Mastercard Files 2024 10-K

Ticker: MA · Form: 10-K · Filed: Feb 12, 2025 · CIK: 1141391

Mastercard Inc 10-K Filing Summary
FieldDetail
CompanyMastercard Inc (MA)
Form Type10-K
Filed DateFeb 12, 2025
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.0001, $28.2B, $12.9B, $13.89, $13.5B
Sentimentneutral

Sentiment: neutral

Topics: 10-K, annual-report, financials

Related Tickers: MA

TL;DR

MA's 2024 10-K is in. Full financials and risks detailed.

AI Summary

Mastercard Inc. filed its 2024 10-K on February 12, 2025, reporting its financial performance for the fiscal year ending December 31, 2024. The filing details the company's operations, financial statements, and risk factors. Key financial figures and operational highlights for 2024 are presented within the report.

Why It Matters

This 10-K filing provides investors and analysts with a comprehensive overview of Mastercard's financial health and strategic positioning for the fiscal year 2024, crucial for understanding its future performance.

Risk Assessment

Risk Level: medium — 10-K filings inherently contain detailed risk factors that could impact a company's future performance, requiring careful analysis.

Key Numbers

  • 29,952 — Property, Plant and Equipment and Finance Lease Right of Use Asset (Reported as of December 31, 2024)
  • 41,891 — Other Liabilities Current (Reported as of December 31, 2024)
  • 13,040 — Other Liabilities Noncurrent (Reported as of December 31, 2024)
  • 33,008 — General and Administrative Expense (Reported for the fiscal year 2024)

Key Players & Entities

  • Mastercard Inc. (company) — Filer of the 10-K
  • 2024-12-31 (date) — Fiscal year end
  • 2025-02-12 (date) — Filing date
  • 2000 PURCHASE STREET, PURCHASE, NY 10577 (address) — Company business and mailing address

FAQ

What was Mastercard's total revenue for the fiscal year 2024?

The filing does not explicitly state the total revenue figure in the provided snippet, but it details various expense and asset categories.

What are the main risk factors highlighted in the 10-K filing?

The provided snippet does not detail the specific risk factors mentioned in the filing.

When is the next scheduled filing or report due for Mastercard?

The filing mentions dates like 11/15/2025, 11/18/2025, 06/30/2025, and 02/27/2026, which likely pertain to future reporting or event dates.

What is Mastercard's primary industry classification?

Mastercard Inc. is classified under SERVICES-BUSINESS SERVICES, NEC [7389].

What is the company's state of incorporation?

Mastercard Inc. is incorporated in Delaware (DE).

Filing Stats: 4,339 words · 17 min read · ~14 pages · Grade level 15.2 · Accepted 2025-02-12 14:30:36

Key Financial Figures

  • $0.0001 — stered Class A Common Stock, par value $0.0001 per share MA New York Stock Exchange 2
  • $28.2B — P Net revenue Net income Diluted EPS $28.2B $12.9B $13.89 up 12% up 15% up 17% N
  • $12.9B — revenue Net income Diluted EPS $28.2B $12.9B $13.89 up 12% up 15% up 17% Non-GAAP
  • $13.89 — e Net income Diluted EPS $28.2B $12.9B $13.89 up 12% up 15% up 17% Non-GAAP 1 (cur
  • $13.5B — net income Adjusted diluted EPS $28.2B $13.5B $14.60 up 13% up 18% up 21% $13.4B
  • $14.60 — ome Adjusted diluted EPS $28.2B $13.5B $14.60 up 13% up 18% up 21% $13.4B $11.0B
  • $13.4B — B $13.5B $14.60 up 13% up 18% up 21% $13.4B $11.0B Repurchased shares $14.8B in c
  • $11.0B — $14.60 up 13% up 18% up 21% $13.4B $11.0B Repurchased shares $14.8B in capital r
  • $14.8B — 21% $13.4B $11.0B Repurchased shares $14.8B in capital returned to stockholders
  • $2.4B — in capital returned to stockholders $2.4B Dividends paid cash flows from operati
  • $9.8 — urrency basis) Switched transactions $9.8T up 18% 159.4B up 11% up 11% 1 Non-G

Filing Documents

Business

Business 25 Item 1A.

Risk factors

Risk factors 39 Item 1B. Unresolved staff comments 39 Item 1C. Cybersecurity 41 Item 2.

Properties

Properties 41 Item 3.

Legal proceedings

Legal proceedings 41 Item 4. Mine safety disclosures 42 - Information about our executive officers PART II 45 Item 5. Market for registrant's common equity, related stockholder matters and issuer purchases of equity securities 45 Item 6. Reserved 46 Item 7.

Management's discussion and analysis of financial condition and results of operations

Management's discussion and analysis of financial condition and results of operations 60 Item 7A.

Quantitative and qualitative disclosures about market risk

Quantitative and qualitative disclosures about market risk 61 Item 8.

Financial statements and supplementary data

Financial statements and supplementary data 108 Item 9. Changes in and disagreements with accountants on accounting and financial disclosure 108 Item 9A.

Controls and procedures

Controls and procedures 109 Item 9B. Other information 109 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections PART III 111 Item 10. Directors, executive officers and corporate governance 111 Item 11.

Executive compensation

Executive compensation 111 Item 12.

Security ownership of certain beneficial owners and management and related stockholder matters

Security ownership of certain beneficial owners and management and related stockholder matters 111 Item 13. Certain relationships and related transactions, and director independence 111 Item 14. Principal accountant fees and services PART IV 113 Item 15. Exhibits and financial statement schedules 113 Item 16. Form 10-K summary MASTERCARD 2024 FORM 10-K 3 In this Report on Form 10-K ("Report"), references to the "Company," "Mastercard," "we," "us" or "our" refer to the business conducted by Mastercard Incorporated and its consolidated subsidiaries, including our operating subsidiary, Mastercard International Incorporated, and to the Mastercard brand.

Forward-Looking Statements

Forward-Looking Statements This Report contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this Report, the words "believe", "expect", "could", "may", "would", "will", "trend" and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the Company's future prospects, developments and business strategies. Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors: regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging) the impact of preferential or protective government actions regulation of privacy, data, AI, information security and the digital economy regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation) the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions potential or incurred liability and limitations on business related to any litigation or litigation settlements the impact of competition in the global payments industry (including di

Risk factors

Item 1A. Risk factors

Unresolved staff comments

Item 1B. Unresolved staff comments

C ybersecurity

Item 1C. C ybersecurity

Legal proceedings

Item 3. Legal proceedings

Mine safety disclosures

Item 4. Mine safety disclosures Information about our executive officers PART I

Business

Item 1. Business Overview Mastercard is a technology company in the global payments industry. We connect consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible. We make payments easier and more efficient by providing a wide range of payment solutions and services using our family of well-known and trusted brands, including Mastercard, Maestro and Cirrus. We operate a payments network that provides choice and flexibility for consumers, merchants and our customers. Through our unique and proprietary global payments network, we switch (authorize, clear and settle) payment transactions. We have additional payments capabilities that include automated clearing house ("ACH") transactions (both batch and real-time account-based payments). Using these capabilities, we offer consumer and commercial payment products, capture new payment flows and provide services and solutions. These services and solutions include, among others, security solutions, consumer acquisition and engagement services, and business and market insights, all of which draw on our principled and responsible use of secure data . Our capabilities strengthen, reinforce and complement each other and are fundamentally interdependent. For our global payments network, our franchise model sets the standards and ground-rules that balance value and risk across all stakeholders and allows for interoperability among them. We employ a multi-layered approach to help protect the global payments ecosystem in which we operate. For a full discussion of our business, please see page 10. Our Performance The following are our key financial and operational highlights for 2024, including growth rates over the prior year: GAAP Net revenue Net income Diluted EPS $28.2B $12.9B $13.89 up 12% up 15% up 17% Non-GAAP 1 (currency-neutral) Adjusted net

BUSINESS

ITEM 1. BUSINESS The following chart provides gross dollar volume ("GDV") and number of cards featuring our brands in 2024 for select programs and solutions: GDV Cards Year Ended December 31, 2024 As of December 31, 2024 Mastercard-branded Programs 1 (in billions) % Increase from December 31, 2023 (Local) % of Total GDV (in millions) % Increase from December 31, 2023 Consumer Credit $ 3,634 9 % 37 % 1,070 5 % Consumer Debit and Prepaid 2 4,865 12 % 50 % 1,935 9 % Commercial Credit and Debit 1,258 11 % 13 % 153 10 % 1 Excludes Maestro and Cirrus cards and volume generated by those cards. 2 Prepaid includes both consumer and commercial prepaid. For a full discussion of our results of operations, see "Management's Discussion and Analysis of Financial Condition and Results of Operations" in Item II, Part 7. Our Strategy Our strategy centers on growing our core, diversifying our customers and geographies and building new areas for the future through a combination of organic and inorganic strategic initiatives. We are executing on this strategy through a focus on three priorities: consumer payments commercial and new payment flows services and other solutions Our priorities strengthen, complement and reinforce each other and are fundamentally interdependent. Our Strategy Grow our core Diversify into new customers and geographies Build new areas for the future Our Strategic Priorities Consumer payments Commercial and new payment flows Services and other solutions Enabled by People Brand Data & AI Technology Franchise Doing well by doing good MASTERCARD 2024 FORM 10-K 7 PART I

BUSINESS

ITEM 1. BUSINESS Our Strategic Priorities Consumer payments. We focus on enabling consumer payments, providing consumers with choice and flexibility to transact across multiple payment rails (including cards, real-time payments and account-based transactions), while ensuring that all payments are safe, secure and seamless. We do so by: Capturing the significant secular opportunity of cash displacement by increasing acceptance through advancing technology and partnering with players across the payments ecosystem, as well as by opening up closed-loop and domestic networks. We also pursue incremental volume and transactions by extending our reach across under-penetrated card verticals (such as bill pay) and real-time account-based payments Driving brand preference through compelling consumer experiences by offering relevant value propositions to consumers (including features, benefits and experiences), providing comprehensive digital functionality (such as Digital First), delivering enhanced security and functionality (increasing tokenization, scaling authentication and streamlining online checkout) and driving increased approval, spend and activation rates Investing in the future and driving market transformation by extending the reach of our network to enable the tokenization of credentials, identities, assets and data and the exchange of those items between counterparties (providing security, privacy and control). We also seek to achieve this transformation by modernizing our card switch to meet evolving needs Commercial and new payment flows. We focus on capturing opportunities in commercial payments (both point-of-sale purchases and invoiced payments) and disbursements and remittances (specifically, through Mastercard Move, our collection of money movement capabilities that provides solutions for money transfers to consumers from consumers, businesses or governments). We do so by: Accelerating secular shift in commercial point-of-sale purchases by offering

BUSINESS

ITEM 1. BUSINESS Our priorities are fundamentally interdependent and strengthen, reinforce and complement each other. Our payments network helps us scale our services and solutions, and those services and solutions help us differentiate our payments solutions We grow in payments, which allows us to switch more transactions and bring more transaction data onto the network We use that data to create insightful services and solutions that can, in turn, help us win new and renewed customer deals and drive greater payments volume growth Enabling Our Success These priorities are supported by six enablers: People. Our success is driven by the skills, experience, integrity and mindset of our people. We attract, develop and retain top talent, in alignment with our strategic priorities. Our winning culture is guided by the Mastercard Way, which outlines the behaviors we expect from employees to deliver for our customers and one another. We foster a working environment that benefits and provides equal opportunities for all of our employees, where people have opportunities to perform purpose-driven work that advances our business objectives by delivering a positive impact on communities, customers and co-workers across the globe. Brand. Our brands and brand identities serve as a differentiator for our business, representing our values and enabling us to accelerate growth in new areas. Data and AI. We create a range of products and services for our customers using our data and artificial intelligence ("AI") assets, technology, platforms and expertise. We follow our Data and Tech Responsibility Principles in how we design, implement and deliver those solutions. Our Privacy by Design, Data by Design and AI Governance processes are designed to ensure we embed multiple layers of privacy, data protection and information security controls in all our products and services, keeping a clear focus on protecting customers' and individuals' data and privacy. Technology. Our tec

BUSINESS

ITEM 1. BUSINESS Our Business Our Payments Capabilities We enable a wide variety of payments capabilities (including products, services and solutions) over our network among account holders, merchants, financial institutions, businesses, governments and others, offering our customers one partner for their payment needs. Payment Network Our payment network links issuers and acquirers around the globe to facilitate the switching of transactions, permitting account holders to use our products at approximately 150 million acceptance locations and over 250 million digital access points worldwide. This network facilitates an efficient, safe and secure means for making and receiving payments, a convenient, quick and secure payment method for consumers to access their funds and a channel for businesses to receive insight through information that is derived from our network. We enable transactions for our customers through our payment network in more than 150 currencies and in more than 220 countries and territories. Payment Network Transactions. Our payment network supports what is often referred to as a "four-party" payments network and includes the following participants: account holder (a person or entity who holds a card or uses another device enabled for payment), issuer (the account holder's financial institution), merchant and acquirer (the merchant's financial institution). We do not issue cards, extend credit, determine or receive revenue from interest rates or other fees charged to account holders by issuers, or establish the rates charged by acquirers in connection with merchants' acceptance of our products. In most cases, account holder relationships belong to, and are managed by, our customers. The following graphic depicts a typical transaction on our payment network and our role in that transaction, which includes services and other solutions and payments ecosystem security: In a typical transaction, an account holder purchases goods or services fr

BUSINESS

ITEM 1. BUSINESS Additional Four-Party System Fees. The merchant discount rate is established by the acquirer to cover its costs of both participating in the four-party system and providing services to merchants. The rate takes into consideration the amount of the interchange fee which the acquirer generally pays to the issuer. Additionally, acquirers may charge merchants processing and related fees in addition to the merchant discount rate. Issuers may also charge account holders fees for the transaction, including, for example, fees for extending revolving credit. Switched Transactions Authorization, Clearing and Settlement. Through our payment network, we enable the routing of a transaction to the issuer for its approval, facilitate the exchange of financial transaction information between issuers and acquirers after a successfully conducted transaction, and settle the transaction by facilitating the exchange of funds between parties via settlement banks chosen by us and our customers. Cross-Border and Domestic. Our payment network switches transactions throughout the world when the merchant country and country of issuance are different ("cross-border transactions"), providing account holders with the ability to use, and merchants to accept, our products and services across country borders. We also provide switched transaction services to customers where the merchant country and the country of issuance are the same ("domestic transactions"). We switch approximately 70% of all transactions for Mastercard and Maestro-branded cards, including nearly all cross-border transactions. Key 2024 Developments In 2024, we began processing domestic transactions in China through our joint venture. Mastercard-branded cards are now accepted for both domestic and cross-border purchases. We guarantee the settlement of many of the transactions from issuers to acquirers to help ensure the integrity of our payment network. We refer to the amount of this guarantee as our se

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