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Company file · MA

Mastercard

Value-added services now bring in two of every five dollars at Mastercard

Services such as fraud tools, data analytics and consulting earned $13.3B in 2025, 41% of net revenue, and grew faster than the payment network. Total net revenue rose 16.4% to $32.8B.

Prepared from SEC filings · Latest annual report: 10-K for FY2025 (filed Feb 11, 2026) · Latest quarter: 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026) · Data pulled Oct 25, 2026

Key facts

In fiscal 2025, which ended Dec 31, 2025, Mastercard (NYSE: MA) took in $32.8B of net revenue (up 16.4% on fiscal 2024); net income was $15.0B (up 16.3%). The most recent quarter, ended Jun 30, 2026, brought net revenue of $9.3B, up 14.1% year over year, with net income of $4.4B. Payment network was the biggest single line by type: 59% of fiscal 2025 net revenue. Sources: 10-K for fiscal 2025 (filed Feb 11, 2026) and 10-Q for the quarter ended Jun 30, 2026 (filed Jul 30, 2026).

Net revenue$32.8BFY2025 · +16.4% vs FY2024
Net income$15.0BFY2025 · +16.3% vs FY2024
Operating cash flow$17.6BFY2025 · +19.4% vs FY2024
Cash & equivalents$11.3Bat Jun 30, 2026 · +6.9% vs FY2025 end
Total debt$24.6Bat Jun 30, 2026 · +29.7% vs FY2025 end
Diluted shares0.91BFY2025 avg · −2.3% vs FY2024
Net revenue and net income, three fiscal yearsBy fiscal year, $bn
Net revenueNet income
Net revenue and net income by fiscal yearNet revenue FY2023: $25.1B25.1Net income FY2023: $11.2B11.2FY2023Net revenue FY2024: $28.2B28.2Net income FY2024: $12.9B12.9FY2024Net revenue FY2025: $32.8B32.8Net income FY2025: $15.0B15.0FY2025

Source: 10-K FY2025, filed Feb 11, 2026

Quarterly net revenue: fiscal 2026 vs a year earlierFiscal Q1–Q2, $bn (each quarter from that quarter's 10-Q)
FY2025FY2026
Quarterly net revenue, fiscal 2026 vs 2025FY2025 Q1: $7.2B7.2FY2026 Q1: $8.4B8.4Q1FY2025 Q2: $8.1B8.1FY2026 Q2: $9.3B9.3Q2

Source: 10-Q filed Apr 30, 2026 · 10-Q filed Jul 30, 2026

How it makes money

FY2025 total by categoryPayment network: $19.5B (59%)Value-added services and solutions: $13.3B (41%)$32.8BFY2025 total

By type, FY2025

  • LineAmountSharevs FY2024
  • Payment network$19.5B59%+12.4%
  • Value-added services and solutions$13.3B41%+22.9%

Source: 10-K FY2025, XBRL breakdown

The payment network was 59% of 2025 net revenue and value-added services 41%. By region, international markets were 57% and the Americas 43%.

By type: three-year mixShare of the total each fiscal year
Payment networkValue-added services and solutions

Source: 10-K FY2025

By region, FY2025

Americas$14.0B43%+13.5%
International markets$18.7B57%+18.7%

Share is of the FY2025 total; the last column is the change from FY2024.

What changed last quarter

Change from the same quarter a year earlierFiscal Q2 2026, quarter ended Jun 30, 2026 vs Jun 30, 2025
Company
Net revenue+14.1%$9.3B vs $8.1B
Net income+18.6%$4.4B vs $3.7B
By type
Payment network+10.2%$5.5B vs $4.9B
Value-added services and solutions+20.0%$3.8B vs $3.2B
By region
International markets+11.7%$5.3B vs $4.7B
North America+17.4%$4.0B vs $3.4B
  • Cash & equivalents $11.3B at Jun 30, 2026, vs $10.6B at FY2025 end.
  • Total debt $24.6B at Jun 30, 2026, vs $19.0B at FY2025 end.
  • Operating cash flow, first 6 months of fiscal 2026: $6.8B vs $7.0B a year earlier.

Source: 10-Q, quarter ended Jun 30, 2026, filed Jul 30, 2026

The bull case and the bear case

The bull case

  • Value-added services revenue grew 22.9% in 2025 to $13.3B. 10-K, FY2025
  • Net income rose 16.3% in 2025 to $15.0B, and operating cash flow rose 19.4% to $17.6B. 10-K, FY2025
  • Net revenue in the quarter ended Jun 30, 2026 was $9.3B, up 14.1%; net income rose 18.6% to $4.4B. 10-Q, quarter ended Jun 30, 2026
  • Diluted shares fell 2.3% in 2025 to 0.91B. 10-K, FY2025

The bear case

  • Total debt was $24.6B at Jun 30, 2026, up from $19.0B at the end of 2025. 10-Q, quarter ended Jun 30, 2026
  • Operating cash flow in the first 6 months of 2026 was $6.8B, down 3.0% on a year earlier. 10-Q, quarter ended Jun 30, 2026
  • The 10-K lists regulation of interchange fees and card acceptance, and government support for domestic payment schemes, among its main risks. 10-K, Item 1A
  • It also warns that real-time account-to-account payments and other new methods could take transactions from cards. 10-K, Item 1A

What optimists and skeptics tend to point to, each tied to a filing. Ticker Sage doesn't pick a side, and neither list is a reason to buy or sell.

What the company does

Mastercard runs a global card payment network and sells related services to banks, merchants and governments. It doesn't issue cards or lend money to cardholders.

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.

Source: 10-K, Item 1 Business

Main risks the company lists

Our plain-English paraphrase of the risk factors in Mastercard's latest 10-K. Read the original for the full list.

  1. RegulationRules on interchange, surcharging and routing, and preference for local payment schemes, could cut revenue.
  2. Privacy, AI and complianceData, AI, anti-money-laundering and sanctions rules add cost and legal risk.
  3. LitigationAntitrust and interchange lawsuits could lead to large payments.
  4. Competition and disintermediationOther networks, real-time payments, wallets and fintechs compete for transactions.
  5. Customer pressureLarge, consolidating banks and merchants can push for better pricing and incentives.
  6. Economy and world eventsSpending, cross-border travel, currency controls and geopolitics drive volumes.
  7. Settlement and brandIt takes on settlement exposure when it backs some transactions between customers, and it depends on trust in its brand.

Source: 10-K, Item 1A Risk Factors (the full list, in the company's words)

Three years of key numbers

Every number links to its filing; hover for the XBRL tag. A dash means the number isn't cleanly available, and we don't estimate it.

US$FY2023FY2024FY2025
Net revenue$25.1B$28.2B$32.8B
Net income$11.2B$12.9B$15.0B
Operating cash flow$12.0B$14.8B$17.6B
Cash & equivalents (year end)$8.6B$8.4B$10.6B
Total debt (year end)$15.7B$18.2B$19.0B
Diluted shares0.95B0.93B0.91B
  • Net revenue: Fees from the payment network and from value-added services, minus rebates and incentives paid to customers.
  • Net income: Profit after all costs and taxes.
  • Operating cash flow: Cash the business brought in from its day-to-day operations during the year (cash flow statement).
  • Cash & equivalents: Cash and short-term investments that count as cash equivalents on the balance sheet. Excludes longer-dated marketable securities.
  • Total debt: Current and long-term debt, at carrying value.
  • Diluted shares: Weighted average shares outstanding for the year, including the effect of options and stock awards.

About these numbers

  • The latest 10-Q reports regions as North America and International markets, while the 2025 10-K uses Americas and International markets, so the quarterly region figures aren't directly comparable with the annual ones.

Recent filings

FormFiledPeriod
10-QJul 30, 2026Jun 30, 2026
10-QApr 30, 2026Mar 31, 2026
DEF 14AApr 27, 2026Apr 27, 2026
10-KFeb 11, 2026Dec 31, 2025

Latest filings

  1. Oct 194:10 PM ET

    Form 4

    Mastercard CFO Hai Ling reports selling 4,317 shares under a 10b5-1 plan

    The filing reports 4,317 shares in an open-market or private sale (code S) at $620.00, about $2.7 million in total; and 4,317 shares in an exercise or conversion of a derivative security (code M).

  2. Oct 134:06 PM ET

    Form 4

    Mastercard director Julius Genachowski reports selling 741 shares under a 10b5-1 plan

    The filing reports 741 shares in an open-market or private sale (code S) at prices from $585.00 to $590.21, about $435,418 in total.

  3. Oct 54:12 PM ET

    Form 4

    Mastercard V Chair & Pres Strategic Grwth Jon M. Huntsman, Jr. reports 178 shares withheld for taxes

    The filing reports 178 shares withheld to pay the exercise price or tax (code F).

  4. Oct 54:11 PM ET

    Form 4

    Mastercard CFO Hai Ling reports 88 shares withheld for taxes

    The filing reports 88 shares withheld to pay the exercise price or tax (code F).

  5. Oct 54:11 PM ET

    Form 4

    Mastercard President & CTO Edward Grunde McLaughlin reports 99 shares withheld for taxes

    The filing reports 99 shares withheld to pay the exercise price or tax (code F).

All Mastercard filings notes →

Common questions about Mastercard

How does Mastercard make money?

In fiscal 2025, net revenue totaled $32.8B. The payment network was 59% of 2025 net revenue and value-added services 41%. By region, international markets were 57% and the Americas 43%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What was Mastercard's revenue in fiscal 2025?

Net revenue came to $32.8B in the year ended Dec 31, 2025. Going back two years, it was $25.1B in fiscal 2023 and $28.2B in fiscal 2024, so the latest year was up 16.4%. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

Is Mastercard profitable?

Yes, by US accounting rules (GAAP): net income was $15.0B in fiscal 2025, up 16.3% from $12.9B a year earlier. For the quarter ended Jun 30, 2026, net income was $4.4B. The page's About these numbers section explains what is included. Source: 10-K for fiscal 2025, filed Feb 11, 2026.

What did Mastercard report in its latest quarterly filing?

The 10-Q for the quarter ended Jun 30, 2026 shows net revenue of $9.3B, against $8.1B in the same quarter a year before (up 14.1%), and net income of $4.4B, against $3.7B (up 18.6%). Source: 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026.

How much cash and debt does Mastercard have?

On Jun 30, 2026, cash and cash equivalents stood at $11.3B and total debt at $24.6B. Total debt here is current and long-term debt, at carrying value. Source: 10-Q filed Jul 30, 2026.

What are the main risks Mastercard lists?

Item 1A of the fiscal 2025 10-K (filed Feb 11, 2026) sets out the risks. Grouped, they fall into 7 areas: Regulation; privacy, AI and compliance; litigation; competition and disintermediation; customer pressure; economy and world events; settlement and brand. To start with the first: Rules on interchange, surcharging and routing, and preference for local payment schemes, could cut revenue. Source: 10-K, Item 1A Risk Factors.

Where do these Mastercard numbers come from?

Two filings Mastercard made with the SEC: its fiscal 2025 10-K, filed Feb 11, 2026, and its 10-Q for the quarter ended Jun 30, 2026, filed Jul 30, 2026. The figures are taken from the XBRL data the SEC publishes, and every one links back to its source. Methodology explains how fiscal years and missing numbers are handled.

Disclosures

Editor holdings in MA
The editor holds no position in Mastercard (MA). As of Oct 25, 2026.
Trading rule
The editor does not buy or sell MA from 3 days before to 3 days after this page is published or substantively updated.
Compensation
Nobody paid for this page. No affiliate links on this page.
Sources
The company's SEC filings, linked next to each number.
Last updated
Oct 25, 2026

General education, the same for every reader. Not a recommendation to buy, sell or hold MA, and it doesn't consider your situation.

Compare with peers

CompanyFiscal yearRevenueRevenue growthNet income
MastercardMAFY2025$32.8B+16.4%$15.0B
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Each row is that company’s latest fiscal year from its own 10-K, using its own revenue and net income lines. Fiscal years end in different months, and line definitions differ (banks, insurers and oil companies count revenue differently), so this is a rough side-by-side, not a like-for-like comparison.

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