Earnings Release
Mastercard Incorporated Reports Third Quarter 2026 Financial Results
• Third quarter net income 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 ResultsThird Quarter Operating Results Increase / (Decrease)
$ in billions, except per share data Q3 2026 Q3 2025 Reported GAAP Currency- neutral
Net revenue $9.8 $8.6 14% 14%
Operating expenses $3.9 $3.5 11% 12%
Operating income $5.9 $5.1 16% 16%
Operating margin 59.8% 58.8% 0.9 ppt 0.9 ppt
Effective income tax rate 19.4% 21.5% (2.1) ppt (2.1) ppt
Net income $4.6 $3.9 18% 18%
Diluted EPS $5.28 $4.34 22% 22%
Key Third Quarter Non-GAAP Results Increase / (Decrease)
$ in billions, except per share data Q3 2026 Q3 2025 As adjusted Currency- neutral
Net revenue $9.8 $8.6 14% 14%
Adjusted operating expenses $3.9 $3.5 12% 12%
Adjusted operating margin 60.5% 59.8% 0.7 ppt 0.7 ppt
Adjusted effective income tax rate 20.1% 21.4% (1.4) ppt (1.4) ppt
Adjusted net income $4.7 $4.0 17% 18%
Adjusted diluted EPS $5.31 $4.38 21% 21%
1 The 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.
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Q3 2026 Key Business Drivers (YoY growth)Gross dollar volume Cross-border volume Switched transactions
(local currency basis) (local currency 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 growth of 11% on a local currency basis.
• Switched transactions growth of 9%.
• PricingThis 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.
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Year-to-date Results Year-to-date Operating Results Increase / (Decrease)
$ in billions, except per share data 2026 2025 Reported GAAP Currency- neutral
Net revenue $27.5 $24.0 15% 13%
Operating expenses $11.1 $10.0 11% 10%
Operating income $16.4 $14.0 17% 14%
Operating margin 59.5% 58.3% 1.2 ppt 0.9 ppt
Effective income tax rate 19.6% 20.4% (0.8) ppt (0.8) ppt
Net income $12.9 $10.9 18% 16%
Diluted EPS $14.59 $12.00 22% 19%
Key Year-to-date Non-GAAP Results Increase / (Decrease)
$ in billions, except per share data 2026 2025 As adjusted Currency- neutral
Net revenue $27.5 $24.0 15% 13%
Adjusted operating expenses $10.8 $9.7 11% 10%
Adjusted operating margin 60.8% 59.7% 1.1 ppt 0.8 ppt
Adjusted effective income tax rate 19.8% 20.5% (0.7) ppt (0.7) ppt
Adjusted net income $13.2 $11.1 19% 16%
Adjusted diluted EPS $14.94 $12.25 22% 19%
1 The 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-date 2026 Key Business Drivers (YoY growth)Gross dollar volume Cross-border volume Switched transactions
(local currency basis) (local currency 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%.
• PricingThis 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.
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• 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 StockholdersDuring 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 DetailsAt 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
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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 structureFor 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.
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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
[email protected] [email protected]
914-249-4565 914-249-3153
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Consolidated Statements of Operations (Unaudited)Three Months Ended September 30, Nine Months Ended September 30,
2026 2025 2026 2025
(in millions, except per share data)Net Revenue $ 9,807 $ 8,602 $ 27,482 $ 23,985
Operating Expenses:General and administrative 3,293 2,923 9,414 8,212
Advertising and marketing 252 245 622 610
Depreciation and amortization 326 290 934 846
Provision for litigation 74 83 156 330
Total operating expenses 3,945 3,541 11,126 9,998
Operating income 5,862 5,061 16,356 13,987
Other Income (Expense):Investment income 88 81 257 239
Gains (losses) on equity investments, net (5) 41 (73) 16
Interest expense (250) (186) (653) (563)
Other income (expense), net 46 2 152 23
Total other income (expense) (121) (62) (317) (285)
Income before income taxes 5,741 4,999 16,039 13,702
Income tax expense 1,113 1,072 3,141 2,794
Net Income $ 4,628 $ 3,927 $ 12,898 $ 10,908
Basic Earnings per Share $ 5.29 $ 4.35 $ 14.61 $ 12.02
Basic weighted-average shares outstanding 875 903 883 908
Diluted Earnings per Share $ 5.28 $ 4.34 $ 14.59 $ 12.00
Diluted weighted-average shares outstanding 876 905 884 909
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Consolidated Balance Sheets (Unaudited) September 30, 2026 December 31, 2025
(in millions, except per share data) AssetsCurrent assets:Cash and cash equivalents $ 10,147 $ 10,566
Restricted cash and restricted cash equivalents 564 561
Restricted security deposits held for customers 2,231 2,121
Investments 317 332
Accounts receivable 5,258 4,609
Settlement assets 1,593 1,626
Prepaid expenses and other current assets 4,370 3,743
Total current assets 24,480 23,558
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,883 and $2,756, respectively 2,642 2,303
Deferred income taxes 1,573 1,567
Goodwill 10,804 9,560
Other intangible assets, net of accumulated amortization of $3,502 and $3,096, respectively 5,704 5,554
Other assets 12,946 11,615
Total Assets $ 58,149 $ 54,157
Liabilities and EquityCurrent liabilities:Accounts payable $ 1,083 $ 999
Settlement obligations 2,151 2,409
Restricted security deposits held for customers 2,231 2,121
Accrued litigation 262 800
Accrued expenses 13,950 13,272
Short-term debt 1,749 749
Other current liabilities 2,770 2,412
Total current liabilities 24,196 22,762
Long-term debt 22,189 18,251
Deferred income taxes 341 307
Other liabilities 4,683 5,091
Total Liabilities 51,409 46,411
Commitments and Contingencies Stockholders’ EquityClass 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, 7 shares issued and outstanding — —
Additional paid-in-capital 7,308 6,907
Class A treasury stock, at cost, 541 and 518 shares, respectively (95,201) (83,224)
Retained earnings 95,640 85,035
Accumulated other comprehensive income (loss) (994) (981)
Mastercard Incorporated Stockholders' Equity 6,753 7,737
Non-controlling interests (13) 9
Total Equity 6,740 7,746
Total Liabilities and Equity $ 58,149 $ 54,157
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Consolidated Statements of Cash Flows (Unaudited) Nine Months Ended September 30, 2026 2025 (in millions)
Operating ActivitiesNet income $ 12,898 $ 10,908
Adjustments to reconcile net income to net cash provided by operating activities:Amortization of customer incentives 2,030 1,526
Depreciation and amortization 934 846
(Gains) losses on equity investments, net 73 (16)
Share-based compensation 525 485
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 legal settlements (537) (4)
Restricted security deposits held for customers 126 180
Accounts payable 95 (28)
Settlement obligations (258) 102
Accrued expenses 1,660 658
Net change in other assets and liabilities (502) 1,030
Net cash provided by operating activities 11,859 12,646
Investing ActivitiesPurchases of investment securities available-for-sale (265) (385)
Purchases of investments held-to-maturity — (28)
Proceeds from sales of investment securities available-for-sale 94 192
Proceeds from maturities of investment securities available-for-sale 139 183
Proceeds from maturities of investments held-to-maturity 13 46
Purchases of property and equipment (667) (377)
Capitalized software (474) (548)
Acquisition of businesses, net of cash acquired (1,372) —
Other investing activities (71) (24)
Net cash used in investing activities (2,603) (941)
Financing ActivitiesPurchases of treasury stock (11,893) (8,169)
Dividends paid (2,311) (2,072)
Proceeds from debt, net of discounts 5,596 1,242
Payment of debt (618) (750)
Tax withholdings related to share-based payments (208) (283)
Cash proceeds from employee stock plans 117 139
Other financing activities (108) (100)
Net cash used in financing activities (9,425) (9,993)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (137) 325
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents (306) 2,037
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 13,248 10,808
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 12,942 $ 12,845
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Non-GAAP Financial InformationNon-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
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Non-GAAP Reconciliations (Quarter-to-date) Three Months Ended September 30, 2026
Operating expenses Operating margin Other income (expense) Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)Reported - GAAP $ 3,945 59.8 %$ (121) 19.4 %$ 4,628 $ 5.28
(Gains) losses on equity investments ** ** 5 0.5 % (24) (0.03)
Litigation provisions (74) 0.8 % ** 0.2 % 49 0.06
Adjusted - Non-GAAP $ 3,872 60.5 %$ (115) 20.1 %$ 4,653 $ 5.31
Three Months Ended September 30, 2025 Operating expenses Operating margin Other income (expense) Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)Reported - GAAP $ 3,541 58.8 %$ (62) 21.5 %$ 3,927 $ 4.34
(Gains) losses on equity investments ** ** (41) — % (31) (0.03)
Litigation provisions (83) 1.0 % ** — % 65 0.07
Adjusted - Non-GAAP $ 3,459 59.8 %$ (103) 21.4 %$ 3,961 $ 4.38
Three Months Ended September 30, 2026 as compared to the Three Months Ended September 30, 2025Increase/(Decrease) Operating expenses Operating margin Effective income tax rate Net income Diluted earnings per share
Reported - GAAP 11 % 0.9 ppt (2.1) ppt 18 % 22 %
(Gains) losses on equity investments ** ** 0.5 ppt — % — %
Litigation provisions 1 % (0.2) ppt 0.2 ppt (1) % (1) %
Adjusted - Non-GAAP 12 % 0.7 ppt (1.4) ppt 17 % 21 %
Currency impact — % — ppt — ppt — % — %
Adjusted - Non-GAAP - currency-neutral 12 % 0.7 ppt (1.4) ppt 18 % 21 %
Note: Tables may not sum due to rounding.** Not applicable
Gains and Losses on Equity Investments1.
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 Items2.
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 $83 million primarily due to a legal provision associated with the U.S. liability shift litigation.
Other Notes4.
Represents the translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).
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Non-GAAP Reconciliations (Year-to-date) Nine Months Ended September 30, 2026
Operating expenses Operating margin Other income (expense) Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)Reported - GAAP $ 11,126 59.5 %$ (317) 19.6 %$ 12,898 $ 14.59
(Gains) losses on equity investments ** ** 73 0.1 % 45 0.05
Litigation provisions (156) 0.6 % ** 0.1 % 108 0.12
Restructuring charge (202) 0.7 % ** — % 158 0.18
Adjusted - Non-GAAP $ 10,769 60.8 %$ (243) 19.8 %$ 13,209 $ 14.94
Nine Months Ended September 30, 2025 Operating expenses Operating margin Other income (expense) Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)Reported - GAAP $ 9,998 58.3 %$ (285) 20.4 %$ 10,908 $ 12.00
(Gains) losses on equity investments ** ** (16) — % (11) (0.01)
Litigation provisions (330) 1.4 % ** 0.2 % 240 0.26
Adjusted - Non-GAAP $ 9,668 59.7 %$ (301) 20.5 %$ 11,136 $ 12.25
Nine Months Ended September 30, 2026 as compared to the Nine Months Ended September 30, 2025Increase/(Decrease) Operating expenses Operating margin Effective income tax rate Net income Diluted earnings per share
Reported - GAAP 11 % 1.2 ppt (0.8) ppt 18 % 22 %
(Gains) losses on equity investments ** ** 0.1 ppt 1 % 1 %
Litigation provisions 2 % (0.8) ppt (0.1) ppt (2) % (2) %
Restructuring charge (2) % 0.7 ppt — ppt 1 % 1 %
Adjusted - Non-GAAP 11 % 1.1 ppt (0.7) ppt 19 % 22 %
Currency impact (1) % (0.3) ppt — ppt (3) % (3) %
Adjusted - Non-GAAP - currency-neutral 10 % 0.8 ppt (0.7) ppt 16 % 19 %
Note: Tables may not sum due to rounding.** Not applicable
Gains and Losses on Equity Investments1.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 Items2.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 Notes5.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).
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Mastercard Incorporated Operating PerformanceThree Months Ended September 30, 2026
GDV (Bil.) Growth (USD) Growth (Local) Purchase Volume (Bil.) Growth (Local) Purchase Trans. (Mil.) Purchase Trans. Growth Cash Volume (Bil.) Growth (Local) Cash Trans. (Mil.) Cards (Mil.)
All Mastercard Credit, Charge and Debit ProgramsAPMEA $ 670 5.5 % 5.8 %$ 524 7.4 % 14,426 11.0 %$ 146 0.7 % 1,362 1,070
Canada 75 5.9 % 7.6 % 73 7.7 % 1,277 7.0 % 2 3.6 % 7 100
Europe 1,060 6.1 % 8.3 % 873 10.3 % 23,074 9.0 % 186 (0.4) % 862 994
Latin America 279 21.6 % 13.5 % 210 16.1 % 8,707 16.8 % 70 6.1 % 417 627
Worldwide less United States 2,084 7.7 % 8.1 % 1,680 10.0 % 47,484 10.9 % 404 1.1 % 2,649 2,791
United States 867 5.9 % 5.9 % 803 6.7 % 11,996 3.5 % 64 (3.7) % 274 747
Worldwide 2,952 7.2 % 7.5 % 2,483 8.9 % 59,480 9.3 % 469 0.4 % 2,923 3,539
Mastercard Credit and Charge ProgramsWorldwide less United States 896 5.7 % 6.2 % 856 6.5 % 19,035 6.0 % 40 0.9 % 143 850
United States 467 10.1 % 10.1 % 455 10.0 % 4,884 9.1 % 12 11.6 % 11 376
Worldwide 1,363 7.1 % 7.5 % 1,311 7.7 % 23,919 6.6 % 52 3.2 % 154 1,226
Mastercard Debit ProgramsWorldwide less United States 1,188 9.4 % 9.6 % 824 13.8 % 28,448 14.4 % 364 1.1 % 2,506 1,942
United States 400 1.4 % 1.4 % 348 2.8 % 7,113 (0.1) % 52 (6.7) % 263 371
Worldwide 1,589 7.2 % 7.4 % 1,172 10.3 % 35,561 11.2 % 416 0.1 % 2,769 2,313
Nine Months Ended September 30, 2026
GDV (Bil.) Growth (USD) Growth (Local) Purchase Volume (Bil.) Growth (Local) Purchase Trans. (Mil.) Purchase Trans. Growth Cash Volume (Bil.) Growth (Local) Cash Trans. (Mil.) Cards (Mil.)
All Mastercard Credit, Charge and Debit ProgramsAPMEA $ 1,957 7.0 % 6.3 %$ 1,514 8.4 % 41,112 10.9 %$ 443 (0.2) % 4,061 1,070
Canada 219 8.5 % 7.6 % 213 7.8 % 3,618 7.7 % 6 2.8 % 21 100
Europe 3,027 10.5 % 8.6 % 2,482 10.7 % 64,782 8.5 % 545 0.2 % 2,544 994
Latin America 800 23.3 % 13.6 % 600 16.3 % 24,734 16.3 % 200 6.3 % 1,243 627
Worldwide less United States 6,002 10.8 % 8.5 % 4,809 10.5 % 134,246 10.6 % 1,194 1.0 % 7,869 2,791
United States 2,520 5.3 % 5.3 % 2,329 6.1 % 34,620 3.3 % 191 (4.0) % 809 747
Worldwide 8,523 9.1 % 7.5 % 7,138 9.0 % 168,867 9.0 % 1,385 0.3 % 8,678 3,539
Mastercard Credit and Charge ProgramsWorldwide less United States 2,600 9.4 % 7.9 % 2,482 8.2 % 54,701 6.8 % 118 1.4 % 424 850
United States 1,341 9.2 % 9.2 % 1,306 9.3 % 13,840 8.5 % 35 5.7 % 30 376
Worldwide 3,941 9.3 % 8.3 % 3,788 8.6 % 68,542 7.2 % 153 2.4 % 454 1,226
Mastercard Debit ProgramsWorldwide less United States 3,403 11.8 % 8.9 % 2,327 13.0 % 79,545 13.3 % 1,076 1.0 % 7,445 1,942
United States 1,179 1.1 % 1.1 % 1,023 2.3 % 20,780 0.1 % 156 (6.0) % 778 371
Worldwide 4,581 8.9 % 6.8 % 3,350 9.5 % 100,325 10.3 % 1,231 — % 8,223 2,313
APMEA = Asia Pacific / Middle East / AfricaNote that effective Q2 2026, operating performance in the preceding tables includes Venezuela cross-border activity, as applicable.
Figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.
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Mastercard Incorporated Operating PerformanceThree Months Ended September 30, 2025
GDV (Bil.) Growth (USD) Growth (Local) Purchase Volume (Bil.) Growth (Local) Purchase Trans. (Mil.) Purchase Trans. Growth Cash Volume (Bil.) Growth (Local) Cash Trans. (Mil.) Cards (Mil.)
All Mastercard Credit, Charge and Debit ProgramsAPMEA $ 635 5.6 % 5.8 %$ 487 8.4 % 13,000 10.5 %$ 148 (1.9) % 1,432 1,006
Canada 71 5.3 % 6.3 % 69 6.3 % 1,193 7.4 % 2 6.5 % 7 94
Europe 999 15.1 % 11.5 % 807 13.2 % 21,168 9.8 % 192 4.7 % 936 963
Latin America 230 13.4 % 13.7 % 170 17.4 % 7,456 15.6 % 60 4.4 % 416 527
Worldwide less United States 1,935 11.2 % 9.6 % 1,533 11.8 % 42,816 10.9 % 402 2.2 % 2,790 2,591
United States 819 6.7 % 6.7 % 752 7.1 % 11,594 6.5 % 67 3.2 % 296 712
Worldwide 2,754 9.8 % 8.7 % 2,285 10.2 % 54,410 9.9 % 469 2.3 % 3,087 3,303
Mastercard Credit and Charge ProgramsWorldwide less United States 848 10.0 % 9.8 % 808 10.2 % 17,957 8.4 % 40 2.4 % 153 832
United States 424 6.7 % 6.7 % 413 6.7 % 4,474 6.6 % 11 9.3 % 10 348
Worldwide 1,272 8.9 % 8.8 % 1,221 9.0 % 22,431 8.1 % 51 3.9 % 163 1,180
Mastercard Debit ProgramsWorldwide less United States 1,087 12.2 % 9.5 % 725 13.5 % 24,859 12.8 % 362 2.1 % 2,637 1,759
United States 395 6.7 % 6.7 % 339 7.5 % 7,120 6.4 % 56 2.1 % 287 364
Worldwide 1,481 10.7 % 8.7 % 1,063 11.5 % 31,979 11.3 % 418 2.1 % 2,924 2,123
Nine Months Ended September 30, 2025
GDV (Bil.) Growth (USD) Growth (Local) Purchase Volume (Bil.) Growth (Local) Purchase Trans. (Mil.) Purchase Trans. Growth Cash Volume (Bil.) Growth (Local) Cash Trans. (Mil.) Cards (Mil.)
All Mastercard Credit, Charge and Debit ProgramsAPMEA $ 1,829 4.2 % 5.5 %$ 1,382 7.2 % 37,067 9.7 %$ 446 0.6 % 4,314 1,006
Canada 202 2.5 % 5.3 % 196 5.4 % 3,359 6.8 % 6 3.2 % 19 94
Europe 2,740 13.7 % 12.5 % 2,204 14.3 % 59,728 10.3 % 536 5.8 % 2,779 963
Latin America 648 6.5 % 14.8 % 477 18.5 % 21,265 14.1 % 171 5.7 % 1,265 527
Worldwide less United States 5,419 9.1 % 10.0 % 4,259 11.9 % 121,420 10.6 % 1,159 3.7 % 8,378 2,591
United States 2,395 6.7 % 6.7 % 2,196 6.9 % 33,504 6.4 % 199 4.6 % 870 712
Worldwide 7,813 8.3 % 9.0 % 6,455 10.1 % 154,924 9.7 % 1,358 3.8 % 9,248 3,303
Mastercard Credit and Charge ProgramsWorldwide less United States 2,376 7.0 % 9.2 % 2,261 9.6 % 51,215 7.9 % 115 2.1 % 453 832
United States 1,229 6.3 % 6.3 % 1,195 6.2 % 12,752 6.2 % 33 8.0 % 27 348
Worldwide 3,605 6.7 % 8.2 % 3,456 8.4 % 63,967 7.6 % 149 3.4 % 480 1,180
Mastercard Debit ProgramsWorldwide less United States 3,042 10.7 % 10.7 % 1,998 14.7 % 70,205 12.7 % 1,044 3.9 % 7,925 1,759
United States 1,166 7.1 % 7.1 % 1,000 7.6 % 20,752 6.5 % 166 3.9 % 843 364
Worldwide 4,208 9.7 % 9.7 % 2,999 12.2 % 90,957 11.2 % 1,210 3.9 % 8,768 2,123
APMEA = Asia Pacific / Middle East / AfricaNote that effective Q2 2026, operating performance in the preceding tables include Venezuela cross-border activity, as applicable.
Figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.
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FootnoteThe 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.
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