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Arphra AIPlain-English read on Mastercard Incorporated’s valuationIncome statement
| In USD | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | 2026E | 2027E | 2028E | 2029E |
|---|---|---|---|---|---|---|---|---|---|
| Revenue & profit | |||||||||
| Revenue | $18.88B | $22.24B | $25.1B | $28.17B | $32.79B | $37.08B | $41.75B | $46.84B | $53.63B |
| Cost of revenue | $4.49B | $5.26B | $6.02B | $6.67B | $5.43B | $7.88B | $9.01B | $10.27B | $11.66B |
| Gross profit | $14.4B | $16.97B | $19.08B | $21.49B | $27.36B | $28.59B | $32.89B | $36.01B | $40.94B |
| Gross margin | +76.23% | +76.33% | +76.01% | +76.31% | +83.43% | +77.09% | +78.76% | +76.87% | +76.35% |
| Operating | |||||||||
| Research & development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, general & administrative | $3.44B | $3.5B | $3.65B | $4.27B | $7.15B | $6.48B | $6.96B | $8.25B | $9.29B |
| Total operating expenses | $4.31B | $4.71B | $5.07B | $5.91B | $7.96B | $8.05B | $9.15B | $10.1B | $11.58B |
| Operating income | $10.08B | $12.26B | $14.01B | $15.58B | $19.4B | $20.9B | $24.02B | $26.11B | $30.71B |
| Operating margin | +53.39% | +55.15% | +55.81% | +55.32% | +59.17% | +56.36% | +57.52% | +55.75% | +57.26% |
| EBITDA | $11.46B | $12.95B | $15.01B | $16.8B | $20.19B | $21.85B | $24.75B | $28.61B | $32.92B |
| EBIT | $10.74B | $12.2B | $14.21B | $15.9B | $19.05B | $21.35B | $23.8B | $26.16B | $31.32B |
| Below the line | |||||||||
| Interest expense | $431M | $471M | $575M | $646M | $722M | $836.2M | $950.29M | $1.07B | $1.19B |
| Interest income | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other income / expense | $225M | -$532M | -$369M | -$328M | -$823M | — | — | — | — |
| Pre-tax income | $10.31B | $11.73B | $13.64B | $15.25B | $18.58B | $20.81B | $22.91B | $25.06B | $29.2B |
| Income tax expense | $1.62B | $1.8B | $2.44B | $2.38B | $3.61B | $3.69B | $4.14B | $4.42B | $5.14B |
| Earnings | |||||||||
| Net income | $8.69B | $9.93B | $11.2B | $12.87B | $14.97B | $17.3B | $19.44B | $21.79B | $23.58B |
| Net income · continuing ops | $8.69B | $9.93B | $11.2B | $12.87B | $14.97B | $16.89B | $18.84B | $20.81B | $23.85B |
| Net margin | +46.00% | +44.66% | +44.61% | +45.71% | +45.65% | +46.64% | +46.56% | +46.51% | +43.97% |
| EPS · basic | $8.79 | $10.26 | $11.86 | $13.92 | $16.55 | $19.84 | $23.04 | $26.16 | $30.20 |
| EPS · diluted | $8.76 | $10.23 | $11.83 | $13.89 | $16.52 | $19.68 | $22.80 | $26.46 | $30.18 |
| EPS · low estimate | — | — | — | — | — | $19.32 | $22.38 | $25.22 | $29.57 |
| EPS · high estimate | — | — | — | — | — | $19.85 | $23.13 | $27.39 | $30.65 |
| Shares · basic | 988M | 968M | 944M | 925M | 897M | 895.84M | 903.2M | 894.02M | 896.12M |
| Shares · diluted | 992M | 971M | 946M | 927M | 898M | 902.84M | 896.22M | 903.01M | 891.12M |
| Coverage | |||||||||
| Analysts (revenue) | — | — | — | — | — | 28 | 27 | 20 | 11 |
| Analysts (EPS) | — | — | — | — | — | 24 | 25 | 13 | 11 |
Coverage notes. Historical figures come’s as-reported income statements / balance sheets / cash flows in our data warehouse. Forecast columns (italicised, faint accent tint) carry vendor-supplied numbers where available (revenue + EPS consensus) and ratio-derived values for every other line. Margins / ratios are the trailing-3y average from history applied to the forecast revenue; values are clamped to enforce P&L identity (gross ≥ operating, EBITDA ≥ operating, net ≤ operating) and balance-sheet identity (assets = liabilities + equity by construction). Cash-flow FCF reconciles to OCF + CapEx. USD conversion uses the period-end close of the issuer's reported/USD pair from forex_prices_daily; share counts stay unconverted.
Financials
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