Mastercard Incorporated (MA) financials
NYSE · Financial Services · Financial - Credit Services · 39,800 employees · CEO Michael Miebach
- Price
- $638.01 +0.36%
- Market cap
- $559B
- Enterprise value
- $573B
- Last report
- Q3 '26 filed 2026-10-29
- Next report
- 2027-01-28 EPS est. $5.11
Revenue (TTM)$36.3B+15.3% vs a year agoLast 4 quarters; bars = each quarter
Operating margin (TTM)58.8%-0.4 pp vs a year agoOperating income $21.3B
Net income (TTM)$17B+19.0% vs a year agoAfter tax, incl. non-operating gains
Free cash flow (TTM)$15.4B-5.4% vs a year agoCapex $1.43B
Diluted EPS (TTM)$19.12+22.3% vs a year agoSum of the last 4 quarters
Net cash-$13.5B-61.7% vs a year agoCash + short-term investments - debt
Valuation & key figures
- Market cap
- $559B EV $573B
- Revenue
- $36.3B Trailing 12 months
- Revenue growth
- +14% FY2026 consensus
- Profit margin
- 46.7% Net income / revenue, TTM
- P/E
- 33.3× Forward 31.9× (FY2026)
- P/S
- 15.4× Price / sales, TTM
- EV / EBITDA
- 24.9× TTM
- Free cash flow
- $15.4B Trailing 12 months
- Net income
- $17B Trailing 12 months
- Revenue estimate
- $37.4B FY2026 consensus
- Earnings
- 2027-01-28 Revenue est. $9.94B
- Dividend
- $3.48 Per share, last 12 months
Key takeaways
Computed from the reported numbers - every statement carries the figure it rests on.
- Last report (2026-10-29): revenue beat by 1.5%, EPS beat by 2.7%Revenue $9.81B vs $9.66B expected (+1.5%); EPS $5.31 vs $5.17 (+2.7%).
- Revenue growth slowing: 14.0% year on yearQ3 '26 revenue $9.81B, against an average of 16.1% over the four quarters before.
- Operating margin 58.8% (TTM), -0.4 pp on a year agoOperating income grew 14.5% while revenue grew 15.3%.
- Capex 3.9% of revenue (a year ago 3.7%)$1.43B invested in the last 4 quarters (+21.8% on a year earlier). Free cash flow $15.4B = 91.0% of net income.
- Returned $18.4B to shareholders = 119.5% of free cash flowBuybacks $15.5B (a year earlier $11.6B), dividends $3B, stock-based pay $637M (TTM). More than the free cash flow: paid from cash or debt.
- Diluted share count down 3.2% in a year876M diluted shares in Q3 '26, 905M a year earlier.
- Net debt $13.5BCash + short-term investments $10.5B, debt incl. leases $23.9B; a year ago net debt $8.34B.
Last quarter: Q3 '26
Quarter ended 2026-09-30. Compared with the same quarter a year earlier and with the analyst consensus before the report.
Quarter vs a year ago
| Q3 '26 | Year ago | Change | |
|---|---|---|---|
| Revenue | $9.81B | $8.6B | +14.0% |
| Gross margin | 100.0% | 100.0% | 0.0 pp |
| Operating income | $5.86B | $5.17B | +13.4% |
| Operating margin | 59.8% | 60.1% | -0.3 pp |
| Net income | $4.63B | $3.93B | +17.9% |
| Diluted EPS | $5.28 | $4.34 | +21.7% |
| Operating cash flow | $5.09B | $5.66B | -10.2% |
| Capex | $328M | $359M | -8.6% |
| Free cash flow | $4.76B | $5.3B | -10.3% |
| R&D | $0 | $0 | – |
| Stock-based compensation | $199M | $177M | +12.4% |
Reported vs consensus
2026-10-29| Actual | Consensus | vs consensus | |
|---|---|---|---|
| Revenue | $9.81B | $9.66B | +1.5% |
| EPS (as estimated) | $5.31 | $5.17 | +2.7% |
From the report of 2026-10-29 for Q3 '26: revenue and the EPS analysts estimate (often adjusted), so it can differ from the EPS of the statements above.
EPS vs consensus
last 8 reportsRevenue
Where the money comes from - by business line and by region, quarter by quarter.
Revenue, operating income and growth
quarterlyRevenue by business line
stacked, quarterly| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| Payment Network | $5.75B | +11.0% | 58.6% | $21.1B | +11.1% | |
| Value-Added Services And Solutions | $4.06B | +18.6% | 41.4% | $15.2B | +21.7% |
Revenue by region
share of total| Segment | Q3 '26 | y/y | Share | TTM | TTM y/y | 12 quarters |
|---|---|---|---|---|---|---|
| International Markets | $5.62B | +13.5% | 57.3% | $20.7B | +15.1% | |
| North America | $4.19B | +14.8% | 42.7% | – | – |
Margins & cost structure
How much of each unit of revenue is left at each level - and where the costs go.
Margins
quarterlyCosts as % of revenue
quarterlyCash flow & capital allocation
Cash generated, what it is spent on, and what reaches shareholders.
Operating cash flow, capex, free cash flow
quarterlyUses of cash vs operating cash flow
fiscal yearsLast 4 quarters
cash flow statement- Operating cash flow
- $16.9B
- Capex
- -$1.43B
- Buybacks
- -$15.5B
- Dividends
- -$3B
- Acquisitions
- -$1.37B
- Net debt issued
- $4.98B
- Stock-based compensation
- $637M
- Free cash flow
- $15.4B
- Returned to shareholders / FCF
- 119.5%
Share count and EPS
quarterly, dilutedBalance sheet
Liquidity, investments and debt at each quarter end.
Cash, investments and debt
quarter endsValuation & returns
Today's multiples against the company's own last five fiscal years; analyst targets and ratings.
Multiples and returns
TTM vs 5 fiscal years| Now | 5y average | Where today sits in the 5-year range | |
|---|---|---|---|
| P/E (TTM) | 33.3× | 36.6× | 33.9× – 40.9× |
| EV / EBITDA | 24.9× | 28.1× | 25.3× – 31.5× |
| EV / Sales | 15.8× | 16.9× | 15.5× – 19.1× |
| Price / FCF | 36.2× | 34.4× | 31.2× – 41.0× |
| Price / Book | 82.7× | 60.3× | 48.6× – 75.1× |
| FCF yield | 2.8% | 2.9% | 2.4% – 3.2% |
| Return on invested capital | 48.4% | 42.9% | 33.6% – 47.4% |
| Return on equity | 252.9% | 166.0% | 118.8% – 198.5% |
Analysts
Consensus target $682.88 (+7.0%)
range $597.00 – $740.00 · rating Buy
Strong buy1
Buy51
Hold13
Sell0
Strong sell0
Outlook
Analyst consensus for the coming fiscal years and what it implies at today's price.
Consensus estimates
| Fiscal year | Revenue | Growth | EPS | Growth | P/E at today's price | Analysts (EPS) |
|---|---|---|---|---|---|---|
| FY2026 | $37.4B | +13.9% | $20.03 | +21.2% | 31.9× | 24 |
| FY2027 | $42.1B | +12.6% | $23.16 | +15.6% | 27.5× | 25 |
| FY2028 | $47.1B | +12.0% | $26.87 | +16.0% | 23.7× | 17 |
| FY2029 | $52.9B | +12.2% | $31.13 | +15.9% | 20.5× | 12 |
| FY2030 | $57.3B | +8.4% | $34.86 | +12.0% | 18.3× | 7 |
Financial statements
Every line of the income statement, balance sheet and cash flow statement - 12 quarters and 10 fiscal years, as values, as % of revenue or as growth.
Every reported line
All 265 figures Mastercard Incorporated tagged in its recent 10-Q / 10-K filings, with the official SEC label and definition - including the notes (leases, taxes, buybacks, employees, ...).
| Line (SEC label) | Latest quarter | Year ago | y/y | Latest FY | Prior FY | y/y |
|---|---|---|---|---|---|---|
| Accounts Payable, Current | $1.08B | $935M | +15.8% | $999M | $929M | +7.5% |
| Accounts Receivable, after Allowance for Credit Loss, Current | $5.26B | $4.25B | +23.8% | $4.61B | $3.77B | +22.2% |
| Accrued Liabilities, Current | $14B | $12B | +16.5% | $13.3B | $10.4B | +27.7% |
| Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | $2.88B | $2.66B | +8.5% | $2.76B | $2.39B | +15.2% |
| Accumulated Other Comprehensive Income (Loss), Net of Tax | -$994M | -$935M | -6.3% | -$981M | -$1.43B | +31.5% |
| Additional Paid in Capital | $7.31B | $6.76B | +8.2% | $6.91B | $6.44B | +7.2% |
| Amortization of Intangible Assets | – | – | – | $760M | $523M | +45.3% |
| APIC, Share-based Payment Arrangement, Increase for Cost Recognition | $239M | $195M | +22.6% | $509M | $572M | -11.0% |
| Assets | $58.1B | $53.3B | +9.1% | $54.2B | $48.1B | +12.6% |
| Assets, Current | $24.5B | $23.2B | +5.4% | $23.6B | $19.7B | +19.4% |
| Cash and Cash Equivalents, at Carrying Value | $10.1B | $10.3B | -1.6% | $10.6B | $8.44B | +25.2% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | $12.9B | $12.8B | +0.8% | $13.2B | $10.8B | +22.6% |
| Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Including Exchange Rate Effect | -$1.03B | $1.27B | -181.1% | $2.44B | $343M | +611.4% |
| Common Stock, Dividends, Per Share, Declared | $0.87 | $0.76 | +14.5% | $3.15 | $2.74 | +15.0% |
| Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | $4.64B | $3.91B | +18.6% | $15.4B | $12.5B | +23.0% |
| Contract with Customer, Liability, Current | – | – | – | $1.57B2022-12-31 | $1.87B | -16.3% |
| Contract with Customer, Liability, Revenue Recognized | $1.11B | $838M | +32.7% | $3.5B | $2.8B | +25.0% |
| Current Federal Tax Expense (Benefit) | – | – | – | $1.27B | $1.09B | +15.7% |
| Current Foreign Tax Expense (Benefit) | – | – | – | $2.49B | $1.67B | +48.9% |
| Current Income Tax Expense (Benefit) | – | – | – | $3.55B | $2.91B | +22.2% |
| Current State and Local Tax Expense (Benefit) | – | – | – | -$198M | $144M | -237.5% |
| Debt Instrument, Unamortized Discount (Premium) and Debt Issuance Costs, Net | $128M | $127M | +0.8% | $122M | $131M | -6.9% |
| Debt Securities, Available-for-sale | $317M | $316M | +0.3% | $319M | $292M | +9.2% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Gain, before Tax | $1M2025-09-30 | $2M | -50.0% | $1M2024-12-31 | $1M | 0.0% |
| Debt Securities, Available-for-sale, Accumulated Gross Unrealized Loss, before Tax | $02025-09-30 | $0 | – | $02024-12-31 | $1M | -100.0% |
| Debt Securities, Available-for-sale, Amortized Cost | $320M | $315M | +1.6% | $318M | $291M | +9.3% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $202M | $205M | -1.5% | $215M | $157M | +36.9% |
| Debt Securities, Available-for-Sale, Amortized Cost, Maturity, Allocated and Single Maturity Date, Year One | $118M | $110M | +7.3% | $103M | $134M | -23.1% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, after Year One Through Five | $199M | $206M | -3.4% | $216M | $158M | +36.7% |
| Debt Securities, Available-for-Sale, Fair Value, Maturity, Allocated and Single Maturity Date, Year One | $118M | $110M | +7.3% | $103M | $134M | -23.1% |
| Debt Securities, Held-to-maturity | $0 | $19M | -100.0% | $13M | $38M | -65.8% |
| Debt, Long-term and Short-term, Combined Amount | $23.9B | $19B | +26.1% | $19B | $18.2B | +4.2% |
| Deferred Compensation Liability, Current and Noncurrent | $111M2025-09-30 | $107M | +3.7% | $105M2024-12-31 | $91M | +15.4% |
| Deferred Compensation Plan Assets | $114M2025-09-30 | $109M | +4.6% | $107M2024-12-31 | $93M | +15.1% |
| Deferred Federal Income Tax Expense (Benefit) | – | – | – | -$173M | -$197M | +12.2% |
| Deferred Foreign Income Tax Expense (Benefit) | – | – | – | $198M | -$316M | +162.7% |
| Deferred Income Tax Assets, Net | $1.57B | $1.55B | +1.7% | $1.57B | $1.61B | -2.9% |
| Deferred Income Tax Expense (Benefit) | -$119M | -$4M | -2,875.0% | $57M | -$527M | +110.8% |
| Deferred Income Tax Liabilities, Net | $341M | $326M | +4.6% | $307M | $317M | -3.2% |
| Deferred State and Local Income Tax Expense (Benefit) | – | – | – | $32M | -$14M | +328.6% |
| Deferred Tax Assets, Goodwill and Intangible Assets | $169M2025-12-31 | $160M | +5.6% | $169M | $160M | +5.6% |
| Deferred Tax Assets, Net | $1.26B2025-12-31 | $1.3B | -2.9% | $1.26B | $1.3B | -2.9% |
| Deferred Tax Assets, Net of Valuation Allowance | $2.58B2025-12-31 | $2.61B | -1.1% | $2.58B | $2.61B | -1.1% |
| Deferred Tax Assets, Operating Loss Carryforwards | $221M2025-12-31 | $468M | -52.8% | $221M | $468M | -52.8% |
| Deferred Tax Assets, Other | $246M2025-12-31 | $236M | +4.2% | $246M | $236M | +4.2% |
| Deferred Tax Assets, Property, Plant and Equipment | $482M2025-12-31 | $432M | +11.6% | $482M | $432M | +11.6% |
| Deferred Tax Assets, Tax Credit Carryforwards, Foreign | $802M2025-12-31 | $736M | +9.0% | $802M | $736M | +9.0% |
| Deferred Tax Assets, Tax Deferred Expense, Compensation and Benefits | $408M2025-12-31 | $371M | +10.0% | $408M | $371M | +10.0% |
| Deferred Tax Assets, Tax Deferred Expense, Reserves and Accruals, Accrued Liabilities | $1.08B2025-12-31 | $939M | +14.9% | $1.08B | $939M | +14.9% |
| Deferred Tax Assets, Valuation Allowance | $974M2025-12-31 | $871M | +11.8% | $974M | $871M | +11.8% |
| Deferred Tax Liabilities, Gross | $1.32B2025-12-31 | $1.31B | +0.6% | $1.32B | $1.31B | +0.6% |
| Deferred Tax Liabilities, Intangible Assets | $718M2025-12-31 | $760M | -5.5% | $718M | $760M | -5.5% |
| Deferred Tax Liabilities, Investment in Noncontrolled Affiliates | $111M2025-12-31 | $112M | -0.9% | $111M | $112M | -0.9% |
| Deferred Tax Liabilities, Other | $83M2025-12-31 | $125M | -33.6% | $83M | $125M | -33.6% |
| Deferred Tax Liabilities, Prepaid Expenses | $280M2025-12-31 | $195M | +43.6% | $280M | $195M | +43.6% |
| Deferred Tax Liabilities, Property, Plant and Equipment | $124M2025-12-31 | $116M | +6.9% | $124M | $116M | +6.9% |
| Defined Contribution Plan, Cost | – | – | – | $302M | $287M | +5.2% |
| Deposit Liability, Current | $2.12B2025-12-31 | $1.87B | +13.2% | $2.12B | $1.87B | +13.2% |
| Deposits Assets, Current | $2.23B | $2.05B | +8.6% | $2.12B | $1.87B | +13.2% |
| Depreciation, Amortization and Accretion, Net | $326M | $290M | +12.4% | $1.14B | $897M | +27.4% |
Source: SEC companyfacts (XBRL of every 10-Q / 10-K). Cash-flow quarters are derived from the year-to-date figures the 10-Q tags. Segment breakdowns are tagged with dimensions and are shown in the segment section instead.
Sources
Statements, segment revenue, metrics, estimates: Financial Modeling Prep. Segment profits and every reported line: SEC EDGAR (XBRL). Filings read: 10-Q 2026-09-30, 10-Q 2026-06-30, 10-Q 2026-03-31, 10-K 2025-12-31, 10-Q 2025-09-30, 10-Q 2025-06-30, 10-Q 2025-03-31, 10-K 2024-12-31, 10-Q 2024-09-30
Data as of 2026-11-01