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).
A sustained upward trajectory in financial performance is observed from 2006 through 2022, characterized by significant expansion in both top-line revenue and bottom-line profitability. While the growth profile is generally linear, specific periods of volatility and recovery highlight the impact of external economic shocks on operational efficiency.
- Revenue Growth Trends
- Net revenue grew from 3,326 million US dollars in 2006 to 22,237 million US dollars in 2022, representing a substantial long-term increase. Growth remained consistent for over a decade, with a notable acceleration occurring after 2016. A temporary contraction was observed in 2020, where revenue declined to 15,301 million US dollars from 16,883 million US dollars in 2019, followed by a rapid recovery to record levels in 2021 and 2022.
- Operating Income and Margin Expansion
- Operating income exhibited significant volatility in the early period, specifically in 2008 when a loss of 535 million US dollars was recorded despite rising revenues. Following this period, operating income entered a phase of aggressive growth, rising from 2,260 million US dollars in 2009 to 12,264 million US dollars by 2022. This trend indicates a significant expansion in operating margins over time, as operating income grew at a faster rate than net revenue.
- Net Income Performance
- Net income mirrored the trajectory of operating income, including a deficit of 254 million US dollars in 2008. From 2009 onward, net income demonstrated a strong recovery and consistent growth, peaking at 9,930 million US dollars in 2022. The dip observed in 2020, where net income fell to 6,411 million US dollars, aligns with the revenue contraction of the same year, further confirming a systemic rather than operational disruption during that period.
- Comparative Resilience and Recovery
- The data reveals two distinct periods of instability. The 2008 event was characterized by a decoupling of revenue and profit, where revenue grew but profitability turned negative. In contrast, the 2020 event saw a synchronized decline across revenue, operating income, and net income. The subsequent recovery in 2021 and 2022 was more pronounced, with all three metrics reaching their highest historical levels within two years of the decline.
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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 balance sheet exhibits a consistent and significant expansion of the asset base over the analyzed sixteen-year period. Total assets grew steadily from 5,082 million US dollars in 2006 to 38,724 million US dollars by the end of 2022, reflecting a substantial increase in the organization's overall financial scale.
- Total Asset Growth Trajectory
- A continuous upward trend is observed in total assets, with no annual declines recorded between 2006 and 2022. The growth became more pronounced in the latter half of the period, specifically from 2016 onward, where total assets increased from 18,675 million to 38,724 million US dollars.
- Current Asset Dynamics
- Current assets maintained a general upward trajectory from 2006 through 2020, reaching a peak of 19,113 million US dollars. This growth was interrupted in the final two years of the period, with a contraction observed in 2021 and 2022, ending at 16,606 million US dollars.
- Structural Asset Composition Shift
- A notable shift in the composition of the balance sheet is evident. In 2006, current assets represented approximately 70.4% of total assets. By 2022, this ratio declined to approximately 42.9%, indicating that non-current assets have grown at a significantly faster rate than current assets, thereby altering the asset structure of the entity.
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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 balance sheet exhibits a significant expansion in total obligations and a strategic shift in capital structure between 2006 and 2022. Total liabilities grew from 2,713 million US dollars in 2006 to 32,347 million US dollars in 2022, representing a substantial increase in the company's total leverage over the sixteen-year period.
- Liabilities Growth and Composition
- Current liabilities demonstrated a consistent upward trajectory, rising from 1,812 million US dollars in 2006 to 14,171 million US dollars by 2022. While current liabilities initially constituted a large portion of total liabilities, their relative share decreased as long-term obligations accelerated. Total liabilities saw a period of relative stability and slight contraction between 2008 and 2010 before entering a phase of rapid growth that continued through the end of the period.
- Long-term Debt Evolution
- A fundamental shift in financing strategy is evident starting in 2014. Long-term debt, including the current portion, remained minimal or negligible from 2006 through 2013, reaching a low of 22 million US dollars in 2009. Beginning in 2014, long-term debt increased sharply to 1,494 million US dollars and continued to climb aggressively, reaching 14,023 million US dollars by 2022. This indicates a transition toward a more leveraged capital structure.
- Stockholders' Equity Trends
- Stockholders' equity exhibited significant volatility and lacked the linear growth seen in liabilities. Equity increased from 2,364 million US dollars in 2006 to a peak of 7,484 million US dollars in 2013. However, a subsequent decline occurred, with equity fluctuating between 5,395 million US dollars and 7,312 million US dollars from 2014 to 2021, before ending at 6,298 million US dollars in 2022.
- Capital Structure and Leverage Insights
- The divergence between rising total liabilities and stagnating stockholders' equity indicates a marked increase in the debt-to-equity ratio. In 2006, total liabilities were approximately 1.1 times the value of stockholders' equity; by 2022, total liabilities had grown to approximately 5.1 times the value of equity. This trend suggests that the company increasingly relied on debt markets rather than equity retention or issuance to fund its operations and strategic initiatives during the latter half of the analyzed period.
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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 financial data reveals a period of substantial growth in cash generation and a strategic shift in capital allocation from 2006 to 2022. The most prominent trend is the exponential increase in operational cash flow, which has provided the necessary liquidity to fund both strategic investments and aggressive shareholder returns.
- Operating Cash Flow Trends
- Net cash provided by operating activities demonstrates a strong upward trajectory, growing from 650 million US dollars in 2006 to 11.195 billion US dollars in 2022. While a notable contraction occurred in 2008, where cash flow dropped to 413 million US dollars, the subsequent recovery was robust. A period of accelerated growth began after 2011, with the only significant recent deviation occurring in 2020, when cash flow dipped to 7.224 billion US dollars before rebounding strongly in 2021 and 2022.
- Investing Activity Patterns
- Cash flows from investing activities exhibit significant volatility and are predominantly negative, indicating consistent outflows for investments. Notable spikes in investment spending occurred in 2012, with an outflow of 2.839 billion US dollars, and in 2021, which reached a peak outflow of 5.272 billion US dollars. Occasional positive cash flows, such as those seen in 2007, 2008, and 2014, suggest periodic divestments or the realization of investment assets.
- Financing Activity Dynamics
- A fundamental shift in financing activities is observed over the analyzed period. After 2010, the company transitioned to a consistent and increasing pattern of net cash outflows. These outflows accelerated sharply after 2017, culminating in a record outflow of 10.328 billion US dollars in 2022. This pattern indicates an intensifying focus on returning capital to shareholders or reducing debt obligations, funded by the expanding surplus from operating activities.
- Overall Cash Flow Synthesis
- The relationship between the three cash flow components indicates a mature financial profile. The massive growth in operating cash flow has more than offset the increasing expenditures in both investing and financing activities. The widening gap between operating inflows and investing outflows suggests a high degree of internal funding capacity, allowing for substantial capital distributions without compromising investment capabilities.
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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.
The per-share financial performance from 2006 to 2022 exhibits a long-term upward trajectory in both profitability and shareholder distributions, characterized by consistent growth punctuated by two distinct periods of volatility.
- Earnings Per Share (EPS) Trends
- Basic and diluted earnings per share remained closely aligned throughout the period, indicating a minimal impact of dilutive securities on overall profitability. Following a significant contraction in 2008 where EPS turned negative, a steady recovery began in 2009. Earnings grew consistently from 1.12 USD in 2009 to 3.70 USD by 2016. A period of accelerated growth followed between 2018 and 2019, with Basic EPS rising from 5.63 USD to 7.98 USD. Despite a temporary decline in 2020, the trend resumed its upward path, peaking at 10.26 USD by the end of 2022.
- Dividend Distribution Growth
- Dividend payments per share remained stagnant at low levels between 2006 and 2011, fluctuating between 0.02 USD and 0.06 USD. A strategic shift in capital return is observable starting in 2012, with the dividend doubling to 0.12 USD. This initiated a period of uninterrupted annual increases, with the dividend per share growing from 0.29 USD in 2013 to 2.04 USD in 2022, reflecting a commitment to increasing shareholder returns commensurate with earnings growth.
- Impact of Economic Volatility
- The data reveals two primary instances of earnings compression. The first occurred in 2008, resulting in a net loss per share of 0.20 USD. The second occurred in 2020, where Basic EPS decreased from 7.98 USD to 6.40 USD. Notably, dividend payments were not reduced during either of these downturns; the 2008 loss was met with a maintained dividend of 0.06 USD, and the 2020 earnings dip was accompanied by a dividend increase to 1.64 USD, suggesting a highly stable dividend policy regardless of short-term earnings volatility.
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