Income StatementBalance SheetCash FlowSegments
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Mastercard Cash Flow Statement

Operating, investing, and financing cash movements

Mastercard generated $18.3B in operating cash flow over the trailing twelve months. After $484.0M in capital expenditures, free cash flow was $17.8B. Free cash flow increased 0.2% year-over-year. Based on the Q1 2026 filing.

Net Cash From Operating (TTM)$18.3BNet Cash From Investing (TTM)-$1.4BNet Cash From Financing (TTM)-$16.2BCapital Expenditures (TTM)$484.0MDepreciation And Amortization Cf (TTM)$1.2BNet Change In Cash (TTM)$782.0M
Latest FilingQ1 2026
Report Date2026-04-30
Market Cap$440.50B
P/E Ratio28.29
ROE232.56%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Other non-cash income (expense)-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Change in accounts payable$16.0M$80.0M-$248.0M$140.0M$73.0M$14.0M
Change in accounts receivable-$87.0M$118.0M$99.0M$47.0M$378.0M$110.0M
Change in accrued liabilities$916.0M-$784.0M$581.0M$861.0M$1.2B$39.0M
Change in deferred revenue$6.0M$26.0M$99.0M$55.0M$67.0M$199.0M
Other working capital changes-$30.0M-$423.0M-$410.0M-$197.0M—-$468.0M
Deferred income taxes-$266.0M$37.0M$44.0M——$193.0M
Depreciation and amortization$231.0M$275.0M$281.0M$290.0M$297.0M$299.0M
Other Non-Cash Income (Expense)-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Other Non-cash Income (Expense)-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Other Non-cash Income (Expense)-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Net cash from operating activities$4.8B$2.4B$4.6B$5.7B$5.0B$3.0B
Net income$3.3B$3.3B$3.7B$3.9B$4.1B$3.9B
Other non-cash income (expense)-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Amortization of customer incentives$502.0M$476.0M$517.0M$533.0M$572.0M$620.0M
Equity Securities, FV-NI, Realized Gain (Loss)—-$29.0M$0.0$41.0M-$104.0M-$66.0M
Accrued litigation and legal settlements$264.0M$119.0M-$38.0M-$85.0M-$138.0M-$461.0M
Income and other taxes-$40.8M-$46.3M-$46.3M-$46.3M-$46.3M—
Increase (Decrease) in Income Taxes Receivable$41.3M$22.8M$22.8M$22.8M$22.8M—
Increase (Decrease) in Prepaid Expense$449.0M$1.5B$780.0M$701.0M$449.0M$2.1B
Increase (Decrease) Settlement due from customers—$296.0M$294.0M-$576.0M-$216.0M$437.0M
Increase (Decrease) Settlement due to customers$191.0M$124.0M$232.0M——$135.0M
Other Noncash Income (Expense)-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Other Non-cash Income and Expense-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Other Non-Cash Adjustments-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Other Non-Cash Income and Expense-$74.0M-$38.0M-$22.0M-$39.0M-$40.0M-$17.0M
Stock-based compensation$108.0M$129.0M$179.0M$177.0M$112.0M$136.0M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales of short-term available-for-sale investments$28.0M$49.0M$77.0M$66.0M$62.0M$24.0M
Capital expenditures$95.0M$159.0M$40.0M$178.0M$112.0M$154.0M
Payments for (Proceeds from) Held-to-Maturity Securities, Short-Term$10.0M$8.0M$14.0M$6.0M$0.0$0.0
Payment for (Proceeds from) Other Investing Activity—-$3.0M$13.0M$14.0M-$26.0M$40.0M
Payments to Acquire Software$155.0M$198.0M$169.0M$181.0M$178.0M$181.0M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$58.0M$76.0M$49.0M$58.0M$49.0M$44.0M
Sale of investments$28.0M$49.0M$77.0M$66.0M$62.0M$24.0M
Sales of and distributions from equity method investments$102.0M$45.3M$45.3M$45.3M$45.3M—
Purchase Of Equity Securities$14.0M$84.8M$84.8M$84.8M$84.8M—
Net cash from investing activities-$2.7B-$340.0M-$227.0M-$374.0M-$421.0M-$362.0M
Purchases of investments$94.0M$119.0M$128.0M$138.0M$116.0M$68.0M
Paydowns and maturities of HTM securities$15.0M$16.0M$11.0M$19.0M$6.0M$13.0M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$606.0M$694.0M$691.0M$687.0M$684.0M$777.0M
Proceeds from issuances of debt$0.0$1.2B———$0.0
Other, net-$104.0M-$25.0M-$25.0M-$25.0M-$25.0M—
Repayments of Debt$0.0$750.0M———$0.0
Net cash from financing activities-$4.0B-$3.0B-$3.0B-$4.0B-$4.2B-$5.0B
Proceeds from issuance of common stock$61.0M$41.0M$76.0M$22.0M$64.0M$11.0M
Repurchases of common stock$3.4B$2.5B$2.3B$3.3B$3.6B$4.0B
Taxes paid for net share settlement$3.0M$277.0M$2.0M$4.0M$8.0M$204.0M

Free Cash Flow

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Free cash flow$4.7B$2.2B$4.6B$5.5B$4.9B$2.8B

Other

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Effect of exchange rate changes on cash-$274.0M$121.0M$220.0M$0.0$8.0M-$116.0M
Net increase (decrease) in cash—-$826.0M$1.6B$1.3B$403.0M-$2.5B