Income Statement Mastercard, Inc.

Equities

MA

US57636Q1040

Internet Services

Market Closed - Nyse Other stock markets 21:00:02 16/01/2026 GMT			5-day change	1st Jan Change
539.49 ^USD	-0.58%		-6.26%	-5.50%

01-17	How can a stock fall despite strong results?
01-16	PRESS DIGEST-Financial Times - January 16	RE

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Published financial data: MASTERCARD, INC.

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: December	2020	2021	2022	2023	2024
Revenues	15.3B	18.88B	22.24B	25.1B	28.17B
Total Revenues	15.3B	18.88B	22.24B	25.1B	28.17B
Gross Profit	15.3B	18.88B	22.24B	25.1B	28.17B
Selling General & Admin Expenses, Total	6.56B	7.89B	8.86B	9.75B	10.82B
Depreciation & Amortization - (IS)	580M	726M	750M	799M	897M
Other Operating Expenses, Total	7.14B	8.62B	9.61B	10.55B	11.72B
Operating Income	8.16B	10.27B	12.62B	14.55B	16.45B
Interest Expense, Total	-380M	-431M	-471M	-575M	-646M
Interest And Investment Income	24M	11M	61M	274M	327M
Net Interest Expenses	-356M	-420M	-410M	-301M	-319M
Other Non Operating Income (Expenses)	-3M	-10M	19M	-6M	20M
EBT, Excl. Unusual Items	7.8B	9.84B	12.23B	14.24B	16.15B
Restructuring Charges	-	-	-	-	-190M
Gain (Loss) On Sale Of Investments	30M	645M	-145M	-61M	-29M
Legal Settlements	-73M	-94M	-356M	-539M	-680M
Other Unusual Items	-	-82M	-	-	-
EBT, Incl. Unusual Items	7.76B	10.31B	11.73B	13.64B	15.25B
Income Tax Expense	1.35B	1.62B	1.8B	2.44B	2.38B
Earnings From Continuing Operations	6.41B	8.69B	9.93B	11.2B	12.87B
Net Income to Company	6.41B	8.69B	9.93B	11.2B	12.87B
Net Income - (IS)	6.41B	8.69B	9.93B	11.2B	12.87B
Net Income to Common Incl Extra Items	6.41B	8.69B	9.93B	11.2B	12.87B
Net Income to Common Excl. Extra Items	6.41B	8.69B	9.93B	11.2B	12.87B
Per Share Items
Net EPS - Basic	6.4	8.79	10.26	11.86	13.92
Basic EPS - Continuing Operations	6.4	8.79	10.26	11.86	13.92
Basic Weighted Average Shares Outstanding	1B	988M	968M	944M	925M
Net EPS - Diluted	6.37	8.76	10.22	11.83	13.89
Diluted EPS - Continuing Operations	6.37	8.76	10.22	11.83	13.89
Diluted Weighted Average Shares Outstanding	1.01B	992M	971M	946M	927M
Normalized Basic EPS	4.87	6.22	7.9	9.43	10.91
Normalized Diluted EPS	4.85	6.2	7.87	9.41	10.89
Dividend Per Share	1.64	1.81	2.04	2.37	2.74
Payout Ratio	25.04	20.04	19.16	19.28	19.02
American Depositary Receipts Ratio (ADR)	0.03	0.03	0.03	0.03	0.03
Supplemental Items
EBITDA	8.74B	10.99B	13.37B	15.34B	17.35B
EBITA	8.46B	10.69B	13.04B	15B	16.98B
EBIT	8.16B	10.27B	12.62B	14.55B	16.45B
EBITDAR	-	-	-	-	-
Effective Tax Rate - (Ratio)	17.38	15.72	15.36	17.92	15.6
Current Domestic Taxes	495M	714M	1.16B	1.12B	1.24B
Current Foreign Taxes	781M	976M	1.3B	1.56B	1.67B
Total Current Taxes	1.28B	1.69B	2.45B	2.68B	2.91B
Deferred Domestic Taxes	115M	-35M	-701M	-198M	-211M
Deferred Foreign Taxes	-42M	-35M	50M	-39M	-316M
Total Deferred Taxes	73M	-70M	-651M	-237M	-527M
Normalized Net Income	4.88B	6.15B	7.65B	8.9B	10.1B
Non-Cash Pension Expense	-9M	-11M	-5M	0	-
Supplemental Operating Expense Items
Advertising Expense	657M	895M	789M	825M	815M
Selling and Marketing Expenses	657M	895M	789M	825M	815M
General and Administrative Expenses	5.91B	7B	8.08B	8.93B	10B
Net Rental Expense, Total	-	-	-	-	-
Imputed Operating Lease Interest Expense	-	-	-	-	-
Imputed Operating Lease Depreciation	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	254M	273M	295M	460M	526M
Total Stock-Based Compensation	254M	273M	295M	460M	526M

Fiscal Period: December	2020	2021	2022	2023	2024
Assets
Cash And Equivalents	10.11B	7.42B	7.01B	8.59B	8.44B
Short Term Investments	483M	473M	400M	592M	330M
Total Cash And Short Term Investments	10.6B	7.89B	7.41B	9.18B	8.77B
Accounts Receivable, Total	4.35B	3.01B	3.42B	4.06B	3.77B
Total Receivables	4.35B	3.01B	3.42B	4.06B	3.77B
Restricted Cash	586M	586M	589M	-	492M
Other Current Assets, Total	3.58B	5.46B	5.18B	5.72B	6.69B
Total Current Assets	19.11B	16.95B	16.61B	18.96B	19.72B
Gross Property Plant And Equipment	3.29B	3.52B	3.91B	4.3B	4.53B
Accumulated Depreciation	-1.39B	-1.61B	-1.9B	-2.24B	-2.39B
Net Property Plant And Equipment	1.9B	1.91B	2.01B	2.06B	2.14B
Long-term Investments	1.17B	1.83B	1.73B	1.73B	1.61B
Goodwill	4.96B	7.66B	7.52B	7.66B	9.19B
Other Intangibles, Total	1.75B	3.67B	3.86B	4.09B	5.45B
Deferred Tax Assets Long-Term	491M	486M	1.15B	1.36B	1.61B
Deferred Charges Long-Term	3.22B	3.8B	4.58B	5.17B	6.55B
Other Long-Term Assets, Total	973M	1.36B	1.27B	1.43B	1.8B
Total Assets	33.58B	37.67B	38.72B	42.45B	48.08B
Liabilities
Accounts Payable, Total	527M	738M	926M	834M	929M
Accrued Expenses, Total	5.23B	6.31B	7.52B	8.03B	9.94B
Current Portion of Long-Term Debt	649M	792M	274M	1.34B	750M
Current Portion of Leases	125M	127M	140M	142M	133M
Current Income Taxes Payable	208M	337M	279M	486M	454M
Unearned Revenue Current, Total	355M	482M	434M	459M	890M
Other Current Liabilities	4.76B	4.38B	4.59B	4.97B	6.12B
Total Current Liabilities	11.85B	13.16B	14.17B	16.26B	19.22B
Long-Term Debt	12.02B	13.11B	13.75B	14.34B	17.48B
Long-Term Leases	726M	645M	630M	633M	627M
Unearned Revenue Non Current	143M	180M	248M	318M	449M
Pension & Other Post Retirement Benefits	81M	72M	46M	52M	-
Deferred Tax Liability Non Current	86M	395M	393M	369M	317M
Other Non Current Liabilities	2.16B	2.69B	3.11B	3.47B	3.48B
Total Liabilities	27.07B	30.26B	32.35B	35.45B	41.57B
Additional Paid In Capital	4.98B	5.06B	5.3B	5.89B	6.44B
Retained Earnings	38.75B	45.65B	53.61B	62.56B	72.91B
Treasury Stock	-36.66B	-42.59B	-51.35B	-60.43B	-71.43B
Comprehensive Income and Other	-680M	-809M	-1.25B	-1.1B	-1.43B
Total Common Equity	6.39B	7.31B	6.3B	6.93B	6.48B
Minority Interest	126M	100M	79M	68M	30M
Total Equity	6.52B	7.41B	6.38B	7B	6.52B
Total Liabilities And Equity	33.58B	37.67B	38.72B	42.45B	48.08B
Supplemental Items
ECS Total Shares Outstanding on Filing Date	993M	977M	953M	933M	912M
ECS Total Common Shares Outstanding	995M	980M	956M	934M	914M
Book Value / Share	6.42	7.46	6.59	7.41	7.1
Tangible Book Value	-322M	-4.02B	-5.08B	-4.82B	-8.16B
Tangible Book Value Per Share	-0.32	-4.1	-5.32	-5.15	-8.93
Total Debt	13.52B	14.67B	14.79B	16.46B	18.99B
Net Debt	2.45B	6.15B	6.99B	6.77B	9.98B
Debt Equivalent of Unfunded Proj. Benefit Obligation	-13M	-92M	-38M	-29M	-44M
Debt Equivalent Oper. Leases	-	-	-	-	-
Minority Interest, Total (Incl. Fin. Div)	126M	100M	79M	68M	30M
Equity Method Investments, Total	539M	255M	244M	215M	230M
Account Code - Inventory Valuation	3	3	3	3	3
Buildings, Total	522M	615M	652M	678M	709M
Machinery, Total	1.42B	1.55B	1.81B	2.03B	2.22B
Full Time Employees	21K	24K	29.9K	33.4K	35.3K
Assets under Capital Lease - Gross	-	-	-	-	-
Assets under Capital Lease - Accumulated Depreciation	-	-	-	-	-

Fiscal Period: December	2020	2021	2022	2023	2024
Net Income	6.41B	8.69B	9.93B	11.2B	12.87B
Depreciation & Amortization - CF	400M	424M	473M	483M	519M
Amortization of Goodwill and Intangible Assets - (CF)	303M	424M	414M	457M	523M
Depreciation & Amortization, Total	703M	848M	887M	940M	1.04B
Amortization of Deferred Charges, Total - (CF)	1.07B	1.37B	1.59B	1.62B	1.83B
(Gain) Loss From Sale Of Asset	-	-	-	-	-
(Gain) Loss on Sale of Investments - (CF)	-30M	-645M	145M	61M	29M
Stock-Based Compensation (CF)	254M	273M	295M	460M	526M
Other Operating Activities, Total	-36M	-155M	-744M	-355M	-481M
Change In Accounts Receivable	1.2B	-7M	-433M	-546M	186M
Change In Accounts Payable	26M	100M	190M	-99M	75M
Change In Income Taxes	-39M	-139M	-109M	-300M	-328M
Change in Other Net Operating Assets	-2.34B	-870M	-552M	-998M	-973M
Cash from Operations	7.22B	9.46B	11.2B	11.98B	14.78B
Capital Expenditure	-339M	-407M	-442M	-371M	-474M
Cash Acquisitions	-989M	-4.44B	-313M	-	-2.51B
Sale (Purchase) of Intangible assets	-369M	-407M	-655M	-717M	-720M
Investment in Marketable and Equity Securities, Total	-10M	-55M	-57M	-257M	306M
Other Investing Activities, Total	-172M	33M	-3M	-6M	-3M
Cash from Investing	-1.88B	-5.27B	-1.47B	-1.35B	-3.4B
Long-Term Debt Issued, Total	3.96B	2.02B	1.12B	1.55B	3.96B
Total Debt Issued	3.96B	2.02B	1.12B	1.55B	3.96B
Long-Term Debt Repaid, Total	-	-650M	-724M	-	-1.34B
Total Debt Repaid	-	-650M	-724M	-	-1.34B
Issuance of Common Stock	97M	61M	90M	237M	224M
Repurchase of Common Stock	-4.62B	-6.04B	-8.89B	-9.12B	-11.21B
Common Dividends Paid	-1.6B	-1.74B	-1.9B	-2.16B	-2.45B
Common & Preferred Stock Dividends Paid	-1.6B	-1.74B	-1.9B	-2.16B	-2.45B
Other Financing Activities, Total	20M	-212M	-20M	-	-23M
Cash from Financing	-2.15B	-6.56B	-10.33B	-9.49B	-10.84B
Foreign Exchange Rate Adjustments	257M	-153M	-103M	128M	-199M
Net Change in Cash	3.45B	-2.52B	-706M	1.27B	343M
Supplemental Items
Cash Interest Paid	311M	399M	414M	477M	571M
Cash Income Tax Paid (Refund)	1.35B	1.82B	2.51B	2.75B	3.25B
Levered Free Cash Flow	6.17B	8.46B	10.64B	11.11B	14.46B
Unlevered Free Cash Flow	6.41B	8.73B	10.93B	11.47B	14.87B
Change In Net Working Capital	16M	-632M	-1.37B	-445M	-2.38B
Net Debt Issued / Repaid	3.96B	1.37B	399M	1.55B	2.62B

Fiscal Period: December	2020	2021	2022	2023	2024
Profitability
Return on Assets	16.24	18.01	20.66	22.4	22.72
Return on Total Capital	28.89	30.47	36.48	40.75	42.01
Return On Equity %	102.51	124.73	144.03	167.41	190.56
Return on Common Equity	104.38	126.79	145.92	169.27	191.95
Margin Analysis
Gross Profit Margin %	100	100	100	100	100
SG&A Margin	42.87	41.78	39.86	38.86	38.41
EBITDA Margin %	57.13	58.22	60.14	61.14	61.59
EBITA Margin %	55.32	56.62	58.63	59.78	60.27
EBIT Margin %	53.34	54.37	56.77	57.96	58.41
Income From Continuing Operations Margin %	41.9	46	44.66	44.61	45.71
Net Income Margin %	41.9	46	44.66	44.61	45.71
Net Avail. For Common Margin %	41.9	46	44.66	44.61	45.71
Normalized Net Income Margin	31.87	32.56	34.38	35.46	35.84
Levered Free Cash Flow Margin	40.32	44.79	47.84	44.27	51.35
Unlevered Free Cash Flow Margin	41.87	46.22	49.16	45.7	52.78
Asset Turnover
Asset Turnover	0.49	0.53	0.58	0.62	0.62
Fixed Assets Turnover	8.2	9.92	11.37	12.34	13.42
Receivables Turnover (Average Receivables)	3.1	6.68	6.92	6.71	7.19
Short Term Liquidity
Current Ratio	1.61	1.29	1.17	1.17	1.03
Quick Ratio	1.26	0.83	0.76	0.81	0.65
Operating Cash Flow to Current Liabilities	0.61	0.72	0.79	0.74	0.77
Days Sales Outstanding (Average Receivables)	117.94	54.62	52.78	54.43	50.89
Long Term Solvency
Total Debt/Equity	207.5	197.96	231.97	235.19	291.42
Total Debt / Total Capital	67.48	66.44	69.88	70.17	74.45
LT Debt/Equity	195.63	185.56	225.48	214.05	277.87
Long-Term Debt / Total Capital	63.62	62.28	67.92	63.86	70.99
Total Liabilities / Total Assets	80.59	80.32	83.53	83.52	86.45
EBIT / Interest Expense	21.48	23.82	26.8	25.3	25.47
EBITDA / Interest Expense	23.01	25.51	28.39	26.69	26.86
(EBITDA - Capex) / Interest Expense	22.11	24.56	27.46	26.04	26.12
Total Debt / EBITDA	1.55	1.33	1.11	1.07	1.09
Net Debt / EBITDA	0.28	0.56	0.52	0.44	0.58
Total Debt / (EBITDA - Capex)	1.61	1.39	1.14	1.1	1.13
Net Debt / (EBITDA - Capex)	0.29	0.58	0.54	0.45	0.59
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-9.37	23.42	17.76	12.87	12.23
Gross Profit, 1 Yr. Growth %	-9.37	23.42	17.76	12.87	12.23
EBITDA, 1 Yr. Growth %	-14.2	25.76	21.65	14.74	13.05
EBITA, 1 Yr. Growth %	-14.94	26.31	21.94	15.07	13.14
EBIT, 1 Yr. Growth %	-15.57	25.8	22.94	15.22	13.1
Earnings From Cont. Operations, 1 Yr. Growth %	-21.03	35.5	14.31	12.74	15
Net Income, 1 Yr. Growth %	-21.03	35.5	14.31	12.74	15
Normalized Net Income, 1 Yr. Growth %	-18.41	26.08	24.34	16.4	13.44
Diluted EPS Before Extra, 1 Yr. Growth %	-19.77	37.52	16.67	15.75	17.41
Accounts Receivable, 1 Yr. Growth %	-21	13.61	13.94	18.54	-7.07
Net Property, Plant and Equip., 1 Yr. Growth %	4.05	0.26	5.19	2.74	3.74
Total Assets, 1 Yr. Growth %	14.87	12.16	2.8	9.62	13.27
Tangible Book Value, 1 Yr. Growth %	-170.77	1.15K	26.41	-5.23	69.42
Common Equity, 1 Yr. Growth %	8.45	14.41	-13.87	10.02	-6.41
Cash From Operations, 1 Yr. Growth %	-11.72	30.99	18.3	7.01	23.37
Capital Expenditures, 1 Yr. Growth %	-19.67	20.06	8.6	-16.06	27.76
Levered Free Cash Flow, 1 Yr. Growth %	-4.48	37.11	25.77	4.45	30.17
Unlevered Free Cash Flow, 1 Yr. Growth %	-2.9	36.23	25.26	4.92	29.61
Dividend Per Share, 1 Yr. Growth %	17.99	10.37	12.71	16.18	15.61
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	1.17	5.76	20.55	15.28	12.55
Gross Profit, 2 Yr. CAGR %	1.17	5.76	20.55	15.28	12.55
EBITDA, 2 Yr. CAGR %	-0.76	3.88	23.69	18.14	13.63
EBITA, 2 Yr. CAGR %	-1.18	3.65	24.11	18.46	13.83
EBIT, 2 Yr. CAGR %	-1.53	3.06	24.37	19.02	13.88
Earnings From Cont. Operations, 2 Yr. CAGR %	4.6	3.45	24.45	13.52	13.86
Net Income, 2 Yr. CAGR %	4.6	3.45	24.45	13.52	13.86
Normalized Net Income, 2 Yr. CAGR %	-3.23	1.42	25.21	20.31	14.6
Diluted EPS Before Extra, 2 Yr. CAGR %	6.65	5.04	26.66	16.21	16.58
Accounts Receivable, 2 Yr. CAGR %	-4.06	-26.13	13.77	16.22	4.96
Net Property, Plant and Equip., 2 Yr. CAGR %	43.71	2.14	2.7	3.96	3.24
Total Assets, 2 Yr. CAGR %	16.23	13.51	7.38	6.15	11.43
Tangible Book Value, 2 Yr. CAGR %	-53.67	197.28	297.31	9.45	26.71
Common Equity, 2 Yr. CAGR %	8.84	11.39	-0.73	-2.65	1.47
Cash From Operations, 2 Yr. CAGR %	7.74	7.54	24.49	12.52	14.9
Capital Expenditures, 2 Yr. CAGR %	1.35	-1.79	14.19	-4.52	3.56
Levered Free Cash Flow, 2 Yr. CAGR %	-6.48	14.44	31.32	14.61	16.39
Unlevered Free Cash Flow, 2 Yr. CAGR %	-5.47	15.01	30.63	14.64	16.41
Dividend Per Share, 2 Yr. CAGR %	23.23	14.11	11.53	14.43	15.89
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	6.98	8.1	9.62	17.93	14.26
Gross Profit, 3 Yr. CAGR %	6.98	8.1	9.62	17.93	14.26
EBITDA, 3 Yr. CAGR %	6.46	7.39	9.49	20.63	16.42
EBITA, 3 Yr. CAGR %	6.23	7.25	9.42	21.02	16.66
EBIT, 3 Yr. CAGR %	6.23	6.85	9.3	21.24	17.02
Earnings From Cont. Operations, 3 Yr. CAGR %	17.87	14.03	6.95	20.42	14.01
Net Income, 3 Yr. CAGR %	17.87	14.03	6.95	20.42	14.01
Normalized Net Income, 3 Yr. CAGR %	5.19	5.69	8.55	22.2	17.97
Diluted EPS Before Extra, 3 Yr. CAGR %	20.4	16.08	8.78	22.92	16.61
Accounts Receivable, 3 Yr. CAGR %	9.24	-14.01	-14.65	15.34	7.87
Net Property, Plant and Equip., 3 Yr. CAGR %	31.89	27.46	3.15	2.71	3.88
Total Assets, 3 Yr. CAGR %	16.34	14.86	9.82	8.12	8.48
Tangible Book Value, 3 Yr. CAGR %	-37.41	38.91	123.55	146.4	26.61
Common Equity, 3 Yr. CAGR %	5.34	10.67	2.24	2.73	-3.92
Cash From Operations, 3 Yr. CAGR %	8.45	14.99	11.01	18.37	16.02
Capital Expenditures, 3 Yr. CAGR %	4.16	7.24	1.56	3.05	5.21
Levered Free Cash Flow, 3 Yr. CAGR %	1.99	6.24	18.1	21.67	19.58
Unlevered Free Cash Flow, 3 Yr. CAGR %	2.71	6.78	18.33	21.43	19.43
Dividend Per Share, 3 Yr. CAGR %	21.69	18.78	13.64	13.06	14.82
Compound Annual Growth Rate Over Five Years
Total Revenues, 5 Yr. CAGR %	9.62	11.87	12.22	10.92	10.78
Gross Profit, 5 Yr. CAGR %	9.62	11.87	12.22	10.92	10.78
EBITDA, 5 Yr. CAGR %	9.38	11.96	13.04	11.57	11.23
EBITA, 5 Yr. CAGR %	9.19	11.89	13.05	11.6	11.27
EBIT, 5 Yr. CAGR %	9.36	11.81	13.14	11.56	11.22
Earnings From Cont. Operations, 5 Yr. CAGR %	10.98	16.44	20.46	13.83	9.66
Net Income, 5 Yr. CAGR %	10.98	16.44	20.46	13.83	9.66
Normalized Net Income, 5 Yr. CAGR %	8.89	11.29	12.78	11.31	11.05
Diluted EPS Before Extra, 5 Yr. CAGR %	13.72	18.88	22.87	16.13	11.83
Accounts Receivable, 5 Yr. CAGR %	15.43	3.92	0.52	-3	-7.29
Net Property, Plant and Equip., 5 Yr. CAGR %	23.02	21.07	19.33	17.48	3.18
Total Assets, 5 Yr. CAGR %	15.63	15.07	12.67	11.29	10.46
Tangible Book Value, 5 Yr. CAGR %	-37.34	4.82	31.09	26.28	78.13
Common Equity, 5 Yr. CAGR %	1.18	5.27	2.87	5.13	1.93
Cash From Operations, 5 Yr. CAGR %	11.99	15.33	14.6	14	12.55
Capital Expenditures, 5 Yr. CAGR %	13.88	13.61	8.06	2.37	2.35
Levered Free Cash Flow, 5 Yr. CAGR %	6.06	11.52	12.84	9.52	17.5
Unlevered Free Cash Flow, 5 Yr. CAGR %	6.69	11.95	13.08	9.86	17.64
Dividend Per Share, 5 Yr. CAGR %	19.61	18.03	17.52	17.02	14.54