Mastercard (MA) FY2019 results: revenue $16.9 billion, up 12.9% on the year
Mastercard Inc. (MA) reported revenue of $16.9 billion for fiscal 2019, the year ended 31 December 2019, up 12.9% on the year before. Net income was $8.1 billion, up 38.6%, and diluted earnings per share $7.94. The figures are the company's own, from the 10-K it filed with the SEC on 14 February 2020.
Revenue
$16.9 billion
+12.9% on the year
FY2012FY2019
Operating margin
57.2%
48.7% a year earlier
FY2012FY2019
Net income
$8.1 billion
+38.6% on the year
FY2012FY2019
Diluted EPS
$7.94
+41.8% on the year
FY2012FY2019
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Revenue
16,883
14,950
12,497
+12.9%
Operating income
9,664
7,282
6,622
+32.7%
Operating margin
57.2%
48.7%
53.0%
Interest expense
224
186
154
+20.4%
Pre-tax income
9,731
7,204
6,522
+35.1%
Income tax
1,613
1,345
2,607
+19.9%
Effective tax rate
16.6%
18.7%
40.0%
Net income
8,118
5,859
3,915
+38.6%
Net margin
48.1%
39.2%
31.3%
Diluted EPS
$7.94
$5.60
$3.65
+41.8%
$ 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
FY2019
FY2018
FY2017
On the year
Last 8 years
Operating cash flow
8,183
6,223
5,664
+31.5%
Capital expenditure
422
330
300
+27.9%
Free cash flow
7,761
5,893
5,364
+31.7%
Free cash flow margin
46.0%
39.4%
42.9%
Cash from investing
-1,640
-506
-1,779
Cash from financing
-5,867
-4,966
-4,764
Depreciation and amortisation
522
459
436
+13.7%
Share-based compensation
250
196
176
+27.6%
Buybacks
6,497
4,933
3,762
+31.7%
Dividends paid
1,345
1,044
942
+28.8%
Dividend per share
$1.39
$1.08
$0.91
+28.7%
Diluted shares, weighted
1,022m
1,047m
1,072m
-2.4%
Balance sheet
$ million
FY2019
FY2018
FY2017
On the year
Last 8 years
Shareholders' equity
5,893
5,395
5,468
+9.2%
Non-controlling interest
24.0
23.0
29.0
+4.3%
Debt
8,527
6,334
5,424
+34.6%
Operating lease liabilities
656
n/a
n/a
Other liabilities
14,136
13,108
10,408
+7.8%
Total liabilities and equity
29,236
24,860
21,329
+17.6%
Fixed assets
1,828
921
829
+98.5%
Goodwill
4,021
2,904
3,035
+38.5%
Intangible assets
1,417
991
1,120
+43.0%
Securities held for sale or to maturity
688
1,696
1,149
-59.4%
Cash and equivalents
6,988
6,682
5,933
+4.6%
Receivables
2,514
2,276
1,969
+10.5%
Other assets
11,780
9,390
7,294
+25.5%
Total assets
29,236
24,860
21,329
+17.6%
10-K for the year ended 31 December 2019, filed 14 February 2020: the filing.