Mastercard 8-K

PositiveEarnings

Demand and pricing lifted value-added services revenue 19% Y/Y, while cross-border volume grew 11% Y/Y.

Filed 2026-10-29 08:04 ET

Summary

Q3 2026 results: Mastercard reported net revenue of $9.8B, up 14% Y/Y, and diluted EPS of $5.28. Growth came from both its payment network and value-added services and solutions, with cross-border volume up 11% and value-added services and solutions revenue up 19%.

Key Figures

Metric Q3 2026 9M 2026
Net revenue $9.81B, +14% Y/Y $27.5B, +15% Y/Y
Operating income $5.86B, +16% Y/Y $16.4B, +17% Y/Y
Operating margin 59.8%, vs 58.8% 59.5%, vs 58.3%
Adjusted operating margin, non-GAAP 60.5%, vs 59.8% 60.8%, vs 59.7%
Net income $4.63B, +18% Y/Y $12.9B, +18% Y/Y
Adjusted net income, non-GAAP $4.65B, +17% Y/Y $13.2B, +19% Y/Y
Diluted EPS $5.28, +22% Y/Y $14.59, +22% Y/Y
Adjusted diluted EPS, non-GAAP $5.31, +21% Y/Y $14.94, +22% Y/Y
Operating cash flow — $11.9B, vs $12.6B
  • Payment network revenue grew 11%; Q3 gross dollar volume was $3.0T, up 7% on a local-currency basis, while purchase volume rose 9%, cross-border volume 11% and switched transactions 9%. Value-added services and solutions revenue increased 19%, driven by demand across several services and pricing; payment network rebates and incentives rose 18%.
  • Operating expenses increased 11% to $3.9B, primarily from higher general and administrative expenses. The GAAP effective tax rate fell to 19.4% from 21.5%, reflecting higher net discrete tax benefits and other tax impacts.
  • Mastercard repurchased 5.3M shares for $3.0B and paid $763M in dividends during Q3; diluted weighted-average shares were 876M, vs 905M a year earlier. Through 10/26/2026, it repurchased another 1.1M shares for $0.6B, with $4.9B remaining under approved programs. Customers had issued 3.8B Mastercard- and Maestro-branded cards as of 9/30/2026.

Guidance

No guidance in this filing.

Investor Takeaways

  • Watch payment network volume growth, particularly cross-border volume, and value-added services and solutions revenue growth in subsequent quarters; sustained growth would support the drivers of Q3 revenue gains.

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Model 005 · prompt v111 · 2026-10-29 14:37:44Z

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