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Mastercard Incorporated, taken apart.

Four panels built from the reported annual accounts, then the rest of the engine. Every figure below is Mastercard Incorporated’s own filing, not an estimate of ours.

Income statement, four years

Read across, not down. Each line is shown for four fiscal years, so the direction matters more than any single column.

Mastercard Incorporated annual income statement, as reported. Columns are fiscal years, most recent first.
LineFY2025FY2024FY2023FY2022
Revenue$32.79B$28.17B$25.10B$22.24B
Cost of revenue$7.25B$6.67B$6.02B$5.26B
Gross profit$25.54B$21.49B$19.08B$16.97B
Operating expenses$6.03B$5.17B$4.45B$4.25B
Operating income$19.51B$16.33B$14.63B$12.72B
Net income$14.97B$12.87B$11.20B$9.93B
Diluted EPS16.5213.8911.8310.22

Net income moved +50.7% across these years while earnings per share moved +61.6% — more than the profit itself, because the share count changed. Profit split fewer ways is not the same as more profit.

The rest of the engine

The panels above are built from filings. These run against the live engine.