Mastercard Inc

mastercard.us

What Do They Do?

Provides electronic payment network services, consumer and commercial payment products, and security and digital services to financial institutions, merchants and businesses.

How Do They Make Money?

Issuers, acquirers and other market participants pay fees for network services and card spending, with fees tied to activity as it occurs. Added services carry fixed or transaction-based fees; customers are generally billed weekly, sometimes monthly or quarterly.

revenue

Segment	Share	Revenue	How money arrives
Payment network Usage-based	59% FY2022: 65%		Usage-based
Value-added services and solutions	41% FY2022: 35%

Who Are Their Customers?

Financial institutions, merchants and other organizations use Mastercard's network and related services. Issuers, acquirers and other market participants are billed for network services.

Do Revenues Turn Into Profits?

Yes. It kept 46 cents of every revenue dollar as net income in FY2025 and turned 52 cents into free cash flow.

Operating income, FY2025

58% of revenue

▲ +21% vs FY2024 ($15.6B, 55%)

Net income, FY2025

46% of revenue

▲ +16% vs FY2024 ($12.9B, 46%)

Free cash flow, FY2025

52% of revenue

▲ +20% vs FY2024 ($14.3B, 51%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +14%; vs $8.1B in Q2 FY2025
Net income: ▲ +19%; vs $3.7B in Q2 FY2025

Payment network share of revenue vs 60.8% in Q2 FY2025

Jun 2, 2026 Ling Hai will become CFO, succeeding Sachin Mehra Mehra will become chief business officer, responsible for global country operations; the changes take effect August 3, 2026.

Growing. Revenue grew 74% in 4 years, from $18.9B in FY2021 to $32.8B in FY2025, about 15% a year.

Revenue over time

Payment network Value-added services and solutions

$50B$25B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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