Mastercard Incorporated
Financial Performance
Mastercard Revenue & Financials
Revenue
$32.8B (FY2025)
Market Cap
$495.4B
Net Income
$15B
Employees
39,800
What is Mastercard's revenue?
Mastercard had $32.8B in revenue for fiscal year 2025, up 16.4% from 2024. Net income was $15B.
- Latest revenue
- $32.8B (FY2025)
- Year-over-year
- +16.4%
- Growth rate (CAGR)
- 13.2% over 9 years
- Peak revenue
- $32.8B (FY2025)
- Years of data
- 10
- Employees
- 39,800
Financial Analysis
Mastercard's net revenue grew from $10.8 billion in 2016 to $32.8 billion in FY2025, with net income of $14.97 billion in FY2025, a net margin near 46%. Growth continued in 2026: second-quarter net revenue rose 14% to $9.28 billion and net income reached $4.39 billion, with a GAAP operating margin of 60.2%. Because incremental transactions cost little to process, most of that cash goes to share buybacks, dividends and acquisitions such as Recorded Future ($2.65 billion, 2024) and BVNK (up to $1.8 billion, 2026). Mastercard is a dominant force in the global payments industry, holding a market valuation generally exceeding $450 billion.
Revenue Trend Analysis
YoY Change
+16.4%
9-Year CAGR
+13.2%
Peak Year
2025
Trend
Consistent Growth
Mastercard Incorporated has 10 full fiscal year figures on this page, compounding at +13.2% annually over 9 years. The most recent year saw a 16.4% increase versus the prior year. Annual revenue peaked in fiscal year 2025 at $32.8B. Of 9 comparable year-over-year steps, 8 showed growth and 1 showed a decline.
Annual revenue history
| Fiscal Year | Revenue | Operating Income | Net Income | YoY Change | Source |
|---|---|---|---|---|---|
| FY2025 | $32.8B | $18.9Bfiling | $15B | +16.4% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2025-12-31. |
| FY2024 | $28.2B | $15.6Bfiling | $12.9B | +12.2% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2024-12-31. |
| FY2023 | $25.1B | $14Bfiling | $11.2B | +12.9% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2023-12-31. |
| FY2022 | $22.2B | $12.3Bfiling | $9.9B | +17.8% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2022-12-31. |
| FY2021 | $18.9B | $10.1Bfiling | $8.7B | +23.4% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2021-12-31. |
| FY2020 | $15.3B | $8.1Bfiling | $6.4B | -9.4% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2020-12-31. |
| FY2019 | $16.9B | $9.7Bfiling | $8.1B | +12.9% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2019-12-31. |
| FY2018 | $14.9B | $7.3Bfiling | $5.9B | +19.6% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2018-12-31. |
| FY2017 | $12.5B | $6.6Bfiling | $3.9B | +16.0% | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2017-12-31. |
| FY2016 | $10.8B | $5.8Bfiling | $4.1B | — | Mastercard Incorporated Form 10-K (SEC EDGAR) Fiscal year ended 2016-12-31. |
Click any row to see year details.
Mastercard Incorporated balance sheet and cash flow
Balance-sheet figures are as of each fiscal year end; cash-flow figures cover the fiscal year. Taken from the company's annual report on Form 10-K, linked on each row. Free cash flow here is operating cash flow less capital expenditures, calculated by CorpDigest.
| Fiscal Year | Operating cash flow | Capital expenditures | Total assets | Total liabilities | Shareholders' equity | Free cash flow | Source |
|---|---|---|---|---|---|---|---|
| FY2025ended Dec 31, 2025 | $17.6B | $489M | $54.2B | $46.4B | $7.7B | $17.2B | Form 10-K |
| FY2024ended Dec 31, 2024 | $14.8B | $474M | $48.1B | $41.6B | $6.5B | $14.3B | Form 10-K |
| FY2023ended Dec 31, 2023 | $12B | $371M | $42.4B | $35.5B | $6.9B | $11.6B | Form 10-K |
| FY2022ended Dec 31, 2022 | $11.2B | $442M | $38.7B | $32.3B | $6.3B | $10.8B | Form 10-K |
| FY2021ended Dec 31, 2021 | $9.5B | $407M | $37.7B | $30.3B | $7.3B | $9.1B | Form 10-K |
| FY2020ended Dec 31, 2020 | $7.2B | $339M | $33.6B | $27.1B | $6.4B | $6.9B | Form 10-K |
| FY2019ended Dec 31, 2019 | $8.2B | $422M | $29.2B | $23.2B | $5.9B | $7.8B | Form 10-K |
| FY2018ended Dec 31, 2018 | $6.2B | $330M | $24.9B | $19.4B | $5.4B | $5.9B | Form 10-K |
| FY2017ended Dec 31, 2017 | $5.7B | $300M | $21.3B | $15.8B | $5.5B | $5.4B | Form 10-K |
| FY2016ended Dec 31, 2016 | $4.6B | $215M | $18.7B | $13B | $5.7B | $4.4B | Form 10-K |
Keep researching Mastercard
Mastercard Revenue and Financial FAQ
What is Mastercard's annual gross dollar volume (GDV) and net revenue?
Mastercard Incorporated reported revenue of $32.8 billion for fiscal year 2025, up from $28.2 billion in fiscal 2024.
What are Mastercard's operating profit margins and net income?
Mastercard achieves notable corporate profitability, delivering operating profit margins (EBIT margin) of approximately 56% to 58% and generating annual GAAP net income between $11.5 billion and $12.5 billion.
What is Mastercard's market capitalization on the New York Stock Exchange?
Mastercard commands a market capitalization typically fluctuating between $420 billion and $480 billion USD (NYSE: MA), consistently ranking among the top 15 most valuable publicly traded corporations in the world.
What is Mastercard's capital return track record through dividends and buybacks?
Mastercard returns large capital to shareholders, allocating $10 billion to $12 billion annually through aggressive common share repurchases and regular quarterly cash dividends, having increased its annual dividend payout for over 12 consecutive years.
What is Mastercard's balance sheet strength and credit rating?
Mastercard holds premier investment-grade credit ratings (Aa3 from Moody's / A+ from S&P), maintaining over $8.5 billion in cash liquidity and an ultra-low net debt leverage profile.
How do cross-border transaction fees impact Mastercard's financials?
Cross-border fees contribute roughly 25% to 30% of total gross revenue. Surges in international tourism, cross-border business travel, and global e-commerce directly expand Mastercard's operating margins.
What are Mastercard's annual operating and capital expenditure investments?
Mastercard invests approximately $2.5 billion to $3.0 billion annually in technology R&D, cybersecurity defense systems, cloud modernization with Microsoft Azure, and capital expenditures (under $1.0 billion annually due to software scale).
What is Mastercard's transaction processing volume trajectory?
Mastercard processes over 140 billion switched transactions annually (averaging over 4,400 transactions per second), operating with 99.999% network uptime across its global data processing centers.
Is Mastercard financially successful?
Mastercard is one of the most profitable, highly efficient cash-generating machines in the history of capitalism. Because their fixed costs (server infrastructure) are relatively flat, every new transaction added to the network falls almost entirely to the bottom line, resulting in massive operating margins exceeding 50%. Their 2006 Initial Public Offering (IPO) is considered one of the absolute greatest performing stocks of the 21st century.
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Using these figures? Please credit CorpDigest with a link.
CorpDigest. "Mastercard Revenue & Financials." CorpDigest, https://corpdigest.com/company/mastercard/financials.<div style="font-family:system-ui,sans-serif;font-size:14px;line-height:1.5;border:1px solid #e2e8f0;border-radius:8px;padding:12px 16px;max-width:520px"><strong>Mastercard reported $32.8B in revenue (FY2025).</strong><br>Source: <a href="https://corpdigest.com/company/mastercard/financials" target="_blank" rel="noopener">CorpDigest — Mastercard financials</a></div>Related Financial Audits
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