Compare · MA and V
Mastercard vs. Visa
Revenue, growth, margins, cash flow and cash returned, side by side from each company's latest annual report.
Two card networks that don't issue the cards themselves. Below are the figures each one reported in its latest annual report (Form 10-K), side by side, with links to the filing behind every number. Visa's fiscal year ends on September 30 and Mastercard's on December 31, so the two years overlap by nine months. Why fiscal years differ.
Comparing Mastercard fiscal 2025 (ended Dec 31, 2025) with Visa fiscal 2025 (ended Sep 30, 2025)
MastercardVisa
Each pair of bars shows both companies on one scale. Their fiscal years end on different dates, so the periods overlap but aren't identical.
Revenue and growth
| Company | Prior year | Latest year | Change |
|---|---|---|---|
| Mastercard (FY2024 to FY2025) | $28.2B | $32.8B | +16.4% |
| Visa (FY2024 to FY2025) | $35.9B | $40.0B | +11.3% |
Mastercard reports net revenue: fees from the payment network and from value-added services, minus rebates and incentives paid to customers. Visa reports net revenue: fees for service, data processing, international transactions and other services, minus incentives paid to clients.
Margins
| Company | Revenue | Operating income | Operating margin | Net income | Net margin |
|---|---|---|---|---|---|
| Mastercard FY2025 | $32.8B | $18.9B | 57.6% | $15.0B | 45.6% |
| Visa FY2025 | $40.0B | $24.0B | 60.0% | $20.1B | 50.1% |
Margin is the profit line divided by revenue, worked out by Ticker Sage from the linked figures. What profit margins measure.
Cash flow and cash returned
| Company | Cash from operations | Capital spending | Free cash flow | Buybacks | Dividends paid |
|---|---|---|---|---|---|
| Mastercard FY2025 | $17.6B | $489M + $726M | $16.4B | $11.7B | $2.8B |
| Visa FY2025 | $23.1B | $1.5B | $21.6B | $18.3B | $4.6B |
Capital spending is property and equipment plus capitalized software for Mastercard, and property, equipment and technology for Visa, as each company labels it in the cash flow statement. Free cash flow isn't a GAAP line; Ticker Sage works it out the same way for both. How free cash flow works · How buybacks work · How dividends work.
How each one makes money
Mastercard
Banks issue Mastercard-branded cards and process merchant payments; Mastercard's network authorizes, clears and settles the transactions and charges fees for it. It reports that as payment network revenue.
Value-added services and solutions include cybersecurity and fraud prevention, data and analytics, consulting, loyalty programs and open-banking tools. Its fiscal year is the calendar year.
Visa
Banks issue Visa-branded cards and sign up merchants; Visa's network passes the transaction between them and settles it. Visa earns service revenue based on payment volume, data processing revenue for authorizing and clearing transactions, and international transaction revenue when the card and merchant are in different countries. It also sells value-added services such as fraud tools and consulting.
It pays incentives to clients to win and keep business, and those are subtracted from revenue. Its fiscal year ends on September 30.
Main risks each one lists
Mastercard
- Rules on interchange, surcharging and routing, and preference for local payment schemes, could cut revenue.
- Data, AI, anti-money-laundering and sanctions rules add cost and legal risk.
- Antitrust and interchange lawsuits could lead to large payments.
- Other networks, real-time payments, wallets and fintechs compete for transactions.
- Large, consolidating banks and merchants can push for better pricing and incentives.
Visa
- Rules on interchange, routing and card acceptance, and government moves to favor domestic payment systems, could cut revenue.
- Antitrust and interchange lawsuits in the US and Europe could lead to large payments or business changes.
- Other networks, real-time payment systems, digital wallets and new technology compete for transactions.
- Large banks and merchants can push for bigger incentives or lower costs.
- Spending and international travel drive volumes and fees.
How they differ
- Size. Visa reported $40.0B of revenue for fiscal 2025, and Mastercard $32.8B for fiscal 2025.
- Growth. Mastercard's revenue grew 16.4% in its latest year and Visa's 11.3%.
- Margins. Visa kept 50.1% of revenue as net income and Mastercard 45.6%.
- Fiscal calendar. Visa's year ends in September, Mastercard's in December, so news in one company's latest 10-K can be up to three months newer than in the other's.
- Share classes. Visa lists among its risks that conversion of its class B and C shares into class A could dilute existing holders.
- Where the money goes. Both spent more on buybacks than on dividends in the latest year: Visa $18.3B and $4.6B, Mastercard $11.7B and $2.8B.
Differences in size, growth or margin describe the past year only. None of this says which business will do better.
Sources
- Mastercard Form 10-K for fiscal 2025, filed Feb 11, 2026
- Visa Form 10-K for fiscal 2025, filed Nov 6, 2025
Mastercard company file → · Visa company file →
Common questions
Which is bigger by revenue, Visa or Mastercard?
Visa reported $40.0B of revenue for fiscal 2025 and Mastercard $32.8B for fiscal 2025. Their fiscal years end on different dates.
Do Mastercard and Visa issue credit cards?
No. In both companies' descriptions, banks issue the cards and sign up merchants; the networks authorize, clear and settle the transactions and charge fees for it.
How do their profit margins compare?
In the latest fiscal year Visa's net margin was 50.1% and Mastercard's was 45.6%, worked out from the net income and revenue in each 10-K.
Where do these numbers come from?
From each company's latest Form 10-K filed with the SEC. Every figure on this page links to the filing it came from.
Disclosures
- Editor holdings
- The editor holds no position in any company named on this page. As of Oct 25, 2026.
- Compensation
- Nobody paid for this page. No affiliate links on this page.
- Sources
- Each company's own SEC filings, linked next to each number.
- Last updated
- Oct 26, 2026
General education, the same for every reader. Not a recommendation to buy, sell or hold any security, and it doesn't consider your situation.
More in Learn · Methodology & Disclosures explains where every number comes from.