Mastercard Cash Flow Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	14,968	12,874	11,195	9,930	8,687
Depreciation & Amortization	1,304	1,042	940	887	848
Other Amortization	2,098	1,830	1,622	1,586	1,371
Loss (Gain) From Sale of Investments	88	29	61	145	-645
Stock-Based Compensation	597	526	460	295	273
Other Operating Activities	35	-481	-355	-744	-155
Change in Accounts Receivable	-642	186	-546	-481	-397
Change in Accounts Payable	45	75	-99	190	100
Change in Income Taxes	-276	-328	-300	-109	-139
Change in Other Net Operating Assets	-569	-973	-998	-504	-480
Operating Cash Flow	17,648	14,780	11,980	11,195	9,463
Operating Cash Flow Growth	19.41%	23.37%	7.01%	18.30%	30.99%
Capital Expenditures	-489	-474	-371	-442	-407
Cash Acquisitions	-	-2,511	-	-313	-4,436
Sale (Purchase) of Intangibles	-726	-720	-717	-655	-407
Investment in Securities	-149	306	-257	-57	-55
Other Investing Activities	2	-3	-6	-3	33
Investing Cash Flow	-1,362	-3,402	-1,351	-1,470	-5,272
Long-Term Debt Issued	1,242	3,960	1,554	1,123	2,024
Long-Term Debt Repaid	-750	-1,336	-	-724	-650
Net Debt Issued (Repaid)	492	2,624	1,554	399	1,374
Issuance of Common Stock	203	224	237	90	61
Repurchase of Common Stock	-12,018	-11,132	-9,121	-8,894	-6,037
Common Dividends Paid	-2,756	-2,448	-2,158	-1,903	-1,741
Other Financing Activities	-100	-104	-	-20	-212
Financing Cash Flow	-14,179	-10,836	-9,488	-10,328	-6,555
Foreign Exchange Rate Adjustments	333	-199	128	-103	-153
Net Cash Flow	2,440	343	1,269	-706	-2,517
Free Cash Flow	17,159	14,306	11,609	10,753	9,056
Free Cash Flow Growth	19.94%	23.23%	7.96%	18.74%	31.53%
Free Cash Flow Margin	52.33%	50.79%	46.26%	48.36%	47.96%
Free Cash Flow Per Share	18.94	15.43	12.27	11.07	9.13
Cash Interest Paid	680	571	477	414	399
Cash Income Tax Paid	3,020	3,252	2,746	2,506	1,820
Levered Free Cash Flow	16,269	14,464	11,112	10,677	8,458
Unlevered Free Cash Flow	16,721	14,868	11,471	10,971	8,728
Change in Working Capital	-1,442	-1,040	-1,943	-904	-916

Updated Dec 31, 2025. Source: S&P Global Market Intelligence. Standard template. Financial Sources.