NYSE: MA
Mastercard IncCIK 0001141391 · SIC 7389 · Miscellaneous Business Services NEC
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Mastercard raises $5B in debt across five note series with rates up to 5%
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Mastercard CFO Sachin Mehra moves to Chief Business Officer; Ling Hai promoted to CFO
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Mastercard names Chris Mullett as new Corporate Controller, Sandra Arkell moves to audit role
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Mastercard reports Q1 2026 earnings results
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revenue $8.40B, net income $3.88B. Mastercard Q1 revenue up 15.8% but growth slows; restructuring, buybacks surge 58%
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Mastercard raises CFO and Chief Services Officer compensation effective March 2026
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Latest financial statements
From 10-Q filed Jul 30, 2026 (period ending Jun 30, 2026). As printed on the EDGAR/iXBRL face — not generated by the model.
Consolidated Statements of Operations (Unaudited)
(in millions, except per share data)
| Description | Three months ended June 30, 2026 | Three months ended June 30, 2025 | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|---|---|
| Net Revenue | 9,277 | 8,133 | 17,675 | 15,383 |
| Operating Expenses: | ||||
| General and administrative | 3,082 | 2,766 | 6,121 | 5,289 |
| Advertising and marketing | 217 | 213 | 370 | 365 |
| Depreciation and amortization | 309 | 281 | 608 | 556 |
| Provision for litigation | 82 | 96 | 82 | 247 |
| Total operating expenses | 3,690 | 3,356 | 7,181 | 6,457 |
| Operating income | 5,587 | 4,777 | 10,494 | 8,926 |
| Other Income (Expense): | ||||
| Investment income | 88 | 70 | 169 | 158 |
| Gains (losses) on equity investments, net | (2) | 4 | (68) | (25) |
| Interest expense | (218) | (195) | (403) | (377) |
| Other income (expense), net | 31 | 16 | 106 | 21 |
| Total other income (expense) | (101) | (105) | (196) | (223) |
| Income before income taxes | 5,486 | 4,672 | 10,298 | 8,703 |
| Income tax expense | 1,098 | 971 | 2,028 | 1,722 |
| Net Income | 4,388 | 3,701 | 8,270 | 6,981 |
| Basic Earnings per Share | 4.98 | 4.08 | 9.33 | 7.67 |
| Basic weighted-average shares outstanding | 882 | 908 | 887 | 910 |
| Diluted Earnings per Share | 4.97 | 4.07 | 9.32 | 7.66 |
| Diluted weighted-average shares outstanding | 883 | 909 | 888 | 911 |
Consolidated Balance Sheets (Unaudited)
(in millions, except per share data)
| Description | June 30, 2026 | December 31, 2025 |
|---|---|---|
| Assets | ||
| Current assets: | ||
| Cash and cash equivalents | 11,291 | 10,566 |
| Restricted cash and restricted cash equivalents | 488 | 561 |
| Restricted security deposits held for customers | 2,196 | 2,121 |
| Investments | 318 | 332 |
| Accounts receivable | 5,047 | 4,609 |
| Settlement assets | 2,371 | 1,626 |
| Prepaid expenses and other current assets | 4,811 | 3,743 |
| Total current assets | 26,522 | 23,558 |
| Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,878 and $2,756, respectively | 2,541 | 2,303 |
| Deferred income taxes | 1,441 | 1,567 |
| Goodwill | 9,498 | 9,560 |
| Other intangible assets, net of accumulated amortization of $3,303 and $3,096, respectively | 5,466 | 5,554 |
| Other assets | 12,223 | 11,615 |
| Total Assets | 57,691 | 54,157 |
| Liabilities and Equity | ||
| Current liabilities: | ||
| Accounts payable | 1,130 | 999 |
| Settlement obligations | 3,159 | 2,409 |
| Restricted security deposits held for customers | 2,196 | 2,121 |
| Accrued litigation | 296 | 800 |
| Accrued expenses | 13,027 | 13,272 |
| Short-term debt | 2,459 | 749 |
| Other current liabilities | 2,737 | 2,412 |
| Total current liabilities | 25,004 | 22,762 |
| Long-term debt | 22,184 | 18,251 |
| Deferred income taxes | 315 | 307 |
| Other liabilities | 4,582 | 5,091 |
| Total Liabilities | 52,085 | 46,411 |
| Commitments and Contingencies | ||
| Stockholders’ Equity | ||
| Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,406 shares issued and 871 and 887 shares outstanding, respectively | — | — |
| Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding | — | — |
| Additional paid-in-capital | 7,070 | 6,907 |
| Class A treasury stock, at cost, 536 and 518 shares, respectively | (92,226) | (83,224) |
| Retained earnings | 91,771 | 85,035 |
| Accumulated other comprehensive income (loss) | (1,004) | (981) |
| Mastercard Incorporated Stockholders' Equity | 5,611 | 7,737 |
| Non-controlling interests | (5) | 9 |
| Total Equity | 5,606 | 7,746 |
| Total Liabilities and Equity | 57,691 | 54,157 |
Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Description | Six months ended June 30, 2026 | Six months ended June 30, 2025 |
|---|---|---|
| Operating Activities | ||
| Net income | 8,270 | 6,981 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Amortization of customer incentives | 1,310 | 993 |
| Depreciation and amortization | 608 | 556 |
| (Gains) losses on equity investments, net | 68 | 25 |
| Share-based compensation | 326 | 308 |
| Deferred income taxes | 110 | 81 |
| Other | 84 | 60 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (448) | (217) |
| Settlement assets | (745) | (590) |
| Prepaid expenses | (3,835) | (2,238) |
| Accrued litigation and legal settlements | (504) | 81 |
| Restricted security deposits held for customers | 90 | 125 |
| Accounts payable | 124 | (168) |
| Settlement obligations | 750 | 356 |
| Accrued expenses | 788 | (203) |
| Net change in other assets and liabilities | (224) | 833 |
| Net cash provided by operating activities | 6,772 | 6,983 |
| Investing Activities | ||
| Purchases of investment securities available-for-sale | (134) | (247) |
| Purchases of investments held-to-maturity | — | (22) |
| Proceeds from sales of investment securities available-for-sale | 32 | 126 |
| Proceeds from maturities of investment securities available-for-sale | 89 | 125 |
| Proceeds from maturities of investments held-to-maturity | 13 | 27 |
| Purchases of property and equipment | (445) | (199) |
| Capitalized software | (368) | (367) |
| Other investing activities | (66) | (10) |
| Net cash used in investing activities | (879) | (567) |
| Financing Activities | ||
| Purchases of treasury stock | (8,933) | (4,838) |
| Dividends paid | (1,548) | (1,385) |
| Proceeds from debt, net of discounts | 5,596 | 1,242 |
| Payment of debt | — | (750) |
| Proceeds from (payment of) debt, maturities of 90 days or less, net | 84 | — |
| Tax withholdings related to share-based payments | (204) | (279) |
| Cash proceeds from employee stock plans | 73 | 117 |
| Other financing activities | (108) | (100) |
| Net cash used in financing activities | (5,040) | (5,993) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | (126) | 341 |
| Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents | 727 | 764 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents beginning of period | 13,248 | 10,808 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents end of period | 13,975 | 11,572 |
Amounts as printed on the EDGAR/iXBRL face — (in millions, except per share data); (in millions). Labels, columns, and figures are the filing face, not a GAAP stencil. Interactive statements & notes on EDGAR ↗