Mastercard Incorporated Reports Third Quarter 2026 Financial Results
Third quarter net revenue of $9.8 billion, an increase of 14%, as reported and on a currency-neutral basis
Third quarter gross dollar volume up 7% and purchase volume up 9%, on a local currency basis
- Mastercard Incorporated (NYSE: MA) today announced financial results for the third quarter 2026. “Another strong quarter for Mastercard, delivering net revenue growth of 14%. More Mastercard credentials in more hands give us a powerful foundation, backed by our global reach and innovation. From advancing Agentic Commerce to our new Global Money Platform through BVNK, we’re shaping how people pay, manage and exchange across currencies. We’re not waiting for the future of commerce. We’re building it.” said Michael Miebach, Mastercard CEO.
Third Quarter Increase / Operating (Decrease) Results $ in billions, except per Q3 2026 Q3 2025 Reported GAAP Currency-neutr… share data Net revenue $9.8 $8.6 14% 14% Operating $3.9 $3.5 11% 12% expenses Operating $5.9 $5.1 16% 16% income Operating 59.8% 58.8% 0.9 ppt 0.9 ppt margin Effective 19.4% 21.5% (2.1) ppt (2.1) ppt income tax rate Net income $4.6 $3.9 18% 18% Diluted EPS $5.28 $4.34 22% 22% Key Third Quarter Increase / Non-GAAP (Decrease) Results1 $ in billions, except per Q3 2026 Q3 2025 As adjusted Currency-neutr… share data Net revenue $9.8 $8.6 14% 14% Adjusted operating $3.9 $3.5 12% 12% expenses Adjusted operating 60.5% 59.8% 0.7 ppt 0.7 ppt margin Adjusted effective 20.1% 21.4% (1.4) ppt (1.4) ppt income tax rate Adjusted net $4.7 $4.0 17% 18% income Adjusted $5.31 $4.38 21% 21% diluted EPS 1The Key Third Quarter Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 11 (“Third Quarter Special Items”) and/or the translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 11 for the company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.
Q32026 Key Business Drivers(YoY growth) Gross dollar Cross-border Switched volume volume transactions (local -local currency currency basis) basis up 7% up 11% up 9%
The following information is provided to aid in understanding Mastercard’s third quarter 2026 results, versus the year ago period.
Net revenue increased 14%, as reported and on a currency-neutral basis versus the comparable period in 2025. The increase was attributable to growth in our payment network and value-added services and solutions.
▪ Payment network net revenue increased 11%, as reported and on a currency- neutral basis. Primary drivers of the increase were as follows:
This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 18%, as reported and on a currency-neutral basis, primarily due to an increase in our key drivers, as well as new and renewed deals.
▪ Value-added services and solutions net revenue increased 19%, as reported and on a currency-neutral basis. The growth was driven primarily by our underlying key drivers, strong demand across several of our services, and pricing. This includes a minimal decrease from acquisitions and dispositions.
Total operating expenses increased 11% as compared to the same period in 2025, primarily due to higher general and administrative expenses. Excluding the impact of Third Quarter Special Items, adjusted operating expenses increased 12%, as reported and on a currency-neutral basis. This includes a 1 percentage point increase from acquisitions and dispositions. The remaining increase was primarily due to higher general and administrative expenses.
Other income (expense) was unfavorable by $59 million versus the year ago period, primarily due to interest expense on debt outstanding and a net loss in the current year versus a net gain in the prior year on our equity investments, partially offset by government grant agreements. Excluding the impact of net gains and losses on our equity investments, adjusted other income (expense) was unfavorable by $12 million primarily due to interest expense on debt outstanding, partially offset by government grant agreements.
The effective tax rate for the third quarter of 2026 was 19.4%, versus 21.5% for the comparable period in 2025. The adjusted effective tax rate for the third quarter of 2026 was 20.1%, versus 21.4% for the comparable period in 2025. Both as-reported and as-adjusted income tax rates were lower versus the comparable period in 2025 due to higher net discrete tax benefits and other tax impacts in 2026.
As of September 30, 2026, the company’s customers had issued 3.8 billion Mastercard and Maestro-branded cards.
Year-to-date Increase / Operating (Decrease) Results $ in billions, except per share 2026 2025 Reported GAAP Currency-neutral data Net revenue $27.5 $24.0 15% 13% Operating $11.1 $10.0 11% 10% expenses Operating income $16.4 $14.0 17% 14% Operating margin 59.5% 58.3% 1.2 ppt 0.9 ppt Effective income 19.6% 20.4% (0.8) ppt (0.8) ppt tax rate Net income $12.9 $10.9 18% 16% Diluted EPS $14.59 $12.00 22% 19% Key Year-to-date Increase / Non-GAAP (Decrease) Results1 $ in billions, except per share 2026 2025 As adjusted Currency-neutral data Net revenue $27.5 $24.0 15% 13% Adjusted operating $10.8 $9.7 11% 10% expenses Adjusted 60.8% 59.7% 1.1 ppt 0.8 ppt operating margin Adjusted effective income 19.8% 20.5% (0.7) ppt (0.7) ppt tax rate Adjusted net $13.2 $11.1 19% 16% income Adjusted diluted $14.94 $12.25 22% 19% EPS 1The Key Year-to-date Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 12 (“Year-to-date Special Items”) and/or the translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 12 for the company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.
Year-to-da… 2026 Key Business Drivers(YoY growth) Gross dollar Cross-border Switched volume volume transactions (local -local currency currency basis) basis up 7% up 12% up 9%
The following information is provided to aid in understanding Mastercard’s year- to-date 2026 results, versus the year ago period.
Net revenue increased 15%, or 13% on a currency-neutral basis. The increase was attributable to growth in our payment network and our value-added services and solutions.
▪ Payment network net revenue increased 11%, as reported and 9% on a currency- neutral basis. Primary drivers of the increase were as follows:
This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 21%, or 19% on a currency-neutral basis, primarily due to an increase in our key drivers, as well as new and renewed deals.
Value-added services and solutions net revenue increased 20%, or 18% on a currency-neutral basis. The growth was driven primarily by our underlying key drivers, strong demand across several of our services, and pricing. This includes a minimal decrease from acquisitions and dispositions.
Total operating expenses increased 11% as compared to 2025, primarily due to higher general and administrative expenses which included a restructuring charge in the first quarter of 2026, partially offset by lower litigation provisions. Excluding the impact of Year-to-date Special Items, adjusted operating expenses increased 11%, or 10% on a currency-neutral basis. This includes a minimal benefit from acquisitions and dispositions. The remaining increase was primarily due to higher general and administrative expenses.
Other income (expense) was unfavorable $32 million versus the year ago period, primarily due to interest expense on debt outstanding and a net loss in the current year versus a net gain in the prior year on our equity investments, partially offset by government grant agreements. Excluding the impact of net gains and losses on our equity investments, adjusted other income (expense) was favorable $58 million versus the prior year primarily due to government grant agreements, partially offset by interest expense on debt outstanding.
The effective tax rate for year-to-date 2026 was 19.6%, versus 20.4% for the comparable period in 2025. The adjusted effective tax rate for year-to-date 2026 was 19.8%, versus 20.5% for the comparable period in 2025. Both as-reported and as-adjusted income tax rates were lower versus the comparable period in 2025 due to higher net discrete tax benefits and other tax impacts in 2026.
During the third quarter of 2026, Mastercard repurchased 5.3 million shares at a cost of $3.0 billion and paid $763 million in dividends.
Quarter-to-date through October 26, the company repurchased 1.1 million shares at a cost of $0.6 billion, which leaves $4.9 billion remaining under approved share repurchase programs.
At 9:00 a.m. ET today, the company will host a conference call to discuss its third quarter and year-to-date 2026 results. The dial-in information for this call is 1-833-461-5787 (Toll-free) and 1-585-542-9983 (Toll dial-in), using passcode 262177588. A replay of the call will be available for 30 days and can be accessed by dialing 1-929-828-5978 (Toll-free) and 1-833-309-1852 (Toll dial- in), using passcode 262177588.
A live audio webcast of this call, along with presentation slides, can also be accessed through the Investor Relations section of the company’s website at investor.mastercard.com.
This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words “believe”, “expect”, “could”, “may”, “would”, “will”, “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the company’s future prospects, developments and business strategies. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or
industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.
Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors:
• regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging)
• regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation)
• the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions
• potential or incurred liability and limitations on business related to any litigation or litigation settlements
• the impact of competition in the global payments industry (including disintermediation and pricing pressure)
• the challenges relating to operating a real-time account-based payments system and to working with new customers and end users
• the impact of information security incidents, account data breaches or service disruptions
• issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, consolidation amongst our customers, merchants’ continued focus on acceptance costs and unique risks from our work with governments)
• the impact of global economic, political, financial and societal events and conditions, including adverse currency fluctuations and foreign exchange controls
• reputational impact, including impact related to brand perception and lack of visibility of our brands in products and services
• the impact of environmental, social and governance matters and related stakeholder reaction
• the inability to attract and retain a highly qualified workforce, or maintain our corporate culture
• issues related to acquisition integration, strategic investments and entry into new businesses
• exposure to loss or illiquidity due to our role as guarantor as well as other contractual obligations and discretionary actions we may take
For additional information on these and other factors that could cause the company’s actual results to differ materially from expected results, please see the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2025 and any subsequent reports on Forms 10-Q and 8-K.
Mastercard powers economies and empowers people in more than 220 countries and territories worldwide. Together with our customers, we are building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.
Investor Relations: Media Relations: Devin Corr Seth Eisen investor.relations@mastercard.com Seth.Eisen@mastercard.com 914-249-4565 914-249-3153
Consolidated Balance Sheets September 30, (Unaudited) 2026 December 31, 2025 ────────────────────────────────────────────────────────────────────────────── -in millions, except per share data Assets Current assets: Cash and cash $ 10,147 $ 10,566 equivalents Restricted cash and restricted 564 561 cash equivalents Restricted security deposits held 2,231 2,121 for customers Investments 317 332 Accounts 5,258 4,609 receivable Settlement 1,593 1,626 assets Prepaid expenses and other 4,370 3,743 current assets Total current 24,480 23,558 assets Property, equipment and right-of-use assets, net of accumulated 2,642 2,303 depreciation and amortization of $2,883 and $2,756, respectively Deferred income 1,573 1,567 taxes Goodwill 10,804 9,560 Other intangible assets, net of accumulated amortization of 5,704 5,554 $3,502 and $3,096, respectively Other assets 12,946 11,615 Total Assets $ 58,149 $ 54,157 Liabilities and Equity Current liabilities: Accounts payable $ 1,083 $ 999 Settlement 2,151 2,409 obligations Restricted security deposits held 2,231 2,121 for customers Accrued 262 800 litigation Accrued expenses 13,950 13,272 Short-term debt 1,749 749 Other current 2,770 2,412 liabilities Total current 24,196 22,762 liabilities Long-term debt 22,189 18,251 Deferred income 341 307 taxes Other 4,683 5,091 liabilities Total 51,409 46,411 Liabilities Commitments and Contingencies Stockholders’ Equity Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,407 and 1,406 — — shares issued and 866 and 887 shares outstanding, respectively Class B common stock, $0.0001 par value; authorized 1,200 — — shares,7shares issued and outstanding Additional 7,308 6,907 paid-in-capital Class A treasury stock, at cost, 541 and -95,201 -83,224 518 shares, respectively Retained 95,640 85,035 earnings Accumulated other comprehensive -994 -981 income (loss) Mastercard Incorporated 6,753 7,737 Stockholders' Equity Non-controlling -13 9 interests Total Equity 6,740 7,746 Total Liabilities and $ 58,149 $ 54,157 Equity
Consolidated Statements Nine Months Ended of Cash Flows September 30, (Unaudited) 2026 Operating Activities (in millions) 2025 ────────────────────────────────────────────────────────────────────────────── Net income $ 12,898 $ 10,908 Adjustments to reconcile net income to net cash provided by operating activities: Amortization of 2,030 1,526 customer incentives Depreciation and 934 846 amortization (Gains) losses on equity investments, 73 -16 net Share-based 525 485 compensation Deferred income taxes -9 77 Other 141 99 Changes in operating assets and liabilities: Accounts receivable -661 -264 Settlement assets 32 -14 Prepaid expenses -4,688 -2,939 Accrued litigation and -537 -4 legal settlements Restricted security deposits held for 126 180 customers Accounts payable 95 -28 Settlement obligations -258 102 Accrued expenses 1,660 658 Net change in other assets and -502 1,030 liabilities Net cash provided by operating 11,859 12,646 activities Investing Activities Purchases of investment securities -265 -385 available-for-sale Purchases of investments — -28 held-to-maturity Proceeds from sales of investment 94 192 securities available-for-sale Proceeds from maturities of investment 139 183 securities available-for-sale Proceeds from maturities of 13 46 investments held-to-maturity Purchases of property -667 -377 and equipment Capitalized software -474 -548 Acquisition of businesses, net of cash -1,372 — acquired Other investing -71 -24 activities Net cash used in -2,603 -941 investing activities Financing Activities Purchases of treasury -11,893 -8,169 stock Dividends paid -2,311 -2,072 Proceeds from debt, net 5,596 1,242 of discounts Payment of debt -618 -750 Tax withholdings related to share-based -208 -283 payments Cash proceeds from 117 139 employee stock plans Other financing -108 -100 activities Net cash used in -9,425 -9,993 financing activities Effect of exchange rate changes on cash, cash equivalents, -137 325 restricted cash and restricted cash equivalents Net increase (decrease) in cash, cash equivalents, restricted -306 2,037 cash and restricted cash equivalents Cash, cash equivalents, restricted cash and restricted cash 13,248 10,808 equivalents - beginning of period Cash, cash equivalents, restricted cash and restricted cash $ 12,942 $ 12,845 equivalents - end of period
Non-GAAP financial information is defined as a numerical measure of a company’s performance that excludes or includes amounts so as to be different than the most comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Mastercard discloses the following non-GAAP financial measures: adjusted operating expenses, adjusted operating margin, adjusted other income (expense), adjusted effective income tax rate, adjusted net income and adjusted diluted earnings per share (as well as related applicable growth rates versus the comparable period in the prior year). As described more fully below, these non-GAAP financial measures exclude (where applicable) the impact of gains and losses on the company’s equity investments, which includes mark-to-market fair value adjustments, impairments and gains and losses upon disposition, as well as the related tax impacts. These non-GAAP financial measures also exclude (where applicable) the impact of special items, which represent litigation judgments and settlements and/or certain one-time items, as well as the related tax impacts.
In addition, the company presents growth rates adjusted for the impact of currency, which is a non-GAAP financial measure. Currency-neutral growth rates are calculated by remeasuring the prior period’s results using the current period’s exchange rates for both the translational and transactional impacts on operating results. The impact of currency translation represents the effect of translating operating results where the functional currency is different from the company’s U.S. dollar reporting currency. The impact of the transactional currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency of the entity. The impact of the related realized gains and losses resulting from the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses) is recognized in the respective financial statement line item on the statements of operations when the underlying forecasted transactions impact earnings. The translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments as specified above have been excluded from the company’s currency-neutral growth rates.
The company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The company’s management uses non-GAAP financial measures to evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation, among other things. The company excluded these items because management evaluates the underlying operations and performance of the company separately from these recurring and nonrecurring items. The presentation of non-GAAP financial measures should not be relied upon as substitutes for the company’s measures calculated in accordance with GAAP.
The company includes reconciliations of the requisite non-GAAP financial measures to the most directly comparable GAAP financial measures in the non-GAAP reconciliation tables below.
1. Represents Q3'26 net pre-tax loss of $5 million and Q3’25 net pre-tax gain of $41 million primarily related to realized and unrealized fair market value adjustments on marketable and nonmarketable equity securities.
2. Represents Q3'26 pre-tax charges of $74 million, primarily due to settlements with merchants who opted out of the U.S. merchant class litigation.
3. Represents Q3'25 pre-tax charges of $83 million primarily due to a legal provision associated with the U.S. liability shift litigation.
4. Represents the translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).
1. Represents year-to-date 2026 net pre-tax loss of $73 million and year-to-date 2025 net pre-tax gain of $16 million, primarily related to realized and unrealized fair market value adjustments on marketable and nonmarketable equity securities.
2. Represents year-to-date 2026 pre-tax charges of $156 million, primarily due to settlements with merchants who opted out of the U.S. merchant class litigation and a legal provision associated with the ATM non-discrimination rule surcharge complaints.
3. Represents year-to-date 2026 pre-tax charge of $202 million as a result of a restructuring action primarily intended to enable reinvestment to support the realization of our long-term growth opportunities.
4. Represents year-to-date 2025 pre-tax charges of $330 million primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation, a legal provision associated with the U.S. liability shift litigation and a legal provision associated with the ATM non-discrimination rule surcharge complaints.
5. Represents the translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).
The tables set forth the gross dollar volume (“GDV”), purchase volume, cash volume and the number of purchase transactions, cash transactions and cards on a regional and global basis for Mastercard™-branded cards. Growth rates over prior periods are provided for volume-based data.
Debit transactions on Maestro® and Cirrus®-branded cards and transactions involving brands other than Mastercard are not included in the preceding tables.
For purposes of the table: GDV represents purchase volume plus cash volume and includes the impact of balance transfers and convenience checks; “purchase volume” means the aggregate dollar amount of purchases made with Mastercard- branded cards for the relevant period; and “cash volume” means the aggregate dollar amount of cash disbursements and includes the impact of balance transfers and convenience checks obtained with Mastercard-branded cards for the relevant period. The number of cards includes virtual cards, which are Mastercard-branded payment accounts that do not generally have physical cards associated with them.
The Mastercard payment products are comprised of credit, charge, debit and prepaid programs, and data relating to each type of program is included in the tables. The tables include information with respect to transactions involving Mastercard-branded cards that are not switched by Mastercard and transactions for which Mastercard does not earn significant revenues.
Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Mastercard volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. Mastercard reports period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of currencies against the U.S. dollar in calculating such rates of change.
The data set forth in the GDV, purchase volume, purchase transactions, cash volume and cash transactions columns is provided by Mastercard customers and is subject to verification by Mastercard and partial cross-checking against information provided by Mastercard’s transaction switching systems. The data set forth in the cards columns is provided by Mastercard customers and is subject to certain limited verification by Mastercard. A portion of the data set forth in the cards columns reflects the impact of routine portfolio changes among customers and other practices that may lead to over counting of the underlying data in certain circumstances. All data is subject to revision and amendment by Mastercard or Mastercard’s customers.
Performance information for prior periods can be found in the Investor Relations section of the Mastercard website at investor.mastercard.com.
Full text with the tables
Earnings Release
Mastercard Incorporated Reports Third Quarter 2026 Financial Results
•
Third qu
arter net inc
ome of $4.6 billion, and diluted earnings per share (EPS) of $5.28
•
Third
quarter adjusted net
income of $4.7 billion, and adjusted diluted EPS of $5.31
•
Third quarter net revenue of $9.8 billion, an increase of 14%, as reported and
on a currency-neutral basis
•
Third quarter gross dollar volume up 7% and purchase volume up 9%, on a local
currency basis
Purchase, NY - October 29, 2026
- Mastercard Incorporated (NYSE: MA) today announced financial results for the
third quarter 2026.
“Another strong quarter for Mastercard, delivering net revenue growth of 14%.
More Mastercard credentials in more hands give us a powerful foundation, backed
by our global reach and innovation. From advancing Agentic Commerce to our new
Global Money Platform through BVNK, we’re shaping how people pay, manage and
exchange across currencies. We’re not waiting for the future of commerce. We’re
building it.” said Michael Miebach, Mastercard CEO.
Quarterly Results
Third Quarter Increase /
Operating (Decrease)
Results
$ in billions,
except per Q3 2026 Q3 2025 Reported GAAP Currency-neutr…
share data
Net revenue $9.8 $8.6 14% 14%
Operating $3.9 $3.5 11% 12%
expenses
Operating $5.9 $5.1 16% 16%
income
Operating 59.8% 58.8% 0.9 ppt 0.9 ppt
margin
Effective 19.4% 21.5% (2.1) ppt (2.1) ppt
income tax rate
Net income $4.6 $3.9 18% 18%
Diluted EPS $5.28 $4.34 22% 22%
Key Third
Quarter Increase /
Non-GAAP (Decrease)
Results1
$ in billions,
except per Q3 2026 Q3 2025 As adjusted Currency-neutr…
share data
Net revenue $9.8 $8.6 14% 14%
Adjusted
operating $3.9 $3.5 12% 12%
expenses
Adjusted
operating 60.5% 59.8% 0.7 ppt 0.7 ppt
margin
Adjusted
effective 20.1% 21.4% (1.4) ppt (1.4) ppt
income tax rate
Adjusted net $4.7 $4.0 17% 18%
income
Adjusted $5.31 $4.38 21% 21%
diluted EPS
1The Key Third
Quarter
Non-GAAP
Results
exclude the
impact of gains
and losses
on the
company’s
equity
investments,
special items
as described on
page 11
(“Third Quarter
Special Items”)
and/or
the
translational
and
transactional
impact of
currency and
the related
impact of the
company’s
foreign
exchange
derivative
contracts
designated as
cash
flow hedging
instruments
(specifically
those that
manage the
impact of
foreign
currency
variability on
anticipated
revenues and
expenses). See
page 11 for
the company’s
non-GAAP
adjustments and
the
reconciliation
to GAAP
reported
amounts.
Q32026 Key
Business
Drivers(YoY
growth)
Gross dollar Cross-border Switched
volume volume transactions
(local -local
currency currency
basis) basis
up 7% up 11% up 9%
The following information is provided to aid in understanding Mastercard’s third
quarter 2026 results, versus the year ago period.
•
Net revenue increased 14%, as reported and on a currency-neutral basis versus
the comparable period in 2025. The increase was attributable to growth in our
payment network and value-added services and solutions.
▪ Payment network net revenue increased 11%, as reported and on a currency-
neutral basis. Primary drivers of the increase were as follows:
• Gross dollar volume growth of 7% on a local currency basis to $3.0 trillion.
• Cross-border volume gro wth of 11% on a local currency basis.
• Switched transactions growth of 9%.
• Pricing
This increase in payment network net revenue includes growth in payment network
rebates and incentives provided to customers. Payment network rebates and
incentives increased 18%, as reported and on a currency-neutral basis, primarily
due to an increase in our key drivers, as well as new and renewed deals.
▪ Value-added services and solutions net revenue increased 19%, as reported and
on a currency-neutral basis. The growth was driven primarily by our underlying
key drivers, strong demand across several of our services, and pricing. This
includes a minimal decrease from acquisitions and dispositions.
•
Total operating expenses increased 11% as compared to the same period in 2025,
primarily due to higher general and administrative expenses. Excluding the
impact of Third Quarter Special Items, adjusted operating expenses increased
12%, as reported and on a currency-neutral basis. This includes a 1 percentage
point increase from acquisitions and dispositions. The remaining increase was
primarily due to higher general and administrative expenses.
•
Other income (expense) was unfavorable by $59 million versus the year ago
period, primarily due to interest expense on debt outstanding and a net loss in
the current year versus a net gain in the prior year on our equity investments,
partially offset by government grant agreements. Excluding the impact of net
gains and losses on our equity investments, adjusted other income (expense) was
unfavorable by $12 million primarily due to interest expense on debt
outstanding, partially offset by government grant agreements.
•
The effective tax rate for the third quarter of 2026 was 19.4%, versus 21.5% for
the comparable period in 2025. The adjusted effective tax rate for the third
quarter of 2026 was 20.1%, versus 21.4% for the comparable period in 2025. Both
as-reported and as-adjusted income tax rates were lower versus the comparable
period in 2025 due to higher net discrete tax benefits and other tax impacts in
2026.
•
As of September 30, 2026, the company’s customers had issued 3.8 billion
Mastercard and Maestro-branded cards.
2
Year-to-date Results
Year-to-date Increase /
Operating (Decrease)
Results
$ in billions,
except per share 2026 2025 Reported GAAP Currency-neutral
data
Net revenue $27.5 $24.0 15% 13%
Operating $11.1 $10.0 11% 10%
expenses
Operating income $16.4 $14.0 17% 14%
Operating margin 59.5% 58.3% 1.2 ppt 0.9 ppt
Effective income 19.6% 20.4% (0.8) ppt (0.8) ppt
tax rate
Net income $12.9 $10.9 18% 16%
Diluted EPS $14.59 $12.00 22% 19%
Key Year-to-date Increase /
Non-GAAP (Decrease)
Results1
$ in billions,
except per share 2026 2025 As adjusted Currency-neutral
data
Net revenue $27.5 $24.0 15% 13%
Adjusted
operating $10.8 $9.7 11% 10%
expenses
Adjusted 60.8% 59.7% 1.1 ppt 0.8 ppt
operating margin
Adjusted
effective income 19.8% 20.5% (0.7) ppt (0.7) ppt
tax rate
Adjusted net $13.2 $11.1 19% 16%
income
Adjusted diluted $14.94 $12.25 22% 19%
EPS
1The Key
Year-to-date
Non-GAAP Results
exclude the
impact of gains
and losses
on the company’s
equity
investments,
special items as
described on
page 12
(“Year-to-date
Special Items”)
and/or
the
translational
and
transactional
impact of
currency and the
related
impact of the
company’s
foreign exchange
derivative
contracts
designated as
cash
flow hedging
instruments
(specifically
those that
manage the
impact of
foreign
currency
variability on
anticipated
revenues and
expenses). See
page 12 for
the company’s
non-GAAP
adjustments and
the
reconciliation
to GAAP reported
amounts.
Year-to-da…
2026 Key
Business
Drivers(YoY
growth)
Gross dollar Cross-border Switched
volume volume transactions
(local -local
currency currency
basis) basis
up 7% up 12% up 9%
The following information is provided to aid in understanding Mastercard’s year-
to-date 2026 results, versus the year ago period.
•
Net revenue increased 15%, or 13% on a currency-neutral basis. The increase was
attributable to growth in our payment network and our value-added services and
solutions.
▪ Payment network net revenue increased 11%, as reported and 9% on a currency-
neutral basis. Primary drivers of the increase were as follows:
• Gross dollar volume growth of 7% on a local currency basis to $8.5 trillion.
• Cross-border volume growth of 12% on a local currency basis.
• Switched transactions growth of 9%.
• Pricing
This increase in payment network net revenue includes growth in payment network
rebates and incentives provided to customers. Payment network rebates and
incentives increased 21%, or 19% on a currency-neutral basis, primarily due to
an increase in our key drivers, as well as new and renewed deals.
3
▪
Value-added services and solutions net revenue increased 20%, or 18% on a
currency-neutral basis. The growth was driven primarily by our underlying key
drivers, strong demand across several of our services, and pricing. This
includes a minimal decrease from acquisitions and dispositions.
•
Total operating expenses increased 11% as compared to 2025, primarily due to
higher general and administrative expenses which included a restructuring charge
in the first quarter of 2026, partially offset by lower litigation provisions.
Excluding the impact of Year-to-date Special Items, adjusted operating expenses
increased 11%, or 10% on a currency-neutral basis. This includes a minimal
benefit from acquisitions and dispositions. The remaining increase was primarily
due to higher general and administrative expenses.
•
Other income (expense) was unfavorable $32 million versus the year ago period,
primarily due to interest expense on debt outstanding and a net loss in the
current year versus a net gain in the prior year on our equity investments,
partially offset by government grant agreements. Excluding the impact of net
gains and losses on our equity investments, adjusted other income (expense) was
favorable $58 million versus the prior year primarily due to government grant
agreements, partially offset by interest expense on debt outstanding.
•
The effective tax rate for year-to-date 2026 was 19.6%, versus 20.4% for the
comparable period in 2025. The adjusted effective tax rate for year-to-date 2026
was 19.8%, versus 20.5% for the comparable period in 2025. Both as-reported and
as-adjusted income tax rates were lower versus the comparable period in 2025 due
to higher net discrete tax benefits and other tax impacts in 2026.
Return of Capital to Stockholders
During the third quarter of 2026, Mastercard repurchased 5.3 million shares at a
cost of $3.0 billion and paid $763 million in dividends.
Quarter-to-date through October 26, the company repurchased 1.1 million shares
at a cost of $0.6 billion, which leaves $4.9 billion remaining under approved
share repurchase programs.
Third Quarter 2026 Financial Results Conference Call Details
At 9:00 a.m. ET today, the company will host a conference call to discuss its
third quarter and year-to-date 2026 results. The dial-in information for this
call is 1-833-461-5787 (Toll-free) and 1-585-542-9983 (Toll dial-in), using
passcode 262177588. A replay of the call will be available for 30 days and can
be accessed by dialing 1-929-828-5978 (Toll-free) and 1-833-309-1852 (Toll dial-
in), using passcode 262177588.
A live audio webcast of this call, along with presentation slides, can also be
accessed through the Investor Relations section of the company’s website at
investor.mastercard.com.
Forward-Looking Statements
This press release contains forward-looking statements pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act of 1995. All
statements other than statements of historical facts may be forward-looking
statements. When used in this press release, the words “believe”, “expect”,
“could”, “may”, “would”, “will”, “trend” and similar words are intended to
identify forward-looking statements. Examples of forward-looking statements
include, but are not limited to, statements that relate to the company’s future
prospects, developments and business strategies. We caution you to not place
undue reliance on these forward-looking statements, as they speak only as of the
date they are made. Except for the company’s ongoing obligations under the U.S.
federal securities laws, the company does not intend to update or otherwise
revise the forward-looking information to reflect actual results of operations,
changes in financial condition, changes in estimates, expectations or
assumptions, changes in general economic or
4
industry conditions or other circumstances arising and/or existing since the
preparation of this press release or to reflect the occurrence of any
unanticipated events.
Many factors and uncertainties relating to our operations and business
environment, all of which are difficult to predict and many of which are outside
of our control, influence whether any forward-looking statements can or will be
achieved. Any one of those factors could cause our actual results to differ
materially from those expressed or implied in writing in any forward-looking
statements made by Mastercard or on its behalf, including, but not limited to,
the following factors:
• regulation related to the payments industry (including regulatory, legislative
and litigation activity with respect to interchange rates and surcharging)
• the impact of preferential or protective government actions
• regulation of privacy, data, AI, information security and the digital economy
• regulation that directly or indirectly applies to us based on our
participation in the global payments industry (including anti-money laundering,
countering the financing of terrorism, economic sanctions and anti-corruption,
account-based payments systems, and issuer and acquirer practices regulation)
• the impact of changes in tax laws, as well as regulations and interpretations
of such laws or challenges to our tax positions
• potential or incurred liability and limitations on business related to any
litigation or litigation settlements
• the impact of competition in the global payments industry (including
disintermediation and pricing pressure)
• the challenges relating to rapid technological developments and changes
• the challenges relating to operating a real-time account-based payments system
and to working with new customers and end users
• the impact of information security incidents, account data breaches or service
disruptions
• issues related to our relationships with our stakeholders (including loss of
substantial business from significant customers, competitor relationships with
our customers, consolidation amongst our customers, merchants’ continued focus
on acceptance costs and unique risks from our work with governments)
• the impact of global economic, political, financial and societal events and
conditions, including adverse currency fluctuations and foreign exchange
controls
• reputational impact, including impact related to brand perception and lack of
visibility of our brands in products and services
• the impact of environmental, social and governance matters and related
stakeholder reaction
• the inability to attract and retain a highly qualified workforce, or maintain
our corporate culture
• issues related to acquisition integration, strategic investments and entry
into new businesses
• exposure to loss or illiquidity due to our role as guarantor as well as other
contractual obligations and discretionary actions we may take
• issues related to our Class A common stock and corporate governance structure
For additional information on these and other factors that could cause the
company’s actual results to differ materially from expected results, please see
the company’s filings with the Securities and Exchange Commission, including the
company’s Annual Report on Form 10-K for the year ended December 31, 2025 and
any subsequent reports on Forms 10-Q and 8-K.
5
About Mastercard (NYSE: MA)
Mastercard powers economies and empowers people in more than 220 countries and
territories worldwide. Together with our customers, we are building a resilient
economy where everyone can prosper. We support a wide range of digital payments
choices, making transactions secure, simple, smart and accessible. Our
technology and innovation, partnerships and networks combine to deliver a unique
set of products and services that help people, businesses and governments
realize their greatest potential.
www.mastercard.com
Contacts:
Investor Relations: Media Relations:
Devin Corr Seth Eisen
investor.relations@mastercard.com Seth.Eisen@mastercard.com
914-249-4565 914-249-3153
6
Three
Months
Ended
Septem…
30,
2026
(in Nine
Consol… millio… Months
Statem… except Ended
of per Septemb…
Operat… share 30,
(Unaud… data) 2025 2026 2025
──────────────────────────────────────────────────────────────────────────────
Net $ 9,807 $ 8,602 $ 27,482 $ 23,985
Revenue
Operat…
Expens…
General
and 3,293 2,923 9,414 8,212
admini…
Advert…
and 252 245 622 610
market…
Deprec…
and 326 290 934 846
amorti…
Provis…
for 74 83 156 330
litiga…
Total
operat… 3,945 3,541 11,126 9,998
expens…
Operat… 5,862 5,061 16,356 13,987
income
Other
Income
(Expen…
Invest… 88 81 257 239
income
Gains
(losse…
on -5 41 -73 16
equity
invest…
net
Intere… -250 -186 -653 -563
expense
Other
income 46 2 152 23
(expen…
net
Total
other -121 -62 -317 -285
income
(expen…
Income
before 5,741 4,999 16,039 13,702
income
taxes
Income
tax 1,113 1,072 3,141 2,794
expense
Net $ 4,628 $ 3,927 $ 12,898 $ 10,908
Income
Basic
Earnin… $ 5.29 $ 4.35 $ 14.61 $ 12.02
per
Share
Basic
weight… 875 903 883 908
shares
outsta…
Diluted
Earnin… $ 5.28 $ 4.34 $ 14.59 $ 12.00
per
Share
Diluted
weight… 876 905 884 909
shares
outsta…
7
Consolidated
Balance Sheets September 30,
(Unaudited) 2026 December 31, 2025
──────────────────────────────────────────────────────────────────────────────
-in millions,
except per share
data
Assets
Current assets:
Cash and cash $ 10,147 $ 10,566
equivalents
Restricted cash
and restricted 564 561
cash
equivalents
Restricted
security
deposits held 2,231 2,121
for
customers
Investments 317 332
Accounts 5,258 4,609
receivable
Settlement 1,593 1,626
assets
Prepaid expenses
and other 4,370 3,743
current
assets
Total current 24,480 23,558
assets
Property,
equipment and
right-of-use
assets, net of
accumulated 2,642 2,303
depreciation
and amortization
of $2,883 and
$2,756,
respectively
Deferred income 1,573 1,567
taxes
Goodwill 10,804 9,560
Other intangible
assets, net of
accumulated
amortization of 5,704 5,554
$3,502 and
$3,096,
respectively
Other assets 12,946 11,615
Total Assets $ 58,149 $ 54,157
Liabilities and
Equity
Current
liabilities:
Accounts payable $ 1,083 $ 999
Settlement 2,151 2,409
obligations
Restricted
security
deposits held 2,231 2,121
for
customers
Accrued 262 800
litigation
Accrued expenses 13,950 13,272
Short-term debt 1,749 749
Other current 2,770 2,412
liabilities
Total current 24,196 22,762
liabilities
Long-term debt 22,189 18,251
Deferred income 341 307
taxes
Other 4,683 5,091
liabilities
Total 51,409 46,411
Liabilities
Commitments and
Contingencies
Stockholders’
Equity
Class A common
stock, $0.0001
par value;
authorized 3,000
shares, 1,407
and 1,406 — —
shares issued
and 866 and 887
shares
outstanding,
respectively
Class B common
stock, $0.0001
par value;
authorized 1,200 — —
shares,7shares
issued
and outstanding
Additional 7,308 6,907
paid-in-capital
Class A treasury
stock, at cost,
541 and -95,201 -83,224
518 shares,
respectively
Retained 95,640 85,035
earnings
Accumulated
other
comprehensive -994 -981
income
(loss)
Mastercard
Incorporated 6,753 7,737
Stockholders'
Equity
Non-controlling -13 9
interests
Total Equity 6,740 7,746
Total
Liabilities and $ 58,149 $ 54,157
Equity
8
Consolidated Statements Nine Months Ended
of Cash Flows September 30,
(Unaudited) 2026
Operating Activities (in millions) 2025
──────────────────────────────────────────────────────────────────────────────
Net income $ 12,898 $ 10,908
Adjustments to
reconcile net income to
net cash provided by
operating
activities:
Amortization of 2,030 1,526
customer incentives
Depreciation and 934 846
amortization
(Gains) losses on
equity investments, 73 -16
net
Share-based 525 485
compensation
Deferred income taxes -9 77
Other 141 99
Changes in operating
assets and
liabilities:
Accounts receivable -661 -264
Settlement assets 32 -14
Prepaid expenses -4,688 -2,939
Accrued litigation and -537 -4
legal settlements
Restricted security
deposits held for 126 180
customers
Accounts payable 95 -28
Settlement obligations -258 102
Accrued expenses 1,660 658
Net change in other
assets and -502 1,030
liabilities
Net cash provided by
operating 11,859 12,646
activities
Investing Activities
Purchases of investment
securities -265 -385
available-for-sale
Purchases of
investments — -28
held-to-maturity
Proceeds from sales of
investment 94 192
securities
available-for-sale
Proceeds from
maturities of
investment 139 183
securities
available-for-sale
Proceeds from
maturities of 13 46
investments
held-to-maturity
Purchases of property -667 -377
and equipment
Capitalized software -474 -548
Acquisition of
businesses, net of cash -1,372 —
acquired
Other investing -71 -24
activities
Net cash used in -2,603 -941
investing activities
Financing Activities
Purchases of treasury -11,893 -8,169
stock
Dividends paid -2,311 -2,072
Proceeds from debt, net 5,596 1,242
of discounts
Payment of debt -618 -750
Tax withholdings
related to share-based -208 -283
payments
Cash proceeds from 117 139
employee stock plans
Other financing -108 -100
activities
Net cash used in -9,425 -9,993
financing activities
Effect of exchange rate
changes on cash,
cash equivalents, -137 325
restricted cash and
restricted cash
equivalents
Net increase (decrease)
in cash, cash
equivalents, restricted -306 2,037
cash and
restricted cash
equivalents
Cash, cash equivalents,
restricted cash
and restricted cash 13,248 10,808
equivalents -
beginning of period
Cash, cash equivalents,
restricted cash
and restricted cash $ 12,942 $ 12,845
equivalents - end of
period
9
Non-GAAP Financial Information
Non-GAAP financial information is defined as a numerical measure of a company’s
performance that excludes or includes amounts so as to be different than the
most comparable measure calculated and presented in accordance with accounting
principles generally accepted in the United States (“GAAP”). Mastercard
discloses the following non-GAAP financial measures: adjusted operating
expenses, adjusted operating margin, adjusted other income (expense), adjusted
effective income tax rate, adjusted net income and adjusted diluted earnings per
share (as well as related applicable growth rates versus the comparable period
in the prior year). As described more fully below, these non-GAAP financial
measures exclude (where applicable) the impact of gains and losses on the
company’s equity investments, which includes mark-to-market fair value
adjustments, impairments and gains and losses upon disposition, as well as the
related tax impacts. These non-GAAP financial measures also exclude (where
applicable) the impact of special items, which represent litigation judgments
and settlements and/or certain one-time items, as well as the related tax
impacts.
In addition, the company presents growth rates adjusted for the impact of
currency, which is a non-GAAP financial measure. Currency-neutral growth rates
are calculated by remeasuring the prior period’s results using the current
period’s exchange rates for both the translational and transactional impacts on
operating results. The impact of currency translation represents the effect of
translating operating results where the functional currency is different from
the company’s U.S. dollar reporting currency. The impact of the transactional
currency represents the effect of converting revenue and expenses occurring in a
currency other than the functional currency of the entity. The impact of the
related realized gains and losses resulting from the company’s foreign exchange
derivative contracts designated as cash flow hedging instruments (specifically
those that manage the impact of foreign currency variability on anticipated
revenues and expenses) is recognized in the respective financial statement line
item on the statements of operations when the underlying forecasted transactions
impact earnings. The translational and transactional impact of currency and the
related impact of the company’s foreign exchange derivative contracts designated
as cash flow hedging instruments as specified above have been excluded from the
company’s currency-neutral growth rates.
The company believes that the non-GAAP financial measures presented facilitate
an understanding of operating performance and provide a meaningful comparison of
its results between periods. The company’s management uses non-GAAP financial
measures to evaluate its ongoing operations in relation to historical results,
for internal planning and forecasting purposes and in the calculation of
performance-based compensation, among other things. The company excluded these
items because management evaluates the underlying operations and performance of
the company separately from these recurring and nonrecurring items. The
presentation of non-GAAP financial measures should not be relied upon as
substitutes for the company’s measures calculated in accordance with GAAP.
The company includes reconciliations of the requisite non-GAAP financial
measures to the most directly comparable GAAP financial measures in the non-GAAP
reconciliation tables below.
10
T…
M…
E…
… S…
… 3…
… 2…
──────────────────────────────────────────────────────────────────────────────
O… E… D…
O… O… i… i… N… e…
e… m… (… t… i… p…
r… s…
-$
in
m…
e…
p…
s…
d…
…
- $ 3… 5… % $ -… 1… % $ 4… $ 5…
…
…
…
… ** ** 5 0… % -… -…
…
…
… -… 0… % ** 0… % 49 0…
…
…
- $ 3… 6… % $ -… 2… % $ 4… $ 5…
…
T…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
O… E… D…
O… O… i… i… N… e…
e… m… (… t… i… p…
r… s…
-$
in
m…
e…
p…
s…
d…
…
- $ 3… 5… % $ -… 2… % $ 3… $ 4…
…
…
…
… ** ** -… — % -… -…
…
…
… -… 1… % ** — % 65 0…
…
…
- $ 3… 5… % $ -… 2… % $ 3… $ 4…
…
Th…
Mo…
En…
Se…
30,
20…
as
co…
to
the
Th…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
In…
E… D…
Op… Op… i… Net e…
ex… ma… t… in… p…
r… s…
R…
- 11 % 0.9 ppt -2… p… 18 % 22 %
G…
(…
l…
on ** ** 0.5 p… — % — %
e…
i…
L… 1 % -0… ppt 0.2 p… -1 % -1 %
p…
A…
- 12 % 0.7 ppt -1… p… 17 % 21 %
N…
C… — % — ppt — p… — % — %
i…
A…
-
N… 12 % 0.7 ppt -1… p… 18 % 21 %
-
c…
Note: Tables may not sum due to rounding.
** Not applicable
Gains and Losses on Equity Investments
1. Represents Q3'26 net pre-tax loss of $5 million and Q3’25 net pre-tax gain of
$41 million primarily related to realized and unrealized fair market value
adjustments on marketable and nonmarketable equity securities.
Third Quarter Special Items
2. Represents Q3'26 pre-tax charges of $74 million, primarily due to settlements
with merchants who opted out of the U.S. merchant class litigation.
3. Represents Q3'25 pre-tax charges of $83 million primarily due to a legal
provision associated with the U.S. liability shift litigation.
Other Notes
4. Represents the translational and transactional impact of currency and the
related impact of our foreign exchange derivative contracts designated as cash
flow hedging instruments (specifically those that manage the impact of foreign
currency variability on anticipated revenues and expenses).
11
N…
M…
E…
… S…
… 3…
… 2…
──────────────────────────────────────────────────────────────────────────────
O… E… D…
O… O… i… i… N… e…
e… m… (… t… i… p…
r… s…
-$
in
m…
e…
p…
s…
d…
…
- $ 1… 5… % $ -… 1… % $ 1… $ 1…
…
…
…
… ** ** 73 0… % 45 0…
…
…
… -… 0… % ** 0… % 1… 0…
…
… -… 0… % ** — % 1… 0…
…
…
- $ 1… 6… % $ -… 1… % $ 1… $ 1…
…
N…
M…
E…
S…
3…
2…
──────────────────────────────────────────────────────────────────────────────
O… E… D…
O… O… i… i… N… e…
e… m… (… t… i… p…
r… s…
-$
in
m…
e…
p…
s…
d…
…
- $ 9… 5… % $ -… 2… % $ 1… $ 1…
…
…
…
… ** ** -… — % -… -…
…
…
… -… 1… % ** 0… % 2… 0…
…
…
- $ 9… 5… % $ -… 2… % $ 1… $ 1…
…
Ni…
Mo…
En…
Se…
30,
20…
as
co…
to
the
Ni…
Mo…
En…
Se…
30,
20…
──────────────────────────────────────────────────────────────────────────────
In…
E… D…
Op… Op… i… Net e…
ex… ma… t… in… p…
r… s…
R…
- 11 % 1.2 ppt -0… p… 18 % 22 %
G…
(…
l…
on ** ** 0.1 p… 1 % 1 %
e…
i…
L…
p… 2 % -0… ppt -0… p… -2 % -2 %
4
R… -2 % 0.7 ppt — p… 1 % 1 %
c…
A…
- 11 % 1.1 ppt -0… p… 19 % 22 %
N…
C… -1 % -0… ppt — p… -3 % -3 %
i…
A…
-
N… 10 % 0.8 ppt -0… p… 16 % 19 %
-
c…
Note: Tables may not sum due to rounding.
** Not applicable
Gains and Losses on Equity Investments
1. Represents year-to-date 2026 net pre-tax loss of $73 million and year-to-date
2025 net pre-tax gain of $16 million, primarily related to realized and
unrealized fair market value adjustments on marketable and nonmarketable equity
securities.
Year-to-date Special Items
2. Represents year-to-date 2026 pre-tax charges of $156 million, primarily due
to settlements with merchants who opted out of the U.S. merchant class
litigation and a legal provision associated with the ATM non-discrimination rule
surcharge complaints.
3. Represents year-to-date 2026 pre-tax charge of $202 million as a result of a
restructuring action primarily intended to enable reinvestment to support the
realization of our long-term growth opportunities.
4. Represents year-to-date 2025 pre-tax charges of $330 million primarily as a
result of a change in estimate related to the claims of merchants who opted out
of the U.S. merchant class litigation, a legal provision associated with the
U.S. liability shift litigation and a legal provision associated with the ATM
non-discrimination rule surcharge complaints.
Other Notes
5. Represents the translational and transactional impact of currency and the
related impact of the company’s foreign exchange derivative contracts designated
as cash flow hedging instruments (specifically those that manage the impact of
foreign currency variability on anticipated revenues and expenses).
12
──────────────────────────────────────────────────────────────────────────────
…
…
…
…
13
──────────────────────────────────────────────────────────────────────────────
…
…
…
…
14
Footnote
The tables set forth the gross dollar volume (“GDV”), purchase volume, cash
volume and the number of purchase transactions, cash transactions and cards on a
regional and global basis for Mastercard™-branded cards. Growth rates over prior
periods are provided for volume-based data.
Debit transactions on Maestro® and Cirrus®-branded cards and transactions
involving brands other than Mastercard are not included in the preceding tables.
For purposes of the table: GDV represents purchase volume plus cash volume and
includes the impact of balance transfers and convenience checks; “purchase
volume” means the aggregate dollar amount of purchases made with Mastercard-
branded cards for the relevant period; and “cash volume” means the aggregate
dollar amount of cash disbursements and includes the impact of balance transfers
and convenience checks obtained with Mastercard-branded cards for the relevant
period. The number of cards includes virtual cards, which are Mastercard-branded
payment accounts that do not generally have physical cards associated with them.
The Mastercard payment products are comprised of credit, charge, debit and
prepaid programs, and data relating to each type of program is included in the
tables. The tables include information with respect to transactions involving
Mastercard-branded cards that are not switched by Mastercard and transactions
for which Mastercard does not earn significant revenues.
Information denominated in U.S. dollars is calculated by applying an established
U.S. dollar/local currency exchange rate for each local currency in which
Mastercard volumes are reported. These exchange rates are calculated on a
quarterly basis using the average exchange rate for each quarter. Mastercard
reports period-over-period rates of change in purchase volume and cash volume on
the basis of local currency information, in order to eliminate the impact of
changes in the value of currencies against the U.S. dollar in calculating such
rates of change.
The data set forth in the GDV, purchase volume, purchase transactions, cash
volume and cash transactions columns is provided by Mastercard customers and is
subject to verification by Mastercard and partial cross-checking against
information provided by Mastercard’s transaction switching systems. The data set
forth in the cards columns is provided by Mastercard customers and is subject to
certain limited verification by Mastercard. A portion of the data set forth in
the cards columns reflects the impact of routine portfolio changes among
customers and other practices that may lead to over counting of the underlying
data in certain circumstances. All data is subject to revision and amendment by
Mastercard or Mastercard’s customers.
Performance information for prior periods can be found in the Investor Relations
section of the Mastercard website at investor.mastercard.com.
15