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MA

Mastercard Incorporated

MA

Mastercard Incorporated • NYSE
$550.53 ▲ 1.03% (+5.60)
Market Cap $494.35 B
52w High $601.77
52w Low $465.59
Dividend Yield 3.04%
P/E 35.2
Volume 1.25M
Outstanding Shares 897.96M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $8.602B ▲ $1.648B ▲ $3.927B ▲ 45.652% ▲ $4.35 ▲ $5.351B ▲
Q2-2025 $8.133B ▲ $1.504B ▲ $3.701B ▲ 45.506% ▲ $4.07 ▲ $5.148B ▲
Q1-2025 $7.25B ▼ $1.413B ▼ $3.28B ▼ 45.241% ▲ $3.6 ▼ $4.488B ▲
Q4-2024 $7.489B ▲ $1.898B ▲ $3.342B ▲ 44.625% ▲ $3.64 ▲ $4.306B ▲
Q3-2024 $7.369B $1.466B $3.263B 44.28% $3.54 $4.25B

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $10.648B ▲ $53.289B ▲ $45.37B ▲ $7.919B ▲
Q2-2025 $9.367B ▲ $51.431B ▲ $43.557B ▲ $7.874B ▲
Q1-2025 $7.894B ▼ $48.47B ▲ $41.774B ▲ $6.671B ▲
Q4-2024 $8.772B ▼ $48.081B ▲ $41.566B ▲ $6.485B ▼
Q3-2024 $11.401B $47.237B $39.739B $7.44B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $3.927B ▲ $5.663B ▲ $-374M ▼ $-4B ▼ $1.273B ▼ $5.485B ▲
Q2-2025 $3.701B ▲ $4.603B ▲ $-227M ▲ $-3.006B ▼ $1.59B ▲ $4.563B ▲
Q1-2025 $3.28B ▼ $2.38B ▼ $-340M ▲ $-2.987B ▲ $-826M ▲ $2.221B ▼
Q4-2024 $3.342B ▲ $4.834B ▼ $-2.678B ▼ $-4.041B ▼ $-2.159B ▼ $4.739B ▼
Q3-2024 $3.263B $5.136B $-256M $-857M $4.165B $4.866B

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Payment Network
Payment Network
 $4.41Bn ▲$4.43Bn ▲$4.95Bn ▲$5.18Bn ▲
ValueAdded Services And Solutions
ValueAdded Services And Solutions
 $3.08Bn ▲$2.82Bn ▼$3.19Bn ▲$3.42Bn ▲

Five-Year Company Overview

Income Statement

Income Statement Mastercard’s income statement shows a very healthy and steadily expanding business. Revenue has climbed consistently over the past five years, and profits have grown even faster than sales, which suggests strong operating leverage and tight cost control. Profit margins remain very high for a financial services company, reflecting the capital‑light, fee‑based nature of the network model. Earnings per share have increased meaningfully, helped by both rising profits and likely share repurchases. The main sensitivities are to global consumer and business spending, regulation, and competitive pressure in payments, but the recent trend in growth and profitability is clearly favorable.

Balance Sheet

Balance Sheet The balance sheet looks typical for a mature, high‑return payments network: relatively modest equity, meaningful but manageable debt, and a solid cash position. Debt has crept higher over time, but it is supported by strong and stable cash generation. The company does not need heavy physical assets to operate, so asset growth likely reflects acquisitions, technology investments, and intangibles rather than factories or inventory. The slim equity base amplifies return on equity but also means the company relies on ongoing access to debt markets and sustained cash flow strength. Overall, it appears efficient rather than conservative, with some leverage risk but no obvious signs of strain in the figures provided.

Cash Flow

Cash Flow Cash flow is one of Mastercard’s standout strengths. Cash generated from operations has risen steadily and now comfortably exceeds accounting profits, a sign of high quality earnings. Because the business model requires only modest capital spending, free cash flow sits close to operating cash flow, leaving significant room for dividends, share buybacks, debt service, and acquisitions. This cash profile gives the company strategic flexibility and resilience in downturns. The main risk is that this enviable cash generation depends on maintaining transaction volumes, pricing power, and regulatory stability, but recent trends show a very strong cash engine at work.

Competitive Edge

Competitive Edge Mastercard operates with a very strong competitive moat. It benefits from powerful network effects: more cardholders attract more merchants, which in turn attract more cardholders. The brand is globally recognized and trusted, and its acceptance network is deeply embedded in banks, merchants, and payment infrastructure worldwide. High regulatory, security, and technology requirements create substantial barriers for new entrants. That said, the company faces continuous pressure from rival card networks, domestic schemes, fintechs, digital wallets, real‑time payment systems, and potential central bank digital currencies. Its position is strong today, but it cannot be complacent in such a fast‑evolving landscape.

Innovation and R&D

Innovation and R&D Innovation is a core part of Mastercard’s strategy and a key way it defends and extends its moat. The company is heavily using artificial intelligence and machine learning to combat fraud and to offer advanced analytics and consulting to clients. It is actively involved in blockchain and digital assets, working with crypto platforms and developing tools like Crypto Credential and its Multi‑Token Network to make digital transactions safer and easier. Mastercard is also investing in biometrics, digital identity, open banking, and account‑to‑account and real‑time payment “rails,” aiming to participate in many types of payment flows, not just card swipes. Value‑added services—such as data analytics, loyalty, and B2B solutions—further deepen client relationships and diversify revenue. The main uncertainties are execution risk, regulatory changes around data and crypto, and the pace of technological change, but the company is clearly leaning into the future rather than defending the past.

Summary

Overall, Mastercard combines a very profitable, capital‑light business model with strong cash generation and a deep competitive moat. Income statement trends point to healthy growth and expanding profits, the balance sheet is efficiently structured with some leverage but backed by robust cash flow, and free cash flow provides ample financial flexibility. Competitively, Mastercard benefits from network effects, brand strength, and global reach, while simultaneously pushing into AI, open banking, real‑time payments, and digital assets to stay relevant as money moves beyond traditional cards. Key risks to monitor include regulation, technology disruption, intensifying competition from alternative payment rails, and sensitivity to global economic and cross‑border spending. Within those constraints, the company appears to be executing well on a strategy aimed at long‑term, innovation‑driven growth.

NEWS

November 26, 2025 · 9:00 AM UTC

Staying Ahead of Cyber Threats: Mastercard survey reveals emerging concerns among consumers in Latin America and the Caribbean

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November 11, 2025 · 8:21 AM UTC

EMCD Launches Global Crypto Payment Card, Enabling Everyday Spending Anywhere Mastercard Is Accepted

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November 7, 2025 · 9:38 AM UTC

Beyond by RS2 Becomes a Principal Issuing Member of Mastercard

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November 5, 2025 · 9:03 AM UTC

U.S. Bank Launches Split™ World Mastercard®

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November 4, 2025 · 9:05 AM UTC

Mastercard to Participate in Upcoming Investor Conferences

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