Mastercard

MA Financials Market cap $503B as of Sep 14, 2026 16:00 ET S&P 500

Q2 FY26 Apr 1 – Jun 30, 2026 reported Jul 30, 2026

Revenue$9.3B +14% year over year

Gross profit$8.7B 93% margin

Operating profit$5.6B 60% margin

Net profit$4.4B 47% margin

Sankey diagram of Mastercard's income statement for Q2 FY26: revenue of $9.3 billion splits into segments and flows out into costs, taxes and net profit.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share of revenue	Year over year
Revenue	9.3	100%	+14%
Payment network	5.5	59%	+10%
Value added services &	3.8	41%	+20%
Cost of revenue	−0.6	7%
Gross profit	8.7	93% margin	+1pp
G&A	−3.1	33%	−1pp
Operating profit	5.6	60% margin	+1pp
Interest & other costs	−0.1
Tax	−1.1
Net profit	4.4	47% margin	+2pp

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share of revenue	Year over year
Revenue	8.40	100%	+16%
Payment network	4.95	59%	+12%
Value added services &	3.45	41%	+22%
Cost of revenue	−0.45	5%
Gross profit	7.95	95% margin	+3pp
G&A	−3.04	36%	+1pp
Operating profit	4.91	58% margin	+1pp
Interest & other costs	−0.10
Tax	−0.93
Net profit	3.88	46% margin	+1pp

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	8.8	100%	+18%
Payment network	4.9	56%	+12%
Value added services &	3.9	44%	+26%
Cost of revenue	−0.8	9%
Gross profit	8.0	91% margin	+2pp
G&A	−3.1	35%	−1pp
Operating profit	4.9	56% margin	+3pp
Tax	−0.9
Net profit	4.1	46% margin	+1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	8.6	100%	+17%
Payment network	5.2	60%	+12%
Value added services &	3.4	40%	+25%
Cost of revenue	−0.6	7%
Gross profit	8.0	93% margin	+1pp
G&A	−2.9	34%	−3pp
Operating profit	5.1	59% margin	+4pp
Interest & other costs	−0.1
Tax	−1.1
Net profit	3.9	46% margin	+1pp

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share of revenue	Year over year
Revenue	8.1	100%	+17%
Payment network	4.9	61%	+13%
Value added services &	3.2	39%	+23%
Cost of revenue	−0.6	7%
Gross profit	7.5	93% margin	+0pp
G&A	−2.8	34%	−1pp
Operating profit	4.8	59% margin	+1pp
Interest & other costs	−0.1
Tax	−1.0
Net profit	3.7	46% margin	−1pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share of revenue	Year over year
Revenue	7.3	100%	+14%
Payment network	4.4	61%	+13%
Value added services &	2.8	39%	+16%
Cost of revenue	−0.6	8%
Gross profit	6.7	92% margin	−1pp
G&A	−2.5	35%	−1pp
Operating profit	4.1	57% margin	+0pp
Interest & other costs	−0.1
Tax	−0.8
Net profit	3.3	45% margin	−2pp

Figures are rounded to the precision shown, so a column can differ slightly from its own total.

Filing on EDGAR This quarter on its own page

Financial health

The balance sheet, the quarter's capital flow, the debt schedule and the capital structure of the quarter shown above.

Balance sheet of Mastercard, Q2 FY26: assets of $57.69B against liabilities and equity.

Assets $57.69B Liabilities $52.09B Equity $5.61B as of Jun 30, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share
Assets	$57.69B	100%
Cash	$11.29B	20%
Receivables	$5.05B	9%
Other current assets	$4.81B	8%
Property & equipment	$2.54B	4%
Goodwill	$9.50B	16%
Intangibles	$5.47B	9%
Long-term investments	$1.67B	3%
Deferred tax assets	$1.44B	2%
Other assets	$15.93B	28%
Liabilities	$52.09B	90%
Payables	$1.13B	2%
Accrued liabilities	$13.03B	23%
Short-term debt	$2.46B	4%
Other current liabilities	$2.74B	5%
Long-term debt	$22.18B	38%
Deferred tax	$0.32B	1%
Other liabilities	$10.23B	18%
Equity	$5.61B	10%
Stockholders' equity	$5.61B	10%

Capital flow of Mastercard, Q2 FY26: $9.43B moved from its sources to its uses.

Money moved $9.43B Free cash flow $3.48B Apr 1 – Jun 30, 2026 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY26 (period ends Jun 30, 2026).
Item	Value	Share
Where the money came from	$9.43B	100%
Operating cash flow	$3.77B	40%
Debt raised	$5.60B	59%
Shares issued	$0.06B	1%
Where it went	−$9.43B	100%
Capital expenditure	−$0.29B	3%
Investments bought, net	−$0.02B	0%
Other investing	−$0.21B	2%
Share buybacks	−$4.90B	52%
Dividends	−$0.77B	8%
Other financing	−$0.02B	0%
Currency effect	−$0.01B	0%
Added to cash	−$3.21B	34%

Debt and liquidity of Mastercard, Q2 FY26: total debt $24.64B against cash and cash flow.

Total debt $24.64B Cash & short-term investments $11.29B Net debt $13.35B Operating cash flow, last 4 quarters $17.44B Interest expense, last 4 quarters $0.75B

Maturities as filed as of Dec 31, 2025; debt and cash as of Jun 30, 2026.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$0.75B
2027	$1.94B
2028	$2.75B
2029	$1.88B
2030	$1.68B
after 2030	$10.15B

Instruments, as of Dec 31, 2025
Due	Item	Coupon	Value
2026	Notes	2.95%	$0.75B
2027	Notes	3.3%	$1.00B
2027	Two point one percent notes	2.1%	$0.94B
2028	January2028 notes	4.1%	$0.75B
2028	Notes	3.5%	$0.50B
2028	4.550 march2028 notes	4.55%	$0.45B
2028	Floating rate march2028 notes		$0.30B
2029	Notes	2.95%	$1.00B
2029	February2029 notes	1%	$0.88B
2030	Notes	3.35%	$1.50B
2030	Two point five percent notes	2.5%	$0.18B
2031	November2031 notes	2%	$0.75B
2031	March2031 notes	1.9%	$0.60B
2032	January2032 notes	4.35%	$1.15B
2032	March2032 notes	4.95%	$0.50B
2033	March2033 notes	4.85%	$0.75B
2034	May2034 notes	4.88%	$1.00B
2035	January2035 notes	4.55%	$1.10B
2046	Notes	3.8%	$0.60B
2048	Notes	3.95%	$0.50B
2049	Notes	3.65%	$1.00B
2050	March2050 notes	3.85%	$1.50B
2051	March2051 notes	2.95%	$0.70B

Capital structure of Mastercard, Q2 FY26: debt of $24.6B against book equity of $5.6B.

Debt to equity 4.40× Net debt to EBITDA 0.62× Interest coverage 27.36× Return on invested capital 89.7% Cost of debt, after tax 2.8% Book values as of Jun 30, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Jul 1, 2025 to Jun 30, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Mastercard, Q1 FY26: assets of $52.45B against liabilities and equity.

Assets $52.45B Liabilities $45.73B Equity $6.72B as of Mar 31, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share
Assets	$52.45B	100%
Cash	$7.91B	15%
Receivables	$4.72B	9%
Other current assets	$4.64B	9%
Property & equipment	$2.35B	4%
Goodwill	$9.53B	18%
Intangibles	$5.50B	10%
Long-term investments	$1.68B	3%
Deferred tax assets	$1.40B	3%
Other assets	$14.74B	28%
Liabilities	$45.73B	87%
Payables	$1.03B	2%
Accrued liabilities	$12.33B	24%
Short-term debt	$1.75B	3%
Other current liabilities	$2.64B	5%
Long-term debt	$17.21B	33%
Deferred tax	$0.33B	1%
Other liabilities	$10.44B	20%
Equity	$6.72B	13%
Stockholders' equity	$6.72B	13%
Minority interests	$<0.01B	0%

Capital flow of Mastercard, Q1 FY26: $5.49B moved from its sources to its uses.

Money moved $5.49B Free cash flow $2.85B Jan 1 – Mar 31, 2026

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY26 (period ends Mar 31, 2026).
Item	Value	Share
Where the money came from	$5.49B	100%
Operating cash flow	$3.00B	55%
Shares issued	$0.01B	0%
Taken from cash	$2.48B	45%
Where it went	−$5.49B	100%
Capital expenditure	−$0.15B	3%
Investments bought, net	−$0.02B	0%
Other investing	−$0.18B	3%
Share buybacks	−$4.24B	77%
Dividends	−$0.78B	14%
Currency effect	−$0.12B	2%

Debt and liquidity of Mastercard, Q1 FY26: total debt $18.96B against cash and cash flow.

Total debt $18.96B Cash & short-term investments $7.91B Net debt $11.05B Operating cash flow, last 4 quarters $18.27B Interest expense, last 4 quarters $0.73B

Maturities as filed as of Dec 31, 2025; debt and cash as of Mar 31, 2026.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$0.75B
2027	$1.94B
2028	$2.75B
2029	$1.88B
2030	$1.68B
after 2030	$10.15B

Instruments, as of Dec 31, 2025
Due	Item	Coupon	Value
2026	Notes	2.95%	$0.75B
2027	Notes	3.3%	$1.00B
2027	Two point one percent notes	2.1%	$0.94B
2028	January2028 notes	4.1%	$0.75B
2028	Notes	3.5%	$0.50B
2028	4.550 march2028 notes	4.55%	$0.45B
2028	Floating rate march2028 notes		$0.30B
2029	Notes	2.95%	$1.00B
2029	February2029 notes	1%	$0.88B
2030	Notes	3.35%	$1.50B
2030	Two point five percent notes	2.5%	$0.18B
2031	November2031 notes	2%	$0.75B
2031	March2031 notes	1.9%	$0.60B
2032	January2032 notes	4.35%	$1.15B
2032	March2032 notes	4.95%	$0.50B
2033	March2033 notes	4.85%	$0.75B
2034	May2034 notes	4.88%	$1.00B
2035	January2035 notes	4.55%	$1.10B
2046	Notes	3.8%	$0.60B
2048	Notes	3.95%	$0.50B
2049	Notes	3.65%	$1.00B
2050	March2050 notes	3.85%	$1.50B
2051	March2051 notes	2.95%	$0.70B

Capital structure of Mastercard, Q1 FY26: debt of $19.0B against book equity of $6.7B.

Debt to equity 2.82× Net debt to EBITDA 0.53× Interest coverage 27.11× Return on invested capital 88.6% Cost of debt, after tax 3.1% Book values as of Mar 31, 2026.

EBIT, EBITDA, interest and tax are the last four quarters, Apr 1, 2025 to Mar 31, 2026. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Mastercard, Q4 FY25: assets of $54.16B against liabilities and equity.

Assets $54.16B Liabilities $46.41B Equity $7.75B as of Dec 31, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share
Assets	$54.16B	100%
Cash	$10.57B	20%
Receivables	$4.61B	9%
Other current assets	$3.74B	7%
Property & equipment	$2.30B	4%
Lease right-of-use	$0.75B	1%
Goodwill	$9.56B	18%
Intangibles	$5.55B	10%
Long-term investments	$1.71B	3%
Deferred tax assets	$1.57B	3%
Other assets	$13.80B	25%
Liabilities	$46.41B	86%
Payables	$1.00B	2%
Accrued liabilities	$13.27B	25%
Short-term debt	$0.75B	1%
Other current liabilities	$2.41B	4%
Long-term debt	$18.25B	34%
Lease liabilities	$0.68B	1%
Deferred tax	$0.31B	1%
Other liabilities	$9.75B	18%
Equity	$7.75B	14%
Stockholders' equity	$7.74B	14%
Minority interests	$0.01B	0%

Capital flow of Mastercard, Q4 FY25: $5.07B moved from its sources to its uses.

Money moved $5.07B Free cash flow $4.89B Oct 1 – Dec 31, 2025 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q4 FY25 (period ends Dec 31, 2025).
Item	Value	Share
Where the money came from	$5.07B	100%
Operating cash flow	$5.00B	99%
Shares issued	$0.06B	1%
Currency effect	$0.01B	0%
Where it went	−$5.07B	100%
Capital expenditure	−$0.11B	2%
Investments bought, net	−$0.07B	1%
Other investing	−$0.24B	5%
Share buybacks	−$3.57B	70%
Dividends	−$0.68B	13%
Added to cash	−$0.40B	8%

Debt and liquidity of Mastercard, Q4 FY25: total debt $19.00B against cash and cash flow.

Total debt $19.00B Cash & short-term investments $10.57B Net debt $8.43B Operating cash flow, last 4 quarters $17.65B Interest expense, last 4 quarters $0.72B

Maturities as filed as of Dec 31, 2025; debt and cash as of Dec 31, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2025
Due	Value
2026	$0.75B
2027	$1.94B
2028	$2.75B
2029	$1.88B
2030	$1.68B
after 2030	$10.15B

Instruments, as of Dec 31, 2025
Due	Item	Coupon	Value
2026	Notes	2.95%	$0.75B
2027	Notes	3.3%	$1.00B
2027	Two point one percent notes	2.1%	$0.94B
2028	January2028 notes	4.1%	$0.75B
2028	Notes	3.5%	$0.50B
2028	4.550 march2028 notes	4.55%	$0.45B
2028	Floating rate march2028 notes		$0.30B
2029	Notes	2.95%	$1.00B
2029	February2029 notes	1%	$0.88B
2030	Notes	3.35%	$1.50B
2030	Two point five percent notes	2.5%	$0.18B
2031	November2031 notes	2%	$0.75B
2031	March2031 notes	1.9%	$0.60B
2032	January2032 notes	4.35%	$1.15B
2032	March2032 notes	4.95%	$0.50B
2033	March2033 notes	4.85%	$0.75B
2034	May2034 notes	4.88%	$1.00B
2035	January2035 notes	4.55%	$1.10B
2046	Notes	3.8%	$0.60B
2048	Notes	3.95%	$0.50B
2049	Notes	3.65%	$1.00B
2050	March2050 notes	3.85%	$1.50B
2051	March2051 notes	2.95%	$0.70B

Capital structure of Mastercard, Q4 FY25: debt of $19.0B against book equity of $7.7B.

Debt to equity 2.45× Net debt to EBITDA 0.42× Interest coverage 26.17× Return on invested capital 93.8% Cost of debt, after tax 3.1% Book values as of Dec 31, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Jan 1, 2025 to Dec 31, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Mastercard, Q3 FY25: assets of $53.29B against liabilities and equity.

Assets $53.29B Liabilities $45.37B Equity $7.92B as of Sep 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share
Assets	$53.29B	100%
Cash	$10.31B	19%
Receivables	$4.25B	8%
Other current assets	$3.95B	7%
Property & equipment	$2.30B	4%
Goodwill	$9.57B	18%
Intangibles	$5.59B	10%
Long-term investments	$1.69B	3%
Deferred tax assets	$1.55B	3%
Other assets	$14.08B	26%
Liabilities	$45.37B	85%
Payables	$0.94B	2%
Accrued liabilities	$11.98B	22%
Other current liabilities	$2.36B	4%
Long-term debt	$18.98B	36%
Deferred tax	$0.33B	1%
Other liabilities	$10.79B	20%
Equity	$7.92B	15%
Stockholders' equity	$7.90B	15%
Minority interests	$0.02B	0%

Capital flow of Mastercard, Q3 FY25: $5.69B moved from its sources to its uses.

Money moved $5.69B Free cash flow $5.49B Jul 1 – Sep 30, 2025 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q3 FY25 (period ends Sep 30, 2025).
Item	Value	Share
Where the money came from	$5.69B	100%
Operating cash flow	$5.66B	100%
Shares issued	$0.02B	0%
Where it went	−$5.69B	100%
Capital expenditure	−$0.18B	3%
Investments bought, net	−$0.08B	1%
Other investing	−$0.12B	2%
Share buybacks	−$3.34B	59%
Dividends	−$0.69B	12%
Currency effect	−$0.02B	0%
Added to cash	−$1.27B	22%

Debt and liquidity of Mastercard, Q3 FY25: total debt $18.98B against cash and cash flow.

Total debt $18.98B Cash & short-term investments $10.31B Net debt $8.67B Operating cash flow, last 4 quarters $17.48B Interest expense, last 4 quarters $0.75B

Maturities as filed as of Dec 31, 2024; debt and cash as of Sep 30, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2024
Due	Value
2025	$0.75B
2026	$0.75B
2027	$1.83B
2028	$2.00B
2029	$1.78B
after 2029	$11.31B

Instruments, as of Dec 31, 2024
Due	Item	Coupon	Value
2025	Senior notes	2%	$0.75B
2026	Senior notes	2.95%	$0.75B
2027	Senior notes	3.3%	$1.00B
2028	Senior notes	4.1%	$0.75B
2029	Senior notes	1%	$0.78B
2030	Senior notes	3.35%	$1.50B
2031	Senior notes	2%	$0.75B
2032	Senior notes	4.35%	$1.15B
2033	Senior notes	4.85%	$0.75B
2034	Senior notes	4.88%	$1.00B
2035	Senior notes	4.55%	$1.10B
2046	Senior notes	3.8%	$0.60B
2048	Senior notes	3.95%	$0.50B
2049	Senior notes	3.65%	$1.00B
2050	Senior notes	3.85%	$1.50B
2051	Senior notes	2.95%	$0.70B
–	Notes issued2024 USD		$4.00B
–	2015 euro notes		$0.95B

Capital structure of Mastercard, Q3 FY25: debt of $18.98B against book equity of $7.92B.

Debt to equity 2.40× Net debt to EBITDA 0.46× Interest coverage 24.00× Return on invested capital 92.6% Cost of debt, after tax 3.2% Book values as of Sep 30, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Oct 1, 2024 to Sep 30, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Mastercard, Q2 FY25: assets of $51.43B against liabilities and equity.

Assets $51.43B Liabilities $43.56B Equity $7.87B as of Jun 30, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share
Assets	$51.43B	100%
Cash	$9.03B	18%
Receivables	$4.18B	8%
Other current assets	$3.63B	7%
Property & equipment	$2.23B	4%
Goodwill	$9.60B	19%
Intangibles	$5.63B	11%
Long-term investments	$1.64B	3%
Deferred tax assets	$1.57B	3%
Other assets	$13.93B	27%
Liabilities	$43.56B	85%
Payables	$0.82B	2%
Accrued liabilities	$10.12B	20%
Deferred revenue	$2.00B	4%
Other current liabilities	$2.39B	5%
Long-term debt	$18.97B	37%
Deferred tax	$0.36B	1%
Other liabilities	$8.91B	17%
Equity	$7.87B	15%
Stockholders' equity	$7.85B	15%
Minority interests	$0.02B	0%

Capital flow of Mastercard, Q2 FY25: $4.90B moved from its sources to its uses.

Money moved $4.90B Free cash flow $4.56B Apr 1 – Jun 30, 2025 Quarter derived from year-to-date statements.

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q2 FY25 (period ends Jun 30, 2025).
Item	Value	Share
Where the money came from	$4.90B	100%
Operating cash flow	$4.60B	94%
Shares issued	$0.08B	2%
Currency effect	$0.22B	4%
Where it went	−$4.90B	100%
Capital expenditure	−$0.04B	1%
Investments bought, net	−$0.08B	2%
Other investing	−$0.11B	2%
Share buybacks	−$2.29B	47%
Dividends	−$0.69B	14%
Other financing	−$0.10B	2%
Added to cash	−$1.59B	32%

Debt and liquidity of Mastercard, Q2 FY25: total debt $18.97B against cash and cash flow.

Total debt $18.97B Cash & short-term investments $9.03B Net debt $9.94B Operating cash flow, last 4 quarters $16.95B Interest expense, last 4 quarters $0.72B

Maturities as filed as of Dec 31, 2024; debt and cash as of Jun 30, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2024
Due	Value
2025	$0.75B
2026	$0.75B
2027	$1.83B
2028	$2.00B
2029	$1.78B
after 2029	$11.31B

Instruments, as of Dec 31, 2024
Due	Item	Coupon	Value
2025	Senior notes	2%	$0.75B
2026	Senior notes	2.95%	$0.75B
2027	Senior notes	3.3%	$1.00B
2028	Senior notes	4.1%	$0.75B
2029	Senior notes	1%	$0.78B
2030	Senior notes	3.35%	$1.50B
2031	Senior notes	2%	$0.75B
2032	Senior notes	4.35%	$1.15B
2033	Senior notes	4.85%	$0.75B
2034	Senior notes	4.88%	$1.00B
2035	Senior notes	4.55%	$1.10B
2046	Senior notes	3.8%	$0.60B
2048	Senior notes	3.95%	$0.50B
2049	Senior notes	3.65%	$1.00B
2050	Senior notes	3.85%	$1.50B
2051	Senior notes	2.95%	$0.70B
–	Notes issued2024 USD		$4.00B
–	2015 euro notes		$0.95B

Capital structure of Mastercard, Q2 FY25: debt of $19.0B against book equity of $7.9B.

Debt to equity 2.41× Net debt to EBITDA 0.56× Interest coverage 23.43× Return on invested capital 82.1% Cost of debt, after tax 3.4% Book values as of Jun 30, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Jul 1, 2024 to Jun 30, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Balance sheet of Mastercard, Q1 FY25: assets of $48.47B against liabilities and equity.

Assets $48.47B Liabilities $41.77B Equity $6.70B as of Mar 31, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share
Assets	$48.47B	100%
Cash	$7.58B	16%
Receivables	$3.97B	8%
Other current assets	$3.42B	7%
Property & equipment	$2.17B	4%
Goodwill	$9.35B	19%
Intangibles	$5.53B	11%
Long-term investments	$1.60B	3%
Deferred tax assets	$1.58B	3%
Other assets	$13.28B	27%
Liabilities	$41.77B	86%
Payables	$0.99B	2%
Accrued liabilities	$9.26B	19%
Deferred revenue	$1.90B	4%
Other current liabilities	$2.17B	4%
Long-term debt	$18.80B	39%
Deferred tax	$0.32B	1%
Other liabilities	$8.33B	17%
Equity	$6.70B	14%
Stockholders' equity	$6.67B	14%
Minority interests	$0.03B	0%

Capital flow of Mastercard, Q1 FY25: $4.61B moved from its sources to its uses.

Money moved $4.61B Free cash flow $2.22B Jan 1 – Mar 31, 2025

The numbers behind the diagram

All figures in billions of U.S. dollars, for Q1 FY25 (period ends Mar 31, 2025).
Item	Value	Share
Where the money came from	$4.61B	100%
Operating cash flow	$2.38B	52%
Debt raised	$1.24B	27%
Shares issued	$0.04B	1%
Currency effect	$0.12B	3%
Taken from cash	$0.83B	18%
Where it went	−$4.61B	100%
Capital expenditure	−$0.16B	3%
Investments bought, net	−$0.04B	1%
Other investing	−$0.14B	3%
Debt repaid	−$0.75B	16%
Share buybacks	−$2.83B	61%
Dividends	−$0.69B	15%

Debt and liquidity of Mastercard, Q1 FY25: total debt $18.80B against cash and cash flow.

Total debt $18.80B Cash & short-term investments $7.58B Net debt $11.23B Operating cash flow, last 4 quarters $15.49B Interest expense, last 4 quarters $0.68B

Maturities as filed as of Dec 31, 2024; debt and cash as of Mar 31, 2025.

The numbers behind the diagram

Principal due, as of Dec 31, 2024
Due	Value
2025	$0.75B
2026	$0.75B
2027	$1.83B
2028	$2.00B
2029	$1.78B
after 2029	$11.31B

Instruments, as of Dec 31, 2024
Due	Item	Coupon	Value
2025	Senior notes	2%	$0.75B
2026	Senior notes	2.95%	$0.75B
2027	Senior notes	3.3%	$1.00B
2028	Senior notes	4.1%	$0.75B
2029	Senior notes	1%	$0.78B
2030	Senior notes	3.35%	$1.50B
2031	Senior notes	2%	$0.75B
2032	Senior notes	4.35%	$1.15B
2033	Senior notes	4.85%	$0.75B
2034	Senior notes	4.88%	$1.00B
2035	Senior notes	4.55%	$1.10B
2046	Senior notes	3.8%	$0.60B
2048	Senior notes	3.95%	$0.50B
2049	Senior notes	3.65%	$1.00B
2050	Senior notes	3.85%	$1.50B
2051	Senior notes	2.95%	$0.70B
–	Notes issued2024 USD		$4.00B
–	2015 euro notes		$0.95B

Capital structure of Mastercard, Q1 FY25: debt of $18.8B against book equity of $6.7B.

Debt to equity 2.81× Net debt to EBITDA 0.66× Interest coverage 23.79× Return on invested capital 80.3% Cost of debt, after tax 3.3% Book values as of Mar 31, 2025.

EBIT, EBITDA, interest and tax are the last four quarters, Apr 1, 2024 to Mar 31, 2025. The cost of equity, the weighted average cost of capital and the value creation spread need the share price, beta and a risk-free rate, which the filing does not carry. They stay empty rather than estimated.

The numbers behind the diagram

Quarter by quarter

Every set of results we hold, newest first. Open one on its own page.

Quarter	Period	Reported	Revenue	Year over year	Operating margin	Net profit	Net margin
Q2 FY26 Apr 1 – Jun 30, 2026 reported Jul 30, 2026 Operating margin 60% Net profit $4.39B	Apr 1 – Jun 30, 2026	Jul 30, 2026	$9.3B	+14%	60%	$4.39B	47%
Q1 FY26 Jan 1 – Mar 31, 2026 reported Apr 30, 2026 Operating margin 58% Net profit $3.88B	Jan 1 – Mar 31, 2026	Apr 30, 2026	$8.4B	+16%	58%	$3.88B	46%
Q4 FY25 Oct 1 – Dec 31, 2025 reported Feb 11, 2026 Operating margin 56% Net profit $4.06B	Oct 1 – Dec 31, 2025	Feb 11, 2026	$8.8B	+18%	56%	$4.06B	46%
Q3 FY25 Jul 1 – Sep 30, 2025 reported Oct 30, 2025 Operating margin 59% Net profit $3.93B	Jul 1 – Sep 30, 2025	Oct 30, 2025	$8.6B	+17%	59%	$3.93B	46%
Q2 FY25 Apr 1 – Jun 30, 2025 reported Jul 31, 2025 Operating margin 59% Net profit $3.70B	Apr 1 – Jun 30, 2025	Jul 31, 2025	$8.1B	+17%	59%	$3.70B	46%
Q1 FY25 Jan 1 – Mar 31, 2025 reported May 1, 2025 Operating margin 57% Net profit $3.28B	Jan 1 – Mar 31, 2025	May 1, 2025	$7.3B	+14%	57%	$3.28B	45%

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Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$24.6B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$5.6B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$30.2B	total debt + equity
Debt share total debt / total capital	81%	total debt / total capital
Equity share equity / total capital	19%	equity / total capital
Net debt total debt − cash and short-term investments	$13.4B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$20.5B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$1.2B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$21.7B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$0.7B	four quarters summed
Debt to equity total debt / equity	4.40×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.62×	net debt / EBITDA
Interest coverage EBIT / interest expense	27.36×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	19.4%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$16.5B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025)	$18.4B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Jun 30, 2025)
Return on invested capital NOPAT / average invested capital	89.7%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.4%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	2.8%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$19.0B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$6.7B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$25.7B	total debt + equity
Debt share total debt / total capital	74%	total debt / total capital
Equity share equity / total capital	26%	equity / total capital
Net debt total debt − cash and short-term investments	$11.1B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$19.7B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$1.2B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$20.8B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$0.7B	four quarters summed
Debt to equity total debt / equity	2.82×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.53×	net debt / EBITDA
Interest coverage EBIT / interest expense	27.11×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	19.6%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$15.8B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025)	$17.9B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2025)
Return on invested capital NOPAT / average invested capital	88.6%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.8%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	3.1%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Item	Value	How it is computed
Total debt short-term and long-term borrowings, as on the debt tab	$18.8B	short-term and long-term borrowings, as on the debt tab
Equity, book value stockholders' equity incl. minority interests, as on the balance sheet	$6.7B	stockholders' equity incl. minority interests, as on the balance sheet
Total capital total debt + equity	$25.5B	total debt + equity
Debt share total debt / total capital	74%	total debt / total capital
Equity share equity / total capital	26%	equity / total capital
Net debt total debt − cash and short-term investments	$11.2B	total debt − cash and short-term investments
EBIT, last 4 quarters operating income, four quarters summed	$16.1B	operating income, four quarters summed
Depreciation & amortisation, last 4 quarters from the cash flow statement, four quarters summed	$1.0B	from the cash flow statement, four quarters summed
EBITDA, last 4 quarters EBIT + depreciation & amortisation	$17.1B	EBIT + depreciation & amortisation
Interest expense, last 4 quarters four quarters summed	$0.7B	four quarters summed
Debt to equity total debt / equity	2.81×	total debt / equity
Net debt to EBITDA net debt / EBITDA	0.66×	net debt / EBITDA
Interest coverage EBIT / interest expense	23.79×	EBIT / interest expense
Effective tax rate income tax / pretax income, kept within 0 to 50%	16.4%	income tax / pretax income, kept within 0 to 50%
NOPAT, last 4 quarters EBIT × (1 − effective tax rate)	$13.5B	EBIT × (1 − effective tax rate)
Invested capital, average total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2024)	$16.8B	total debt + equity − cash and short-term investments, mean of this quarter end and the one a year earlier (Mar 31, 2024)
Return on invested capital NOPAT / average invested capital	80.3%	NOPAT / average invested capital
Cost of debt, before tax interest / average total debt: the average coupon of the debt on the books, not today's market rate	3.9%	interest / average total debt: the average coupon of the debt on the books, not today's market rate
Cost of debt, after tax cost of debt before tax × (1 − effective tax rate)	3.3%	cost of debt before tax × (1 − effective tax rate)
Cost of equity risk-free rate + beta × equity risk premium	–needs market data	risk-free rate + beta × equity risk premium
Weighted average cost of capital cost of equity and after-tax cost of debt, weighted by market value	–needs market data	cost of equity and after-tax cost of debt, weighted by market value
Value creation spread ROIC − WACC	–needs market data	ROIC − WACC

Financial health

Quarter by quarter

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