Stock Analysis on Net
Stock Analysis on Net

Mastercard Inc. (NYSE:MA)

$22.49

This company has been moved to the archive! The financial data has not been updated since April 27, 2023.

Common-Size Income Statement
Quarterly Data

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Mastercard Inc., common-size consolidated income statement (quarterly data)

Microsoft Excel
3 months ended: Mar 31, 2023 Dec 31, 2022 Sep 30, 2022 Jun 30, 2022 Mar 31, 2022 Dec 31, 2021 Sep 30, 2021 Jun 30, 2021 Mar 31, 2021 Dec 31, 2020 Sep 30, 2020 Jun 30, 2020 Mar 31, 2020 Dec 31, 2019 Sep 30, 2019 Jun 30, 2019 Mar 31, 2019 Dec 31, 2018 Sep 30, 2018 Jun 30, 2018 Mar 31, 2018
Net revenue
General and administrative
Advertising and marketing
Depreciation and amortization
Provision for litigation
Operating expenses
Operating income
Investment income
Gains (losses) on equity investments, net
Interest expense
Other income (expense), net
Other income (expense)
Income before income taxes
Income tax expense
Net income

Based on: 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31), 10-K (reporting date: 2019-12-31), 10-Q (reporting date: 2019-09-30), 10-Q (reporting date: 2019-06-30), 10-Q (reporting date: 2019-03-31), 10-K (reporting date: 2018-12-31), 10-Q (reporting date: 2018-09-30), 10-Q (reporting date: 2018-06-30), 10-Q (reporting date: 2018-03-31).

General and administrative expenses
These expenses have shown a fluctuating trend as a percentage of net revenue, starting at -36.15% in early 2018, decreasing mid-year 2018, then rising sharply to nearly -39% by the end of 2018. Throughout 2019 and into 2020, the expenses remained elevated, peaking again near -41% mid-2020, followed by a general decline. In 2023, the ratio settled around -35.54%, slightly lower than historical peaks.
Advertising and marketing expenses
The share of advertising and marketing expenses in net revenue has generally trended downward from about -6.26% in early 2018 to lower levels closer to -2.91% by the first quarter of 2023. Notable dips occurred during 2020, correlating possibly with economic disruptions, and occasional rebounds occurred in late 2018 and 2021 but overall suggest cost containment or shifts in marketing strategy.
Depreciation and amortization
Depreciation and amortization expenses as a percentage of net revenue have been relatively stable, fluctuating moderately between approximately -3.3% and -4.35% across the period. A slight increase appeared in mid-2020, but by early 2023, the ratio returned nearer to -3.32%, consistent with prior trends.
Provision for litigation
This category shows highly volatile and episodic expenses with several quarters reporting significant negative values, such as -19.88% at the end of 2018 and smaller charges scattered intermittently in later years. Some periods lack data, indicating irregular or one-time litigation charges impacting net revenue unpredictably.
Operating expenses
Operating expenses as a percentage of revenue display significant variability. After a low of -40% in early 2018, expenses surged to -67.59% by year-end 2018, driven largely by litigation provisions. Subsequently, expenses mostly ranged between -40% to -50%, exhibiting occasional spikes. By early 2023, operating expenses were around -45.44%, reflecting relatively consistent cost control despite fluctuations.
Operating income
Operating income as a share of net revenue peaked at nearly 59% during 2018–2019 before dipping to approximately 32.41% at the end of 2018, coinciding with a spike in operating expenses. After this, operating income mostly stayed within the range of 49% to 58%, indicating resilient profitability. The first quarter of 2023 shows operating income around 54.56% of revenue, consistent with historical performance.
Investment income
Investment income remains a small but generally positive component, fluctuating from 0.47% to nearly 0.96% by early 2023. The income was weakest around late 2020, with minor negative values but has improved and shows growing contribution to total revenue in recent quarters.
Gains and losses on equity investments, net
This item exhibits pronounced volatility with gains and losses alternating across quarters. Values swing between positive peaks near 5.37% and losses as severe as -4.34% within a few quarters. The variability indicates sensitivity to equity market conditions affecting earnings unpredictably.
Interest expense
Interest expense relative to net revenue increased notably from about -1.2% in early 2018 to above -2.3% by early 2023. The upward trend suggests rising borrowing costs or increased leverage impacting financial expenses over time.
Other income (expense), net
Generally fluctuating close to zero with small positive and negative values, this category has remained a minor factor, with no clear trend but occasional upward ticks into positive territory near 0.19% at the end of 2022.
Other income (expense)
This item displays large variability with sudden swings between positive and negative percentages, including sharp negative values such as -5.59% at the start of 2020 and significant positive spikes around 3%. Such fluctuations suggest irregular, possibly non-operating or extraordinary income and expenses impacting results sporadically.
Income before income taxes
Income before taxes generally tracks closely with operating income but with some variation due to other income and expenses. It peaked near 61.24% in mid-2019 and experienced volatility around 50%-56%. By early 2023, it settled near 49.63%, slightly lower than previous peaks but consistent with established performance levels.
Income tax expense
Income tax expense as a percentage of net revenue has been relatively steady, mostly ranging between -7.33% and -11.45%, with occasional dips below -3%, notably in early 2022. These fluctuations may reflect changes in tax rates, provisions, or profits mix impacting effective tax rates.
Net income
Net income relative to net revenue shows a general pattern of resilience despite variability in operating and other expenses. From a high of about 48.72% in late 2018 down to a low near 23.61%, it rebounded substantially afterward. In recent years, net income mostly ranges between 39% and 50%, with the first quarter of 2023 near 41.08%, indicating stable profitability albeit with sensitivity to extraordinary items and tax impacts.