Selected Financial Data
since 2006
Income Statement
Mastercard Inc., selected items from income statement, long-term trends
US$ in millions
| 12 months ended: | Net revenue | Operating income (loss) | Net income (loss) |
|---|---|---|---|
| Dec 31, 2022 | 22,237) | 12,264) | 9,930) |
| Dec 31, 2021 | 18,884) | 10,082) | 8,687) |
| Dec 31, 2020 | 15,301) | 8,081) | 6,411) |
| Dec 31, 2019 | 16,883) | 9,664) | 8,118) |
| Dec 31, 2018 | 14,950) | 7,282) | 5,859) |
| Dec 31, 2017 | 12,497) | 6,622) | 3,915) |
| Dec 31, 2016 | 10,776) | 5,761) | 4,059) |
| Dec 31, 2015 | 9,667) | 5,078) | 3,808) |
| Dec 31, 2014 | 9,473) | 5,106) | 3,617) |
| Dec 31, 2013 | 8,346) | 4,503) | 3,116) |
| Dec 31, 2012 | 7,391) | 3,937) | 2,759) |
| Dec 31, 2011 | 6,714) | 2,713) | 1,906) |
| Dec 31, 2010 | 5,539) | 2,752) | 1,846) |
| Dec 31, 2009 | 5,099) | 2,260) | 1,463) |
| Dec 31, 2008 | 4,992) | (535) | (254) |
| Dec 31, 2007 | 4,068) | 1,108) | 1,086) |
| Dec 31, 2006 | 3,326) | 229) | 50) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31).
- Net Revenue Trends
- Net revenue showed a consistent upward trajectory from 2006 through 2022, increasing from 3,326 million US dollars in 2006 to 22,237 million US dollars in 2022. The growth was steady with minor slowdowns, such as between 2014 to 2015, where revenue increased only slightly from 9,473 to 9,667 million. The general pattern indicates robust expansion in the company’s top-line performance over the 17-year period.
- Operating Income (Loss) Analysis
- Operating income experienced significant fluctuations. Initially, in 2006, operating income was 229 million US dollars, followed by a notable increase to 1,108 million in 2007. However, 2008 presented a substantial operating loss of 535 million US dollars, marking a period of financial challenge. Subsequent years saw a strong recovery and sustained growth, with operating income rising to 12,264 million US dollars in 2022. There was a minor dip in 2020 where operating income decreased from 9,664 million in 2019 to 8,081 million, potentially reflecting external economic impacts, but overall the trend reflects increasing operational profitability over the long term.
- Net Income (Loss) Patterns
- Net income followed a somewhat volatile but upward trend overall. Starting at 50 million US dollars in 2006, there was a significant jump to 1,086 million in 2007, followed by a net loss of 254 million in 2008, corresponding with the operating loss in the same year. From 2009 onwards, net income steadily increased, peaking at 9,930 million US dollars in 2022. Notable decreases occurred in 2017 and 2020; in 2017, net income dropped from 4,059 million in 2016 to 3,915 million, and in 2020 it fell from 8,118 million in 2019 to 6,411 million, before recovering in 2021 and 2022. This pattern suggests increased profitability with occasional challenges possibly related to market or operational disruptions.
- Overall Financial Performance Insights
- The data indicates strong revenue growth coupled with improved profitability over the analyzed period. Despite a few setback years marked by losses or reduced income (notably 2008 and 2020), the company demonstrated recovery and progressive expansion in both operating and net income. The alignment of net income fluctuations with operating income changes suggests operational efficiency as a key driver of bottom-line results. The consistent increase in revenues supports a narrative of expanding market presence and business scale.
Balance Sheet: Assets
Mastercard Inc., selected items from assets, long-term trends
US$ in millions
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2022 | 16,606) | 38,724) |
| Dec 31, 2021 | 16,949) | 37,669) |
| Dec 31, 2020 | 19,113) | 33,584) |
| Dec 31, 2019 | 16,902) | 29,236) |
| Dec 31, 2018 | 16,171) | 24,860) |
| Dec 31, 2017 | 13,797) | 21,329) |
| Dec 31, 2016 | 13,228) | 18,675) |
| Dec 31, 2015 | 10,985) | 16,269) |
| Dec 31, 2014 | 10,997) | 15,329) |
| Dec 31, 2013 | 10,950) | 14,242) |
| Dec 31, 2012 | 9,357) | 12,462) |
| Dec 31, 2011 | 7,741) | 10,693) |
| Dec 31, 2010 | 6,454) | 8,837) |
| Dec 31, 2009 | 5,003) | 7,470) |
| Dec 31, 2008 | 4,312) | 6,476) |
| Dec 31, 2007 | 4,592) | 6,260) |
| Dec 31, 2006 | 3,577) | 5,082) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31).
The analysis of the annual financial data over the period from 2006 to 2022 reveals several notable trends in the assets of the company.
- Current Assets
- Current assets have shown a consistent upward trend from 2006 through 2020, increasing from approximately $3.6 billion to over $19 billion. This steady growth reflects an expanding asset base that could contribute to enhanced liquidity over time. However, from 2020 to 2022, there is a slight decline in current assets, decreasing from around $19.1 billion in 2020 to $16.6 billion in 2022, indicating a modest reduction in short-term asset holdings during this recent period.
- Total Assets
- Total assets have experienced continuous growth across the entire time span, rising from about $5.1 billion in 2006 to nearly $38.7 billion in 2022. The increase appears steady without significant interruptions, showing the company’s overall asset base more than septupled over the 16-year period. The growth rate seems to accelerate after 2016, highlighting intensified asset accumulation or investment activities during the latter years.
- Comparative Trends and Insights
- Both current assets and total assets exhibit strong long-term growth trajectories, but the total assets grew at a much faster pace, indicating likely substantial increases in non-current assets. The slight decline in current assets in the last two years contrasts with the continued rise in total assets, which might suggest a shift in asset composition towards long-term investments or fixed assets. This pattern could imply strategic changes in asset management or capital allocation decisions to support future growth or operational objectives.
Balance Sheet: Liabilities and Stockholders’ Equity
Mastercard Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in millions
| Current liabilities | Total liabilities | Long-term debt, including current portion | Total Mastercard Incorporated stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2022 | 14,171) | 32,347) | 14,023) | 6,298) |
| Dec 31, 2021 | 13,162) | 30,257) | 13,901) | 7,312) |
| Dec 31, 2020 | 11,847) | 27,067) | 12,672) | 6,391) |
| Dec 31, 2019 | 11,904) | 23,245) | 8,527) | 5,893) |
| Dec 31, 2018 | 11,593) | 19,371) | 6,334) | 5,395) |
| Dec 31, 2017 | 8,793) | 15,761) | 5,424) | 5,468) |
| Dec 31, 2016 | 7,206) | 12,991) | 5,180) | 5,656) |
| Dec 31, 2015 | 6,269) | 10,207) | 3,287) | 6,028) |
| Dec 31, 2014 | 6,222) | 8,505) | 1,494) | 6,790) |
| Dec 31, 2013 | 6,032) | 6,747) | —) | 7,484) |
| Dec 31, 2012 | 4,906) | 5,533) | —) | 6,917) |
| Dec 31, 2011 | 4,217) | 4,816) | —) | 5,868) |
| Dec 31, 2010 | 3,143) | 3,621) | —) | 5,205) |
| Dec 31, 2009 | 3,167) | 3,958) | 22) | 3,504) |
| Dec 31, 2008 | 2,990) | 4,544) | 169) | 1,927) |
| Dec 31, 2007 | 2,363) | 3,228) | 230) | 3,027) |
| Dec 31, 2006 | 1,812) | 2,713) | 230) | 2,364) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31).
The analysis of the financial data reveals several notable trends and patterns over the period presented.
- Current Liabilities
- Current liabilities have shown a consistent upward trajectory throughout the years. Starting from 1,812 million US dollars in 2006, these liabilities increased steadily each year, reaching 14,171 million US dollars by the end of 2022. This persistent rise indicates a growing short-term obligation which may correlate with expanding operational activities or changes in working capital management.
- Total Liabilities
- Total liabilities demonstrate a similar upward trend as current liabilities but at a larger scale. From 2,713 million US dollars in 2006, total liabilities more than doubled multiple times over the years, culminating at 32,347 million US dollars in 2022. This significant increase reflects an overall expansion of the company's obligations, including both short-term and long-term debts, suggesting greater leverage or financing needs.
- Long-term Debt, Including Current Portion
- Long-term debt exhibited some fluctuations initially but has generally trended sharply upward from around 2009 onward. The data is incomplete between 2010 and 2012; however, from 2013, a marked increase is evident, rising from 1,494 million US dollars to a peak of 14,023 million US dollars by 2022. This increase in long-term debt indicates an increased reliance on borrowing for financing, potentially to support expansion or other capital-intensive initiatives.
- Stockholders’ Equity
- Stockholders' equity values have fluctuated during the period shown, with no clear linear trend. Beginning at 2,364 million US dollars in 2006, equity declined to a low of 1,927 million US dollars in 2008, then increased to a peak of 7,484 million US dollars in 2013. Post-2013, equity levels experienced a downward movement with some volatility, ending at 6,298 million US dollars in 2022. This pattern may reflect variations in retained earnings, share repurchases, or other equity-related adjustments over time.
Overall, the data suggests a progression towards higher leverage with increasing liabilities, especially long-term debt. While equity has grown compared to early years, it has not kept pace with liabilities, leading to a growing financial obligation. This pattern may signal strategic investments financed through debt, but it also underscores the importance of monitoring solvency and capital structure.
Cash Flow Statement
Mastercard Inc., selected items from cash flow statement, long-term trends
US$ in millions
| 12 months ended: | Net cash provided by operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2022 | 11,195) | (1,470) | (10,328) |
| Dec 31, 2021 | 9,463) | (5,272) | (6,555) |
| Dec 31, 2020 | 7,224) | (1,879) | (2,152) |
| Dec 31, 2019 | 8,183) | (1,640) | (5,867) |
| Dec 31, 2018 | 6,223) | (506) | (4,966) |
| Dec 31, 2017 | 5,555) | (1,779) | (4,764) |
| Dec 31, 2016 | 4,484) | (1,167) | (2,293) |
| Dec 31, 2015 | 4,043) | (715) | (2,458) |
| Dec 31, 2014 | 3,407) | 690) | (2,339) |
| Dec 31, 2013 | 4,135) | (4) | (2,629) |
| Dec 31, 2012 | 2,948) | (2,839) | (1,798) |
| Dec 31, 2011 | 2,684) | (748) | (1,215) |
| Dec 31, 2010 | 1,697) | (641) | 19) |
| Dec 31, 2009 | 1,378) | (664) | (185) |
| Dec 31, 2008 | 413) | 202) | (751) |
| Dec 31, 2007 | 770) | 315) | (658) |
| Dec 31, 2006 | 650) | (676) | 638) |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31).
The analysis of the annual cash flow activities over the period from December 31, 2006, to December 31, 2022, reveals distinct trends in the three main categories: operating, investing, and financing activities.
- Operating Activities
-
Net cash provided by operating activities exhibits a generally increasing trend throughout the years. Starting from US$650 million in 2006, there was some variability in the early years, notably a dip to US$413 million in 2008, followed by a peak of US$1,697 million in 2010. Subsequent years show steady growth, reaching US$11,195 million by 2022.
This upward trajectory indicates strengthening operational cash generation capacity, suggesting improved profitability or efficient management of working capital over time. The substantial increase after 2010 points to enhanced business performance and operational efficiency in recent years.
- Investing Activities
-
Net cash flow from investing activities demonstrates more volatility and predominantly negative values, indicating considerable investment outflows. The data starts with a negative value of US$-676 million in 2006, followed by a positive inflow in 2007 and 2008, then alternating negative and positive values afterward.
From 2011 onwards, there is a significant rise in outflows, with particularly large cash used in investments noted in 2012 (-US$2,839 million), 2017 (-US$1,779 million), and especially in 2021 (-US$5,272 million). Despite some intermittent positive inflows, the overall pattern suggests ongoing substantial capital investments or acquisitions aimed at supporting growth and expansion activities.
- Financing Activities
-
Net cash provided by or used in financing activities reveals consistent negative cash flows for the majority of the period after 2006, indicating predominant cash outflows related to financing activities such as debt repayment, dividend payments, or share repurchases. From a positive US$638 million in 2006, the net cash flow from financing switched to negative by 2007 and remained largely negative thereafter.
The magnitude of outflows increases markedly over time, peaking at negative US$10,328 million in 2022. This trend could reflect a cash outflow strategy to reduce financial liabilities, return capital to shareholders, or restructure financing obligations. The periods of slight positive or less negative cash flows are sparse and generally of shorter duration.
Overall, the company's cash flow profile over these years shows strong and growing operational cash generation that supports significant investment activities and the management of financial obligations. The increasing cash outflows in financing activities, combined with heavy investment spending, likely reflect strategic growth initiatives and financial management practices aimed at optimizing the capital structure and enhancing shareholder value.
Per Share Data
Mastercard Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2022 | 10.26 | 10.22 | 2.04 |
| Dec 31, 2021 | 8.79 | 8.76 | 1.81 |
| Dec 31, 2020 | 6.40 | 6.37 | 1.64 |
| Dec 31, 2019 | 7.98 | 7.94 | 1.39 |
| Dec 31, 2018 | 5.63 | 5.60 | 1.08 |
| Dec 31, 2017 | 3.67 | 3.65 | 0.91 |
| Dec 31, 2016 | 3.70 | 3.69 | 0.79 |
| Dec 31, 2015 | 3.36 | 3.35 | 0.67 |
| Dec 31, 2014 | 3.11 | 3.10 | 0.49 |
| Dec 31, 2013 | 2.57 | 2.56 | 0.29 |
| Dec 31, 2012 | 2.20 | 2.19 | 0.12 |
| Dec 31, 2011 | 1.49 | 1.48 | 0.06 |
| Dec 31, 2010 | 1.41 | 1.41 | 0.06 |
| Dec 31, 2009 | 1.12 | 1.12 | 0.06 |
| Dec 31, 2008 | -0.20 | -0.20 | 0.06 |
| Dec 31, 2007 | 0.81 | 0.80 | 0.06 |
| Dec 31, 2006 | 0.04 | 0.04 | 0.02 |
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), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
- Basic and Diluted Earnings Per Share
- Both basic and diluted earnings per share (EPS) exhibit a strong overall upward trend throughout the examined period. Starting from very low values near zero in 2006, EPS declined into negative territory in 2008, indicating a temporary financial setback. However, from 2009 onwards, there is a consistent recovery and growth, with EPS increasing nearly every year.
- Specifically, basic EPS rose from 1.12 US$ in 2009 to 10.26 US$ in 2022, reflecting more than a ninefold increase over that span. Diluted EPS follows a nearly identical trajectory with slightly lower values, ending at 10.22 US$ in 2022. This progression suggests improving profitability and effective management of share dilution over time.
- Notably, there are periods of accelerated growth, such as between 2017 and 2019 where basic EPS increased substantially from 3.67 to 7.98 US$, and a decline between 2019 and 2020 possibly reflecting external challenges affecting earnings during that timeframe. Despite this short-term dip, EPS rebounded strongly in the following years.
- Dividend Per Share
- Dividend payments per share show a steady and consistent increase throughout the period. Starting at 0.02 US$ in 2006, dividends remained relatively flat until 2011, then commenced a pattern of regular increases each year.
- By 2022, the dividend per share reached 2.04 US$, indicating a more than hundredfold increase since 2006. The rising dividends demonstrate a commitment to returning value to shareholders, likely supported by the growth in earnings and stable financial performance.
- Overall Insights
- The financial data reveals a company that has managed to overcome early volatility and episodic losses to establish a pattern of sustained profit growth. Earnings per share have risen sharply after recovering from a downturn in 2008, and dividends have been consistently increased, reflecting confidence in continued future earnings.
- This combination of rising profitability and shareholder returns suggests effective strategic and operational management and a strong financial position. The temporary declines observed in both EPS and dividends are isolated and followed by periods of recovery and growth, reinforcing the overall positive trend.