Name: Mastercard Inc. (NYSE:MA) | Income Statement (Quarterly)
Creator: Stock Analysis on Net

Income Statement
Quarterly Data

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

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Mastercard Inc., consolidated income statement (quarterly data)

US$ in millions

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	5,748)	5,817)	5,756)	5,497)	5,167)	5,216)	4,985)	4,528)	4,155)	4,120)	3,837)	3,335)	4,009)	4,414)	4,467)	4,113)	3,889)	3,807)	3,898)	3,665)	3,580)
General and administrative	(2,043)	(2,218)	(2,069)	(1,947)	(1,844)	(1,862)	(1,831)	(1,718)	(1,676)	(1,625)	(1,423)	(1,368)	(1,494)	(1,579)	(1,448)	(1,369)	(1,367)	(1,490)	(1,236)	(1,154)	(1,294)
Advertising and marketing	(167)	(216)	(182)	(210)	(181)	(338)	(222)	(216)	(119)	(242)	(168)	(93)	(154)	(290)	(227)	(225)	(192)	(213)	(235)	(235)	(224)
Depreciation and amortization	(191)	(184)	(185)	(189)	(192)	(189)	(188)	(186)	(163)	(150)	(141)	(145)	(144)	(146)	(137)	(122)	(117)	(113)	(111)	(115)	(120)
Provision for litigation	(211)	(15)	(208)	(133)	—)	—)	(27)	(67)	—)	(45)	—)	(22)	(6)	—)	—)	—)	—)	(757)	(29)	(225)	(117)
Operating expenses	(2,612)	(2,633)	(2,644)	(2,479)	(2,217)	(2,389)	(2,268)	(2,187)	(1,958)	(2,062)	(1,732)	(1,628)	(1,798)	(2,015)	(1,812)	(1,716)	(1,676)	(2,573)	(1,611)	(1,729)	(1,755)
Operating income	3,136)	3,184)	3,112)	3,018)	2,950)	2,827)	2,717)	2,341)	2,197)	2,058)	2,105)	1,707)	2,211)	2,399)	2,655)	2,397)	2,213)	1,234)	2,287)	1,936)	1,825)
Investment income	55)	33)	16)	7)	5)	2)	5)	3)	1)	(3)	3)	8)	16)	20)	26)	24)	27)	43)	31)	31)	17)
Gains (losses) on equity investments, net	(212)	(12)	60)	(117)	(76)	111)	197)	243)	94)	220)	(91)	75)	(174)	119)	(100)	143)	5)	—)	—)	—)	—)
Interest expense	(132)	(127)	(120)	(114)	(110)	(108)	(110)	(106)	(107)	(105)	(105)	(101)	(69)	(64)	(63)	(51)	(46)	(47)	(48)	(48)	(43)
Other income (expense), net	6)	11)	4)	4)	4)	(9)	7)	(3)	5)	(2)	3)	1)	3)	1)	16)	6)	4)	(15)	(6)	3)	4)
Other income (expense)	(283)	(95)	(40)	(220)	(177)	(4)	99)	137)	(7)	110)	(190)	(17)	(224)	76)	(121)	122)	(10)	(19)	(23)	(14)	(22)
Income before income taxes	2,853)	3,089)	3,072)	2,798)	2,773)	2,823)	2,816)	2,478)	2,190)	2,168)	1,915)	1,690)	1,987)	2,475)	2,534)	2,519)	2,203)	1,215)	2,264)	1,922)	1,803)
Income tax expense	(492)	(564)	(573)	(523)	(142)	(444)	(402)	(412)	(362)	(383)	(402)	(270)	(294)	(375)	(426)	(471)	(341)	(316)	(365)	(353)	(311)
Net income	2,361)	2,525)	2,499)	2,275)	2,631)	2,379)	2,414)	2,066)	1,828)	1,785)	1,513)	1,420)	1,693)	2,100)	2,108)	2,048)	1,862)	899)	1,899)	1,569)	1,492)

A long-term upward trajectory in revenue and profitability is observed from March 2018 through March 2023, characterized by a strong recovery following a temporary contraction in early 2020. While core operational growth remains consistent, the bottom line is periodically influenced by significant fluctuations in litigation provisions and equity investment valuations.

Revenue Performance: Net revenue grew from 3,580 million USD in March 2018 to 5,748 million USD by March 2023. A notable disruption occurred in June 2020, where revenue declined to 3,335 million USD, marking the lowest point in the analyzed period. However, a sustained recovery followed, with revenue peaking at 5,817 million USD in December 2022.
Operating Expense Structure: General and administrative expenses represent the largest component of operating costs, exhibiting a steady increase from 1,294 million USD in March 2018 to 2,043 million USD in March 2023. In contrast, advertising and marketing expenses remained relatively volatile but smaller in scale, generally fluctuating between 93 million USD and 338 million USD. Depreciation and amortization costs showed a gradual increase, rising from 120 million USD to 191 million USD over the five-year span.
Impact of Litigation and Volatility: Operating income is subject to periodic volatility due to provisions for litigation. A significant impact is observed in December 2018, where a 757 million USD provision contributed to a sharp decline in operating income to 1,234 million USD. Similar, though smaller, volatility recurred in 2022, particularly in June and September, where provisions of 133 million USD and 208 million USD respectively affected quarterly results.
Profitability and Margins: Operating income generally trended upward, moving from 1,825 million USD in March 2018 to 3,136 million USD in March 2023. Net income followed a similar path, starting at 1,492 million USD and ending at 2,361 million USD. Despite the growth, net income was heavily influenced by non-operating items, including highly volatile gains and losses on equity investments, which ranged from a loss of 212 million USD in March 2023 to a gain of 243 million USD in June 2021.
Financial Obligations and Other Income: Interest expenses demonstrate a consistent linear increase, rising from 43 million USD in March 2018 to 132 million USD in March 2023, indicating an increase in the cost of debt or higher borrowing levels over time. Investment income remained relatively low and stable, with a notable spike to 55 million USD in the final quarter of the analysis.

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Mastercard Inc. (NYSE:MA)

Income StatementQuarterly Data

Income Statement
Quarterly Data