Mastercard Incorporated

NYSE-MA

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Operating Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Net Income	14,250	12,874	11,195	9,930	8,687	6,411	8,118	5,859	3,915	4,059	3,808
Net Income
Depreciation & Amortization	3,105	2,727	2,421	2,336	2,097	1,652	1,663	1,694	1,438	1,233	1,130
Depreciation and Amortization
Amortization of Customer Incentives
Stock Based Compensation	593	526	460	295	273	254	250	196	176	149	122
Share-Based Compensation
Stock Units Withheld For Taxes
Other Adjustments	-72	-307	-153	-462	-678	57	-150	-213	312	-39	-139
Deferred Income Taxes
Gains on Equity Investments, Net
Other
Impairment of Assets
Accretion of Imputed Interest on Litigation Settlements
Charitable Contribution of Common Stock to the MasterCard Foundation
Venezuela Charge
Tax Benefit for Share-Based Payments
Changes in Trade Receivables	-177	186	-546	-481	-397	-86	-246	-317	-445	-338	-35
Accounts Receivable
Changes in Accounts Payable	-12	75	-99	190	100	26	-42	101	290	145	49
Accounts Payable
Changes in Accrued Expenses	1,834	1,792	196	1,428	1,354	-187	-5	1,308	577	537	262
Accrued Expenses
Accrued Litigation and Legal Settlements
Obligations Under Litigation Settlements
Changes in Income Taxes Payable	—	-328	-300	-109	-139	-39	-200	-140	569	-1	—
Income Taxes Receivable
Long-Term Taxes Payable
Changes in Other Operating Activities	-1,713	-2,765	-1,194	-1,932	-1,834	-864	-1,205	-2,265	-1,168	-1,108	-1,096
Net Change in Other Assets and Liabilities
Settlement Assets
Prepaid Expenses
Settlement Obligations
Restricted Security Deposits Held for Customers
Trading Securities
Prepaid Expenses, Non-Current
Other Current Assets
Cash from Operating Activities	17,480	14,780	11,980	11,195	9,463	7,224	8,183	6,223	5,664	4,637	4,101
Net Cash Provided by Operating Activities

Investing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Capital Expenditure	-472	-474	-371	-442	-407	-339	-422	-330	-300	-215	-177
Purchases of Property and Equipment
Purchases of Intangible Assets	-703	-720	-717	-655	-407	-369	-306	-174	-123	-167	-165
Capitalized Software
Purchases of Investments	-517	-658	-736	-594	-911	-632	-1,325	-1,900	-2,006	-1,855	-1,890
Purchases of Investment Securities Available-for-Sale
Purchases of Investments Held-to-Maturity
Purchases of Equity Investments
Proceeds from Sale of Investments	522	964	479	537	856	622	1,857	1,912	1,824	1,072	2,102
Proceeds from Sales of Investment Securities Available-for-Sale
Proceeds from Maturities of Investment Securities Available-for-Sale
Proceeds from Maturities of Investments Held-to-Maturity
Proceeds from Sales and Maturities of Investment Securities Available-for-Sale
Proceeds from Sales of Equity Investments
Payments for Business Acquisitions	—	-2,511	—	-313	-4,436	-989	-1,440	—	-1,175	—	-584
Acquisition of Businesses, Net of Cash Acquired
Other Investing Activities	-21	-3	-6	-3	33	-172	-4	-14	-1	2	-1
Other Investing Activities
Change in Restricted Cash for Litigation Settlement
Settlement of Interest Rate Derivative Contracts
Cash from Investing Activities	-3,619	-3,402	-1,351	-1,470	-5,272	-1,879	-1,640	-506	-1,781	-1,163	-715
Net Cash Provided by Investing Activities

Financing Activities	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Issuance of Long-Term Debt	—	3,960	1,554	1,123	2,024	3,959	2,724	991	—	1,972	1,735
Proceeds from Debt, Net
Repayments of Long-Term Debt	—	-1,336	—	-724	-650	—	-500	—	-64	—	—
Payment of Debt
Net Issuance / (Repayments) of Long-Term Debt	—	2,624	1,554	399	1,374	3,959	2,224	991	-64	1,972	1,735
Issuance of Common Shares	200	224	237	90	61	97	126	104	57	37	27
Cash Proceeds from Employee Stock Plans
Cash Received from Sale of Common Stock, Net of Issuance Costs
Repurchases of Common Shares	-11,639	-11,035	-9,032	-8,753	-5,904	-4,473	-6,497	-4,933	-3,762	-3,511	-3,518
Purchases of Treasury Stock
Cash Payment for Redemption of Common Stock
Net Issuance / (Repurchases) of Common Shares	-11,439	-10,811	-8,795	-8,663	-5,843	-4,376	-6,371	-4,829	-3,705	-3,474	-3,491
Common Share Dividends Paid	-2,678	-2,448	-2,158	-1,903	-1,741	-1,605	-1,345	-1,044	-942	-837	-727
Dividends Paid
Other Financing Activities	-286	-201	-89	-161	-345	-130	-375	-84	-53	-5	-33
Tax Withholdings Related to Share-Based Payments
Other Financing Activities
Tax Benefit for Share-Based Payments
Contingent Consideration Paid
Acquisition of Redeemable Non-Controlling Interests
Tax Benefit for Share Based Compensation
Acquisition of Non-Controlling Interest
Cash from Financing Activities	-14,034	-10,836	-9,488	-10,328	-6,555	-2,152	-5,867	-4,966	-4,764	-2,344	-2,516
Net Cash Provided by Financing Activities

Free Cash Flow	LTM	Dec '24	Dec '23	Dec '22	Dec '21	Dec '20	Dec '19	Dec '18	Dec '17	Dec '16	Dec '15
Free Cash Flow	17,008	14,306	11,609	10,753	9,056	6,885	7,761	5,893	5,364	4,422	3,924
NOPAT	14,518.9	13,150.8	11,497.9	10,380.3	8,497.4	6,676.2	8,062.1	5,922.4	3,975	4,141.7	3,900.2
Levered Free Cash Flow	16,992	16,525	13,402	11,800	11,232	10,619	10,131	7,218	5,257	6,622	5,711
Unlevered Free Cash Flow	17,260.9	14,177.8	12,150.9	11,851.3	9,668.4	6,925.2	7,851.1	6,290.4	5,381	4,732.7	4,068.2
Net Change in Cash	-173	542	1,141	-603	-2,364	3,193	676	751	-881	1,130	870