Mastercard (MA) investor relations material

Executive summary

• Net revenue for Q2 2026 reached $9.3 billion, up 14% year-over-year (12% currency-neutral), driven by growth in payment network and value-added services.

• Adjusted net income grew 18% to $4.5 billion, with adjusted diluted EPS up 21% to $5.04; net income was $4.4 billion and diluted EPS $4.97.

• Gross dollar volume increased 8% globally, with 6% growth in the US and 9% in the rest of the world; switched transactions rose 9% year-over-year.

• Operating margin improved to 60.2% in Q2 2026 (GAAP), with adjusted margin at 61.1%.

• Leadership transition announced: Ling Hai to become CFO, Sachin Mehra moving to Chief Business Officer.

Financial highlights

• Payment network revenue grew 10% and value-added services and solutions revenue increased 20% year-over-year in Q2.

• Adjusted operating income rose 16% to $5.67 billion, with an adjusted operating margin of 61.1%.

• Operating expenses increased 10–11% in Q2, mainly due to higher general and administrative costs.

• Repurchased $4.9 billion in stock during Q2, with $700 million more through late July; $7.8 billion remains under repurchase authorization.

• Net cash provided by operating activities was $6.8 billion for the first half, with $8.9 billion spent on share repurchases and $1.5 billion paid in dividends.

Outlook and guidance

• Q3 2026 net revenue growth expected at the high end of low double digits (currency-neutral, excluding inorganic activity), with a 0.5 ppt FX headwind.

• Full-year 2026 net revenue growth expected at the high end of low double digits, higher within the range than prior expectations, with a 1 ppt FX tailwind.

• Full-year operating expense growth to remain in low double digits, with a 0.5–1 ppt FX headwind.

• Non-GAAP tax rate expected at 20–21% for Q3 and Q4.

• Management expects continued growth in payment network and value-added services, supported by ongoing investment in strategic initiatives.