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.

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)

The financial data reveals various trends across the analyzed periods. Net revenue shows a general upward trajectory from March 2018 to March 2023, with some fluctuations. A noticeable dip occurs in 2020, likely reflecting external economic pressures, but recovery and growth resume afterward, reaching a peak of 5,817 million US dollars in December 2022 before a slight decrease in the first quarter of 2023.

General and administrative expenses demonstrate an increasing trend overall. Starting at -1,294 million US dollars in March 2018, these expenses grow consistently, peaking around -2,218 million US dollars in December 2022 before slightly declining to -2,043 million in the first quarter of 2023. Advertising and marketing expenses fluctuate more significantly, with a notable decrease during the mid-2020 period, likely related to cost-cutting measures, but rise again towards the end of 2021 and exhibit a volatile pattern thereafter.

Depreciation and amortization expenses increase gradually from -120 million US dollars in early 2018 to around -191 million in March 2023, indicating growing investment in assets over the period. Provision for litigation exhibits sporadic and irregular values, with several quarters showing no provision. Peaks are evident in late 2018 and intermittently afterward, reflecting episodic legal cost occurrences.

Operating expenses as a whole correlate with the summed effects of other expense categories, increasing from about -1,755 million US dollars in March 2018 to a high near -2,644 million in September 2022, followed by a slight reduction in early 2023. Operating income mirrors overall revenue trends but shows a marked drop in the final quarter of 2018, coinciding with a spike in litigation provisions and operating expenses, and again during 2020, in line with revenue challenges.

Investment income remains relatively modest throughout, with minor fluctuations. Gains and losses on equity investments are highly volatile, with some substantial positive and negative spikes, indicating sensitivity to equity market activities and investment outcomes. Interest expense rises steadily, reflecting possibly increased debt or interest rates, moving from -43 million US dollars in early 2018 to -132 million in early 2023.

Other income and expense items present irregular patterns, with some significant swings including large negative values in certain quarters, which impact income before taxes. Income before income taxes follows net revenue trends broadly but is influenced by expense volatility, particularly in litigation and other unexpected charges.

Income tax expense generally rises in line with income variability but shows unusual dips in some quarters, notably in the first quarter of 2022. Net income trends largely align with operating income and revenue trajectories, displaying growth with cyclical dips in periods of increased expenses or external shocks, such as the downturn in 2020 and fluctuations post-2021.

Net Revenue: Steady upward trend with a dip in 2020 and recovery thereafter, peaking in late 2022.
General and Administrative Expenses: Consistent increase over time with a peak in late 2022, slight decline in early 2023.
Advertising and Marketing Expenses: Fluctuations observed; reduced spending during mid-2020 followed by renewed increases and volatility.
Depreciation and Amortization: Gradual increase over the period indicating growing asset base.
Provision for Litigation: Irregular and episodic with notable spikes, affecting operating expenses and income.
Operating Expenses: General increase with peaks corresponding to spikes in litigation and administrative costs.
Operating Income: Overall growth with significant declines in late 2018 and during 2020 reflecting expense spikes and revenue drops.
Investment Income: Low and stable with minor fluctuations, not a major contributor to total income.
Gains/Losses on Equity Investments: Highly volatile, with significant positive and negative swings impacting income variability.
Interest Expense: Steady increase suggesting higher debt levels or rising interest rates.
Other Income (Expense): Erratic performance with large fluctuations, occasionally impacting overall earnings.
Income Before Income Taxes: Follows revenue pattern but susceptible to expense volatility; declining sharply in specific quarters.
Income Tax Expense: Generally increases in line with income but with irregular dips, affecting net income variability.
Net Income: Shows growth over time with fluctuations mirroring key operating challenges and recoveries, particularly during the pandemic period.

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Mastercard Inc. (NYSE:MA)

Income Statement Quarterly Data

Income Statement
Quarterly Data