Mastercard Inc
For the period ended Dec 31, 2025. Filed Feb 11, 2026.
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FY2025 · Filed Feb 11, 2026
MA$658.84+0.5%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Item 8. Consolidated Statements of Cash Flows
PART II
| Consolidated Statements of Cash Flows | |||
|---|---|---|---|
| For the Years Ended December 31, | |||
| 2025 | 2024 | 2023 | |
| (in millions) | |||
| Operating Activities | |||
| Net income | $14,968 | $12,874 | $11,195 |
| Adjustments to reconcile net income to net cash provided by operating activities: | |||
| Amortization of customer incentives | 2,098 | 1,830 | 1,622 |
| Depreciation and amortization | 1,143 | 897 | 799 |
| (Gains) losses on equity investments, net | 88 | 29 | 61 |
| Share-based compensation | 597 | 526 | 460 |
| Deferred income taxes | 57 | (527) | (236) |
| Other | 139 | 191 | 22 |
| Changes in operating assets and liabilities: | |||
| Accounts receivable | (642) | 186 | (546) |
| Income taxes receivable | (91) | (165) | (171) |
| Settlement assets | 202 | (593) | 40 |
| Prepaid expenses | (3,388) | (3,225) | (2,438) |
| Accrued litigation and legal settlements | (142) | 205 | (375) |
| Restricted security deposits held for customers | 247 | 29 | 277 |
| Accounts payable | 45 | 75 | (99) |
| Settlement obligations | 89 | 922 | 282 |
| Accrued expenses | 1,836 | 1,587 | 571 |
| Long-term taxes payable | (185) | (163) | (129) |
| Net change in other assets and liabilities | 587 | 102 | 645 |
| Net cash provided by operating activities | 17,648 | 14,780 | 11,980 |
| Investing Activities | |||
| Purchases of investment securities available-for-sale | (501) | (508) | (300) |
| Purchases of investments held-to-maturity | (28) | (108) | (347) |
| Proceeds from sales of investment securities available-for-sale | 254 | 199 | 87 |
| Proceeds from maturities of investment securities available-for-sale | 232 | 262 | 191 |
| Proceeds from maturities of investments held-to-maturity | 52 | 378 | 157 |
| Purchases of property and equipment | (489) | (474) | (371) |
| Capitalized software | (726) | (720) | (717) |
| Purchases of equity investments | (339) | (42) | (89) |
| Proceeds from sales of equity investments | 181 | 125 | 44 |
| Acquisition of businesses, net of cash acquired | — | (2,511) | — |
| Other investing activities | 2 | (3) | (6) |
| Net cash used in investing activities | (1,362) | (3,402) | (1,351) |
| Financing Activities | |||
| Purchases of treasury stock | (11,727) | (10,954) | (9,032) |
| Dividends paid | (2,756) | (2,448) | (2,158) |
| Proceeds from debt, net | 1,242 | 3,960 | 1,554 |
| Payment of debt | (750) | (1,336) | — |
| Tax withholdings related to share-based payments | (291) | (178) | (89) |
| Cash proceeds from employee stock plans | 203 | 224 | 237 |
| Other financing activities | (100) | (104) | — |
| Net cash used in financing activities | (14,179) | (10,836) | (9,488) |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 333 | (199) | 128 |
| Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 2,440 | 343 | 1,269 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period | 10,808 | 10,465 | 9,196 |
| Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period | $13,248 | $10,808 | $10,465 |
| The accompanying notes are an integral part of these consolidated financial statements. | |||
73 MASTERCARD 2025 FORM 10-K
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