Mastercard Inc
For the period ended Sep 30, 2025. Filed Oct 30, 2025.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2025 · Filed Oct 30, 2025
MA$658.84+0.5%Stored close · as of Nov 10, 2026
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Consolidated Statements of Cash Flows —
PART I
| Consolidated Statements of Cash Flows (Unaudited) | ||
|---|---|---|
| Nine Months Ended September 30, | ||
| 2025 | 2024 | |
| (in millions) | ||
| Operating Activities | ||
| Net income | $10,908 | $9,532 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Amortization of customer incentives | 1,526 | 1,328 |
| Depreciation and amortization | 846 | 666 |
| (Gains) losses on equity investments, net | (16) | 69 |
| Share-based compensation | 485 | 418 |
| Deferred income taxes | 77 | (261) |
| Other | 99 | 117 |
| Changes in operating assets and liabilities: | ||
| Accounts receivable | (264) | 99 |
| Settlement assets | (14) | (743) |
| Prepaid expenses | (2,939) | (2,776) |
| Accrued litigation and legal settlements | (4) | (59) |
| Restricted security deposits held for customers | 180 | 23 |
| Accounts payable | (28) | 59 |
| Settlement obligations | 102 | 731 |
| Accrued expenses | 658 | 671 |
| Net change in other assets and liabilities | 1,030 | 72 |
| Net cash provided by operating activities | 12,646 | 9,946 |
| Investing Activities | ||
| Purchases of investment securities available-for-sale | (385) | (414) |
| Purchases of investments held-to-maturity | (28) | (98) |
| Proceeds from sales of investment securities available-for-sale | 192 | 171 |
| Proceeds from maturities of investment securities available-for-sale | 183 | 204 |
| Proceeds from maturities of investments held-to-maturity | 46 | 363 |
| Purchases of property and equipment | (377) | (379) |
| Capitalized software | (548) | (565) |
| Other investing activities | (24) | (6) |
| Net cash used in investing activities | (941) | (724) |
| Financing Activities | ||
| Purchases of treasury stock | (8,169) | (7,565) |
| Dividends paid | (2,072) | (1,842) |
| Proceeds from debt, net | 1,242 | 3,960 |
| Payment of debt | (750) | (1,336) |
| Tax withholdings related to share-based payments | (283) | (175) |
| Cash proceeds from employee stock plans | 139 | 163 |
| Other financing activities | (100) | — |
| Net cash used in financing activities | (9,993) | (6,795) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 325 | 75 |
| Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 2,037 | 2,502 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period | 10,808 | 10,465 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period | $12,845 | $12,967 |
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 11
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.