Adjusted Financial Ratios (Summary)
Adjusted Total Asset Turnover
Adjusted Current Ratio
Adjusted Debt to Equity
Adjusted Debt to Capital
Adjusted Financial Leverage
Adjusted Net Profit Margin
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Mastercard Inc., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Activity Ratio
Total Asset Turnover
Reported	0.57	0.50	0.46	0.58	0.60
Adjusted	0.59	0.51	0.47	0.59	0.60
Liquidity Ratio
Current Ratio
Reported	1.17	1.29	1.61	1.42	1.39
Adjusted	1.21	1.34	1.66	1.45	1.42
Solvency Ratios
Debt to Equity
Reported	2.23	1.90	1.98	1.45	1.17
Adjusted	2.35	1.84	2.05	1.58	1.30
Debt to Capital
Reported	0.69	0.66	0.66	0.59	0.54
Adjusted	0.70	0.65	0.67	0.61	0.57
Financial Leverage
Reported	6.15	5.15	5.25	4.96	4.61
Adjusted	5.96	4.66	5.01	4.88	4.69
Profitability Ratios
Net Profit Margin
Reported	44.66%	46.00%	41.90%	48.08%	39.19%
Adjusted	39.79%	45.42%	42.91%	48.39%	36.39%
Return on Equity (ROE)
Reported	157.67%	118.80%	100.31%	137.76%	108.60%
Adjusted	140.53%	108.38%	100.32%	139.20%	103.03%
Return on Assets (ROA)
Reported	25.64%	23.06%	19.09%	27.77%	23.57%
Adjusted	23.57%	23.27%	20.04%	28.51%	21.98%

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).

Mastercard Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net revenue	22,237)	18,884)	15,301)	16,883)	14,950)
Total assets	38,724)	37,669)	33,584)	29,236)	24,860)
Activity Ratio
Total asset turnover¹	0.57	0.50	0.46	0.58	0.60
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net revenue²	22,257)	19,048)	15,455)	16,908)	15,022)
Adjusted total assets³	37,573)	37,183)	33,093)	28,693)	24,872)
Activity Ratio
Adjusted total asset turnover⁴	0.59	0.51	0.47	0.59	0.60

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).

¹ 2022 Calculation
Total asset turnover = Net revenue ÷ Total assets
= 22,237 ÷ 38,724 = 0.57

² Adjusted net revenue. See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted total asset turnover = Adjusted net revenue ÷ Adjusted total assets
= 22,257 ÷ 37,573 = 0.59

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Current assets	16,606)	16,949)	19,113)	16,902)	16,171)
Current liabilities	14,171)	13,162)	11,847)	11,904)	11,593)
Liquidity Ratio
Current ratio¹	1.17	1.29	1.61	1.42	1.39
Adjusted
Selected Financial Data (US$ in millions)
Current assets	16,606)	16,949)	19,113)	16,902)	16,171)
Adjusted current liabilities²	13,737)	12,680)	11,492)	11,666)	11,375)
Liquidity Ratio
Adjusted current ratio³	1.21	1.34	1.66	1.45	1.42

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).

¹ 2022 Calculation
Current ratio = Current assets ÷ Current liabilities
= 16,606 ÷ 14,171 = 1.17

² Adjusted current liabilities. See details »

³ 2022 Calculation
Adjusted current ratio = Current assets ÷ Adjusted current liabilities
= 16,606 ÷ 13,737 = 1.21

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	14,023)	13,901)	12,672)	8,527)	6,334)
Total Mastercard Incorporated stockholders’ equity	6,298)	7,312)	6,391)	5,893)	5,395)
Solvency Ratio
Debt to equity¹	2.23	1.90	1.98	1.45	1.17
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	14,793)	14,673)	13,523)	9,289)	6,916)
Adjusted total equity³	6,301)	7,983)	6,610)	5,877)	5,305)
Solvency Ratio
Adjusted debt to equity⁴	2.35	1.84	2.05	1.58	1.30

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).

¹ 2022 Calculation
Debt to equity = Total debt ÷ Total Mastercard Incorporated stockholders’ equity
= 14,023 ÷ 6,298 = 2.23

² Adjusted total debt. See details »

³ Adjusted total equity. See details »

⁴ 2022 Calculation
Adjusted debt to equity = Adjusted total debt ÷ Adjusted total equity
= 14,793 ÷ 6,301 = 2.35

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total debt	14,023)	13,901)	12,672)	8,527)	6,334)
Total capital	20,321)	21,213)	19,063)	14,420)	11,729)
Solvency Ratio
Debt to capital¹	0.69	0.66	0.66	0.59	0.54
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total debt²	14,793)	14,673)	13,523)	9,289)	6,916)
Adjusted total capital³	21,094)	22,656)	20,133)	15,166)	12,221)
Solvency Ratio
Adjusted debt to capital⁴	0.70	0.65	0.67	0.61	0.57

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).

¹ 2022 Calculation
Debt to capital = Total debt ÷ Total capital
= 14,023 ÷ 20,321 = 0.69

² Adjusted total debt. See details »

³ Adjusted total capital. See details »

⁴ 2022 Calculation
Adjusted debt to capital = Adjusted total debt ÷ Adjusted total capital
= 14,793 ÷ 21,094 = 0.70

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Total assets	38,724)	37,669)	33,584)	29,236)	24,860)
Total Mastercard Incorporated stockholders’ equity	6,298)	7,312)	6,391)	5,893)	5,395)
Solvency Ratio
Financial leverage¹	6.15	5.15	5.25	4.96	4.61
Adjusted
Selected Financial Data (US$ in millions)
Adjusted total assets²	37,573)	37,183)	33,093)	28,693)	24,872)
Adjusted total equity³	6,301)	7,983)	6,610)	5,877)	5,305)
Solvency Ratio
Adjusted financial leverage⁴	5.96	4.66	5.01	4.88	4.69

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).

¹ 2022 Calculation
Financial leverage = Total assets ÷ Total Mastercard Incorporated stockholders’ equity
= 38,724 ÷ 6,298 = 6.15

² Adjusted total assets. See details »

³ Adjusted total equity. See details »

⁴ 2022 Calculation
Adjusted financial leverage = Adjusted total assets ÷ Adjusted total equity
= 37,573 ÷ 6,301 = 5.96

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	9,930)	8,687)	6,411)	8,118)	5,859)
Net revenue	22,237)	18,884)	15,301)	16,883)	14,950)
Profitability Ratio
Net profit margin¹	44.66%	46.00%	41.90%	48.08%	39.19%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	8,855)	8,652)	6,631)	8,181)	5,466)
Adjusted net revenue³	22,257)	19,048)	15,455)	16,908)	15,022)
Profitability Ratio
Adjusted net profit margin⁴	39.79%	45.42%	42.91%	48.39%	36.39%

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).

¹ 2022 Calculation
Net profit margin = 100 × Net income ÷ Net revenue
= 100 × 9,930 ÷ 22,237 = 44.66%

² Adjusted net income. See details »

³ Adjusted net revenue. See details »

⁴ 2022 Calculation
Adjusted net profit margin = 100 × Adjusted net income ÷ Adjusted net revenue
= 100 × 8,855 ÷ 22,257 = 39.79%

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	9,930)	8,687)	6,411)	8,118)	5,859)
Total Mastercard Incorporated stockholders’ equity	6,298)	7,312)	6,391)	5,893)	5,395)
Profitability Ratio
ROE¹	157.67%	118.80%	100.31%	137.76%	108.60%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	8,855)	8,652)	6,631)	8,181)	5,466)
Adjusted total equity³	6,301)	7,983)	6,610)	5,877)	5,305)
Profitability Ratio
Adjusted ROE⁴	140.53%	108.38%	100.32%	139.20%	103.03%

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).

¹ 2022 Calculation
ROE = 100 × Net income ÷ Total Mastercard Incorporated stockholders’ equity
= 100 × 9,930 ÷ 6,298 = 157.67%

² Adjusted net income. See details »

³ Adjusted total equity. See details »

⁴ 2022 Calculation
Adjusted ROE = 100 × Adjusted net income ÷ Adjusted total equity
= 100 × 8,855 ÷ 6,301 = 140.53%

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Reported
Selected Financial Data (US$ in millions)
Net income	9,930)	8,687)	6,411)	8,118)	5,859)
Total assets	38,724)	37,669)	33,584)	29,236)	24,860)
Profitability Ratio
ROA¹	25.64%	23.06%	19.09%	27.77%	23.57%
Adjusted
Selected Financial Data (US$ in millions)
Adjusted net income²	8,855)	8,652)	6,631)	8,181)	5,466)
Adjusted total assets³	37,573)	37,183)	33,093)	28,693)	24,872)
Profitability Ratio
Adjusted ROA⁴	23.57%	23.27%	20.04%	28.51%	21.98%

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).

¹ 2022 Calculation
ROA = 100 × Net income ÷ Total assets
= 100 × 9,930 ÷ 38,724 = 25.64%

² Adjusted net income. See details »

³ Adjusted total assets. See details »

⁴ 2022 Calculation
Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 8,855 ÷ 37,573 = 23.57%

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Mastercard Inc. (NYSE:MA)

Adjusted Financial Ratios

Adjusted Financial Ratios (Summary)

Mastercard Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Total Asset Turnover

Adjusted Current Ratio

Adjusted Debt to Equity

Adjusted Debt to Capital

Adjusted Financial Leverage

Adjusted Net Profit Margin

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)