Short answer
Mastercard employed approximately 39,800 people globally as of December 31, 2025, according to its Form 10-K filed February 11, 2026. About 70% work outside the US, in more than 90 countries, and the workforce is predominantly full-time. Mastercard also had about 6,000 contingent workers who aren't in that count. Headcount rose from 35,300 a year earlier, a figure that excluded Recorded Future, acquired in December 2024.
- About 39,800 employees at December 31, 2025, up about 4,500 (13%) in a year.
- About 70% work outside the US, which leaves about 11,900 in the US (our calculation).
- About 6,000 contingent workers supplement the employee base and aren't in the 39,800.
- Workforce cost was $7.3 billion in 2025, about $183,000 per employee (our calculation).
- Net revenue per employee was about $824,000 in 2025, below 2018's $1.01 million (our calculation).
On this page
This page is for sellers sizing Mastercard as an account, fintech and payments analysts, and anyone who needs a citable headcount. Every figure is from Mastercard's annual reports on Form 10-K, which state employees at December 31 each year and, since 2021, contractors and turnover too.
Mastercard employees by year
| Year | As of | Employees | Outside the US | Contractors or contingent workers | Source |
|---|---|---|---|---|---|
| 2025 | December 31, 2025 | about 39,800 | about 70% | about 6,000 | 10-K filed February 11, 2026 |
| 2024 | December 31, 2024 | about 35,300 (excluding Recorded Future) | about 69% | about 5,000 | 10-K filed February 12, 2025 |
| 2023 | December 31, 2023 | about 33,400 | not stated | about 4,600 | 10-K filed February 13, 2024 |
| 2022 | December 31, 2022 | about 29,900 | not stated | about 4,900 | 10-K filed February 14, 2023 |
| 2021 | December 31, 2021 | about 24,000 | not stated | about 3,900 | 10-K filed February 11, 2022 |
| 2020 | December 31, 2020 | about 21,000 | not stated | not stated | 10-K filed February 12, 2021 |
| 2019 | December 31, 2019 | about 18,600 | about 11,400 (61%) | not stated | 10-K filed February 14, 2020 |
| 2018 | December 31, 2018 | about 14,800 | about 8,800 (59%) | not stated | 10-K filed February 13, 2019 |
Mastercard called them "contractors" in 2021 to 2023 and "contingent workers" from 2024. The share outside the US has risen from 59% in 2018 to 70% in 2025.
What the number includes
The 2025 10-K says: "As of December 31, 2025, we employed approximately 39,800 persons globally, of which approximately 70% were employed outside of the U.S. in more than 90 countries. Our employee base is predominantly full-time."
- Employees only. "To supplement our employee base, we also had approximately 6,000 contingent workers in order to meet specific needs." Add them and about 45,800 people work for Mastercard in some form (our addition).
- Mostly full-time, without a part-time count.
- Recorded Future joined the count in 2025. The 2024 figure carries a footnote: "The employee data provided excludes the workforce of Recorded Future, which was acquired in December 2024." The 2025 figure has no such exclusion.
- About 11,900 in the US at the end of 2025, applying the 30% share (our calculation), up from about 6,000 in 2018.
The 10-K also gives the cost and churn of the workforce:
| Year | Total workforce cost (10-K) | Cost per employee (our calculation) | Voluntary turnover, rolling 12 months (10-K) |
|---|---|---|---|
| 2025 | $7.3 billion | about $183,000 | about 6% |
| 2024 | $6.7 billion | about $190,000 | about 5% |
| 2023 | $6.0 billion | about $180,000 | about 5% |
| 2022 | $5.3 billion | about $177,000 | about 11% |
| 2021 | $4.5 billion | about $188,000 | 11% |
Workforce cost "primarily consists of compensation, benefits and other personnel-related costs." The filing doesn't say whether it includes contingent workers, so the per-employee figure is an upper bound for employees alone.
What changed and why
The 10-Ks name the acquisitions and actions behind the growth without saying how many people each added.
- 2020 and 2021: open banking, identity and crypto tracing. Mastercard bought Finicity, a North American provider of real-time financial data (2020), and Ekata (digital identity verification) and CipherTrace (blockchain transaction tracing) in 2021. Headcount rose from 18,600 to 24,000 in two years.
- 2022: the biggest jump, about 5,900. Mastercard completed its acquisition of Dynamic Yield, an AI personalization company. Voluntary turnover that year was about 11%, so hiring ran well ahead of the net figure.
- 2024: a restructuring. Mastercard recorded a $190 million restructuring charge for an action "intended to streamline our organization, delivering efficiencies to enable reinvestment." Headcount still rose, to 35,300, before counting Recorded Future, a threat intelligence company bought in December 2024.
- 2025: about 4,500 more, the first year-end count that includes Recorded Future.
Revenue per employee
Mastercard's 2025 net revenue was $32,791 million. Divided by about 39,800 employees, that's about $824,000 per employee (our calculation).
| Year | Net revenue | Employees | Net revenue per employee (our calculation) |
|---|---|---|---|
| 2025 | $32.8 billion | about 39,800 | about $824,000 |
| 2024 | $28.2 billion | about 35,300 | about $798,000 |
| 2023 | $25.1 billion | about 33,400 | about $751,000 |
| 2022 | $22.2 billion | about 29,900 | about $744,000 |
| 2021 | $18.9 billion | about 24,000 | about $787,000 |
| 2020 | $15.3 billion | about 21,000 | about $729,000 |
| 2019 | $16.9 billion | about 18,600 | about $908,000 |
| 2018 | $15.0 billion | about 14,800 | about $1.01 million |
Revenue per employee fell from 2018 to 2022 because the workforce grew faster than revenue, then recovered as revenue grew 47% from 2022 to 2025 against a 33% rise in headcount.
Selling to a company of Mastercard's size
General guidance, not a description of Mastercard's internal process.
- The buyer depends on the business. The card network, value-added services (security, data, analytics, open banking) and acquired companies such as Recorded Future and Dynamic Yield each have their own product and technology leaders.
- Regulation and security come first. Anything that touches payment data goes through security, risk and compliance review before a pilot. Expect a long process and detailed questionnaires.
- Most people are outside the US. With 70% of employees in more than 90 countries, regional teams can be the users even when the decision is made centrally.
- Contingent workers are a market of their own. About 6,000 of them means staffing, contractor management and onboarding are real spend lines.
For a research routine on accounts like this, see how to research an account, and for selling into banking more widely, the list of banks.
Next step: compare Mastercard with other payments and financial technology companies on our list of the largest fintech companies.
Sources
- Mastercard Incorporated Form 10-K for the year ended December 31, 2025, Mastercard Incorporated, via SEC EDGAR, 11 February 2026
- Mastercard Incorporated Form 10-K for the year ended December 31, 2024, Mastercard Incorporated, via SEC EDGAR, 12 February 2025
- Mastercard Incorporated Form 10-K for the year ended December 31, 2023, Mastercard Incorporated, via SEC EDGAR, 13 February 2024
- Mastercard Incorporated Form 10-K for the year ended December 31, 2022, Mastercard Incorporated, via SEC EDGAR, 14 February 2023
- Mastercard Incorporated Form 10-K for the year ended December 31, 2021, Mastercard Incorporated, via SEC EDGAR, 11 February 2022
- Mastercard Incorporated Form 10-K for the year ended December 31, 2020, Mastercard Incorporated, via SEC EDGAR, 12 February 2021
- Mastercard Incorporated Form 10-K for the year ended December 31, 2019, Mastercard Incorporated, via SEC EDGAR, 14 February 2020
- Mastercard Incorporated Form 10-K for the year ended December 31, 2018, Mastercard Incorporated, via SEC EDGAR, 13 February 2019
Written by the Bebop team at Blackpearl Group. Published .
Questions people ask
How many employees does Mastercard have in the US?
About 11,900 at December 31, 2025, by our calculation. Mastercard's 10-K says it employed approximately 39,800 people and that about 70% worked outside the US, which leaves about 30% in the US. The filing doesn't give an exact US count. In 2019, the last year Mastercard gave both counts, about 7,200 of its 18,600 employees were in the US.
Does Mastercard's employee count include contractors?
No. Mastercard's 2025 10-K reports approximately 39,800 employees and, separately, about 6,000 contingent workers who supplement the employee base. The contractor count has been reported since 2021, when it was about 3,900. Counting both groups, about 45,800 people worked for Mastercard at the end of 2025.
Did Mastercard have layoffs?
Mastercard recorded a $190 million restructuring charge in 2024 for an action intended to streamline the organization and fund reinvestment, according to its 2024 10-K. The filing doesn't say how many roles were affected. Headcount still grew, from about 33,400 at the end of 2023 to about 35,300 at the end of 2024 (before adding Recorded Future) and about 39,800 at the end of 2025.
What is Mastercard's employee turnover rate?
About 6% voluntary turnover, measured as rolling 12-month attrition, as of December 31, 2025, according to Mastercard's 10-K. It was about 5% at the end of 2023 and 2024, and 11% at the end of 2021 and 2022. The filing reports voluntary departures only, so it doesn't include layoffs or other involuntary exits.
How much does Mastercard spend on its workforce?
$7.3 billion in 2025, according to its 10-K, mainly compensation, benefits and other personnel costs. That's about $183,000 for each of its approximately 39,800 employees by our calculation, although the filing doesn't say whether the total also covers its 6,000 contingent workers. Workforce cost was $4.5 billion in 2021.