Mastercard (MA) Q4 FY2025 earnings: revenue $8.8 billion, up 17.6% on the year

Mastercard Inc. (MA) reported revenue of $8.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 17.6% on the same quarter a year earlier. Net income was $4.1 billion, up 21.5% on the year, and diluted earnings per share $4.52. The figures are the company's own, from the 10-K it filed with the SEC on 11 February 2026.

Revenue

$8.8 billion

+17.6% on the year · +2.4% on the quarter

Q1 FY2024Q4 FY2025

Operating margin

55.8%

52.6% a year earlier

Q1 FY2024Q4 FY2025

Net income

$4.1 billion

+21.5% on the year · +3.4% on the quarter

Q1 FY2024Q4 FY2025

Diluted EPS

$4.52

+24.2% on the year · +4.1% on the quarter

Q1 FY2024Q4 FY2025

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Fourth-quarter net revenue rose 18%: Net revenue was $8.8 billion, up 18% from $7.5 billion, or 15% on a currency-neutral basis. Acquisitions added 1 percentage point; the remainder came from organic growth in the payment network and value-added services.
Fourth-quarter diluted EPS rose 24%: Diluted EPS was $4.52 against $3.64, up 24%, and net income was $4.1 billion, up 22%. Adjusted diluted EPS was $4.76 against $3.82, up 25%, excluding equity investment gains and losses and special items.
Value-added services grew 26%: Value-added services and solutions net revenue rose 26% in Q4, or 22% currency-neutral, with acquisitions adding 3 points. Full-year growth was 23%, or 21% currency-neutral.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Revenue	8,806	8,602	7,489	+2.4%	+17.6%
Operating income	4,910	5,061	3,938	-3.0%	+24.7%
Operating margin	55.8%	58.8%	52.6%
Interest expense	159	186	184	-14.5%	-13.6%
Pre-tax income	4,876	4,999	3,891	-2.5%	+25.3%
Income tax	816	1,072	549	-23.9%	+48.6%
Effective tax rate	16.7%	21.4%	14.1%
Net income	4,060	3,927	3,342	+3.4%	+21.5%
Net margin	46.1%	45.7%	44.6%
Diluted EPS	$4.52	$4.34	$3.64	+4.1%	+24.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free 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	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Operating cash flow	5,002	5,663	4,834	-11.7%	+3.5%
Capital expenditure	112	178	95.0	-37.1%	+17.9%
Free cash flow	4,890	5,485	4,739	-10.8%	+3.2%
Free cash flow margin	55.5%	63.8%	63.3%
Cash from investing	-421	-374	-2,678
Cash from financing	-4,186	-4,000	-4,041
Depreciation and amortisation	297	290	231	+2.4%	+28.6%
Share-based compensation	112	177	108	-36.7%	+3.7%
Buybacks	3,558	3,331	3,470	+6.8%	+2.5%
Dividends paid	684	687	606	-0.4%	+12.9%
Dividend per share	n/a	$0.76	n/a
Diluted shares, weighted	898m	905m	919m	-0.8%	-2.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q4 FY2025	Q3 FY2025	Q4 FY2024	On the quarter	On the year
Shareholders' equity	7,737	7,904	6,485	-2.1%	+19.3%
Non-controlling interest	9.0	15.0	30.0	-40.0%	-70.0%
Debt	19,000	18,983	18,226	+0.1%	+4.2%
Operating lease liabilities	676	n/a	627		+7.8%
Other liabilities	26,735	26,387	22,713	+1.3%	+17.7%
Total liabilities and equity	54,157	53,289	48,081	+1.6%	+12.6%
Fixed assets	2,303	2,299	2,138	+0.2%	+7.7%
Goodwill	9,560	9,574	9,193	-0.1%	+4.0%
Intangible assets	5,554	5,591	5,453	-0.7%	+1.9%
Securities held for sale or to maturity	332	335	330	-0.9%	+0.6%
Cash and equivalents	10,566	10,313	8,442	+2.5%	+25.2%
Receivables	4,609	4,247	3,773	+8.5%	+22.2%
Other assets	21,233	20,930	18,752	+1.4%	+13.2%
Total assets	54,157	53,289	48,081	+1.6%	+12.6%

Questions

What was Mastercard's revenue in Q4 FY2025?

Mastercard (MA) reported revenue of $8.8 billion for Q4 FY2025, the quarter ended 31 December 2025, up 17.6% on the same quarter a year earlier.

How much did Mastercard earn in Q4 FY2025?

Net income for Q4 FY2025 was $4.1 billion, up 21.5% on the year, and diluted earnings per share $4.52.

When did Mastercard report Q4 FY2025 results?

Mastercard filed its 10-K for the year that ended with the quarter on 11 February 2026; the fourth quarter is the year less the first three.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,216	5,167	5,497	5,756	5,817	5,748	6,269	6,533	6,548	6,348	6,961	7,369	7,489	7,250	8,133	8,602	8,806	8,398	9,277	9,807
Operating income	2,827	2,950	3,018	3,112	3,184	3,136	3,656	3,844	3,372	3,604	4,036	4,004	3,938	4,149	4,777	5,061	4,910	4,907	5,587	5,862
Operating margin	54%	57%	55%	54%	55%	55%	58%	59%	51%	57%	58%	54%	53%	57%	59%	59%	56%	58%	60%	60%
Interest expense	108	110	114	120	127	132	144	151	148	150	153	159	184	182	195	186	159	185	218	250
Pre-tax income	2,823	2,773	2,798	3,072	3,089	2,853	3,704	3,761	3,321	3,558	3,939	3,866	3,891	4,031	4,672	4,999	4,876	4,812	5,486	5,741
Tax rate	16%	5%	19%	19%	18%	17%	23%	15%	16%	15%	17%	16%	14%	19%	21%	21%	17%	19%	20%	19%
Net income	2,379	2,631	2,275	2,499	2,525	2,361	2,845	3,198	2,791	3,011	3,258	3,263	3,342	3,280	3,701	3,927	4,060	3,882	4,388	4,628
Net margin	46%	51%	41%	43%	43%	41%	45%	49%	43%	47%	47%	44%	45%	45%	46%	46%	46%	46%	47%	47%
Diluted EPS	$2.41	$2.68	$2.34	$2.58	$2.62	$2.47	$3.00	$3.39	$2.97	$3.22	$3.50	$3.53	$3.64	$3.59	$4.07	$4.34	$4.52	$4.35	$4.97	$5.28
Operating cash flow	3,189	1,782	2,457	3,856	3,100	1,919	2,698	3,233	4,130	1,672	3,138	5,136	4,834	2,380	4,603	5,663	5,002	2,999	3,773	5,087
Capital expenditure	122	146	55.0	111	130	110	80.0	104	77.0	157	115	107	95.0	159	40.0	178	112	154	291	222
Free cash flow	3,067	1,636	2,402	3,745	2,970	1,809	2,618	3,129	4,053	1,515	3,023	5,029	4,739	2,221	4,563	5,485	4,890	2,845	3,482	4,865
Buybacks	1,276	2,408	2,380	1,551	2,414	2,878	2,416	1,906	1,832	1,992	2,639	2,934	3,470	2,549	2,289	3,331	3,558	4,035	4,898	2,960
Dividends paid	434	479	477	474	473	545	541	538	534	616	615	611	606	694	691	687	684	777	771	763
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-K for the period ended 31 December 2025, filed 11 February 2026: the filing.