The Share Count Fell a FifthWide moat

Mastercard (MA) — moat facet

Mastercard's earnings per share grew nearly five times in a decade, a fifth of it because there are fewer shares.

Buybacks show up in the per-share figures. Mastercard's diluted share count was 1,137 million in 20151 and 906 million in 20252, a fall of about 20%3, and 883 million in the second quarter of 20264. Net income grew about 3.9 times over the ten years; diluted earnings per share went from $3.35 to $16.5256, about 4.9 times7.

Diluted shares (millions)1,13720151,0472018992202194620239062025883Q2 2026Mastercard Forms 10-K; Q2 2026 results release
About 2% fewer shares each year.

That gap is the reward for returning capital rather than hoarding it. Earnings per share compounded at about 17.3% a year from 2015 to 20258, against about 13.0% for net revenue9. In the second quarter of 2026 buybacks contributed $0.14 to adjusted earnings per share10.

The buybacks are large and continuing. The board authorised $14.0 billion of repurchases in December 202511, and in the second quarter the company bought 9.8 million shares for $4.9 billion12.

The price paid matters. Repurchases at 28 to 41 times earnings, the range the shares traded at in most year-ends shown13, return less per dollar than repurchases at 15 times. They are still better than acquisitions that earn less than the network.

The buybacks have outrun the stock issued to employees by a wide margin. Treasury stock rose from 518 million shares at the end of 2025 to 536 million at 30 June 202614, and shares outstanding were 876.01 million in September 202615. At that pace the count falls by about 2% a year. Management attributed $0.14 of second-quarter adjusted earnings per share to repurchases16.

A falling share count is only good if the price is sensible. The number to follow is earnings yield at the average repurchase price; buying at more than 35 times earnings for long would mean returning capital less efficiently than the headline suggests.

Moat trajectory: Holding steady

Diluted shares keep falling about 2% a year.

The number that tests this moat
Reported
Diluted share count, latest quarter
883M (Q2 2026); 906M in 2025; 1,137M in 2015

Buybacks in per-share form; the count rising would mean returns have stopped outpacing stock issued to employees.

Source: Mastercard Q2 2026 results release ↗
⚠ Threats to the moat
⚠ THREAT 01
Buying Back at Thirty Times Earnings
Each dollar Mastercard spends on buybacks at 31 times earnings retires about three cents of annual profit.
References
  1. ReportedMastercard's diluted share count was 1,137 million in 2015 and 906 million in 2025, a fall of about 20%, and 883 million in the second quarter of 2026.
    Mastercard Form 10-K for fiscal 2017 - gross revenue and rebates for 2015-2017, net income and EPS, headcount and the 2017 tax charge. — FY2017 · publ. February 2018 · source ↗
  2. ReportedMastercard's diluted share count was 1,137 million in 2015 and 906 million in 2025, a fall of about 20%, and 883 million in the second quarter of 2026.
    Mastercard Form 10-K for fiscal 2025 - financial statements and notes: income, cash flow, equity, debt, tax and acquisitions. — FY2025 · publ. 11 February 2026 · source ↗
  3. Moat Explorer calcMastercard's diluted share count was 1,137 million in 2015 and 906 million in 2025, a fall of about 20%, and 883 million in the second quarter of 2026.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - rebates, assessments and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  4. ReportedMastercard's diluted share count was 1,137 million in 2015 and 906 million in 2025, a fall of about 20%, and 883 million in the second quarter of 2026.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  5. ReportedNet income grew about 3.9 times over the ten years; diluted earnings per share went from $3.35 to $16.52, about 4.9 times.
    Mastercard Form 10-K for fiscal 2017 - gross revenue and rebates for 2015-2017, net income and EPS, headcount and the 2017 tax charge. — FY2017 · publ. February 2018 · source ↗
  6. ReportedNet income grew about 3.9 times over the ten years; diluted earnings per share went from $3.35 to $16.52, about 4.9 times.
    Mastercard Form 10-K for fiscal 2025 - financial statements and notes: income, cash flow, equity, debt, tax and acquisitions. — FY2025 · publ. 11 February 2026 · source ↗
  7. Moat Explorer calcNet income grew about 3.9 times over the ten years; diluted earnings per share went from $3.35 to $16.52, about 4.9 times.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - rebates, assessments and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  8. Moat Explorer calcEarnings per share compounded at about 17.3% a year from 2015 to 2025, against about 13.0% for net revenue.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - rebates, assessments and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  9. Moat Explorer calcEarnings per share compounded at about 17.3% a year from 2015 to 2025, against about 13.0% for net revenue.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - rebates, assessments and growth. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  10. ReportedIn the second quarter of 2026 buybacks contributed $0.14 to adjusted earnings per share.
    Yahoo Finance / GuruFocus, Mastercard Q2 2026 earnings call highlights (third-party summary of the call). — Q2 2026 · publ. 31 July 2026 · source ↗
  11. ReportedThe board authorised $14.0 billion of repurchases in December 2025, and in the second quarter the company bought 9.8 million shares for $4.9 billion.
    Mastercard Form 10-K for fiscal 2025 - financial statements and notes: income, cash flow, equity, debt, tax and acquisitions. — FY2025 · publ. 11 February 2026 · source ↗
  12. ReportedThe board authorised $14.0 billion of repurchases in December 2025, and in the second quarter the company bought 9.8 million shares for $4.9 billion.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  13. Moat Explorer calcRepurchases at 28 to 41 times earnings, the range the shares traded at in most year-ends shown, return less per dollar than repurchases at 15 times.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - valuation, capital returns, tax, litigation and acquisitions. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  14. ReportedTreasury stock rose from 518 million shares at the end of 2025 to 536 million at 30 June 2026, and shares outstanding were 876.01 million in September 2026.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  15. ReportedTreasury stock rose from 518 million shares at the end of 2025 to 536 million at 30 June 2026, and shares outstanding were 876.01 million in September 2026.
    Mastercard (MA) statistics - trailing P/E 31.13, forward P/E 26.62, P/S 14.13, P/B 88.50, 876.01 million shares outstanding. — September 2026 · publ. 24 September 2026 · source ↗
  16. ReportedManagement attributed $0.14 of second-quarter adjusted earnings per share to repurchases.
    Yahoo Finance / GuruFocus, Mastercard Q2 2026 earnings call highlights (third-party summary of the call). — Q2 2026 · publ. 31 July 2026 · source ↗
Sources
Generated September 25, 2026