Mastercard Incorporated (MA) Income Statement
MA 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsMA revenue and net income
Where MA's revenue goes
2025Each bar shows an amount and its share of revenue. MA kept 45.6% of revenue as net income.
MA profit margins
MA growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +16.4% | +13.8% | +16.5% | +13.0% |
| Gross profit | +16.4% | +13.8% | +16.5% | +13.0% |
| Operating income | +15.7% | +14.1% | +18.5% | +14.0% |
| Net income | +16.3% | +14.7% | +18.5% | +14.7% |
| EPS (diluted) | +16.5% | +16.9% | +21.5% | +17.3% |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
MA quarterly EPS vs estimates
Mastercard beat the analyst EPS estimate in 8 of the last 8 quarters. Next report: October 29, 2026 (estimate $5.13).
MA income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $32.79B | $28.17B | $25.10B | $22.24B | $18.88B | $15.30B | $16.88B | $14.95B | $12.50B | $10.78B |
| Cost of revenue | $7.25B | $6.67B | $6.02B | $5.26B | $4.49B | $3.79B | $3.54B | $3.21B | $2.69B | $2.23B |
| Gross profit | $32.79B | $28.17B | $25.10B | $22.24B | $18.88B | $15.30B | $16.88B | $14.95B | $12.50B | $10.78B |
| Research & development | — | — | — | — | — | — | — | $0 | $0 | $0 |
| Sales, general & admin | $12.25B | $10.94B | $9.67B | $8.77B | $7.93B | $6.56B | $6.67B | $6.12B | $5.32B | $4.49B |
| Total operating expenses | $13.89B | $11.84B | $10.47B | $9.52B | $8.80B | $7.22B | $7.22B | $7.67B | $5.88B | $5.01B |
| Operating income | $18.90B | $16.33B | $14.63B | $12.72B | $10.08B | $8.08B | $9.66B | $7.28B | $6.62B | $5.76B |
| Interest income | $485.0M | $348.0M | $362.0M | $555.0M | $225.0M | $326.0M | $40.0M | $64.0M | $98.0M | $52.0M |
| Interest expense | $722.0M | $646.0M | $575.0M | $471.0M | $431.0M | $380.0M | $224.0M | $186.0M | $154.0M | $95.0M |
| Income before taxes | $18.58B | $15.25B | $13.64B | $11.73B | $10.31B | $7.76B | $9.73B | $7.20B | $6.52B | $5.65B |
| Income taxes | $3.61B | $2.38B | $2.44B | $1.80B | $1.62B | $1.35B | $1.61B | $1.34B | $2.61B | $1.59B |
| Net income | $14.97B | $12.87B | $11.20B | $9.93B | $8.69B | $6.41B | $8.12B | $5.86B | $3.92B | $4.06B |
| EBITDA | $20.54B | $16.80B | $15.01B | $12.95B | $11.46B | $8.72B | $10.48B | $7.85B | $7.11B | $6.11B |
| EPS (diluted) | $17.02 | $14.61 | $12.26 | $10.65 | $8.41 | $6.43 | $7.78 | $6.49 | $4.59 | $3.76 |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 57.6% | 58.0% | 58.3% | 57.2% | 53.4% | 52.8% | 57.2% | 48.7% | 53.0% | 53.5% |
| Net margin | 45.6% | 45.7% | 44.6% | 44.7% | 46.0% | 41.9% | 48.1% | 39.2% | 31.3% | 37.7% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $9.28B | $8.40B | $8.81B | $8.60B | $8.13B | $7.25B | $7.49B | $7.37B | $6.96B | $6.35B | $6.55B | $6.53B |
| Cost of revenue | $309.0M | $2.04B | $1.82B | $1.89B | $1.85B | $1.69B | $1.65B | $1.90B | $1.61B | $1.51B | $1.53B | $1.57B |
| Gross profit | $9.28B | $8.40B | $8.81B | $8.60B | $8.13B | $7.25B | $7.49B | $7.37B | $6.96B | $6.35B | $6.55B | $6.53B |
| Sales, general & admin | $3.30B | $3.13B | $3.42B | $3.14B | $2.94B | $2.67B | $3.02B | $2.95B | $2.60B | $2.37B | $2.65B | $2.45B |
| Total operating expenses | $3.69B | $3.43B | $3.90B | $3.43B | $3.22B | $2.95B | $3.25B | $3.37B | $2.92B | $2.74B | $3.18B | $2.69B |
| Operating income | $5.59B | $4.96B | $4.91B | $5.17B | $4.91B | $4.30B | $4.23B | $4.00B | $4.04B | $3.60B | $3.37B | $3.84B |
| Interest income | — | — | $177.0M | $64.0M | $121.0M | $123.0M | $48.0M | $145.0M | — | — | — | $86.0M |
| Interest expense | $218.0M | $185.0M | $159.0M | $186.0M | $195.0M | $182.0M | $184.0M | $159.0M | $153.0M | $150.0M | $148.0M | $151.0M |
| Income before taxes | $5.49B | $4.81B | $4.88B | $5.00B | $4.67B | $4.03B | $3.89B | $3.87B | $3.94B | $3.56B | $3.32B | $3.76B |
| Income taxes | $1.10B | $930.0M | $816.0M | $1.07B | $971.0M | $751.0M | $549.0M | $603.0M | $681.0M | $547.0M | $530.0M | $563.0M |
| Net income | $4.39B | $3.88B | $4.06B | $3.93B | $3.70B | $3.28B | $3.34B | $3.26B | $3.26B | $3.01B | $2.79B | $3.20B |
| EBITDA | $6.01B | $5.30B | $5.38B | $5.47B | $5.15B | $4.49B | $4.31B | $4.25B | $4.32B | $3.92B | $3.67B | $4.12B |
| EPS (diluted) | $5.04 | $4.60 | $4.76 | $4.38 | $4.15 | $3.73 | $3.82 | $3.89 | $3.59 | $3.31 | $3.18 | $3.39 |
| Gross margin | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% | 100.0% |
| Operating margin | 60.2% | 59.1% | 55.8% | 60.1% | 60.4% | 59.3% | 56.5% | 54.3% | 58.0% | 56.8% | 51.5% | 58.8% |
| Net margin | 47.3% | 46.2% | 46.1% | 45.7% | 45.5% | 45.2% | 44.6% | 44.3% | 46.8% | 47.4% | 42.6% | 49.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in MA's financial statements (latest annual report filed February 11, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
MA financial results
In fiscal year 2025 (ended December 31, 2025), Mastercard reported revenue of $32.8 billion, up 16.4% from the year before. It had net income of $15.0 billion (up 16.3%), a net profit margin of 45.6%. Diluted earnings per share came to $17.02. Over five years revenue grew at an average rate of 16.5% a year.
See the MA stock overview for the latest quote and news, or the MA chart for price history and technical indicators.
MA income statement FAQ
What is Mastercard's annual revenue?
Mastercard reported total revenue of $32.8 billion for fiscal year 2025, which ended on December 31, 2025. That was up 16.4% from $28.2 billion the previous year.
Is Mastercard profitable?
Yes. Mastercard reported net income of $15.0 billion in fiscal 2025, a net profit margin of 45.6%; its operating margin was 57.6%.
What is Mastercard's gross margin?
Mastercard's gross margin was 100.0% in fiscal 2025: for every $100 of revenue, Mastercard kept $100 after the direct cost of its products and services.
How fast is Mastercard growing?
Revenue grew 16.5% a year on average over the last five fiscal years, from $15.3 billion to $32.8 billion.
What are Mastercard's earnings per share?
Mastercard earned $17.02 per diluted share in fiscal 2025, compared with $14.61 a year earlier.
When will Mastercard report its next earnings?
Mastercard is expected to report results for the quarter ending September 30, 2026 on October 29, 2026 before the market opens.
When does Mastercard's fiscal year end?
Mastercard's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on February 11, 2026.