Mastercard reported net income of approximately $11.2 billion for fiscal year 2024, up 15% year over year. The company maintains one of the highest net profit margins of any large-cap company globally — roughly 45% — reflecting the near-zero marginal cost of processing additional transactions across its existing payment network. Earnings per share have grown at an even faster rate due to consistent share repurchases reducing the share count.
Earnings of Mastercard
Net income in USD billions from the 2006 NYSE IPO through 2024. Revenue data for the cooperative period (1966–2005) is not publicly available in comparable form. The 2020 dip reflects the pandemic's impact on cross-border transaction volumes.
Annual Earnings Of Mastercard
| Year | Net Income (USD) | YoY Change |
|---|---|---|
| 2015 | $3.81B | — |
| 2016 | $4.06B | +6.6% |
| 2017 | $3.92B | −3.4% |
| 2018 | $5.86B | +49.5% |
| 2019 | $8.12B | +38.6% |
| 2020 | $6.41B | −21.1% |
| 2021 | $8.69B | +35.6% |
| 2022 | $9.93B | +14.3% |
| 2023 | $11.19B | +12.7% |
| 2024 | $12.87B | +15.0% |
Note: The 2017 dip reflects a large US tax reform charge. The 2018 jump reflects the normalization of the effective tax rate post-US Tax Cuts and Jobs Act. Visa follows a very similar earnings trajectory for the same structural reasons.
Mastercard P/E Ratio
| Year | P/E Ratio | Note |
|---|---|---|
| 2015 | 28.3x | — |
| 2016 | 26.6x | Modest compression |
| 2017 | 37.8x | Tax charge depressed earnings |
| 2018 | 30.7x | Earnings normalization |
| 2019 | 35.0x | Strong earnings; premium valuation |
| 2020 | 51.8x | Pandemic earnings drop |
| 2021 | 41.5x | Recovery earnings |
| 2022 | 33.4x | Earnings growth, rate pressure |
| 2023 | 35.4x | Premium re-rated upward |
| 2024 | 36.8x | Premium sustained |