Common-Size Income Statement
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Mastercard Inc., common-size consolidated income statement
Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).
- General and Administrative Expenses
- These expenses decreased as a percentage of net revenue from -34.61% in 2018 to a low of -34.13% in 2019, then rose to -38.62% in 2020 before gradually declining to -36.33% by 2022. This indicates some fluctuation with a peak in 2020 but overall a tendency towards lower relative expense after that year.
- Advertising and Marketing Expenses
- Advertising and marketing costs consistently decreased as a percentage of net revenue over the period, from -6.07% in 2018 to -3.55% in 2022. This steady decline suggests improved efficiency or a strategic reduction in advertising spend relative to revenue.
- Depreciation and Amortization
- This expense remained relatively stable, fluctuating slightly between -3.07% and -3.84% during the period, before decreasing to -3.37% in 2022. The overall moderate variation reflects consistent capital asset utilization.
- Provision for Litigation
- Provision for litigation showed significant variability with a peak of -7.55% in 2018, an absence of data for 2019, then much lower proportions around -0.48% to -0.5% in 2020 and 2021, before rising to -1.6% in 2022. This indicates fluctuating litigation-related costs impacting the income statement intermittently.
- Operating Expenses
- Operating expenses as a percentage of net revenue have moved from -51.29% in 2018 down to -42.76% in 2019, then increased to around -47.19% in 2020 with a gradual decline to -44.85% in 2022. This pattern reflects some inconsistency but generally points to controlled operating costs relative to revenue after 2019.
- Operating Income
- Operating income showed a rising trend from 48.71% in 2018 to a peak of 57.24% in 2019, followed by a decrease in 2020 to 52.81%, then gradually increased again to 55.15% in 2022. This indicates strong profitability management, despite some volatility.
- Investment Income
- Investment income declined steadily from 0.82% in 2018 to a low of 0.06% in 2021 but saw a modest increase to 0.27% in 2022, reflecting limited returns on investments relative to net revenue.
- Gains (Losses) on Equity Investments, Net
- This item was not reported in 2018, rose to 0.99% in 2019, declined sharply to 0.2% in 2020, then surged to 3.42% in 2021, before turning negative at -0.65% in 2022. This volatility may stem from fluctuating equity market conditions impacting gains and losses.
- Interest Expense
- Interest expense increased from -1.24% in 2018 to -2.48% in 2020, before declining steadily to -2.12% in 2022, indicating a peak borrowing cost in 2020 followed by some reduction.
- Other Income (Expense), Net
- This metric varied between small positive and negative figures without a clear trend, moving from -0.09% in 2018 to 0.1% in 2022, with intermittent fluctuations indicating minor non-operating items affecting income.
- Other Income (Expense)
- Reported values show considerable volatility, from -0.52% in 2018 to 0.4% in 2019, flipping to negative at -2.1% in 2020, positive 1.19% in 2021, and back to negative -2.39% in 2022, underscoring irregular impacts from miscellaneous income or expenses.
- Income Before Income Taxes
- Income before income taxes increased from 48.19% in 2018 to 57.64% in 2019, decreased to 50.72% in 2020, then rose again to 54.58% in 2021 before slightly declining to 52.76% in 2022, mirroring trends in operating income and investment results.
- Income Tax Expense
- Income tax expense as a percentage of net revenue remained relatively consistent, fluctuating narrowly between -9.55% in 2019 and -8.1% in 2022, suggesting a stable effective tax rate over time.
- Net Income
- Net income as a percentage of net revenue increased markedly from 39.19% in 2018 to 48.08% in 2019, then declined to 41.9% in 2020 before climbing again to 46% in 2021 and slightly decreasing to 44.66% in 2022. This reflects strong profitability with some impact from the variances in operating results and one-time items.