Mastercard (MA) Financials

$512.18 +2.43 (+0.48%)

As of 03:59 PM Eastern

Annual Income Statements for Mastercard

This table shows Mastercard's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Income / (Loss) Attributable to Common Shareholders	3,808	4,059	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874
Consolidated Net Income / (Loss)	3,808	4,059	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874
Net Income / (Loss) Continuing Operations	3,808	4,059	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874
Total Pre-Tax Income	4,958	5,646	6,522	7,204	9,731	7,760	10,307	11,732	13,639	15,254
Total Operating Income	5,078	5,761	6,622	7,282	9,664	8,081	10,082	12,264	14,008	15,582
Total Gross Profit	9,667	10,776	12,497	14,950	16,883	15,301	18,884	22,237	25,098	28,167
Total Revenue	9,667	10,776	12,497	14,950	16,883	15,301	18,884	22,237	25,098	28,167
Operating Revenue	9,667	10,776	12,497	14,950	16,883	15,301	18,884	22,237	25,098	28,167
Total Cost of Revenue	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Operating Expenses	4,589	5,015	5,875	7,668	7,219	7,220	8,802	9,973	11,090	12,585
Selling, General & Admin Expense	3,341	3,827	4,653	5,174	5,763	5,910	7,087	8,078	8,927	10,193
Marketing Expense	821	698	771	907	934	657	895	789	825	815
Depreciation Expense	366	373	436	459	522	580	726	750	799	897
Other Special Charges / (Income)	61	117	15	1,128	0.00	73	94	356	539	680
Total Other Income / (Expense), net	-120	-115	-100	-78	67	-321	225	-532	-369	-328
Interest Expense	61	95	154	186	224	380	431	471	575	646
Interest & Investment Income	25	43	56	122	97	24	11	61	274	327
Other Income / (Expense), net	-84	-63	-2.00	-14	194	35	645	-122	-7.00	20
Income Tax Expense	1,150	1,587	2,607	1,345	1,613	1,349	1,620	1,802	2,444	2,380
Basic Earnings per Share	$3.36	$3.70	$3.67	$5.63	$7.98	$6.40	$8.79	$10.26	$11.86	$13.91
Weighted Average Basic Shares Outstanding	1.13B	1.10B	1.07B	1.04B	1.02B	1.00B	988M	968M	944M	925M
Diluted Earnings per Share	$3.35	$3.69	$3.65	$5.60	$7.94	$6.37	$8.76	$10.22	$11.83	$13.89
Weighted Average Diluted Shares Outstanding	1.14B	1.10B	1.07B	1.05B	1.02B	1.01B	992M	971M	946M	927M
Weighted Average Basic & Diluted Shares Outstanding	1.11B	1.08B	1.05B	1.03B	1.01B	993.36M	977.48M	953.24M	932.89M	911.71M
Cash Dividends to Common per Share	$0.67	$0.79	$0.91	$1.08	$1.39	-	-	$2.04	$2.37	$2.74

This table shows Mastercard's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Income / (Loss) Attributable to Common Shareholders	2,275	2,499	2,525	2,361	2,845	3,198	2,791	3,011	3,258	3,263	3,342
Consolidated Net Income / (Loss)	2,275	2,499	2,525	2,361	2,845	3,198	2,791	3,011	3,258	3,263	3,342
Net Income / (Loss) Continuing Operations	2,275	2,499	2,525	2,361	2,845	3,198	2,791	3,011	3,258	3,263	3,342
Total Pre-Tax Income	2,798	3,072	3,089	2,853	3,704	3,761	3,321	3,558	3,939	3,866	3,891
Total Operating Income	3,018	3,112	3,184	3,136	3,656	3,844	3,372	3,604	4,036	4,004	3,938
Total Gross Profit	5,497	5,756	5,817	5,748	6,269	6,533	6,548	6,348	6,961	7,369	7,489
Total Revenue	5,497	5,756	5,817	5,748	6,269	6,533	6,548	6,348	6,961	7,369	7,489
Operating Revenue	5,497	5,756	5,817	5,748	6,269	6,533	6,548	6,348	6,961	7,369	7,489
Total Operating Expenses	2,479	2,644	2,633	2,612	2,613	2,689	3,176	2,744	2,925	3,365	3,551
Selling, General & Admin Expense	1,947	2,069	2,218	2,043	2,200	2,285	2,399	2,286	2,418	2,744	2,745
Marketing Expense	210	182	216	167	201	193	264	116	184	220	295
Depreciation Expense	189	185	184	191	192	211	205	216	225	225	231
Other Special Charges / (Income)	133	208	15	211	20	0.00	308	126	98	176	280
Total Other Income / (Expense), net	-220	-40	-95	-283	48	-83	-51	-46	-97	-138	-47
Interest Expense	114	120	127	132	144	151	148	150	153	159	184
Interest & Investment Income	7.00	16	33	55	59	71	89	95	60	76	96
Other Income / (Expense), net	-113	64	-1.00	-206	133	-3.00	69	9.00	-4.00	-55	70
Income Tax Expense	523	573	564	492	859	563	530	547	681	603	549
Basic Earnings per Share	$2.34	$2.59	$2.64	$2.48	$3.01	$3.40	$2.97	$3.23	$3.51	$3.54	$3.63
Weighted Average Basic Shares Outstanding	971M	965M	968M	953M	946M	941M	944M	933M	929M	923M	925M
Diluted Earnings per Share	$2.34	$2.58	$2.62	$2.47	$3.00	$3.39	$2.97	$3.22	$3.50	$3.53	$3.64
Weighted Average Diluted Shares Outstanding	974M	968M	971M	956M	949M	943M	946M	935M	930M	925M	927M
Weighted Average Basic & Diluted Shares Outstanding	966.38M	961.46M	953.24M	947.85M	942.21M	937.78M	932.89M	929.62M	923.83M	917.83M	911.71M

This table details how cash moves in and out of Mastercard's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Net Change in Cash & Equivalents	610	1,080	-681	745	632	3,450	-2,517	-706	1,269	343
Net Cash From Operating Activities	4,101	4,637	5,664	6,223	8,183	7,224	9,463	11,195	11,980	14,780
Net Cash From Continuing Operating Activities	4,101	4,637	5,664	6,223	8,183	7,224	9,463	11,195	11,980	14,780
Net Income / (Loss) Continuing Operations	3,808	4,059	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874
Consolidated Net Income / (Loss)	3,808	4,059	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874
Depreciation Expense	366	373	437	459	522	580	726	750	799	897
Amortization Expense	764	860	1,001	1,235	1,141	1,072	1,371	1,586	1,622	1,830
Non-Cash Adjustments To Reconcile Net Income	-80	110	488	-17	100	311	-405	-167	307	219
Changes in Operating Assets and Liabilities, net	-757	-765	-177	-1,313	-1,698	-1,150	-916	-904	-1,943	-1,040
Net Cash From Investing Activities	-715	-1,163	-1,781	-506	-1,640	-1,879	-5,272	-1,470	-1,351	-3,402
Net Cash From Continuing Investing Activities	-715	-1,163	-1,781	-506	-1,640	-1,879	-5,272	-1,470	-1,351	-3,402
Purchase of Property, Plant & Equipment	-177	-215	-300	-330	-422	-339	-407	-442	-371	-474
Acquisitions	-749	-167	-1,298	-174	-1,746	-1,358	-4,843	-968	-717	-3,231
Purchase of Investments	-1,890	-988	-861	-1,391	-1,110	-609	-617	-355	-389	-550
Divestitures	-	-	-	-	0.00	0.00	186	7.00	44	125
Sale and/or Maturity of Investments	2,102	205	679	1,403	1,642	424	376	291	88	731
Other Investing Activities, net	-1.00	2.00	-1.00	-14	-4.00	3.00	33	-3.00	-6.00	-3.00
Net Cash From Financing Activities	-2,516	-2,344	-4,764	-4,966	-5,867	-2,152	-6,555	-10,328	-9,488	-10,836
Net Cash From Continuing Financing Activities	-2,516	-2,344	-4,764	-4,966	-5,867	-2,152	-6,555	-10,328	-9,488	-10,836
Repayment of Debt	-17	-2.00	-70	-4.00	-515	69	-665	-744	0.00	-1,359
Repurchase of Common Equity	-3,518	-3,511	-3,762	-4,933	-6,497	-4,522	-5,904	-8,753	-9,032	-11,035
Payment of Dividends	-727	-837	-942	-1,044	-1,345	-1,605	-1,874	-1,903	-2,158	-2,448
Issuance of Debt	1,735	1,972	0.00	991	2,724	3,959	2,024	1,123	1,554	3,960
Other Financing Activities, net	11	34	10	24	-234	-53	-136	-51	148	46
Effect of Exchange Rate Changes	-260	-50	200	-6.00	-44	257	-153	-103	128	-199

This table details how cash moves in and out of Mastercard's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Net Change in Cash & Equivalents	-1,063	1,624	-580	-396	-279	221	1,723	-1,278	-385	4,165	-2,159
Net Cash From Operating Activities	2,457	3,856	3,100	1,919	2,698	3,233	4,130	1,672	3,138	5,136	4,834
Net Cash From Continuing Operating Activities	2,457	3,856	3,100	1,919	2,698	3,233	4,130	1,672	3,138	5,136	4,834
Net Income / (Loss) Continuing Operations	2,275	2,499	2,525	2,361	2,845	3,198	2,791	3,011	3,258	3,263	3,342
Consolidated Net Income / (Loss)	2,275	2,499	2,525	2,361	2,845	3,198	2,791	3,011	3,258	3,263	3,342
Depreciation Expense	189	185	184	191	192	211	205	216	225	225	231
Amortization Expense	382	385	389	378	404	414	426	411	415	502	502
Non-Cash Adjustments To Reconcile Net Income	85	-63	-24	193	200	-75	-11	137	120	86	-124
Changes in Operating Assets and Liabilities, net	-474	850	26	-1,204	-943	-515	719	-2,103	-880	1,060	883
Net Cash From Investing Activities	-525	-308	-350	-397	-218	-522	-214	-174	-294	-256	-2,678
Net Cash From Continuing Investing Activities	-525	-308	-350	-397	-218	-522	-214	-174	-294	-256	-2,678
Purchase of Property, Plant & Equipment	-55	-111	-130	-110	-80	-104	-77	-157	-115	-107	-95
Acquisitions	-445	-166	-209	-242	-153	-130	-192	-221	-181	-163	-2,666
Purchase of Investments	-85	-87	-101	-72	-138	-95	-84	-103	-134	-205	-108
Divestitures	6.00	1.00	-	44	-	-	-	0.00	23	-	102
Sale and/or Maturity of Investments	64	56	87	53	154	-191	72	307	115	218	91
Other Investing Activities, net	-10	-1.00	3.00	-70	-1.00	-2.00	67	0.00	-2.00	1.00	-2.00
Net Cash From Financing Activities	-2,821	-1,739	-3,614	-1,955	-2,779	-2,404	-2,350	-2,681	-3,257	-857	-4,041
Net Cash From Continuing Financing Activities	-2,821	-1,739	-3,614	-1,955	-2,779	-2,404	-2,350	-2,681	-3,257	-857	-4,041
Repayment of Debt	-	-6.00	-732	2.00	1.00	-3.00	-	0.00	-1,000	-336	-23
Repurchase of Common Equity	-2,380	-1,551	-2,414	-2,878	-2,416	-1,906	-1,832	-1,992	-2,639	-2,934	-3,470
Payment of Dividends	-477	-474	-473	-545	-541	-538	-534	-616	-615	-611	-606
Other Financing Activities, net	36	8.00	9.00	-23	116	39	16	-73	14	47	58
Effect of Exchange Rate Changes	-174	-185	284	37	20	-86	157	-95	28	142	-274

This table presents Mastercard's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Total Assets	16,250	18,675	0.00	24,860	29,236	33,584	37,669	38,724	42,448	48,081
Total Current Assets	10,984	13,228	0.00	16,171	16,902	19,113	16,949	16,606	18,961	19,724
Cash & Equivalents	5,747	6,721	5,933	6,682	6,988	10,113	7,421	7,008	8,588	8,442
Restricted Cash	541	543	0.00	553	584	586	586	589	32	492
Short-Term Investments	991	1,614	0.00	1,696	688	483	473	400	592	330
Accounts Receivable	1,079	1,416	0.00	2,276	2,514	2,646	3,006	3,425	4,060	3,773
Prepaid Expenses	663	850	1,040	1,432	1,763	1,883	2,271	2,346	2,611	2,992
Other Current Assets	1,963	2,084	0.00	3,532	4,365	3,402	3,192	2,838	3,078	3,695
Plant, Property, & Equipment, net	675	733	829	921	1,828	1,902	0.00	2,006	2,061	2,138
Total Noncurrent Assets	4,591	4,714	5,583	7,768	10,506	12,569	20,720	20,112	21,426	26,219
Goodwill	1,891	1,756	3,035	2,904	4,021	4,960	7,662	7,522	7,660	9,193
Intangible Assets	803	722	0.00	991	1,417	1,753	3,671	3,859	4,086	5,453
Noncurrent Deferred & Refundable Income Taxes	317	307	250	570	543	491	486	1,151	1,355	1,614
Other Noncurrent Operating Assets	1,580	1,929	2,298	3,303	4,525	5,365	8,901	7,580	8,325	9,959
Total Liabilities & Shareholders' Equity	16,250	18,675	0.00	24,860	29,236	33,584	37,669	38,724	42,448	48,081
Total Liabilities	10,188	12,991	0.00	19,371	23,245	27,067	30,257	32,347	35,451	41,566
Total Current Liabilities	6,269	7,206	0.00	11,593	11,904	11,847	13,162	14,171	16,264	19,220
Short-Term Debt	-	-	0.00	500	0.00	649	792	274	1,337	750
Accounts Payable	472	609	933	537	489	527	738	926	834	929
Accrued Expenses	2,763	3,318	3,931	4,747	5,489	5,430	6,642	7,801	8,517	10,393
Customer Deposits	895	991	0.00	1,080	-	1,696	1,873	1,568	1,845	1,874
Other Current Liabilities	2,139	2,288	792	4,729	4,556	3,545	3,117	3,602	3,731	5,274
Total Noncurrent Liabilities	3,919	5,785	1,438	7,778	11,341	15,220	17,095	18,176	19,187	22,346
Long-Term Debt	3,268	5,180	0.00	5,834	8,527	12,023	13,109	13,749	14,344	17,476
Noncurrent Deferred & Payable Income Tax Liabilities	79	81	0.00	67	85	86	395	393	369	317
Other Noncurrent Operating Liabilities	572	524	1,438	1,877	2,729	3,111	3,591	4,034	4,474	4,553
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	-	0.00	0.00	71	74	29	29	21	22	0.00
Total Equity & Noncontrolling Interests	6,062	5,684	5,497	5,418	5,917	6,488	7,383	6,356	6,975	6,515
Total Preferred & Common Equity	6,028	5,656	0.00	5,395	5,893	6,391	7,312	6,298	6,929	6,485
Total Common Equity	6,028	5,656	22,364	5,395	5,893	6,391	7,312	6,298	6,929	6,485
Common Stock	4,004	4,183	0.00	4,580	4,787	4,982	5,061	5,298	5,893	6,442
Retained Earnings	16,222	19,418	22,364	27,283	33,984	38,747	45,648	53,607	62,564	72,907
Treasury Stock	-13,522	-17,021	0.00	-25,750	-32,205	-36,658	-42,588	-51,354	-60,429	-71,431
Accumulated Other Comprehensive Income / (Loss)	-676	-924	0.00	-718	-673	-680	-809	-1,253	-1,099	-1,433
Noncontrolling Interest	34	28	0.00	23	24	97	71	58	46	30

This table presents Mastercard's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Total Assets	36,231	37,612	38,724	38,936	39,004	39,674	42,448	42,602	42,333	47,237	48,081
Total Current Assets	15,211	16,823	16,606	16,420	16,530	16,983	18,961	18,424	17,780	22,300	19,724
Cash & Equivalents	5,921	7,633	7,008	6,566	6,170	6,890	8,588	7,293	6,996	11,063	8,442
Restricted Cash	584	586	589	596	598	0.00	32	-	-	-	492
Short-Term Investments	438	412	400	402	344	602	592	364	362	338	330
Accounts Receivable	3,175	3,167	3,425	3,511	3,763	3,925	4,060	4,231	4,195	4,014	3,773
Prepaid Expenses	2,409	2,475	2,346	2,501	2,554	2,624	2,611	3,028	2,941	3,039	2,992
Other Current Assets	2,684	2,550	2,838	2,844	3,101	2,942	3,078	3,508	3,286	3,846	3,695
Plant, Property, & Equipment, net	1,950	1,951	2,006	2,006	1,986	1,972	2,061	2,077	2,148	2,176	2,138
Total Noncurrent Assets	19,070	18,838	20,112	20,510	20,488	20,719	21,426	22,101	22,405	22,761	26,219
Goodwill	7,519	7,176	7,522	7,575	7,579	7,488	7,660	7,545	7,563	7,721	9,193
Intangible Assets	3,676	3,582	3,859	4,027	4,049	4,022	4,086	4,123	4,149	4,235	5,453
Noncurrent Deferred & Refundable Income Taxes	920	1,069	1,151	1,267	1,121	1,370	1,355	1,329	1,423	1,612	1,614
Other Noncurrent Operating Assets	6,955	7,011	7,580	7,641	7,739	7,839	8,325	9,104	9,270	9,193	9,959
Total Liabilities & Shareholders' Equity	36,231	37,612	38,724	38,936	39,004	39,674	42,448	42,602	42,333	47,237	48,081
Total Liabilities	29,969	31,169	32,347	33,529	33,425	33,293	35,451	35,294	34,851	39,739	41,566
Total Current Liabilities	12,085	13,476	14,171	13,651	14,636	14,519	16,264	16,905	15,594	17,294	19,220
Short-Term Debt	735	957	274	276	1,336	1,337	1,337	2,086	1,086	750	750
Accounts Payable	633	615	926	735	643	589	834	790	835	911	929
Accrued Expenses	6,111	6,888	7,801	7,310	7,117	7,775	8,517	8,062	8,007	9,105	10,393
Customer Deposits	1,621	-	1,568	1,608	1,723	1,824	1,845	1,861	1,772	1,868	1,874
Other Current Liabilities	2,985	3,485	3,602	3,722	3,817	2,994	3,731	4,106	3,894	4,660	5,274
Total Noncurrent Liabilities	17,884	17,693	18,176	19,878	18,789	18,774	19,187	18,389	19,257	22,445	22,346
Long-Term Debt	13,746	13,577	13,749	15,292	14,284	14,229	14,344	13,543	14,519	17,608	17,476
Noncurrent Deferred & Payable Income Tax Liabilities	371	346	393	389	395	385	369	345	337	349	317
Other Noncurrent Operating Liabilities	3,767	3,770	4,034	4,197	4,110	4,160	4,474	4,501	4,401	4,488	4,553
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Redeemable Noncontrolling Interest	26	20	21	21	22	21	22	22	22	23	0.00
Total Equity & Noncontrolling Interests	6,236	6,423	6,356	5,386	5,557	6,360	6,975	7,286	7,460	7,475	6,515
Total Preferred & Common Equity	6,171	6,361	6,298	5,330	5,504	6,311	6,929	7,243	7,421	7,440	6,485
Total Common Equity	6,171	6,361	6,298	5,330	5,504	6,311	6,929	7,243	7,421	7,440	6,485
Common Stock	5,163	5,269	5,298	5,376	5,622	5,791	5,893	5,920	6,089	6,290	6,442
Retained Earnings	49,599	51,625	53,607	55,424	57,730	60,390	62,564	64,959	67,604	70,258	72,907
Treasury Stock	-47,359	-48,916	-51,354	-54,241	-56,659	-58,573	-60,429	-62,434	-65,067	-68,035	-71,431
Accumulated Other Comprehensive Income / (Loss)	-1,232	-1,617	-1,253	-1,229	-1,189	-1,297	-1,099	-1,202	-1,205	-1,073	-1,433
Noncontrolling Interest	65	62	58	56	53	49	46	43	39	35	30

This table displays calculated financial ratios and metrics derived from Mastercard's official financial filings.

Metric	2015	2016	2017	2018	2019	2020	2021	2022	2023	2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-
Revenue Growth	2.39%	11.47%	15.97%	19.63%	12.93%	-9.37%	23.42%	35.51%	12.87%	12.23%
EBITDA Growth	0.21%	126.36%	-41.87%	11.22%	28.55%	-15.22%	293.86%	101.06%	-71.64%	11.61%
EBIT Growth	-2.06%	128.19%	-41.91%	9.79%	342.54%	-58.84%	296.51%	-62.27%	15.31%	11.43%
NOPAT Growth	7.26%	112.38%	-52.01%	48.99%	72.26%	-17.19%	154.56%	-233.52%	10.77%	14.38%
Net Income Growth	5.28%	6.59%	-3.55%	49.66%	38.56%	-21.03%	35.50%	57.23%	12.74%	15.00%
EPS Growth	8.06%	10.15%	-1.08%	53.42%	83.57%	-19.77%	37.52%	100.00%	15.75%	17.41%
Operating Cash Flow Growth	20.37%	26.14%	22.15%	9.87%	62.99%	-11.72%	30.99%	54.91%	7.01%	23.37%
Free Cash Flow Firm Growth	20.00%	95.63%	-40.36%	-55.35%	-292.19%	816.13%	-105.94%	3,659.28%	-88.97%	6.76%
Invested Capital Growth	46.19%	-3.17%	-90.99%	707.82%	116.39%	-36.03%	60.27%	-258.38%	8.57%	14.93%
Revenue Q/Q Growth	1.11%	2.27%	4.66%	3.42%	3.73%	-1.89%	6.16%	5.56%	3.00%	3.46%
EBITDA Q/Q Growth	0.84%	109.81%	-48.62%	-2.04%	12.13%	-1.80%	218.50%	-12.86%	1.96%	4.15%
EBIT Q/Q Growth	0.32%	111.04%	-48.58%	-51.94%	130.38%	-2.91%	219.45%	-159.17%	1.88%	4.19%
NOPAT Q/Q Growth	3.84%	100.83%	-15.50%	12.72%	16.17%	-4.92%	117.64%	4.33%	2.06%	4.36%
Net Income Q/Q Growth	2.39%	1.07%	-15.28%	12.96%	17.36%	-4.68%	7.34%	7.46%	2.43%	4.47%
EPS Q/Q Growth	1.82%	0.82%	-15.12%	13.36%	17.80%	-4.50%	7.88%	8.39%	3.05%	5.07%
Operating Cash Flow Q/Q Growth	9.98%	-0.06%	14.77%	-7.31%	25.22%	-9.14%	10.98%	-3.15%	9.41%	5.00%
Free Cash Flow Firm Q/Q Growth	-18.26%	152.14%	424.59%	-50.29%	-122.19%	85.06%	-135.11%	761.69%	13.96%	-11.60%
Invested Capital Q/Q Growth	-4.29%	93.47%	-95.48%	-54.56%	99.74%	10.53%	95.02%	2.31%	-6.84%	7.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-
Gross Margin	100.00%	100.00%	200.00%	100.00%	200.00%	100.00%	300.00%	300.00%	100.00%	100.00%
EBITDA Margin	63.35%	128.64%	64.48%	59.95%	136.48%	63.84%	339.55%	195.32%	65.43%	65.07%
Operating Margin	52.53%	106.92%	52.99%	48.71%	114.48%	52.81%	266.95%	275.76%	55.81%	55.32%
EBIT Margin	51.66%	52.88%	105.95%	48.62%	58.39%	53.04%	340.83%	163.81%	55.79%	55.39%
Profit (Net Income) Margin	39.39%	75.33%	31.33%	39.19%	96.17%	41.90%	230.01%	223.28%	44.61%	45.71%
Tax Burden Percent	76.81%	143.78%	120.06%	81.33%	166.85%	82.62%	252.85%	423.20%	82.08%	84.40%
Interest Burden Percent	99.28%	198.17%	197.04%	99.12%	197.42%	95.61%	192.17%	483.12%	97.41%	97.77%
Effective Tax Rate	23.19%	28.11%	79.94%	18.67%	33.15%	17.38%	62.87%	61.44%	17.92%	15.60%
Return on Invested Capital (ROIC)	225.83%	622.27%	183.60%	364.46%	433.88%	65.06%	326.19%	272.67%	88.89%	90.87%
ROIC Less NNEP Spread (ROIC-NNEP)	227.79%	628.89%	1,296.07%	366.10%	470.95%	34.87%	348.15%	51.28%	84.05%	87.29%
Return on Net Nonoperating Assets (RNNOA)	-166.73%	-136.07%	-413.82%	-257.79%	-21.44%	4.90%	215.92%	206.12%	78.52%	99.68%
Return on Equity (ROE)	59.10%	211.93%	-23.31%	106.66%	412.44%	69.96%	498.93%	630.37%	167.41%	190.56%
Cash Return on Invested Capital (CROIC)	188.31%	315.20%	350.53%	208.52%	-34.14%	109.00%	-6.38%	248.43%	80.67%	76.98%
Operating Return on Assets (OROA)	31.63%	93.65%	70.90%	58.47%	72.89%	25.84%	150.55%	95.36%	34.50%	34.47%
Return on Assets (ROA)	24.12%	23.24%	41.93%	47.14%	60.03%	20.41%	24.38%	77.99%	27.58%	28.44%
Return on Common Equity (ROCE)	58.79%	210.87%	231.34%	269.51%	139.06%	68.71%	122.71%	622.19%	165.57%	189.17%
Return on Equity Simple (ROE_SIMPLE)	63.17%	71.76%	0.00%	108.60%	137.76%	100.31%	237.61%	473.01%	161.57%	198.52%
Net Operating Profit after Tax (NOPAT)	3,900	8,283	3,975	5,922	8,062	6,676	16,995	10,380	11,498	13,151
NOPAT Margin	40.35%	38.43%	31.81%	39.62%	95.51%	43.63%	134.99%	140.04%	45.81%	46.69%
Net Nonoperating Expense Percent (NNEP)	-1.95%	-4.29%	-0.96%	-1.64%	9.60%	30.19%	-12.48%	13.00%	4.85%	3.59%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-	-	-	50.94%	50.75%	53.15%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	34.56%	35.51%	74.47%	34.61%	34.13%	38.62%	75.06%	72.65%	35.57%	36.19%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	47.47%	93.08%	94.02%	51.29%	85.52%	47.19%	139.83%	179.39%	44.19%	44.68%
Earnings before Interest and Taxes (EBIT)	4,994	11,396	6,620	7,268	19,716	8,116	32,181	12,142	14,001	15,602
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	6,124	13,862	8,058	8,962	11,521	9,768	38,472	57,912	16,422	18,329
Valuation Ratios	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	17.20	38.37	6.90	34.97	49.77	54.51	144.12	52.38	57.31	74.42
Price to Tangible Book Value (P/TBV)	31.09	68.29	7.98	125.78	1,302.52	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	10.72	9.98	12.35	12.62	35.10	22.77	55.80	29.97	15.82	17.13
Price to Earnings (P/E)	27.22	26.50	79.63	32.20	73.00	54.34	121.31	33.22	35.47	37.49
Dividend Yield	0.69%	1.54%	0.60%	0.55%	0.91%	0.46%	0.99%	1.71%	0.54%	0.50%
Earnings Yield	3.67%	3.77%	5.04%	3.11%	5.49%	1.84%	9.91%	8.98%	2.82%	2.67%
Enterprise Value to Invested Capital (EV/IC)	48.60	105.58	414.51	64.37	46.93	43.71	83.41	27.09	29.97	31.76
Enterprise Value to Revenue (EV/Rev)	10.31	19.46	11.87	12.45	35.15	22.87	56.68	15.11	16.08	17.45
Enterprise Value to EBITDA (EV/EBITDA)	16.28	30.25	18.42	20.77	51.50	35.83	55.49	70.55	24.58	26.82
Enterprise Value to EBIT (EV/EBIT)	19.96	18.23	22.42	25.61	60.19	43.12	99.78	27.67	28.83	31.51
Enterprise Value to NOPAT (EV/NOPAT)	25.56	50.63	75.44	31.43	36.43	52.42	125.96	32.37	35.10	37.38
Enterprise Value to Operating Cash Flow (EV/OCF)	24.31	22.40	26.20	29.92	35.89	48.45	151.02	121.84	33.69	33.26
Enterprise Value to Free Cash Flow (EV/FCFF)	30.65	16.33	19.55	54.94	0.00	31.29	0.00	28.71	38.68	44.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-
Debt to Equity	0.54	0.91	0.00	1.15	1.42	1.94	3.75	11.00	2.24	2.80
Long-Term Debt to Equity	0.54	1.82	0.00	1.06	2.85	1.84	7.07	6.47	2.05	2.68
Financial Leverage	-0.73	-1.31	-1.12	-0.70	-0.16	0.14	0.50	2.01	0.93	1.14
Leverage Ratio	2.45	6.26	1.67	2.26	9.59	5.02	15.35	16.62	6.07	6.70
Compound Leverage Factor	2.43	6.20	1.65	2.24	4.65	4.80	19.66	16.06	5.91	6.55
Debt to Total Capital	35.03%	95.36%	0.00%	53.57%	117.47%	66.04%	195.67%	206.22%	69.15%	73.67%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	4.23%	0.00%	3.38%	11.15%	9.40%	5.90%	3.03%
Long-Term Debt to Total Capital	35.03%	95.36%	0.00%	49.34%	117.47%	62.66%	123.01%	269.59%	63.25%	70.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.36%	0.52%	0.00%	0.80%	1.35%	0.66%	1.41%	1.55%	0.30%	0.12%
Common Equity to Total Capital	64.61%	104.12%	813.68%	45.63%	81.18%	33.31%	102.92%	61.75%	30.55%	26.21%
Debt to EBITDA	0.53	0.75	0.00	0.71	1.48	1.30	5.42	3.87	0.95	0.99
Net Debt to EBITDA	-0.66	-1.07	0.00	-0.29	0.05	0.15	1.69	2.08	0.39	0.49
Long-Term Debt to EBITDA	0.53	0.75	0.00	0.65	0.74	1.23	5.11	0.95	0.87	0.95
Debt to NOPAT	0.84	1.25	0.00	1.07	1.06	1.90	3.27	5.40	1.36	1.39
Net Debt to NOPAT	-1.03	-1.79	0.00	-0.44	0.07	0.22	3.19	1.16	0.56	0.68
Long-Term Debt to NOPAT	0.84	2.50	0.00	0.99	1.06	1.80	4.63	6.62	1.25	1.33
Altman Z-Score	9.46	16.88	0.00	9.17	22.34	10.85	71.72	19.61	10.54	10.76
Noncontrolling Interest Sharing Ratio	0.53%	1.06%	-301.21%	-152.68%	3.35%	1.79%	4.87%	5.19%	1.10%	0.73%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.75	3.67	0.00	1.39	2.84	1.61	3.86	3.52	1.17	1.03
Quick Ratio	1.25	2.71	0.00	0.92	1.71	1.12	1.66	0.76	0.81	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	3,252	12,725	7,589	3,388	-1,562	11,185	-664	94,573	10,435	11,140
Operating Cash Flow to CapEx	2,316.95%	2,156.74%	1,888.00%	1,885.76%	1,939.10%	2,130.97%	6,975.18%	10,131.22%	3,229.11%	3,118.14%
Free Cash Flow to Firm to Interest Expense	53.31	66.97	49.28	18.22	-13.95	29.43	-1.54	200.79	18.15	17.24
Operating Cash Flow to Interest Expense	67.23	97.62	36.78	33.46	36.53	19.01	109.78	47.54	20.83	22.88
Operating Cash Flow Less CapEx to Interest Expense	64.33	93.09	34.83	31.68	34.65	18.12	63.03	114.15	20.19	22.15
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.61	1.77	1.34	1.20	1.25	0.49	2.12	2.33	0.62	0.62
Accounts Receivable Turnover	8.84	8.64	0.00	0.00	14.10	5.93	33.41	27.66	6.71	7.19
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	14.99	15.31	16.00	17.09	12.28	8.20	0.00	0.00	12.34	13.42
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	41.31	42.25	0.00	0.00	51.78	61.55	273.11	263.90	54.43	50.75
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	41.31	42.25	0.00	0.00	106.13	61.55	54.62	316.68	54.43	50.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-
Invested Capital	2,051	3,972	358	2,892	12,516	8,007	25,666	12,403	13,466	15,477
Invested Capital Turnover	5.60	5.34	5.77	9.20	3.69	1.49	5.44	4.67	1.94	1.95
Increase / (Decrease) in Invested Capital	648	5,893	-3,614	2,534	9,624	-4,509	17,659	-26,526	1,063	2,011
Enterprise Value (EV)	99,687	103,882	148,394	186,163	293,684	349,974	711,605	336,008	403,622	491,583
Market Capitalization	103,664	217,028	154,327	188,666	293,319	348,358	1,053,804	666,474	397,085	482,591
Book Value per Share	$5.37	$10.38	$21.12	$5.22	$11.68	$6.41	$14.88	$19.65	$7.39	$7.07
Tangible Book Value per Share	$2.97	$2.92	$18.26	$1.45	$0.90	($0.32)	($4.09)	($10.57)	($5.14)	($8.89)
Total Capital	9,330	10,864	5,497	11,823	14,518	19,189	42,626	40,800	22,678	24,741
Total Debt	3,268	10,360	0.00	6,334	8,527	12,672	13,901	28,046	15,681	18,226
Total Long-Term Debt	3,268	10,360	0.00	5,834	17,054	12,023	39,327	27,498	14,344	17,476
Net Debt	-4,011	-7,396	-5,933	-2,597	534	1,490	5,421	18,078	6,469	8,962
Capital Expenditures (CapEx)	177	215	300	330	844	339	814	1,326	371	474
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-2,564	-5,712	-5,933	-3,853	-6,524	-3,267	-3,901	-10,576	-5,178	-8,010
Debt-free Net Working Capital (DFNWC)	4,715	12,044	0.00	5,078	9,996	7,915	9,158	5,418	4,034	1,254
Net Working Capital (NWC)	4,715	12,044	0.00	4,578	9,996	7,266	11,361	4,870	2,697	504
Net Nonoperating Expense (NNE)	92	165	60	63	-56	265	-569	901	303	277
Net Nonoperating Obligations (NNO)	-4,011	-7,396	-5,139	-2,597	267	1,490	21,684	6,026	6,469	8,962
Total Depreciation and Amortization (D&A)	1,130	1,233	1,438	1,694	3,326	1,652	2,097	2,336	2,421	2,727
Debt-free, Cash-free Net Working Capital to Revenue	-26.52%	-53.01%	-94.95%	-25.77%	-38.64%	-21.35%	-61.97%	-71.34%	-20.63%	-28.44%
Debt-free Net Working Capital to Revenue	48.77%	55.88%	0.00%	33.97%	59.21%	51.73%	96.99%	24.36%	16.07%	4.45%
Net Working Capital to Revenue	48.77%	111.77%	0.00%	30.62%	59.21%	47.49%	100.27%	10.95%	10.75%	1.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$3.36	$3.70	$3.67	$5.63	$7.98	$6.40	$8.79	$10.26	$11.86	$13.91
Adjusted Weighted Average Basic Shares Outstanding	1.13B	1.10B	1.07B	1.04B	1.02B	1.00B	988M	968M	944M	925M
Adjusted Diluted Earnings per Share	$3.35	$3.69	$3.65	$5.60	$7.94	$6.37	$8.76	$10.22	$11.83	$13.89
Adjusted Weighted Average Diluted Shares Outstanding	1.14B	1.10B	1.07B	1.05B	1.02B	1.01B	992M	971M	946M	927M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	1.11B	1.08B	1.05B	1.03B	1.01B	993.36M	977.48M	953.24M	932.89M	911.71M
Normalized Net Operating Profit after Tax (NOPAT)	3,947	8,452	3,984	6,840	16,124	6,737	17,153	10,682	11,940	13,725
Normalized NOPAT Margin	40.83%	78.43%	63.76%	45.75%	95.51%	44.03%	45.42%	48.04%	47.57%	48.73%
Pre Tax Income Margin	51.29%	104.79%	52.19%	48.19%	115.28%	50.72%	382.06%	211.04%	54.34%	54.16%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	81.87	59.98	42.99	39.08	88.02	21.36	124.44	51.56	24.35	24.15
NOPAT to Interest Expense	63.94	87.19	25.81	31.84	35.99	17.57	78.86	44.08	20.00	20.36
EBIT Less CapEx to Interest Expense	78.97	115.43	84.03	37.30	42.13	20.47	143.67	124.20	23.70	23.42
NOPAT Less CapEx to Interest Expense	61.04	82.67	23.86	30.07	68.22	16.68	75.08	105.50	19.35	19.62
Payout Ratios	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	19.09%	41.24%	48.12%	17.82%	33.14%	25.04%	64.72%	114.98%	19.28%	19.02%
Augmented Payout Ratio	111.48%	107.12%	120.15%	102.01%	193.20%	95.57%	358.14%	322.01%	99.96%	104.73%

This table displays calculated financial ratios and metrics derived from Mastercard's official financial filings.

Metric	Q2 2022	Q3 2022	Q4 2022	Q1 2023	Q2 2023	Q3 2023	Q4 2023	Q1 2024	Q2 2024	Q3 2024	Q4 2024
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	42.80%	15.47%	23.04%	11.24%	14.04%	13.50%	12.57%	10.44%	11.04%	12.80%	14.37%
EBITDA Growth	1.26%	-87.31%	29.99%	-100.03%	-68.46%	-60.26%	8.41%	-39.41%	6.55%	4.70%	16.43%
EBIT Growth	150.21%	43.65%	252.03%	3.61%	-67.39%	-59.69%	-63.96%	-58.90%	6.41%	2.81%	16.48%
NOPAT Growth	-37.14%	-136.96%	118.49%	-268.20%	14.44%	29.11%	-45.56%	17.52%	18.88%	3.39%	19.36%
Net Income Growth	50.58%	14.08%	36.82%	-20.52%	25.05%	27.97%	10.53%	27.53%	14.52%	2.03%	19.74%
EPS Growth	25.00%	22.95%	26.14%	-23.51%	28.21%	31.40%	13.36%	30.36%	16.67%	4.13%	22.56%
Operating Cash Flow Growth	8.33%	103.26%	-2.79%	7.69%	9.81%	-16.16%	33.23%	-12.87%	16.31%	58.86%	17.05%
Free Cash Flow Firm Growth	307.13%	365.87%	-684.52%	650.99%	643.30%	-82.68%	169.32%	-53.27%	-89.61%	191.44%	-94.84%
Invested Capital Growth	-189.67%	-6.19%	-10.05%	-227.45%	-48.96%	17.08%	-63.81%	-43.03%	11.66%	0.00%	14.93%
Revenue Q/Q Growth	12.77%	9.42%	3.18%	-4.74%	9.06%	4.21%	0.23%	-3.05%	9.66%	5.86%	1.63%
EBITDA Q/Q Growth	-3.43%	-57.52%	-332.89%	431.58%	-37.34%	1.85%	-8.82%	5.71%	10.19%	0.09%	1.39%
EBIT Q/Q Growth	172.92%	-36.01%	1.10%	-23.85%	-56.89%	1.37%	-10.41%	6.89%	11.60%	-2.06%	1.49%
NOPAT Q/Q Growth	-112.33%	15.82%	105.62%	-250.72%	8.21%	16.40%	-13.30%	7.62%	9.45%	1.24%	0.09%
Net Income Q/Q Growth	-13.53%	19.69%	3.12%	-6.50%	20.50%	12.41%	-12.73%	7.88%	8.20%	0.15%	2.42%
EPS Q/Q Growth	-76.12%	20.51%	6.20%	-11.45%	21.46%	13.00%	-12.39%	8.42%	8.70%	0.86%	3.12%
Operating Cash Flow Q/Q Growth	113.64%	170.82%	-39.21%	-152.39%	40.59%	19.83%	27.75%	-59.52%	87.68%	63.67%	-5.88%
Free Cash Flow Firm Q/Q Growth	408.49%	1,228.91%	-863.51%	362.88%	-47.73%	-92.90%	2,191.95%	-45.03%	-88.38%	99.23%	-59.42%
Invested Capital Q/Q Growth	-200.91%	-331.61%	604.16%	-55.83%	-47.48%	2.61%	-6.84%	13.20%	2.94%	-8.10%	7.07%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	300.00%	600.00%	400.00%	300.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%	100.00%
EBITDA Margin	252.94%	260.32%	258.28%	304.37%	69.95%	68.36%	62.19%	66.79%	67.12%	63.46%	63.31%
Operating Margin	219.61%	270.33%	109.47%	54.56%	58.32%	58.84%	51.50%	56.77%	57.98%	54.34%	52.58%
EBIT Margin	264.24%	165.53%	273.59%	305.85%	60.44%	58.79%	52.55%	56.92%	57.92%	53.59%	53.52%
Profit (Net Income) Margin	82.77%	130.25%	86.81%	246.45%	45.38%	48.95%	42.62%	47.43%	46.80%	44.28%	44.63%
Tax Burden Percent	487.85%	244.04%	490.45%	331.02%	76.81%	85.03%	84.04%	84.63%	82.71%	84.40%	85.89%
Interest Burden Percent	288.95%	193.45%	291.14%	584.23%	97.76%	97.92%	96.51%	98.48%	97.69%	97.90%	97.08%
Effective Tax Rate	37.38%	74.61%	73.03%	120.72%	23.19%	14.97%	15.96%	15.37%	17.29%	15.60%	14.11%
Return on Invested Capital (ROIC)	139.56%	845.36%	236.55%	149.60%	50.70%	90.98%	42.87%	58.65%	84.89%	86.38%	87.91%
ROIC Less NNEP Spread (ROIC-NNEP)	90.41%	74.08%	154.99%	83.22%	51.01%	89.97%	42.41%	58.33%	83.93%	84.83%	87.38%
Return on Net Nonoperating Assets (RNNOA)	191.63%	489.25%	192.99%	142.51%	101.60%	98.05%	58.73%	110.00%	107.67%	91.87%	99.79%
Return on Equity (ROE)	284.67%	1,026.31%	286.36%	232.28%	152.29%	189.03%	101.60%	168.65%	192.56%	178.25%	187.70%
Cash Return on Invested Capital (CROIC)	85.95%	172.11%	2,248.53%	-20.26%	115.34%	68.33%	41.18%	175.32%	72.77%	87.18%	76.98%
Operating Return on Assets (OROA)	31.00%	98.09%	95.57%	91.71%	37.90%	37.07%	32.50%	35.88%	37.59%	33.58%	33.30%
Return on Assets (ROA)	72.83%	102.91%	126.35%	98.53%	28.46%	30.87%	26.36%	29.90%	30.37%	27.74%	27.77%
Return on Common Equity (ROCE)	839.51%	1,303.74%	423.97%	458.14%	150.16%	186.79%	100.48%	166.77%	190.56%	176.60%	186.34%
Return on Equity Simple (ROE_SIMPLE)	628.68%	307.62%	0.00%	543.71%	185.86%	173.17%	0.00%	163.54%	165.18%	165.63%	0.00%
Net Operating Profit after Tax (NOPAT)	2,454	2,532	5,205	2,595	2,808	3,269	2,834	3,050	3,338	3,379	3,382
NOPAT Margin	44.64%	263.89%	44.74%	135.45%	44.79%	50.03%	43.28%	48.05%	47.96%	45.86%	45.16%
Net Nonoperating Expense Percent (NNEP)	2.63%	6.04%	4.07%	4.36%	-0.31%	1.01%	0.46%	0.32%	0.96%	1.55%	0.52%
Return On Investment Capital (ROIC_SIMPLE)	-	-	12.77%	-	-	-	12.51%	-	-	-	13.67%
Cost of Revenue to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SG&A Expenses to Revenue	35.42%	35.95%	114.39%	106.63%	35.09%	34.98%	36.64%	36.01%	34.74%	37.24%	36.65%
R&D to Revenue	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Operating Expenses to Revenue	180.39%	275.61%	135.79%	136.33%	41.68%	41.16%	48.50%	43.23%	42.02%	45.66%	47.42%
Earnings before Interest and Taxes (EBIT)	11,620	9,528	9,549	8,790	3,789	3,841	3,441	3,613	4,032	3,949	4,008
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	13,904	11,238	3,756	6,998	4,385	4,466	4,072	4,240	4,672	4,676	4,741
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	148.01	171.86	159.26	129.50	67.24	58.68	57.31	62.17	55.18	61.23	74.42
Price to Tangible Book Value (P/TBV)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Price to Revenue (P/Rev)	58.41	50.53	45.11	60.65	15.69	15.20	15.82	17.52	15.52	16.73	17.13
Price to Earnings (P/E)	188.61	27.75	67.12	71.45	36.17	33.89	35.47	38.02	33.41	36.97	37.49
Dividend Yield	3.57%	4.06%	0.57%	2.26%	0.54%	0.56%	0.54%	0.49%	0.56%	0.52%	0.50%
Earnings Yield	3.20%	3.60%	11.94%	11.20%	2.76%	2.95%	2.82%	2.63%	2.99%	2.70%	2.67%
Enterprise Value to Invested Capital (EV/IC)	67.84	90.49	82.35	79.14	26.88	26.18	29.97	30.00	26.56	32.00	31.76
Enterprise Value to Revenue (EV/Rev)	74.87	12.82	45.93	46.51	16.05	15.53	16.08	17.84	15.83	16.99	17.45
Enterprise Value to EBITDA (EV/EBITDA)	22.38	4.17	5.80	32.61	24.61	23.50	24.58	26.80	24.03	26.29	26.82
Enterprise Value to EBIT (EV/EBIT)	26.79	18.78	55.90	58.07	28.95	27.54	28.83	31.34	28.11	30.89	31.51
Enterprise Value to NOPAT (EV/NOPAT)	125.42	165.05	164.42	104.24	35.97	33.60	35.10	38.34	33.45	36.71	37.38
Enterprise Value to Operating Cash Flow (EV/OCF)	188.06	99.01	60.62	93.66	32.72	34.57	33.69	39.07	34.32	32.86	33.26
Enterprise Value to Free Cash Flow (EV/FCFF)	72.44	25.28	18.05	0.00	15.75	41.34	38.68	12.42	38.51	36.71	44.13
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	6.94	6.77	2.20	14.40	2.80	2.44	2.24	2.14	2.09	2.45	2.80
Long-Term Debt to Equity	8.78	12.64	10.78	14.14	2.56	2.23	2.05	1.85	1.94	2.35	2.68
Financial Leverage	8.48	0.93	4.15	3.43	1.99	1.09	1.38	1.89	1.28	1.08	1.14
Leverage Ratio	33.27	5.51	11.08	18.21	6.35	6.03	6.07	6.41	6.23	6.26	6.70
Compound Leverage Factor	16.02	16.63	5.38	29.55	6.21	5.90	5.86	6.32	6.08	6.13	6.50
Debt to Total Capital	209.43%	207.86%	274.96%	296.89%	73.68%	70.93%	69.15%	68.14%	67.59%	71.00%	73.67%
Short-Term Debt to Total Capital	7.09%	13.69%	5.37%	6.58%	6.30%	6.09%	5.90%	9.09%	4.70%	2.90%	3.03%
Long-Term Debt to Total Capital	198.80%	129.45%	269.59%	291.62%	67.38%	64.83%	63.25%	59.04%	62.89%	68.10%	70.64%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	1.32%	1.95%	0.77%	2.57%	0.35%	0.32%	0.30%	0.28%	0.26%	0.22%	0.12%
Common Equity to Total Capital	148.75%	121.29%	154.36%	50.82%	25.96%	28.76%	30.55%	31.58%	32.14%	28.77%	26.21%
Debt to EBITDA	1.56	0.44	0.73	1.08	1.02	0.97	0.95	0.91	0.90	1.04	0.99
Net Debt to EBITDA	1.08	0.18	0.31	0.92	0.55	0.50	0.39	0.47	0.47	0.40	0.49
Long-Term Debt to EBITDA	1.97	0.61	1.19	1.06	0.93	0.88	0.87	0.79	0.84	1.00	0.95
Debt to NOPAT	4.36	7.15	1.35	3.06	1.48	1.38	1.36	1.31	1.25	1.46	1.39
Net Debt to NOPAT	3.03	3.49	1.74	3.93	0.81	0.72	0.56	0.67	0.66	0.55	0.68
Long-Term Debt to NOPAT	2.76	2.67	3.97	4.51	1.36	1.26	1.25	1.13	1.16	1.40	1.33
Altman Z-Score	26.87	40.73	18.08	45.54	9.70	9.81	9.72	10.72	10.29	9.94	9.96
Noncontrolling Interest Sharing Ratio	10.19%	5.47%	5.19%	4.14%	1.40%	1.19%	1.10%	1.12%	1.04%	0.92%	0.73%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	1.26	2.50	1.17	2.41	1.13	1.17	1.17	1.09	1.14	1.29	1.03
Quick Ratio	3.16	1.66	3.82	4.61	0.70	0.79	0.81	0.70	0.74	0.89	0.65
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	2,196	6,693	-38,341	31,225	16,321	1,160	26,577	14,592	1,696	3,379	1,371
Operating Cash Flow to CapEx	26,803.64%	17,369.37%	7,153.85%	6,978.18%	3,372.50%	3,108.65%	5,363.64%	1,064.97%	2,728.70%	4,800.00%	5,088.42%
Free Cash Flow to Firm to Interest Expense	19.26	83.66	-905.70	946.22	113.34	7.68	179.57	97.28	11.09	21.25	7.45
Operating Cash Flow to Interest Expense	86.21	64.27	146.46	58.15	18.74	21.41	27.91	11.15	20.51	32.30	26.27
Operating Cash Flow Less CapEx to Interest Expense	126.42	31.21	93.54	95.93	18.18	20.72	27.39	10.10	19.76	31.63	25.76
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	1.76	1.78	1.75	0.60	0.63	0.63	0.62	0.63	0.65	0.63	0.62
Accounts Receivable Turnover	21.05	28.91	27.66	21.39	6.80	6.87	6.71	6.64	6.63	6.86	7.19
Inventory Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Fixed Asset Turnover	33.04	22.71	0.00	69.09	11.99	12.42	12.34	12.59	12.77	13.13	13.42
Accounts Payable Turnover	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Sales Outstanding (DSO)	52.03	264.21	158.34	102.38	53.67	53.12	54.43	54.98	55.03	53.22	50.75
Days Inventory Outstanding (DIO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Days Payable Outstanding (DPO)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash Conversion Cycle (CCC)	208.10	103.93	316.68	204.75	53.67	53.12	54.43	54.98	55.03	53.22	50.75
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	27,600	12,346	37,209	26,822	14,087	14,455	13,466	15,280	15,729	14,455	15,477
Invested Capital Turnover	2.08	12.21	7.05	4.64	1.13	1.82	0.99	1.22	1.77	1.88	1.95
Increase / (Decrease) in Invested Capital	2,712	23,877	73,128	-85,890	-13,513	2,109	-23,743	-11,542	1,642	0.00	2,011
Enterprise Value (EV)	1,562,181	277,450	1,364,036	706,386	378,650	378,493	403,622	458,350	417,811	462,599	491,583
Market Capitalization	302,685	271,465	666,474	343,348	370,067	370,349	397,085	450,313	409,503	455,584	482,591
Book Value per Share	$19.03	$6.58	$6.55	$16.78	$5.81	$6.70	$7.39	$7.76	$7.98	$8.05	$7.07
Tangible Book Value per Share	($10.33)	($4.55)	($10.57)	($13.16)	($6.46)	($5.52)	($5.14)	($4.74)	($4.62)	($4.89)	($8.89)
Total Capital	41,486	83,908	40,800	62,925	21,199	21,947	22,678	22,937	23,087	25,856	24,741
Total Debt	57,924	43,602	28,046	62,272	15,620	15,566	15,681	15,629	15,605	18,358	18,226
Total Long-Term Debt	41,238	40,731	41,247	30,584	14,284	14,229	14,344	13,543	14,519	17,608	17,476
Net Debt	15,076	11,806	18,078	24,012	8,508	8,074	6,469	7,972	8,247	6,957	8,962
Capital Expenditures (CapEx)	110	222	260	330	80	104	77	157	115	107	95
Debt-free, Cash-free Net Working Capital (DFCFNWC)	-6,164	-8,654	-10,576	-9,038	-3,882	-3,691	-5,178	-4,052	-4,086	-5,645	-8,010
Debt-free Net Working Capital (DFNWC)	15,444	8,608	5,418	9,135	3,230	3,801	4,034	3,605	3,272	5,756	1,254
Net Working Capital (NWC)	9,378	3,347	2,435	8,307	1,894	2,464	2,697	1,519	2,186	5,006	504
Net Nonoperating Expense (NNE)	358	65	78	468	-37	71	43	39	80	116	40
Net Nonoperating Obligations (NNO)	15,076	5,903	12,052	16,008	8,508	8,074	6,469	7,972	8,247	6,957	8,962
Total Depreciation and Amortization (D&A)	571	1,140	1,719	1,707	596	625	631	627	640	727	733
Debt-free, Cash-free Net Working Capital to Revenue	-88.63%	-60.00%	-95.12%	-99.02%	-16.46%	-15.15%	-20.63%	-15.77%	-15.48%	-20.73%	-28.44%
Debt-free Net Working Capital to Revenue	92.52%	99.46%	24.36%	53.38%	13.69%	15.60%	16.07%	14.03%	12.40%	21.14%	4.45%
Net Working Capital to Revenue	74.91%	46.41%	21.90%	36.41%	8.03%	10.11%	10.75%	5.91%	8.28%	18.39%	1.79%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$2.34	$2.59	$2.64	$2.48	$3.01	$3.40	$2.97	$3.23	$3.51	$3.54	$3.63
Adjusted Weighted Average Basic Shares Outstanding	971M	965M	968M	953M	946M	941M	944M	933M	929M	923M	925M
Adjusted Diluted Earnings per Share	$2.34	$2.58	$2.62	$2.47	$3.00	$3.39	$2.97	$3.22	$3.50	$3.53	$3.64
Adjusted Weighted Average Diluted Shares Outstanding	974M	968M	971M	956M	949M	943M	946M	935M	930M	925M	927M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	966.38M	961.46M	953.24M	947.85M	942.21M	937.78M	932.89M	929.62M	923.83M	917.83M	911.71M
Normalized Net Operating Profit after Tax (NOPAT)	2,562	2,701	2,615	5,540	2,823	3,269	3,093	3,157	3,419	3,528	3,623
Normalized NOPAT Margin	186.43%	234.60%	89.91%	289.12%	45.04%	50.03%	47.23%	49.73%	49.12%	47.88%	48.38%
Pre Tax Income Margin	203.60%	53.37%	265.52%	248.17%	59.08%	57.57%	50.72%	56.05%	56.59%	52.46%	51.96%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	76.45	52.93	125.32	88.79	26.31	25.44	23.25	24.09	26.35	24.84	21.78
NOPAT to Interest Expense	64.58	63.29	81.97	78.64	19.50	21.65	19.15	20.33	21.82	21.25	18.38
EBIT Less CapEx to Interest Expense	50.00	76.63	48.08	64.09	25.76	24.75	22.73	23.04	25.60	24.16	21.27
NOPAT Less CapEx to Interest Expense	84.17	40.34	58.41	37.65	18.95	20.96	18.63	19.29	21.07	20.58	17.87
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	121.06%	76.21%	76.66%	122.30%	19.87%	19.19%	19.28%	18.82%	18.79%	19.28%	19.02%
Augmented Payout Ratio	493.97%	387.53%	429.37%	579.50%	110.42%	107.19%	99.96%	87.59%	87.06%	95.54%	104.73%

Frequently Asked Questions About Mastercard's Financials

When does Mastercard's financial year end?

According to the most recent income statement we have on file, Mastercard's fiscal year ends in December. Their fiscal year 2024 ended on December 31, 2024.

How has Mastercard's net income changed over the last 9 years?

Mastercard's net income appears to be on an upward trend, with a most recent value of $12.87 billion in 2024, rising from $3.81 billion in 2015. The previous period was $11.20 billion in 2023.

What is Mastercard's operating income?

Mastercard's total operating income in 2024 was $15.58 billion, based on the following breakdown:

Total Gross Profit: $28.17 billion
Total Operating Expenses: $12.59 billion

How has Mastercard revenue changed over the last 9 years?

Over the last 9 years, Mastercard's total revenue changed from $9.67 billion in 2015 to $28.17 billion in 2024, a change of 191.4%.

How much debt does Mastercard have?

Mastercard's total liabilities were at $41.57 billion at the end of 2024, a 17.2% increase from 2023, and a 308.0% increase since 2015.

How much cash does Mastercard have?

In the past 9 years, Mastercard's cash and equivalents has ranged from $5.75 billion in 2015 to $10.11 billion in 2020, and is currently $8.44 billion as of their latest financial filing in 2024.

How has Mastercard's book value per share changed over the last 9 years?

Over the last 9 years, Mastercard's book value per share changed from 5.37 in 2015 to 7.07 in 2024, a change of 31.6%.

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This page (NYSE:MA) was last updated on 4/14/2025 by MarketBeat.com Staff

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Mastercard (MA) Financials

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Mastercard (MA) Financials

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