MAMEDIUM SIGNALFINANCIAL10-K

Mastercard delivered strong financial performance with 16.4% revenue growth and robust operational metrics, though net income growth appears distorted by one-time factors.

The company demonstrates healthy underlying business momentum with consistent growth across all key metrics including operating income (+21.3%) and operating cash flow (+19.4%). However, the dramatic 254.5% jump in net income suggests potential one-time benefits or accounting adjustments that may not be sustainable going forward.

Comparing 2026-02-11 vs 2025-02-12View on EDGAR →
FINANCIAL ANALYSIS

Mastercard shows broad-based financial strength with revenue growing 16.4% to $32.8B, operating income up 21.3% to $18.9B, and operating cash flow increasing 19.4% to $17.6B, indicating solid operational execution. The balance sheet strengthened with cash growing 25.2% and stockholders' equity up 19.3%, though current liabilities also increased 18.4%. The 254.5% surge in net income from $879M to $3.1B appears anomalous compared to other metrics and likely reflects one-time items rather than sustainable earnings power.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+254.5%
$879.0M→$3.1B

Net income grew 254.5% — bottom-line growth signals improving overall business health.

Cash & Equivalents
Balance Sheet
+25.2%
$8.4B→$10.6B

Cash grew 25.2% — improving liquidity position supports investment and shareholder returns.

Accounts Receivable
Balance Sheet
+22.2%
$3.8B→$4.6B

Receivables grew 22.2% — monitor days sales outstanding for collection efficiency.

Interest Expense
P&L
+22.1%
$471.0M→$575.0M

Interest costs rose 22.1% — monitor debt levels and coverage ratio in rising rate environment.

Operating Income
P&L
+21.3%
$15.6B→$18.9B

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

Current Assets
Balance Sheet
+19.4%
$19.7B→$23.6B

Current assets grew 19.4% — improving short-term liquidity or inventory/receivables build.

Operating Cash Flow
Cash Flow
+19.4%
$14.8B→$17.6B

Operating cash flow grew 19.4% — strong conversion of earnings to cash, healthy business fundamentals.

Stockholders Equity
Balance Sheet
+19.3%
$6.5B→$7.7B

Equity base grew 19.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Current Liabilities
Balance Sheet
+18.4%
$19.2B→$22.8B

Current liabilities rose 18.4% — increased short-term obligations, watch current ratio.

Revenue
P&L
+16.4%
$28.2B→$32.8B

Revenue growing 16.4% — solid top-line momentum, watch margins for quality of growth.

LANGUAGE CHANGES
NEW — 2026-02-11
PRIOR — 2025-02-12
ADDED
There is currently no established public trading market for the registrant s Class B common stock.
As of February 6, 2026, there were 885,216,386 shares outstanding of the registrant s Class A common stock and 6,595,925 shares outstanding of the registrant s Class B common stock.
We make payments easier and more efficient by providing a wide range of payment solutions and services using our family of well-known and trusted brands, including our primary brand Mastercard , as well as our Maestro and Cirrus brands.
These services and solutions include, among others, security solutions, consumer acquisition and engagement services, business and market insights, digital and authentication, processing and gateway and other solutions, all of which draw on our principled and responsible use of secure data .
For our global payments network, our franchise model sets the standards and ground-rules that balance value and risk across (and allow for interoperability among) all stakeholders.
+7 more — sign up free →
REMOVED
There is currently no established public trading market for the registrant s Class B common stock, par value $0.0001 per share.
As of February 7, 2025, there were 904,889,521 shares outstanding of the registrant s Class A common stock, par value $0.0001 per share and 6,818,985 shares outstanding of the registrant s Class B common stock, par value $0.0001 per share.
We make payments easier and more efficient by providing a wide range of payment solutions and services using our family of well-known and trusted brands, including Mastercard , Maestro and Cirrus .
These services and solutions include, among others, security solutions, consumer acquisition and engagement services, and business and market insights, all of which draw on our principled and responsible use of secure data .
For our global payments network, our franchise model sets the standards and ground-rules that balance value and risk across all stakeholders and allows for interoperability among them.
+7 more — sign up free →
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