Mastercard (MA) Stock Analysis

IndustrialsServices-Business Services, NEC

Summary Fair Value Intrinsic Value Metrics Investors Income Statements Balance Sheets Cash Flow Quarter Comparator Info

Q2 2026 · +14.1% revenue · +10.5% revenue

Beat the trendvs trailing 3-quarter avg

Revenue▼−2.7 ppvs trend

Net income▼−1.5 ppvs trend

Diluted EPS▼−0.7 ppvs trend

Free cash flow▼−34.9 ppvs trend

Outperformed in 0 of 4 metrics

How the cash was deployedQ2 2026

Operating cash flow$6.77B

$445.00M (6.6 %)

Share buybacks$8.93B (131.9 %)

Dividends paid$1.55B (22.9 %)

Returned to shareholders this quarter$10.48B▲ +68.4%

Last 8 quarters of revenueLatest quarter highlighted. Q4 reconstructed from the annual filing.

+14.1% +10.5%

7.37B

Q3 24

7.49B

Q4 24^*

7.25B

Q1 25

8.13B

Q2 25

8.60B

Q3 25

8.81B

Q4 25^*

8.40B

Q1 26

9.28B

Q2 26

* Q4 is reconstructed from the annual filing (FY − Q1 − Q2 − Q3), since the SEC does not require a Q4 10-Q.

RevenueReversal

$9.28B

▲+14.1% ▲+10.5%

6.35B

6.96B

7.37B

7.49B

7.25B

8.13B

8.60B

8.81B

8.40B

9.28B

Direction flipped this quarter — watch for a one-off or a new trend.

Net incomeReversal

$4.39B

▲+18.6% ▲+13.0%

3.01B

3.26B

3.34B

3.28B

3.70B

3.93B

4.06B

3.88B

4.39B

Direction flipped this quarter — watch for a one-off or a new trend.

Free cash flowSlowing

$6.33B

▼−6.7% ▲+122%

1.51B

4.54B

9.57B

−1.98B

2.22B

6.78B

12.27B

−4.61B

2.85B

6.33B

Still moving the same direction, but at a smaller pace than the prior quarter.

Diluted Reversal

$4.97

▲+22.1% ▲+14.3%

3.22

3.50

3.53

3.64

3.59

4.07

4.34

4.52

4.35

4.97

Direction flipped this quarter — watch for a one-off or a new trend.

Margins

Gross marginNot enough history

—

— —

Not enough quarters yet to read the trend.

Operating marginSlowing

60.2 %

▲+1.5 pp ▲+1.8 pp

56.77

57.98

54.34

52.58

57.23

58.74

58.84

55.76

58.43

60.22

Still moving the same direction, but at a smaller pace than the prior quarter.

Net marginAccelerating

47.3 %

▲+1.8 pp ▲+1.1 pp

47.43

46.80

44.28

44.63

45.24

45.51

45.65

46.10

46.23

47.30

Moving faster than the prior quarter — the trend is picking up speed.

Metric	Q2 2025Same quarter, prior year	Q1 2026Previous quarter	Q2 2026Latest quarter	YoY	QoQ
Revenue	$8.13B	$8.40B	$9.28B	+14.1%	+10.5%
Cost of revenue	—	—	—	—	—
Gross profit	—	—	—	—	—
Operating expenses	$3.36B	$3.49B	$3.69B	+10.0%	+5.7%
Operating income	$4.78B	$4.91B	$5.59B	+17.0%	+13.9%
Net income	$3.70B	$3.88B	$4.39B	+18.6%	+13.0%
Diluted	$4.07	$4.35	$4.97	+22.1%	+14.3%
Operating cash flow	$6.98B	$3.00B	$6.77B	−3.0%	+126%
	$199.00M	$154.00M	$445.00M	+124%	+189%
Free cash flow	$6.78B	$2.85B	$6.33B	−6.7%	+122%
Gross margin	—	—	—	—	—
Operating margin	58.7 %	58.4 %	60.2 %	+1.5 pp	+1.8 pp
Net margin	45.5 %	46.2 %	47.3 %	+1.8 pp	+1.1 pp