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Stockholders' Equity | 12 Months Ended
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Dec. 31, 2024
Stockholders' Equity Note [Abstract] |
Stockholders' Equity | Stockholders' Equity Classes of Capital Stock Mastercard’s amended and restated certificate of incorporation authorizes the following classes of capital stock:
Class |  | Par Value Per Share |  | Authorized Shares (in millions) |  | Dividend and Voting Rights
A |  | $0.0001 |  | 3,000 |  |  | One vote per share Dividend rights
B |  | $0.0001 |  | 1,200 |  |  | Non-voting Dividend rights
Preferred |  | $0.0001 |  | 300 |  |  | No shares issued or outstanding at December 31, 2024 and 2023. Dividend and voting rights are to be determined by the Board of Directors of the Company upon issuance.
Dividends The Company declared a quarterly cash dividend on its Class A and Class B Common Stock during each of the four quarters of 2024, 2023 and 2022. The total per share dividends declared during the years ended December 31 are summarized below:
|  | 2024 |  | 2023 |  | 2022
|  | (in millions, except per share data)
Dividends declared per share |  | $ | 2.74 |  |  | $ | 2.37 |  |  | $ | 2.04 |
Total dividends declared |  | $ | 2,526 |  |  | $ | 2,231 |  |  | $ | 1,968 |
Ownership and Governance Structure Equity ownership and voting power of the Company’s shares were allocated as follows as of December 31:
|  | 2024 |  | 2023
|  | Equity Ownership |  | General Voting Power |  | Equity Ownership |  | General Voting Power
Public Investors (Class A stockholders) |  | 89.9 | % |  | 90.6 | % |  | 88.8 | % |  | 89.5 | %
Mastercard Foundation (Class A stockholders) |  | 9.3 | % |  | 9.4 | % |  | 10.4 | % |  | 10.5 | %
Principal or Affiliate Customers (Class B stockholders) |  | 0.7 | % |  | — | % |  | 0.8 | % |  | — | %
Note: Table may not sum due to rounding. Class B Common Stock Conversions Shares of Class B common stock are convertible on a one-for-one basis into shares of Class A common stock. Entities eligible to hold Mastercard’s Class B common stock are defined in the Company’s amended and restated certificate of incorporation (generally the Company’s principal or affiliate customers), and they are restricted from retaining ownership of shares of Class A common stock. Class B stockholders are required to subsequently sell or otherwise transfer any shares of Class A common stock received pursuant to such a conversion. Mastercard Foundation In connection and simultaneously with its 2006 initial public offering (the “IPO”), the Company issued and donated 135 million newly authorized shares of Class A common stock to Mastercard Foundation. Mastercard Foundation is a private charitable foundation incorporated in Canada that is controlled by directors who are independent of the Company and its principal customers. Historically, Mastercard Foundation had been restricted from selling or otherwise transferring its shares of Class A common stock prior to May 1, 2027, except to the extent necessary to satisfy its charitable disbursement requirements. In July 2023, pursuant to an application in consultation with the Company, Mastercard Foundation received court approval to advance that date to January 1, 2024. As a result, Mastercard Foundation is now permitted to sell all or part of its remaining shares, subject to certain conditions. In March 2024, Mastercard Foundation began selling shares pursuant to an orderly and structured plan to diversify its Mastercard shares over a seven-year period, while committing to remain a long-term Mastercard stockholder and retaining a significant holding of Mastercard shares in its portfolio. Common Stock Activity The following table presents the changes in the Company’s outstanding Class A and Class B common stock:
|  | Outstanding Shares
|  | Class A |  | Class B
|  | (in millions)
Balance at December 31, 2021 |  | 972.1 |  |  | 7.8 |
Purchases of treasury stock |  | (25.7) |  |  | — |
Share-based payments |  | 1.8 |  |  | — |
Conversion of Class B to Class A common stock |  | 0.2 |  |  | (0.2) |
Balance at December 31, 2022 |  | 948.4 |  |  | 7.6 |
Purchases of treasury stock |  | (23.8) |  |  | — |
Share-based payments |  | 2.3 |  |  | — |
Conversion of Class B to Class A common stock |  | 0.4 |  |  | (0.4) |
Balance at December 31, 2023 |  | 927.3 |  |  | 7.2 |
Purchases of treasury stock |  | (23.0) |  |  | — |
Share-based payments |  | 1.9 |  |  | — |
Conversion of Class B to Class A common stock |  | 0.4 |  |  | (0.4) |
Balance at December 31, 2024 |  | 906.6 |  |  | 6.8 |
The Company’s Board of Directors have approved share repurchase programs of its Class A Common Stock authorizing the Company to repurchase shares. The following table summarizes the Company’s share repurchase authorizations of its Class A common stock for the years ended December 31:
|  | 2024 |  | 2023 |  | 2022
|  | (In millions, except per share data)
Board authorization |  | $ | 12,000 |  |  | $ | 11,000 |  |  | $ | 9,000 |
Dollar-value of shares repurchased |  | $ | 10,954 |  |  | $ | 9,032 |  |  | $ | 8,753 |
Shares repurchased |  | 23.0 |  |  | 23.8 |  |  | 25.7 |
Average price paid per share |  | $ | 475.35 |  |  | $ | 379.49 |  |  | $ | 340.60 |
As of December 31, 2024, the remaining authorization under the share repurchase programs approved by the Company’s Board of Directors was $15.2 billion. The Company repurchased an additional $959 million dollar-value of shares in 2025, through February 7, 2025. As of February 7, 2025, the remaining authorization under the share repurchase programs approved by the Company’s Board of Directors was $14.2 billion.

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