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Earnings Release
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Mastercard Incorporated Reports Fourth Quarter and Full Year 2025 Financial Results

•Fourth quarter net income of $4.1 billion, and diluted earnings per share (EPS) of $4.52
•Fourth quarter adjusted net income of $4.3 billion, and adjusted diluted EPS of $4.76
•Fourth quarter net revenue of $8.8 billion, an increase of 18%, or 15% on a currency-neutral basis
•Fourth quarter gross dollar volume up 7% and purchase volume up 9%, on a local currency basis
Purchase, NY - January 29, 2026 - Mastercard Incorporated (NYSE: MA) today announced financial results for the fourth quarter and full year 2025.

“2025 was another strong year for Mastercard, with net revenue up 16% year-over-year or 15% on a currency-neutral basis. We're executing and winning with programs like the Apple Card and robust growth in value-added services and solutions at 23%, or 21% currency-neutral. The overall macroeconomic environment is supportive and we continue to see healthy consumer and business spending. That, together with trusted technology, constant innovation, and deep partnerships, powers our performance. Focused, agile, and diversified, we’re well positioned for the opportunities ahead in 2026.” — Michael Miebach, CEO

Quarterly Results
Fourth Quarter Operating ResultsIncrease / (Decrease)
$ in billions, except per share data
Q4 2025Q4 2024Reported GAAPCurrency-neutral
Net revenue$8.8$7.518%15%
Operating expenses$3.9$3.610%7%
Operating income$4.9$3.925%21%
Operating margin55.8%52.6%3.2 ppt2.9 ppt
Effective income tax rate16.7%14.1%2.6 ppt2.8 ppt
Net income$4.1$3.322%17%
Diluted EPS$4.52$3.6424%20%
Key Fourth Quarter Non-GAAP Results 1
Increase / (Decrease)
$ in billions, except per share data
Q4 2025Q4 2024As adjustedCurrency-neutral
Net revenue$8.8$7.518%15%
Adjusted operating expenses$3.7$3.314%12%
Adjusted operating margin57.7%56.3%1.4 ppt1.0 ppt
Adjusted effective income tax rate17.0%14.9%2.1 ppt2.4 ppt
Adjusted net income$4.3$3.522%17%
Adjusted diluted EPS$4.76$3.8225%20%
1 The Key Fourth Quarter Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 11 (“Fourth 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.


Q4 2025 Key Business Drivers
(YoY growth)
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Gross dollar volume
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Cross-border volume
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Switched transactions
(local currency basis)(local currency basis)
up 7%up 14%up 10%
The following information is provided to aid in understanding Mastercard’s fourth quarter 2025 results, versus the year ago period.
•Net revenue increased 18%, or 15% on a currency-neutral basis. This increase includes a 1 percentage point increase from acquisitions. The remaining increase was attributable to organic growth in our payment network and our value-added services and solutions.
▪Payment network net revenue increased 12%, or 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 $2.8 trillion.
•Cross-border volume growth of 14% on a local currency basis.
•Switched transactions growth of 10%.
This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 20%, or 17% 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 26%, or 22% on a currency-neutral basis. This includes a 3 percentage point increase from acquisitions. The remaining increase was driven primarily by growth in our underlying drivers, digital and authentication solutions, security solutions, consumer acquisition and engagement services, business and market insights, and pricing.
•Total operating expenses increased 10% as compared to the same period in 2024, primarily due to higher general and administrative expenses (which was tempered in part by the benefits of new government grants recognized as a result of agreements signed in late 2025), partially offset by lower litigation provisions. Excluding the impact of Fourth Quarter Special Items, adjusted operating expenses increased 14%, or 12% on a currency-neutral basis. This increase includes a 5 percentage point increase from acquisitions. The remaining increase was primarily due to higher general and administrative expenses.
•Other income (expense) was favorable $13 million versus the year ago period, primarily due to the new government grants and a one-time tax-related interest benefit, partially offset by net losses in the current year versus net gains in the prior year on our equity investments. Excluding the impact of net gains and losses on our equity investments, adjusted other income (expense) was favorable $158 million versus the year ago period primarily due to the new government grants and a one-time tax-related interest benefit.
•The effective tax rate for the fourth quarter of 2025 was 16.7%, versus 14.1% for the comparable period in 2024. The adjusted effective tax rate for the fourth quarter of 2025 was 17.0%, versus 14.9% for the comparable period in 2024. Both the as-reported and as-adjusted effective tax rates were higher in 2025 primarily due to the net tax effect of our Singapore operations, which includes the 15% global minimum tax (Pillar 2 Rules) that took effect in 2025. Additionally, a change in our geographic mix of earnings contributed to the higher effective tax rate, partially offset by net discrete tax benefits.
•As of December 31, 2025, the company’s customers had issued 3.7 billion Mastercard and Maestro-branded cards.
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Full Year Results
Full Year Operating ResultsIncrease / (Decrease)
$ in billions, except per share data
20252024Reported GAAPCurrency-neutral
Net revenue$32.8$28.216%15%
Operating expenses$13.9$12.610%10%
Operating income$18.9$15.621%20%
Operating margin57.6%55.3%2.3 ppt2.3 ppt
Effective income tax rate19.4%15.6%3.8 ppt3.8 ppt
Net income$15.0$12.916%15%
Diluted EPS$16.52$13.8919%18%
Key Full Year Non-GAAP Results 1
Increase / (Decrease)
$ in billions, except per share data20252024As adjustedCurrency-neutral
Net revenue
$32.8$28.216%15%
Adjusted operating expenses$13.4$11.714%14%
Adjusted operating margin59.2%58.4%0.8 ppt0.7 ppt
Adjusted effective income tax rate19.6%16.2%3.4 ppt3.4 ppt
Adjusted net income$15.4$13.514%13%
Adjusted diluted EPS$17.01$14.6017%15%
1 The Key Full Year Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 12 (“Full Year 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.
Full Year 2025 Key Business Drivers
(YoY growth)
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Gross dollar volume
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Cross-border volume
image8.jpg
Switched transactions
(local currency basis)(local currency basis)
up 9%up 15%up 10%
The following information is provided to aid in understanding Mastercard’s full year 2025 results, versus the year ago period.
•Net revenue increased 16%, or 15% on a currency-neutral basis. This increase includes a 1 percentage point increase from acquisitions. The remaining increase was attributable to organic growth in our payment network and our value-added services and solutions.
▪Payment network net revenue increased 12%, as reported and on a currency-neutral basis. Primary drivers of the increase were as follows:
•Gross dollar volume growth of 9%, on a local currency basis, to $10.6 trillion.
•Cross-border volume growth of 15% on a local currency basis.
•Switched transactions growth of 10%.
This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 16%, as reported and 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 23%, or 21% on a currency-neutral basis. This includes a 3 percentage point increase from acquisitions. The remaining increase was driven primarily by growth in our underlying drivers, security and digital and authentication solutions, consumer acquisition and engagement services, pricing and business and market insights.
•Total operating expenses increased 10% as compared to 2024, primarily due to higher general and administrative expenses (which was tempered in part by the benefits of new government grants recognized as a result of agreements signed in late 2025 and a restructuring charge in 2024). Excluding the impact of Full Year Special Items, adjusted operating expenses increased 14%, as reported and on a currency-neutral basis. This increase includes a 4 percentage point increase from acquisitions. The remaining increase was primarily due to higher general and administrative expenses.
•Other income (expense) was favorable $9 million versus the year ago period, primarily due to the new government grants and a one-time tax-related interest benefit, partially offset by increased interest expense and increased net losses in the current year versus the prior year on our equity investments. Excluding the impact of net gains and losses on our equity investments, adjusted other income (expense) was favorable $68 million versus the prior year primarily due to the new government grants and a one-time tax-related interest benefit, partially offset by increased interest expense.
•The effective tax rate for Full Year 2025 was 19.4%, versus 15.6% for the comparable period in 2024. The adjusted effective tax rate for Full Year 2025 was 19.6%, versus 16.2% for the comparable period in 2024. Both the as-reported and as-adjusted effective tax rates were higher in 2025 primarily due to the net effect of our Singapore operations, which includes the Pillar 2 Rules that took effect in 2025. Additionally, a change in our geographic mix of earnings contributed to the higher effective tax rate, partially offset by net discrete tax benefits.
Return of Capital to Shareholders
During the fourth quarter of 2025, Mastercard repurchased 6.4 million shares at a cost of $3.6 billion and paid $684 million in dividends.
Quarter-to-date through January 26, the company repurchased 1.3 million shares at a cost of $715 million, which leaves $16.7 billion remaining under approved share repurchase programs.
Fourth Quarter and Full Year 2025 Financial Results Conference Call Details
At 9:00 a.m. ET today, the company will host a conference call to discuss its fourth quarter and full year 2025 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
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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, 2024 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
investor.relations@mastercard.comSeth.Eisen@mastercard.com
914-249-4565914-249-3153
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Consolidated Statements of Operations (Unaudited)
Three Months Ended December 31,Twelve Months Ended December 31,
2025202420252024
(in millions, except per share data)
Net Revenue$8,806 $7,489 $32,791 $28,167 
Operating Expenses:
General and administrative3,106 2,745 11,318 10,193 
Advertising and marketing319 295 929 815 
Depreciation and amortization297 231 1,143 897 
Provision for litigation174 280 504 680 
Total operating expenses3,896 3,551 13,894 12,585 
Operating income4,910 3,938 18,897 15,582 
Other Income (Expense):
Investment income86 96 325 327 
Gains (losses) on equity investments, net(104)40 (88)(29)
Interest expense(159)(184)(722)(646)
Other income (expense), net143 1 166 20 
Total other income (expense)(34)(47)(319)(328)
Income before income taxes4,876 3,891 18,578 15,254 
Income tax expense816 549 3,610 2,380 
Net Income$4,060 $3,342 $14,968 $12,874 
Basic Earnings per Share$4.53 $3.64 $16.54 $13.91 
Basic weighted-average shares outstanding897 917 905 925 
Diluted Earnings per Share$4.52 $3.64 $16.52 $13.89 
Diluted weighted-average shares outstanding898 919 906 927 
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Consolidated Balance Sheets (Unaudited)
December 31, 2025December 31, 2024
(in millions, except per share data)
Assets
Current assets:
Cash and cash equivalents$10,566 $8,442 
Restricted cash and restricted cash equivalents561 492 
Restricted security deposits held for customers2,121 1,874 
Investments332 330 
Accounts receivable4,609 3,773 
Settlement assets1,626 1,821 
Prepaid expenses and other current assets3,743 2,992 
Total current assets23,558 19,724 
Property, equipment and right-of-use assets, net of accumulated depreciation and
amortization of $2,756 and $2,393, respectively
2,303 2,138 
Deferred income taxes1,567 1,614 
Goodwill9,560 9,193 
Other intangible assets, net of accumulated amortization of $3,096 and $2,400,
respectively
5,554 5,453 
Other assets11,615 9,959 
Total Assets$54,157 $48,081 
Liabilities and Equity
Current liabilities:
Accounts payable$999 $929 
Settlement obligations2,409 2,316 
Restricted security deposits held for customers2,121 1,874 
Accrued litigation800 930 
Accrued expenses13,272 10,393 
Short-term debt749 750 
Other current liabilities2,412 2,028 
Total current liabilities22,762 19,220 
Long-term debt18,251 17,476 
Deferred income taxes307 317 
Other liabilities5,091 4,553 
Total Liabilities46,411 41,566 
Commitments and Contingencies
Stockholders’ Equity
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,406 and 1,404 shares issued and 887 and 907 shares outstanding, respectively
— — 
Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding
— — 
Additional paid-in-capital6,907 6,442 
Class A treasury stock, at cost, 518 and 497 shares, respectively
(83,224)(71,431)
Retained earnings85,035 72,907 
Accumulated other comprehensive income (loss)(981)(1,433)
Mastercard Incorporated Stockholders' Equity7,737 6,485 
Non-controlling interests9 30 
Total Equity7,746 6,515 
Total Liabilities and Equity$54,157 $48,081 
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Consolidated Statements of Cash Flows (Unaudited)
For the Years Ended December 31,
20252024
(in millions)
Operating Activities
Net income$14,968 $12,874 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer incentives2,098 1,830 
Depreciation and amortization1,143 897 
(Gains) losses on equity investments, net88 29 
Share-based compensation597 526 
Deferred income taxes57 (527)
Other139 191 
Changes in operating assets and liabilities:
Accounts receivable(642)186 
Income taxes receivable(91)(165)
Settlement assets202 (593)
Prepaid expenses(3,388)(3,225)
Accrued litigation and legal settlements(142)205 
Restricted security deposits held for customers247 29 
Accounts payable45 75 
Settlement obligations89 922 
Accrued expenses1,836 1,587 
Long-term taxes payable(185)(163)
Net change in other assets and liabilities587 102 
Net cash provided by operating activities17,648 14,780 
Investing Activities
Purchases of investment securities available-for-sale(501)(508)
Purchases of investments held-to-maturity(28)(108)
Proceeds from sales of investment securities available-for-sale254 199 
Proceeds from maturities of investment securities available-for-sale232 262 
Proceeds from maturities of investments held-to-maturity52 378 
Purchases of property and equipment(489)(474)
Capitalized software(726)(720)
Purchases of equity investments(339)(42)
Proceeds from sales of equity investments181 125 
Acquisition of businesses, net of cash acquired— (2,511)
Other investing activities2 (3)
Net cash used in investing activities(1,362)(3,402)
Financing Activities
Purchases of treasury stock(11,727)(10,954)
Dividends paid(2,756)(2,448)
Proceeds from debt, net1,242 3,960 
Payment of debt(750)(1,336)
Tax withholdings related to share-based payments(291)(178)
Cash proceeds from employee stock plans203 224 
Other financing activities(100)(104)
Net cash used in financing activities(14,179)(10,836)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents333 (199)
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents2,440 343 
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period10,808 10,465 
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period$13,248 $10,808 
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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.
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Non-GAAP Reconciliations (QTD)
Three Months Ended December 31, 2025
 Operating expensesOperating marginOther income (expense)Effective income tax rate
 Net
income
 Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$3,896 55.8 %$(34)16.7 %$4,060 $4.52 
(Gains) losses on equity investments 1
****104 (0.3)%101 0.11 
Litigation provisions 2
(174)2.0 % ** 0.6 %117 0.13 
Adjusted - Non-GAAP$3,721 57.7 %$69 17.0 %$4,278 $4.76 

Three Months Ended December 31, 2024
 Operating expensesOperating marginOther income (expense)Effective income tax rate
 Net
income
 Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$3,551 52.6 %$(47)14.1 %$3,342 $3.64 
(Gains) losses on equity investments 1
****(40)0.2 %(42)(0.05)
Litigation provisions 3
(280)3.7 %**0.6 %214 0.23 
Adjusted - Non-GAAP$3,270 56.3 %$(88)14.9 %$3,513 $3.82 

Three Months Ended December 31, 2025 as compared to the Three Months Ended December 31, 2024
Increase/(Decrease)
 Operating expensesOperating marginEffective income tax rate
 Net
income
 Diluted earnings per share
Reported - GAAP10 %3.2  ppt2.6  ppt22 %24 %
(Gains) losses on equity investments 1
****(0.5) ppt5 %5 %
Litigation provisions 2,3
4 %(1.8) ppt(0.1) ppt(4)%(4)%
Adjusted - Non-GAAP14 %1.4  ppt2.1  ppt22 %25 %
Currency impact 4
(2)%(0.4) ppt0.3  ppt(4)%(5)%
Adjusted - Non-GAAP - currency-neutral12 %1.0  ppt2.4  ppt17 %20 %
Note:    Tables may not sum due to rounding.
**    Not applicable

Gains and Losses on Equity Investments
1.Represents Q4’25 net pre-tax losses of $104 million and Q4’24 net pre-tax gains of $40 million primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.
Fourth Quarter Special Items
2.Represents Q4’25 pre-tax charges of $174 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.
3.Represents Q4’24 pre-tax charges of $280 million primarily as a result of a legal provision associated with the U.K. consumer class action settlement and settlements with a number of U.K. merchants.
Other Notes
4.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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Non-GAAP Reconciliations (Full Year)
Twelve Months Ended December 31, 2025
 Operating expensesOperating marginOther income (expense)Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$13,894 57.6 %$(319)19.4 %$14,968 $16.52 
(Gains) losses on equity investments 1
 **  ** 88 (0.1)%90 0.10 
Litigation provisions 2
(504)1.5 % ** 0.3 %357 0.39 
Adjusted - Non-GAAP$13,389 59.2 %$(232)19.6 %$15,415 $17.01 

Twelve Months Ended December 31, 2024
 Operating expensesOperating marginOther income (expense)Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$12,585 55.3 %$(328)15.6 %$12,874 $13.89 
(Gains) losses on equity investments 1
****29 — %25 0.03 
Litigation provisions 3
(680)2.4 %**0.5 %495 0.53 
Restructuring charge 4
(190)0.7 %**0.1 %147 0.16 
Adjusted - Non-GAAP$11,714 58.4 %$(300)16.2 %$13,541 $14.60 

Twelve Months Ended December 31, 2025 as compared to the Twelve Months Ended December 31, 2024
Increase/(Decrease)
 Operating expensesOperating marginEffective income tax rate Net income Diluted earnings per share
Reported - GAAP10 %2.3  ppt3.8  ppt16 %19 %
(Gains) losses on equity investments 1
 **  ** (0.1) ppt— %— %
Litigation provisions 2, 3
2 %(0.9) ppt(0.2) ppt(2)%(2)%
Restructuring charge 4
2 %(0.7) ppt(0.1) ppt(1)%(1)%
Adjusted - Non-GAAP14 %0.8  ppt3.4  ppt14 %17 %
Currency impact 5
(1)%(0.1) ppt(0.1) ppt(1)%(1)%
Adjusted - Non-GAAP - currency-neutral14 %0.7  ppt3.4  ppt13 %15 %
Note:    Tables may not sum due to rounding.
**    Not applicable

Gains and Losses on Equity Investments
1.Represents Full Year 2025 and 2024 net pre-tax losses of $88 million and $29 million, respectively, primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.
Full Year Special Items
2.Represents Full Year 2025 pre-tax charges of $504 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.
3.Represents Full Year 2024 pre-tax charges of $680 million primarily as a result of a legal provision associated with the U.K. consumer class action settlement, settlements with a number of U.K. merchants and a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.
4.Represents Full Year 2024 pre-tax charge of $190 million as a result of a restructuring action intended to streamline our organization, delivering efficiencies to enable reinvestment in our business to support the realization of our long-term growth opportunities.
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).
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Mastercard Incorporated Operating Performance
Three Months Ended December 31, 2025
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$657 5.6 %5.6 %$504 7.8 %13,511 10.8 %$152 (1.4)%1,443 1,027 
Canada74 6.1 %5.8 %72 5.9 %1,207 6.4 %2 0.4 %7 95 
Europe1,006 15.6 %10.0 %815 12.1 %21,079 8.9 %191 1.8 %899 988 
Latin America257 20.8 %14.2 %190 16.5 %7,987 16.4 %67 8.3 %442 551 
Worldwide less United States1,994 12.3 %8.8 %1,582 10.9 %43,784 10.7 %412 1.6 %2,791 2,660 
United States825 4.1 %4.1 %762 4.7 %11,523 3.4 %63 (2.9)%275 731 
Worldwide2,819 9.8 %7.4 %2,344 8.8 %55,306 9.1 %475 0.9 %3,067 3,391 
Mastercard Credit and Charge Programs
Worldwide less United States864 10.4 %8.8 %824 9.1 %18,253 7.8 %40 2.2 %153 839 
United States438 6.3 %6.3 %428 6.6 %4,583 6.5 %10 (3.3)%9 353 
Worldwide1,301 9.0 %7.9 %1,251 8.2 %22,836 7.5 %50 1.1 %162 1,192 
Mastercard Debit Programs
Worldwide less United States1,130 13.9 %8.9 %758 12.9 %25,531 12.9 %372 1.5 %2,638 1,821 
United States388 1.6 %1.6 %335 2.3 %6,939 1.5 %53 (2.8)%266 378 
Worldwide1,518 10.5 %6.9 %1,093 9.5 %32,470 10.2 %425 0.9 %2,905 2,199 

Twelve Months Ended December 31, 2025
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$2,487 4.8 %5.7 %$1,888 7.6 %50,546 10.0 %$599 0.2 %5,777 1,027 
Canada276 3.5 %5.4 %268 5.5 %4,566 6.7 %8 2.5 %26 95 
Europe3,746 14.2 %11.8 %3,018 13.7 %80,771 9.8 %727 4.7 %3,676 988 
Latin America905 10.2 %14.6 %667 17.8 %29,232 14.7 %238 6.4 %1,707 551 
Worldwide less United States7,413 10.0 %9.7 %5,841 11.7 %165,115 10.6 %1,571 3.1 %11,186 2,660 
United States3,220 6.0 %6.0 %2,958 6.3 %45,023 5.6 %262 2.7 %1,146 731 
Worldwide10,632 8.7 %8.6 %8,799 9.8 %210,138 9.5 %1,833 3.1 %12,332 3,391 
Mastercard Credit and Charge Programs
Worldwide less United States3,239 7.8 %9.0 %3,085 9.4 %69,411 7.8 %155 1.7 %606 839 
United States1,666 6.3 %6.3 %1,623 6.3 %17,335 6.2 %44 5.2 %36 353 
Worldwide4,905 7.3 %8.1 %4,707 8.3 %86,746 7.5 %198 2.5 %642 1,192 
Mastercard Debit Programs
Worldwide less United States4,173 11.7 %10.3 %2,757 14.3 %95,704 12.7 %1,417 3.3 %10,580 1,821 
United States1,554 5.6 %5.6 %1,335 6.2 %27,688 5.2 %218 2.2 %1,109 378 
Worldwide5,727 10.0 %9.0 %4,092 11.5 %123,392 11.0 %1,635 3.1 %11,690 2,199 
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.
Mastercard Incorporated Operating Performance
Three Months Ended December 31, 2024
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$622 5.2 %8.1 %$467 9.7 %12,198 11.2 %$154 3.7 %1,530 965 
Canada70 3.8 %6.6 %68 6.8 %1,134 8.8 %2 1.5 %6 87 
Europe871 14.3 %16.2 %692 18.0 %19,360 12.7 %178 9.9 %976 904 
Latin America213 2.1 %17.6 %155 21.7 %6,860 13.9 %58 7.9 %464 471 
Worldwide less United States1,775 9.0 %13.0 %1,383 14.8 %39,552 12.3 %392 7.0 %2,977 2,427 
United States793 9.0 %9.0 %728 9.0 %11,144 9.0 %65 8.1 %291 700 
Worldwide2,568 9.0 %11.7 %2,111 12.8 %50,696 11.6 %457 7.2 %3,268 3,127 
Mastercard Credit and Charge Programs
Worldwide less United States783 6.9 %11.5 %744 12.1 %16,929 9.7 %38 2.3 %158 813 
United States412 7.6 %7.6 %401 7.7 %4,305 7.1 %10 5.5 %9 336 
Worldwide1,194 7.1 %10.2 %1,145 10.5 %21,234 9.1 %49 2.9 %166 1,149 
Mastercard Debit Programs
Worldwide less United States992 10.7 %14.2 %638 18.2 %22,624 14.3 %354 7.6 %2,819 1,614 
United States382 10.4 %10.4 %327 10.8 %6,839 10.2 %54 8.6 %282 364 
Worldwide1,374 10.7 %13.1 %966 15.6 %29,462 13.4 %408 7.7 %3,101 1,978 

Twelve Months Ended December 31, 2024
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$2,374 3.1 %7.2 %$1,775 8.7 %45,962 11.1 %$599 3.1 %5,988 965 
Canada266 4.6 %6.3 %259 6.1 %4,278 9.0 %8 10.4 %24 87 
Europe3,280 12.8 %15.3 %2,597 16.9 %73,532 14.1 %684 9.8 %3,906 904 
Latin America821 10.3 %18.6 %590 21.6 %25,495 15.9 %231 11.5 %1,836 471 
Worldwide less United States6,741 8.6 %12.3 %5,220 13.9 %149,268 13.3 %1,522 7.3 %11,755 2,427 
United States3,038 7.1 %7.1 %2,783 7.4 %42,638 7.7 %255 4.2 %1,164 700 
Worldwide9,780 8.1 %10.7 %8,003 11.5 %191,905 12.0 %1,777 6.8 %12,919 3,127 
Mastercard Credit and Charge Programs
Worldwide less United States3,004 6.6 %11.2 %2,851 11.5 %64,376 10.9 %154 6.7 %637 813 
United States1,568 6.4 %6.4 %1,526 6.6 %16,318 6.2 %41 0.6 %36 336 
Worldwide4,572 6.6 %9.5 %4,377 9.7 %80,695 10.0 %195 5.4 %674 1,149 
Mastercard Debit Programs
Worldwide less United States3,737 10.2 %13.3 %2,369 17.0 %84,891 15.1 %1,368 7.3 %11,118 1,614 
United States1,471 7.8 %7.8 %1,257 8.4 %26,319 8.6 %214 4.9 %1,128 364 
Worldwide5,208 9.5 %11.7 %3,626 13.8 %111,211 13.5 %1,582 7.0 %12,245 1,978 
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.
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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.
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