Mastercard reported net revenues of approximately $25.1 billion for fiscal year 2024, up 12% year over year. Growth was driven by higher cross-border transaction volumes and services revenue, as international travel continued to recover and consumer spending on card networks outpaced GDP growth in most major markets for the third consecutive year.
Mastercard Revenue
Mastercard net revenue in USD billions from the 2006 IPO through 2024. Revenue data for the cooperative period (1966–2005) is not publicly available in comparable form. The 2020 dip reflects pandemic travel restrictions reducing cross-border transaction volumes.
Mastercard Annual Revenue
| Year | Net Revenue (USD) | YoY Change |
|---|---|---|
| 2015 | $9.66B | — |
| 2016 | $10.78B | +11.6% |
| 2017 | $12.50B | +16.0% |
| 2018 | $14.95B | +19.6% |
| 2019 | $16.88B | +12.9% |
| 2020 | $15.30B | −9.4% |
| 2021 | $18.88B | +23.4% |
| 2022 | $22.24B | +17.8% |
| 2023 | $25.10B | +12.9% |
| 2024 | $28.17B | +12.2% |
Note: Mastercard's revenue model is based on a percentage of payment volume rather than lending, making it structurally more resilient than banks during credit cycles. The 2020 dip was driven by cross-border revenue declines — roughly 20% of net revenue — as Visa faced the same pressure from global travel restrictions.