MA

MKT CAP:$451B

Mastercard Incorporated

Market Cap

$451B

Financial Services·Financial - Credit Services·🇺🇸 United States·NYSE

Financials·Financial·🇺🇸·NYSE

Stock Price

$505.25-$57.88 (-10.28%)

Apr 24, 2026

Company Details

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 of payment transactions, including author...

CEO

Michael Miebach

IPO Date

May 25, 2006

Website

www.mastercard.com

Key Metrics TTM

Revenue

$32.8B

+16.4% YoY

Net Income

$15.0B

EPS (Diluted)

$16.52

Free Cash Flow

$17.1B

Revenue / Share

$36.52

Gross Margin

83.4%

Operating Margin

59.2%

Net Margin

45.6%

FCF Margin

52.1%

P/S

13.8x

P/E

30.1x

Earnings Reports

Q1 2026

May 7, 2026

PENDING

FY 2025

Feb 11, 2026

$32.8B+16.4%EPS $16.52

Q4 2025

Feb 11, 2026

$8.8B+17.6%EPS $4.52

Q3 2025

Oct 30, 2025

$8.6B+16.7%EPS $4.34

Q2 2025

Jul 31, 2025

$8.1B+16.8%EPS $4.07

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$5.2B	$4.0B	$3.0B
Q2 22	$5.5B	$4.2B	$3.0B
Q3 22	$5.8B	$4.4B	$3.1B
Q4 22	$5.8B	$4.4B	$3.2B
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

Valuation

Quarter	P/S	P/E
Q1 22	17.2x	36.1x
Q2 22	15.3x	32.9x
Q3 22	12.9x	28.5x
Q4 22	15.9x	35.6x
Q1 23	15.2x	35.9x
Q2 23	15.7x	36.2x
Q3 23	15.2x	33.9x
Q4 23	15.7x	35.2x
Q1 24	17.3x	37.5x
Q2 24	15.3x	33.0x
Q3 24	16.6x	36.7x
Q4 24	17.1x	37.4x
Q1 25	17.1x	37.9x
Q2 25	16.9x	37.6x
Q3 25	16.4x	36.2x
Q4 25	15.9x	34.9x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	$1.8B	$1.5B
Q2 22	$2.5B	$2.3B
Q3 22	$3.9B	$3.6B
Q4 22	$3.1B	$2.8B
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

Quarter	CapEx
Q1 22	$294M
Q2 22	$187M
Q3 22	$277M
Q4 22	$339M
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

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	+24.4%	+13.2%
Q2 22	+21.4%	+13.4%
Q3 22	+15.5%	+16.6%
Q4 22	+11.5%	+10.2%
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 22	$74M	1.4%
Q2 22	$101M	1.8%
Q3 22	$98M	1.7%
Q4 22	$22M	0.4%
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 22	$627M	$181M
Q2 22	$593M	$210M
Q3 22	$649M	$182M
Q4 22	$844M	$216M
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	Cross-border Volume Fees	Domestic Assessments	Other Revenues	Rebates	Transaction Processing	Payment Network	Value-Added Services And Solutions
Q1 22	$1.4B	$2.1B	$1.6B	-$2.9B	$2.9B	—	—
Q2 22	$1.6B	$2.3B	$1.7B	-$3.2B	$3.1B	—	—
Q3 22	$1.8B	$2.3B	$1.8B	-$3.4B	$3.3B	—	—
Q4 22	—	—	—	—	—	$3.8B	$2.2B
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 22	$3.4B	$1.7B
Q2 22	$3.4B	$2.0B
Q3 22	$3.7B	$2.0B
Q4 22	$3.9B	$2.1B
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 22	$6.9B	$449M	$7.3B
Q2 22	$5.9B	$438M	$6.4B
Q3 22	$7.6B	$412M	$8.0B
Q4 22	$7.0B	$400M	$7.4B
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	YoY Change
Q1 22	981M	-0.5%	-1.7%
Q2 22	974M	-0.7%	-2.0%
Q3 22	968M	-0.6%	-2.2%
Q4 22	963M	-0.5%	-2.3%
Q1 23	956M	-0.7%	-2.5%
Q2 23	949M	-0.7%	-2.6%
Q3 23	943M	-0.6%	-2.6%
Q4 23	939M	-0.4%	-2.5%
Q1 24	935M	-0.4%	-2.2%
Q2 24	930M	-0.5%	-2.0%
Q3 24	925M	-0.5%	-1.9%
Q4 24	919M	-0.6%	-2.1%
Q1 25	914M	-0.5%	-2.2%
Q2 25	909M	-0.5%	-2.3%
Q3 25	905M	-0.4%	-2.2%
Q4 25	898M	-0.8%	-2.3%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$215.3K	24K
Q2 22	$229.0K	24K
Q3 22	$239.8K	24K
Q4 22	$194.5K	30K
Q1 23	$192.2K	30K
Q2 23	$209.7K	30K
Q3 23	$218.5K	30K
Q4 23	$196.0K	33K
Q1 24	$190.1K	33K
Q2 24	$208.4K	33K
Q3 24	$220.6K	33K
Q4 24	$212.2K	35K
Q1 25	$205.4K	35K
Q2 25	$230.4K	35K
Q3 25	$243.7K	35K
Q4 25	$221.3K	40K

Revenue / Employee