Income StatementBalance SheetCash FlowBusiness Segments
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Mastercard Cash Flow Statement

Operating, investing, and financing cash movements

Mastercard generated $17.5B in operating cash flow over the trailing twelve months. After $472.0M in capital expenditures, free cash flow was $17.0B. Free cash flow increased 0.2% year-over-year. Based on the Q3 2025 filing.

Net Cash From Operating (TTM)$17.5BNet Cash From Investing (TTM)-$3.6BNet Cash From Financing (TTM)-$14.0BCapital Expenditures (TTM)$472.0MDepreciation And Amortization (TTM)$1.1BNet Change In Cash (TTM)$4.2B
Latest FilingQ3 2025
Report Date2025-10-30
Market Cap$431.85B
P/E Ratio30.31
ROE185.32%

Investing

MetricQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25
Capital expenditures$115.0M$107.0M$95.0M$159.0M$40.0M$178.0M
Net Change in Short-term HTM Securities$15.0M$17.0M$10.0M$8.0M$14.0M$6.0M
Net cash from investing activities-$294.0M-$256.0M-$2.7B-$340.0M-$227.0M-$374.0M
Other investing activities$2.0M-$1.0M$2.0M-$3.0M$13.0M$14.0M
Proceeds from fixed maturity securities$22.0M$57.0M$15.0M$16.0M$11.0M$19.0M
Purchases of intangible assets$181.0M$163.0M$155.0M$198.0M$169.0M$181.0M
Purchases of investments$124.0M$195.0M$94.0M$119.0M$128.0M$138.0M

Operating

MetricQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25
Change in accounts payable$30.0M$50.0M$16.0M$80.0M-$248.0M$140.0M
Change in accounts receivable$15.0M-$333.0M-$87.0M$118.0M$99.0M$47.0M
Change in accrued liabilities$31.0M$1.1B$916.0M-$784.0M$581.0M$861.0M
Change in deferred revenue-$89.0M$96.0M$6.0M$26.0M$99.0M$55.0M
Other working capital changes$0.0-$72.0M—-$423.0M$323.0M$0.0
Change in prepaid expenses$490.0M$796.0M$449.0M$1.5B$780.0M$701.0M
Deferred income taxes-$96.0M-$168.0M-$266.0M$37.0M$44.0M-$4.0M
Depreciation and amortization$225.0M$225.0M$231.0M$275.0M$281.0M$290.0M
Net gains (losses) on investments-$13.0M-$62.0M—-$29.0M$4.0M$41.0M
Amortization of Customer Incentives$415.0M$502.0M$502.0M$476.0M$517.0M$533.0M
Change in Accrued Litigation and Legal Settlements-$70.0M$138.0M$264.0M$119.0M-$38.0M-$85.0M
Change in Settlement Due to Customers-$231.0M$532.0M$191.0M$124.0M$232.0M-$254.0M
Change in Settlement Due from Customers-$133.0M$459.0M—$296.0M$294.0M-$576.0M
Other Non-cash Income (Expense)-$48.0M-$37.0M-$74.0M-$38.0M-$22.0M-$39.0M
Net cash from operating activities$3.1B$5.1B$4.8B$2.4B$4.6B$5.7B
Net income$3.3B$3.3B$3.3B$3.3B$3.7B$3.9B
Stock-based compensation$155.0M$155.0M$108.0M$129.0M$179.0M$177.0M

Financing

MetricQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25
Repayments of debt$1.0B$336.0M$0.0$750.0M$0.0$0.0
Dividends paid$615.0M$611.0M$606.0M$694.0M$691.0M$687.0M
Net Proceeds from Debt$983.0M$3.0B$0.0$1.2B$0.0$0.0
Net cash from financing activities-$3.3B-$857.0M-$4.0B-$3.0B-$3.0B-$4.0B
Proceeds from issuance of common stock$18.0M$48.0M$61.0M$41.0M$76.0M$22.0M
Repurchases of common stock$2.6B$2.9B$3.5B$2.5B$2.3B$3.3B
Taxes paid for net share settlement$4.0M$1.0M$3.0M$277.0M$2.0M$4.0M

Other

MetricQ2 '24Q3 '24Q4 '24Q1 '25Q2 '25Q3 '25
Effect of exchange rate changes on cash$28.0M$142.0M-$274.0M$121.0M$220.0M-$16.0M
Net increase (decrease) in cash-$385.0M$4.2B—-$826.0M$1.6B$1.3B

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