10-KPeriod: FY2025

Mastercard Inc Annual Report, Year Ended Dec 31, 2025

Filed February 11, 2026For Securities:MA

Summary

Mastercard Inc. reported strong financial performance for the fiscal year ended December 31, 2025. The company experienced robust growth in net revenue, which increased by 16% year-over-year to $32.8 billion, driven by solid performance in both its payment network and value-added services and solutions. This growth was also reflected in its profitability, with Net Income rising by 16% to $15.0 billion, translating to a Diluted EPS of $16.52, a 19% increase. The company also demonstrated significant operational efficiency, with operating expenses growing at a slower pace than revenue, leading to an improved operating margin. Mastercard continued to return capital to stockholders, repurchasing shares worth $11.7 billion and paying dividends of $2.8 billion. The company's strategic priorities, including growing its core consumer payments business, expanding into commercial and new payment flows, and investing in services and other solutions, appear to be yielding positive results. Despite a challenging regulatory environment and competitive landscape, Mastercard's diversified business model, strong brand, and technological innovation position it well for continued growth.

Financial Highlights

54 data points
Beta

Revenue

$32.79B

Net Income

$14.97B

45.6% Net Margin

EPS (Diluted)

$16.52

Total Assets

$54.16B

Cash & Equivalents

$10.57B

Free Cash Flow

$17.16B

Financial Statements
Beta
Revenue$32.79B
Operating Expenses$13.89B
Operating Income$18.90B
Interest Expense$680.00M
Net Income$14.97B
EPS (Basic)$16.54
EPS (Diluted)$16.52
Shares Outstanding (Basic)905.00M
Shares Outstanding (Diluted)906.00M

Key Highlights

  • 1Net revenue increased by 16% year-over-year to $32.8 billion.
  • 2Net income grew by 16% to $15.0 billion, with Diluted EPS up 19% to $16.52.
  • 3Adjusted operating expenses increased 14%, growing slower than revenue, leading to an improved adjusted operating margin.
  • 4The company returned $14.5 billion to stockholders through share repurchases ($11.7 billion) and dividends ($2.8 billion).
  • 5Gross Dollar Volume (GDV) increased by 9% globally (15% on a local currency basis), indicating continued growth in transaction activity.
  • 6Cross-border volume grew by 10% (18% on a local currency basis), highlighting the strength of its international payment network.
  • 7Switched transactions saw a 10% increase, demonstrating increased usage of Mastercard's network infrastructure.

Frequently Asked Questions

Mastercard's net revenue growth of 16% was primarily driven by increases in both its payment network and value-added services and solutions. This growth was fueled by increased domestic and cross-border dollar volumes, a higher number of switched transactions, and expansion in security, digital, and authentication solutions, alongside consumer acquisition and engagement services.

Mastercard's adjusted operating expenses increased by 14% in 2025. While this reflects investments in strategic initiatives and higher personnel costs, the growth rate was lower than revenue growth, resulting in an improved operating margin. Acquisitions also contributed to the increase in operating expenses.

Mastercard is committed to returning capital to its shareholders. In 2025, the company repurchased approximately $11.7 billion of its Class A common stock and paid $2.8 billion in dividends. The Board of Directors also authorized an additional $14.0 billion for future share repurchases.

Mastercard faces several significant risks, including increased global payments industry regulation, intense competition from traditional players and fintechs, potential disintermediation, rapid technological changes, cybersecurity threats, information security and data privacy regulations, and adverse economic or geopolitical events. The company also highlights risks related to litigation and its relationships with key customers.