FINANCIAL MODEL

Mastercard Incorporated

MA · all figures in $M unless noted

burgundy figures open the exact filing page they were verified against · green figures are computed — click for the formula

	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Income Statement
Revenue	12,497	14,950	16,883	15,301	18,884	22,237	25,098	28,167	32,791
Cost of Goods Sold
Gross Profit
SG&A	4,653	5,174	5,763	5,910	7,087	8,078	8,927	10,193	11,318
R&D
EBITDA
D&A	436	459	522	580	726	750	799	897	1,143
EBIT (Operating Income)	6,622	7,282	9,664	8,081	10,082	12,264	14,008	15,582	18,897
Interest Expense	154	186	224	380	431	471	575	646	722
Pre-Tax Income	6,522	7,204	9,731	7,760	10,307	11,732	13,639	15,254	18,578
Tax Expense	2,607	1,345	1,613	1,349	1,620	1,802	2,444	2,380	3,610
Net Income	3,915	5,859	8,118	6,411	8,687	9,930	11,195	12,874	14,968
Diluted EPS	3.65	5.60	7.94	6.37	8.76	10.22	11.83	13.89	16.52
Diluted Shares (M)	1,072.0	1,047.0	1,022.0	1,006.0	992.0	971.0	946.0	927.0	906.0
Balance Sheet
Total Cash & Equivalents	5,933	6,682	6,988	10,113	7,421	7,008	8,588	8,442	10,566
Short-term Debt		500	0	649	792	274	1,337	750	749
Long-term Debt	5,424	5,834	8,527	12,023	13,109	13,749	14,344	17,476	18,251
Total Debt
Net Debt
Total Current Assets		16,171	16,902	19,113	16,949	16,606	18,961	19,724	23,558
Total Current Liabilities		11,593	11,904	11,847	13,162	14,171	16,264	19,220	22,762
Total Assets	21,329	24,860	29,236	33,584	37,669	38,724	42,448	48,081	54,157
Total Liabilities	15,832	19,371	23,245	27,067	30,257	32,347	35,451	41,566	46,411
Shareholders' Equity	5,468	5,395	5,893	6,391	7,312	6,298	6,929	6,485	7,737
Minority Interest	29	23	24	97	71	58	46	30	9
Intangibles & Goodwill	3,035	2,904	4,021	4,960	7,662	7,522	7,660	9,193	9,560
PP&E	829	921	1,828	1,902	1,907	2,006	2,061	2,138	2,303
Receivables	1,969	2,276	2,514	2,646	3,006	3,425	4,060	3,773	4,609
Payables	933	537	489	527	738	926	834	929	999
Inventory
Retained Earnings	22,364	27,283	33,984	38,747	45,648	53,607	62,564	72,907	85,035
Cash Flow
Cash from Operations	5,664	6,223	8,183	7,224	9,463	11,195	11,980	14,780	17,648
Capital Expenditures	423	504	728	708	814	1,097	1,088	1,194	1,215
Free Cash Flow
Stock-Based Compensation	176	196	250	254	273	295	460	526	597
Dividends Paid	942	1,044	1,345	1,605	1,741	1,903	2,158	2,448	2,756
Share Repurchases	3,762	4,933	6,497	4,473	5,904	8,753	9,032	11,035	11,727