Mastercard (MA) FY2020 results: revenue $15.3 billion, down 9.4% on the year
Mastercard Inc. (MA) reported revenue of $15.3 billion for fiscal 2020, the year ended 31 December 2020, down 9.4% on the year before. Net income was $6.4 billion, down 21.0%, and diluted earnings per share $6.37. The figures are the company's own, from the 10-K it filed with the SEC on 12 February 2021.
Revenue
$15.3 billion
-9.4% on the year
FY2013FY2020
Operating margin
52.8%
57.2% a year earlier
FY2013FY2020
Net income
$6.4 billion
-21.0% on the year
FY2013FY2020
Diluted EPS
$6.37
-19.8% on the year
FY2013FY2020
this yearthe year beforeHover a bar for its figure.
The year in brief
Income statement (profit and loss)
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Revenue
15,301
16,883
14,950
-9.4%
Operating income
8,081
9,664
7,282
-16.4%
Operating margin
52.8%
57.2%
48.7%
Interest expense
380
224
186
+69.6%
Pre-tax income
7,760
9,731
7,204
-20.3%
Income tax
1,349
1,613
1,345
-16.4%
Effective tax rate
17.4%
16.6%
18.7%
Net income
6,411
8,118
5,859
-21.0%
Net margin
41.9%
48.1%
39.2%
Diluted EPS
$6.37
$7.94
$5.60
-19.8%
$ 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
FY2020
FY2019
FY2018
On the year
Last 8 years
Operating cash flow
7,224
8,183
6,223
-11.7%
Capital expenditure
339
422
330
-19.7%
Free cash flow
6,885
7,761
5,893
-11.3%
Free cash flow margin
45.0%
46.0%
39.4%
Cash from investing
-1,879
-1,640
-506
Cash from financing
-2,152
-5,867
-4,966
Depreciation and amortisation
580
522
459
+11.1%
Share-based compensation
254
250
196
+1.6%
Buybacks
4,473
6,497
4,933
-31.2%
Dividends paid
1,605
1,345
1,044
+19.3%
Dividend per share
n/a
$1.39
$1.08
Diluted shares, weighted
1,006m
1,022m
1,047m
-1.6%
Balance sheet
$ million
FY2020
FY2019
FY2018
On the year
Last 8 years
Shareholders' equity
6,391
5,893
5,395
+8.5%
Non-controlling interest
97.0
24.0
23.0
+304.2%
Debt
12,672
8,527
6,334
+48.6%
Operating lease liabilities
726
656
n/a
+10.7%
Other liabilities
13,698
14,136
13,108
-3.1%
Total liabilities and equity
33,584
29,236
24,860
+14.9%
Fixed assets
1,902
1,828
921
+4.0%
Goodwill
4,960
4,021
2,904
+23.4%
Intangible assets
1,753
1,417
991
+23.7%
Securities held for sale or to maturity
483
688
1,696
-29.8%
Cash and equivalents
10,113
6,988
6,682
+44.7%
Receivables
2,646
2,514
2,276
+5.3%
Other assets
11,727
11,780
9,390
-0.4%
Total assets
33,584
29,236
24,860
+14.9%
10-K for the year ended 31 December 2020, filed 12 February 2021: the filing.