MA Rule of 40
Rule of 40 combines revenue growth and free cash flow margin in one quarterly score.
81
Q3
78
2024
Q4
45
Q1
73
Q2
80
Q3
73
2025
Q4
50
Q1
52
2026
Q2
40
0
Mix
Other MA Charts
More quarter-by-quarter fundamentals for Mastercard Incorporated
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Revenue
EPS
Free Cash Flow
FCF Margin
P/E Ratio
Cumulative FCF
Shares Outstanding
Total Assets
Total Debt
Banking & Finance Comparison
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JPM · Rule of 40
2026 Q2 · latest
43.1✓ Passing
Growth +17.9%
FCF +25.2%
31
Q3
29
2024
Q4
25
Q1
13
Q2
23
Q3
22
2025
Q4
29
Q1
43
2026
Q2
40
0
Mix
GS · Rule of 40
2026 Q2 · latest
70.8✓ Passing
Growth +43.2%
FCF +27.5%
n/m
Q1
n/m
Q2
56
Q3
2
2025
Q4
n/m
Q1
71
2026
Q2
40
0
Mix
MS · Rule of 40
2026 Q2 · latest
11.9✗ Below 40
Growth +28.6%
FCF −16.7%
n/m
Q1
78
Q2
-3
Q3
-7
2025
Q4
-21
Q1
12
2026
Q2
40
0
Mix
Latest Rule of 40: +52 (2026Q2); −21 pts YoY.
Across the 8 quarters from 2024Q3 to 2026Q2, Rule of 40 ranged from +45 in 2025Q1 to +81 in 2024Q3.