MAMastercard

Financials · Business Services · NYSE

Mastercard is a technology company in the global payments industry. 10-K, Item 1

Headquarters: Purchase, NY
CEO: Michael Miebach
Next results: around Jan 28, 2027

What the 10-K filed 2026-02-11 says about risks that are not on the face of the balance sheet, from the notes to the financial statements, Legal Proceedings and the MD&A (and, for big customers and key suppliers, Business and Risk Factors). Tickdelta picks sentences with specifics (amounts, accruals, covenant ratios) and quotes them as filed. New marks a sentence with nothing like it in the 10-K filed 2025-02-12.

Big customers

Customers the company names as a large share of revenue or receivables (it must name any worth 10% of revenue).

“Mastercard did not have any individual customer that generated greater than 10% of net revenue in 2025, 2024 or 2023.”
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Key suppliers

Parts or manufacturing that depend on one or a few suppliers.

No specific sentence about this in the 10-K.

Lawsuits and legal claims

1 new

Pending cases, settlements and what the company has set aside for them.

New “During 2025, we recorded pre-tax charges of $504 million ($357 million after tax, or $0.39 per diluted share), primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation, a legal provision associated with the U.S. liability shift litigation and a legal provision associated with the ATM non-discrimination rule surcharge complaints.”
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“During 2024, we recorded pre-tax charges of $680 million ($495 million after tax, or $0.53 per diluted share), primarily as a result of a legal provision associated with the U.K. consumer class action settlement, settlements with a number of U.K. merchants and a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.”
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“During 2023, we recorded pre-tax charges of $539 million ($376 million after tax, or $0.40 per diluted share), primarily as a result of changes in the estimate related to the claims of merchants who opted out of the U.S. merchant class litigation and settlements with a number of U.K. and Pan-European merchants.”
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“In 2024, we recorded charges of $680 million, primarily as a result of a legal provision associated with the U.K. consumer class action settlement, settlements with a number of U.K. merchants and a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.”
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“In 2018, the parties to the Damages Class litigation entered into a class settlement agreement to resolve the Damages Class claims, with merchants representing slightly more than 25% of the Damages Class interchange volume choosing to opt out of the settlement.”
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Guarantees and indemnities

Promises to pay someone else's debts or losses if they cannot.

“Certain indemnifications do not provide a stated maximum exposure.”
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Debt covenants

Conditions in loan agreements that, if broken, can make debt due early.

“The Credit Facility contains customary representations, warranties, affirmative and negative covenants, events of default and”
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“The Company was in compliance in all material respects with the covenants of the Credit Facility at December 31, 2025 and 2024.”
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Commitments off the balance sheet

Contracts the company must pay for later: purchase obligations, take-or-pay deals.

No specific sentence about this in the 10-K.

Sentences are chosen by their words, not read by AI, so some can be off topic. Always check the filing. Open the 10-K ↗

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