Mastercard 8-K
PositiveEarnings
Value-added services outpaced payment-network growth as healthy spending supported cross-border volumes and switched transactions.
Filed 2026-01-29 08:03 ET
- 2.02 Results of Operations
- 9.01 Financial Statements and Exhibits
Summary
Q4 and FY2025 results. Mastercard reported higher revenue and earnings, driven by growth in its payment network and value-added services; full-year revenue rose 16% (15% currency-neutral). The company cited healthy consumer and business spending and growth in gross dollar volume, cross-border volume and switched transactions.
Key Figures
| Metric | Q4 2025 | Q4 2024 | Y/Y |
|---|---|---|---|
| Net revenue | $8.81B | $7.49B | 18% |
| Operating income | $4.91B | $3.94B | 25% |
| Net income (GAAP) | $4.06B | $3.34B | 22% |
| Adjusted net income (non-GAAP) | $4.28B | $3.51B | 22% |
| Diluted EPS (GAAP) | $4.52 | $3.64 | 24% |
| Adjusted diluted EPS (non-GAAP) | $4.76 | $3.82 | 25% |
| Metric | FY2025 | FY2024 | Y/Y |
|---|---|---|---|
| Net revenue | $32.8B | $28.2B | 16% |
| Operating income | $18.9B | $15.6B | 21% |
| Net income (GAAP) | $15.0B | $12.9B | 16% |
| Adjusted net income (non-GAAP) | $15.4B | $13.5B | 14% |
| Diluted EPS (GAAP) | $16.52 | $13.89 | 19% |
| Adjusted diluted EPS (non-GAAP) | $17.01 | $14.60 | 17% |
| Operating cash flow | $17.6B | $14.8B | 19% |
- Q4 net revenue growth was 15% currency-neutral; payment-network revenue grew 9% currency-neutral and value-added services and solutions grew 22%. Acquisitions contributed 1 percentage point to total revenue growth and 3 points to value-added services growth.
- Q4 local-currency gross dollar volume rose 7%, cross-border volume 14% and switched transactions 10%; FY growth was 9%, 15% and 10%, respectively. The company attributed revenue growth primarily to organic growth in its payment network and value-added services.
- Q4 share repurchases totaled $3.6B for 6.4M shares, alongside $684M in dividends. Class A shares outstanding were 887M at year-end vs 907M a year earlier. Cash and cash equivalents were $10.6B vs $8.44B; total debt at carrying value was $19.0B vs $18.2B. Through 1/26/2026, Mastercard repurchased 1.3M shares for $715M, with $16.7B remaining under approved repurchase programs.
Guidance
No guidance in this filing.
Investor Takeaways
- Next-quarter results will show whether payment volumes and value-added services continue to support revenue growth; watch gross dollar volume, cross-border volume and switched transactions.
The summary is written by an AI model reading the filing.
Model 005 · prompt 01d34d48e3