MA (Mastercard Incorporated) Stock Financials & Earnings

Company Info & Key Metrics

Financial Services Financial - Credit Services

Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. It facilitates the processing o...

CEOMichael Miebach

Country🇺🇸 United States

ExchangeNYSE

IPOMay 25, 2006

www.mastercard.com

Revenue$8.8B

YoY Growth+17.6%

QoQ Growth+2.4%

Net Income$4.1B

EPS$4.52

Free Cash Flow$4.8B

Gross Margin100.0%

Op. Margin61.5%

Net Margin46.1%

FCF Margin54.8%

Rev Multiple (TTM)14.1x

P/E Ratio (TTM)30.9x

Revenue & Profitability

Quarter	Revenue	Gross Profit	Op. Income
Q1 23	$5.7B	$4.3B	$3.1B
Q2 23	$6.3B	$4.8B	$3.7B
Q3 23	$6.5B	$5.0B	$3.8B
Q4 23	$6.5B	$5.0B	$3.4B
Q1 24	$6.3B	$4.8B	$3.6B
Q2 24	$7.0B	$5.4B	$4.0B
Q3 24	$7.4B	$5.5B	$4.0B
Q4 24	$7.5B	$5.8B	$3.9B
Q1 25	$7.3B	$5.6B	$4.1B
Q2 25	$8.1B	$6.3B	$4.8B
Q3 25	$8.6B	$6.7B	$5.1B
Q4 25	$8.8B	$8.8B	$5.4B

Revenue Breakdown

Valuation

Quarter	P/S	P/E
Q1 23	20.2x	47.8x
Q2 23	19.6x	45.2x
Q3 23	19.0x	42.3x
Q4 23	18.4x	41.3x
Q1 24	18.0x	39.0x
Q2 24	17.5x	37.7x
Q3 24	17.0x	37.5x
Q4 24	16.4x	35.9x
Q1 25	15.9x	35.2x
Q2 25	15.3x	34.0x
Q3 25	14.7x	32.4x
Q4 25	14.1x	30.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 23	$1.9B	$1.8B
Q2 23	$2.7B	$2.6B
Q3 23	$3.2B	$3.1B
Q4 23	$4.1B	$4.1B
Q1 24	$1.7B	$1.3B
Q2 24	$3.1B	$2.8B
Q3 24	$5.1B	$4.9B
Q4 24	$4.8B	$4.7B
Q1 25	$2.4B	$2.2B
Q2 25	$4.6B	$4.6B
Q3 25	$5.7B	$5.5B
Q4 25	$4.9B	$4.8B

Capital Expenditures

CapEx

Quarter	CapEx
Q1 23	$110M
Q2 23	$80M
Q3 23	$104M
Q4 23	$77M
Q1 24	$378M
Q2 24	$296M
Q3 24	$270M
Q4 24	$95M
Q1 25	$159M
Q2 25	$40M
Q3 25	$178M
Q4 25	$112M

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 23	+11.2%	+17.8%
Q2 23	+14.0%	+5.4%
Q3 23	+13.5%	+1.7%
Q4 23	+12.6%	+20.6%
Q1 24	+10.4%	+5.1%
Q2 24	+11.0%	+11.9%
Q3 24	+12.8%	+25.1%
Q4 24	+14.4%	+11.8%
Q1 25	+14.2%	+13.0%
Q2 25	+16.8%	+14.7%
Q3 25	+16.7%	+5.2%
Q4 25	+17.6%	-4.5%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 23	$108M	1.9%
Q2 23	$135M	2.2%
Q3 23	$131M	2.0%
Q4 23	$86M	1.3%
Q1 24	$108M	1.7%
Q2 24	$155M	2.2%
Q3 24	$155M	2.1%
Q4 24	$108M	1.4%
Q1 25	$129M	1.8%
Q2 25	$179M	2.2%
Q3 25	$177M	2.1%
Q4 25	$0	0.0%

OpEx Breakdown

Quarter	G&A	S&M
Q1 23	$601M	$167M
Q2 23	$681M	$201M
Q3 23	$687M	$193M
Q4 23	$853M	$264M
Q1 24	$744M	$116M
Q2 24	$806M	$184M
Q3 24	$829M	$220M
Q4 24	$1.1B	$295M
Q1 25	$834M	$152M
Q2 25	$873M	$213M
Q3 25	$1.4B	$245M
Q4 25	$3.1B	$319M

Revenue Segments

Quarter	Payment Network	Value-Added Services And Solutions
Q1 23	$3.6B	$2.1B
Q2 23	$4.1B	$2.2B
Q3 23	$4.2B	$2.3B
Q4 23	$3.9B	$2.7B
Q1 24	$3.9B	$2.4B
Q2 24	$4.4B	$2.6B
Q3 24	$4.6B	$2.7B
Q4 24	$4.4B	$3.1B
Q1 25	$4.4B	$2.8B
Q2 25	$4.9B	$3.2B
Q3 25	$5.2B	$3.4B
Q4 25	$4.9B	$3.9B

Revenue by Geography

Quarter	International Markets	North America
Q1 23	$3.9B	$1.9B
Q2 23	$4.1B	$2.1B
Q3 23	$4.4B	$2.1B
Q4 23	$4.3B	$2.2B
Q1 24	$3.6B	$2.8B
Q2 24	$3.8B	$3.2B
Q3 24	$4.2B	$3.2B
Q4 24	$4.2B	$3.3B
Q1 25	$4.1B	$3.2B
Q2 25	$4.7B	$3.4B
Q3 25	$5.0B	$3.7B

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 23	$6.6B	$402M	$7.0B
Q2 23	$6.2B	$344M	$6.5B
Q3 23	$6.9B	$602M	$7.5B
Q4 23	$8.6B	$592M	$9.2B
Q1 24	$7.3B	$364M	$7.7B
Q2 24	$7.0B	$362M	$7.4B
Q3 24	$11.1B	$338M	$11.4B
Q4 24	$8.4B	$330M	$8.8B
Q1 25	$7.6B	$319M	$7.9B
Q2 25	$9.0B	$336M	$9.4B
Q3 25	$10.3B	$335M	$10.6B
Q4 25	$11.1B	$332M	$11.5B

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change
Q1 23	956M	-0.7%
Q2 23	949M	-0.7%
Q3 23	943M	-0.6%
Q4 23	939M	-0.4%
Q1 24	935M	-0.4%
Q2 24	930M	-0.5%
Q3 24	925M	-0.5%
Q4 24	919M	-0.6%
Q1 25	914M	-0.5%
Q2 25	909M	-0.5%
Q3 25	905M	-0.4%
Q4 25	898M	-0.8%

Revenue Per Employee

Revenue / Employee

Year	Revenue/Employee	Employees
FY 14	$917K	10K
FY 15	$855K	11K
FY 16	$906K	12K
FY 17	$933K	13K
FY 18	$1M	15K
FY 19	$908K	19K
FY 20	$729K	21K
FY 21	$787K	24K
FY 22	$744K	30K
FY 23	$751K	33K
FY 24	$798K	35K
FY 25	$824K	40K