Filing Flows › Mastercard (MA) › Q4 2025
Mastercard (MA) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Feb 11, 2026
Mastercard (MA) reported revenue of $8.8B for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +2% from the quarter before. Operating margin was 55.8%, net earnings $4.1B (46.1% of revenue).
Mastercard, Q4 2025: revenue $8.8B (+18% year over year), operating margin 55.8%, net earnings $4.1B, operating cash flow $5.0B. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $8.8B | +2% | +18% |
| Operating profit | $4.9B | -3% | +25% |
| Net earnings | $4.1B | +3% | +21% |
| Operating cash flow | $5.0B | -12% | +3% |
| Free cash flow | $4.9B | -11% | +3% |
What changed
Revenue was $8.8B in Q4 2025, up 18% year over year and up 2% from the previous quarter. Payment network was the largest line at 56% of revenue.
Operating profit was $4.9B, a 55.8% margin (up 3.2 points year over year). Of the extra revenue versus a year earlier, 74% reached operating profit, above the 53% margin then. Total costs grew 10% against revenue growth of 18%. The fastest-growing cost line was General & admin (+13%). Net earnings were $4.1B, up 21% year over year. The effective tax rate was 16.7%.
Operating cash flow was $5.0B (up 3% year over year), 123% of net earnings. Non-cash charges added back $0.30B of depreciation and amortization and $0.11B of share-based compensation. Working capital and other items added $0.53B. Capital expenditures of $0.11B left free cash flow of $4.9B.
Questions
What was Mastercard's revenue in the fourth quarter 2025?
Mastercard (MA) reported revenue of $8.8B for the fourth quarter 2025 (Q4 2025), +18% from a year earlier and +2% from the quarter before.
Was Mastercard profitable in the fourth quarter 2025?
Operating profit was $4.9B (55.8% of revenue) and net earnings $4.1B.
Source: Mastercard 10-K on SEC EDGAR.