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Mastercard

NYSE: MA · USD

Mastercard debt and dilution78

Borrowings, liquidity, share count and stock-based dilution.

Total debt

USD millions

$24,643M
Jun 30, 2009 through Jun 30, 2026

Cash & equivalents

USD millions

$11,291M

Net debt

USD millions

$13,352M

Debt / equity

×

4.4×

Debt / assets

%

42.72%

Net debt / EBITDA

× · TTM

0.62×

Debt / FCF

× · TTM

1.48×

Interest coverage

× · TTM

27.36×

Current ratio

×

1.06×

Diluted shares

Million shares

883M shares

Basic shares

Million shares

882M shares

Share count growth

%

-2.86%

Share repurchases

USD millions

$4,898M

Quarterly data

Mastercard capital history. Each metric has its own unit. A dash means inputs are missing or the calculation is undefined.
Fiscal periodEndedTotal debtUSD millionsCash & equivalentsUSD millionsNet debtUSD millionsDebt / equity×Debt / assets%Net debt / EBITDA×Debt / FCF×Interest coverage×Current ratio×Diluted sharesMillion sharesBasic sharesMillion sharesShare count growth%Share repurchasesUSD millions
FY 2026 Q2Jun 30, 202624,64311,29113,3524.4×42.72%0.62×1.48×27.36×1.06×883882-2.86%4,898
FY 2026 Q1Mar 31, 202618,9607,90611,0542.82×36.15%0.53×1.07×27.11×0.98×893891-2.3%4,035
FY 2025 Q4Dec 31, 202519,00010,5668,4342.45×35.08%0.42×1.11×26.17×1.03×897.1896.1-2.18%3,558
FY 2025 Q3Sep 30, 202518,98310,3138,6702.4×35.62%0.46×1.12×24×1.12×905903-2.17%3,331
FY 2025 Q2Jun 30, 202518,9709,0319,9392.41×36.88%0.56×1.15×23.43×1.16×909908-2.26%2,289
FY 2025 Q1Mar 31, 202518,8027,57511,2272.81×38.79%0.66×1.25×23.79×1.11×914912-2.25%2,549
FY 2024 Q4Dec 31, 202418,2268,4429,7842.8×37.91%0.59×1.27×24.12×1.03×918.07916.07-2.04%3,470
FY 2024 Q3Sep 30, 202418,35811,0637,2952.46×38.86%0.46×1.35×24.62×1.29×925923-1.91%2,934
FY 2024 Q2Jun 30, 202415,6056,9968,6092.09×36.86%0.55×1.33×24.68×1.14×930929-1.8%2,639
FY 2024 Q1Mar 31, 202415,6297,2938,3362.15×36.69%0.54×1.38×24.41×1.09×935933-2.1%1,992
FY 2023 Q4Dec 31, 202315,6818,5887,0932.25×36.94%0.48×1.35×24.36×1.17×937.1935.1-2.5%1,832
FY 2023 Q3Sep 30, 202315,5666,8908,6762.45×39.23%0.59×1.48×24.95×1.17×943941-2.49%1,906
FY 2023 Q2Jun 30, 202315,6206,1709,4502.81×40.05%0.68×1.4×25.02×1.13×949946-2.57%2,416
FY 2023 Q1Mar 31, 202315,5686,5669,0022.89×39.98%0.68×1.42×25.25×1.2×956953-2.46%2,878
FY 2022 Q4Dec 31, 202214,0237,0087,0152.21×36.21%0.54×1.3×26.04×1.17×962.1959.1-2.34%2,414
FY 2022 Q3Sep 30, 202214,5347,6336,9012.26×38.64%0.55×1.34×26.34×1.25×968965-2.13%1,551
FY 2022 Q2Jun 30, 202214,4815,9218,5602.32×39.97%0.7×1.52×26.05×1.26×974971-1.92%2,380
FY 2022 Q1Mar 31, 202214,6466,8797,7672.06×39.41%0.67×1.58×24.97×1.34×981977-1.71%2,408
FY 2021 Q4Dec 31, 202113,9017,4216,4801.88×36.9%0.6×1.54×23.39×1.29×986.07982.07-1.7%1,276
FY 2021 Q3Sep 30, 202113,8616,4067,4552.05×39.14%0.75×1.69×21.76×1.33×990986-1.5%1,561
FY 2021 Q2Jun 30, 202113,8996,2167,6832.13×39.81%0.82×1.89×20.57×1.33×994990-1.39%1,711
FY 2021 Q1Mar 31, 202113,8707,2466,6242.16×39.86%0.76×2.12×19.3×1.43×998994-1.09%1,356
FY 2020 Q4Dec 31, 202012,67210,1132,5591.95×37.73%0.3×1.84×21.27×1.61×1,000.04999.02-0.89%1,030
FY 2020 Q3Sep 30, 202012,57410,2252,3492.15×39.8%0.26×1.66×24.84×1.85×1,0051,001-1.18%2,060
FY 2020 Q2Jun 30, 202012,49811,1371,3611.92×38.9%0.14×1.52×30.21×1.95×1,0081,004-1.57%0
FY 2020 Q1Mar 31, 202012,46610,2072,2592.3×40.67%0.22×1.51×39.12×1.87×1,0101,005-2.05%1,383
FY 2019 Q4Dec 31, 20198,5276,9881,5391.44×29.17%0.15×1.1×43.14×1.42×1,0131,008-2.33%994
FY 2019 Q3Sep 30, 20197,7355,1012,6341.55×29.77%0.29×1.26×41.06×1.39×1,0191,013-2.31%1,762
FY 2019 Q2Jun 30, 20197,8065,6912,1151.55×31.56%0.25×1.26×42.35×1.49×1,0251,020—1,917
FY 2019 Q1Mar 31, 20196,2995,8574421.21×26.78%———1.41×1,0321,026—1,824
FY 2018 Q4Dec 31, 20186,3346,682-3481.17×25.48%-0.04×1.07×39.15×1.39×1,0381,032—888
FY 2018 Q3Sep 30, 20186,3586,871-5131.1×27.24%———1.55×1,0431,037—1,164
FY 2015 Q3Sep 30, 2015—3,877—————76.75×1.62×1,1331,130-2.33%930
FY 2015 Q2Jun 30, 2015—3,361—————82.62×1.58×1,1411,138-2.32%848
FY 2015 Q1Mar 31, 2015—4,207—————87.66×1.74×1,1521,148-3.12%947
FY 2014 Q4Dec 31, 2014—5,137—————106.38×1.77×1,1571,153-4%155
FY 2014 Q3Sep 30, 2014—4,462—————128.41×1.87×1,1601,157-4.38%404
FY 2014 Q2Jun 30, 2014—2,878—————193.44×1.83×1,1691,165-3.72%1,158
FY 2014 Q1Mar 31, 2014—4,019—————312.07×1.89×1,1891,185-3.66%1,669
FY 2013 Q4Dec 31, 2013—3,599—————321.64×1.82×1,2051,201-3.15%751
FY 2013 Q3Sep 30, 2013—3,413—————320.14×1.95×1,2101,210-3.2%345
FY 2013 Q2Jun 30, 2013—2,348—————204.67×2.07×1,2201,210-3.97%581
FY 2013 Q1Mar 31, 2013—1,984—————212.84×1.99×1,2301,230-3.15%766
FY 2012 Q4Dec 31, 2012—2,052—————196.85×1.91×1,2501,240-2.36%613
FY 2012 Q3Sep 30, 2012—3,045—————151.4×1.99×1,2501,250-1.57%216
FY 2012 Q2Jun 30, 2012—3,153—————134.82×1.92×1,2601,260-0.79%671
FY 2012 Q1Mar 31, 2012—3,684—————137×1.98×1,2701,270-2.31%248
FY 2011 Q4Dec 31, 2011—3,734—————108.52×1.84×1,2701,270-3.05%30
FY 2011 Q3Sep 30, 2011—3,753—————121.93×2.17×1,2701,270-3.05%77
FY 2011 Q2Jun 30, 2011—2,764—————95.5×2.03×1,2801,270-3.05%387
FY 2011 Q1Mar 31, 2011212,954-2,9330×0.25%-0.96×0.01×61.45×2.18×1,3101,3000%654
FY 2010 Q4Dec 31, 2010203,067-3,0470×0.23%-1.05×0.01×52.92×2.05×1,3101,3100.77%0
FY 2010 Q3Sep 30, 2010212,479-2,4580×0.26%-0.88×0.02×39.91×2.2×1,3101,3100.82%—
FY 2010 Q2Jun 30, 2010—2,323—————32.18×1.97×1,3101,3100.97%—
FY 2010 Q1Mar 31, 2010—2,119—————25.44×1.81×1,3101,300——
FY 2009 Q4Dec 31, 200921.62,055.44-2,033.840.01×0.29%-0.85×0.02×19.63×1.58×1,3001,300—0
FY 2009 Q3Sep 30, 200921.692,316.39-2,294.70.01×0.31%———1.7×1,303.591,299.36—0
FY 2009 Q2Jun 30, 200920.562,048.19-2,027.630.01×0.29%———1.57×1,301.181,297.43——
Sources and calculations

Financial inputs from company filings. Last checked Oct 18, 2026. A dash means missing inputs or an undefined calculation.

Period changes use the preceding fiscal quarter or year. Percentage changes divide by the absolute prior value; a zero or missing baseline has no percentage change. Percentage metrics show changes in percentage points.

The SBC option subtracts reported share-based compensation from FCF as an economic-cost scenario. Missing SBC never becomes zero.

Debt uses reported borrowings, with overlapping concepts treated as alternatives. Cash excludes restricted cash and short-term investments. Dilution compares split-normalized weighted average basic shares year over year. Share buyback spending does not by itself measure shares retired.

Market prices: Yahoo Finance · MA, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.

Total debt
Reported borrowing balances. Uses an aggregate including current maturities, or current plus noncurrent debt. Adds separately disclosed short-term borrowings, with commercial paper as a fallback, unless the selected current/aggregate concept already includes them. Finance leases are included when part of the reported debt concept; undisclosed components are not estimated.
Cash & equivalents
Unrestricted reported cash and cash equivalents. Excludes short-term investments and restricted cash.
Net debt
Total debt − cash and equivalents. Negative means net cash.
Debt / equity
Total debt / equity including noncontrolling interests. Nonpositive equity yields unavailable.
Debt / assets
Total debt / total assets × 100.
Net debt / EBITDA
Period-end net debt / (TTM operating income + TTM depreciation and amortization). Negative net debt is retained.
Debt / FCF
Period-end reported debt / positive TTM free cash flow. Reflects the selected reported capex scope and SBC option.
Interest coverage
TTM operating income / positive TTM interest expense. IFRS finance costs can include more than interest.
Current ratio
Current assets / positive current liabilities.
Diluted shares
Reported weighted average diluted shares, normalized for subsequent recorded stock splits. Fourth-quarter counts use a day-weighted annual/nine-month reconstruction where possible.
Basic shares
Reported weighted average basic shares, normalized for subsequent recorded stock splits.
Share count growth
Year-over-year change in split-normalized weighted average basic shares × 100. A dilution proxy; negative means a lower share count.
Share repurchases
Reported cash payments for repurchase of common shares. This is spending, not a buyback yield.