A Dark Vector Cognition product

Item 1A. Risk factors

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Item 1A. Risk factors

For a discussion of our risk factors, see Part I, Item 1A - Risk Factors of our 2024 Form 10-K.

Item 2. Unregistered sales of equity securities and use of proceeds

Issuer Purchases of Equity Securities

During the first quarter of 2025, we repurchased 4.7 million shares for $2.5 billion at an average price of $541.38 per share of Class A common stock. The following table presents our repurchase activity on a cash basis during the first quarter of 2025:

PeriodTotal Number of Shares PurchasedAverage Price Paid per Share (including commission cost)Total Number of Shares Purchased as Part of Publicly Announced Plans or ProgramsDollar Value of Shares that may yet be Purchased under the Plans or Programs 1
January 1 - 311,493,075$525.101,493,075$14,404,195,793
February 1 - 281,252,051$563.521,252,051$13,698,634,961
March 1 - 311,964,102$539.651,964,102$12,638,711,388
Total4,709,228$541.384,709,228

1 Dollar value of shares that may yet be purchased under the repurchase programs is as of the end of the period. In December 2024 and 2023, our Board of Directors approved share repurchase programs of our Class A common stock authorizing us to repurchase up to $12.0 billion and $11.0 billion, respectively.

MASTERCARD MARCH 31, 2025 FORM 10-Q 41

PART II

ITEM 5. OTHER INFORMATION

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