MA FY 2025 Earnings Report — Mastercard Incorporated Revenue & Financial Results | Market Cap Arena

Mastercard IncorporatedMA

FY 2025 Earnings

Reported February 11, 2026

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	FY 2025	Prior Q	FY 2024	QoQ Change	YoY Change
Revenue	$32.8B	—	$28.2B	—	16.4%
Op. Income	$19.4B	—	$15.6B	—	24.5%
Gross Margin	83.4%	—	76.3%	—	7.1pp
Net Margin	45.6%	—	45.7%	—	-0.1pp
EPS (Diluted)	$16.52	—	$13.89	—	18.9%
Free Cash Flow	$16.9B	—	$14.3B	—	18.2%

Revenue Flow

Item	Amount
REVENUE	$32.8B
Cost of Revenue	$5.4B
GROSS PROFIT	$27.4B
R&D Expenses	$0
Selling & Marketing	$929M
General & Administrative	$6.2B
SG&A Expenses	$7.1B
Other Expenses	$812M
Operating Expenses	$8.0B
Cost & Expenses	$13.4B
OPERATING INCOME	$19.4B
Interest Income	$0
Interest Expense	$722M
Other Income/Expenses	-$823M
INCOME BEFORE TAX	$18.6B
Income Tax Expense	$3.6B
Net Income from Continuing Ops	$15.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$15.0B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$15.0B
D&A	$1.1B
EBIT	$19.1B
EBITDA	$20.2B
EPS	$17
EPS Diluted	$17

Income Statement

Item	Amount
REVENUE	$32.8B
Cost of Revenue	$5.4B
GROSS PROFIT	$27.4B
R&D Expenses	$0
Selling & Marketing	$929M
General & Administrative	$6.2B
SG&A Expenses	$7.1B
Other Expenses	$812M
Operating Expenses	$8.0B
Cost & Expenses	$13.4B
OPERATING INCOME	$19.4B
Interest Income	$0
Interest Expense	$722M
Other Income/Expenses	-$823M
INCOME BEFORE TAX	$18.6B
Income Tax Expense	$3.6B
Net Income from Continuing Ops	$15.0B
Net Income from Discontinued Ops	$0
Other Adjustments	$0
NET INCOME	$15.0B
Net Income Deductions	$0
BOTTOM LINE NET INCOME	$15.0B
D&A	$1.1B
EBIT	$19.1B
EBITDA	$20.2B
EPS	$17
EPS Diluted	$17

Cash Flow Statement

Item	Amount
Net Income	$15.0B
Depreciation & Amortization	$2.1B
Stock-Based Compensation	$597M
Deferred Income Tax	$57M
Other Non-Cash Items	$1.4B
Change in Working Capital	-$1.7B
OPERATING CASH FLOW	$17.4B
Capital Expenditure	-$489M
Acquisitions (Net)	$0
Purchases of Investments	-$868M
Sales/Maturities of Investments	$719M
Other Investing Activities	$2M
NET CASH FROM INVESTING	-$1.4B
Net Debt Issuance	$492M
Common Stock Repurchased	-$11.7B
Common Dividends Paid	-$2.8B
Other Financing Activities	-$391M
NET CASH FROM FINANCING	-$14.2B
FREE CASH FLOW	$16.9B
Net Change in Cash	$2.2B

Balance Sheet

Item	Amount
Cash & Equivalents	$11.1B
Short-Term Investments	$332M
Net Receivables	$6.2B
Inventory	$0
Other Current Assets	$5.9B
TOTAL CURRENT ASSETS	$23.6B
PP&E (Net)	$2.3B
Goodwill	$9.6B
Intangible Assets	$5.6B
Long-Term Investments	$0
Tax Assets	$1.6B
Other Non-Current Assets	$11.6B
TOTAL NON-CURRENT ASSETS	$30.6B
TOTAL ASSETS	$54.2B
Account Payables	$999M
Short-Term Debt	$749M
Deferred Revenue	$0
Other Current Liabilities	$21.0B
TOTAL CURRENT LIABILITIES	$22.8B
Long-Term Debt	$18.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$307M
Other Non-Current Liabilities	$5.1B
TOTAL NON-CURRENT LIABILITIES	$23.6B
TOTAL LIABILITIES	$46.4B
Common Stock	$0
Additional Paid-In Capital	$6.9B
Retained Earnings	$85.0B
Treasury Stock	-$83.2B
Accum. Other Comp. Income	-$981M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$7.7B
Minority Interest	$9M
TOTAL EQUITY	$7.7B
TOTAL LIABILITIES & EQUITY	$54.2B
Total Debt	$19.0B
Net Debt	$7.9B