For the year ending 2025-12-31, MA had $2,440M increase in cash & cash equivalents over the period. $17,159M in free cash flow.
| Cash Flow | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 |
|---|---|---|---|---|
| Net income | 14,968 | 12,874 | 11,195 | 9,930 |
| Amortization of customer incentives | 2,098 | 1,830 | 1,622 | 1,586 |
| Depreciation and amortization | 1,143 | 897 | 799 | 750 |
| (gains) losses on equity investments, net | -88 | -29 | -61 | -145 |
| Share-based compensation | 597 | 526 | 460 | 295 |
| Deferred income taxes | 57 | -527 | -236 | -651 |
| Other | -139 | -191 | -22 | -44 |
| Accounts receivable | 642 | -186 | 546 | 481 |
| Income taxes receivable | 91 | 165 | 171 | -12 |
| Settlement assets | -202 | 593 | -40 | -48 |
| Prepaid expenses | 3,388 | 3,225 | 2,438 | 2,175 |
| Accrued litigation and legal settlements | -142 | 205 | -375 | 240 |
| Restricted security deposits held for customers | 247 | 29 | 277 | -305 |
| Accounts payable | 45 | 75 | -99 | 190 |
| Settlement obligations | 89 | 922 | 282 | 201 |
| Accrued expenses | 1,836 | 1,587 | 571 | 1,188 |
| Long-term taxes payable | -185 | -163 | -129 | -121 |
| Net change in other assets and liabilities | -587 | -102 | -645 | -299 |
| Net cash provided by operating activities | 17,648 | 14,780 | 11,980 | 11,195 |
| Purchases of investment securities available-for-sale | 501 | 508 | 300 | 267 |
| Purchases of investments held-to-maturity | 28 | 108 | 347 | 239 |
| Proceeds from sales of investment securities available-for-sale | 254 | 199 | 87 | 54 |
| Proceeds from maturities of investment securities available-for-sale | 232 | 262 | 191 | 211 |
| Proceeds from maturities of investments held-to-maturity | 52 | 378 | 157 | 265 |
| Purchases of property and equipment | 489 | 474 | 371 | 442 |
| Capitalized software | 726 | 720 | 717 | 655 |
| Purchases of equity investments | 339 | 42 | 89 | 88 |
| Proceeds from sales of equity investments | 181 | 125 | 44 | 7 |
| Acquisition of businesses, net of cash acquired | 0 | 2,511 | 0 | 313 |
| Settlement of interest rate derivative contracts | - | - | - | 0 |
| Other investing activities | -2 | 3 | 6 | 3 |
| Net cash used in investing activities | -1,362 | -3,402 | -1,351 | -1,470 |
| Purchases of treasury stock | 11,727 | 11,035 | 9,032 | 8,753 |
| Dividends paid | 2,756 | 2,448 | 2,158 | 1,903 |
| Proceeds from debt, net | 1,242 | 3,960 | 1,554 | 1,123 |
| Payment of debt | 750 | 1,336 | 0 | 724 |
| Acquisition of redeemable non-controlling interests | - | - | 0 | 4 |
| Acquisition of non-controlling interest | - | - | 0 | 0 |
| Contingent consideration paid | - | - | 0 | 0 |
| Tax withholdings related to share-based payments | 291 | 178 | 89 | 141 |
| Cash proceeds from employee stock plans | 203 | 224 | 237 | 90 |
| Other financing activities | -100 | -23 | 0 | -16 |
| Net cash used in financing activities | -14,179 | -10,836 | -9,488 | -10,328 |
| Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents | 333 | -199 | 128 | -103 |
| Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents | 2,440 | 343 | 1,269 | -706 |
| Cash and cash equivalents at beginning of period | 10,808 | 10,465 | 9,196 | 9,902 |
| Cash and cash equivalents at end of period | 13,248 | 10,808 | 10,465 | 9,196 |
Mastercard Inc (MA)
Mastercard Inc (MA)