Mastercard
Mastercard returns on capital
Annual and trailing 12-month returns on invested capital, equity and assets.
ROIC
% · Annual / TTM
ROCE
% · Annual / TTM
ROIIC
% · Annual / TTM
ROE
% · Annual / TTM
ROA
% · Annual / TTM
ROIC − WACC
Percentage points · Scenario
Quarterly data
| Fiscal period | Ended | ROIC% | ROCE% | ROIIC% | ROE% | ROA% | ROIC − WACCPercentage points |
|---|---|---|---|---|---|---|---|
| FY 2026 Q2 | Jun 30, 2026 | 89.7% | 62.88% | 224.42% | — | 29.8% | 82 pp |
| FY 2026 Q1 | Mar 31, 2026 | 88.56% | 65.35% | — | — | 30.86% | 80.9 pp |
| FY 2025 Q4 | Dec 31, 2025 | 93.75% | 62.72% | — | — | 29.28% | 86.1 pp |
| FY 2025 Q3 | Sep 30, 2025 | 92.6% | 57.32% | 105.4% | — | 28.35% | 84.9 pp |
| FY 2025 Q2 | Jun 30, 2025 | 82.18% | 57.04% | 82.1% | — | 28.98% | 74.5 pp |
| FY 2025 Q1 | Mar 31, 2025 | 80.35% | 57.25% | 66.2% | — | 28.86% | 72.7 pp |
| FY 2024 Q4 | Dec 31, 2024 | 86.61% | 56.62% | 74.09% | — | 28.44% | 78.9 pp |
| FY 2024 Q3 | Sep 30, 2024 | 84.56% | 54.51% | — | — | 28.36% | 76.9 pp |
| FY 2024 Q2 | Jun 30, 2024 | 80.39% | 58.14% | 184.87% | — | 30.14% | 72.7 pp |
| FY 2024 Q1 | Mar 31, 2024 | 79.67% | 56.79% | 143.62% | — | 29.05% | 72 pp |
| FY 2023 Q4 | Dec 31, 2023 | 83.81% | 55.22% | 160.34% | — | 27.58% | 76.1 pp |
| FY 2023 Q3 | Sep 30, 2023 | 79.45% | 56.08% | 64.57% | — | 28.28% | 71.7 pp |
| FY 2023 Q2 | Jun 30, 2023 | 70.65% | 53.96% | 268.87% | — | 27.19% | 62.9 pp |
| FY 2023 Q1 | Mar 31, 2023 | 69.6% | 49.29% | — | — | 25.39% | 61.9 pp |
| FY 2022 Q4 | Dec 31, 2022 | 76.23% | 50% | — | — | 26% | 68.5 pp |
| FY 2022 Q3 | Sep 30, 2022 | 73.75% | 49.63% | — | — | 26.8% | 66.1 pp |
| FY 2022 Q2 | Jun 30, 2022 | 68.65% | 48.21% | 490.29% | — | 27.27% | 60.9 pp |
| FY 2022 Q1 | Mar 31, 2022 | 67.64% | 44.63% | 154.43% | — | 26.37% | 59.9 pp |
| FY 2021 Q4 | Dec 31, 2021 | 74.18% | 43.6% | 37.81% | — | 24.38% | 66.5 pp |
| FY 2021 Q3 | Sep 30, 2021 | 69.62% | 40.95% | 13.06% | — | 24.16% | 61.9 pp |
| FY 2021 Q2 | Jun 30, 2021 | 64.77% | 37.98% | -6.46% | — | 21.46% | 57.1 pp |
| FY 2021 Q1 | Mar 31, 2021 | 63.98% | 36.45% | -26.84% | — | 20% | 56.3 pp |
| FY 2020 Q4 | Dec 31, 2020 | 80.91% | 41.37% | -87.11% | — | 20.41% | 73.2 pp |
| FY 2020 Q3 | Sep 30, 2020 | 88.81% | 45.64% | 13.78% | — | 23.36% | 81.1 pp |
| FY 2020 Q2 | Jun 30, 2020 | 100.77% | 47.93% | 128.53% | — | 25.75% | 93.1 pp |
| FY 2020 Q1 | Mar 31, 2020 | 121.25% | 56.49% | — | — | 29.35% | 113.6 pp |
| FY 2019 Q4 | Dec 31, 2019 | 128.73% | 63.17% | 89.68% | — | 30.01% | 121 pp |
| FY 2019 Q3 | Sep 30, 2019 | 107.66% | 58.82% | — | — | 28.05% | 100 pp |
| FY 2019 Q2 | Jun 30, 2019 | — | — | — | — | — | — |
| FY 2019 Q1 | Mar 31, 2019 | — | — | — | — | — | — |
| FY 2018 Q4 | Dec 31, 2018 | — | — | — | — | — | — |
| FY 2018 Q3 | Sep 30, 2018 | — | — | — | — | — | — |
| FY 2015 Q3 | Sep 30, 2015 | — | 57.01% | — | — | 25.39% | — |
| FY 2015 Q2 | Jun 30, 2015 | — | 57.99% | — | — | 25.34% | — |
| FY 2015 Q1 | Mar 31, 2015 | — | 59.1% | — | — | 25.6% | — |
| FY 2014 Q4 | Dec 31, 2014 | — | 58.97% | — | — | 24.46% | — |
| FY 2014 Q3 | Sep 30, 2014 | — | 58.5% | — | — | 24.23% | — |
| FY 2014 Q2 | Jun 30, 2014 | — | 59.41% | — | — | 25.03% | — |
| FY 2014 Q1 | Mar 31, 2014 | — | 57.78% | — | 48.38% | 24.2% | — |
| FY 2013 Q4 | Dec 31, 2013 | — | 57.12% | — | 43.27% | 23.34% | — |
| FY 2013 Q3 | Sep 30, 2013 | — | 56.44% | — | 42.53% | 23.97% | — |
| FY 2013 Q2 | Jun 30, 2013 | — | 58.77% | — | 45.04% | 25.72% | — |
| FY 2013 Q1 | Mar 31, 2013 | — | 56.03% | — | 43.36% | 24.79% | — |
| FY 2012 Q4 | Dec 31, 2012 | — | 56.11% | — | 43.16% | 23.83% | — |
| FY 2012 Q3 | Sep 30, 2012 | — | 42.83% | — | 33.73% | 19.94% | — |
| FY 2012 Q2 | Jun 30, 2012 | — | 45.65% | — | 36.1% | 20.9% | — |
| FY 2012 Q1 | Mar 31, 2012 | — | 45.13% | — | 35.05% | 20.64% | — |
| FY 2011 Q4 | Dec 31, 2011 | — | 44.59% | — | 34.43% | 19.52% | — |
| FY 2011 Q3 | Sep 30, 2011 | — | 55.31% | — | 42.56% | 25.81% | — |
| FY 2011 Q2 | Jun 30, 2011 | — | 57.26% | — | 43.85% | 25.56% | — |
| FY 2011 Q1 | Mar 31, 2011 | — | 56.77% | — | 43.31% | 24.74% | — |
| FY 2010 Q4 | Dec 31, 2010 | 101.1% | 55.06% | 51.13% | 42.33% | 22.64% | 93.4 pp |
| FY 2010 Q3 | Sep 30, 2010 | 104.63% | 55.94% | — | 42.83% | 22.85% | 96.9 pp |
| FY 2010 Q2 | Jun 30, 2010 | — | 59.41% | — | 48.95% | 23.03% | — |
| FY 2010 Q1 | Mar 31, 2010 | — | — | — | — | — | — |
| FY 2009 Q4 | Dec 31, 2009 | — | — | — | — | — | — |
| FY 2009 Q3 | Sep 30, 2009 | — | — | — | — | — | — |
| FY 2009 Q2 | Jun 30, 2009 | — | — | — | — | — | — |
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.
Quarterly returns use trailing 12-month earnings and period-end balances averaged with the same fiscal quarter one year earlier. NOPAT uses the reported effective tax rate only when pretax profit is positive and the rate is between 0 and 100%. WACC starts at 7.7%, rounded from the US nonfinancial market · generic proxy benchmark in NYU Stern · January 2026. It is an editable US sector proxy applied across history, not a company estimate; foreign reporting currencies also need a currency-specific assessment.
Market prices: Yahoo Finance · MA, USD. Latest completed close Sep 25, 2026. Price data retrieved Sep 28, 2026.
- ROIC
- NOPAT / average invested capital × 100. NOPAT = operating income × (1 − effective tax rate). Invested capital = equity including noncontrolling interests + debt − cash and equivalents. Average uses period end and one year earlier.
- ROCE
- Operating income / average (assets − current liabilities) × 100, using period end and one year earlier.
- ROIIC
- Year-over-year change in annual/TTM NOPAT / positive year-over-year change in invested capital × 100. Capital reductions and missing inputs yield unavailable values.
- ROE
- Earnings attributable to owners / average equity attributable to owners × 100, using period end and one year earlier.
- ROA
- Net income / average total assets × 100, using period end and one year earlier.
- ROIC − WACC
- ROIC less your WACC assumption, in percentage points. The same scenario rate is applied across history; it is not a reported or historical company WACC.