Short answer
Mastercard (MA) filed its fiscal 2025 10-K annual report with the SEC on Feb 11, 2026. It reported revenue of $32.8B (+16.4% year over year) and net income of $15.0B.
- Top risk flagged: Delaware law and organizational anti-takeover provisions limit beneficial ownership to 15% per person, potentially delaying favorable mergers or acquisitions
FY2025 key financial metrics · XBRL
- Revenue
- $32.8B
- +16.4% YoY
- Net income
- $15.0B
- +16.3% YoY
- Operating margin
- 57.6%
- +2.3 pp YoY
- EPS (diluted)
- $16.52
- +18.9% YoY
- ROE
- 193.5%
- −5.1 pp YoY
- Operating cash flow
- $17.6B
- +19.4% YoY
Source: XBRL data from the Mastercard (MA) FY2025 10-K on SEC EDGAR. USD.
Mastercard FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Global payment network facilitating electronic payments and transaction processing
- Emphasis on competitive threats from alternative e-commerce, mobile payment systems, and government-backed solutions impacting market access
- Strategic concern over potential regulatory, legislative, and litigation challenges affecting competitive positioning
- Notable risk from competitors leveraging lower-cost technology platforms and established payment networks without associated costs
- Highlighted risk of regulatory restrictions limiting Mastercard's participation in certain geographic markets due to government involvement
Management Discussion & Analysis
- Loss contingencies assessed regularly; liabilities accrued if probable and estimable, with subjective judgements and potential material variances
- Tax liabilities reflect uncertain tax positions; valuation allowances made against deferred tax assets per management judgment
- Business combinations accounted via acquisition method; goodwill recognized for purchase price excess, involving significant management estimates
Risk Factors
- Delaware law and organizational anti-takeover provisions limit beneficial ownership to 15% per person, potentially delaying favorable mergers or acquisitions
- Mastercard Foundation owns >5% voting power with share sales accelerated to start Jan 1, 2024 under court approval, planning a 7-year diversification sale
- Mastercard Foundation directors must be independent from Mastercard and customers, possibly leading to conflicts on acquisition proposals favored by other stockholders
Generated from the filing text; verify against the original. How to read a 10-K
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