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	3,241	2,727	2,421	2,336	2,097
Stock-Based Compensation	597	526	460	295	273
Other Adjustments	284	-307	-153	-462	-678
Change in Receivables	-642	186	-546	-481	-397
Changes in Accounts Payable	45	75	-99	190	100
Changes in Accrued Expenses	1,694	1,792	196	1,428	1,354
Changes in Income Taxes Payable	-276	-328	-300	-109	-139
Changes in Other Operating Activities	-2,263	-2,765	-1,194	-1,932	-1,834
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
Purchases of Intangible Assets	-726	-720	-717	-655	-407
Purchases of Investments	-868	-658	-736	-594	-911
Proceeds from Sale of Investments	719	964	479	537	856
Payments for Business Acquisitions	-	-2,511	-	-313	-4,436
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 Long-Term Debt Issued (Repaid)	492	2,624	1,554	399	1,374
Issuance of Common Stock	203	224	237	90	61
Repurchase of Common Stock	-11,727	-10,954	-9,032	-8,753	-5,904
Net Common Stock Issued (Repurchased)	-11,524	-10,730	-8,795	-8,663	-5,843
Common Dividends Paid	-2,756	-2,448	-2,158	-1,903	-1,741
Other Financing Activities	-391	-282	-89	-161	-345
Financing Cash Flow	-14,179	-10,836	-9,488	-10,328	-6,555
Effect of Exchange Rate Changes on Cash and Cash Equivalents	333	-199	128	-	-
Net Cash Flow	2,440	343	1,269	-603	-2,364
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%
FCF Margin	52.33%	50.79%	46.25%	48.36%	47.96%
Free Cash Flow Per Share	18.94	15.43	12.27	11.07	9.13
Levered Free Cash Flow	17,412	16,525	13,402	11,800	11,232
Unlevered Free Cash Flow	17,177	14,178	12,151	11,851	9,668

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.