Mastercard annual free cash flow
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Mastercard Free Cash Flow (FCF) History (MA)
Mastercard reported $17.16B in free cash flow for fiscal 2025, an increase of 19.94% from the previous fiscal year, with a free cash flow margin of 52.33%.
View full Mastercard company overviewMastercard free cash flow by year
| Fiscal year | Period ended | Free cash flow | Change | Growth | FCF margin |
|---|---|---|---|---|---|
| 2025 | 2025-12-31 | $17.16B | $2.85B | +19.94% | +52.33% |
| 2024 | 2024-12-31 | $14.31B | $2.70B | +23.23% | +50.79% |
| 2023 | 2023-12-31 | $11.61B | $856.0M | +7.96% | +46.25% |
| 2022 | 2022-12-31 | $10.75B | $1.70B | +18.74% | +48.36% |
| 2021 | 2021-12-31 | $9.06B | $2.17B | +31.53% | +30.34% |
| 2020 | 2020-12-31 | $6.88B | −$876.0M | −11.29% | +29.15% |
| 2019 | 2019-12-31 | $7.76B | $3.49B | +81.80% | +31.07% |
| 2016 | 2016-12-31 | $4.27B | $1.04B | +32.09% | +39.62% |
| 2014 | 2014-12-31 | $3.23B | −$748.0M | −18.79% | +34.12% |
| 2013 | 2013-12-31 | $3.98B | $1.13B | +39.55% | +47.69% |
| 2012 | 2012-12-31 | $2.85B | $245.0M | +9.40% | +38.59% |
| 2011 | 2011-12-31 | $2.61B | $971.0M | +59.35% | +38.83% |
| 2010 | 2010-12-31 | $1.64B | $315.0M | +23.85% | +29.54% |
| 2009 | 2009-12-31 | $1.32B | $984.0M | +291.99% | +25.91% |
| 2008 | 2008-12-31 | $337.0M | −$351.3M | −51.04% | +6.75% |
| 2007 | 2007-12-31 | $688.3M | — | — | +16.92% |
Mastercard quarterly free cash flow
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| Fiscal quarter | Period ended | Free cash flow | Change | YoY growth | FCF margin |
|---|---|---|---|---|---|
| Q2 2026 | 2026-06-30 | $3.48B | −$1.08B | −23.69% | +37.53% |
| Q1 2026 | 2026-03-31 | $2.85B | $624.0M | +28.10% | +33.88% |
| Q4 2025 | 2025-12-31 | $4.89B | $151.0M | +3.19% | +55.53% |
| Q3 2025 | 2025-09-30 | $5.49B | $456.0M | +9.07% | +63.76% |
| Q2 2025 | 2025-06-30 | $4.56B | $1.54B | +50.94% | +56.10% |
| Q1 2025 | 2025-03-31 | $2.22B | $706.0M | +46.60% | +30.63% |
| Q4 2024 | 2024-12-31 | $4.74B | $686.0M | +16.93% | +63.28% |
| Q3 2024 | 2024-09-30 | $5.03B | $1.90B | +60.72% | +68.25% |
| Q2 2024 | 2024-06-30 | $3.02B | $405.0M | +15.47% | +43.43% |
| Q1 2024 | 2024-03-31 | $1.51B | −$294.0M | −16.25% | +23.87% |
| Q4 2023 | 2023-12-31 | $4.05B | $1.08B | +36.46% | +61.90% |
| Q3 2023 | 2023-09-30 | $3.13B | −$616.0M | −16.45% | +47.90% |
| Q2 2023 | 2023-06-30 | $2.62B | $216.0M | +8.99% | +41.76% |
| Q1 2023 | 2023-03-31 | $1.81B | $173.0M | +10.57% | +31.47% |
| Q4 2022 | 2022-12-31 | $2.97B | −$97.0M | −3.16% | — |
| Q3 2022 | 2022-09-30 | $3.75B | $1.34B | +55.78% | +40.85% |
| Q2 2022 | 2022-06-30 | $2.40B | $215.0M | +9.83% | +27.60% |
| Q1 2022 | 2022-03-31 | $1.64B | $238.0M | +17.02% | +20.39% |
| Q4 2021 | 2021-12-31 | $3.07B | $873.0M | +39.79% | +36.63% |
| Q3 2021 | 2021-09-30 | $2.40B | $829.0M | +52.63% | +30.72% |
| Q2 2021 | 2021-06-30 | $2.19B | $799.0M | +57.56% | +30.30% |
| Q1 2021 | 2021-03-31 | $1.40B | −$330.0M | −19.10% | +21.75% |
| Q4 2020 | 2020-12-31 | $2.19B | −$670.0M | −23.39% | +34.14% |
| Q3 2020 | 2020-09-30 | $1.57B | −$648.0M | −29.15% | +26.54% |
| Q2 2020 | 2020-06-30 | $1.39B | −$57.0M | −3.94% | +27.25% |
| Q1 2020 | 2020-03-31 | $1.73B | $499.0M | +40.60% | +28.04% |
| Q4 2019 | 2019-12-31 | $2.86B | $580.0M | +25.39% | +42.61% |
| Q3 2019 · Sep 30 | 2019-09-30 | $2.22B | $824.0M | +58.90% | +33.90% |
| Q2 2019 · Jun 30 | 2019-06-30 | $1.45B | $492.0M | +51.63% | +23.81% |
| Q1 2019 · Mar 31 | 2019-03-31 | $1.23B | −$460.0M | −27.24% | +21.82% |
| Q3 2019 · Sep 30 | 2018-09-30 | $2.28B | $1.01B | +79.14% | +40.55% |
| Q2 2019 · Jun 30 | 2018-06-30 | $1.40B | $736.0M | +111.01% | +26.15% |
| Q1 2019 · Mar 31 | 2018-03-31 | $953.0M | $71.0M | +8.05% | +18.80% |
| Q3 2017 | 2017-09-30 | $1.69B | $320.0M | +23.37% | +49.71% |
| Q2 2017 | 2017-06-30 | $1.27B | $278.0M | +27.88% | +41.76% |
| Q1 2017 | 2017-03-31 | $663.0M | −$358.0M | −35.06% | +24.25% |
| Q4 2016 | 2016-12-31 | $882.0M | −$321.0M | −26.68% | +32.00% |
| Q3 2016 | 2016-09-30 | $1.37B | $573.0M | +71.98% | +47.53% |
| Q2 2016 | 2016-06-30 | $997.0M | $117.0M | +13.30% | +37.01% |
| Q1 2016 | 2016-03-31 | $1.02B | $374.0M | +57.81% | +41.74% |
| Q3 2015 | 2015-09-30 | $1.20B | −$124.0M | −9.34% | +47.55% |
| Q2 2015 | 2015-06-30 | $796.0M | $81.0M | +11.33% | +33.31% |
| Q1 2015 | 2015-03-31 | $880.0M | $337.0M | +62.06% | +39.46% |
| Q4 2014 | 2014-12-31 | $647.0M | −$462.0M | −41.66% | +26.48% |
| Q3 2014 | 2014-09-30 | $1.33B | $22.0M | +1.69% | +53.29% |
| Q2 2014 | 2014-06-30 | $715.0M | $1.0M | +0.14% | +30.19% |
| Q1 2014 | 2014-03-31 | $543.0M | −$309.0M | −36.27% | +25.00% |
| Q4 2013 | 2013-12-31 | $1.11B | $271.0M | +32.34% | +52.16% |
| Q3 2013 | 2013-09-30 | $1.30B | $319.0M | +32.35% | +58.84% |
| Q2 2013 | 2013-06-30 | $714.0M | $101.0M | +16.48% | +34.06% |
| Q1 2013 | 2013-03-31 | $852.0M | $437.0M | +105.30% | +44.70% |
| Q4 2012 | 2012-12-31 | $838.0M | $80.0M | +10.55% | +44.22% |
| Q3 2012 | 2012-09-30 | $986.0M | −$5.0M | −0.50% | +51.41% |
| Q2 2012 | 2012-06-30 | $613.0M | $100.0M | +19.49% | +33.68% |
| Q1 2012 | 2012-03-31 | $415.0M | $70.0M | +20.29% | +23.61% |
| Q4 2011 | 2011-12-31 | $758.0M | $112.0M | +17.34% | +43.87% |
| Q3 2011 | 2011-09-30 | $991.0M | $414.0M | +71.75% | +54.51% |
| Q2 2011 | 2011-06-30 | $513.0M | $192.0M | +59.81% | +30.77% |
| Q1 2011 | 2011-03-31 | $345.0M | $253.0M | +275.00% | +22.98% |
| Q4 2010 | 2010-12-31 | $646.0M | $382.0M | +144.70% | +44.92% |
| Q3 2010 | 2010-09-30 | $577.0M | $273.0M | +89.80% | +40.41% |
| Q2 2010 | 2010-06-30 | $321.0M | −$28.0M | −8.02% | +23.52% |
| Q1 2010 | 2010-03-31 | $92.0M | −$312.0M | −77.23% | +7.03% |
| Q4 2009 | 2009-12-31 | $264.0M | −$101.5M | −27.77% | +20.32% |
| Q3 2009 | 2009-09-30 | $304.0M | — | — | +22.29% |
| Q2 2009 | 2009-06-30 | $349.0M | — | — | +27.27% |
| Q1 2009 | 2009-03-31 | $404.0M | — | — | +34.95% |
| Q3 2008 | 2008-09-30 | $365.5M | — | — | +27.31% |
Mastercard free cash flow growth trends
Over the last five reported fiscal years, free cash flow grew from $6.88B to $17.16B, a compound annual growth rate of 20.04%. Mastercard's latest reported quarter, Q2 2026, generated $3.48B in free cash flow, a decrease of 23.69% year over year.
About the metric
What free cash flow means
Free cash flow is the cash a company generates from operations after capital expenditures. Positive FCF can fund dividends, buybacks, debt repayment, or reinvestment; negative FCF means capital spending exceeded operating cash flow for that period.
Calculation and source
How free cash flow is calculated
TickerStat calculates free cash flow as SEC-reported operating cash flow minus capital expenditures. FCF margin equals free cash flow divided by revenue. Fiscal periods can differ from calendar years, so the tables include exact period-end dates.
Review Mastercard filings at SEC.gov ↗