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; GAAP 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% internationally; switched transactions rose 9% and card count increased 5%.

• Growth was supported by strong consumer and business spending, positive job growth, and expanded partnerships and innovation in digital payments.

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

Financial highlights

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

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

• Cross-border volume grew 12%-14% year-over-year, with strong card-not-present ex-travel growth at 20%.

• Adjusted operating income rose 16%-17% to $5.6-$5.7 billion, with an adjusted operating margin of 61.1%.

• $4.9 billion in share repurchases and $771 million in dividends were returned to shareholders in Q2.

Outlook and guidance

• Q3 2026 net revenue growth expected at the high end of low double digits (currency-neutral), with operating expense growth in the low to high single digits.

• Full-year 2026 net revenue growth expected at the high end of low double digits, with operating expense growth in the low double digits and a 0.5-1 ppt FX headwind.

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

• Management expects continued growth from new partnerships, innovation, and strategic initiatives, including the BVNK acquisition.