Filing Flows › Mastercard (MA) › Q2 2025
Mastercard (MA) Q2 2025 earnings results (second quarter 2025)
10-Q filed Jul 31, 2025
Mastercard (MA) reported revenue of $8.1B for the second quarter 2025 (Q2 2025), +17% from a year earlier and +12% from the quarter before. Operating margin was 58.7%, net earnings $3.7B (45.5% of revenue).
Mastercard, Q2 2025: revenue $8.1B (+17% year over year), operating margin 58.7%, net earnings $3.7B, operating cash flow $4.6B. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.1B | +12% | +17% |
| Operating profit | $4.8B | +15% | +18% |
| Net earnings | $3.7B | +13% | +14% |
| Operating cash flow | $4.6B | +93% | +47% |
| Free cash flow | $4.6B | +105% | +51% |
What changed
Revenue was $8.1B in Q2 2025, up 17% year over year and up 12% from the previous quarter. Payment network was the largest line at 61% of revenue. Value-added services and solutions added $0.60B year over year (up 23%), 51% of the total change.
Operating profit was $4.8B, a 58.7% margin (up 0.8 points year over year). Of the extra revenue versus a year earlier, 63% reached operating profit, above the 58% margin then. Total costs grew 15% against revenue growth of 17%. The fastest-growing cost line was Other operating costs (+17%). Net earnings were $3.7B, up 14% year over year. The effective tax rate was 20.8%.
Operating cash flow was $4.6B (up 47% year over year), 124% of net earnings. Non-cash charges added back $0.28B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items added $0.44B. Capital expenditures of $0.04B left free cash flow of $4.6B.
Questions
What was Mastercard's revenue in the second quarter 2025?
Mastercard (MA) reported revenue of $8.1B for the second quarter 2025 (Q2 2025), +17% from a year earlier and +12% from the quarter before.
Was Mastercard profitable in the second quarter 2025?
Operating profit was $4.8B (58.7% of revenue) and net earnings $3.7B.
Source: Mastercard 10-Q on SEC EDGAR.