Earnings Release
Mastercard Incorporated Reports
Fourth-Quarter and Full-Year 2019 Financial Results

Fourth-quarter net income of $2.1 billion, or diluted earnings per share (EPS) of $2.07
Fourth-quarter adjusted net income of $2.0 billion, or adjusted diluted EPS of $1.96
Fourth-quarter net revenue of $4.4 billion, an increase of 16%, or 17% on a currency-neutral basis
Fourth-quarter gross dollar volume up 12% and purchase volume up 13%
Purchase, NY - January 29, 2020 - Mastercard Incorporated (NYSE: MA) today announced financial results for the fourth-quarter and full-year 2019.
“We closed out 2019 on a strong note, with broad-based growth driven by solid execution of our strategy and leveraging our differentiated services offerings,” said Ajay Banga, Mastercard president and CEO. “Our focus on the customer and delivering against their goals continues to drive core growth. With recent acquisitions helping to round out our multi-rail strategy and capabilities in key areas, such as digital, cyber and analytics, we are well positioned for the future.”
Quarterly Results
Fourth-Quarter Operating Results

Increase / (decrease)
Q4 2019
Key Business Drivers
(YoY growth)
$ in billions, except per share data

Q4 2019
Q4 2018
Reported GAAP
Net revenue
Operating expenses
Operating income
Gross dollar volume
Operating margin
21.9 ppt
21.9 ppt
(local currency basis)
Effective income tax rate
(10.9) ppt
(10.8) ppt
up 12%
Net income
Diluted EPS
Cross-border volume3
Key Fourth-Quarter Non-GAAP Results 1
Increase / (decrease)
(local currency basis)
$ in billions, except per share data

Q4 2019
Q4 2018
As adjusted
up 16%
Net revenue
Adjusted operating expenses
Adjusted operating margin
2.1 ppt
2.3 ppt
Switched transactions3
Adj. effective income tax rate 2
(2.4) ppt
(2.2) ppt
Adjusted net income 2
up 19%
Adjusted diluted EPS 2
1.  The Key Fourth-Quarter Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 10 (“Fourth-Quarter Special Items”) and/or currency. See page 10 for the company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.
2.  For 2019 Mastercard updated its non-GAAP methodology to exclude the impact of gains and losses on the company’s equity investments. Prior year periods were not restated, as the impact of the change was de minimis.
3.  Growth rates normalized to eliminate the effects of differing switching and carryover days between periods. Carryover days are those where transactions and volumes from days where the company does not clear and settle are processed.

The following information was filed by Mastercard Inc (MA) on Wednesday, January 29, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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