Mastercard Inc.
Cash Flow Statement
| Line Item | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating Activities | ||||||||
| Net Income | $14.97B | $12.87B | $11.20B | $9.93B | $8.69B | $6.41B | $8.12B | $5.86B |
| Depreciation & Amortization | $1.14B | $897.0M | $799.0M | $750.0M | $726.0M | $580.0M | $522.0M | $459.0M |
| Depreciation | — | — | — | — | — | — | — | — |
| Amortization | $760.0M | $523.0M | $457.0M | $414.0M | $424.0M | $303.0M | $285.0M | $250.0M |
| Stock-Based Compensation | $597.0M | $526.0M | $460.0M | $295.0M | $273.0M | $254.0M | $250.0M | $196.0M |
| Net Cash from Operating Activities | $17.65B | $14.78B | $11.98B | $11.20B | $9.46B | $7.22B | $8.18B | $6.22B |
| Investing Activities | ||||||||
| Capital Expenditures | $489.0M | $474.0M | $371.0M | $442.0M | $407.0M | $339.0M | $422.0M | $330.0M |
| Business Acquisitions | $0 | $2.51B | $0 | $313.0M | $4.44B | $989.0M | $1.44B | $0 |
| Net Cash from Investing Activities | $-1.36B | $-3.40B | $-1.35B | $-1.47B | $-5.27B | $-1.88B | $-1.64B | $-506.0M |
| Financing Activities | ||||||||
| Dividends Paid | $2.76B | $2.45B | $2.16B | $1.90B | $1.74B | $1.61B | $1.35B | $1.04B |
| Stock Repurchases | $11.73B | $10.95B | $9.03B | $8.75B | $5.90B | $4.47B | $6.50B | $4.93B |
| Net Cash from Financing Activities | $-14.18B | $-10.84B | $-9.49B | $-10.33B | $-6.56B | $-2.15B | $-5.87B | $-4.97B |
| Net Change in Cash | $2.44B | $343.0M | $1.27B | $-706.0M | $-2.52B | $3.45B | $632.0M | $745.0M |
| Free Cash Flow | $17.16B | $14.31B | $11.61B | $10.75B | $9.06B | $6.89B | $7.76B | $5.89B |