Cash Flow Statement

Operating Cash Flow

+58%

+144%

10Y

Currency: USD

	Dec-2003	Mar-2004	Jun-2004	Sep-2004	Dec-2004	Mar-2005	Jun-2005	Sep-2005	Dec-2005	Mar-2006	Jun-2006	Sep-2006	Dec-2006	Mar-2007	Jun-2007	Sep-2007	Dec-2007	Mar-2008	Jun-2008	Sep-2008	Dec-2008	Mar-2009	Jun-2009	Sep-2009	Dec-2009	Mar-2010	Jun-2010	Sep-2010	Dec-2010	Mar-2011	Jun-2011	Sep-2011	Dec-2011	Mar-2012	Jun-2012	Sep-2012	Dec-2012	Mar-2013	Jun-2013	Sep-2013	Dec-2013	Mar-2014	Jun-2014	Sep-2014	Dec-2014	Mar-2015	Jun-2015	Sep-2015	Dec-2015	Mar-2016	Jun-2016	Sep-2016	Dec-2016	Mar-2017	Jun-2017	Sep-2017	Dec-2017	Mar-2018	Jun-2018	Sep-2018	Dec-2018	Mar-2019	Jun-2019	Sep-2019	Dec-2019	Mar-2020	Jun-2020	Sep-2020	Dec-2020	Mar-2021	Jun-2021	Sep-2021	Dec-2021	Mar-2022	Jun-2022	Sep-2022	Dec-2022	Mar-2023	Jun-2023	Sep-2023	Dec-2023	Mar-2024	Jun-2024	Sep-2024	Dec-2024	Mar-2025	Jun-2025	Sep-2025	Dec-2025
Operating Cash Flow
Net Income	(386)	113	147	170	238	258	312	321	267	300	(131)	(44)	50	138	701	823	1 086	1 318	319	(189)	(254)	(334)	762	1 408	1 463	1 550	1 660	1 726	1 847	1 954	2 104	2 301	1 906	2 025	2 118	2 174	2 759	2 844	2 991	3 098	3 116	3 220	3 303	3 439	3 617	3 767	3 757	3 719	3 808	3 747	3 809	4 016	4 059	4 181	4 375	4 621	3 915	4 326	4 718	5 187	5 859	6 229	6 708	6 917	8 118	7 949	7 321	6 726	6 411	6 546	7 192	8 093	8 687	9 490	9 699	9 784	9 930	9 660	10 230	10 929	11 195	11 845	12 258	12 323	12 874	13 143	13 586	14 250	14 968
Depreciation & Amortization	120	121	122	123	123	120	117	115	110	107	72	86	100	113	99	96	98	99	102	108	112	118	126	133	141	145	145	144	148	155	169	184	194	206	213	220	230	238	243	249	258	269	289	308	321	335	346	357	366	374	375	374	373	370	388	413	437	465	469	462	459	456	463	489	522	549	572	576	580	599	640	687	726	755	758	755	750	749	752	778	799	824	857	871	897	956	1 012	1 077	1 143
Change in Deffered Taxes	(241)	(23)	(27)	(30)	41	37	27	(10)	(54)	(54)	(49)	20	32	45	38	5	(5)	(57)	(578)	(529)	(484)	(412)	174	252	337	345	363	290	248	254	232	226	(175)	(244)	(324)	(351)	241	250	264	247	(119)	(181)	(164)	(165)	(91)	13	(13)	7	(16)	(73)	(25)	(35)	(20)	8	(35)	(75)	86	32	2	(67)	(244)	(160)	(72)	(21)	(7)	(19)	(43)	(14)	73	80	29	17	(69)	(422)	(520)	(609)	(651)	(460)	(161)	(301)	(236)	(104)	(353)	(258)	(527)	(493)	(353)	(189)	57
Stock-Based Compensation	0	0	0	0	0	0	0	0	0	0	0	0	19	8	23	36	58	39	24	11	61	65	91	119	88	89	78	68	(22)	(23)	(17)	(18)	35	(33)	(31)	(39)	0	30	29	48	63	12	18	(7)	(15)	6	8	29	80	143	144	145	101	130	148	172	176	180	186	192	196	210	228	250	250	245	247	245	254	267	279	293	273	282	296	305	295	329	363	396	460	460	480	504	526	547	571	593	597
Other Non-Cash Items	6	6	8	7	12	13	16	15	12	13	413	420	424	422	46	(45)	(298)	(470)	(463)	(334)	(35)	148	154	138	112	(84)	(96)	(96)	(107)	58	55	32	52	26	38	49	52	89	87	114	130	65	78	36	728	894	1 064	1 341	763	868	860	840	990	1 105	1 200	1 239	1 403	1 420	1 465	1 532	1 462	1 539	1 398	1 471	1 248	1 323	1 293	1 346	1 310	1 147	1 146	890	1 035	1 300	1 735	1 942	2 070	2 185	2 023	2 180	2 165	2 010	2 190	2 344	2 576	2 703	2 786	2 738	2 922
Cash Taxes Paid	15	16	41	48	44	58	87	22	203	0	261	347	187	0	0	0	562	0	0	0	493	0	0	0	457	0	0	0	540	0	0	0	908	0	0	0	1 046	0	0	0	1 215	0	0	0	2 036	0	0	0	1 097	0	0	0	1 579	0	0	0	1 893	0	0	0	1 790	0	0	0	1 644	0	0	0	1 349	0	0	0	1 820	0	0	0	2 506	0	0	0	2 746	0	0	0	3 252	0	0	0	0
Cash Interest Paid	17	17	17	17	17	17	17	17	17	0	17	17	17	0	0	0	17	0	0	0	14	0	0	0	11	0	0	0	3	0	0	0	0	0	0	0	0	0	0	0	2	0	0	0	24	0	0	0	44	0	0	0	74	0	0	0	135	0	0	0	153	0	0	0	199	0	0	0	311	0	0	0	399	0	0	0	414	0	0	0	477	0	0	0	571	0	0	0	0
Change in Working Capital	692	135	39	24	(70)	(112)	(77)	(42)	(62)	(39)	(77)	(126)	44	(23)	29	42	(111)	33	1 487	1 926	1 075	1 085	(567)	(1 354)	(674)	(900)	(1 032)	(754)	(439)	(464)	(408)	(173)	707	743	814	774	(334)	(28)	(91)	94	750	458	312	263	(1 168)	(1 259)	(1 312)	(1 695)	(820)	(668)	(531)	(555)	(765)	(1 460)	(1 460)	(1 365)	(177)	(271)	(518)	(400)	(1 313)	(1 564)	(1 950)	(2 321)	(1 698)	(1 072)	(491)	(683)	(1 150)	(1 544)	(1 369)	(1 160)	(916)	(1 341)	(1 701)	(588)	(904)	(802)	(1 271)	(2 636)	(1 943)	(2 842)	(2 779)	(1 204)	(1 040)	(821)	(78)	(396)	(1 442)
Cash from Operating Activities	190 N/A	352 +85%	288 -18%	294 +2%	344 +17%	317 -8%	396 +25%	398 +1%	273 -31%	328 +20%	259 -21%	371 +43%	650 +75%	680 +5%	913 +34%	921 +1%	770 -16%	923 +20%	866 -6%	983 +13%	413 -58%	605 +47%	649 +7%	577 -11%	1 378 +139%	1 057 -23%	1 038 -2%	1 311 +26%	1 697 +29%	1 957 +15%	2 152 +10%	2 570 +19%	2 684 +4%	2 756 +3%	2 859 +4%	2 866 +0%	2 948 +3%	3 393 +15%	3 494 +3%	3 802 +9%	4 135 +9%	3 831 -7%	3 818 0%	3 881 +2%	3 407 -12%	3 750 +10%	3 842 +2%	3 729 -3%	4 101 +10%	4 248 +4%	4 488 +6%	4 640 +3%	4 637 0%	4 204 -9%	4 468 +6%	4 833 +8%	5 664 +17%	5 972 +5%	6 136 +3%	6 714 +9%	6 223 -7%	6 500 +4%	6 547 +1%	6 535 0%	8 183 +25%	8 730 +7%	8 652 -1%	7 951 -8%	7 224 -9%	6 828 -5%	7 638 +12%	8 527 +12%	9 463 +11%	9 782 +3%	9 971 +2%	11 284 +13%	11 195 -1%	11 332 +1%	11 573 +2%	10 950 -5%	11 980 +9%	11 733 -2%	12 173 +4%	14 076 +16%	14 780 +5%	15 488 +5%	16 953 +9%	17 480 +3%	17 648 +1%
Investing Cash Flow
Capital Expenditures	(150)	(108)	(87)	(87)	(78)	(85)	(94)	(89)	(82)	(77)	(73)	(87)	(94)	(118)	(138)	(143)	(156)	(152)	(149)	(167)	(170)	(166)	(165)	(144)	(139)	(131)	(142)	(148)	(151)	(156)	(158)	(162)	(177)	(203)	(212)	(225)	(218)	(209)	(214)	(207)	(299)	(306)	(298)	(318)	(334)	(342)	(375)	(411)	(342)	(360)	(380)	(373)	(382)	(401)	(369)	(403)	(423)	(455)	(506)	(503)	(504)	(520)	(577)	(666)	(728)	(795)	(796)	(742)	(708)	(643)	(653)	(737)	(814)	(964)	(958)	(986)	(1 097)	(1 155)	(1 201)	(1 158)	(1 088)	(1 114)	(1 177)	(1 213)	(1 194)	(1 173)	(1 086)	(1 175)	(1 215)
Other Items	(20)	19	(77)	(205)	(196)	(171)	(91)	(73)	48	(107)	(157)	(59)	(582)	(504)	(452)	(218)	472	733	809	638	372	97	31	(26)	(525)	(506)	(455)	(959)	(490)	(327)	(677)	49	(571)	(982)	(1 012)	(2 080)	(2 621)	(2 435)	(1 817)	(785)	295	539	(256)	527	1 024	383	275	(200)	(373)	(221)	392	(614)	(781)	(504)	(1 548)	(1 262)	(1 358)	(836)	(36)	108	(2)	(140)	(477)	(783)	(912)	(1 565)	(916)	(543)	(1 171)	(4 289)	(5 302)	(5 151)	(4 458)	(1 035)	(424)	(572)	(373)	(425)	(72)	(329)	(263)	(14)	(27)	275	(2 208)	(2 395)	(2 415)	(2 444)	(147)
Cash from Investing Activities	(170) N/A	(88) +48%	(164) -86%	(293) -79%	(275) +6%	(257) +6%	(185) +28%	(162) +13%	(34) +79%	(184) -446%	(230) -25%	(146) +36%	(676) -362%	(622) +8%	(590) +5%	(361) +39%	315 N/A	581 +84%	660 +13%	471 -29%	202 -57%	(70) N/A	(134) -92%	(170) -27%	(664) -290%	(638) +4%	(596) +6%	(1 107) -86%	(641) +42%	(483) +25%	(835) -73%	(113) +86%	(748) -562%	(1 185) -58%	(1 224) -3%	(2 305) -88%	(2 839) -23%	(2 644) +7%	(2 031) +23%	(992) +51%	(4) +100%	233 N/A	(554) N/A	209 N/A	690 +230%	41 -94%	(100) N/A	(611) -511%	(715) -17%	(581) +19%	12 N/A	(987) N/A	(1 163) -18%	(905) +22%	(1 917) -112%	(1 665) +13%	(1 781) -7%	(1 291) +28%	(542) +58%	(395) +27%	(506) -28%	(660) -30%	(1 054) -60%	(1 449) -37%	(1 640) -13%	(2 360) -44%	(1 712) +27%	(1 285) +25%	(1 879) -46%	(4 932) -162%	(5 955) -21%	(5 888) +1%	(5 272) +10%	(1 999) +62%	(1 382) +31%	(1 558) -13%	(1 470) +6%	(1 580) -7%	(1 273) +19%	(1 487) -17%	(1 351) +9%	(1 128) +17%	(1 204) -7%	(938) +22%	(3 402) -263%	(3 568) -5%	(3 501) +2%	(3 619) -3%	(1 362) +62%
Financing Cash Flow
Net Issuance of Common Stock	0	0	0	0	0	0	0	0	0	0	650	650	650	650	1	(276)	(599)	(891)	(1 245)	(963)	(640)	(347)	7	6	9	14	15	13	11	(647)	(1 031)	(1 102)	(1 129)	(711)	(997)	(1 133)	(1 717)	(2 244)	(2 147)	(2 280)	(2 417)	(3 317)	(3 897)	(3 955)	(3 358)	(2 634)	(2 321)	(2 850)	(3 491)	(3 907)	(3 520)	(3 170)	(3 474)	(3 064)	(3 528)	(3 778)	(3 705)	(4 074)	(4 662)	(4 975)	(4 829)	(5 287)	(5 665)	(6 272)	(6 371)	(5 953)	(4 039)	(4 330)	(4 376)	(4 357)	(6 081)	(5 594)	(5 843)	(6 890)	(7 540)	(7 532)	(8 663)	(9 108)	(9 065)	(9 388)	(8 795)	(7 865)	(8 189)	(9 210)	(10 811)	(11 424)	(11 016)	(11 439)	(11 524)
Net Issuance of Debt	0	0	0	8	0	0	0	0	0	0	0	0	0	0	0	0	0	0	(80)	(80)	(80)	(229)	(149)	(149)	(149)	0	0	0	0	0	(21)	(21)	0	0	0	0	0	0	0	0	35	1 522	1 522	1 522	1 530	43	43	43	1 735	0	1 735	1 735	1 972	1 972	1 908	1 908	(64)	927	991	991	991	0	1 480	1 480	2 224	6 183	4 703	4 703	3 959	1 282	1 282	1 282	1 374	935	935	1 219	399	1 045	1 106	826	1 554	65	(13)	2 624	2 624	3 116	3 133	492	492
Cash Paid for Dividends	0	0	0	0	0	0	0	0	0	0	0	0	(12)	(25)	(45)	(66)	(74)	(82)	(81)	(80)	(79)	(79)	(79)	(79)	(79)	(79)	(78)	(79)	(79)	(79)	(79)	(78)	(77)	(76)	(95)	(113)	(132)	(150)	(185)	(220)	(255)	(349)	(405)	(461)	(515)	(568)	(622)	(675)	(727)	(755)	(781)	(809)	(837)	(863)	(890)	(916)	(942)	(967)	(993)	(1 018)	(1 044)	(1 121)	(1 196)	(1 271)	(1 345)	(1 408)	(1 472)	(1 539)	(1 605)	(1 641)	(1 674)	(1 706)	(1 741)	(1 781)	(1 824)	(1 864)	(1 903)	(1 969)	(2 033)	(2 097)	(2 158)	(2 229)	(2 303)	(2 376)	(2 448)	(2 526)	(2 602)	(2 678)	(2 756)
Other	0	0	0	0	0	0	0	0	0	0	0	0	0	4	7	8	15	52	53	57	48	10	25	27	34	122	102	92	87	3	8	13	(9)	17	17	30	51	33	35	16	8	19	(13)	7	4	(1)	30	22	(33)	(84)	(80)	(75)	(5)	(31)	(40)	(33)	(53)	(78)	(64)	(101)	(84)	(116)	(329)	(355)	(375)	(366)	(208)	(193)	(130)	(142)	(171)	(295)	(345)	(367)	(300)	(154)	(161)	(97)	(95)	(93)	(89)	(185)	(187)	(183)	(201)	(308)	(406)	(409)	(391)
Cash from Financing Activities	0 N/A	0 N/A	0 N/A	8 N/A	0 N/A	0 N/A	0 N/A	(8) N/A	0 N/A	0 N/A	650 N/A	650 N/A	638 -2%	629 -1%	(38) N/A	(335) -789%	(658) -96%	(921) -40%	(1 353) -47%	(1 066) +21%	(751) +30%	(645) +14%	(196) +70%	(196) +0%	(185) +5%	57 N/A	40 -31%	26 -34%	19 -27%	(723) N/A	(1 123) -55%	(1 188) -6%	(1 215) -2%	(770) +37%	(1 054) -37%	(1 195) -13%	(1 798) -50%	(2 361) -31%	(2 297) +3%	(2 484) -8%	(2 629) -6%	(2 125) +19%	(2 793) -31%	(2 887) -3%	(2 339) +19%	(3 160) -35%	(2 870) +9%	(3 460) -21%	(2 516) +27%	(3 011) -20%	(2 646) +12%	(2 319) +12%	(2 344) -1%	(1 986) +15%	(2 550) -28%	(2 819) -11%	(4 764) -69%	(4 192) +12%	(4 728) -13%	(5 103) -8%	(4 966) +3%	(6 524) -31%	(5 710) +12%	(6 418) -12%	(5 867) +9%	(1 544) +74%	(1 016) +34%	(1 359) -34%	(2 152) -58%	(4 858) -126%	(6 644) -37%	(6 313) +5%	(6 555) -4%	(8 103) -24%	(8 729) -8%	(8 331) +5%	(10 328) -24%	(10 129) +2%	(10 087) +0%	(10 752) -7%	(9 488) +12%	(10 214) -8%	(10 692) -5%	(9 145) +14%	(10 836) -18%	(11 142) -3%	(10 891) +2%	(14 034) -29%	(14 179) -1%
Change in Cash
Effect of Foreign Exchange Rates	9	6	4	4	12	7	(6)	(7)	(23)	(9)	10	15	28	28	25	41	47	80	76	(4)	(18)	(85)	(40)	34	21	(36)	(206)	(67)	(63)	84	247	5	(54)	(71)	(192)	(74)	7	(88)	29	42	45	96	59	(154)	(220)	(443)	(389)	(243)	(260)	31	(39)	(6)	(50)	(84)	22	85	200	260	151	71	(6)	(155)	(106)	(174)	(44)	(78)	(67)	125	257	244	282	111	(153)	(80)	(331)	(460)	(103)	(38)	156	255	128	(4)	4	232	(199)	17	209	51	333
Net Change in Cash	30 N/A	270 +813%	128 -53%	13 -90%	81 +529%	67 -17%	205 +206%	221 +8%	216 -2%	135 -38%	690 +412%	890 +29%	640 -28%	715 +12%	310 -57%	266 -14%	474 +78%	663 +40%	249 -62%	384 +54%	(154) N/A	(194) -26%	279 N/A	245 -12%	550 +125%	441 -20%	275 -38%	163 -41%	1 012 +521%	835 -17%	441 -47%	1 274 +189%	667 -48%	730 +9%	389 -47%	(708) N/A	(1 682) -138%	(1 700) -1%	(805) +53%	368 N/A	1 547 +320%	2 035 +32%	530 -74%	1 049 +98%	1 538 +47%	188 -88%	483 +157%	(585) N/A	610 N/A	687 +13%	1 815 +164%	1 328 -27%	1 080 -19%	1 229 +14%	23 -98%	434 +1 787%	(681) N/A	749 N/A	1 017 +36%	1 287 +27%	745 -42%	(839) N/A	(323) +62%	(1 506) -366%	632 N/A	4 748 +651%	5 857 +23%	5 432 -7%	3 450 -36%	(2 718) N/A	(4 679) -72%	(3 563) +24%	(2 517) +29%	(400) +84%	(471) -18%	935 N/A	(706) N/A	(415) +41%	369 N/A	(1 034) N/A	1 269 N/A	387 -70%	281 -27%	4 225 +1 404%	343 -92%	795 +132%	2 770 +248%	(122) N/A	2 440 N/A
Free Cash Flow
Free Cash Flow	41 N/A	245 +499%	201 -18%	207 +3%	266 +28%	231 -13%	302 +31%	309 +2%	191 -38%	251 +32%	187 -26%	284 +52%	556 +96%	562 +1%	775 +38%	778 +0%	613 -21%	771 +26%	717 -7%	816 +14%	243 -70%	439 +81%	483 +10%	432 -11%	1 239 +187%	926 -25%	896 -3%	1 163 +30%	1 546 +33%	1 801 +16%	1 994 +11%	2 408 +21%	2 507 +4%	2 553 +2%	2 647 +4%	2 641 0%	2 730 +3%	3 184 +17%	3 280 +3%	3 595 +10%	3 836 +7%	3 525 -8%	3 520 0%	3 563 +1%	3 073 -14%	3 408 +11%	3 467 +2%	3 318 -4%	3 759 +13%	3 888 +3%	4 108 +6%	4 267 +4%	4 255 0%	3 803 -11%	4 099 +8%	4 430 +8%	5 241 +18%	5 517 +5%	5 630 +2%	6 211 +10%	5 719 -8%	5 980 +5%	5 970 0%	5 869 -2%	7 455 +27%	7 935 +6%	7 856 -1%	7 209 -8%	6 516 -10%	6 185 -5%	6 985 +13%	7 790 +12%	8 649 +11%	8 818 +2%	9 013 +2%	10 298 +14%	10 098 -2%	10 177 +1%	10 372 +2%	9 792 -6%	10 892 +11%	10 619 -3%	10 996 +4%	12 863 +17%	13 586 +6%	14 315 +5%	15 867 +11%	16 305 +3%	16 433 +1%

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Mastercard Inc
NYSE:MA

Cash Flow Statement

Cash Flow Statement
Mastercard Inc

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Mastercard Inc NYSE:MA

Cash Flow Statement

Cash Flow Statement Mastercard Inc

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Mastercard Inc
NYSE:MA

Cash Flow Statement
Mastercard Inc