Payment network
Fees for authorizing, clearing and settling transactions on the Mastercard network, driven by volume, transactions and cross-border activity.
Stock research
Mastercard Incorporated (MA) Stock Research
Mastercard runs a global payments network that processes card and digital transactions for banks and merchants.
For the fiscal year ended December 31, 2025, Mastercard Incorporated reported revenue of $32.8B and net income of $15.0B, with operating cash flow of $17.6B. Source: Form 10-K filed February 11, 2026
Reviewed · SEC data as of
- Revenue
- $32.8B
- FY ending 2025-12-31
- Net income
- $15.0B
- FY ending 2025-12-31
- Diluted EPS
- $16.52
- Net margin
- 45.6%
Reported SEC XBRL figures. Each metric’s period and original filing are listed below.
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How Mastercard makes money
Like its main rival, it profits from payment volumes rather than carrying credit risk.
Value-added services and solutions
Security solutions, consumer acquisition and engagement services, and business and market insights, which the 10-K describes as interdependent with the network.
- Exchange
- NYSE: MA
- Sector
- Financials
- SEC industry
- Services-Business Services, NEC (SIC 7389)
- Fiscal year end
- December 31
- Headquarters
- Purchase, New York
- Founded
- 1966
MA key financials
Reported figures from Mastercard Incorporated's filings, pulled directly from SEC XBRL data rather than a third-party terminal. Each row links to the filing it came from.
| Metric | Value | Period | Source |
|---|---|---|---|
| Revenue | $32.8B | 2025-01-01 – 2025-12-31 | SEC filing |
| Net income | $15.0B | 2025-01-01 – 2025-12-31 | SEC filing |
| Operating cash flow | $17.6B | 2025-01-01 – 2025-12-31 | SEC filing |
| Diluted EPS | $16.52 | 2025-01-01 – 2025-12-31 | SEC filing |
| Net margin | 45.6% | 2025-01-01 – 2025-12-31 | SEC filing |
Values are as tagged by the issuer in XBRL. Revenue for banks and insurers is net of interest expense where that is the reported line. Fiscal years that do not follow the calendar are shown by their period-end date. No price, market cap, or valuation multiple is shown because Yield Theory does not republish unlicensed market data.
Diluted EPS is the earnings figure behind the price-to-earnings ratio; the P/E multiple compression calculator shows how a change in that multiple moves a share price.
What investors should watch in MA
For Mastercard Incorporated, the most important recurring operating and market variables are:
- ◆Gross dollar volume and switched transactions across debit, credit and commercial programs
- ◆Cross-border volume, where merchant and card-issuing countries differ
- ◆Rebates and incentives to issuers and merchants, which reduce reported revenue
- ◆Interchange and surcharging regulation and litigation
- ◆Growth in value-added services such as security, engagement and insights
Key questions for the MA thesis
Each question starts with what the filings show, then why it matters. None of these is a rating or a forecast.
Where does Mastercard's volume come from?
The 2025 10-K reports $5.35 trillion of consumer debit and prepaid gross dollar volume (50% of the total), $3.88 trillion of consumer credit (37%) and $1.41 trillion of commercial credit and debit (13%). Debit-heavy volume ties results to everyday spending; commercial programs grew fastest, at 11% on a local-currency basis.
How much do services diversify the business?
Mastercard says its services scale through its network. Track value-added services and solutions revenue as its own line to see whether growth is becoming less dependent on transaction volume.
What are the legal and regulatory risks?
Item 1A lists regulatory, legislative and litigation activity on interchange rates and surcharging, litigation liabilities and settlements, and merchants' focus on acceptance costs. The filing references U.S. merchant litigation, a U.K. settlement and proposed collective actions in the U.K., Portugal and the Netherlands; follow the legal note for accruals.
Does MA's reported profit turn into cash?
Operating cash flow was $17.6B, 1.18 times net income of $15.0B, for the fiscal year ended December 31, 2025.
Cash from operations exceeded reported earnings. Non-cash charges such as depreciation, amortization and stock-based compensation usually explain the gap; the cash-flow statement shows which.
How much of MA's revenue is left as profit?
Net income was 45.6% of revenue for the fiscal year ended December 31, 2025, based on revenue and net income reported for the same period.
Net margin reflects the business model as much as execution, so compare it with companies in the same SEC industry and read the income statement for one-time items before treating it as a run rate.
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Read the full researchMA primary sources
- Latest annual report: Form 10-K filed February 11, 2026
- Latest quarterly report: Form 10-Q filed July 30, 2026
- Mastercard investor relations
- Mastercard filings at the SEC
How we source and review company pages: research methodology.
Congressional trading in MA
| Politician | Trade date | Type | Owner | Amount | Source |
|---|---|---|---|---|---|
| Tommy Tuberville | 2026-06-08 | Sale | Joint | $15,001 - $50,000 | Filing #392ac3e5-07f6-4f8c-840f-84e9066ffb29 |
| Gilbert Cisneros | 2026-06-05 | Sale | Self | $1,001 - $15,000 | Filing #20034906 |
| Shelley Capito | 2026-03-28 | Purchase | Spouse | $1,001 - $15,000 | Filing #aa38bdb0-5847-4bec-8e36-80d6ffc90837 |
| Alan Armstrong | 2026-03-27 | Sale | Self | $15,001 - $50,000 | Filing #fda235b3-bad7-4637-8fa1-053f354d929c |
| Sheldon Whitehouse | 2026-02-23 | Sale | Spouse | $1,001 - $15,000 | Filing #4ce4bf43-4f25-4cc0-b084-4ab230a1b080 |
| Gilbert Cisneros | 2025-11-18 | Purchase | Self | $1,001 - $15,000 | Filing #20033619 |
| Gilbert Cisneros | 2025-10-17 | Purchase | Self | $1,001 - $15,000 | Filing #20033455 |
| Valerie Hoyle | 2025-09-23 | Sale | Spouse | $1,001 - $15,000 | Filing #20032211 |
| Lisa McClain | 2025-06-24 | Sale | Spouse | $1,001 - $15,000 | Filing #20030891 |
| Lisa McClain | 2025-06-17 | Purchase | Spouse | $1,001 - $15,000 | Filing #20030891 |
All verified MA congressional disclosures
Congressional disclosures are delayed, range-based records—not real-time signals or proof of motive. See the source-linked tracker for scope and limitations.
Compare MA with similar companies
Mastercard peers
Visa Inc. (V)Services-Business Services, NECPayPal Holdings, Inc. (PYPL)Services-Business Services, NECFidelity National Information Services, Inc. (FIS)Services-Business Services, NECFiserv, Inc. (FISV)Services-Business Services, NECGlobal Payments Inc. (GPN)Services-Business Services, NECMSCI Inc. (MSCI)Services-Business Services, NEC
MA — frequently asked questions
What does Mastercard Incorporated do?
Mastercard runs a global payments network that processes card and digital transactions for banks and merchants. Its filings describe these business lines: Payment network, Value-added services and solutions.
What were MA's latest reported annual revenue and net income?
For the fiscal year ended December 31, 2025, Mastercard Incorporated reported revenue of $32.8B and net income of $15.0B, with operating cash flow of $17.6B. The figures come from Mastercard Incorporated's SEC XBRL filings.
When does Mastercard Incorporated's fiscal year end?
The SEC lists Mastercard Incorporated's fiscal year end as December 31.
Do members of Congress trade MA?
The current verified House and Senate snapshot contains 27 transaction rows for MA, each linked to the original filing.
Where is Mastercard Incorporated headquartered?
Mastercard Incorporated is headquartered in Purchase, New York and was founded in 1966.
Is MA a good investment?
This page does not rate MA as a buy or sell. It sets out what Mastercard Incorporated reports, what investors should watch and the questions a thesis has to answer, with links to the SEC filings. It is research, not investment advice.
This page is independent research and educational information, not investment advice or a recommendation to buy or sell any security. Company facts are compiled from public sources. Do your own research.
What do the MA numbers leave unanswered?
Financials describe the business. The next question is which assumptions an investment thesis depends on. Explore the member reports below for analysis of catalysts, risks, and what would change the view. $39/month or $249/year.
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