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.
2
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)
3
•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.
4
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
5
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
6
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
7
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
8
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.
9
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).
10
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.
11
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.
