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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$429.87B
P/E Ratio27.61
ROE232.56%

Operating

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Other non-cash income (expense)-$74M-$38M-$22M-$39M-$40M-$17M
Other non-cash income (expense)-$74M-$38M-$22M-$39M-$40M-$17M
Change in accounts payable$16M$80M-$248M$140M$73M$14M
Change in accounts receivable-$87M$118M$99M$47M$378M$110M
Change in accrued liabilities$916M-$784M$581M$861M$1.2B$39M
Change in deferred revenue$6M$26M$99M$55M$67M$199M
Other working capital changes-$30M-$423M-$410M-$197M—-$468M
Deferred income taxes-$266M$37M$44M——$193M
Depreciation and amortization$231M$275M$281M$290M$297M$299M
Other Non-Cash Income (Expense)-$74M-$38M-$22M-$39M-$40M-$17M
Other Non-cash Income (Expense)-$74M-$38M-$22M-$39M-$40M-$17M
Other Non-cash Income (Expense)-$74M-$38M-$22M-$39M-$40M-$17M
Net cash from operating activities$4.8B$2.4B$4.6B$5.7B$5B$3B
Net income$3.3B$3.3B$3.7B$3.9B$4.1B$3.9B
Other non-cash income (expense)-$74M-$38M-$22M-$39M-$40M-$17M
Amortization of customer incentives$502M$476M$517M$533M$572M$620M
Equity Securities, FV-NI, Realized Gain (Loss)—-$29M$0$41M-$104M-$66M
Accrued litigation and legal settlements$264M$119M-$38M-$85M-$138M-$461M
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$449M$1.5B$780M$701M$449M$2.1B
Increase (Decrease) Settlement due from customers—$296M$294M-$576M-$216M$437M
Increase (Decrease) Settlement due to customers$191M$124M$232M——$135M
Other Noncash Income (Expense)-$74M-$38M-$22M-$39M-$40M-$17M
Other Non-cash Income and Expense-$74M-$38M-$22M-$39M-$40M-$17M
Other Non-Cash Adjustments-$74M-$38M-$22M-$39M-$40M-$17M
Other Non-Cash Income and Expense-$74M-$38M-$22M-$39M-$40M-$17M
Stock-based compensation$108M$129M$179M$177M$112M$136M

Investing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Sales of short-term available-for-sale investments$28M$49M$77M$66M$62M$24M
Capital expenditures$95M$159M$40M$178M$112M$154M
Payments for (Proceeds from) Held-to-Maturity Securities, Short-Term$10M$8M$14M$6M$0$0
Payment for (Proceeds from) Other Investing Activity—-$3M$13M$14M-$26M$40M
Payments to Acquire Software$155M$198M$169M$181M$178M$181M
Proceeds from Maturities, Prepayments and Calls of Debt Securities, Available-for-Sale$58M$76M$49M$58M$49M$44M
Sale of investments$28M$49M$77M$66M$62M$24M
Sales of and distributions from equity method investments$102M$45.3M$45.3M$45.3M$45.3M—
Purchase Of Equity Securities$14M$84.8M$84.8M$84.8M$84.8M—
Net cash from investing activities-$2.7B-$340M-$227M-$374M-$421M-$362M
Purchases of investments$94M$119M$128M$138M$116M$68M
Paydowns and maturities of HTM securities$15M$16M$11M$19M$6M$13M

Financing

MetricQ4 '24Q1 '25Q2 '25Q3 '25Q4 '25Q1 '26
Dividends paid$606M$694M$691M$687M$684M$777M
Proceeds from issuances of debt$0$1.2B———$0
Other, net-$104M-$25M-$25M-$25M-$25M—
Repayments of Debt$0$750M———$0
Net cash from financing activities-$4B-$3B-$3B-$4B-$4.2B-$5B
Proceeds from issuance of common stock$61M$41M$76M$22M$64M$11M
Repurchases of common stock$3.4B$2.5B$2.3B$3.3B$3.6B$4B
Taxes paid for net share settlement$3M$277M$2M$4M$8M$204M

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-$274M$121M$220M$0$8M-$116M
Net increase (decrease) in cash—-$826M$1.6B$1.3B$403M-$2.5B