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Mastercard Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary29 Jan, 2026
Executive summary
Net revenue for Q4 2025 reached $8.8B, up 18% year-over-year (15% currency-neutral), with value-added services and solutions up 22% on a non-GAAP currency-neutral basis.
Adjusted net income for Q4 was $4.3B, with adjusted EPS of $4.76, and adjusted operating margin improved to 57.7%.
Hundreds of new issuing deals and expansions were secured globally, including major partnerships in the U.S., Canada, Türkiye, Latin America, and South Africa.
The business remains diversified across geographies, spend categories, and payment adjacencies, supporting resilience amid ongoing geopolitical and macroeconomic uncertainty.
Strategic review led to targeted reductions and a planned $200 million restructuring charge in Q1 2026, impacting 4% of full-time employees.
Financial highlights
Operating income increased 17% year-over-year in Q4, with net income and EPS up 17% and 20%, respectively; adjusted operating income grew 21% to $5.1B.
Gross dollar volume (GDV) grew 7% globally, with U.S. GDV up 4% and non-U.S. up 9%; cross-border volume increased 14%.
Switched transactions rose 10% year-over-year to 46.5 billion in Q4 2025; contactless penetration reached 77% of in-person transactions.
Value-added services and solutions revenue rose 26% (22% currency-neutral) in Q4.
$3.6 billion in stock repurchases during Q4, plus $715 million through January 2026.
Outlook and guidance
Net revenues for 2026 expected to grow at the high end of a low double digits range on a currency-neutral basis, excluding inorganic activity.
Operating expense growth projected at the low end of a low double digits range, with a 0.5-1 ppt FX headwind.
Q1 2026 net revenue growth expected at the low end of a low double digits range, with a 3.5-4 ppt FX tailwind.
Forecast includes a Q1 2026 restructuring charge of ~$200M, with anticipated reinvestment of savings.
Non-GAAP tax rate forecasted at 20%-21% for 2026, and 19%-20% for Q1.
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Next Mastercard earnings date
Q1 202630 Apr, 2026
Mastercard
Next Mastercard earnings date
Q1 202630 Apr, 2026
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Frequently asked questions
Card Masters
Mastercard is an American global financial services corporation, headquartered in aptly named Purchase, New York. It primarily specializes in payment processing, facilitating electronic transactions for credit, debit, and prepaid cards among merchants, consumers, and financial institutions. Operating across nearly every country and territory in the world, Mastercard handles billions of transactions each year, aiding the movement of money in the global economy. The company's services go beyond traditional card payments; they also include digital wallets, cybersecurity tools, and various financial services.
Origins in the 60’s
Founded in the 1960s, Mastercard's origins can be traced back to a group of banks that collaborated to challenge Bank of America's monopoly with its BankAmericard, which would later become Visa. Originally named Interbank and subsequently Master Charge, the consortium sought to create a competitive universal credit card. In the ensuing decades, Mastercard expanded its footprint both through organic growth as well as several large acquisitions, introducing new technologies and services in the payment industry. Today, Mastercard has established itself as one of the foremost global payment networks, serving millions of consumers, businesses, and financial institutions.
Further reading: Visa and Mastercard: The Global Payment Duopoly
The Cards
Mastercard offers a broad spectrum of payment card services. Their portfolio includes credit, debit, and prepaid cards. These cards are designed to address the varying requirements of individual consumers, businesses, and larger financial institutions. Rather than selling directly to the end user, Mastercard primarily partners with banks and financial institutions. These institutions issue cards bearing the Mastercard logo, while Mastercard provides the underlying network infrastructure that facilitates the transaction process. Each card type comes with its set of features and benefits, ensuring that cardholders have access to the right financial tools. Through this partnership model, Mastercard delivers its card services to users worldwide.
Other Services
Beyond its well-known card services, Mastercard offers an array of additional financial services and solutions. These include digital payment solutions that enable secure online transactions used by marketplaces and digital retailers, mobile payment integrations, and advanced security protocols such as tokenization to protect sensitive data. Additionally, they provide analytics and consulting services to help businesses understand spending trends.
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