.9B	$19.0B	$10.6B
Sep '25	$8.6B	$3.9B	0.0%	58.8%	49.7%	7.4%	$5.5B	$19.0B	$10.3B
Jun '25	$8.1B	$3.7B	0.0%	58.7%	47.1%	7.2%	$4.6B	$19.0B	$9.0B
Mar '25	$7.3B	$3.3B	0.0%	57.2%	49.2%	6.8%	$2.2B	$18.8B	$7.6B
Dec '24	$7.5B	$3.3B	0.0%	52.6%	51.5%	7.0%	$4.7B	$18.2B	$8.4B
Sep '24	$7.4B	$3.3B	0.0%	54.3%	43.9%	6.9%	$5.0B	$18.4B	$11.1B
Jun '24	$7.0B	$3.3B	0.0%	58.0%	43.9%	7.7%	$3.0B	$15.6B	$7.0B
Mar '24	$6.3B	$3.0B	0.0%	56.8%	41.6%	7.1%	$1.5B	$15.6B	$7.3B
Dec '23	$6.5B	$2.8B	0.0%	51.5%	40.3%	6.6%	$4.1B	$15.7B	$8.6B
Sep '23	$6.5B	$3.2B	0.0%	58.8%	50.7%	8.1%	$3.1B	$15.6B	$6.9B
Jun '23	$6.3B	$2.8B	0.0%	58.3%	51.7%	7.3%	$2.6B	$15.6B	$6.2B
Mar '23	$5.7B	$2.4B	0.0%	54.6%	44.3%	6.1%	$1.8B	$15.6B	$6.6B
Dec '22	$5.8B	$2.5B	0.0%	54.7%	40.1%	6.5%	$3.0B	$14.0B	$7.0B
Sep '22	$5.8B	$2.5B	0.0%	54.1%	39.3%	6.6%	$3.7B	$14.5B	$7.6B
Jun '22	$5.5B	$2.3B	0.0%	54.9%	36.9%	6.3%	$2.4B	$14.5B	$5.9B
Mar '22	$5.2B	$2.6B	0.0%	57.1%	37.4%	7.1%	$1.6B	$14.6B	$6.9B
Dec '21	$5.2B	$2.4B	0.0%	54.2%	32.5%	6.3%	$3.1B	$13.9B	$7.4B
Sep '21	$5.0B	$2.4B	0.0%	54.5%	36.0%	6.8%	$2.4B	$13.9B	$6.4B

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 risen from 32.5× (Mar '23) to 34.7× (Sep '26).
The price-to-sales ratio has risen from 14.5× (Mar '23) to 15.8× (Sep '26).
The dividend yield has fallen from 0.6% (Mar '23) to 0.5% (Sep '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 Sep '26, Mastercard traded at a price-to-earnings ratio of about 34.7× (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.