MA - Comprehensive Filing Intelligence

FY 2025•10-K•Filed Feb 11, 2026
6.0/10
Filing Health:GOOD

Solid fundamentals with minor concerns to monitor

Executive Summary

Mastercard demonstrated robust revenue growth in 2025, driven by both its core payment network and expanding value-added services and solutions.. Operating expenses also increased significantly, partly due to acquisitions and strategic investments, impacting operating margin despite revenue growth.. The company has significant future minimum payments primarily related to sponsorships and licensing arrangements totaling $2.033 billion through 2030 and beyond.. Net revenue increased 16% in 2025 vs prior year.

Top Concerns

  • !The company has significant future minimum payments primarily related to sponsorships and licensing arrangements totaling $2.033 billion through 2030 and beyond.
  • !Customer Concentration (high)
  • !Cybersecurity Threats (high)

Top Positives

  • +Mastercard demonstrated robust revenue growth in 2025, driven by both its core payment network and expanding value-added services and solutions.
  • +Operating expenses also increased significantly, partly due to acquisitions and strategic investments, impacting operating margin despite revenue growth.
  • +The company maintains strong cash flow generation, with a substantial increase in net cash from operations, supporting its capital allocation strategies.

Analysis Dimensions

Our 5-pass AI analysis examines this filing across multiple dimensions. Each dimension score is derived from direct analysis of SEC filing text.

Narrative Intelligence

6.0/10

Management tone is confidently optimistic.

Full analysis includes: tone changes vs prior quarter, margin driver breakdown, forward guidance analysis, strategic priorities.

Accounting Quality

8.0/10

Earnings quality shows conservative accounting practices.

Full analysis includes: reserve and allowance changes, non-recurring item analysis, stock-based compensation impact, disclosure concerns.

Hidden Liabilities

Off-balance sheet risk is low with $2.033 billion in identified exposure.

Full analysis includes: cloud and purchase commitments, VIE/SPE exposure, covenant compliance status, refinancing risk assessment.

Risk Landscape

4.0/10

Overall risk profile shows customer concentration as primary concern.

Full analysis includes: 8 risk categories with severity, new vs escalated risks, management response assessment, risk trend analysis.

Segment Performance

7.0/10

Segment health analysis.

Full analysis includes: segment-by-segment revenue breakdown, geographic concentration risk, customer concentration analysis, segment margin trends.