Mastercard Inc
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.
FY2025 · Filed Feb 11, 2026
MA$655.81+0.5%Stored close · as of Nov 9, 2026
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Consolidated Statements of Operations
PART II
| Consolidated Statements of Operations | |||
|---|---|---|---|
| For the Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| (in millions, except per share data) | |||
| Net Revenue | $32,791 | $28,167 | $25,098 |
| Operating Expenses: | |||
| General and administrative | 11,318 | 10,193 | 8,927 |
| Advertising and marketing | 929 | 815 | 825 |
| Depreciation and amortization | 1,143 | 897 | 799 |
| Provision for litigation | 504 | 680 | 539 |
| Total operating expenses | 13,894 | 12,585 | 11,090 |
| Operating income | 18,897 | 15,582 | 14,008 |
| Other Income (Expense): | |||
| Investment income | 325 | 327 | 274 |
| Gains (losses) on equity investments, net | (88) | (29) | (61) |
| Interest expense | (722) | (646) | (575) |
| Other income (expense), net | 166 | 20 | (7) |
| Total other income (expense) | (319) | (328) | (369) |
| Income before income taxes | 18,578 | 15,254 | 13,639 |
| Income tax expense | 3,610 | 2,380 | 2,444 |
| Net Income | $14,968 | $12,874 | $11,195 |
| Basic Earnings per Share | $16.54 | $13.91 | $11.86 |
| Basic weighted-average shares outstanding | 905 | 925 | 944 |
| Diluted Earnings per Share | $16.52 | $13.89 | $11.83 |
| Diluted weighted-average shares outstanding | 906 | 927 | 946 |
| The accompanying notes are an integral part of these consolidated financial statements. | |||
MASTERCARD 2025 FORM 10-K 68
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