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Mastercard (MA) stock

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NYSE: MA NYSE Transaction & Payment Processing Services Next results ~January 28, 2027

B Fundamentals grade

Mastercard is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Fair value per share

~$660

Cash-flow model

Base case. Range ~$490–$870 across our lower- and higher-growth cases (9.7%–19.7% a year).

Price vs value

Modestly overvalued

The price is inside our value range, 0% above our base value.

Price used: $658.10, November 2, 2026

Mastercard valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

Value diary

Our note on each quarter Mastercard files

10-Q filed October 29: Mastercard

Model value +2.8%

Mastercard generated $36.3bn in revenue over the twelve months to September 2026, a 15.3% increase on the year before, though this marks a slowdown from the 16.0% growth recorded a quarter earlier. Free-cash-flow margin declined more sharply, falling to 44.3% from 54.0% a year earlier. A silver lining comes from the diluted share count, down 2.7% year-on-year, which boosts the value attributable to each remaining share. Taking these factors together, our model value climbs from $638 to $655 a share, slightly ahead of the current $638 share price. We maintain our Hold rating. At today's price, the market appears to be pricing in cash-flow growth of roughly 13.8% a year over five years, a figure not far from the 14.0% annual revenue growth Mastercard has actually delivered.

Source: 10-Q filed October 29, 2026 on SEC EDGAR · Financials · Valuation

Earlier notes (2)

10-Q filed July 30: Mastercard

Mastercard's revenue reached $36.3bn in the twelve months to June 2026, a rise of 15.3% on the year before, though growth has eased from 16.0% a quarter earlier. Free-cash-flow margin, meanwhile, slipped to 44.3% from 54.0% a year earlier. A silver lining comes from the diluted share count, down 2.7% year on year, which boosts the value of each remaining share. Our model puts fair value at $638 a share, little changed, against a current price of $610. We maintain our Hold rating. At the present price, the market appears to be pricing in cash-flow growth of around 13.8% a year over five years, broadly in line with the 14.0% annual revenue growth Mastercard has actually delivered.

10-Q on SEC EDGAR

Where Mastercard stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $35.1bn, up 16.0% on a year earlier, slower than 16.8% a quarter earlier. Free-cash-flow margin fell to 47.6% from 54.7% a year earlier. Operating margin widened to 58.3% from 55.8%. The diluted share count is down 2.4% on a year earlier, which lifts each remaining share. Against its peers on growth, profitability, cash generation and balance sheet, it grades B. It passes 3 of our 7 financial-health checks. Our cash-flow model value is $635 a share, against a share price of $621. At that price, our model says the market is pricing in about 14.7% a year of cash-flow growth for five years, close to the 13.2% a year revenue growth it has delivered.

10-Q on SEC EDGAR

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~January 28, 2027 (estimated)

Mastercard's trailing-twelve-month revenue grew 15.3% year on year, with a free-cash-flow margin of 44.3%. Where it stands out: net margin of 46.7% ranks 2 of 30 transaction & payment processing services companies we cover.

Our discounted-cash-flow model values the business at ~$660 per share in the base case (~$490–$870 across growth scenarios) — model values under stated assumptions, not a price target.

Current signal Free cash flow diverging from earnings: TTM free cash flow fell 5.4% while net income grew 19.0%: a 24pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Fast growth. Revenue grew 15.3% over the last 12 months, against a median of 9.7% for transaction & payment processing services companies we cover.
  • High operating margin. 58.6% of revenue is left as operating profit, against a median of 9.8% for transaction & payment processing services companies we cover.
  • Strong cash generation. 44.3% of revenue turned into free cash flow, against a median of 18.4% for transaction & payment processing services companies we cover.
  • Shrinking share count. Diluted shares fell 2.7% in a year, so each share owns more of the business.
  • Beating expectations. Earnings per share beat the analysts' consensus estimate in each of the last four quarters.

Things to watch

  • Insiders selling. 8 insiders sold $70M of stock over the past 365 days and none bought (100% under pre-set trading plans).

Latest results: FY2026 Q3

Filed October 29, 2026
Earnings per share
$5.31 against an average estimate of $5.16: beat by 2.8%
Revenue
$9.81bn, up 14.0% on a year earlier
Share reaction
+4.5% in the first session after the results on October 29, 2026, against -2.1% for the S&P 500
Next report
January 28, 2027; average EPS estimate $5.12

Mastercard's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day+3.1%
  • 1 week+7.3%
  • 1 month+19.3%
  • This year+16.0%
  • 1 year+20.0%
  • 5 years+105.8%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

Loading chart…

Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$36.3B
Operating margin
58.6%
Net margin
46.7%
EPS (TTM, diluted)
$19.12

Growth

Revenue growth
+15.3%
Change in growth rate
−0.7 pts
Share count change
−2.7%

Cash

Free cash flow (TTM)
$16.1B
FCF margin
44.3%
Stock pay % of revenue
2.0%

Earnings

Last results
October 29, 2026
Next results (est.)
January 28, 2027

News & updates

Updated November 2, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Results
  2. Insider trade
  3. Product
  4. Announcement
  5. Dividend
  6. Announcement
  7. Announcement
  8. Announcement
  9. Product
  10. Insider trade
  11. Insider trade
  12. Insider trade
  13. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Mastercard valuation models and calculator

What the price is pricing in

The share price implies about 14.1% a year of cash-flow growth for five years.That is close to the 14.0% a year revenue growth Mastercard has delivered.

  • Priced in14.1%
  • Last 12 months15.3%
  • 3 years a year14.2%
  • 5 years a year14.0%

Our cash-flow model with every input fixed except growth over the next five years, solved for the growth at which the model value equals the share price ($649.15, Nov 3, 2026). Cash-flow growth then fades to 2.5% a year; discount rate 8.5%. Delivered figures are revenue growth from SEC filings. This is a model exercise, not investment advice or a forecast of the share price. All companies

Fundamentalytics rating

model v1.6 · 2026-11-03
Hold12-month view
12-month price target
~$660
Price used
$649.15close November 3, 2026
Implied change
▲ +1%
Uncertainty
Medium

How we got here: a discounted-cash-flow model of Mastercard's free cash flow after stock-based pay with after-tax interest added back ($17.7B, FY2026 Q3 TTM), growing 13.3% and 13.9% in the next two years (forecasts, guidance and its record), then back to 14.7% by year five, and fading to 2.5%, discounted at 8.5%. Lower and higher growth cases span ~$490–~$870 ; that spread sets a 25% margin before we rate Buy or Sell.

Produced by Fundamentalytics' automated valuation model on November 3, 2026, using delayed market prices. Rating meanings, methodology and conflicts: recommendations disclosure and research disclaimer. General research, not personal advice — it does not consider your circumstances. Prices can fall as well as rise.

Our value per share comes from a discounted-cash-flow model of Mastercard's free cash flow after stock-based pay ( $17.7B, FY2026 Q3 TTM, with after-tax interest added back): growth for five years as below (the first two years from forecasts, guidance and the company's record), fading to 2.5%, discounted at 8.5%, then cash added and debt and other claims subtracted. These are model values under stated assumptions, not price targets or recommendations.

Valuation models

We value Mastercard as an operating company, with every model that fits that kind of business. Cost of equity 8.9%: the 10-year Treasury yield (4.9%) plus a beta of 0.87 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Cash-flow model (DCF) Free cash flow to the firm (after stock pay, with after-tax interest added back), grown then faded to 2.5%, discounted at 8.5% as the firm rate, less debt and other claims. ~$660 ~$490–$870 Primary model, counts double
Forward price-to-earnings vs peers Next year's consensus earnings per share times peers' typical (harmonic-mean) forward price-to-earnings. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$200 ~$150–$400 Included
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: return on equity above 40%: buybacks or intangibles make book value too small an anchor
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. ~$250 ~$210–$300 Included
Combined value Weighted average of the models that apply: the primary model (cash-flow model (dcf)) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$440 ~$200–$660 3 models

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Mastercard with Transaction & Payment Processing Services in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

What moves the value

  • Revenue growth 5 points lower ▼ −25%
  • Revenue growth 5 points higher ▲ +32%
  • Free-cash-flow margin 1 point lower ▼ −2%
  • Last year's free-cash-flow margin change, if it persists ▼ −18%
  • Discount rate 1 point higher ▼ −16%
Value per share under different assumptions
Discount rate ↓ / growth → −5% growth0% growth5% growth10% growth15% growth20% growth
7% $276$381$519$702$940$1247
8.5% $208$284$383$514$684$902
10% $166$225$302$402$531$697

Valuation multiples over time Market data may be delayed

At fiscal year end 20152016201720182019202020212022202320242025Now
Share price$91.09$97.39$143.83$180.23$286.85$344.76$348.76$339.49$418.94$520.22$567.23$658.10
Market value$103.6bn$107.2bn$154.2bn$188.7bn$293.2bn$346.8bn$346.0bn$329.6bn$396.3bn$482.2bn$513.9bn$583.7bn
+ Net debt (− = net cash)−$2.4bn−$1.5bn−$456m−$293m$1.6bn$2.7bn$6.6bn$7.2bn$7.3bn$10.0bn$8.6bn$13.9bn
Enterprise value$101.1bn$105.7bn$153.7bn$188.4bn$294.8bn$349.5bn$352.6bn$336.9bn$403.6bn$492.2bn$522.5bn$597.7bn
Multiples
Price / sales 10.7x10.0x12.3x12.6x17.4x22.7x18.3x14.8x15.8x17.1x15.7x16.1x
Price / earnings 27.2x26.4x39.4x32.2x36.1x54.1x39.8x33.2x35.4x37.5x34.3x34.4x
Price / free cash flow 26.4x24.2x28.7x32.0x37.8x50.4x38.2x30.7x34.1x33.7x30.0x36.3x
EV / EBITDA 18.6x17.2x21.8x24.3x28.9x40.4x32.6x25.9x27.3x29.9x26.1x26.6x

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

95 /100

Strong moat

How hard Mastercard's competitive advantage looks for rivals to wear away, judged from 10 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 20 / 20

    Net income has been a median 26.1% of total assets over 10 years.

  • Durability 20 / 20

    Operating margin has been a median 54.6%; its worst year was 52.2%.

  • Cash conversion 20 / 20

    Free cash flow was positive in 10 of 10 years, at a median 45.2% of revenue.

  • Discipline 20 / 20

    The diluted share count fell 10.9% over five years; stock-based pay has been a median 1.8% of revenue.

AI disruption exposure: Medium. In this industry, AI could change how the product is made or sold, without replacing the core asset. The score above includes a 5-point deduction for that exposure (100 before it).

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: January 28, 2027, before the open. Analysts expect revenue of $9.9bn and EPS of $5.12 (range $4.98 to $5.26) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current $20.02 +18% $37.4bn +14%
Next $23.12 +16% $42.0bn +12%

Next year's EPS estimate has moved +0.7% in 90 days, across 37 analysts.

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +0.6% on 90 days ago. In the last 30 days, 33 analysts raised Mastercard's forecast and 1 cut it.

Consensus EPS forecast Mastercard, last 90 days
$19.00 $20.00 $21.00 $22.00 $23.00 $24.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: $19.90 Current fiscal year, 60 days ago: $19.93 Current fiscal year, 30 days ago: $19.93 Current fiscal year, 7 days ago: $19.95 Current fiscal year, Now: $20.02 $20.02 Next fiscal year, 90 days ago: $22.96 Next fiscal year, 60 days ago: $23.03 Next fiscal year, 30 days ago: $23.02 Next fiscal year, 7 days ago: $23.07 Next fiscal year, Now: $23.12 $23.12

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago $19.90$22.96
60 days ago $19.93$23.03
30 days ago $19.93$23.02
7 days ago $19.95$23.07
Now $20.02$23.12

Earnings against estimates

Quarter toEstimateActualSurprise
Sept 2026 $5.16 $5.31 +2.8%
Jun 2026 $4.78 $5.04 +5.5%
Mar 2026 $4.41 $4.60 +4.2%
Dec 2025 $4.24 $4.76 +12.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Management guidance

Earnings release, July 30, 2026

No numeric guidance in Mastercard's latest earnings release (filed July 30, 2026). Some companies give their outlook only on the earnings call.

How our valuation uses these forecasts

Our cash-flow model grows Mastercard's revenue by +13.3% next year and +13.9% the year after, then fades back toward its own record by year five. Next year's rate weighs analysts' consensus (+12.7%, weight 70%) and the company's own record (+14.7%, weight 30%) . How the weights are set.

Analyst recommendations

40 analysts, Oct 2026
Buy3690%
Hold38%
Sell13%

Monthly trend

  1. Oct 2026927340
  2. Sep 2026927440
  3. Aug 2026928340
  4. Jul 2026929341

Counts of recommendations published by analysts covering Mastercard, by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
0.8%
of tradable shares
Days to cover
2.34
at average volume
Short interest, 1 month
−3%
to October 15, 2026
Held by institutions
91%
of shares
Held by insiders
0.1%
of shares
Employees
39,800
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

What moved the share price

Last 12 months +20.0%

$548.46 on October 31, 2025 to $658.10

ThenNowEffect
Revenue (last 12 months) $30.2bn $35.1bn +16.0%
Net margin 44.9% 46.3% +3.1%
P/E multiple 37.0x 36.2x −2.2%
Share count 917m 894m +2.5%

Biggest factor: revenue.

Last 3 years +73.5%

$379.20 on November 3, 2023 to $658.10

ThenNowEffect
Revenue (last 12 months) $23.6bn $35.1bn +48.7%
Net margin 43.4% 46.3% +6.9%
P/E multiple 35.5x 36.2x +1.9%
Share count 959m 894m +7.2%

Biggest factor: revenue.

The effects multiply back to the price change exactly. Results are the last 12 months as known on each date (filings assumed public 45 days after quarter end).

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
MA+1%−3%+23%+24%+9%+16%
Industry peers (median)−19%−35%+6%+9%−26%+5%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
MA58%42%67%67%58%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
MA−22%−28%−13%−12%−17%−19%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since November 2, 2015: 41% from February 19, 2020 to March 23, 2020. Getting back needed a 70% gain, reached on August 24, 2020, 154 days after the low.

Price behaviour

52-week range
$470.05 – $658.10
From 52-week high
0.0%
vs 50-day average
+12.0%
vs 200-day average
+23.0%
Volatility (1 year)
23%
Beta vs S&P 500
0.24

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
8 up, 4 down
typical move ±2.4%
After a week
9 up, 2 down
typical move ±2.4%
After a month
7 up, 4 down
typical move ±4.5%
Results releasedNext dayS&P 500 next day5 days21 days
October 29, 2026 +4.5% −2.1% — —
July 30, 2026 +1.7% +2.4% +2.2% +5.7%
April 30, 2026 −5.7% +1.3% −4.6% −5.7%
January 29, 2026 +3.3% −0.5% +5.9% −0.1%
October 30, 2025 −0.5% −0.8% −0.2% −1.9%
July 31, 2025 +0.1% −2.0% +0.4% +6.5%
May 1, 2025 +2.1% +2.2% +3.5% +6.1%
January 30, 2025 +1.2% 0.0% +3.3% +4.8%
October 31, 2024 −1.1% −1.5% +0.8% +3.4%
July 31, 2024 +3.3% +0.2% +0.5% +7.5%
May 1, 2024 −2.2% +0.6% +0.8% −0.9%
January 31, 2024 +3.5% −0.3% +3.8% +7.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Options strategies

All options ideas

How Mastercard’s listed options are priced, and three ways to use them that follow from our valuation. Quotes are delayed, read November 2, 2026. Check the live chain at your broker before trading.

Implied vs realised volatility

Options look fairly priced

Implied volatility is within its normal range against realised. Selling options earns the usual premium, nothing extra.

  • Implied is 1.23× the last 60 days’ realised volatility , richer than 61% of the 229 stocks we screen today.
  • Puts and calls are priced at about the same implied volatility.
  • Why: implied is not far enough above realised, or not unusual against our coverage.

Our rule for “rich”: implied at least 1.2× 60-day realised (beyond measurement noise), above 1-year realised (not just a calm spell), and in the top 20% of our coverage that day. Never with results inside the option’s life. These are our conventions, built on research showing option prices usually imply more movement than follows, most when the gap is wide. How we judge this.

Cash-secured put

Not offered: fundamentals grade B (needs B+ or better).

We suggest selling a put only on well-rated companies, at a strike where the price you would pay if assigned (strike less premium) is at or below our fair value.

MA Mastercard Grade B $659.77

Own 100 shares, sell the $700 call expiring December 18, 2026 (46 days) for $6.70 a share — $670 per contract.

Previous session · Bid $6.70, ask $7.80, quoted Mon 2 Nov, 17:29 New York time with MA at $659.77. Option prices move with the shares: check the live chain at your broker before trading.

  • If MA ends below $700: you keep your shares and the $670 — 1.0% extra on the position, 8.1% a year at that pace.
  • If it ends above $700: your shares are sold at $700, a total return of 7.1% including the premium — at or above our value of ~$660.
$4.7k $0 −$13.1k Break-even $653.06 Price $659.77 Our value $660
Profit or loss per contract at expiry, by share price (including the shares bought at today's price).
Premium
$670
Annualised
8.1%
Break-even
$653.06
Max gain
$4,693.5
Chance of selling
~27%

Collar

Not offered: the shares trade below our fair value: a collar caps upside the model expects.

For holders of a stock trading at or above our fair value: buy a put for a floor and sell a call to pay for it.

General research, not personal advice. Options can lose you more than you expect and are not suitable for everyone: put sellers can be made to buy shares that keep falling, call sellers give up gains above the strike, and results or news can move prices sharply. Chances shown are approximations from each option’s delta. Spreads, fees and early assignment are not modelled.

Mastercard in five measures

Fundamentals grade B
Growth Profitability Cash Balance sheet Value

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Mastercard
$25B $30B $35B $40B FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue (TTM), FY23 Q4: $25.1B Revenue (TTM), FY24 Q1: $25.7B Revenue (TTM), FY24 Q2: $26.4B Revenue (TTM), FY24 Q3: $27.2B Revenue (TTM), FY24 Q4: $28.2B Revenue (TTM), FY25 Q1: $29.1B Revenue (TTM), FY25 Q2: $30.2B Revenue (TTM), FY25 Q3: $31.5B Revenue (TTM), FY25 Q4: $32.8B Revenue (TTM), FY26 Q1: $33.9B Revenue (TTM), FY26 Q2: $35.1B Revenue (TTM), FY26 Q3: $36.3B $36.3B

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue (TTM)
FY23 Q4 $25.1B
FY24 Q1 $25.7B
FY24 Q2 $26.4B
FY24 Q3 $27.2B
FY24 Q4 $28.2B
FY25 Q1 $29.1B
FY25 Q2 $30.2B
FY25 Q3 $31.5B
FY25 Q4 $32.8B
FY26 Q1 $33.9B
FY26 Q2 $35.1B
FY26 Q3 $36.3B
Revenue growth, TTM YoY Mastercard
10% 12% 14% 16% 18% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Revenue growth, TTM YoY, FY23 Q4: 12.9% Revenue growth, TTM YoY, FY24 Q1: 12.6% Revenue growth, TTM YoY, FY24 Q2: 11.9% Revenue growth, TTM YoY, FY24 Q3: 11.7% Revenue growth, TTM YoY, FY24 Q4: 12.2% Revenue growth, TTM YoY, FY25 Q1: 13.1% Revenue growth, TTM YoY, FY25 Q2: 14.6% Revenue growth, TTM YoY, FY25 Q3: 15.6% Revenue growth, TTM YoY, FY25 Q4: 16.4% Revenue growth, TTM YoY, FY26 Q1: 16.8% Revenue growth, TTM YoY, FY26 Q2: 16.0% Revenue growth, TTM YoY, FY26 Q3: 15.3% 15.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q4 12.9%
FY24 Q1 12.6%
FY24 Q2 11.9%
FY24 Q3 11.7%
FY24 Q4 12.2%
FY25 Q1 13.1%
FY25 Q2 14.6%
FY25 Q3 15.6%
FY25 Q4 16.4%
FY26 Q1 16.8%
FY26 Q2 16.0%
FY26 Q3 15.3%
Operating margin (TTM) Mastercard
55% 56% 57% 58% 59% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 Operating margin (TTM), FY23 Q4: 55.8% Operating margin (TTM), FY24 Q1: 56.3% Operating margin (TTM), FY24 Q2: 56.3% Operating margin (TTM), FY24 Q3: 55.2% Operating margin (TTM), FY24 Q4: 55.3% Operating margin (TTM), FY25 Q1: 55.5% Operating margin (TTM), FY25 Q2: 55.8% Operating margin (TTM), FY25 Q3: 57.0% Operating margin (TTM), FY25 Q4: 57.6% Operating margin (TTM), FY26 Q1: 57.9% Operating margin (TTM), FY26 Q2: 58.3% Operating margin (TTM), FY26 Q3: 58.6% 58.6%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q4 55.8%
FY24 Q1 56.3%
FY24 Q2 56.3%
FY24 Q3 55.2%
FY24 Q4 55.3%
FY25 Q1 55.5%
FY25 Q2 55.8%
FY25 Q3 57.0%
FY25 Q4 57.6%
FY26 Q1 57.9%
FY26 Q2 58.3%
FY26 Q3 58.6%
FCF margin (TTM) Mastercard
40% 45% 50% 55% FY23 Q4 FY24 Q3 FY25 Q2 FY26 Q3 FCF margin (TTM), FY23 Q4: 46.3% FCF margin (TTM), FY24 Q1: 44.0% FCF margin (TTM), FY24 Q2: 44.4% FCF margin (TTM), FY24 Q3: 50.0% FCF margin (TTM), FY24 Q4: 50.8% FCF margin (TTM), FY25 Q1: 51.6% FCF margin (TTM), FY25 Q2: 54.7% FCF margin (TTM), FY25 Q3: 54.0% FCF margin (TTM), FY25 Q4: 52.3% FCF margin (TTM), FY26 Q1: 52.4% FCF margin (TTM), FY26 Q2: 47.6% FCF margin (TTM), FY26 Q3: 44.3% 44.3%

Source: SEC EDGAR filings. Retrieved October 30, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q4 46.3%
FY24 Q1 44.0%
FY24 Q2 44.4%
FY24 Q3 50.0%
FY24 Q4 50.8%
FY25 Q1 51.6%
FY25 Q2 54.7%
FY25 Q3 54.0%
FY25 Q4 52.3%
FY26 Q1 52.4%
FY26 Q2 47.6%
FY26 Q3 44.3%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Where the money goes

FY2025, from the 10-K

Each dollar Mastercard took in during FY2025, followed through to profit: what it cost to make, what went on running the business, and what was left after tax.

  1. Revenue $32.8B
  2. Selling, general and admin $11.3B · 34.5%
  3. Other operating costs $2.6B · 7.9%
  4. Operating income $18.9B · 57.6%
  5. Income tax $3.6B · 11.0%
  6. Interest and other $319M · 1.0%
  7. Net income $15B · 45.6%

Shares of revenue. Source: Mastercard's 10-K for FY2025, as filed with the SEC. "Other" lines are what the reported lines leave unexplained.

Financial statements

US$ billions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2009 Dec 2009 2010 Dec 2010 2011 Dec 2011 2012 Dec 2012 2013 Dec 2013 2014 Dec 2014 2015 Dec 2015 2016 Dec 2016 2017 Dec 2017 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Sept 2026
Income
Revenue 5.1 5.5 6.7 7.4 8.3 9.5 9.7 10.8 12.5 15.0 16.9 15.3 18.9 22.2 25.1 28.2 32.8 36.3
EBITDA 2.4 2.9 2.9 4.2 4.8 5.4 5.4 6.1 7.1 7.7 10.2 8.7 10.8 13.0 14.8 16.5 20.0 22.5
Operating income 2.3 2.8 2.7 3.9 4.5 5.1 5.1 5.8 6.6 7.3 9.7 8.1 10.1 12.3 14.0 15.6 18.9 21.3
Net income 1.5 1.8 1.9 2.8 3.1 3.6 3.8 4.1 3.9 5.9 8.1 6.4 8.7 9.9 11.2 12.9 15.0 17.0
Diluted EPS $1.12 $1.41 $1.48 $2.19 $2.56 $3.10 $3.35 $3.69 $3.65 $5.60 $7.94 $6.37 $8.76 $10.22 $11.83 $13.89 $16.52 $19.12
Growth (year on year)
Revenue +2.1% +8.6% +21.2% +10.1% +12.9% +13.5% +2.0% +11.5% +16.0% +19.6% +12.9% −9.4% +23.4% +17.8% +12.9% +12.2% +16.4% +15.3%
EBITDA — +20.8% +0.2% +43.3% +14.3% +14.0% +0.3% +12.7% +15.1% +9.7% +31.6% −15.0% +24.8% +20.4% +13.8% +11.3% +21.6% +18.4%
Operating income — +21.8% −1.4% +45.1% +14.4% +13.4% −0.5% +13.5% +14.9% +10.0% +32.7% −16.4% +24.8% +21.6% +14.2% +11.2% +21.3% +18.6%
Net income — +26.2% +3.3% +44.8% +12.9% +16.1% +5.3% +6.6% −3.5% +49.7% +38.6% −21.0% +35.5% +14.3% +12.7% +15.0% +16.3% +19.0%
Diluted EPS — +25.9% +5.3% +48.0% +16.9% +21.1% +8.1% +10.1% −1.1% +53.4% +41.8% −19.8% +37.5% +16.7% +15.8% +17.4% +18.9% +22.3%
Margins
EBITDA margin 47.1% 52.4% 43.3% 56.4% 57.0% 57.3% 56.3% 56.9% 56.5% 51.8% 60.3% 56.6% 57.2% 58.5% 59.0% 58.5% 61.1% 62.0%
Operating margin 44.3% 49.7% 40.4% 53.3% 54.0% 53.9% 52.5% 53.5% 53.0% 48.7% 57.2% 52.8% 53.4% 55.2% 55.8% 55.3% 57.6% 58.6%
Net margin 28.7% 33.3% 28.4% 37.3% 37.3% 38.2% 39.4% 37.7% 31.3% 39.2% 48.1% 41.9% 46.0% 44.7% 44.6% 45.7% 45.6% 46.7%
Free-cash-flow margin 25.9% 29.5% 38.8% 38.6% 47.7% 34.1% 40.6% 41.0% 42.9% 39.4% 46.0% 45.0% 48.0% 48.4% 46.3% 50.8% 52.3% 44.3%
Cash flow
Cash from operations 1.4 1.7 2.7 2.9 4.1 3.4 4.1 4.6 5.7 6.2 8.2 7.2 9.5 11.2 12.0 14.8 17.6 16.9
Capital spending 0.1 0.1 0.1 0.1 0.2 0.2 0.2 0.2 0.3 0.3 0.4 0.3 0.4 0.4 0.4 0.5 0.5 0.8
Free cash flow 1.3 1.6 2.6 2.9 4.0 3.2 3.9 4.4 5.4 5.9 7.8 6.9 9.1 10.8 11.6 14.3 17.2 16.1
Stock-based pay 0.1 0.1 0.0 0.0 0.1 −0.0 0.1 0.1 0.2 0.2 0.3 0.3 0.3 0.3 0.5 0.5 0.6 0.7
Free cash flow after stock pay 1.2 1.6 2.6 2.9 3.9 3.2 3.8 4.3 5.2 5.7 7.5 6.6 8.8 10.5 11.1 13.8 16.6 15.3
Balance sheet
Cash 2.1 3.1 3.7 2.1 3.6 5.1 5.7 6.7 5.9 6.7 7.0 10.1 7.4 7.0 8.6 8.4 10.6 10.1
Total debt 0.0 0.0 — 0.0 0.0 1.5 3.3 5.2 5.5 6.4 8.6 12.8 14.0 14.2 15.9 18.4 19.1 24.1
Net debt (negative = net cash) −2.0 −3.0 −3.7 −2.1 −3.6 −3.6 −2.4 −1.5 −0.5 −0.3 1.6 2.7 6.6 7.2 7.3 10.0 8.6 13.9
Diluted shares 1,300m 1,310m 1,284m 1,258m 1,215m 1,169m 1,137m 1,101m 1,072m 1,047m 1,022m 1,006m 992m 971m 946m 927m 906m 887m
Returned to shareholders
Dividends 0.1 0.1 0.1 0.1 0.3 0.5 0.7 0.8 0.9 1.0 1.3 1.6 1.7 1.9 2.2 2.4 2.8 3.0
Buybacks 0.0 0.0 1.1 1.7 2.4 3.4 3.5 3.5 3.8 4.9 6.5 4.5 5.9 8.8 9.0 11.0 11.7 15.5
Total returned 0.1 0.1 1.2 1.9 2.7 3.9 4.2 4.3 4.7 6.0 7.8 6.1 7.6 10.7 11.2 13.4 14.5 18.4

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

3 of 7 checks passed · September 30, 2026
What it owns · $58.1bn
Short-term assets $24.5bnLonger-term assets $33.7bn
What it owes, and who funded it · $58.2bn
Short-term liabilities $24.2bnLonger-term liabilities $27.2bnShareholders' equity $6.8bn
  • Short-term assets cover short-term liabilities $24.5bn of assets due within a year against $24.2bn of liabilities due within a year.
  • Short-term assets cover long-term liabilities $24.5bn short-term assets against $27.2bn of longer-dated liabilities.
  • More cash than debt $10.1bn of cash against $23.9bn of debt.
  • Debt below 40% of shareholders' equity Debt is 354% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 197% to 354% over five years.
  • A year's operating cash flow covers at least 20% of debt $16.9bn of operating cash flow against $23.9bn of debt.
  • Operating profit covers interest at least five times over Operating income of $21.3bn against $812m of interest.

From Mastercard's latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

FY2026 Q3 TTM
Buybacks (TTM)
$15.5B
Dividends (TTM)
$3B
Returned to shareholders
115%
of free cash flow
Buybacks, last 3 fiscal years
$31.7B
Diluted share count
−2.7%
year over year
Total shareholder yield
3.2%
dividends 0.5% + buybacks 2.7% of market value
Dividend payout ratio
18%
of net income paid out
Days sales outstanding
53 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in transaction & payment processing services
Last 12 months unless stated MA PYPL V XYZ FISV CPAY Median
Revenue, last 12 months $36.3bn $34.3bn $44.5bn $25.0bn $20.9bn $5.0bn $1.6bn
Revenue growth, last 12 months 15.3% 4.4% 14.4% 5.1% −1.2% 20.4% 9.3%
Revenue growth, 3-year average 14.2% 5.6% 11.8% 8.3% 4.2% 11.5% 7.9%
Revenue growth, latest quarter 14.0% 2.0% 14.4% 9.3% −4.1% 21.5% 14.0%
Operating margin 58.6% 17.0% 60.7% 4.7% 22.3% 43.7% 9.8%
Operating margin, 3-year average 56.9% 17.7% 62.7% 3.8% 26.9% 44.3% 11.1%
Net margin 46.7% 13.8% 50.8% 1.4% 13.4% 22.7% 6.1%
Cash from operations / revenue 46.5% 20.7% 50.8% 16.2% 27.9% 36.8% 18.4%
Free-cash-flow margin 44.3% 18.4% 47.2% 15.5% 18.8% 32.6% 16.1%
Free-cash-flow margin, 3-year average 49.5% 19.2% 52.8% 7.4% 20.9% 41.4% 16.3%
Stock pay / revenue 2.0% 3.0% 2.1% 4.8% 1.8% 2.3% 2.2%
Change in share count −2.7% −8.9% — −3.4% −5.2% −3.3% −2.7%

Median of all 30 companies we cover in transaction & payment processing services. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

30 transaction & payment processing services companies
Measure Company Peer median Rank
Revenue growth Growth 15.3% 9.7% 12 of 30
Change in growth rate Growth -0.7pp -0.3pp 16 of 30
Operating margin Profitability 58.6% 9.8% 2 of 29
Net margin Profitability 46.7% 6.6% 2 of 30
Free-cash-flow margin Cash generation 44.3% 18.4% 5 of 25
Stock pay as % of revenue Cash generation 2.0% 2.3% 14 of 30
Long-term debt as % of assets Balance sheet 38.2% 25.3% 14 of 19
Change in share count Balance sheet -2.7% -1.7% 13 of 26
Days sales outstanding Balance sheet 53 days 53 days 10 of 18

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Payment Network $19.5B 59.4% ▲ 12.4%
Value Added Services and Solutions $13.3B 40.6% ▲ 22.9%
Geography
Region Revenue Share YoY
International Markets $18.7B 57.2% ▲ 18.7%
Americas $14B 42.8% ▲ 13.5%

From Mastercard's 10-K filed February 11, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$396B
Institutions reporting
3,570
Shares held vs prior quarter
▲ 0.5%
Positions opened / closed
164 / 162

Top buyers and sellers, Q2 2026: 1,525 institutions bought and 1,699 sold ; the biggest buyer was Pershing Square Inc (+2.1M shares) and the biggest seller Mastercard Foundation Asset Management Corp (−4.9M). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
Blackrock, Inc. $34.1B 66.4M 8.6% ▼ 0.9%
Mastercard Foundation Asset Management Corp $31B 60.3M 7.8% ▼ 7.5%
Vanguard Capital Management LLC $26.8B 52.1M 6.8% ▼ 0.4%
State Street Corp $19B 37.0M 4.8% ▲ 1.3%
Jpmorgan Chase & Co $14.4B 28.2M 3.6% ▼ 13.6%
FMR LLC $12.2B 23.8M 3.1% ▼ 1.7%
Geode Capital Management, LLC $11B 21.5M 2.8% ▲ 2.1%
Vanguard Portfolio Management LLC $9.8B 19.2M 2.5% ▼ 1.4%
Price T Rowe Associates Inc $9.5B 18.5M 2.4% ▼ 0.3%
Morgan Stanley $7.7B 15.0M 1.9% ▼ 1.1%
Wellington Management Group LLP $6.5B 12.7M 1.6% ▼ 2.3%
Norges Bank $6B 11.8M 1.5% —

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Mastercard's complete shareholder register. Values are as reported by the filers ; 10 inconsistently scaled filing rows were excluded.

Insider trading activity

Full insider history and chart
Insider purchases History → $0 0 trades by 0 insiders, last 12 months Insider sales History → $69.7M 74 trades by 8 insiders · 100% under pre-set plans
Net ▼ $69.7M net selling
Insider Date Trade Shares Price Value
Ling Hai Chief Financial Officer October 16, 2026 Sell pre-set plan 4,317 $620.00 $2.7M
Genachowski Julius Director October 12, 2026 Sell pre-set plan 370 $590.21 $218,378
Genachowski Julius Director October 9, 2026 Sell pre-set plan 1 $590.00 $590
Genachowski Julius Director October 9, 2026 Sell pre-set plan 370 $585.00 $216,450
Sachin J. Mehra Chief Business Officer September 2, 2026 Sell pre-set plan 3,266 $584.00 $1.9M
Kirkpatrick Linda Pistecchia Chief Services Officer August 31, 2026 Sell pre-set plan 923 $593.54 $547,837
Sachin J. Mehra Chief Business Officer August 20, 2026 Sell pre-set plan 1,000 $572.07 $572,070
Sachin J. Mehra Chief Business Officer August 19, 2026 Sell pre-set plan 160 $582.25 $93,160
Sachin J. Mehra Chief Business Officer August 19, 2026 Sell pre-set plan 840 $581.58 $488,524
Sachin J. Mehra Chief Business Officer August 19, 2026 Sell pre-set plan 732 $580.39 $424,847
Sachin J. Mehra Chief Business Officer August 19, 2026 Sell pre-set plan 400 $579.35 $231,742
Sachin J. Mehra Chief Business Officer August 19, 2026 Sell pre-set plan 628 $577.90 $362,922

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Trades by members of Congress

All 150 trades and filings

In the last 12 months, 2 members of Congress disclosed 1 purchase and 2 sales of Mastercard shares.

  • Pete Sessions(R-TX 17):Sale (full), $15,001 - $50,000, traded October 2, 2026, filed October 27, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Sale (partial), $1,001 - $15,000, traded June 5, 2026, filed July 2, 2026
  • Gilbert Ray Cisneros, Jr.(D-CA 31):Purchase, $1,001 - $15,000, traded November 18, 2025, filed December 15, 2025

Value ranges as filed; reports can arrive up to 45 days after a trade.

Earnings dates and SEC filings

Results announcements

Next expected around January 28, 2027 estimated from the company's past filing pattern, not announced

  • October 29, 2026
  • July 30, 2026
  • April 30, 2026
  • January 29, 2026
  • October 30, 2025
  • July 31, 2025

Recent SEC filings

Data status

When each part of this page on Mastercard was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Mastercard in brief

What does Mastercard do?
Mastercard is a US-listed company in the transaction & payment processing services industry. Its financial year ends in December.
What is Mastercard's stock ticker?
Mastercard trades under the ticker MA on NYSE. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Mastercard's revenue, and how fast is it growing?
Over its most recent trailing twelve months, Mastercard reported revenue of $36.3B, 15.3% higher than a year earlier, according to its SEC filings.
What is Mastercard's free cash flow?
Mastercard's free-cash-flow margin is 44.3% of revenue over the trailing twelve months, ranking 5 of the 25 transaction & payment processing services companies we cover.
What is Mastercard's fair value (intrinsic value) per share?
Our discounted-cash-flow model of Mastercard's free cash flow after stock-based pay gives ~$660 per share in the base case, and ~$490–$870 across growth scenarios. These are model values under stated assumptions — not a price target or a recommendation.
Who are Mastercard's largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are Blackrock, Inc., Mastercard Foundation Asset Management Corp and Vanguard Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
Is Mastercard buying back stock, and does it pay a dividend?
Mastercard spent $15.5B on share repurchases over the trailing twelve months, and its diluted share count fell 2.7% over the year.
What is Mastercard's market cap?
On November 2, 2026, Mastercard's market capitalisation was about $584B, with a price-to-earnings ratio of 34.4 and net debt of $13.9B. Market figures come from third-party market data and may be delayed.
Does Mastercard pay a dividend?
Yes: Mastercard paid $3B in dividends over the trailing twelve months, a dividend yield of 0.52% and a payout ratio of 17.7%.
How much debt does Mastercard have?
Mastercard's debt-to-equity ratio is 354.5%, from its latest balance sheet (197.2% five years earlier). The financial health section below sets out its other solvency checks.
Who are Mastercard's competitors?
In our Transaction & Payment Processing Services peer group, the companies closest to Mastercard are PayPal, Visa Inc., Block, Inc., Fiserv and Corpay. The side-by-side comparison below sets their revenue, margins and growth against Mastercard's.
Are insiders buying or selling Mastercard stock?
Over the last 12 months, Mastercard's directors and officers reported 0 open-market purchases and 74 sales on Form 4. The insider trading page charts every trade.
When is Mastercard's next earnings date?
Around January 28, 2027, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Mastercard announces its own schedule.