Mastercard (MA) FY2018 results: revenue $14.9 billion, up 19.6% on the year
Mastercard Inc. (MA) reported revenue of $14.9 billion for fiscal 2018, the year ended 31 December 2018, up 19.6% on the year before. Net income was $5.9 billion, up 49.7%, and diluted earnings per share $5.60. The figures are the company's own, from the 10-K it filed with the SEC on 13 February 2019.
Revenue
$14.9 billion
+19.6% on the year
FY2011FY2018
Operating margin
48.7%
53.0% a year earlier
FY2011FY2018
Net income
$5.9 billion
+49.7% on the year
FY2011FY2018
Diluted EPS
$5.60
+53.4% on the year
FY2011FY2018
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Revenue
14,950
12,497
10,776
+19.6%
Operating income
7,282
6,622
5,761
+10.0%
Operating margin
48.7%
53.0%
53.5%
Interest expense
186
154
95.0
+20.8%
Pre-tax income
7,204
6,522
5,646
+10.5%
Income tax
1,345
2,607
1,587
-48.4%
Effective tax rate
18.7%
40.0%
28.1%
Net income
5,859
3,915
4,059
+49.7%
Net margin
39.2%
31.3%
37.7%
Diluted EPS
$5.60
$3.65
$3.69
+53.4%
$ 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
FY2018
FY2017
FY2016
On the year
Last 8 years
Operating cash flow
6,223
5,664
4,637
+9.9%
Capital expenditure
330
300
215
+10.0%
Free cash flow
5,893
5,364
4,422
+9.9%
Free cash flow margin
39.4%
42.9%
41.0%
Cash from investing
-506
-1,779
-1,163
Cash from financing
-4,966
-4,764
-2,344
Depreciation and amortisation
459
436
373
+5.3%
Share-based compensation
196
176
149
+11.4%
Buybacks
4,933
3,762
3,511
+31.1%
Dividends paid
1,044
942
837
+10.8%
Dividend per share
$1.08
$0.91
$0.79
+18.7%
Diluted shares, weighted
1,047m
1,072m
1,101m
-2.3%
Balance sheet
$ million
FY2018
FY2017
FY2016
On the year
Last 8 years
Shareholders' equity
5,395
5,468
5,656
-1.3%
Non-controlling interest
23.0
29.0
28.0
-20.7%
Debt
6,334
5,424
5,180
+16.8%
Other liabilities
13,108
10,408
7,811
+25.9%
Total liabilities and equity
24,860
21,329
18,675
+16.6%
Fixed assets
921
829
733
+11.1%
Goodwill
2,904
3,035
1,756
-4.3%
Intangible assets
991
1,120
722
-11.5%
Securities held for sale or to maturity
1,696
1,149
1,162
+47.6%
Cash and equivalents
6,682
5,933
6,721
+12.6%
Receivables
2,276
1,969
1,416
+15.6%
Other assets
9,390
7,294
6,165
+28.7%
Total assets
24,860
21,329
18,675
+16.6%
10-K for the year ended 31 December 2018, filed 13 February 2019: the filing.