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Side-by-side financial comparison of Mastercard (MA) and Union Pacific Corporation (UNP). Click either name above to swap in a different company.
Mastercard is the larger business by last-quarter revenue ($8.8B vs $6.2B, roughly 1.4× Union Pacific Corporation). Mastercard runs the higher net margin — 46.1% vs 27.4%, a 18.7% gap on every dollar of revenue. On growth, Mastercard posted the faster year-over-year revenue change (17.6% vs 3.2%). Mastercard produced more free cash flow last quarter ($4.9B vs $631.0M). Over the past eight quarters, Mastercard's revenue compounded faster (17.8% CAGR vs 1.7%).
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.
The Union Pacific Railroad Company is a Class I freight-hauling railroad that operates 8,300 locomotives over 32,200 miles (51,800 km) routes in 23 U.S. states west of Chicago and New Orleans. Union Pacific is the second-largest railroad in the United States after BNSF.
MA vs UNP — Head-to-Head
Income Statement — Q4 FY2025 vs Q1 FY2026
| Metric | | |
|---|---|---|
| Revenue | $8.8B | $6.2B |
| Net Profit | $4.1B | $1.7B |
| Gross Margin | — | — |
| Operating Margin | 55.8% | 39.5% |
| Net Margin | 46.1% | 27.4% |
| Revenue YoY | 17.6% | 3.2% |
| Net Profit YoY | 21.5% | 4.6% |
| EPS (diluted) | $4.52 | $2.87 |
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 | — | $6.2B | ||
| Q4 25 | $8.8B | $6.1B | ||
| Q3 25 | $8.6B | $6.2B | ||
| Q2 25 | $8.1B | $6.2B | ||
| Q1 25 | $7.3B | $6.0B | ||
| Q4 24 | $7.5B | $6.1B | ||
| Q3 24 | $7.4B | $6.1B | ||
| Q2 24 | $7.0B | $6.0B |
| Q1 26 | — | $1.7B | ||
| Q4 25 | $4.1B | $1.8B | ||
| Q3 25 | $3.9B | $1.8B | ||
| Q2 25 | $3.7B | $1.9B | ||
| Q1 25 | $3.3B | $1.6B | ||
| Q4 24 | $3.3B | $1.8B | ||
| Q3 24 | $3.3B | $1.7B | ||
| Q2 24 | $3.3B | $1.7B |
| Q1 26 | — | 39.5% | ||
| Q4 25 | 55.8% | 39.5% | ||
| Q3 25 | 58.8% | 40.8% | ||
| Q2 25 | 58.7% | 41.0% | ||
| Q1 25 | 57.2% | 39.3% | ||
| Q4 24 | 52.6% | 41.3% | ||
| Q3 24 | 54.3% | 39.7% | ||
| Q2 24 | 58.0% | 40.0% |
| Q1 26 | — | 27.4% | ||
| Q4 25 | 46.1% | 30.4% | ||
| Q3 25 | 45.7% | 28.6% | ||
| Q2 25 | 45.5% | 30.5% | ||
| Q1 25 | 45.2% | 27.0% | ||
| Q4 24 | 44.6% | 28.8% | ||
| Q3 24 | 44.3% | 27.4% | ||
| Q2 24 | 46.8% | 27.9% |
| Q1 26 | — | $2.87 | ||
| Q4 25 | $4.52 | $3.12 | ||
| Q3 25 | $4.34 | $3.01 | ||
| Q2 25 | $4.07 | $3.15 | ||
| Q1 25 | $3.59 | $2.70 | ||
| Q4 24 | $3.64 | $2.91 | ||
| Q3 24 | $3.53 | $2.75 | ||
| Q2 24 | $3.50 | $2.74 |
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 | $735.0M |
| Total DebtLower is stronger | — | — |
| Stockholders' EquityBook value | $7.7B | — |
| Total Assets | $54.2B | $69.6B |
| Debt / EquityLower = less leverage | — | — |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | $735.0M | ||
| Q4 25 | $10.6B | $1.3B | ||
| Q3 25 | $10.3B | $808.0M | ||
| Q2 25 | $9.0B | $1.1B | ||
| Q1 25 | $7.6B | $1.4B | ||
| Q4 24 | $8.4B | $1.0B | ||
| Q3 24 | $11.1B | $947.0M | ||
| Q2 24 | $7.0B | $1.1B |
| Q1 26 | — | — | ||
| Q4 25 | — | $30.3B | ||
| Q3 25 | — | $30.3B | ||
| Q2 25 | — | $30.3B | ||
| Q1 25 | — | $30.6B | ||
| Q4 24 | — | $29.8B | ||
| Q3 24 | — | $29.8B | ||
| Q2 24 | — | $31.2B |
| Q1 26 | — | — | ||
| Q4 25 | $7.7B | $18.5B | ||
| Q3 25 | $7.9B | $17.3B | ||
| Q2 25 | $7.9B | $16.3B | ||
| Q1 25 | $6.7B | $16.0B | ||
| Q4 24 | $6.5B | $16.9B | ||
| Q3 24 | $7.4B | $16.6B | ||
| Q2 24 | $7.4B | $16.5B |
| Q1 26 | — | $69.6B | ||
| Q4 25 | $54.2B | $69.7B | ||
| Q3 25 | $53.3B | $68.6B | ||
| Q2 25 | $51.4B | $68.6B | ||
| Q1 25 | $48.5B | $68.5B | ||
| Q4 24 | $48.1B | $67.7B | ||
| Q3 24 | $47.2B | $67.6B | ||
| Q2 24 | $42.3B | $67.8B |
| Q1 26 | — | — | ||
| Q4 25 | — | 1.64× | ||
| Q3 25 | — | 1.75× | ||
| Q2 25 | — | 1.86× | ||
| Q1 25 | — | 1.91× | ||
| Q4 24 | — | 1.76× | ||
| Q3 24 | — | 1.79× | ||
| Q2 24 | — | 1.89× |
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 | — |
| Free Cash FlowOCF − Capex | $4.9B | $631.0M |
| FCF MarginFCF / Revenue | 55.5% | 10.1% |
| Capex IntensityCapex / Revenue | 1.3% | — |
| Cash ConversionOCF / Net Profit | 1.23× | — |
| TTM Free Cash FlowTrailing 4 quarters | $17.2B | $4.8B |
8-quarter trend — quarters aligned by calendar period.
| Q1 26 | — | — | ||
| Q4 25 | $5.0B | $2.2B | ||
| Q3 25 | $5.7B | $2.5B | ||
| Q2 25 | $4.6B | $2.3B | ||
| Q1 25 | $2.4B | $2.2B | ||
| Q4 24 | $4.8B | $2.7B | ||
| Q3 24 | $5.1B | $2.7B | ||
| Q2 24 | $3.1B | $1.9B |
| Q1 26 | — | $631.0M | ||
| Q4 25 | $4.9B | $1.2B | ||
| Q3 25 | $5.5B | $1.6B | ||
| Q2 25 | $4.6B | $1.4B | ||
| Q1 25 | $2.2B | $1.3B | ||
| Q4 24 | $4.7B | $1.7B | ||
| Q3 24 | $5.0B | $1.8B | ||
| Q2 24 | $3.0B | $1.0B |
| Q1 26 | — | 10.1% | ||
| Q4 25 | 55.5% | 20.1% | ||
| Q3 25 | 63.8% | 25.2% | ||
| Q2 25 | 56.1% | 22.7% | ||
| Q1 25 | 30.6% | 21.6% | ||
| Q4 24 | 63.3% | 28.4% | ||
| Q3 24 | 68.2% | 29.9% | ||
| Q2 24 | 43.4% | 16.8% |
| Q1 26 | — | — | ||
| Q4 25 | 1.3% | 16.4% | ||
| Q3 25 | 2.1% | 15.2% | ||
| Q2 25 | 0.5% | 15.2% | ||
| Q1 25 | 2.2% | 15.0% | ||
| Q4 24 | 1.3% | 15.1% | ||
| Q3 24 | 1.5% | 13.6% | ||
| Q2 24 | 1.7% | 15.0% |
| Q1 26 | — | — | ||
| Q4 25 | 1.23× | 1.20× | ||
| Q3 25 | 1.44× | 1.41× | ||
| Q2 25 | 1.24× | 1.24× | ||
| Q1 25 | 0.73× | 1.36× | ||
| Q4 24 | 1.45× | 1.51× | ||
| Q3 24 | 1.57× | 1.59× | ||
| Q2 24 | 0.96× | 1.14× |
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% |
UNP
| Freight revenues | $5.9B | 95% |
| Other revenues | $324.0M | 5% |
