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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________
FORM 8-K
_______________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):January 30, 2025
_______________________________________
Mastercard Incorporated
(Exact name of registrant as specified in its charter)
_______________________________________
Delaware001-3287713-4172551
(State or other jurisdiction
of incorporation)		(Commission File
Number)		(IRS Employer
Identification No.)
2000 Purchase Street10577
Purchase,NY
(Address of principal executive offices)(Zip Code)
(914)249-2000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange of which registered
Class A Common StockMANew York Stock Exchange
2.1% Notes due 2027MA27New York Stock Exchange
1.0% Notes due 2029
MA29A
New York Stock Exchange
2.5% Notes due 2030MA30New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
1


Item 2.02 Results of Operations and Financial Condition

On January 30, 2025, Mastercard Incorporated issued an earnings release announcing financial results for its fourth quarter and full year 2024.

A copy of the earnings release is attached hereto as Exhibit 99.1. All information in the earnings release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit NumberExhibit Description
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MASTERCARD INCORPORATED
Date:January 30, 2025By:
/s/ Adam Zitter
Adam Zitter
Corporate Secretary



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Earnings Release
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Mastercard Incorporated Reports Fourth Quarter and Full Year 2024 Financial Results

•Fourth quarter net income of $3.3 billion, and diluted earnings per share (EPS) of $3.64
•Fourth quarter adjusted net income of $3.5 billion, and adjusted diluted EPS of $3.82
•Fourth quarter net revenue of $7.5 billion, an increase of 14%, or 16% on a currency-neutral basis
•Fourth quarter gross dollar volume up 12% and purchase volume up 13%, on a local currency basis
Purchase, NY - January 30, 2025 - Mastercard Incorporated (NYSE: MA) today announced financial results for the fourth quarter and full year 2024.

“We delivered strong results this quarter with net revenue growth of 14% year-over-year, or 16% on a currency-neutral basis,” said Michael Miebach, Mastercard CEO. “Our diverse capabilities in payments and services and solutions – including the acquisition of Recorded Future this quarter – set us apart and position us well for long term growth as we outlined at our Investor Day. That value is seen in the continued momentum of our new and expanded wins.”

Quarterly Results
Fourth Quarter Operating ResultsIncrease / (Decrease)
$ in billions, except per share data
Q4 2024Q4 2023Reported GAAPCurrency-neutral
Net revenue$7.5$6.514%16%
Operating expenses$3.6$3.212%12%
Operating income$3.9$3.417%19%
Operating margin52.6%51.5%1.1 ppt1.5 ppt
Effective income tax rate14.1%16.0%(1.8) ppt(1.6) ppt
Net income$3.3$2.820%22%
Diluted EPS$3.64$2.9723%25%
Key Fourth Quarter Non-GAAP Results 1
Increase / (Decrease)
$ in billions, except per share data
Q4 2024Q4 2023As adjustedCurrency-neutral
Net revenue$7.5$6.514%16%
Adjusted operating expenses$3.3$2.914%15%
Adjusted operating margin56.3%56.2%0.1 ppt0.4 ppt
Adjusted effective income tax rate14.9%17.0%(2.0) ppt(1.8) ppt
Adjusted net income$3.5$3.018%19%
Adjusted diluted EPS$3.82$3.1820%22%
1 The Key Fourth Quarter Non-GAAP Results exclude the impact of gains and losses on the Company’s equity investments, special items as described on page 11 (“Fourth Quarter Special Items”) and/or the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 11 for the Company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.


Q4 2024 Key Business Drivers
(YoY growth)
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Gross dollar volume
image7.jpg
Cross-border volume
image8a.jpg
Switched transactions
(local currency basis)(local currency basis)
up 12%up 20%up 11%
The following information is provided to aid in understanding Mastercard’s fourth quarter 2024 results, versus the year ago period.
•Net revenue increased 14%, or 16% on a currency-neutral basis. This includes a minimal impact from acquisitions. The increase was attributable to growth in our payment network and our value-added services and solutions.
▪Payment network net revenue increased 13%, or 15% on a currency-neutral basis. Primary drivers of the increase were as follows:
•Gross dollar volume growth of 12%, on a local currency basis, to $2.6 trillion.
•Cross-border volume growth of 20% on a local currency basis.
•Switched transactions growth of 11%.
This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 14%, or 17% on a currency-neutral basis, primarily due to an increase in our key drivers as well as new and renewed deals.
▪Value-added services and solutions net revenue increased 16%, or 17% on a currency-neutral basis. This includes a 1 percentage point increase from acquisitions. The increase was driven primarily by growth in our underlying key drivers, strong demand for our consumer acquisition and engagement and business and market insight services, the scaling of our security and digital and authentication solutions, and pricing.
•Total operating expenses increased 12%. Excluding the impact of Fourth Quarter Special Items, adjusted operating expenses increased 14%, or 15% on a currency neutral basis. This includes a 1 percentage point increase from acquisitions. The increase in as-reported and as-adjusted operating expenses was primarily due to higher general and administrative expenses.
•Other income (expense) was favorable $4 million versus the year ago period, primarily due to losses on sales of certain assets in the prior period, increased investment income and net gains on our equity investments, partially offset by increased interest expense related to our debt portfolio. Excluding the impact of net gains on equity investments, adjusted other income (expense) was unfavorable $4 million versus the prior year.
•The effective tax rate for the fourth quarter of 2024 was 14.1%, versus 16.0% for the comparable period in 2023. The adjusted effective tax rate for the fourth quarter of 2024 was 14.9%, versus 17.0% for the comparable period in 2023. Both the as-reported and as-adjusted effective tax rates were lower in 2024 primarily due to a discrete tax benefit recognized in the current period and a change in our geographic mix of earnings in 2024.
•As of December 31, 2024, the Company’s customers had issued 3.5 billion Mastercard and Maestro-branded cards.
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Full Year Results
Full Year Operating ResultsIncrease / (Decrease)
$ in billions, except per share data
20242023Reported GAAPCurrency-neutral
Net revenue$28.2$25.112%13%
Operating expenses$12.6$11.113%14%
Operating income$15.6$14.011%13%
Operating margin55.3%55.8%(0.5) ppt(0.2) ppt
Effective income tax rate15.6%17.9%(2.3) ppt(2.2) ppt
Net income$12.9$11.215%17%
Diluted EPS$13.89$11.8317%19%
Key Full Year Non-GAAP Results 1
Increase / (Decrease)
$ in billions, except per share data20242023As adjustedCurrency-neutral
Net revenue
$28.2$25.112%13%
Adjusted operating expenses$11.7$10.611%11%
Adjusted operating margin58.4%58.0%0.4 ppt0.7 ppt
Adjusted effective income tax rate16.2%18.5%(2.3) ppt(2.2) ppt
Adjusted net income$13.5$11.617%18%
Adjusted diluted EPS$14.60$12.2619%21%
1 The Key Full Year Non-GAAP Results exclude the impact of gains and losses on the Company’s equity investments, special items as described on page 12 (“Full Year Special Items”) and/or the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 12 for the Company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.
Full Year 2024 Key Business Drivers
(YoY growth)
image6.jpg
Gross dollar volume
image7.jpg
Cross-border volume
image8a.jpg
Switched transactions
(local currency basis)(local currency basis)
up 11%up 18%up 11%
The following information is provided to aid in understanding Mastercard’s full year 2024 results, versus the year ago period.
•Net revenue increased 12%, or 13% on a currency-neutral basis. The increase was attributable to growth in our payment network and our value-added services and solutions.
▪Payment network net revenue increased 10%, or 11% on a currency-neutral basis. Primary drivers of the increase were as follows:
•Gross dollar volume growth of 11%, on a local currency basis, to $9.8 trillion.
•Cross-border volume growth of 18% on a local currency basis.
•Switched transactions growth of 11%.
This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 16%, or 18% on a currency-neutral basis, primarily due to an increase in our key drivers as well as new and renewed deals.
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▪Value-added services and solutions net revenue increased 17%, as reported and on a currency-neutral basis. The increase was driven primarily by growth in our underlying key drivers, strong demand for our consumer acquisition and engagement and business and market insight services, the scaling of our security and digital and authentication solutions, and pricing.
•Total operating expenses increased 13%, primarily due to higher general and administrative expenses and litigation provisions. Excluding the impact of Full Year Special Items, adjusted operating expenses increased 11%, both as adjusted and on a currency-neutral basis, primarily due to higher general and administrative expenses.
•Other income (expense) was favorable $41 million versus the year ago period, primarily due to increased investment income, lower net losses on our equity investments and losses on sales of certain assets in the prior year, partially offset by increased interest expense. Excluding the impact of net losses on equity investments, adjusted other income (expense) was favorable $9 million versus the prior year.
•The effective tax rate for 2024 was 15.6%, versus 17.9% for the comparable period in 2023. The adjusted effective tax rate for 2024 was 16.2%, versus 18.5% for the comparable period in 2023. Both the as-reported and as-adjusted effective tax rates were lower than the prior year rates primarily due to the establishment of a valuation allowance in 2023, partially offset by our ability in 2023 to claim more U.S. foreign tax credits generated in 2022 and 2023. Additionally, a change in our geographic mix of earnings in 2024 contributed to the lower effective income tax rate compared to the prior year.
Return of Capital to Shareholders
During the fourth quarter of 2024, Mastercard repurchased 6.5 million shares at a cost of $3.4 billion and paid $606 million in dividends.
During the full year 2024, Mastercard repurchased 23.0 million shares at a cost of $11.0 billion and paid $2.4 billion in dividends.
Quarter-to-date through January 27, the Company repurchased 1.2 million shares at a cost of $644 million, which leaves $14.5 billion remaining under the approved share repurchase programs.
Fourth Quarter and Full Year 2024 Financial Results Conference Call Details
At 9:00 a.m. ET today, the Company will host a conference call to discuss its fourth quarter 2024 results. The dial-in information for this call is 1-888-330-2508 (Toll-free) and 1-240-789-2735 (Toll dial-in), using passcode 6451878. A replay of the call will be available for 30 days and can be accessed by dialing 1-800-770-2030 (Toll-free) and 1-647-362-9199 (Toll dial-in), using passcode 6451878.
A live audio webcast of this call, along with presentation slides, can also be accessed through the Investor Relations section of the Company’s website at investor.mastercard.com.
Forward-Looking Statements
This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words “believe”, “expect”, “could”, “may”, “would”, “will”, “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the Company’s future prospects, developments and business strategies. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the Company’s ongoing obligations under the U.S. federal securities laws, the Company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or
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4

industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.
Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors:
•regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging)
•the impact of preferential or protective government actions
•regulation of privacy, data, AI, information security and the digital economy
•regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation)
•the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions
•potential or incurred liability and limitations on business related to any litigation or litigation settlements
•the impact of competition in the global payments industry (including disintermediation and pricing pressure)
•the challenges relating to rapid technological developments and changes
•the challenges relating to operating a real-time account-based payments system and to working with new customers and end users
•the impact of information security incidents, account data breaches or service disruptions
•issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, consolidation amongst our customers, merchants’ continued focus on acceptance costs and unique risks from our work with governments)
•the impact of global economic, political, financial and societal events and conditions, including adverse currency fluctuations and foreign exchange controls
•reputational impact, including impact related to brand perception and lack of visibility of our brands in products and services
•the impact of environmental, social and governance matters and related stakeholders reaction
•the inability to attract and retain a highly qualified workforce, or maintain our corporate culture
•issues related to acquisition integration, strategic investments and entry into new businesses
•exposure to loss or illiquidity due to our role as guarantor as well as other contractual obligations and discretionary actions we may take
•issues related to our Class A common stock and corporate governance structure
For additional information on these and other factors that could cause the Company’s actual results to differ materially from expected results, please see the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent reports on Forms 10-Q and 8-K.


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About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 220 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
www.mastercard.com

Contacts:
Investor Relations:Media Relations:
Devin Corr or Jud StaniarSeth Eisen
investor.relations@mastercard.comSeth.Eisen@mastercard.com
914-249-4565914-249-3153
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Consolidated Statements of Operations (Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
2024202320242023
(in millions, except per share data)(in millions, except per share data)
Net Revenue$7,489 $6,548 $28,167 $25,098 
Operating Expenses:
General and administrative2,745 2,399 10,193 8,927 
Advertising and marketing295 264 815 825 
Depreciation and amortization231 205 897 799 
Provision for litigation280 308 680 539 
Total operating expenses3,551 3,176 12,585 11,090 
Operating income3,938 3,372 15,582 14,008 
Other Income (Expense):
Investment income96 89 327 274 
Gains (losses) on equity investments, net40 34 (29)(61)
Interest expense(184)(148)(646)(575)
Other income (expense), net1 (26)20 (7)
Total other income (expense)(47)(51)(328)(369)
Income before income taxes3,891 3,321 15,254 13,639 
Income tax expense549 530 2,380 2,444 
Net Income$3,342 $2,791 $12,874 $11,195 
Basic Earnings per Share$3.64 $2.98 $13.91 $11.86 
Basic weighted-average shares outstanding917 936 925 944 
Diluted Earnings per Share$3.64 $2.97 $13.89 $11.83 
Diluted weighted-average shares outstanding919 939 927 946 
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Consolidated Balance Sheets (Unaudited)
December 31, 2024December 31, 2023
(in millions, except per share data)
Assets
Current assets:
Cash and cash equivalents$8,442 $8,588 
Restricted cash and restricted cash equivalents492 32 
Restricted security deposits held for customers1,874 1,845 
Investments330 592 
Accounts receivable3,773 4,060 
Settlement assets1,821 1,233 
Prepaid expenses and other current assets2,992 2,611 
Total current assets19,724 18,961 
Property, equipment and right-of-use assets, net of accumulated depreciation and
amortization of $2,393 and $2,237, respectively
2,138 2,061 
Deferred income taxes1,614 1,355 
Goodwill9,193 7,660 
Other intangible assets, net of accumulated amortization of $2,400 and $2,209,
respectively
5,453 4,086 
Other assets9,959 8,325 
Total Assets$48,081 $42,448 
Liabilities, Redeemable Non-controlling Interests and Equity
Current liabilities:
Accounts payable$929 $834 
Settlement obligations2,316 1,399 
Restricted security deposits held for customers1,874 1,845 
Accrued litigation930 723 
Accrued expenses10,393 8,517 
Short-term debt750 1,337 
Other current liabilities2,028 1,609 
Total current liabilities19,220 16,264 
Long-term debt17,476 14,344 
Deferred income taxes317 369 
Other liabilities4,553 4,474 
Total Liabilities41,566 35,451 
Commitments and Contingencies
Redeemable Non-controlling Interests— 22 
Stockholders’ Equity
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,404 and 1,402 shares issued and 907 and 927 shares outstanding, respectively
— — 
Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding
— — 
Additional paid-in-capital6,442 5,893 
Class A treasury stock, at cost, 497 and 475 shares, respectively
(71,431)(60,429)
Retained earnings72,907 62,564 
Accumulated other comprehensive income (loss)(1,433)(1,099)
Mastercard Incorporated Stockholders' Equity6,485 6,929 
Non-controlling interests30 46 
Total Equity6,515 6,975 
Total Liabilities, Redeemable Non-controlling Interests and Equity$48,081 $42,448 
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Consolidated Statements of Cash Flows (Unaudited)
For the Years Ended December 31,
20242023
(in millions)
Operating Activities
Net income$12,874 $11,195 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer incentives1,830 1,622 
Depreciation and amortization897 799 
(Gains) losses on equity investments, net29 61 
Share-based compensation526 460 
Deferred income taxes(527)(236)
Other191 22 
Changes in operating assets and liabilities:
Accounts receivable186 (546)
Income taxes receivable(165)(171)
Settlement assets(593)40 
Prepaid expenses(3,225)(2,438)
Accrued litigation and legal settlements205 (375)
Restricted security deposits held for customers29 277 
Accounts payable75 (99)
Settlement obligations922 282 
Accrued expenses1,587 571 
Long-term taxes payable(163)(129)
Net change in other assets and liabilities102 645 
Net cash provided by operating activities14,780 11,980 
Investing Activities
Purchases of investment securities available-for-sale(508)(300)
Purchases of investments held-to-maturity(108)(347)
Proceeds from sales of investment securities available-for-sale199 87 
Proceeds from maturities of investment securities available-for-sale262 191 
Proceeds from maturities of investments held-to-maturity378 157 
Purchases of property and equipment(474)(371)
Capitalized software(720)(717)
Purchases of equity investments(42)(89)
Proceeds from sales of equity investments125 44 
Acquisition of businesses, net of cash acquired(2,511)— 
Other investing activities(3)(6)
Net cash used in investing activities(3,402)(1,351)
Financing Activities
Purchases of treasury stock(11,035)(9,032)
Dividends paid(2,448)(2,158)
Proceeds from debt, net3,960 1,554 
Payment of debt(1,336)— 
Tax withholdings related to share-based payments(178)(89)
Cash proceeds from employee stock plans224 237 
Other financing activities(23)— 
Net cash used in financing activities(10,836)(9,488)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents(199)128 
Net (decrease) increase in cash, cash equivalents, restricted cash and restricted cash equivalents343 1,269 
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period10,465 9,196 
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period$10,808 $10,465 
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Non-GAAP Financial Information
Mastercard discloses the following non-GAAP financial measures: adjusted operating expenses, adjusted operating margin, adjusted other income (expense), adjusted effective income tax rate, adjusted net income and adjusted diluted earnings per share (as well as related applicable growth rates versus the comparable period in the prior year). As described more fully below, these non-GAAP financial measures exclude the impact of gains and losses on the Company’s equity investments which includes mark-to-market fair value adjustments, impairments and gains and losses upon disposition, as well as the related tax impacts. These non-GAAP financial measures also exclude the impact of special items, where applicable, which represent litigation judgments and settlements and certain one-time items, as well as the related tax impacts. The Company excludes these special items because management evaluates the underlying operations and performance of the Company separately from these recurring and nonrecurring items.
In addition, the Company presents growth rates adjusted for the impact of currency, which is a non-GAAP financial measure. Currency-neutral growth rates are calculated by remeasuring the prior period’s results using the current period’s exchange rates for both the translational and transactional impacts on operating results, as well as removing the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). The impact of currency translation represents the effect of translating operating results where the functional currency is different from the Company’s U.S. dollar reporting currency. The impact of the transactional currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency of the entity. The impact of the related realized gains and losses resulting from the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses) is recognized in the respective financial statement line item on the statements of operations when the underlying forecasted transactions impact earnings.
The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company’s management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation.
The Company includes reconciliations of the requisite non-GAAP financial measures to the most directly comparable GAAP financial measures. The presentation of non-GAAP financial measures should not be relied upon as substitutes for the Company’s measures calculated in accordance with GAAP.

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Non-GAAP Reconciliations (QTD)
Three Months Ended December 31, 2024
 Operating expensesOperating marginOther income (expense)Effective income tax rate
 Net
income
 Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$3,551 52.6 %$(47)14.1 %$3,342 $3.64 
(Gains) losses on equity investments 1
****(40)0.2 %(42)(0.05)
Litigation provisions 2
(280)3.7 % ** 0.6 %214 0.23 
Adjusted - Non-GAAP$3,270 56.3 %$(88)14.9 %$3,513 $3.82 

Three Months Ended December 31, 2023
 Operating expensesOperating marginOther income (expense)Effective income tax rate
 Net
income
 Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$3,176 51.5 %$(51)16.0 %$2,791 $2.97 
(Gains) losses on equity investments 1
****(34)(0.1)%(27)(0.03)
Litigation provisions 3
(308)4.7 %**1.1 %221 0.24 
Adjusted - Non-GAAP$2,868 56.2 %$(85)17.0 %$2,985 $3.18 

Three Months Ended December 31, 2024 as compared to the Three Months Ended December 31, 2023
Increase/(Decrease)
 Operating expensesOperating marginEffective income tax rate
 Net
income
 Diluted earnings per share
Reported - GAAP12 %1.1  ppt(1.8) ppt20 %23 %
(Gains) losses on equity investments 1
****0.2  ppt— %— %
Litigation provisions 2,3
2 %(1.0) ppt(0.4) ppt(2)%(2)%
Adjusted - Non-GAAP14 %0.1  ppt(2.0) ppt18 %20 %
Currency impact 4
1 %0.4  ppt0.2  ppt2 %2 %
Adjusted - Non-GAAP - currency-neutral15 %0.4  ppt(1.8) ppt19 %22 %
Note:    Tables may not sum due to rounding.
**    Not applicable

Gains and Losses on Equity Investments
1.Q4’24 and Q4’23 net pre-tax gains of $40 million and $34 million, respectively, were primarily related to realized and unrealized fair market value adjustments on marketable and nonmarketable equity securities.
Fourth Quarter Special Items
2.Q4’24 pre-tax charges of $280 million were primarily as a result of a legal provision associated with the U.K. consumer class action settlement and settlements with a number of U.K merchants.
3.Q4’23 pre-tax charges of $308 million were as a result of settlements with a number of U.K. and Pan-European merchants and a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.
Other Notes
4.Represents the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).


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11

Non-GAAP Reconciliations (Full Year)
Twelve Months Ended December 31, 2024
 Operating expensesOperating marginOther income (expense)Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$12,585 55.3 %$(328)15.6 %$12,874 $13.89 
(Gains) losses on equity investments 1
 **  ** 29 — %25 0.03 
Litigation provisions 2
(680)2.4 % ** 0.5 %495 0.53 
Restructuring charge 3
(190)0.7 % ** 0.1 %147 0.16 
Adjusted - Non-GAAP$11,714 58.4 %$(300)16.2 %$13,541 $14.60 

Twelve Months Ended December 31, 2023
 Operating expensesOperating marginOther income (expense)Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$11,090 55.8 %$(369)17.9 %$11,195 $11.83 
(Gains) losses on equity investments 1
****61 0.1 %36 0.04 
Litigation provisions 4
(539)2.1 %**0.5 %376 0.40 
Adjusted - Non-GAAP$10,551 58.0 %$(308)18.5 %$11,607 $12.26 

Twelve Months Ended December 31, 2024 as compared to the Twelve Months Ended December 31, 2023
Increase/(Decrease)
 Operating expensesOperating marginEffective income tax rate Net income Diluted earnings per share
Reported - GAAP13 %(0.5) ppt(2.3) ppt15 %17 %
(Gains) losses on equity investments 1
 **  ** (0.1) ppt— %— %
Litigation provisions 2, 4
(1)%0.3  ppt—  ppt1 %1 %
Restructuring charge 3
(2)%0.7  ppt0.1  ppt1 %1 %
Adjusted - Non-GAAP11 %0.4  ppt(2.3) ppt17 %19 %
Currency impact 5
— %0.3  ppt0.1  ppt1 %1 %
Adjusted - Non-GAAP - currency-neutral11 %0.7  ppt(2.2) ppt18 %21 %
Note:    Tables may not sum due to rounding.
**    Not applicable

Gains and Losses on Equity Investments
1.Full Year 2024 and 2023 pre-tax net losses of $29 million and $61 million, respectively, were primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.
Full Year Special Items
2.Full Year 2024 pre-tax charges of $680 million were primarily as a result of a legal provision associated with the U.K. consumer class action settlement, settlements with a number of U.K. merchants and a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.
3.Full Year 2024 pre-tax charge of $190 million as a result of a restructuring action intended to streamline our organization, delivering efficiencies to enable reinvestment in our business to support the realization of our long-term growth opportunities.
4.Full Year 2023 pre-tax charges of $539 million were primarily as a result of changes in the estimate related to the claims of merchants who opted out of the U.S. merchant class litigation and settlements with a number of U.K. and Pan-European merchants.
Other Notes
5.Represents the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).
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12

Mastercard Incorporated Operating Performance
For the 3 Months Ended December 31, 2024
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$615 4.8 %7.4 %$462 8.9 %12,091 10.8 %$153 3.4 %1,520 969 
Canada70 3.8 %6.7 %68 6.9 %1,135 9.0 %2 (1.5)%6 87 
Europe870 14.3 %16.3 %700 17.7 %19,377 12.6 %170 10.6 %958 901 
Latin America212 1.9 %17.4 %155 21.6 %6,883 13.7 %57 7.3 %464 497 
Worldwide less United States1,767 8.9 %12.8 %1,385 14.5 %39,486 12.1 %382 7.0 %2,948 2,454 
United States793 9.0 %9.0 %729 9.1 %11,119 8.7 %65 8.0 %292 704 
Worldwide2,561 8.9 %11.6 %2,114 12.6 %50,606 11.4 %447 7.2 %3,240 3,159 
Mastercard Credit and Charge Programs
Worldwide less United States781 6.7 %11.4 %743 11.9 %16,908 9.6 %38 2.0 %160 823 
United States412 7.6 %7.6 %401 7.7 %4,305 7.1 %10 5.5 %9 346 
Worldwide1,193 7.0 %10.0 %1,144 10.4 %21,214 9.0 %49 2.7 %169 1,169 
Mastercard Debit Programs
Worldwide less United States986 10.6 %13.9 %642 17.6 %22,578 14.1 %344 7.6 %2,788 1,631 
United States382 10.6 %10.6 %328 10.9 %6,814 9.8 %54 8.5 %283 358 
Worldwide1,368 10.6 %13.0 %970 15.2 %29,392 13.1 %398 7.8 %3,071 1,989 

For the 12 Months Ended December 31, 2024
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$2,353 3.0 %6.7 %$1,760 8.2 %45,590 10.8 %$593 2.2 %5,930 969 
Canada267 4.7 %6.3 %259 6.2 %4,279 9.1 %8 9.4 %27 87 
Europe3,279 12.8 %15.3 %2,625 16.7 %73,602 14.0 %653 10.3 %3,833 901 
Latin America820 10.0 %18.3 %590 21.5 %25,669 16.0 %230 10.6 %1,834 497 
Worldwide less United States6,718 8.5 %12.1 %5,234 13.7 %149,141 13.2 %1,484 6.9 %11,624 2,454 
United States3,039 7.1 %7.1 %2,784 7.4 %42,581 7.5 %255 4.2 %1,167 704 
Worldwide9,757 8.1 %10.5 %8,018 11.4 %191,721 11.9 %1,739 6.5 %12,791 3,159 
Mastercard Credit and Charge Programs
Worldwide less United States3,001 6.5 %11.0 %2,848 11.3 %64,253 10.7 %153 5.9 %643 823 
United States1,567 6.4 %6.4 %1,526 6.5 %16,305 6.1 %41 0.6 %36 346 
Worldwide4,567 6.4 %9.4 %4,373 9.6 %80,558 9.8 %194 4.7 %679 1,169 
Mastercard Debit Programs
Worldwide less United States3,718 10.3 %13.0 %2,386 16.6 %84,888 15.1 %1,332 7.1 %10,982 1,631 
United States1,472 7.9 %7.9 %1,258 8.5 %26,275 8.4 %214 4.9 %1,131 358 
Worldwide5,190 9.6 %11.5 %3,644 13.6 %111,163 13.5 %1,545 6.8 %12,112 1,989 
APMEA = Asia Pacific / Middle East / Africa
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.
Mastercard Incorporated Operating Performance
For the 3 Months ended December 31, 2023
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$587 5.1 %7.1 %$437 9.2 %10,911 11.5 %$150 1.5 %1,507 933 
Canada67 7.3 %7.5 %65 7.1 %1,042 11.1 %2 22.4 %7 80 
Europe762 17.6 %15.8 %602 17.8 %17,210 16.7 %159 9.0 %986 814 
Latin America208 23.6 %17.7 %148 20.4 %6,056 17.0 %60 11.4 %457 441 
Worldwide less United States1,624 13.0 %12.4 %1,253 14.3 %35,219 14.9 %371 6.3 %2,958 2,268 
United States728 4.3 %4.3 %668 4.6 %10,228 5.5 %60 0.6 %279 670 
Worldwide2,352 10.1 %9.7 %1,921 10.8 %45,447 12.6 %430 5.4 %3,237 2,939 
Mastercard Credit and Charge Programs
Worldwide less United States732 12.0 %12.7 %693 12.5 %15,434 12.5 %39 15.7 %174 787 
United States382 5.5 %5.5 %372 5.6 %4,022 6.5 %10 3.7 %9 330 
Worldwide1,115 9.7 %10.1 %1,065 10.0 %19,455 11.2 %49 13.1 %183 1,117 
Mastercard Debit Programs
Worldwide less United States891 13.8 %12.1 %560 16.7 %19,785 16.8 %331 5.2 %2,784 1,481 
United States345 2.9 %2.9 %296 3.5 %6,206 4.9 %50 — %270 341 
Worldwide1,237 10.6 %9.4 %856 11.7 %25,992 13.7 %381 4.5 %3,054 1,821 

For the 12 Months ended December 31, 2023
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$2,284 3.0 %8.1 %$1,689 10.5 %41,139 12.4 %$595 1.8 %6,015 933 
Canada255 5.5 %9.3 %248 9.0 %3,924 12.4 %7 20.9 %24 80 
Europe2,906 20.4 %21.6 %2,289 24.6 %64,575 21.8 %617 11.3 %3,890 814 
Latin America745 21.9 %17.7 %529 19.3 %22,129 16.1 %216 14.1 %1,715 441 
Worldwide less United States6,190 12.9 %15.3 %4,755 17.8 %131,767 17.5 %1,435 7.6 %11,644 2,268 
United States2,837 5.9 %5.9 %2,592 6.2 %39,595 6.2 %245 2.5 %1,140 670 
Worldwide9,027 10.6 %12.2 %7,347 13.4 %171,362 14.7 %1,680 6.8 %12,784 2,939 
Mastercard Credit and Charge Programs
Worldwide less United States2,818 11.0 %14.2 %2,666 14.0 %58,027 12.5 %152 18.0 %672 787 
United States1,473 8.6 %8.6 %1,432 8.4 %15,365 9.5 %41 14.7 %36 330 
Worldwide4,291 10.1 %12.2 %4,098 12.0 %73,393 11.9 %193 17.3 %708 1,117 
Mastercard Debit Programs
Worldwide less United States3,372 14.5 %16.2 %2,089 23.1 %73,740 21.7 %1,283 6.5 %10,973 1,481 
United States1,364 3.1 %3.1 %1,160 3.6 %24,229 4.2 %204 0.4 %1,104 341 
Worldwide4,736 11.0 %12.1 %3,249 15.3 %97,969 16.9 %1,487 5.6 %12,076 1,821 
APMEA = Asia Pacific / Middle East / Africa
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.
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13

Footnote
The tables set forth the gross dollar volume (“GDV”), purchase volume, cash volume and the number of purchase transactions, cash transactions and cards on a regional and global basis for Mastercard™-branded cards. Growth rates over prior periods are provided for volume-based data.
Debit transactions on Maestro® and Cirrus®-branded cards and transactions involving brands other than Mastercard are not included in the preceding tables.
For purposes of the table: GDV represents purchase volume plus cash volume and includes the impact of balance transfers and convenience checks; “purchase volume” means the aggregate dollar amount of purchases made with Mastercard-branded cards for the relevant period; and “cash volume” means the aggregate dollar amount of cash disbursements and includes the impact of balance transfers and convenience checks obtained with Mastercard-branded cards for the relevant period. The number of cards includes virtual cards, which are Mastercard-branded payment accounts that do not generally have physical cards associated with them.
The Mastercard payment products are comprised of credit, charge, debit and prepaid programs, and data relating to each type of program is included in the tables. The tables include information with respect to transactions involving Mastercard-branded cards that are not switched by Mastercard and transactions for which Mastercard does not earn significant revenues.
Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Mastercard volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. Mastercard reports period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of currencies against the U.S. dollar in calculating such rates of change.
The data set forth in the GDV, purchase volume, purchase transactions, cash volume and cash transactions columns is provided by Mastercard customers and is subject to verification by Mastercard and partial cross-checking against information provided by Mastercard’s transaction switching systems. The data set forth in the cards columns is provided by Mastercard customers and is subject to certain limited verification by Mastercard. A portion of the data set forth in the cards columns reflects the impact of routine portfolio changes among customers and other practices that may lead to over counting of the underlying data in certain circumstances. All data is subject to revision and amendment by Mastercard or Mastercard’s customers.
Performance information for prior periods can be found in the Investor Relations section of the Mastercard website at investor.mastercard.com.
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14
v3.24.4
Cover
Jan. 30, 2025
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jan. 30, 2025
Entity Registrant Name Mastercard Incorporated
Entity Incorporation, State or Country Code DE
Entity File Number 001-32877
Entity Tax Identification Number 13-4172551
Entity Address, Address Line One 2000 Purchase Street
Entity Address, Postal Zip Code 10577
Entity Address, City or Town Purchase,
Entity Address, State or Province NY
City Area Code (914)
Local Phone Number 249-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001141391
Class A Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Class A Common Stock
Trading Symbol MA
Security Exchange Name NYSE
2.1% Notes due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 2.1% Notes due 2027
Trading Symbol MA27
Security Exchange Name NYSE
1% Notes Due 2029  
Entity Information [Line Items]  
Title of 12(b) Security 1.0% Notes due 2029
Trading Symbol MA29A
Security Exchange Name NYSE
2.5% Notes due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 2.5% Notes due 2030
Trading Symbol MA30
Security Exchange Name NYSE
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