Mastercard Incorporated, a technology company, provides transaction processing and other payment-related products and services in the United States and internationally. The company offers products and services for account holders, merchants, financial institutions, digital partners, businesses, governments, and other organizations, such as programs that enable issuers to provide consumers with credits to defer payments; payment products and solutions that allow its customers to access funds in deposit and other accounts; prepaid programs services; consumer bill payment services; and commercial credit, debit, and prepaid payment products and solutions. It also provides solutions that enable businesses or governments to make payments to businesses, including Virtual Card Number, which is generated dynamically from an existing account and leverages the credit limit of the funding account; and a platform to optimize supplier payment enablement campaigns for financial institutions. In addition, the company offers Mastercard Move, which partners with digital messaging and payment platforms to enable consumers to send money directly within applications to other consumers; and partners with central banks, fintechs, and financial institutions, as well as enables various cross-border payment flows. Further, it provides security solutions; marketing, personalization, and issuer and merchant loyalty services; business and operational intelligence, advanced analytics and AI, consulting and agentic solutions, and payments and portfolio optimization; digital and authentication; processing and gateway solutions; and other solutions. The company offers payment solutions and services under the MasterCard, Maestro, and Cirrus names. Mastercard Incorporated was founded in 1966 and is headquartered in Purchase, New York.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $32.8B | $20.4B | $15.0B | $16.4B | 193.5% | 16.4% | 16.3% |
| 2024 | $28.2B | $16.8B | $12.9B | $13.6B | 198.5% | 12.2% | 15.0% |
| 2023 | $25.1B | $15.0B | $11.2B | $10.9B | 161.6% | 12.9% | 12.7% |
| 2022 | $22.2B | $13.0B | $9.9B | $10.1B | 157.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 22,237 | 25,098 | 28,167 | 32,791 |
| Operating Revenue | - | 22,237 | 25,098 | 28,167 | 32,791 |
| Cost Of Revenue | - | 5,263 | 6,022 | 6,673 | 7,251 |
| Gross Profit | - | 16,974 | 19,076 | 21,494 | 25,540 |
| Operating Expense | - | 4,252 | 4,446 | 5,167 | 6,026 |
| Selling General And Administration | - | 3,502 | 3,647 | 4,270 | 4,883 |
| Total Expenses | - | 9,515 | 10,468 | 11,840 | 13,277 |
| Operating Income | - | 12,722 | 14,630 | 16,327 | 19,514 |
| Total Operating Income As Reported | - | 12,264 | 14,008 | 15,582 | 18,897 |
| EBITDA | - | 12,953 | 15,013 | 16,797 | 20,443 |
| Normalized EBITDA | - | 13,495 | 15,422 | 17,244 | 20,823 |
| EBIT | - | 12,203 | 14,214 | 15,900 | 19,300 |
| Interest Expense | - | 471 | 575 | 646 | 722 |
| Net Interest Income | - | -471 | -575 | -646 | -722 |
| Other Non Operating Income Expenses | - | 23 | -7 | 20 | 166 |
| Other Income Expense | - | -519 | -416 | -427 | -214 |
| Interest Expense Non Operating | - | 471 | 575 | 646 | 722 |
| Net Non Operating Interest Income Expense | - | -471 | -575 | -646 | -722 |
| Pretax Income | - | 11,732 | 13,639 | 15,254 | 18,578 |
| Tax Provision | - | 1,802 | 2,444 | 2,380 | 3,610 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -83.47 | -73.21 | -69.74 | -73.84 |
| Net Income Continuous Operations | - | 9,930 | 11,195 | 12,874 | 14,968 |
| Net Income From Continuing And Discontinued Operation | - | 9,930 | 11,195 | 12,874 | 14,968 |
| Net Income From Continuing Operation Net Minority Interest | - | 9,930 | 11,195 | 12,874 | 14,968 |
| Net Income | - | 9,930 | 11,195 | 12,874 | 14,968 |
| Net Income Common Stockholders | - | 9,930 | 11,195 | 12,874 | 14,968 |
| Net Income Including Noncontrolling Interests | - | 9,930 | 11,195 | 12,874 | 14,968 |
| Normalized Income | - | 10,388.53 | 11,530.79 | 13,251.26 | 15,274.16 |
| Diluted NI Availto Com Stockholders | - | 9,930 | 11,195 | 12,874 | 14,968 |
| Basic Average Shares | - | 968 | 944 | 925 | 905 |
| Diluted Average Shares | - | 971 | 946 | 927 | 906 |
| Reconciled Depreciation | - | 750 | 799 | 897 | 1,143 |
| Reconciled Cost Of Revenue | - | 5,263 | 6,022 | 6,673 | 7,251 |
| Total Unusual Items | - | -542 | -409 | -447 | -380 |
| Total Unusual Items Excluding Goodwill | - | -542 | -409 | -447 | -380 |
| Special Income Charges | - | -356 | -539 | -680 | -504 |
| Other Special Charges | - | 356 | 539 | 680 | 504 |
| Gain On Sale Of Security | - | -186 | 130 | 233 | 124 |
| Depreciation Amortization Depletion Income Statement | - | 750 | 799 | 897 | 1,143 |
| Depreciation And Amortization In Income Statement | - | 750 | 799 | 897 | 1,143 |
| General And Administrative Expense | - | 2,713 | 2,822 | 3,455 | 3,954 |
| Other Gand A | - | 2,713 | 2,822 | 3,455 | 3,954 |
| Selling And Marketing Expense | - | 789 | 825 | 815 | 929 |
Financial Services sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Mastercard Incorporatedthis co. | MA | $425.7B | 28.44β premium | 55.02 | 193.5% | 21.22 |
| Visa Inc. | V | $608.9B | 30.67 | 16.06 | 52.4% | 23.65 |
| Bank of America Corporation | BAC | $384.4B | 12.60 | 1.39 | 11.0% | - |
| Morgan Stanley | MS | $344.3B | 20.42 | 3.38 | 16.5% | - |
| The Goldman Sachs Group, Inc. | GS | $322.3B |
| - |
| - |
| - |
| - |
| - |
| - |
| 19.77 |
| 2.58 |
| 13.0% |
| - |
| Wells Fargo & Company | WFC | $249.8B | 11.71 | 1.52 | 13.0% | - |
| Citigroup Inc. | C | $230.5B | 17.70 | 1.09 | 6.1% | - |
| American Express Company | AXP | $213.2B | 19.68 | 6.37 | 32.4% | - |
| BlackRock, Inc. | BLK | $166.5B | 29.99 | 2.98 | 9.9% | 18.17 |
| Peer Median | - | 19.73 | 2.78 | 13.0% | 20.91 | |