Mastercard (MA) FY2014 results: revenue $9.4 billion, up 13.6% on the year
Mastercard Inc. (MA) reported revenue of $9.4 billion for fiscal 2014, the year ended 31 December 2014, up 13.6% on the year before. Net income was $3.6 billion, up 16.1%, and diluted earnings per share $3.10. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2015.
Revenue
$9.4 billion
+13.6% on the year
FY2007FY2014
Operating margin
54.1%
54.2% a year earlier
FY2007FY2014
Net income
$3.6 billion
+16.1% on the year
FY2007FY2014
Diluted EPS
$3.10
+21.1% on the year
FY2007FY2014
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Revenue
9,441
8,312
7,391
+13.6%
Operating income
5,106
4,503
3,937
+13.4%
Operating margin
54.1%
54.2%
53.3%
Interest expense
48.0
14.0
20.0
+242.9%
Pre-tax income
5,079
4,500
3,932
+12.9%
Income tax
1,462
1,384
1,174
+5.6%
Effective tax rate
28.8%
30.8%
29.9%
Net income
3,617
3,116
2,759
+16.1%
Net margin
38.3%
37.5%
37.3%
Diluted EPS
$3.10
$2.56
$2.19
+21.1%
$ million except per share. Read moreFree cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.
Cash flow
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Operating cash flow
3,407
4,135
2,948
-17.6%
Capital expenditure
175
155
96.0
+12.9%
Free cash flow
3,232
3,980
2,852
-18.8%
Free cash flow margin
34.2%
47.9%
38.6%
Cash from investing
690
-4.0
-2,839
Cash from financing
-2,339
-2,629
-1,798
Depreciation and amortisation
321
258
230
+24.4%
Share-based compensation
-15.0
63.0
0.0
Buybacks
3,386
2,443
1,748
+38.6%
Dividends paid
515
255
132
+102.0%
Dividend per share
$0.49
$0.29
$0.12
+69.0%
Diluted shares, weighted
1,169m
1,215m
1,260m
-3.8%
Balance sheet
$ million
FY2014
FY2013
FY2012
On the year
Last 8 years
Shareholders' equity
6,790
7,484
6,917
-9.3%
Non-controlling interest
34.0
11.0
12.0
+209.1%
Debt
1,494
0.0
0.0
Other liabilities
7,011
6,747
5,533
+3.9%
Total liabilities and equity
15,329
14,242
12,462
+7.6%
Fixed assets
615
526
472
+16.9%
Goodwill
1,522
1,122
1,092
+35.7%
Intangible assets
714
672
672
+6.2%
Investments
1,168
2,707
2,983
-56.9%
Cash and equivalents
5,137
3,599
2,052
+42.7%
Receivables
1,109
966
925
+14.8%
Other assets
5,064
4,650
4,266
+8.9%
Total assets
15,329
14,242
12,462
+7.6%
10-K for the year ended 31 December 2014, filed 13 February 2015: the filing.