Filing Flows › Mastercard (MA) › Q1 2025
Mastercard (MA) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 1, 2025
Mastercard (MA) reported revenue of $7.2B for the first quarter 2025 (Q1 2025), +14% from a year earlier and -3% from the quarter before. Operating margin was 57.2%, net earnings $3.3B (45.2% of revenue).
Mastercard, Q1 2025: revenue $7.2B (+14% year over year), operating margin 57.2%, net earnings $3.3B, operating cash flow $2.4B. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.2B | -3% | +14% |
| Operating profit | $4.1B | +5% | +15% |
| Net earnings | $3.3B | -2% | +9% |
| Operating cash flow | $2.4B | -51% | +42% |
| Free cash flow | $2.2B | -53% | +47% |
What changed
Revenue was $7.2B in Q1 2025, up 14% year over year and down 3% from the previous quarter. Payment network was the largest line at 61% of revenue. Payment network added $0.51B year over year (up 13%), 57% of the total change.
Operating profit was $4.1B, a 57.2% margin (up 0.5 points year over year). Of the extra revenue versus a year earlier, 60% reached operating profit, above the 57% margin then. Total costs grew 13% against revenue growth of 14%. The fastest-growing cost line was Sales & marketing (+31%). Net earnings were $3.3B, up 9% year over year. The effective tax rate was 18.6%.
Operating cash flow was $2.4B (up 42% year over year), 73% of net earnings. Non-cash charges added back $0.28B of depreciation and amortization and $0.13B of share-based compensation. Working capital and other items used $1.3B. Capital expenditures of $0.16B left free cash flow of $2.2B.
Questions
What was Mastercard's revenue in the first quarter 2025?
Mastercard (MA) reported revenue of $7.2B for the first quarter 2025 (Q1 2025), +14% from a year earlier and -3% from the quarter before.
Was Mastercard profitable in the first quarter 2025?
Operating profit was $4.1B (57.2% of revenue) and net earnings $3.3B.
Source: Mastercard 10-Q on SEC EDGAR.