Earnings quality
Compare earnings and operating cash flow for earnings quality.
Mastercard Incorporated
Ticker MA · 🇺🇸 United States · Consolidated US GAAP · amounts in dollars
Filed 2026-02-11 · Period end 2021-12-31
Takeaway
Worth trackingSales and operating profit both moved in a healthier direction.
operating margin is 63.3%; equity ratio is 14.3%.
Sales and operating profit moved together — keep watching margins and whether the trend persists next period.
ActionWorth tracking
OP margin63.3%
Equity ratio14.3%
Last price—
Trailing P/E—
Look at next
- Compare operating cash flow to reported profit across the last two years.
- Open English IR for management commentary on outlook and capital allocation.
- Overlay peers on Compare before judging relative momentum.
About the company
Mastercard Incorporated is a US-listed company with consolidated financial statements filed on SEC EDGAR.
Compare trends
Tel 9142492000 · As of filing date 2026-02-11
Financial statements
Income statement
| Account | FY2020 (ended Dec 31, 2020) | FY2021 (ended Dec 31, 2021) |
|---|---|---|
| Revenue | $23.6B | $29.8B |
| Cost of sales* | — | — |
| Gross profit | — | — |
| Operating profit | $15.6B | $18.9B |
| Income tax | $2.4B | $3.6B |
| Net income | $879.0M | $623.0M |
| Basic EPS | 13.91 | 16.54 |
Balance sheet
| Account | FY2020 (ended Dec 31, 2020) | FY2021 (ended Dec 31, 2021) |
|---|---|---|
| Cash & equivalents | $8.4B | $10.6B |
| Current assets | $19.7B | $23.6B |
| Non-current assets* | $28.4B | $30.6B |
| Total assets | $48.1B | $54.2B |
| Current liabilities | $19.2B | $22.8B |
| Non-current liabilities* | $22.3B | $23.6B |
| Total liabilities | $41.6B | $46.4B |
| Stockholders’ equity | $6.5B | $7.7B |
Cash flow statement
| Account | FY2020 (ended Dec 31, 2020) | FY2021 (ended Dec 31, 2021) |
|---|---|---|
| Operating cash flow | $14.8B | $17.6B |
| Investing cash flow | -$3.4B | -$1.4B |
| Financing cash flow | -$10.8B | -$14.2B |
| Cash at end of period | $8.4B | $10.6B |
Five-year trends
Key metrics
| Metric | Trend | FY2018 | FY2019 | FY2020 | FY2021 |
|---|---|---|---|---|---|
| Revenue | $21.8B | $25.0B | $23.6B | $29.8B | |
| Operating profit | $7.3B | $9.7B | $8.1B | $10.1B | |
| Total assets | $24.9B | $29.2B | $33.6B | $37.7B | |
| Cash & equivalents | $6.7B | $7.0B | $10.1B | $7.4B | |
| Stockholders’ equity | $5.4B | $5.9B | $6.4B | $7.3B |
How we read these numbers
From the notes
No material one-offs extracted from this filing.
Constructive
Sales and operating profit both moved in a healthier direction.
On the income statement, revenue moved from $23.6B to $29.8B (▲ +26.4%). Operating profit went from $15.6B to $18.9B (▲ +21.3%).
Operating cash flow was $17.6B (prior $14.8B), with cash on the balance sheet at $10.6B versus $8.4B.
Liquidity & leverage
Cash moved from $8.4B to $10.6B; current liabilities $22.8B.
Capital buffer
Stockholders’ equity moved from $6.5B to $7.7B.
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Source: SEC EDGAR 0001141391-26-000013
(Mastercard Incorporated), period end 2021-12-31.