VISA INC.

CONSOLIDATED BALANCE SHEETS September 30.

2024
(millions)
$
Assets
Cash and cash equivalents 11,975
Restricted cash equivalents—U.S. litigation escrow 3,089
Investment securities 3,200
Settlement receivable 4,454
Accounts receivable 2,561
Customer collateral 3,524
Current portion of client incentives 1,918
Prepaid expenses and other current assets. 3,312
Total current assets 34,033
Investment securities 2,545
Client incentives 4,628
Property, equipment and technology, net 3,824
Goodwill 18,941
Intangible assets, net 26,889
Other assets 3,651
Total assets 94,511
Liabilities
Accounts payable 479
Settlement payable 5,265
Customer collateral 3,524
Accrued compensation and benefits 1,538
Client incentives 9,075
Accrued liabilities 4,909
Current maturities of debt -
Accrued litigation 1,727
Total current liabilities 26,517
Long-term debt 20,836
Deferred tax liabilities 5,301
Other liabilities 2,720
Total liabilities 55,374
Equity
Preferred stock, $0.0001 par value, 5 shares issued and outstanding as of September 3 1,031
Right to recover for covered losses (104)
Additional paid-in capital 21,229
Accumulated income 17,289
Accumulated other comprehensive income (loss):
Investment securities 30
Defined benefit pension and other postretirement plans (16)
Derivative instruments (213)
Foreign currency translation adjustments (109)
Total accumulated other comprehensive income (loss) (308)
Total equity 39,137
Total liabilities and equity 94,511

VISA INC.
CONSOLIDATED STATEMENTS OF OPERATIONS September 30.
2024
(millions)
$
Net revenue 35,926

Operating Expenses
Personnel 6,264
Marketing 1,560
Network and processing 778
Professional fees 635
Depreciation and amortization 1,034
General and administrative 1,598
Litigation provision 462
Total operating expenses 12,331
Operating income 23,595
Non-operating Income (Expense)
Interest expense (641)
Investment income (expense) and other 962
Total non-operating income (expense) 321
Income before income taxes 23,916
Income tax provision 4,173
Net income 19,743
September 30.
2023 2022
(millions) (millions)
$ $

16,286 15,689
1,764 1,449
3,842 2,833
2,183 1,932
2,291 2,020
3,005 2,342
1,577 1,272
2,584 2,668
33,532 30,205
1,921 2,136
3,789 3,348
3,425 3,223
17,997 17,787
26,104 25,065
3,731 3,737
90,499 85,501

375 340
3,269 3,281
3,005 2,342
1,506 1,359
8,177 6,099
5,015 3,726
- 2,250
1,751 1,456
23,098 20,853
20,463 20,200
5,114 5,332
3,091 3,535
51,766 49,920

1,698 2,324
(140) (35)
20,452 19,545
18,040 16,116

(64) (106)
(155) (169)
(177) 418
(921) (2,512)
 (1,317) (2,369)
38,733 35,581
90,499 85,501

September 30.
2023 2022
(millions) (millions)
$ $
32,653 29,310

5,831 4,990
1,341 1,336
736 743
545 505
943 861
1,330 1,194
927 868
11,653 10,497
21,000 18,813

(644) (538)
681 (139)
37 (677)
21,037 18,136
3,764 3,179
17,273 14,957
MASTERCARD INC.
CONSOLIDATED BALANCE SHEETS December 31.
2024
(millions)
$
Assets
Cash and cash equivalents
Restricted cash for litigation settlement
Restricted security deposits held for customers
Investments
Accounts receivable
Settlement assets
Prepaid expenses and other current assets
Total current assets -
Property, equipment and right-of-use assets, net
Deferred income taxes
Goodwill
Other intangible assets, net
Other assets
Total Assets -
Liabilities, Redeemable Non-controlling Interests and Equity
Current liabilities:
Accounts payable
Settlement obligations
Restricted security deposits held for customers
Accrued litigation
Accrued expenses
Short-term debt
Other current liabilities
Total current liabilities -
Long-term debt
Deferred income taxes
Other liabilities
Total Liabilities -
Redeemable Non-controlling Interests
Stockholders’ Equity
Additional paid-in-capital
Class A treasury stock, at cost, 475 and 451 shares, respectively
Retained earnings
Accumulated other comprehensive income (loss)
Mastercard Incorporated Stockholders' Equity -
Non-controlling interests
Total Equity -
Total Liabilities, Redeemable Non-controlling Interests and Equity -
MASTERCARD INC.
CONSOLIDATED STATEMENTS OF OPERATIONS December 31.
2024
(millions)
$
Net Revenue
Operating Expenses:
General and administrative
Advertising and marketing
Depreciation and amortization
Provision for litigation
Total operating expenses
Operating income -
Other Income (Expense):
Investment income
Gains (losses) on equity investments, net
Interest expense
Other income (expense), net
Total other income (expense)
Income before income taxes -
Income tax expense
Net Income -
December 31.
2023 2022
(millions) (millions)
$ $

8,588 7,008
- 589
1,845 1,568
592 400
4,060 3,425
1,233 1,270
2,643 2,346
18,961 16,606
2,061 2,006
1,355 1,151
7,660 7,522
4,086 3,859
8,325 7,580
42,448 38,724

834 926
1,399 1,111
1,845 1,568
723 1,094
8,517 7,801
1,337 274
1,609 1,397
16,264 14,171
14,344 13,749
369 393
4,474 4,034
35,451 32,347
22 21

5,893 5,298
(60,429) (51,354)
62,564 53,607
(1,099) (1,253)
6,929 6,298
46 58
6,975 6,356
42,448 38,724
December 31.
2023 2022
(millions) (millions)
$ $
25,098 22,237

8,927 8,078
825 789
799 750
539 356
11,090 9,973
14,008 12,264

274 61
(61) (145)
(575) (471)
(7) 23
(369) (532)
13,639 11,732
2,444 1,802
11,195 9,930
Financial Ratios:

(1) Operating margin = (Operating profit / Net Revenue)

(2) Net profit margin = (Net profit / Net Revenue)
(3) Current ratio = (Current assets / Current liabilities)
(4) Quick ratio = (Cash & Equivalents + Accounts receivables) / Current liabilities)
(5) Gearing ratio = ( Total debt / Total equity)
(6) Interest cover ratio = (Earnings before interest & tax / Interest expense)
(7) Asset turnover ratio = (Net sales / total assets)
(8) Earnings per share (EPS)
(9) Dividend per share (DPS)
 VISA INC. MASTERCARD INC.
2024 2023 2022 2024 2023 2022

66% 64% 64% #DIV/0! 56% 55%

55% 53% 51% #DIV/0! 45% 45%
1.28 1.45 1.45 #DIV/0! 1.17 1.17
0.55 0.80 0.85 #DIV/0! 0.78 0.74
53% 53% 63% #DIV/0! 37% 36%
37 33 35 #DIV/0! 24 26
0.38 0.36 0.34 #DIV/0! 0.59 0.57
Graphical Analysis: VISA Inc Vs Mastercard Inc

66% Operati ng Margin VISA Inc 60% Operati ng

66%
50%

65% 40%

30%
64%
64%
64% 20%

10%

63% 0% 0%
2024 2023 2022 2024

56% Net profi t margin VISA Inc 50% Net profi t

45%
55% 55%
40%
54% 35%
53% 30%
53%
25%
52%
20%
51% 51% 15%
10%
50%
5%
49% 0% 0%
2024 2023 2022 2024

1.50 Current rati o VISA Inc 1.4 Curre

1.45 1.45 1.45 1.2

1.40 1

1.35 0.8

1.30 0.6
1.28
1.25 0.4

1.20 0.2

1.15 0 0
2024 2023 2022 2024
1.25 0.4

1.20 0.2

1.15 0 0
2024 2023 2022 2024

0.90 Quick rati o VISA Inc 0.9 Quick

0.85
0.80 0.80 0.8
0.70 0.7
0.60 0.6
0.55
0.50 0.5
0.40 0.4
0.30 0.3
0.20 0.2
0.10 0.1
0.00 0 0
2024 2023 2022 2024

64% Gearing rati o VISA Inc 40% Gearing

63%
62% 35%
60%
30%
58%
25%
56%
20%
54%
53% 53% 15%
52%
50% 10%

48% 5%
46% 0% 0%
2024 2023 2022 2024

38 Interest cover VISA Inc 30 Interest

37 37 25
36
20
35 35

34 15

33
33 10
32
5
31

30 0 0
2024 2023 2022 2024
 32
5
31

30 0 0
2024 2023 2022 2024

0.39 Asset turnover VISA Inc 0.7 Asset tu

0.38 0.38 0.6

0.37 0.5

0.36 0.36 0.4

0.35 0.3
0.34
0.34 0.2

0.33 0.1

0.32 0 0
2024 2023 2022 2024
60% Operati ng Margin Mastercard Inc
56% 55%
50%

40%

30%

20%

10%

0% 0%
2024 2023 2022

50% Net profi t margin - Mastercard Inc

45% 45% 45%
40%
35%
30%
25%
20%
15%
10%
5%
0% 0%
2024 2023 2022

1.4 Current rati o Mastercard

1.2 1.17 1.17

0.8

0.6

0.4

0.2

0 0
2024 2023 2022
0.4

0.2

0 0
2024 2023 2022

0.9 Quick rati o Mastercard Inc

0.8 0.78
0.74
0.7
0.6
0.5
0.4
0.3
0.2
0.1
0 0
2024 2023 2022

40% Gearing rati o Mastercard Inc

37% 36%
35%

30%

25%

20%

15%

10%

5%

0% 0%
2024 2023 2022

30 Interest cover Mastercard Inc

26
25 24

20

15

10

0 0
2024 2023 2022
 5

0 0
2024 2023 2022

0.7 Asset turnover Mastercard Inc

0.6 0.59 0.57
0.5

0.4

0.3

0.2

0.1

0 0
2024 2023 2022