Mastercard Incorporated (MA) quarterly cash flow statement — complete operating, investing & financing history
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 | Q2'23 | Q1'23 | Q4'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|
| Cash from Operations | 3B | 4.93B | 5.66B | 4.6B | 2.38B | 4.83B | 5.14B | 3.14B | 1.67B | 4.13B | 3.23B | 2.7B | 1.92B | 3.1B | 3.86B | 2.46B | 1.78B | 3.19B | 2.54B | 2.27B |
| Operating CF Margin % | 35.71% | 56.04% | 65.83% | 56.6% | 32.83% | 64.55% | 69.7% | 45.08% | 26.34% | 63.07% | 49.49% | 43.04% | 33.39% | 53.29% | 66.99% | 44.7% | 34.49% | 61.14% | 51.01% | 50.09% |
| Operating CF Growth % | 26.01% | 2.09% | 10.26% | 46.69% | 42.34% | 17.05% | 58.86% | 16.31% | -12.87% | 33.23% | -16.16% | 9.81% | 7.69% | -2.79% | 51.63% | 8.33% | 21.8% | 41.54% | 53.75% | 55.56% |
| Net Income | 3.88B | 4.06B | 3.93B | 3.7B | 3.28B | 3.34B | 3.26B | 3.26B | 3.01B | 2.79B | 3.2B | 2.85B | 2.36B | 2.52B | 2.5B | 2.27B | 2.63B | 2.38B | 2.41B | 2.07B |
| Depreciation & Amortization | 299M | 297M | 290M | 281M | 275M | 231M | 225M | 225M | 216M | 205M | 211M | 192M | 191M | 184M | 185M | 189M | 192M | 189M | 188M | 186M |
| Stock-Based Compensation | 136M | 0 | 177M | 179M | 129M | 108M | 155M | 155M | 108M | 86M | 131M | 135M | 108M | 22M | 98M | 101M | 74M | 32M | 89M | 87M |
| Deferred Taxes | 193M | -20M | -4M | 44M | 37M | -266M | -168M | -96M | 3M | 3M | -263M | 153M | -129M | -62M | -123M | -146M | -320M | -20M | -34M | -48M |
| Other Non-Cash Items | -66M | 828M | 531M | 535M | 543M | 536M | 601M | 476M | 437M | 1.22B | -87M | -254M | -609M | 405M | 347M | 512M | 511M | 267M | 149M | 91M |
| Working Capital Changes | -1.45B | -230M | 742M | -137M | -1.88B | 883M | 1.06B | -880M | -2.1B | -173M | 43M | -373M | -3M | 26M | 850M | -474M | -1.31B | 342M | -263M | -114M |
| Change in Receivables | -110M | -176M | -47M | -99M | -118M | -78M | 333M | -15M | -219M | -173M | 43M | -373M | -3M | -155M | -69M | -391M | 134M | -618M | -76M | 653M |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -618M | 6M | 87M | -298M | 0 | 0 | 0 | 0 | 644M | 0 | -906M |
| Change in Payables | 14M | 73M | 140M | -248M | 80M | 16M | 50M | 30M | -21M | 220M | -32M | -103M | -184M | 281M | 19M | -54M | -56M | 174M | 18M | -77M |
| Cash from Investing | -362M | -421M | -374M | -227M | -340M | -2.68B | -256M | -294M | -174M | -214M | -522M | -218M | -397M | -350M | -308M | -525M | -287M | -438M | -132M | -1.14B |
| Capital Expenditures | -335M | -290M | -178M | -40M | -159M | -95M | -107M | -115M | -157M | -77M | -104M | -80M | -110M | -339M | -277M | -187M | -294M | -228M | -249M | -193M |
| CapEx % of Revenue | 3.99% | 3.29% | 2.07% | 0.49% | 2.19% | 1.27% | 1.45% | 1.65% | 2.47% | 1.18% | 1.59% | 1.28% | 1.91% | 5.83% | 4.81% | 3.4% | 5.69% | 4.37% | 5% | 4.26% |
| Acquisitions | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Investments | 313M | 2.04B | 2.02B | 1.97B | 1.92B | 1.94B | 1.94B | 2.07B | 2.1B | 2.32B | 2.25B | 2.01B | 1.91B | 2.13B | 2.09B | 2.07B | 2.22B | 2.31B | 2.19B | 2.14B |
| Other Investing | -40M | 26M | -176M | -171M | -179M | -2.46B | -162M | -175M | -229M | -137M | -418M | -138M | -287M | 7M | -1M | -10M | 5M | 45M | -3M | -18M |
| Cash from Financing | -5B | -4.19B | -4B | -3.01B | -2.99B | -4.04B | -857M | -3.26B | -2.68B | -2.35B | -2.4B | -2.78B | -1.96B | -3.61B | -1.74B | -2.82B | -2.15B | -1.62B | -2.14B | -2.19B |
| Debt Issued (Net) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Equity Issued (Net) | -4.02B | -3.49B | 4.84B | -2.29B | -2.55B | -3.47B | -2.93B | -2.64B | -1.99B | -1.84B | -1.91B | -2.42B | -2.95B | -2.4B | -1.55B | -2.38B | -2.54B | -1.28B | -1.57B | -1.72B |
| Dividends Paid | -777M | -684M | -687M | -691M | -694M | -606M | -611M | -615M | -616M | -534M | -538M | -541M | -545M | -473M | -474M | -477M | -479M | -434M | -434M | -434M |
| Share Repurchases | -4.04B | -3.56B | 4.84B | -2.29B | -2.55B | -3.47B | -2.93B | -2.64B | -1.99B | -1.83B | -1.91B | -2.42B | -2.88B | -2.41B | -1.55B | -2.38B | -2.41B | -1.28B | -1.56B | -1.71B |
| Other Financing | -204M | -8M | -8.15B | -26M | -236M | 38M | 47M | 14M | -73M | 24M | 36M | 117M | 55M | -736M | 3M | 36M | 22M | -649M | -137M | -46M |
| Net Change in Cash | -2.48B | 336M | 1.27B | 1.59B | -826M | -2.16B | 4.17B | -385M | -1.28B | 1.72B | 221M | -279M | -396M | -580M | 1.62B | -1.06B | -687M | 1.06B | 218M | -992M |
| Free Cash Flow | 2.85B | 4.82B | 5.49B | 4.56B | 2.22B | 4.74B | 4.87B | 2.84B | 1.29B | 4.05B | 3.13B | 2.62B | 1.81B | 2.76B | 3.58B | 2.27B | 1.49B | 2.96B | 2.29B | 2.08B |
| FCF Margin % | 33.88% | 54.77% | 63.76% | 56.1% | 30.63% | 63.28% | 66.03% | 40.83% | 20.38% | 61.9% | 47.9% | 41.76% | 31.47% | 47.46% | 62.18% | 41.3% | 28.8% | 56.77% | 46.02% | 45.83% |
| FCF Growth % | 28.1% | 1.77% | 12.72% | 60.56% | 71.64% | 16.93% | 55.51% | 8.56% | -28.47% | 46.79% | -12.57% | 15.33% | 21.57% | -6.75% | 56.02% | 9.4% | 12.81% | 40.87% | 54.06% | 62.75% |
| FCF per Share | 3.19 | 5.37 | 6.06 | 5.02 | 2.43 | 5.16 | 5.26 | 3.06 | 1.38 | 4.32 | 3.32 | 2.76 | 1.89 | 2.87 | 3.70 | 2.33 | 1.52 | 3.00 | 2.32 | 2.09 |
| FCF Conversion (FCF/Net Income) | 0.77x | 1.22x | 1.44x | 1.24x | 0.73x | 1.45x | 1.57x | 0.96x | 0.56x | 1.48x | 1.01x | 0.95x | 0.81x | 1.23x | 1.54x | 1.08x | 0.68x | 1.34x | 1.05x | 1.10x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |