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Mastercard cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$4.9B in Q3 2026 · $16.1B over twelve months

Operating cash flow$5.1B
Capital spending−$222M
Free cash flow+$4.9B
Cash / net income1.1×

Analysis

In Q3 2026, Mastercard generated $5.1B of operating cash flow and spent $222M on capital projects, leaving free cash flow of $4.9B. That is $620M less than in Q3 2025 ($5.5B).

Over the twelve months to Sep 30, 2026, operating cash flow was $16.9B; the largest uses were buybacks ($15.5B), dividends ($3.0B), acquisitions ($1.4B); besides operations, cash came from net borrowing (+) / repaid (−) ($5.0B), shares issued ($181M); the cash balance rose by $97.0M.

Operating cash flow was $5.1B against net income of $4.6B — 1.1× profit, roughly in line with earnings. The largest differences: accrued liabilities +$872M, prepaid and other assets −$853M, depreciation & amortization +$326M.

Free cash flow

Mastercard: free cash flow by quarterMastercard: free cash flow by quarter$4.7BQ4 2024$2.2BQ1 2025$4.6BQ2 2025$5.5BQ3 2025$4.9BQ4 2025$2.8BQ1 2026$3.5BQ2 2026$4.9BQ3 2026
Operating cash flow less capital spending.
Mastercard: operating cash flow against capital spendingMastercard: operating cash flow against capital spendingOperating cash flowCapital spending$4.8B$95.0MQ4 2024$2.4B$159MQ1 2025$4.6B$40.0MQ2 2025$5.7B$178MQ3 2025$5.0B$112MQ4 2025$3.0B$154MQ1 2026$3.8B$291MQ2 2026$5.1B$222MQ3 2026
Latest (Q3 2026): Operating cash flow $5.1B, Capital spending $222M.

Capital allocation, year by year

Mastercard: where the cash came from (up) and went (down), by fiscal yearMastercard: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingAcquisitionsBuybacksDividendsFY2021: Operating cash flow $9.5BFY2021: Net borrowing $1.4BFY2021: Shares issued $61.0MFY2021: Capital spending −$407MFY2021: Acquisitions −$4.4BFY2021: Buybacks −$5.9BFY2021: Dividends −$1.7B$10.9BFY2021FY2022: Operating cash flow $11.2BFY2022: Net borrowing $399MFY2022: Shares issued $90.0MFY2022: Capital spending −$442MFY2022: Acquisitions −$313MFY2022: Buybacks −$8.8BFY2022: Dividends −$1.9B$11.7BFY2022FY2023: Operating cash flow $12.0BFY2023: Net borrowing $1.6BFY2023: Shares issued $237MFY2023: Capital spending −$371MFY2023: Buybacks −$9.0BFY2023: Dividends −$2.2B$13.8BFY2023FY2024: Operating cash flow $14.8BFY2024: Net borrowing $2.6BFY2024: Shares issued $224MFY2024: Capital spending −$474MFY2024: Acquisitions −$2.5BFY2024: Buybacks −$11.0BFY2024: Dividends −$2.4B$17.6BFY2024FY2025: Operating cash flow $17.6BFY2025: Net borrowing $492MFY2025: Shares issued $203MFY2025: Capital spending −$489MFY2025: Buybacks −$11.7BFY2025: Dividends −$2.8B$18.3BFY2025
Over these 5 years operating cash flow totalled $65.1B; the largest uses were buybacks ($46.4B) and dividends ($11.0B). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$10.1B
Debt$23.9B
Net debt$13.8B
Due within a year$750M

Mastercard funds itself: free cash flow was $16.1B over the last twelve months, and $10.1B of cash and investments stands against $23.9B of debt ($750M due within a year, 13.5× covered by cash).

Mastercard: debt maturities by year (FY2025)Mastercard: debt maturities by year (FY2025)$750MYear 1$1.9BYear 2$2.8BYear 3$1.9BYear 4$1.7BYear 5$10.2BAfter year 5
Principal due in each year as disclosed in the annual report, against $10.1B of cash and investments now.

Where the cash came from and went

Mastercard: sources (+) and uses (−) of cash, Q3 2026Mastercard: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$5.1BBuybacks−$3.0BOther investing−$1.5BCash drawn (+) / kept (−)$1.0BDividends−$763MNet borrowing (+) / repaid (−)−$618MCapital spending−$222MOther financing−$84.0MShares issued$44.0MExchange rates−$11.0MTaxes on employees’ shares−$4.0M
Mastercard: sources (+) and uses (−) of cash, TTM to Q3 2026Mastercard: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$16.9BBuybacks−$15.5BNet borrowing (+) / repaid (−)$5.0BDividends−$3.0BAcquisitions−$1.4BOther investing−$873MCapital spending−$779MTaxes on employees’ shares−$216MShares issued$181MExchange rates−$129MOther financing−$108MCash drawn (+) / kept (−)−$97.0M

From profit to cash

Mastercard: net income to operating cash flow, Q3 2026Mastercard: net income to operating cash flow, Q3 2026Net income$4.6BDepreciation & amortization$326MStock-based pay$199MDeferred taxes−$119MOther non-cash$57.0MReceivables−$213MPayables−$29.0MAccrued liabilities$872MDeferred revenue$36.0MPrepaid and other assets−$853MOther operating capital−$278MOperating cash flow$5.1B
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q3 2026$5.1B−$222M−$3.0B−$763M−$618M$44.0M$1.0B$4.9B
Q2 2026$3.8B−$291M−$4.9B−$771M$5.6B$62.0M−$3.2B$3.5B
Q1 2026$3.0B−$154M−$4.0B−$777M—$11.0M$2.5B$2.8B
Q4 2025$5.0B−$112M−$3.6B−$684M—$64.0M−$403M$4.9B
Q3 2025$5.7B−$178M−$3.3B−$687M—$22.0M−$1.3B$5.5B
Q2 2025$4.6B−$40.0M−$2.3B−$691M—$76.0M−$1.6B$4.6B
Q1 2025$2.4B−$159M−$2.5B−$694M$492M$41.0M$826M$2.2B
Q4 2024$4.8B−$95.0M−$3.4B−$606M—$61.0M$2.2B$4.7B

Mastercard: income statement and cash flow

Mastercard, Q3 2026: revenue $9.8B (+14% year over year), operating margin 59.8%. The chart follows the revenue to costs, profit and cash.

Mastercard: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.