Revenue scaling has been robust, with quarterly figures rising to $8.4 billion in 2026Q1, while maintaining high-margin efficiency as evidenced by a 58.4% operating margin.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 |
|---|
| Sales/Revenue | 33.94B | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | 28.16B | 27.36B | 21.49B | 19.08B | 16.97B | 14.39B | 11.51B | 13.35B | 11.74B | 9.81B | 8.55B | 7.56B | 7.38B | 6.57B | 5.83B | 5.26B | 4.32B | 5.1B | 4.99B | 4.07B | 3.33B | 2.94B | 2.59B | 2.23B | 1.89B | 1.61B |
| Gross Margin % | 82.96% | 83.43% | 76.31% | 76.01% | 76.33% | 76.23% | 75.25% | 79.05% | 78.5% | 78.5% | 79.35% | 78.22% | 78.14% | 79.08% | 78.83% | 78.36% | 77.99% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% |
| Gross Profit Growth % | - | 27.28% | 12.68% | 12.38% | 17.92% | 25.02% | -13.73% | 13.72% | 19.63% | 14.72% | 13.08% | 2.51% | 12.23% | 12.82% | 10.74% | 21.78% | -15.28% | 2.15% | 22.72% | 22.29% | 13.22% | 13.28% | 16.25% | 17.92% | 17.41% | - |
| Operating Expenses | 8B | 7.96B | 5.91B | 5.07B | 4.71B | 4.31B | 3.43B | 3.68B | 4.45B | 3.19B | 2.79B | 2.48B | 2.27B | 2.07B | 1.89B | 2.55B | 1.57B | 2.84B | 5.53B | 2.96B | 3.1B | 2.54B | 2.25B | 2.83B | 1.75B | 1.39B |
| OpEx % of Revenue | - | 24.27% | 20.99% | 20.19% | 21.18% | 22.84% | 22.44% | 21.81% | 29.79% | 25.51% | 25.89% | 25.7% | 24.05% | 24.9% | 25.56% | 37.95% | 28.31% | 55.68% | 110.71% | 72.76% | 93.1% | 86.62% | 86.63% | 126.98% | 92.49% | 86.24% |
| Selling, General & Admin | 7.61B | 7.14B | 4.27B | 3.65B | 3.5B | 3.44B | 2.77B | 3.13B | 2.9B | 2.63B | 2.27B | 2.14B | 1.98B | 1.72B | 1.61B | 1.6B | 1.42B | 2.69B | 2.93B | 2.84B | 2.56B | 2.36B | 2.1B | 2.71B | 1.66B | 1.32B |
| SG&A % of Revenue | - | 21.79% | 15.16% | 14.53% | 15.75% | 18.23% | 18.11% | 18.53% | 19.42% | 21.05% | 21.03% | 22.13% | 20.97% | 20.63% | 21.81% | 23.79% | 25.58% | 52.78% | 58.72% | 69.78% | 76.88% | 80.31% | 81.04% | 121.62% | 87.71% | 81.9% |
| Research & Development | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Operating Income | 20.16B | 19.4B | 15.58B | 14.01B | 12.26B | 10.08B | 8.08B | 9.66B | 7.28B | 6.62B | 5.76B | 5.08B | 5.11B | 4.5B | 3.94B | 2.71B | 2.75B | 2.26B | -534.5M | 1.11B | 229.5M | 393.18M | 346.67M | -601.86M | 142M | 221.7M |
| Operating Margin % | 59.4% | 59.17% | 55.32% | 55.81% | 55.15% | 53.39% | 52.81% | 57.24% | 48.71% | 52.99% | 53.46% | 52.53% | 54.08% | 54.17% | 53.27% | 40.41% | 49.68% | 44.32% | -10.71% | 27.24% | 6.9% | 13.38% | 13.37% | -26.98% | 7.51% | 13.76% |
| Operating Income Growth % | - | 24.51% | 11.24% | 14.22% | 21.64% | 24.76% | -16.38% | 32.71% | 9.97% | 14.95% | 13.45% | -0.55% | 13.39% | 14.38% | 45.12% | -1.42% | 21.77% | 522.82% | -148.24% | 382.85% | -41.63% | 13.42% | 157.6% | -523.86% | -35.95% | - |
| EBITDA | 21.65B | 20.54B | 16.48B | 14.81B | 13.01B | 10.81B | 8.66B | 10.19B | 7.74B | 7.06B | 6.13B | 5.44B | 5.43B | 4.76B | 4.17B | 2.91B | 2.9B | 2.4B | -422.5M | 1.21B | 329.28M | 503.12M | 469.99M | -482.31M | 232.5M | 291.68M |
| EBITDA Margin % | 63.78% | 62.65% | 58.5% | 59% | 58.52% | 57.23% | 56.6% | 60.33% | 51.78% | 56.49% | 56.92% | 56.32% | 57.48% | 57.28% | 56.38% | 43.3% | 52.36% | 47.09% | -8.46% | 29.64% | 9.9% | 17.13% | 18.12% | -21.62% | 12.29% | 18.1% |
| EBITDA Growth % | 26.72% | 24.67% | 11.29% | 13.78% | 20.41% | 24.79% | -14.97% | 31.59% | 9.66% | 15.08% | 12.67% | 0.31% | 13.99% | 14.25% | 43.34% | 0.24% | 20.78% | 668.29% | -135.04% | 266.18% | -34.55% | 7.05% | 197.45% | -307.44% | -20.29% | - |
| D&A (Non-Cash Add-back) | 1.49B | 1.14B | 897M | 799M | 750M | 726M | 580M | 522M | 459M | 437M | 373M | 366M | 321M | 258M | 230M | 194M | 148M | 141M | 112.01M | 97.64M | 99.78M | 109.94M | 123.32M | 119.55M | 90.5M | 69.97M |
| EBIT | 19.75B | 19.05B | 15.9B | 14.21B | 12.2B | 10.74B | 8.14B | 9.96B | 7.39B | 6.68B | 5.74B | 5.02B | 5.13B | 4.51B | 3.95B | 2.77B | 2.81B | 2.33B | -279.61M | 1.11B | 229.5M | 393.18M | 346.67M | -548.58M | 168.28M | 242.49M |
| Net Interest Income | -644M | -722M | -646M | -575M | -471M | -431M | -380M | -224M | -186M | -154M | -95M | -61M | -22M | 19M | 16M | 19M | -4M | -59M | 5.16M | 0 | 0 | 0 | 0 | -27.53M | 13.2M | 14.1M |
| Interest Income | 81M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 26M | 33M | 36M | 44M | 48M | 56M | 108.76M | 0 | 0 | 0 | 0 | 35.4M | 23.09M | 23.65M |
| Interest Expense | 725M | 722M | 646M | 575M | 471M | 431M | 380M | 224M | 186M | 154M | 95M | 61M | 48M | 14M | 20M | 25M | 52M | 115M | 103.6M | 0 | 0 | 0 | 0 | 62.94M | 9.89M | 9.55M |
| Other Income/Expense | 0 | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Pretax Income | 19.36B | 18.58B | 15.25B | 13.64B | 11.73B | 10.31B | 7.76B | 9.73B | 7.2B | 6.52B | 5.65B | 4.96B | 5.08B | 4.5B | 3.93B | 2.75B | 2.76B | 2.22B | -383.21M | 1.67B | 294.17M | 407.34M | 323.7M | -611.52M | 158.39M | 232.94M |
| Pretax Margin % | 57.04% | 56.66% | 54.16% | 54.34% | 52.76% | 54.58% | 50.72% | 57.64% | 48.19% | 52.19% | 52.39% | 51.29% | 53.8% | 54.14% | 53.21% | 40.93% | 49.77% | 43.5% | -7.68% | 41.09% | 8.84% | 13.87% | 12.48% | -27.41% | 8.37% | 14.46% |
| Income Tax | 3.79B | 3.61B | 2.38B | 2.44B | 1.8B | 1.62B | 1.35B | 1.61B | 1.34B | 2.61B | 1.59B | 1.15B | 1.46B | 1.38B | 1.17B | 842M | 910M | 755M | -129.3M | 585.55M | 243.98M | 140.62M | 85.64M | -220.78M | 41.96M | 90.88M |
| Effective Tax Rate % | 19.57% | 19.43% | 15.6% | 17.92% | 15.36% | 15.72% | 17.38% | 16.58% | 18.67% | 39.97% | 28.11% | 23.19% | 28.79% | 30.76% | 29.85% | 30.64% | 33.01% | 34.04% | 33.74% | 35.03% | 82.94% | 34.52% | 26.46% | 36.1% | 26.49% | 39.01% |
| Net Income | 15.57B | 14.97B | 12.87B | 11.2B | 9.93B | 8.69B | 6.41B | 8.12B | 5.86B | 3.92B | 4.06B | 3.81B | 3.62B | 3.12B | 2.76B | 1.91B | 1.85B | 1.46B | -253.91M | 1.09B | 50.19M | 266.72M | 238.06M | -385.79M | 116.43M | 142.06M |
| Net Margin % | 45.88% | 45.65% | 45.71% | 44.61% | 44.66% | 46% | 41.9% | 48.08% | 39.19% | 31.33% | 37.67% | 39.39% | 38.31% | 37.49% | 37.33% | 28.39% | 33.33% | 28.69% | -5.09% | 26.7% | 1.51% | 9.08% | 9.18% | -17.29% | 6.15% | 8.82% |
| Net Income Growth % | 18.47% | 16.27% | 15% | 12.74% | 14.31% | 35.5% | -21.03% | 38.56% | 49.66% | -3.55% | 6.59% | 5.28% | 16.08% | 12.94% | 44.75% | 3.25% | 26.18% | 676.18% | -123.38% | 2063.55% | -81.18% | 12.04% | 161.71% | -431.35% | -18.04% | - |
| Net Income (Continuing) | 15.57B | 14.97B | 12.87B | 11.2B | 9.93B | 8.69B | 6.41B | 8.12B | 5.86B | 3.92B | 4.06B | 3.81B | 3.62B | 3.12B | 2.76B | 1.91B | 1.85B | 1.46B | -253.91M | 1.09B | 50.19M | 266.72M | 238.06M | -390.74M | 116.43M | 142.06M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 3M | 9M | 30M | 68M | 79M | 100M | 126M | 98M | 94M | 100M | 28M | 34M | 34M | 11M | 12M | 9M | 11M | 8M | 4.62M | 4.62M | 4.62M | 4.62M | 4.62M | 4.62M | 644K | 0 |
| EPS (Diluted) | 17.44 | 16.52 | 13.89 | 11.83 | 10.23 | 8.76 | 6.37 | 7.94 | 5.60 | 3.65 | 3.69 | 3.35 | 3.10 | 2.56 | 2.19 | 1.48 | 1.41 | 1.12 | -0.20 | 0.80 | 0.04 | 0.20 | 0.24 | -0.39 | 0.14 | 0.20 |
| EPS Growth % | 21.18% | 18.93% | 17.41% | 15.64% | 16.78% | 37.52% | -19.77% | 41.79% | 53.42% | -1.08% | 10.15% | 8.06% | 21.09% | 16.89% | 47.97% | 4.96% | 25.89% | 660% | -125% | 2062.16% | -81.5% | -16.67% | 161.54% | -378.57% | -30% | - |
| EPS (Basic) | - | 16.55 | 13.92 | 11.86 | 10.26 | 8.79 | 6.40 | 7.98 | 5.63 | 3.67 | 3.70 | 3.36 | 3.11 | 2.57 | 2.20 | 1.49 | 1.41 | 1.12 | -0.20 | 0.81 | 0.04 | 0.20 | 0.24 | -0.39 | 0.14 | 0.20 |
| Diluted Shares Outstanding | 893M | 898M | 927M | 946M | 971M | 992M | 1.01B | 1.02B | 1.05B | 1.07B | 1.1B | 1.14B | 1.17B | 1.22B | 1.26B | 1.28B | 1.31B | 1.3B | 1.3B | 1.36B | 1.36B | 1.35B | 1B | 1B | 862.04M | 717.1M |
| Basic Shares Outstanding | 891M | 897M | 925M | 944M | 968M | 988M | 1B | 1.02B | 1.04B | 1.07B | 1.1B | 1.13B | 1.17B | 1.21B | 1.25B | 1.28B | 1.31B | 1.3B | 1.3B | 1.35B | 1.35B | 1.35B | 1B | 1B | 862.04M | 717.1M |
| Dividend Payout Ratio | - | 18.41% | 19.02% | 19.28% | 19.16% | 20.04% | 25.04% | 16.57% | 17.82% | 24.06% | 20.62% | 19.09% | 14.24% | 8.18% | 4.78% | 4.04% | 4.28% | 5.38% | - | 6.81% | 24.65% | - | - | - | - | - |
Regulatory interchange fee caps
As reported in recent quarterly filings, Mastercard's revenue has demonstrated consistent upward momentum, climbing from $6.3 billion in 2024Q1 to $8.4 billion by 2026Q1, reflecting the firm's ability to capture increased global payment volumes despite a complex and evolving macroeconomic environment for consumer spending.
The consistent revenue expansion suggests that Mastercard is successfully leveraging its network effects to capture a larger share of global digital payment flows. Investors should monitor whether this growth trajectory remains sustainable as the company faces potential saturation in mature markets and increased competition from alternative payment rails.
Based on the provided financial data, Mastercard maintains robust profitability with operating margins consistently hovering between 52% and 61%, underscoring the inherent scalability of its global payment infrastructure and the high-margin nature of its core transaction processing and value-added service offerings.
The ability to sustain such high operating margins suggests significant pricing power and a cost structure that does not scale linearly with transaction volume. This operational efficiency appears to be a key differentiator, allowing the firm to absorb inflationary pressures while maintaining strong bottom-line performance.
According to the income statement history, Mastercard's operating income has scaled effectively alongside revenue growth, with EPS rising from $3.22 in 2024Q1 to $4.35 in 2026Q1, indicating that the company is successfully managing its overhead costs while aggressively pursuing top-line expansion opportunities.
The firm's ability to grow earnings faster than revenue in several periods suggests strong operating leverage, likely driven by the high fixed-cost nature of its technology platform. Continued monitoring of SG&A efficiency is warranted to ensure that investments in new payment technologies do not erode these structural margin advantages.
As indicated by the quarterly income statements, Mastercard's net income has shown a steady upward trend, reaching $3.9 billion in 2026Q1, which appears to be supported by disciplined expense management and the strategic integration of high-margin value-added services into the broader network ecosystem.
The quality of these earnings appears high, given the recurring nature of transaction-based revenue and the limited reliance on non-operating items. However, investors should remain cautious regarding the impact of stock-based compensation and potential tax rate fluctuations that could influence future earnings per share volatility.
While Mastercard's financial performance remains strong, the potential for legislative intervention, such as the Credit Card Competition Act, poses a material risk to the company's ability to maintain its current fee structure and high-margin profile in the critical U.S. market, as noted in recent industry disclosures.
Short-term margin compression could occur if regulatory pressures force a reduction in interchange fees or limit the exclusivity of network arrangements. Analysts should carefully evaluate whether the company's pivot toward value-added services can sufficiently offset potential declines in core transaction-based revenue streams.
Quick answers to the most common questions about buying MA stock.
Mastercard Incorporated (MA) is profitable, generating $14.97B in net income for the fiscal year ending 2025 with a net profit margin of 45.6%.
Mastercard Incorporated (MA) reported an operating income of $19.40B, resulting in an operating profit margin of 59.2%. This margin reflects the operational efficiency of the business before interest and taxes.
Mastercard Incorporated (MA) generated $27.36B in gross profit for the year, representing a gross profit margin of 83.4%. This demonstrates the company's core pricing power and production efficiency.