At a glance
Mastercard Inc is worth $573.32B, about 40 times its fiscal 2025 earnings. Revenue grew 16.4% to $32.79B in fiscal 2025, with 45.6% kept as profit; over 5 years it has grown 16.5% a year. It pays a 0.53% dividend yield, raised every year for at least 9 years, and returned $57.38B to shareholders in dividends and buybacks over FY2021–FY2025. The stock returned +20.0% over the past year with dividends reinvested and +15.6% a year over five years, against +11.5% and +11.7% for the S&P 500. At its worst it fell 41.0% in the 2020 crash (S&P 500: 33.7%) and 28.2% in the 2022 bear market (S&P 500: 24.5%), and was back at its earlier high 5 months and 9 months after the lows.
The business in plain English
Mastercard runs a global payments network. When someone pays with a Mastercard card, the network passes the transaction between the shopper's bank (the issuer) and the merchant's bank (the acquirer), authorizing, clearing and settling the payment. Mastercard calls this switching. The banks and other financial institutions on both sides are its customers. Its brands include Mastercard, Maestro and Cirrus, and the network handles payments in more than 150 currencies across more than 220 countries and territories.
In fiscal 2025 (ended December 31, 2025), net revenue was $32.8 billion, up 16%. About 59% ($19.5 billion) came from payment network fees. The other 41% ($13.3 billion) came from value-added services, such as fraud and security tools, consumer engagement programs, business insights, authentication and processing. Mastercard does not earn interchange, the fee a merchant's bank pays the card-issuing bank on each purchase.
In 2025 its network switched 175.5 billion transactions, and Mastercard-branded cards carried $10.6 trillion in gross dollar volume (the total value of payments made with them). Consumer debit and prepaid cards made up 50% of that, consumer credit 37% and commercial cards 13%. By region, 57% of revenue came from Asia Pacific, Europe, the Middle East and Africa, and 43% from the Americas. Growth priorities include business payments, money transfers through Mastercard Move and real-time bank-account payments.
Price history
The interactive chart needs JavaScript.
MA +20.0% over the year to Nov 2, 2026, total return with dividends reinvested.
How it makes money
By product or service
| Payment network | $19.48B | 59.4% |
| Value-added services and solutions | $13.31B | 40.6% |
By geography
| Asia Pacific, Europe, Middle East and Africa | $18.75B | 57.2% |
| Americas | $14.04B | 42.8% |
Latest results
- In Q3 FY2026 (ended Sep 30, 2026), revenue was $9.81B, up 14% from a year earlier, and net income was $4.63B (+17.9%).
- For fiscal 2025, revenue was $32.79B (+16.4% year over year; +16.5% a year from FY2020 to FY2025) with a 45.6% net margin.
Financial health check
| Revenue growth a year (FY2020–FY2025) | +16.5% good |
|---|---|
| Operating margin | 57.6% good |
| Free cash flow margin | 52.3% good |
| Return on equity (FY2025) | 193.5% (lifted by a small equity base, often the result of years of buybacks) good |
| Return on assets (FY2025) | 27.6% good |
| Net cash (cash minus debt) | $-13.79B weak |
| Fiscal year | Revenue | Net income | Free cash flow |
|---|---|---|---|
| FY2020 | $15.30B | $6.41B | $6.88B |
| FY2021 | $18.88B | $8.69B | $9.06B |
| FY2022 | $22.24B | $9.93B | $10.75B |
| FY2023 | $25.10B | $11.20B | $11.61B |
| FY2024 | $28.17B | $12.87B | $14.31B |
| FY2025 | $32.79B | $14.97B | $17.16B |
Valuation snapshot
| Market value | $573.32B |
|---|---|
| P/E ratio | 39.8 |
| Dividend yield | 0.53% |
Rank among 1514 US companies
Price behavior
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | |
|---|---|---|---|---|---|
| MA price data to Nov 2, 2026 | +16.0% | +20.0% | +20.5% | +15.6% | +21.0% |
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +16.0% |
| 2025 | +9.0% |
| 2024 | +24.2% |
| 2023 | +23.4% |
| 2022 | -2.7% |
| 2021 | +1.2% |
| 2020 | +20.2% |
| 2019 | +59.2% |
| 2018 | +25.3% |
| 2017 | +47.7% |
| 2016 | +6.9% |
| 2015 | +13.8% |
| 2014 | +3.7% |
| 2013 | +70.7% |
| 2012 | +32.1% |
| 2011 | +66.7% |
| 2010 | -12.2% |
| 2009 | +79.2% |
| 2008 | -33.6% |
| 2007 | +118.6% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Lost 12.4% over that stretch · deepest drop along the way 62.7%, back to its old high 29.5 months after the low |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Lost 41% over that stretch · deepest drop along the way 41%, back to its old high 5.1 months after the low |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Lost 23.2% over that stretch · deepest drop along the way 28.2%, back to its old high 8.7 months after the low |
Insider activity
Form 4 filings from 2025-10-30 to 2026-10-30 (25 read): 0 open-market purchases and 51 sales ($65.3M), 51 of them under pre-arranged 10b5-1 trading plans.
| Date | Insider | Type | Value |
|---|---|---|---|
| Aug 3, 2026 | Michael Miebach President & CEO, Director | sell (plan) | $9.6M |
| Jul 31, 2026 | Michael Miebach President & CEO, Director | sell (plan) | $9.4M |
| Aug 5, 2026 | Michael Miebach President & CEO, Director | sell (plan) | $8.8M |
| Jul 1, 2026 | Edward Grunde McLaughlin President & CTO, MA Tech | sell (plan) | $7.5M |
| Jul 15, 2026 | Edward Grunde McLaughlin President & CTO, MA Tech | sell (plan) | $3.3M |
Who owns it
Large shareholders (13G filings)
| Mastercard Foundation Asset Management Corp | 7.4% | Mar 31, 2026 |
| Vanguard Capital Management | 6.82% | Mar 31, 2026 |
ETFs with the most weight in MA
| IYG iShares U.S. Financial Services ETF | 7.32% |
| IYJ iShares U.S. Industrials ETF | 6.76% |
| PFI Invesco Dorsey Wright Financial Momentum ETF | 6.46% |
| IPAY Amplify Mobile Payments ETF | 6.44% |
| FDFF Fidelity Disruptive Finance ETF | 6.39% |
| XLF Financial Select Sector SPDR Fund | 6.33% |
| VFH Vanguard Financials ETF | 5.69% |
| FNCL Fidelity MSCI Financials Index ETF | 5.62% |
What could go wrong
- Regulators could limit network fees. Central banks and regulators are widening their oversight of payment networks, and several are studying the network fees Mastercard charges. A new rule in one country can be copied elsewhere, raising costs or cutting revenue.
- Pressure to cut interchange fees. Governments and merchant groups want lower interchange, a major part of merchants' card costs. Mastercard doesn't earn it, but cuts could make banks less willing to promote its cards or fund rewards.
- Merchant lawsuits and surcharging limits. Merchants' focus on what cards cost them can lead to more lawsuits, regulatory cases and higher incentive costs. Losing cases could bring payouts or limits, such as less power to stop merchants adding card surcharges.
- Competition, new technology and being bypassed. Competition and pricing pressure are intense. Fast technology change, or partners and outside firms stepping between Mastercard and its users, could erode its role. Some governments also favor domestic payment systems.
- Dependence on large bank customers. Losing business from one of its largest customers, mergers among banks, or exclusive deals between customers and rivals could shrink revenue. Mastercard also relies on those banks staying competitive and managing its brand well.
- Data breaches or system outages. A data breach or system outage could stop Mastercard from processing payments, damage its reputation, raise costs and cause losses.
Recent events
- Quarterly results released
- Quarterly results released
- Shareholder vote results
- Other company announcement
- Executive or board change
- Executive or board change
- Quarterly results released
- Executive or board change
- Quarterly results released
- Major agreement signed
For income and retirement investors
Mastercard pays a small dividend: the yield was 0.55% as of October 30, 2026, so income investors would likely need to sell shares for spending cash. The dividend has grown quickly, with at least nine straight annual increases through fiscal 2025. It rose from about $1.60 a share in 2020 to $3.15 in 2025, roughly 14.6% a year. Dividends paid in 2025 used only 18.4% of earnings and 16.1% of free cash flow (cash left after running and investing in the business). Mastercard returns far more through buybacks: $46.4 billion from fiscal 2021 to 2025, versus $11.0 billion in dividends.
The share price has fallen hard in market slumps. It dropped 62.7% in the 2008 financial crisis and did not recover until July 2011. It fell 41% in the 2020 COVID crash, recovering in about five months, and 28.2% in the 2022 bear market, recovering by July 2023. Single stocks carry more risk than diversified funds.
Questions investors ask
How does Mastercard make money?
Mastercard earns fees for running a global payments network. It switches payments, meaning it authorizes, clears and settles them between the cardholder's bank and the merchant's bank. In fiscal 2025 (the year ended December 31), payment network fees brought in $19.5 billion, or 59% of $32.8 billion in net revenue. Value-added services such as security, data insights and processing added $13.3 billion, or 41%. Mastercard says it does not earn revenue from interchange, a fee merchants pay that goes mainly to card-issuing banks.
Does Mastercard raise its dividend every year?
Yes, so far. Mastercard's SEC data show a higher regular dividend every year from fiscal 2016 through 2025, at least nine straight increases. Dividends per share reached $3.15 in fiscal 2025, up from $2.74 a year earlier, and grew about 14.6% a year from fiscal 2020. The dividend used only 18.4% of earnings. The drawback for income seekers is a low yield: 0.57% as of October 27, 2026. Mastercard returns far more cash through buybacks, which totaled $11.7 billion in fiscal 2025.
How did Mastercard stock do in past market crashes?
It fell hard each time but recovered. In the 2008 financial crisis, the shares dropped 62.7% from peak to trough and took 29.5 months to regain their high, in July 2011. In the 2020 COVID crash they fell 41% and recovered in 5.1 months. In the 2022 bear market they fell 28.2% and recovered in 8.7 months. Past recoveries don't guarantee future ones, and a retiree selling shares for income during a slump like 2008 could lock in steep losses.
What is Mastercard's P/E ratio?
Mastercard's price-to-earnings (P/E) ratio was 36.9, based on fiscal 2025 diluted earnings of $16.52 per share and the share price as of October 27, 2026. P/E divides the share price by a year's profit per share, so a higher number means investors pay more for each dollar of earnings. Fast growth helps explain it: revenue grew about 16.5% a year over five years and rose 14.1% from a year earlier in the quarter ended June 30, 2026. A high P/E leaves less room for error if growth slows.
What are the biggest risks to Mastercard stock?
Regulation heads the list in Mastercard's annual report (10-K). Governments and merchant groups in several countries are pushing to lower interchange, the fees merchants pay on card purchases, and some regulators are studying the network fees Mastercard charges. Other risks include merchant lawsuits, intense competition, governments favoring domestic payment systems, new technology that could cut Mastercard out, data breaches and the loss of a large bank customer. Mastercard also carries more debt than cash: $24.6 billion against $11.3 billion in cash and investments as of June 30, 2026.