Boeing vs Mastercard: Revenue, Profit and Business Model
Boeing reported $89.5B of revenue in FY2025 and $2.2B of net income. Mastercard reported $32.8B of revenue in FY2025 and $15B of net income.
Latest financial snapshot
Boeing
- Latest revenue
- $89.5B (FY2025)
- Net income
- $2.2B
- Net margin
- 2.5%
- Revenue growth
- -0.5% a year, FY2016–FY2025
Mastercard
- Latest revenue
- $32.8B (FY2025)
- Net income
- $15B
- Net margin
- 45.6%
- Revenue growth
- +13.2% a year, FY2016–FY2025
Financial summary
Boeing
Boeing went from record revenue of $101.1 billion and a $10.5 billion profit in 2018 to six straight years of losses after the 737 MAX grounding, the pandemic, the 2024 door-plug blowout and a 53-day machinists' strike. The 2024 loss alone was $11.8 billion. To protect its investment-grade rating, Boeing raised about $24 billion of equity in October 2024 and sold Jeppesen, ForeFlight and other digital aviation assets to Thoma Bravo for $10.55 billion in 2025. FY2025 revenue rose 34% to $89.5 billion and net earnings returned to $2.2 billion, but that profit came from the $9.6 billion sale gain; Commercial Airplanes still lost $7.1 billion. In the first half of 2026 revenue rose 11% to $46.8 billion, the net loss narrowed to $435 million, and consolidated debt fell to $45.9 billion from $54.1 billion at the end of 2025.
Mastercard
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).
Revenue and profit by year
Boeing
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $89.5B | $2.2B | 2.5% | +34.5% | Source |
| FY2024 | $66.5B | -$11.8B | -17.8% | -14.5% | Source |
| FY2023 | $77.8B | -$2.2B | -2.9% | +16.8% | Source |
| FY2022 | $66.6B | -$4.9B | -7.4% | +6.9% | Source |
| FY2021 | $62.3B | -$4.2B | -6.7% | +7.1% | Source |
| FY2020 | $58.2B | -$11.9B | -20.4% | -24.0% | Source |
| FY2019 | $76.6B | -$636M | -0.8% | -24.3% | Source |
| FY2018 | $101.1B | $10.5B | 10.3% | +7.6% | Source |
| FY2017 | $94B | $8.5B | 9.0% | +0.5% | Source |
| FY2016 | $93.5B | $5B | 5.4% | — | Source |
Mastercard
| Year | Revenue | Net income | Margin | Growth | Source |
|---|---|---|---|---|---|
| FY2025 | $32.8B | $15B | 45.6% | +16.4% | Source |
| FY2024 | $28.2B | $12.9B | 45.7% | +12.2% | Source |
| FY2023 | $25.1B | $11.2B | 44.6% | +12.9% | Source |
| FY2022 | $22.2B | $9.9B | 44.7% | +17.8% | Source |
| FY2021 | $18.9B | $8.7B | 46.0% | +23.4% | Source |
| FY2020 | $15.3B | $6.4B | 41.9% | -9.4% | Source |
| FY2019 | $16.9B | $8.1B | 48.1% | +12.9% | Source |
| FY2018 | $14.9B | $5.9B | 39.2% | +19.6% | Source |
| FY2017 | $12.5B | $3.9B | 31.3% | +16.0% | Source |
| FY2016 | $10.8B | $4.1B | 37.7% | — | Source |
Where the revenue comes from
Boeing
- Commercial Airplanes
46% ($41.5B in 2025)
737 MAX, 767, 777/777X and 787 sales to airlines and lessors; revenue is recognized mostly at delivery, and the segment lost $7.1B from operations in 2025.
- Defense, Space & Security
30% ($27.2B in 2025)
Military aircraft, weapons, satellites and space systems for the U.S. government and allies, with a record $85B backlog at the end of 2025.
- Global Services
23% ($20.9B in 2025)
Parts, maintenance, modifications and training for commercial and government fleets; Boeing's most profitable segment.
Mastercard
- Payment network~59%
Assessments on gross dollar volume, transaction switching fees and cross-border fees, net of customer incentives. About $19.48 billion in FY2025.
- Value-added services and solutions~41%
Fraud and security, cyber and threat intelligence, data analytics, consulting, loyalty, open banking and processing services. Grew 23% in FY2025 to about $13.3 billion.
Business model and strategy
Boeing
How it makes money
Boeing earns money in three segments. Commercial Airplanes (BCA) designs, builds and sells the 737, 767, 777 and 787. Airlines and lessors pay deposits and progress payments over several years, but most of the price arrives at delivery, so revenue moves with delivery volume.
Growth strategy
Under Kelly Ortberg the plan is to stabilize first and grow second. Boeing runs a Safety & Quality Plan with key performance indicators for each factory and raises 737 and 787 rates only when those metrics and the FAA allow it.
Competitive advantage
Boeing's advantages are hard to copy: a century of certification know-how, a global installed fleet that keeps buying parts and services, and a backlog of more than 6,200 commercial airplanes worth $597 billion at June 30, 2026. Only Airbus builds comparable large jets, and with both makers sold out for years, airlines that need aircraft this decade order from both. In defense, Boeing now holds both U.S.
Mastercard
How it makes money
Mastercard earns money in two ways. Payment network revenue ($19.48 billion in FY2025, about 59% of net revenue) comes from assessments based on gross dollar volume, fees for switching transactions, and higher-yield cross-border fees, reduced by incentives paid to issuers and merchants.
Growth strategy
Mastercard's growth plan rests on three levers: moving more consumer spending from cash to cards and tokenized digital wallets, capturing new flows such as B2B payments, disbursements and cross-border remittances, and selling more services that are not tied to card volume. Services grew 23% in FY2025, faster than the network.
Competitive advantage
Mastercard's advantage is a two-sided network that took decades to build: about 3.7 billion Mastercard and Maestro cards issued by partners and acceptance at tens of millions of merchant locations worldwide. A new rival would need both sides at once. That scale also feeds its fraud models, tokenization service and data products, which makes the services business harder to copy.
Questions about Boeing vs Mastercard
Which company has higher revenue — The Boeing Company or Mastercard Incorporated?
The Boeing Company reported $89.5B (FY2025), while Mastercard Incorporated reported $32.8B (FY2025). By last reported revenue, The Boeing Company is the larger business, with Mastercard Incorporated reporting a smaller revenue base.
What is the market cap of The Boeing Company vs Mastercard Incorporated?
The Boeing Company's market capitalisation stands at $148.0B, while Mastercard Incorporated's is $495.4B. Mastercard Incorporated carries the higher market valuation, reflecting investors' expectations of its future earnings power relative to The Boeing Company.
Which is more financially efficient — The Boeing Company or Mastercard Incorporated?
The Boeing Company generates $492k / employee in revenue per employee, while Mastercard Incorporated generates $824k / employee. Mastercard Incorporated shows higher revenue efficiency per headcount, though this reflects business model differences — capital-light software companies routinely outperform labour-intensive manufacturers on this metric.
How do The Boeing Company and Mastercard Incorporated make money?
The Boeing Company and Mastercard Incorporated generate revenue in fundamentally different ways. The Boeing Company: Boeing earns money in three segments. Mastercard Incorporated: Mastercard earns money in two ways.
Which company is valued higher relative to revenue — The Boeing Company or Mastercard Incorporated?
On a price-to-sales (P/S) basis, The Boeing Company trades at 1.7x P/S and Mastercard Incorporated at 15.1x P/S. Mastercard Incorporated commands a higher revenue multiple, typically indicating that investors expect faster growth or higher future margins compared to The Boeing Company. A higher multiple is not inherently better — it may also signal that the stock is priced for perfection.
Is The Boeing Company bigger than Mastercard Incorporated?
By last reported revenue, The Boeing Company ($89.5B (FY2025)) is the larger company compared to Mastercard Incorporated ($32.8B (FY2025)). Revenue scale is one dimension of size — market capitalisation, employee count, and geographic reach are also relevant depending on the context.
Figures come from each company's filings and the sources linked beside them. Amounts reported in another currency are shown in US dollars at an approximate rate and marked with ~. Back to the Boeing vs Mastercard overview