Filing Flows › Mastercard (MA) › Q3 2025
Mastercard (MA) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 30, 2025
Mastercard (MA) reported revenue of $8.6B for the third quarter 2025 (Q3 2025), +17% from a year earlier and +6% from the quarter before. Operating margin was 58.8%, net earnings $3.9B (45.7% of revenue).
Mastercard, Q3 2025: revenue $8.6B (+17% year over year), operating margin 58.8%, net earnings $3.9B, operating cash flow $5.7B. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.6B | +6% | +17% |
| Operating profit | $5.1B | +6% | +26% |
| Net earnings | $3.9B | +6% | +20% |
| Operating cash flow | $5.7B | +23% | +10% |
| Free cash flow | $5.5B | +20% | +9% |
What changed
Revenue was $8.6B in Q3 2025, up 17% year over year and up 6% from the previous quarter. Payment network was the largest line at 60% of revenue. Value-added services and solutions added $0.68B year over year (up 25%), 55% of the total change.
Operating profit was $5.1B, a 58.8% margin (up 4.5 points year over year). Of the extra revenue versus a year earlier, 86% reached operating profit, above the 54% margin then. Total costs grew 5% against revenue growth of 17%. The fastest-growing cost line was Sales & marketing (+11%). Net earnings were $3.9B, up 20% year over year. The effective tax rate was 21.4%.
Operating cash flow was $5.7B (up 10% year over year), 144% of net earnings. Non-cash charges added back $0.29B of depreciation and amortization and $0.18B of share-based compensation. Working capital and other items added $1.3B. Capital expenditures of $0.18B left free cash flow of $5.5B.
Questions
What was Mastercard's revenue in the third quarter 2025?
Mastercard (MA) reported revenue of $8.6B for the third quarter 2025 (Q3 2025), +17% from a year earlier and +6% from the quarter before.
Was Mastercard profitable in the third quarter 2025?
Operating profit was $5.1B (58.8% of revenue) and net earnings $3.9B.
Source: Mastercard 10-Q on SEC EDGAR.