Company profile
SEC EDGAR ↗- Industry
- Services-Business Services, NEC
- Listed
- NYSE: MA
- Incorporated
- DE
- Headquarters
- Purchase, NY
- Fiscal year end
- Dec 31
Financials
FY2025- Revenue
- $32.8B
- Net income
- $15.0B
- Total assets
- $54.2B
| Fiscal year | Revenue | Net income | Total assets |
|---|---|---|---|
| FY2025 | $32.8B | $15.0B | $54.2B |
| FY2024 | $28.2B | $12.9B | $48.1B |
| FY2023 | $25.1B | $11.2B | $42.4B |
| FY2022 | $22.2B | $9.93B | $38.7B |
| FY2021 | $29.8B | $8.69B | $37.7B |
| FY2020 | $23.6B | $6.41B | $33.6B |
Reported fiscal years from SEC filings (10-K) — SEC EDGAR ↗. Stratrix is a strategy publication, not a real-time financial data service.
Run one of these yourself
The decisions Mastercard faced, as kits you can run.
Each pack takes one of these decisions and gives you the framework, a deck for the room, a model that resolves to one number, and the sourced cases behind it. $499, one-time.
The analyses
The Money Machine · Business Model
Mastercard Sets the Interchange Fee and Keeps None of It. That's Not a Bug — It's the Whole Game.
Everyone thinks Mastercard collects a slice of every swipe. It doesn't — it sets interchange rates it never receives. The real money is thin scheme fees on $9.8 trillion of volume, plus a value-added services arm now at 38% of net revenue and growing faster than the network itself.
8 min
The Moat Anatomy · Moat & Competition
Mastercard Paid $5.54 Billion for Its Rules — and Moved the Game to Value-Added Services
Mastercard moved $9.8 trillion in 2024 at a 55% operating margin, and everyone calls it a flawless network effect. The court records say otherwise: the moat was fortified by exclusionary rules that cost $5.54 billion to settle - which is why the real moat is quietly moving somewhere else - toward the value-added layer of fraud, identity, and data services that now accounts for nearly 40% of Mastercard's revenues and is growing far faster than the core network.
8 min
Tools to try
- Ansoff move finderFramework: Ansoff Matrix
- Business model canvas builderFramework: Business Model Canvas
- Change readiness checkFramework: Kotter's 8-Step Change Model
- Five Forces scorerFramework: Porter's Five Forces
- SMART goal builderFramework: SMART Goals
- SWOT builderFramework: SWOT Analysis
More from Stratrix
The Business Model Wizard
Make the seven choices that define your model, test your numbers against real companies, and meet the rival AI would build against you.
Free · about twelve minutesBuild your Model Thesis →Test a decision, free
Set a live decision against the companies that made it before you.
AcquisitionsThe Distance TestDivestituresThe Divestiture TestDiversificationThe Diversification TestMake or buyThe Make-or-Buy TestWeekly email
Stratonomics, every Tuesday
One data story every Tuesday: what happened, what it means, and the figures you can quote. Free.