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Buy Day today: Good (62) Broad market participation · no major macro event
MA

Mastercard Inc

Financial Services · Credit Services · listed since 2006

565.70$ -0.4% vs. previous close Closing price · As of: Sep 17, 2026
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Assessment

Our Rating

A journalistic assessment by our editorial team at the time of the deep dive — it rates the company, not the entry point. Not investment advice and not a solicitation to buy or sell.

Quality confirmed Solid but selective

Business model, numbers and balance sheet hold up to our review. Whether the current price supports an entry is a separate question — it hangs on the price, not on the company.

Why this colour

The quality is documented: a 57.6 percent operating margin and 45.6 percent net margin in 2025, operating cash flow of $17,648 million above reported profit, interest coverage of about 26 times, $10.6 trillion of volume processed, and a second business that already carries 40.6 percent of net revenue at $13,315 million and grows faster than the core network. No going-concern warning, no negative equity, no existential dependence on a single counterparty, no accounting or governance breach. The thin equity of $6,722 million (March 31, 2026) results from $87,342 million of share repurchases rather than over-indebtedness — it is supported by $2,999 million of quarterly cash flow and $7,906 million of cash. The burdensome findings — an incentive ratio above 50 percent, self-funded interchange litigation with over $5 billion of single damages outstanding, goodwill exceeding equity, regulation of the core price — are serious, but operational, legal and regulatory in nature, and they do not threaten the substance. Separately stands the price question: at roughly 33 times trailing earnings (data as of July 30, 2026) the stock is expensively paid for. That is a valuation argument, not a quality argument — and it does not change the rating. The decision is yours.

What the thesis turns on

Assessment: Opportunities & Risks

Mastercard earns money on card payments worldwide without carrying credit risk, and in 2025 it kept almost 46 cents of every reported dollar as profit. But four of every ten net revenue dollars no longer come from the network — they come from fraud prevention, data services and consulting — and within the network $20,522 million went back to its own customers as incentives, more than half of gross revenue. This company's safety sits in $17,648 million of cash flow, not in $6,722 million of equity. Not investment advice.

Second business carries weight

Value-added services — fraud prevention, identity verification, data services, consulting — rose from $9,274 million (2023) to $13,315 million (2025) and from 36.9 to 40.6 percent of net revenue; the first quarter of 2026 reached 41.1 percent. They sit further from interchange regulation and can be sold stand-alone (10-K 2025, Note 3).

Earnings power and cash flow

Of $32,791 million in net revenue, 2025 left $18,897 million of operating income (57.6 percent) and $14,968 million of net income (45.6 percent). Operating cash flow of $17,648 million exceeded reported profit on just $489 million of capital expenditure. Interest coverage about 26 times (period ended December 31, 2025).

Rebates and incentives

The payment network returned $20,522 million as rebates and incentives in 2025 and kept $19,476 million — 51.3 percent of network gross revenue, after 50.4 percent in 2024 and 53.3 percent in the first quarter of 2026. One percentage point equals roughly $400 million. Mastercard names no target, and the auditor treats the item as a critical audit matter.

Balance sheet structure

As of March 31, 2026, $87,342 million of treasury stock stood against total equity of $6,722 million on total assets of $52,449 million (12.8 percent). No substance risk — cash of $7,906 million and quarterly cash flow of $2,999 million — but the buffer comes from the income statement rather than the balance sheet. Price-to-book and return on equity are unusable as a result.

Litigation

Unlike Visa, Mastercard has no escrow fund: under the 2011 agreements it pays 12 percent of a global settlement or 36 percent of a settlement involving only the banks, out of its own accounts. Open items include over $5 billion of single damages sought by Block and Intuit, over $0.5 billion from six opt-outs with trial from September 2026, over £1 billion in the United Kingdom, plus claims in Portugal and the Netherlands. Accrual: $339 million (10-Q, Note 14).

Acquisitions and regulation

Three of the 23 percentage points of value-added services growth in 2025 came from acquisitions; goodwill and intangibles totaled $15,020 million as of March 31, 2026, more than twice equity. Add the planned $1.5 billion BVNK purchase. On the pricing side regulators decide: conflicting U.S. rulings on Regulation II (August and September 2025), New Zealand caps from May 2026, an EU information request on network fees.

Worth Noting

Hook: stocktaking of the 100 largest U.S. stocks by market capitalization as of July 28, 2026. Mastercard sat at number 18 with no analysis. No scanner hit.

Data as of: Form 10-Q for the quarter ended March 31, 2026 (filed April 30, 2026), Forms 10-K for 2025 and 2024, the Form 8-K earnings release of April 30, 2026 and the Form 8-K of June 8, 2026 (notes offering). Fundamental data as of July 30, 2026. Second-quarter 2026 figures were not available at press time.

Fiscal year confusion: Mastercard's fiscal year ends December 31, Visa's September 30. Quarterly comparisons between the two are offset by one quarter.

Incentive ratio confusion: the 51.3 percent applies to payment network gross revenue, not the whole group. Mastercard discloses incentives only for that category; Visa's 28.3 percent applies to group gross revenue. The figures are not directly comparable.

Price-to-book (74) and return on equity (232 percent) are arithmetic artifacts of equity almost fully absorbed by repurchases and are not usable for valuation.

Mastercard discloses no separate revenue line for cross-border payments, only the gross fee metric ("cross-border assessments", $12,021 million in 2025). A comparison with Visa's cross-border revenue line is therefore not like for like.

Read the Full Deep Dive Mastercard Stock: Four of Every Ten Dollars No Longer Come From the Card Mastercard reported net revenue of $32,791 million for 2025. Of that, $13,315 million — 40.6 percent — came from fraud prevention, data services and consulting rather than the card network. And the network itself handed $20,522 million, more than half its gross revenue, back to its own customers. Time to relabel the drawer. Read the analysis →

Stock Watch

This analysis is as of August 26, 2026. Stock Watch will tell you what's changed at MA since then.

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Price history

Chart

Interactive price chart (TradingView).

52-week range: 471.60 $ to 599.90 $ · Last price: 565.70 $ (As of: September 17, 2026)

Key figures

Key figures at a glance

Every figure we hold for this stock, grouped by topic. The question mark next to a label explains what the number means.

Basics

Market Cap ?The value of the entire company on the market: share price times total shares outstanding. 500.7$B
Shares Outstanding ?Total number of shares issued. Price times share count gives market cap. 870m
Float ?Share of stock freely tradable on the market — not locked up in the hands of founders, insiders, or major shareholders. 99.9%
Beta ?Volatility versus the overall market: 1 = moves like the market, 2 = twice as much, under 1 = calmer than the market. 0.7

Performance

Perf. 1M ?Price performance over the last month. 3.20%
Perf. 3M ?Price performance over the last 3 months. 5.40%
Perf. 6M ?Price performance over the last 6 months. -11.80%
YTD Performance (%) ?Price performance since the start of the year (Year to Date). -14.20%
52-Week-High Distance ?How far the price sits below its highest point over the last 52 weeks. 0% means the stock is at its year high. -18.8%
Perf. 1Y ?Price performance over the last 12 months. -4.91%
Perf. 3Y ?Price performance over the last 3 years. 39.01%
Perf. 5Y ?Price performance over the last 5 years. 69.87%
Perf. 10Y ?Price performance over the last 10 years. 503.90%
Perf. Since Inception ?Price performance since the first available trading day (05/25/2006) — with a complete history, that is since the IPO. 13,500.59%

Technical Indicators

MA 38 Days ?Moving average of the last 38 trading days: the smoothed price path. A price above it signals short-term strength. 574.40$
MA 50 Days ?Moving average of the last 50 trading days — the most widely watched medium-term trend line. 565.40$
MA 200 Days ?Moving average of the last 200 trading days — the dividing line between a long-term uptrend and downtrend. 531.60$
RSI (14) ?Relative Strength Index over 14 days, scale 0 to 100: above 70 counts as overbought, below 30 as oversold. A hint on timing, not a verdict on the company. 44.6
Volatility 30 Days ?Price swings over the last 30 trading days, annualized. The higher the value, the more the price fluctuates. 18.3%
Volatility 250 Days ?Price swings over the last 250 trading days (roughly one market year), annualized. 22.4%

Calculated from the price history · as of 09/18/2026

Valuation

P/E ?Price-to-earnings ratio: how many years of profit does the stock cost? The lower, the cheaper the valuation. No earnings means no P/E. 33.9
Forward P/E ?P/E based on expected earnings for the next 12 months instead of past earnings — analysts' bet on the future. 24.6
PEG ?P/E divided by expected earnings growth: puts valuation in relation to growth. Around 1 is considered fair, well above that is pricey. 1.5
P/B ?Price-to-book ratio: market value relative to book equity. 76.9
P/S ?Price-to-sales ratio: market value divided by annual sales. Important for companies that aren't (yet) profitable. 14.3
EV/EBITDA ?Enterprise value including debt (EV) relative to operating profit before depreciation and amortization (EBITDA) — more comparable than P/E because debt counts too. Extreme values arise when EBITDA is near zero. 23.1
Price/FCF ?Market value divided by free cash flow: how many years of freely available cash does the stock cost? More honest than P/E because cash flow is harder to dress up. 30.1

Profitability

Gross Margin ?Gross margin: what's left of sales after only direct production costs are deducted — the product's pricing power. 100.0%
EBIT Margin ?EBIT margin: operating profit as a percentage of sales — the earning power of the core business before interest and taxes. 60.8%
Net Margin ?Net margin: what's left of sales as profit after ALL costs, interest, and taxes. 46.3%
Return on Equity ?Return on equity: how much profit does the company generate per year on shareholders' equity? 232.1%
Return on Assets ?Return on assets: how much profit the company generates from its total assets (equity and debt combined). 24.1%

Balance Sheet & Safety

Equity Ratio ?Equity ratio: equity as a share of total assets. The higher, the more resilient the balance sheet. 12.8%
Debt/Equity ?Leverage ratio: financial debt divided by equity. Under 1 is generally seen as solid; negative values mean negative equity. negative equity -6.8
Altman Z″ ?Edward Altman's bankruptcy early-warning score. We use the Z″ variant, built from four balance-sheet ratios — it is designed for service companies and non-manufacturers and uses book value instead of market value. On that scale: below 1.1 = danger zone, 2.6 and up = safe zone, in between a grey area. Because the classic Altman Z is calculated differently, the two numbers are not directly comparable. The formula does not fit banks, insurers, or real-estate stocks. 11.36
Piotroski ?Balance-sheet health check by Joseph Piotroski: 9 yes/no criteria on profit, cash flow, leverage, and efficiency. 7+ is very solid, under 3 is a red flag. 7 out of 9

Growth

Sales Growth Last Quarter ?Sales growth in the most recently reported quarter versus the same quarter a year ago (YoY). 15.80%
EPS Growth Last Quarter ?Growth in earnings per share in the most recently reported quarter versus the same quarter a year ago (YoY). 21.20%
Sales Growth (Year) ?Sales growth in the last fiscal year versus the year before. 16.42%
Forward Sales Growth ?Sales growth analysts expect over the next 12 months — an estimate, not a guarantee. 12.52%
Forward EPS Growth ?Earnings-per-share growth analysts expect over the next 12 months — an estimate, not a guarantee. 15.90%

Dividend

Dividend Yield ?Annual dividend divided by the current price: what percentage of your investment comes back as a payout each year. 0.61%
Dividend Per Share (TTM) ?Sum of dividends paid per share over the last 12 months. 3.37$
Payout Ratio ?Share of profit paid out as dividends. Over 100% means the company is paying out more than it earns — not sustainable long-term. 17.9%
Years Without a Cut ?How many years in a row the dividend hasn't been cut — a measure of reliability. 19Years
Increase Streak ?How many years in a row the dividend has been raised — the gold standard for dividend payers. 14Years

Quality & Screener

Stage ?Weinstein phases 1 through 4: 1 = basing, 2 = uptrend (the only buy phase), 3 = topping, 4 = downtrend. Measured against the 30-week line. 4
RS Rating ?Relative strength from 1 to 99: an RS of 95 means the stock has outperformed 95% of all stocks. 25
EPS Rating ?Earnings growth rating from 1 to 99 versus all stocks — high values mean above-average earnings growth. 66
Fundamental Rating ?Our own Fundamental Rating: 0 to 100 points with an A+ to F grade. 50 points is the average across the universe, 100 the best possible score. It scores growth, earnings surprises, analyst estimates, margins, cash flow, and balance-sheet safety — every stock percentile-ranked against all others. Grades: A+ from 95, A from 75, B from 55, C from 45, D from 25, E from 5, F below. B (68 out of 100)

Highlighted are things our editorial team noticed: green = stands out as strong, red = deserves a closer look. No single metric is a verdict on its own — always read it in context.

Comparison

Industry comparison

The stock alongside the largest companies in the same group. The median row is the middle value of the companies shown above — not of the whole industry.

Industry: Credit Services

Industry comparison
Company Market cap ($B) P/E EV/EBITDA Gross Margin % EBIT Margin % Sales Growth (Year) % Perf. 1Y %
Mastercard Inc MA 500.7 33.9 23.1 100.0 60.8 16.4 -4.9
Visa Inc. Class A V 699.4 33.2 24.3 97.7 67.4 11.3 7.7
American Express Company AXP 213.1 19.5 0.0 62.3 21.3 8.4 -6.4
Capital One Financial Corporation COF 124.4 62.2 0.0 100.0 28.6 28.4 -9.1
PayPal Holdings Inc PYPL 45.7 10.1 6.6 40.5 17.0 4.3 -20.3
Synchrony Financial SYF 25.3 7.7 0.0 100.0 48.0 -7.9 2.1
Affirm Holdings Inc AFRM 23.7 63.7 25.7 48.9 8.5 38.8 -22.3
SoFi Technologies Inc. SOFI 21.0 35.7 0.0 83.7 18.3 82.6 -38.4
Ally Financial Inc ALLY 12.5 9.8 0.0 100.0 21.0 -25.8 -5.0
Median of companies shown 45.7 33.2 0.0 97.7 21.3 11.3 -6.4

Based on the most recently reported figures. Only stocks from the same trading venue are lined up, so the market caps are counted in one currency. Compare in a chart →

Fiscal years

Annual Figures

Fiscal years from the audited annual reports, oldest first. EBIT is the operating profit before interest and taxes; total assets are everything the company owns.

Revenue, operating income and net income per fiscal year $M

Revenue Operating income Net income

2016 · Revenue: 10,776 $M 2016 · Operating income: 5,761 $M 2016 · Net income: 4,059 $M 2017 · Revenue: 12,497 $M 2017 · Operating income: 6,622 $M 2017 · Net income: 3,915 $M 2018 · Revenue: 14,950 $M 2018 · Operating income: 7,282 $M 2018 · Net income: 5,859 $M 2019 · Revenue: 16,883 $M 2019 · Operating income: 9,664 $M 2019 · Net income: 8,118 $M 2020 · Revenue: 15,301 $M 2020 · Operating income: 8,081 $M 2020 · Net income: 6,411 $M 2021 · Revenue: 18,884 $M 2021 · Operating income: 10,082 $M 2021 · Net income: 8,687 $M 2022 · Revenue: 22,237 $M 2022 · Operating income: 12,722 $M 2022 · Net income: 9,930 $M 2023 · Revenue: 25,098 $M 2023 · Operating income: 14,630 $M 2023 · Net income: 11,195 $M 2024 · Revenue: 28,167 $M 2024 · Operating income: 16,327 $M 2024 · Net income: 12,874 $M 2025 · Revenue: 32,791 $M 2025 · Operating income: 19,514 $M 2025 · Net income: 14,968 $M
2016201720182019202020212022202320242025
Annual Figures
Fiscal Year Revenue ($M) EBIT ($M) Net Income ($M) EPS ($) Operating Cash Flow ($M) Equity ($M) Total Assets ($M)
2016 10,776 5,761 4,059 3.69 4,484 5,684 18,675
2017 12,497 6,622 3,915 3.65 5,555 5,568 21,329
2018 14,950 7,282 5,859 5.60 6,223 5,395 24,860
2019 16,883 9,664 8,118 7.94 8,183 5,991 29,236
2020 15,301 8,081 6,411 6.37 7,224 6,391 33,584
2021 18,884 10,082 8,687 8.76 9,463 7,312 37,669
2022 22,237 12,722 9,930 10.23 11,195 6,298 38,724
2023 25,098 14,630 11,195 11.83 11,980 6,929 42,448
2024 28,167 16,327 12,874 13.89 14,780 6,485 48,081
2025 32,791 19,514 14,968 16.67 17,401 7,737 54,157

Quarters

Quarterly Figures

Each bar is one quarter, the last one is the most recent. Use the switch to step through the individual figures.

Revenue & Profit

Cash Flow

Balance Sheet

Margins

Per Share

Click the chart or tab into it, then use ← and → to step through the periods.

None of the selected stocks reports this metric. Pick another metric or switch between annual and quarterly.

These companies report in different currencies — switch on “Indexed” or pick a margin for a fair comparison.

The figures could not be loaded right now.

Sales Per Quarter ($M)
2024: Q4 · 7,489.0 $M Q4 2025: Q1 · 7,250.0 $M Q1 2025: Q2 · 8,133.0 $M Q2 2025: Q3 · 8,602.0 $M Q3 2025: Q4 · 8,806.0 $M Q4 2026: Q1 · 8,398.0 $M Q1 2026: Q2 · 9,277.0 $M Q2

Source: fundamental data

Quarterly Figures
Quarter EPS (Earnings Per Share) EPS YoY (%) Sales ($M) Sales YoY (%) Net Margin (%) OCF ($M) FCF ($M)
2024: Q4 3.64 22.30 7,489 14.40 44.60 4,834 4,584
2025: Q1 3.59 11.40 7,250 14.20 45.20 2,380 2,221
2025: Q2 4.07 16.20 8,133 16.80 45.50 4,603 4,563
2025: Q3 4.34 23.00 8,602 16.70 45.70 5,663 5,485
2025: Q4 4.52 24.30 8,806 17.60 46.10 4,935 4,823
2026: Q1 4.35 21.10 8,398 15.80 46.20 2,999 2,845
2026: Q2 4.97 22.10 9,277 14.10 47.30 3,773 3,482

What Do These Terms Mean?

EPS (Earnings Per Share):
Quarterly profit divided by the total share count — how much of the profit works out to a single share.
YoY (Year over Year):
Change versus the same quarter a year ago — this is how you compare without seasonal distortion (e.g. the holiday shopping season).
Sales:
All revenue for the quarter, before any costs are deducted — the top line of the income statement.
Net Margin:
What percentage of sales is left over as profit in the end. Negative means the company is posting a loss.
OCF (Operating Cash Flow):
The cash that actually flows into the till from the core business during the quarter — harder to dress up than book profit.
FCF (Free Cash Flow):
Operating cash flow minus capital expenditures — the money that's genuinely free to use, say for paying down debt, buybacks, or dividends.

Compare with other stocks →

Screening

Appears in These Scanners

This stock currently matches 4 of our scanner strategies — each hit links to the scanner.

Best Hits

Growth

Research

Only genuine hits from verified scanners count; pure ranking metrics (P/E, P/S, and similar, which just sort the whole universe) don't count as a hit. View all scanners

Outlook

Analysts & Price Target

Combined picture of the price targets and recommendations of every analyst covering the stock. Price targets are expectations for the next 12 months, not promises — and they often follow the price rather than predict it.

Consensus Sell 1 = Strong buy … 5 = Strong sell
Analyst Ratings 42
Price Target (average) 666.71$
Distance to price 17.9% The price target sits 17.9% above the current price.

Distribution of Recommendations

Strong Buy 21
Buy 9
Hold 11
Sell 1
Strong Sell 0

Estimates by Fiscal Year

Estimates by Fiscal Year
Fiscal Year EPS Estimate ($) EPS Range ($) Revenue Estimate ($M) Expected Growth Analysts
12/31/2026 19.93 19.64 – 20.20 37,260 17.2% 37
12/31/2027 23.02 22.28 – 23.56 41,958 15.5% 38

Average of the analyst estimates for the coming fiscal years. The range shows how far the most optimistic and the most cautious estimate sit apart — the wider it is, the less certain the expectation.

Valuation

What is priced in?

Instead of guessing what the stock is worth, we turn the question around: what free cash flow growth has to happen for today’s market value to add up? The assumptions behind it can be moved.

Today’s market value implies roughly 13.4% growth in free cash flow per year over ten years (assumptions: discount rate 10.0%, terminal growth 2.5%).

What is priced in?
Free cash flow (last twelve months) $16.45B
Market cap $500.68B
Free cash flow in year ten $57.94B
Terminal value as a share of market value 61.0%

For comparison: over the past five years free cash flow grew by 21.0% per year.

It shows which assumption is built into today’s price, not whether that assumption will hold. Every assumption can be changed with the sliders; the figures move with them.

A simplified model calculation — not a forecast and not a recommendation.

AI classification

AI Rating

Sells AI

Mastercard verkauft KI-Produkte als eigene Erloesquelle innerhalb der Kategorie Mehrwertdienste — fortgeschrittene Analytik- und KI-Loesungen mit eigenen KI-Modellen und Analyse-Software, KI-gestuetzte Personalisierungsdienste, Beratung mit agentischen Loesungen sowie der 2025 gestartete Zahlungsrahmen Mastercard Agent Pay fuer KI-Agenten; diese Kategorie erloeste 2025 netto 13.315 Mio. US-Dollar oder 40,6 Prozent des Konzern-Nettoerloeses.

View the full file — quotes, sources, reviewed filings
„Advanced analytics and AI solutions consisting of proprietary and privacy-first data solutions, AI models and analytics software designed to power strategy optimization, business experimentation and transformation, as well as risk management to address complex business challenges and unlock new value."

Fortgeschrittene Analytik- und KI-Loesungen, bestehend aus eigenen und datenschutzorientierten Datenloesungen, KI-Modellen und Analyse-Software, die Strategieoptimierung, geschaeftliches Experimentieren und Transformation sowie Risikomanagement unterstuetzen sollen, um komplexe geschaeftliche Herausforderungen zu bewaeltigen und neuen Wert zu erschliessen.

10-K · 2026-02-11 · View SEC filing

„We launched Mastercard Agent Pay, a new framework designed to enable secure, scalable and trusted payments in agentic commerce. The solution enables AI-assisted and fully automated agent-based payments across Mastercard's acceptance network."

Wir haben Mastercard Agent Pay eingefuehrt, einen neuen Rahmen, der sichere, skalierbare und vertrauenswuerdige Zahlungen im agentischen Handel ermoeglichen soll. Die Loesung ermoeglicht KI-gestuetzte und vollstaendig automatisierte, von Agenten ausgeloeste Zahlungen im gesamten Akzeptanznetz von Mastercard.

10-K · 2026-02-11 · View SEC filing

„Personalization services, which leverage AI to help businesses provide personalized digital experiences for their customers."

Personalisierungsdienste, die KI nutzen, um Unternehmen dabei zu helfen, ihren Kunden personalisierte digitale Erlebnisse zu bieten.

10-K · 2025-02-12 · View SEC filing

Filings Reviewed: 10-Q 2026-04-30 · 10-Q 2025-10-30 · 10-Q 2025-07-31 · 10-Q 2025-05-01 · 10-K 2026-02-11 · 10-K 2025-02-12

Rated on July 30, 2026 · How the Rating Is Built

Earnings calls

What the Earnings Calls Reveal

Across the ten calls from 2023-Q4 to 2026-Q1, Mastercard met or beat every revenue outlook it gave, both quarterly and annually, and with the same CEO and CFO throughout. The language is remarkably stable over the whole period, and management volunteers uncomfortable detail as well, such as how much of the 2025 outperformance came from foreign exchange volatility. What stands out is something else: several loudly announced initiatives drop out of the calls after one or two quarters without ever being completed or cancelled. And on the question analysts press hardest, the revenue effect of losing the Capital One debit portfolio, no number is given for five quarters.

Unremarkable Solid but selective 10 calls reviewed, 2023-Q4 through 2026-Q1 · As of August 2, 2026

Ten quarters of guidance, ten quarters delivered

The 2024 mark set in 2023-Q4, net revenue growth at the high end of a low double-digit rate, was met with 11 percent in 2024-Q1, 13 in 2024-Q2, 14 in 2024-Q3 and 16 percent in 2024-Q4. For 2025, the range given in 2024-Q4 ran from the high end of low double digits to low teens, was narrowed to the top end in 2025-Q2, and was beaten at roughly 14 to 15 percent excluding acquisitions. Every single quarterly outlook across the ten calls was met or beaten as well. For 2026 the high end of a low double-digit range applies again since 2025-Q4; 2026-Q1 delivered 12 percent, with the second quarter explicitly set lower because of the Middle East conflict.

Where the 2025 beats came from

In 2025-Q1 transaction processing assessments grew 17 percent while the underlying switched transactions grew only 9 percent; in 2025-Q2 the comparison was 18 percent against 10 percent. In both quarters the CFO named revenue from foreign exchange volatility as the main driver, a factor he says he cannot predict. In 2025-Q4 and 2026-Q1 the same effect turned into a drag and was flagged just as openly, which is why the 2026 outlook assumes a weaker first half. The company therefore discloses this item in both directions, which speaks for its candour but puts the quality of the strong 2025 quarters into perspective.

The multi-token network drops out of the story

In 2024-Q4 the CEO introduced the multi-token network as the company's own answer to the lack of interoperability in blockchain payments, complete with a partnership with JPMorgan's blockchain unit. In 2025-Q1 it was mentioned once more, together with the admission that it had not scaled yet and that the economic model was still open. In the four following calls from 2025-Q2 through 2026-Q1 it does not appear a single time. Instead, in 2026-Q1 the planned acquisition of the provider BVNK is justified precisely by the argument that it closes the interoperability gap in digital assets. No call explains what became of the in-house network, and no analyst asked.

Capital One: five quarters without a number

Since 2024-Q4 it has been known that Capital One is moving its debit business to the Discover network. In 2024-Q4, 2025-Q1, 2025-Q2, 2025-Q3 and 2025-Q4 analysts asked directly about the size of the revenue effect; the answer was always that the best estimate had been built into the outlook, without quantifying it. In 2025-Q3 the refusal became explicit: the company would not size the 2026 amount, and an offset from contractual obligations would fall away in 2027. The scale only became visible in the volume data: in 2025-Q4 US debit volume grew just 2 percent after 11 percent a year earlier, and in 2026-Q1 by 1 percent instead of an adjusted 7 percent. A revenue figure has still not been given.

Two restructurings without a savings target, plus a one-off

In 2024-Q2 management announced a reorganisation with a special charge of about 190 million US dollars; in 2025-Q4, after a strategic review, a second one of about 200 million affecting roughly 4 percent of the workforce. The rationale was almost word for word the same both times: freeing up capacity to invest. No savings figure was ever named, and no later call checked whether the first reorganisation delivered what it promised; no analyst asked in any of the calls either. On top of that comes a one-off: in 2025-Q4, government grants secured in late December improved operating expense growth by about 5.5 percentage points to 12 percent, even though the benefit represents the full-year value of 2025.

Topics that quietly leave the calls

A pattern runs through the calls: in 2024-Q1 the CEO declared the US merchant settlement done and called it a very good outcome; one quarter later, in 2024-Q2, the court had rejected it, and across the eight following calls through 2026-Q1 the case was never mentioned again. The same goes for the pledge given in 2024-Q2 to phase out manual card entry in European e-commerce by 2030: in 2024-Q4 it was widened to a global goal with no date, in 2025-Q2 it was last backed by progress figures, and since then it has not been named. The three-year objectives given at the November 2024 investor day are referenced six times in later calls but never tracked against progress.

Management promises

  • 2023-Q4 — Process the first domestic transactions in China within six months of the November 2023 licence. Narrowed to May 2024 in 2024-Q1 and confirmed as live since May in 2024-Q3. Deadline met, though the revenue contribution stayed small per 2025-Q1 and was never quantified. kept
  • 2024-Q2 — The reorganisation is to deliver positive operating leverage over the long term, with revenue growing faster than costs. In 2024, 2025 and in 2026-Q1 revenue grew faster than adjusted operating expenses each time. In the 2025-Q4 quarter, however, that only worked thanks to the government grants. kept
  • 2024-Q2 — Replace manual card entry in European e-commerce with one-click checkout by 2030. Last progress update in 2025-Q2, with over 50 percent of European e-commerce transactions tokenised at the time. Not a word in 2025-Q3, 2025-Q4 or 2026-Q1, even though the deadline is running. open
  • 2024-Q4 — 2025 net revenue growth from the high end of low double digits to low teens, excluding acquisitions and currency-neutral. Excluding acquisitions the four quarters of 2025 delivered roughly 16, 15, 14 and 14 percent, above the company's own range. In 2025-Q2 the range was narrowed to the top end and met on that basis too. kept
  • 2025-Q3 — The migration of the Capital One debit portfolio will be completed during 2026. Reported as basically complete in 2026-Q1. The additional headwind announced for 2027, when the contractual offsets fall away, is still ahead. kept
  • 2025-Q4 — 2026 net revenue growth at the high end of a low double-digit range, currency-neutral and excluding inorganic activity. 2026-Q1 delivered 12 percent and the full-year target was confirmed, but the second quarter was set at the low end. The confirmation rests explicitly on the assumption that the Middle East conflict ends in the second quarter. open

Based on public earnings call transcripts. Reviewed: 10 transcripts 2023-Q4 through 2026-Q1.

Growth

Growth Score

Ten checks against the annual reports — each one passed counts a point.

8 of 10 Growth gem
  • Revenue grows by more than 15% a year over three years 13.8%
  • More than 10% revenue growth is expected for the coming year 12.5%
  • Share count grows by less than 3% a year -2.6%
  • Revenue growth plus cash-flow margin add up to at least 40 ("Rule of 40") 68.0%
  • Gross margin at 40% or higher and without meaningful erosion 100.0%
  • Goodwill from acquisitions does not grow faster than revenue 17.7%
  • Net debt below twice EBITDA 0.4 x EBITDA
  • Operating cash flow covers the profits of the last three years 5,124 m
  • Return on capital at 15% or higher, or up versus two years ago 62.2%
  • Insiders hold at least 10% or are net buyers 0.1%

A criterion without figures counts neither as passed nor as failed; a score is only produced from 7 judgeable criteria upwards. Source: fundamental data. All ten criteria in detail

Quality check

AAQS

9/10 Quality stock

The AAQS (AlleAktien Quality Score) checks 10 quality criteria on growth, profitability, and balance-sheet strength — per the methodology developed and published by AlleAktien, calculated by us from our own fundamental data. A stock counts as a quality stock from 9 out of 10 points. Where a company has a shorter listing history, we calculate over the fiscal years available (at least five).

  • Sales growth 10Y > 5% 13.2%
  • Exp. sales growth 3Y > 5% 13.1%
  • EBIT growth 10Y > 5% 14.5%
  • Exp. EBIT growth 3Y > 5% 17.5%
  • Net debt < 4x EBIT 0.4x
  • EBIT positive, 10Y straight 10
  • Max. EBIT decline < 50% 16.4%
  • Return on equity > 15% –
  • ROCE > 15% 62.2%
  • Expected return > 10% 21.5%

View stocks with the full AAQS score · Read the methodology at AlleAktien

Source: fundamental data

Insiders

Insider Transactions

Reportable transactions by officers and major shareholders from SEC Form 4 filings. "Other" includes things like stock grants and option exercises without a buy/sell character.

Insider Transactions
Date Person Role Type Shares Price Value
Sep 2, 2026 Sachin J. Mehra Chief Business Officer Sell 3,266 584.00 1,907,344
Aug 31, 2026 Kirkpatrick Linda Pistecchia Chief Services Officer Sell 923 593.54 547,837
Aug 20, 2026 Sachin J. Mehra Chief Business Officer Sell 1,000 572.07 572,070
Aug 19, 2026 Sachin J. Mehra Chief Business Officer Sell 160 582.25 93,160
Aug 19, 2026 Sachin J. Mehra Chief Business Officer Sell 840 581.58 488,524
Aug 19, 2026 Sachin J. Mehra Chief Business Officer Sell 732 580.39 424,847
Aug 19, 2026 Sachin J. Mehra Chief Business Officer Sell 400 579.35 231,742
Aug 19, 2026 Sachin J. Mehra Chief Business Officer Sell 628 577.90 362,922
Aug 19, 2026 Sachin J. Mehra Chief Business Officer Sell 1,280 576.82 738,331
Aug 19, 2026 Sachin J. Mehra Chief Business Officer Sell 1,168 575.77 672,499

View all insider transactions →

The company

About the Company

Mastercard Incorporated ist ein Technologieunternehmen, das Transaktionsabwicklung und andere zahlungsbezogene Produkte und Dienste in den USA und international anbietet. Es bietet Produkte und Dienste für Kontoinhaber, Händler, Finanzinstitute, digitale Partner und Unternehmen.

Employees
39,800
Headquarters
Purchase, NY
Address
2000 Purchase Street, 10577 Purchase, United States
Phone
914 249 2000
IPO Date
05/25/2006
ISIN
US57636Q1040
Stock Split
10:1 on 01/22/2014

Management

Management
Name Title Birth Year
Michael Miebach CEO, President & Director 1968
Timothy Henry Murphy J.D. Vice Chair 1968
Edward Grunde McLaughlin President & CTO of Mastercard Technology 1966
Craig E. Vosburg Vice Chair 1967
Linda Pistecchia Kirkpatrick Chief Services Officer 1977
Sachin Mehra Chief Business Officer 1971
Ling Hai Chief Financial Officer 1971
Chris Mullett Corporate Controller & Principal Accounting Officer 1974
Richard R. Verma Ph.D. Chief Administrative Officer 1973
Devin Corr Executive Vice President of Investor Relations –

Executives per the latest required filings; titles kept in their original language. Source: fundamental data.

Filings

Company Filings (8-K)

An 8-K is the filing a US company must use to disclose material events immediately — takeovers, changes at the top, major contracts or payment troubles, for instance. The links open the original document at the US Securities and Exchange Commission (SEC).

  • 07/30/2026 Mastercard Inc (MA): Results of Operations and Financial Condition; Financial Statements and Exhibits SEC ↗

Data as of: September 17, 2026 · Source: fundamental data & SEC filings (annual and quarterly reports, 10-K/10-Q)

Note: pure fact-based analysis, not investment advice and not a solicitation to buy or sell. All figures without guarantee.

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