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Side-by-side financial comparison of Mastercard (MA) and Netflix (NFLX). Click either name above to swap in a different company.
Netflix is the larger business by last-quarter revenue ($12.2B vs $8.8B, roughly 1.4× Mastercard). Mastercard runs the higher net margin — 46.1% vs 43.1%, a 3.0% gap on every dollar of revenue. On growth, Mastercard posted the faster year-over-year revenue change (17.6% vs 16.2%). Netflix produced more free cash flow last quarter ($5.1B vs $4.9B). Over the past eight quarters, Mastercard's revenue compounded faster (17.8% CAGR vs 13.2%).
Mastercard Inc. is an American multinational payment card services corporation headquartered in Purchase, New York. It offers a range of payment transaction processing and other related-payment services. Throughout the world, its principal business is to process payments between the banks of merchants and the card-issuing banks or credit unions of the purchasers who use the Mastercard-brand debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
Netflix is an American subscription video on-demand over-the-top streaming service. The service primarily distributes original and acquired films and television shows from various genres. It is available internationally in multiple languages.
MA vs NFLX — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $12.2B |
| Net Profit | $4.1B | $5.3B |
| Gross Margin | — | 51.9% |
| Operating Margin | 55.8% | 32.3% |
| Net Margin | 46.1% | 43.1% |
| Revenue YoY | 17.6% | 16.2% |
| Net Profit YoY | 21.5% | 82.8% |
| EPS (diluted) | $4.52 | $1.23 |
Green = leading value per metric. Periods may differ when fiscal calendars don't align.
8-Quarter Revenue & Profit Trend
Side-by-side quarterly history. Quarters aligned by calendar period so offset fiscal years line up.
| Q1 26 | — | $12.2B | ||
| Q4 25 | $8.8B | $12.1B | ||
| Q3 25 | $8.6B | $11.5B | ||
| Q2 25 | $8.1B | $11.1B | ||
| Q1 25 | $7.3B | $10.5B | ||
| Q4 24 | $7.5B | $10.2B | ||
| Q3 24 | $7.4B | $9.8B | ||
| Q2 24 | $7.0B | $9.6B |
| Q1 26 | — | $5.3B | ||
| Q4 25 | $4.1B | $2.4B | ||
| Q3 25 | $3.9B | $2.5B | ||
| Q2 25 | $3.7B | $3.1B | ||
| Q1 25 | $3.3B | $2.9B | ||
| Q4 24 | $3.3B | $1.9B | ||
| Q3 24 | $3.3B | $2.4B | ||
| Q2 24 | $3.3B | $2.1B |
| Q1 26 | — | 51.9% | ||
| Q4 25 | — | 45.9% | ||
| Q3 25 | — | 46.4% | ||
| Q2 25 | — | 51.9% | ||
| Q1 25 | — | 50.1% | ||
| Q4 24 | — | 43.7% | ||
| Q3 24 | — | 47.9% | ||
| Q2 24 | — | 45.9% |
| Q1 26 | — | 32.3% | ||
| Q4 25 | 55.8% | 24.5% | ||
| Q3 25 | 58.8% | 28.2% | ||
| Q2 25 | 58.7% | 34.1% | ||
| Q1 25 | 57.2% | 31.7% | ||
| Q4 24 | 52.6% | 22.2% | ||
| Q3 24 | 54.3% | 29.6% | ||
| Q2 24 | 58.0% | 27.2% |
| Q1 26 | — | 43.1% | ||
| Q4 25 | 46.1% | 20.1% | ||
| Q3 25 | 45.7% | 22.1% | ||
| Q2 25 | 45.5% | 28.2% | ||
| Q1 25 | 45.2% | 27.4% | ||
| Q4 24 | 44.6% | 18.2% | ||
| Q3 24 | 44.3% | 24.1% | ||
| Q2 24 | 46.8% | 22.5% |
| Q1 26 | — | $1.23 | ||
| Q4 25 | $4.52 | $-17.14 | ||
| Q3 25 | $4.34 | $5.87 | ||
| Q2 25 | $4.07 | $7.19 | ||
| Q1 25 | $3.59 | $0.66 | ||
| Q4 24 | $3.64 | $4.27 | ||
| Q3 24 | $3.53 | $5.40 | ||
| Q2 24 | $3.50 | $4.88 |
Balance Sheet & Financial Strength
Snapshot of each company's liquidity, leverage and book value from the latest quarter.
| Metric | | |
|---|---|---|
| Cash + ST InvestmentsLiquidity on hand | $10.6B | $12.3B |
| Total DebtLower is stronger | — | $13.4B |
| Stockholders' EquityBook value | $7.7B | $31.1B |
| Total Assets | $54.2B | $61.0B |
| Debt / EquityLower = less leverage | — | 0.43× |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $12.3B | ||
| Q4 25 | $10.6B | $9.1B | ||
| Q3 25 | $10.3B | $9.3B | ||
| Q2 25 | $9.0B | $8.4B | ||
| Q1 25 | $7.6B | $8.4B | ||
| Q4 24 | $8.4B | $9.6B | ||
| Q3 24 | $11.1B | $9.2B | ||
| Q2 24 | $7.0B | $6.7B |
| Q1 26 | — | $13.4B | ||
| Q4 25 | — | $13.5B | ||
| Q3 25 | — | $14.5B | ||
| Q2 25 | — | $14.5B | ||
| Q1 25 | — | $14.0B | ||
| Q4 24 | — | $13.8B | ||
| Q3 24 | — | $14.2B | ||
| Q2 24 | — | $12.2B |
| Q1 26 | — | $31.1B | ||
| Q4 25 | $7.7B | $26.6B | ||
| Q3 25 | $7.9B | $26.0B | ||
| Q2 25 | $7.9B | $25.0B | ||
| Q1 25 | $6.7B | $24.0B | ||
| Q4 24 | $6.5B | $24.7B | ||
| Q3 24 | $7.4B | $22.7B | ||
| Q2 24 | $7.4B | $22.1B |
| Q1 26 | — | $61.0B | ||
| Q4 25 | $54.2B | $55.6B | ||
| Q3 25 | $53.3B | $54.9B | ||
| Q2 25 | $51.4B | $53.1B | ||
| Q1 25 | $48.5B | $52.1B | ||
| Q4 24 | $48.1B | $53.6B | ||
| Q3 24 | $47.2B | $52.3B | ||
| Q2 24 | $42.3B | $49.1B |
| Q1 26 | — | 0.43× | ||
| Q4 25 | — | 0.51× | ||
| Q3 25 | — | 0.56× | ||
| Q2 25 | — | 0.58× | ||
| Q1 25 | — | 0.58× | ||
| Q4 24 | — | 0.56× | ||
| Q3 24 | — | 0.62× | ||
| Q2 24 | — | 0.55× |
Cash Flow & Capital Efficiency
How much cash each business actually produces after reinvestment. Cash flow is harder to manipulate than net income.
| Metric | | |
|---|---|---|
| Operating Cash FlowLast quarter | $5.0B | $5.3B |
| Free Cash FlowOCF − Capex | $4.9B | $5.1B |
| FCF MarginFCF / Revenue | 55.5% | 41.6% |
| Capex IntensityCapex / Revenue | 1.3% | 1.6% |
| Cash ConversionOCF / Net Profit | 1.23× | 1.00× |
| TTM Free Cash FlowTrailing 4 quarters | $17.2B | $11.9B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $5.3B | ||
| Q4 25 | $5.0B | $2.1B | ||
| Q3 25 | $5.7B | $2.8B | ||
| Q2 25 | $4.6B | $2.4B | ||
| Q1 25 | $2.4B | $2.8B | ||
| Q4 24 | $4.8B | $1.5B | ||
| Q3 24 | $5.1B | $2.3B | ||
| Q2 24 | $3.1B | $1.3B |
| Q1 26 | — | $5.1B | ||
| Q4 25 | $4.9B | $1.9B | ||
| Q3 25 | $5.5B | $2.7B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $2.2B | $2.7B | ||
| Q4 24 | $4.7B | $1.4B | ||
| Q3 24 | $5.0B | $2.2B | ||
| Q2 24 | $3.0B | $1.2B |
| Q1 26 | — | 41.6% | ||
| Q4 25 | 55.5% | 15.5% | ||
| Q3 25 | 63.8% | 23.1% | ||
| Q2 25 | 56.1% | 20.5% | ||
| Q1 25 | 30.6% | 25.2% | ||
| Q4 24 | 63.3% | 13.5% | ||
| Q3 24 | 68.2% | 22.3% | ||
| Q2 24 | 43.4% | 12.7% |
| Q1 26 | — | 1.6% | ||
| Q4 25 | 1.3% | 2.0% | ||
| Q3 25 | 2.1% | 1.4% | ||
| Q2 25 | 0.5% | 1.4% | ||
| Q1 25 | 2.2% | 1.2% | ||
| Q4 24 | 1.3% | 1.5% | ||
| Q3 24 | 1.5% | 1.3% | ||
| Q2 24 | 1.7% | 0.8% |
| Q1 26 | — | 1.00× | ||
| Q4 25 | 1.23× | 0.87× | ||
| Q3 25 | 1.44× | 1.11× | ||
| Q2 25 | 1.24× | 0.78× | ||
| Q1 25 | 0.73× | 0.97× | ||
| Q4 24 | 1.45× | 0.82× | ||
| Q3 24 | 1.57× | 0.98× | ||
| Q2 24 | 0.96× | 0.60× |
Financial Flow Comparison
Revenue → gross profit → operating profit → net profit for each company.
Revenue Breakdown by Segment
MA
| Payment Network | $4.9B | 56% |
| Value Added Services And Solutions | $3.9B | 44% |
NFLX
Segment breakdown not available.
