[8-K] Mastercard Incorporated Reports Material Event

Rhea-AI Filing Summary

IDACORP (NYSE: IDA) Q2-25 10-Q highlights

• Operating revenue was essentially flat at $450.9 million (-0.03% YoY), while operating income slipped 2.6% to $100.6 million.
• Net income attributable to IDACORP climbed 7.0% YoY to $95.8 million; diluted EPS rose to $1.76 from $1.71.
• Six-month results: revenue $883.3 million (-1.9%), net income $155.4 million (+12.9%), diluted EPS $2.87 (+7.5%).
• Lower purchased-power costs (-7% YoY) offset higher fuel (+53%) and O&M (+10%) expenses; depreciation rose 12% on growing rate-base.
• Cash from operations improved to $301.2 million (+18%) versus capex of $534.6 million, pushing CWIP to $1.45 billion.
• Balance sheet: cash $474.5 million, long-term debt $3.45 billion after issuing $400 million 5.70% first-mortgage bonds due 2055; equity $3.40 billion.
• Regulatory: on 30-May-25 Idaho Power filed for a $199.1 million (13.1%) Idaho rate hike effective Jan-26, including 10.4% ROE and updates to PCA, coal cost trackers and wildfire cost deferral; outcome pending.
• PCA order cut customer bills by $94.8 million from 1-Jun-25; FCA order refunds $3.1 million.
• Forward equity: 5.18 million shares ($560 million) plus 1.25 million ATM forwards outstanding—potential dilution but no cash yet.

Management continues to amortize ADITC ($36.5 million YTD) to maintain the 9.12% Idaho allowed ROE.

Insights

Utility Equity Analyst

TL;DR—Solid earnings beat on cost control; rate-case upside but dilution and capex pressure temper outlook.

Earnings outpaced prior-year despite flat top-line as lower purchased-power and ADITC amortization offset higher fuel and O&M. Cash generation comfortably covered dividends but not the $535 million capex, so leverage increased to 51% debt. The $199 million Idaho rate filing could materially lift 2026 earnings if granted near request; however, customer refunds via PCA/FCA and pending wildfire deferrals signal regulatory push-and-pull. Forward sales totaling ~6.4 million shares (11% of float) will eventually dilute EPS—timing hinges on settlement prices. Net debt/EBITDA remains manageable, but ongoing CWIP and large transmission projects require external funding. Overall, the quarter is modestly positive, with upside tied to rate relief and timely cost recovery.

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________

FORM 8-K
_______________________________________

CURRENT REPORT
Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):

July 31, 2025

_______________________________________

Mastercard Incorporated

(Exact name of registrant as specified in its charter)

_______________________________________

Delaware

001-32877

13-4172551

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

2000 Purchase Street

10577

Purchase,

NY

(Address of principal executive offices)

(Zip Code)

(914)

249-2000

(Registrant's telephone number, including area code)

NOT APPLICABLE

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class

Trading Symbol

Name of each exchange of which registered

Class A Common Stock

MA

New York Stock Exchange

2.1% Notes due 2027

MA27

New York Stock Exchange

1.0% Notes due 2029

MA29A

New York Stock Exchange

2.5% Notes due 2030

MA30

New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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Item 2.02 Results of Operations and Financial Condition

On July 31, 2025, Mastercard Incorporated issued an earnings release announcing financial results for its second quarter 2025.

A copy of the earnings release is attached hereto as Exhibit 99.1. All information in the earnings release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number			Exhibit Description
99.1			Earnings Release issued by Mastercard Incorporated, dated July 31, 2025
104			Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MASTERCARD INCORPORATED

Date:

July 31, 2025

By:

/s/ Gina Accordino

Gina Accordino

Corporate Secretary

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