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Sankey diagram of Mastercard Incorporated. A complete text table follows the diagram.
Security, digital authentication and insights grew twice as fast as the payment network while the platform retained a 58.4% operating margin
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All flow values are directly reported. Net other expense of $95 million is the reported difference between operating income and income before income taxes and is corroborated by Mastercard's GAAP reconciliation.
Labels and narrative explain the filing. A category marked “arithmetic bridge” or “residual” is calculated from reported totals, rather than a separately reported line.
| Category | Stage | Value | Notes |
|---|---|---|---|
| Payment network | 1 | $4.9B | Up 12%; volume and transactions drove growth |
| Value-added services & solutions | 1 | $3.5B | Up 22%; security and digital led |
| Net revenue | 2 | $8.4B | Up 16% year over year |
| Operating income | 3 | $4.9B | 58.4% operating margin |
| Operating expenses | 3 | $3.5B | Up 13%, slower than revenue |
| General & administrative | 4 | $3.0B | Personnel was the largest component |
| Advertising & marketing | 4 | $153M | Flat year over year |
| Depreciation & amortization | 4 | $299M | 9% above prior year |
| Income before tax | 4 | $4.8B | After net other expense |
| Net other expense | 4 | $95M | Interest partly offset by investment income |
| Net income | 5 | $3.9B | 46.2% net margin; up 18% |
| Income tax | 5 | $930M | 19.3% effective rate |
| From | To | Value |
|---|---|---|
| Payment network | Net revenue | $4.9B |
| Value-added services & solutions | Net revenue | $3.5B |
| Net revenue | Operating income | $4.9B |
| Net revenue | Operating expenses | $3.5B |
| Operating expenses | General & administrative | $3.0B |
| Operating expenses | Advertising & marketing | $153M |
| Operating expenses | Depreciation & amortization | $299M |
| Operating income | Income before tax | $4.8B |
| Operating income | Net other expense | $95M |
| Income before tax | Net income | $3.9B |
| Income before tax | Income tax | $930M |