Form 8-K

8-K — Mastercard Inc

Accession: 0001141391-26-000029

Filed: 2026-04-30

Period: 2026-04-30

CIK: 0001141391

SIC: 7389 (SERVICES-BUSINESS SERVICES, NEC)

Item: Results of Operations and Financial Condition

Item: Financial Statements and Exhibits

Documents

8-K — ma-20260430.htm (Primary)

EX-99.1 (ma03312026-exx991xearnings.htm)

GRAPHIC (image6.jpg)

GRAPHIC (image7.jpg)

GRAPHIC (image8.jpg)

GRAPHIC (mclogoa03.jpg)

GRAPHIC (mcsymbol1a01.jpg)

XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: ma-20260430.htm · Sequence: 1

ma-20260430

false000114139100011413912026-04-302026-04-300001141391us-gaap:CommonClassAMember2026-04-302026-04-300001141391ma:TwoPointOnePercentNotesDue2027Member2026-04-302026-04-300001141391ma:A1NotesDue2029Member2026-04-302026-04-300001141391ma:TwoPointFivePercentNotesDue2030Member2026-04-302026-04-30

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

_______________________________________

FORM 8-K

_______________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): April 30, 2026

_______________________________________

Mastercard Incorporated

(Exact name of registrant as specified in its charter)

_______________________________________

Delaware 001-32877 13-4172551

(State or other jurisdiction

of incorporation) (Commission File

Number) (IRS Employer

Identification No.)

2000 Purchase Street 10577

Purchase, NY

(Address of principal executive offices) (Zip Code)

(914) 249-2000

(Registrant's telephone number, including area code)

NOT APPLICABLE

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

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

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

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

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

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

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

Title of each class Trading Symbol Name of each exchange of which registered

Class A Common Stock MA New York Stock Exchange

2.1% Notes due 2027 MA27 New York Stock Exchange

1.0% Notes due 2029

MA29A

New York Stock Exchange

2.5% Notes due 2030 MA30 New York Stock Exchange

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

Emerging growth company ☐

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

Item 2.02 Results of Operations and Financial Condition

On April 30, 2026, Mastercard Incorporated issued an earnings release announcing financial results for its first quarter 2026.

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

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit Number Exhibit Description

99.1

Earnings Release issued by Mastercard Incorporated, dated April 30, 2026

104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.

SIGNATURES

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

MASTERCARD INCORPORATED

Date: April 30, 2026 By:

/s/ Gina Accordino

Gina Accordino

Corporate Secretary

EX-99.1

Filename: ma03312026-exx991xearnings.htm · Sequence: 2

Document

Earnings Release

Mastercard Incorporated Reports First Quarter 2026 Financial Results

•First quarter net income of $3.9 billion, and diluted earnings per share (EPS) of $4.35

•First quarter adjusted net income of $4.1 billion, and adjusted diluted EPS of $4.60

•First quarter net revenue of $8.4 billion, an increase of 16%, or 12% on a currency-neutral basis

•First quarter gross dollar volume up 7% and purchase volume up 9%, on a local currency basis

Purchase, NY - April 30, 2026 - Mastercard Incorporated (NYSE: MA) today announced financial results for the first quarter 2026.

“Mastercard is diversified, future-ready, and delivering. In Q1, net revenue increased 16%, and value-added services and solutions grew 22% year over year — or 12% and 18% respectively on a currency-neutral basis. Building on our strong foundation, we’re advancing agentic commerce with Mastercard Agent Pay and expanding our stablecoin solutions through the planned acquisition of BVNK. We’re well positioned to capture the next wave of digital payments growth and continue to support secure commerce around the world.” — Michael Miebach, CEO

Quarterly Results

First Quarter Operating Results

Increase / (Decrease)

$ in billions, except per share data

Q1 2026 Q1 2025 Reported GAAP Currency-neutral

Net revenue $8.4 $7.3 16% 12%

Operating expenses $3.5 $3.1 13% 10%

Operating income $4.9 $4.1 18% 13%

Operating margin 58.4% 57.2% 1.2 ppt 0.6 ppt

Effective income tax rate 19.3% 18.6% 0.7 ppt 0.6 ppt

Net income $3.9 $3.3 18% 13%

Diluted EPS $4.35 $3.59 21% 16%

Key First Quarter Non-GAAP Results 1

Increase / (Decrease)

$ in billions, except per share data

Q1 2026 Q1 2025 As adjusted Currency-neutral

Net revenue $8.4 $7.3 16% 12%

Adjusted operating expenses $3.3 $3.0 11% 9%

Adjusted operating margin 60.8% 59.3% 1.5 ppt 1.0 ppt

Adjusted effective income tax rate 19.2% 19.1% 0.1 ppt 0.1 ppt

Adjusted net income $4.1 $3.4 20% 15%

Adjusted diluted EPS $4.60 $3.73 23% 18%

1 The Key First Quarter Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 10 (“First 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 10 for the company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.

Q1 2026 Key Business Drivers

(YoY growth)

Gross dollar volume

Cross-border volume

Switched transactions

(local currency basis) (local currency basis)

up 7%

up 13%

up 9%

The following information is provided to aid in understanding Mastercard’s first quarter 2026 results, versus the year ago period.

•Net revenue increased 16%, or 12% on a currency-neutral basis versus the comparable period in 2025. This increase was attributable to growth in our payment network and value-added services and solutions.

▪Payment network net revenue increased 12%, or 8% 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 $2.7 trillion.

•Cross-border volume growth of 13% on a local currency basis.

•Switched transactions growth of 9%.

This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 23%, 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 22%, or 18% on a currency-neutral basis. The increase was driven primarily by growth in our underlying key drivers, our security solutions, digital and authentication solutions, business and market insights and consumer acquisition and engagement services, and pricing.

•Total operating expenses increased 13% as compared to the same period in 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 First Quarter Special Items, adjusted operating expenses increased 11%, or 9% on a currency-neutral basis, primarily due to higher general and administrative expenses.

•Other income (expense) was favorable by $23 million versus the year ago period, primarily due to government grant agreements executed in the fourth quarter 2025, partially offset by higher net losses on our equity investments year over year. Excluding the impact of net gains and losses on our equity investments, adjusted other income (expense) was favorable by $61 million versus the year ago period primarily due to government grants.

•The effective tax rate for the first quarter of 2026 was 19.3%, versus 18.6% for the comparable period in 2025, primarily due to lower net discrete tax benefits in 2026. The adjusted effective tax rate for the first quarter of 2026 was 19.2%, versus 19.1% for the comparable period in 2025.

•As of March 31, 2026, the company’s customers had issued 3.7 billion Mastercard and Maestro-branded cards.

Return of Capital to Shareholders

During the first quarter of 2026, Mastercard repurchased 7.8 million shares at a cost of $4.0 billion and paid $777 million in dividends.

Quarter-to-date through April 27, the company repurchased 3.3 million shares at a cost of $1.7 billion, which leaves $11.7 billion remaining under approved share repurchase programs.

First Quarter 2026 Financial Results Conference Call Details

At 9:00 a.m. ET today, the company will host a conference call to discuss its first quarter 2026 results. The dial-in information for this call is 1-888-330-2508 (Toll-free) and 1-240-789-2735 (Toll dial-in), using passcode 6451878. A replay of the call will be available for 30 days and can be accessed by dialing 1-800-770-2030 (Toll-free) and 1-647-362-9199 (Toll dial-in), using passcode 6451878.

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 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.

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

Consolidated Statements of Operations (Unaudited)

Three Months Ended March 31,

2026 2025

(in millions, except per share data)

Net Revenue $ 8,398 $ 7,250

Operating Expenses:

General and administrative 3,039 2,523

Advertising and marketing 153 152

Depreciation and amortization 299 275

Provision for litigation — 151

Total operating expenses 3,491 3,101

Operating income 4,907 4,149

Other Income (Expense):

Investment income 81 88

Gains (losses) on equity investments, net (66) (29)

Interest expense (185) (182)

Other income (expense), net 75 5

Total other income (expense) (95) (118)

Income before income taxes 4,812 4,031

Income tax expense 930 751

Net Income $ 3,882 $ 3,280

Basic Earnings per Share $ 4.35 $ 3.60

Basic weighted-average shares outstanding 891 912

Diluted Earnings per Share $ 4.35 $ 3.59

Diluted weighted-average shares outstanding 893 914

Consolidated Balance Sheets (Unaudited)

March 31, 2026 December 31, 2025

(in millions, except per share data)

Assets

Current assets:

Cash and cash equivalents $ 7,906 $ 10,566

Restricted cash and restricted cash equivalents 551 561

Restricted security deposits held for customers 2,307 2,121

Investments 313 332

Accounts receivable 4,720 4,609

Settlement assets 2,062 1,626

Prepaid expenses and other current assets 4,639 3,743

Total current assets 22,498 23,558

Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,818 and $2,756, respectively

2,349 2,303

Deferred income taxes 1,396 1,567

Goodwill 9,525 9,560

Other intangible assets, net of accumulated amortization of $3,242 and $3,096, respectively

5,495 5,554

Other assets 11,186 11,615

Total Assets $ 52,449 $ 54,157

Liabilities and Equity

Current liabilities:

Accounts payable $ 1,030 $ 999

Settlement obligations 2,544 2,409

Restricted security deposits held for customers 2,307 2,121

Accrued litigation 339 800

Accrued expenses 12,327 13,272

Short-term debt 1,748 749

Other current liabilities 2,639 2,412

Total current liabilities 22,934 22,762

Long-term debt 17,212 18,251

Deferred income taxes 331 307

Other liabilities 5,250 5,091

Total Liabilities 45,727 46,411

Commitments and Contingencies

Stockholders’ Equity

Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,406 shares issued and 880 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 6,843 6,907

Class A treasury stock, at cost, 526 and 518 shares, respectively

(87,342) (83,224)

Retained earnings 88,146 85,035

Accumulated other comprehensive income (loss) (928) (981)

Mastercard Incorporated Stockholders' Equity 6,719 7,737

Non-controlling interests 3 9

Total Equity 6,722 7,746

Total Liabilities and Equity $ 52,449 $ 54,157

Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended March 31,

2026 2025

(in millions)

Operating Activities

Net income $ 3,882 $ 3,280

Adjustments to reconcile net income to net cash provided by operating activities:

Amortization of customer incentives 620 476

Depreciation and amortization 299 275

(Gains) losses on equity investments, net 66 29

Share-based compensation 136 129

Deferred income taxes 193 37

Other 17 38

Changes in operating assets and liabilities:

Accounts receivable (110) (118)

Settlement assets (437) (296)

Prepaid expenses (2,061) (1,458)

Accrued litigation and legal settlements (461) 119

Restricted security deposits held for customers 199 26

Accounts payable 14 80

Settlement obligations 135 124

Accrued expenses 39 (784)

Net change in other assets and liabilities 468 423

Net cash provided by operating activities 2,999 2,380

Investing Activities

Purchases of investment securities available-for-sale (68) (119)

Purchases of investments held-to-maturity — (8)

Proceeds from sales of investment securities available-for-sale 24 49

Proceeds from maturities of investment securities available-for-sale 44 76

Proceeds from maturities of investments held-to-maturity 13 16

Purchases of property and equipment (154) (159)

Capitalized software (181) (198)

Other investing activities (40) 3

Net cash used in investing activities (362) (340)

Financing Activities

Purchases of treasury stock (4,035) (2,549)

Dividends paid (777) (694)

Proceeds from debt, net — 1,242

Payment of debt — (750)

Tax withholdings related to share-based payments (204) (277)

Cash proceeds from employee stock plans 11 41

Net cash used in financing activities (5,005) (2,987)

Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (116) 121

Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (2,484) (826)

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 $ 13,248 $ 9,982

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.

Non-GAAP Reconciliations (QTD)

Three Months Ended March 31, 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 $ 3,491 58.4 % $ (95) 19.3 % $ 3,882 $ 4.35

(Gains) losses on equity investments 1

** ** 66 (0.2) % 63 0.07

Restructuring charge 2

(202) 2.4 % ** 0.1 % 158 0.18

Adjusted - Non-GAAP $ 3,289 60.8 % $ (28) 19.2 % $ 4,103 $ 4.60

Three Months Ended March 31, 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 $ 3,101 57.2 % $ (118) 18.6 % $ 3,280 $ 3.59

(Gains) losses on equity investments 1

** ** 29 — % 25 0.03

Litigation provisions 3

(151) 2.1 % ** 0.5 % 102 0.11

Adjusted - Non-GAAP $ 2,950 59.3 % $ (89) 19.1 % $ 3,406 $ 3.73

Three Months Ended March 31, 2026 as compared to the Three Months Ended March 31, 2025

Increase/(Decrease)

Operating expenses Operating margin Effective income tax rate

Net

income

Diluted earnings per share

Reported - GAAP 13 % 1.2 ppt 0.7 ppt 18 % 21 %

(Gains) losses on equity investments 1

** ** (0.2) ppt 1 % 1 %

Litigation provisions 3

6 % (2.1) ppt (0.5) ppt (4) % (4) %

Restructuring charge 2

(7) % 2.4 ppt 0.1 ppt 5 % 5 %

Adjusted - Non-GAAP 11 % 1.5 ppt 0.1 ppt 20 % 23 %

Currency impact 4

(3) % (0.5) ppt (0.1) ppt (6) % (6) %

Adjusted - Non-GAAP - currency-neutral 9 % 1.0 ppt 0.1 ppt 15 % 18 %

Note: Tables may not sum due to rounding.

** Not applicable

Gains and Losses on Equity Investments

1.Represents Q1'26 and Q1’25 net pre-tax losses of $66 million and $29 million, respectively, primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.

First Quarter Special Items

2.Represents Q1'26 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.

3.Represents Q1'25 pre-tax charges of $151 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.

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).

Mastercard Incorporated Operating Performance

Three Months Ended March 31, 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 Programs

APMEA $ 645 8.9 % 6.3 % $ 495 9.0 % 12,921 10.9 % $ 150 (1.9) % 1,370 1,036

Canada 68 12.5 % 7.5 % 66 7.7 % 1,105 8.8 % 2 3.4 % 7 96

Europe 943 17.1 % 9.2 % 770 11.2 % 19,699 7.7 % 173 0.9 % 809 975

Latin America 252 24.1 % 13.4 % 187 15.8 % 7,771 15.3 % 64 7.0 % 407 571

Worldwide less United States 1,908 14.8 % 8.6 % 1,518 10.9 % 41,496 10.1 % 390 0.7 % 2,593 2,678

United States 795 4.2 % 4.2 % 732 5.0 % 10,836 3.0 % 62 (3.8) % 260 730

Worldwide 2,703 11.5 % 7.3 % 2,251 8.9 % 52,332 8.5 % 452 0.1 % 2,852 3,408

Mastercard Credit and Charge Programs

Worldwide less United States 831 13.7 % 9.2 % 792 9.6 % 17,241 7.3 % 39 1.5 % 138 839

United States 417 7.9 % 7.9 % 405 8.1 % 4,235 7.6 % 11 1.5 % 9 358

Worldwide 1,248 11.7 % 8.7 % 1,198 9.1 % 21,476 7.3 % 50 1.5 % 147 1,197

Mastercard Debit Programs

Worldwide less United States 1,077 15.8 % 8.2 % 726 12.3 % 24,255 12.2 % 351 0.7 % 2,455 1,838

United States 378 0.5 % 0.5 % 327 1.4 % 6,601 0.3 % 51 (4.9) % 251 372

Worldwide 1,455 11.4 % 6.1 % 1,053 8.7 % 30,856 9.4 % 402 (0.1) % 2,706 2,210

Three Months Ended March 31, 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 Programs

APMEA $ 593 3.0 % 7.1 % $ 442 7.7 % 11,651 8.9 % $ 151 5.2 % 1,463 980

Canada 60 (2.0) % 4.4 % 58 4.4 % 1,016 5.7 % 2 2.2 % 6 90

Europe 806 8.7 % 12.9 % 645 14.7 % 18,291 10.1 % 160 6.2 % 888 919

Latin America 203 (1.4) % 13.2 % 148 18.9 % 6,739 12.7 % 54 0.1 % 419 490

Worldwide less United States 1,661 4.9 % 10.5 % 1,294 12.2 % 37,697 10.1 % 367 4.8 % 2,777 2,478

United States 762 6.9 % 6.9 % 698 6.9 % 10,520 6.3 % 65 7.2 % 278 698

Worldwide 2,424 5.5 % 9.3 % 1,992 10.3 % 48,217 9.2 % 432 5.1 % 3,055 3,177

Mastercard Credit and Charge Programs

Worldwide less United States 731 2.5 % 8.6 % 694 9.2 % 16,073 7.4 % 37 (0.5) % 147 819

United States 386 6.0 % 6.0 % 375 5.9 % 3,936 5.5 % 11 8.1 % 9 338

Worldwide 1,117 3.6 % 7.7 % 1,069 8.0 % 20,009 7.0 % 48 1.4 % 155 1,157

Mastercard Debit Programs

Worldwide less United States 930 6.9 % 11.9 % 600 15.9 % 21,624 12.1 % 331 5.4 % 2,631 1,660

United States 376 8.0 % 8.0 % 323 8.1 % 6,584 6.9 % 54 7.0 % 269 360

Worldwide 1,307 7.2 % 10.7 % 922 13.0 % 28,208 10.9 % 384 5.6 % 2,900 2,020

APMEA = Asia Pacific / Middle East / Africa

Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.

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.

GRAPHIC

Filename: image6.jpg · Sequence: 7

Binary file (2185 bytes)

Download image6.jpg

GRAPHIC

Filename: image7.jpg · Sequence: 8

Binary file (28156 bytes)

Download image7.jpg

GRAPHIC

Filename: image8.jpg · Sequence: 9

Binary file (19548 bytes)

Download image8.jpg

GRAPHIC

Filename: mclogoa03.jpg · Sequence: 10

Binary file (18149 bytes)

Download mclogoa03.jpg

GRAPHIC

Filename: mcsymbol1a01.jpg · Sequence: 11

Binary file (5176 bytes)

Download mcsymbol1a01.jpg

XML — IDEA: XBRL DOCUMENT

XML

Filename: R1.htm · Sequence: 13

v3.26.1

Cover

Apr. 30, 2026

Entity Information [Line Items]

Document Type

8-K

Document Period End Date

Apr. 30, 2026

Entity Registrant Name

Mastercard Incorporated

Entity Incorporation, State or Country Code

Entity File Number

001-32877

Entity Tax Identification Number

13-4172551

Entity Address, Address Line One

2000 Purchase Street

Entity Address, Postal Zip Code

10577

Entity Address, City or Town

Purchase,

Entity Address, State or Province

City Area Code

(914)

Local Phone Number

249-2000

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Entity Emerging Growth Company

false

Amendment Flag

false

Entity Central Index Key

0001141391

Class A Common Stock

Entity Information [Line Items]

Title of 12(b) Security

Class A Common Stock

Trading Symbol

Security Exchange Name

NYSE

2.1% Notes due 2027

Entity Information [Line Items]

Title of 12(b) Security

2.1% Notes due 2027

Trading Symbol

MA27

Security Exchange Name

NYSE

1% Notes Due 2029

Entity Information [Line Items]

Title of 12(b) Security

1.0% Notes due 2029

Trading Symbol

MA29A

Security Exchange Name

NYSE

2.5% Notes due 2030

Entity Information [Line Items]

Title of 12(b) Security

2.5% Notes due 2030

Trading Symbol

MA30

Security Exchange Name

NYSE

- Definition

Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.

+ References

No definition available.

+ Details

Name:

dei_AmendmentFlag

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Area code of city

+ References

No definition available.

+ Details

Name:

dei_CityAreaCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

For the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.

+ References

No definition available.

+ Details

Name:

dei_DocumentPeriodEndDate

Namespace Prefix:

dei_

Data Type:

xbrli:dateItemType

Balance Type:

Period Type:

duration

- Definition

The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.

+ References

No definition available.

+ Details

Name:

dei_DocumentType

Namespace Prefix:

dei_

Data Type:

dei:submissionTypeItemType

Balance Type:

Period Type:

duration

- Definition

Address Line 1 such as Attn, Building Name, Street Name

+ References

No definition available.

+ Details

Name:

dei_EntityAddressAddressLine1

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the City or Town

+ References

No definition available.

+ Details

Name:

dei_EntityAddressCityOrTown

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Code for the postal or zip code

+ References

No definition available.

+ Details

Name:

dei_EntityAddressPostalZipCode

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Name of the state or province.

+ References

No definition available.

+ Details

Name:

dei_EntityAddressStateOrProvince

Namespace Prefix:

dei_

Data Type:

dei:stateOrProvinceItemType

Balance Type:

Period Type:

duration

- Definition

A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityCentralIndexKey

Namespace Prefix:

dei_

Data Type:

dei:centralIndexKeyItemType

Balance Type:

Period Type:

duration

- Definition

Indicate if registrant meets the emerging growth company criteria.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityEmergingGrowthCompany

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.

+ References

No definition available.

+ Details

Name:

dei_EntityFileNumber

Namespace Prefix:

dei_

Data Type:

dei:fileNumberItemType

Balance Type:

Period Type:

duration

- Definition

Two-character EDGAR code representing the state or country of incorporation.

+ References

No definition available.

+ Details

Name:

dei_EntityIncorporationStateCountryCode

Namespace Prefix:

dei_

Data Type:

dei:edgarStateCountryItemType

Balance Type:

Period Type:

duration

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

No definition available.

+ Details

Name:

dei_EntityInformationLineItems

Namespace Prefix:

dei_

Data Type:

xbrli:stringItemType

Balance Type:

Period Type:

duration

- Definition

The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityRegistrantName

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b-2

+ Details

Name:

dei_EntityTaxIdentificationNumber

Namespace Prefix:

dei_

Data Type:

dei:employerIdItemType

Balance Type:

Period Type:

duration

- Definition

Local phone number for entity.

+ References

No definition available.

+ Details

Name:

dei_LocalPhoneNumber

Namespace Prefix:

dei_

Data Type:

xbrli:normalizedStringItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 13e

-Subsection 4c

+ Details

Name:

dei_PreCommencementIssuerTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14d

-Subsection 2b

+ Details

Name:

dei_PreCommencementTenderOffer

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Title of a 12(b) registered security.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection b

+ Details

Name:

dei_Security12bTitle

Namespace Prefix:

dei_

Data Type:

dei:securityTitleItemType

Balance Type:

Period Type:

duration

- Definition

Name of the Exchange on which a security is registered.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 12

-Subsection d1-1

+ Details

Name:

dei_SecurityExchangeName

Namespace Prefix:

dei_

Data Type:

dei:edgarExchangeCodeItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Exchange Act

-Number 240

-Section 14a

-Subsection 12

+ Details

Name:

dei_SolicitingMaterial

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Definition

Trading symbol of an instrument as listed on an exchange.

+ References

No definition available.

+ Details

Name:

dei_TradingSymbol

Namespace Prefix:

dei_

Data Type:

dei:tradingSymbolItemType

Balance Type:

Period Type:

duration

- Definition

Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef

-Publisher SEC

-Name Securities Act

-Number 230

-Section 425

+ Details

Name:

dei_WrittenCommunications

Namespace Prefix:

dei_

Data Type:

xbrli:booleanItemType

Balance Type:

Period Type:

duration

- Details

Name:

us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=ma_TwoPointOnePercentNotesDue2027Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=ma_A1NotesDue2029Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type:

- Details

Name:

us-gaap_StatementClassOfStockAxis=ma_TwoPointFivePercentNotesDue2030Member

Namespace Prefix:

Data Type:

Balance Type:

Period Type: