In March 2026, Mastercard entered a definitive agreement to acquire 100% of BVNK Holdings Limited, a stablecoin infrastructure provider, for $1.5 billion plus up to $300 million in contingent performance consideration. The transaction is pending regulatory approval and is expected to close before the end of Q3 2026; upon completion it is expected to expand Mastercard's capabilities in the digital assets ecosystem.
Q2 2026 operational metrics: net revenue rose 14% (12% currency-neutral) to $9.28B, driven by 10% (8% c-n) growth in payment network and 20% (18% c-n) growth in value-added services and solutions. Mastercard-branded GDV grew 9% (USD) / 8% (local); cross-border volume grew 14% (USD) / 12% (local); switched transactions grew 9% (USD) / 10% (local). Cross-border assessments increased 21% to $3.46B and transaction processing assessments rose 14% to $4.51B. Adjusted operating margin was 61.1%.
A $202 million restructuring charge was recorded in H1 2026 (attributed to Q1) within general and administrative expenses. Mastercard stated the resulting savings are primarily intended to enable reinvestment to support the realization of its long-term growth opportunities. The charge had no impact on the adjusted (non-GAAP) operating margin presentation.
Several material litigation and regulatory proceedings advanced during Q2 2026: (a) a new U.S. merchant class action was filed in April 2026 seeking interchange damages since January 2019, with plaintiffs moving for a declaration that the prior Damages Class settlement release (effective through August 2028) does not bar their claims; Mastercard and Visa moved to dismiss. (b) In the U.K. merchant interchange cases, additional claims were filed in Q2 2026; a trial-court liability decision against Mastercard (2025) is on appeal, with the hearing set for February 2027. (c) The Australian ACCC debit-programm liability hearing concluded in June 2026. (d) Mastercard reached an agreement in principle in June 2026 to settle with the sole opt-out ATM operator in the ATM non-discrimination class action. (e) The U.S. district court granted preliminary approval of the revised Rules Relief Class settlement in June 2026 (final approval hearing November 2026) and granted final approval of the EMV Liability Shift settlement in April 2026.
In June 2026 Mastercard issued $5.0 billion of senior unsecured notes (2026 USD Notes) across five tranches maturing 2028-2036, generating $4.978 billion in net proceeds; total outstanding debt rose to $24.6B from $19.0B at year-end. For Q2, the company repurchased 9.8 million Class A shares at an average price of $498.97 (approximately $4.9B) and declared a $0.87 per-share quarterly dividend ($763M); remaining buyback authorization stood at $8.5B at June 30, 2026.
(Filed on April 30, 2026)
+15.8%
100.0%
$7.9B
In March 2026, Mastercard entered a definitive agreement to acquire 100% of BVNK Holdings Limited, a stablecoin-infrastructure provider, for $1.5 billion plus up to $300 million in contingent consideration; the deal is pending regulatory approval and expected to close before year-end 2026, expanding Mastercard's digital-assets and value-movement capabilities.
Q1 2026 net revenue reached $8.40 billion, up 16% as reported (12% currency-neutral) year over year; payment network revenue grew 12% (8% currency-neutral) and value-added services and solutions grew 22% (18% currency-neutral). Key drivers: GDV up 12% USD / 7% local currency, cross-border volume up 21% USD / 13% local, switched transactions up 9%. Payment-network rebates and incentives totaled $5.64 billion, up 23% (19% currency-neutral), attributed to volume growth and new and renewed customer deals.
Mastercard recorded a $202 million restructuring charge in Q1 2026 ($158 million after tax, $0.18 per diluted share), excluded from non-GAAP results; management stated the savings are intended to enable reinvestment supporting long-term growth opportunities across payment network and value-added services.
Several material litigation milestones occurred: in April 2026 a new U.S. merchant class action was filed challenging the 2023 Damages Class Settlement Agreement release; an opt-out merchant trial (six merchants, >$500M single damages) is scheduled for September 2026; Block and Intuit opt-out litigation (> $5B single damages) remains in briefing; in the U.K., Mastercard was granted permission to appeal a 2025 liability adverse decision (March 2026) and the trial court resolved certain damages issues in February 2026 (mixed outcomes); the EMV Liability Shift settlement received final court approval in April 2026; and the U.S. MDL accrued liability decreased from $637M to $177M following Q1 2026 settlement payments.
Mastercard repurchased 7.8 million Class A shares for $4.04 billion at an average price of $519.67 during Q1 2026 (remaining buyback authorization: $13.4 billion) and declared a quarterly dividend of $0.87 per share; in April 2026 the company issued $2.5 billion in commercial paper at a weighted-average rate of 3.82% for general corporate purposes.
(Filed on February 11, 2026)
+17.6%
100.0%
$10.6B
Q4 2025 – U.S. merchant litigation resolution: Mastercard reached settlements or agreements in principle with the vast majority of remaining opt-out merchants in the U.S. MDL interchange litigation; together with the earlier Damages Class settlement, resolved matters now cover over 90% of Mastercard's U.S. interchange volume. Two opt-out groups remain: seven merchants (including Circle K, trial scheduled April 2026, and six others, trial September 2026) seeking aggregate single damages exceeding $1 billion, and Block/Intuit (discovery to complete Q1 2026). Separately, in November 2025 the parties reached a revised settlement agreement for the Rules Relief Class; preliminary-approval briefing is complete and the court's decision is pending.
Q4 2025 – Brazil payments-scheme regulation: In November 2025 the Central Bank of Brazil enacted a new regulation for all Payment Scheme Operators (including Mastercard and Visa) that enhances governance, risk-management, and transparency standards and requires PSOs to extend settlement guarantees to previously non-guaranteed transactions such as merchant installment payments. Full implementation is contingent on PSOs submitting their governance and risk-management frameworks for Central Bank review and approval, a process expected to conclude by November 2026.
Q4 2025 – Capital returns and new buyback authorization: Mastercard repurchased 6.37 million shares of Class A common stock in Q4 2025 (October–December) at a weighted-average price of $558.80 per share, totaling approximately $3.6 billion. In December 2025 the Board approved a new $14.0 billion share-repurchase program, effective after the prior $12.0 billion program is exhausted; remaining authorization at December 31, 2025 was $17.5 billion. (Annual context: full-year 2025 repurchases were 21.1 million shares for $11.7 billion, and $2.8 billion in dividends were paid.)
Annual context (fiscal 2025) – Core operating metrics: Mastercard reported gross dollar volume of $10.6 trillion (+15% local-currency growth), cross-border volume growth of 9% (local currency), and switched-transaction growth of 9%. By year-end, approximately 40% of all Mastercard transactions were tokenized; virtual-card technology was embedded in more than 10 global B2B and travel/expense platforms (more than double the 2024 count); and spending of crypto and stablecoin assets was enabled through roughly 130 crypto co-brand card programs. No business acquisitions were completed in 2025.
Annual context (fiscal 2025) – Key product and strategic launches: During 2025 Mastercard launched Mastercard Agent Pay (a framework for secure AI-assisted and fully automated agent-based payments; enabled for all U.S. cardholders in 2025, global launch scheduled early 2026), Mastercard Threat Intelligence (combining network visibility with Recorded Future's cyber-threat-intelligence capabilities, integrating the December 2024 Recorded Future acquisition), Mastercard Commerce Media (a digital media network leveraging proprietary spend insights), Account-to-Account Protect (fraud-prevention and dispute-resolution for A2A payments), and Merchant Cloud (a unified merchant platform for payment gateways, security, and data). Consumer-facing launches included the Mastercard Collection (premium benefits suite), World Legend Mastercard, and Mastercard One Credential (single credential across payment solutions).
(Filed on October 30, 2025)
+16.7%
100.0%
$10.3B
Q3 net revenue was $8.60 billion, up 17% year-over-year (15% currency-neutral), driven by payment network revenue growth of 12% and value-added services and solutions growth of 25% (22% currency-neutral), with the latter attributed to security and digital/authentication solutions, consumer acquisition and engagement services, business and market insights, and pricing. Mastercard-branded GDV grew 10% in USD and 9% in local currency, cross-border volume grew 19% in USD and 15% in local currency, and switched transactions grew 10%. No new acquisitions were completed in the nine months ended September 30, 2025; the company was still finalizing purchase accounting for its $2.8 billion of 2024 acquisitions.
In September 2025, Mastercard executed a settlement agreement in the U.S. EMV liability shift class action (subject to court approval) and recorded an $80 million accrual in Q3. In July 2025, Mastercard and Visa were served with a proposed collective action in the Netherlands on behalf of Dutch merchants seeking damages in excess of €0.3 billion (approximately $0.4 billion) related to interregional interchange fees covering 1992 to the present. Q3 litigation provisions totaled $83 million, down from $176 million in the prior-year quarter. The company continues to cooperate with a U.S. DOJ Antitrust Division CID regarding its U.S. debit program and a European Commission investigation into network fees related to acquirers, and the first trial in the remaining U.S. opt-out merchant cases (six merchants, claiming approximately $10 billion in single damages) has been rescheduled for April 2026.
The effective income tax rate for Q3 2025 was 21.5%, up 5.9 percentage points from 15.6% in the prior-year quarter, primarily due to the 15% global minimum tax (Pillar 2 Rules) taking effect in 2025 in Singapore and various other jurisdictions, which largely offsets the reduction from the Singapore Ministry of Finance incentive grant, combined with a change in the geographic mix of earnings. The company noted that the One Big Beautiful Bill Act, enacted in July 2025, is not expected to have a material impact on its financial statements.
In Q3 2025, Mastercard repurchased 5.8 million shares of Class A common stock for $3.3 billion at an average price of $573.21 per share and declared a quarterly dividend of $0.76 per share ($684 million). For the nine months ended September 30, 2025, total share repurchases were 14.7 million shares for $8.2 billion and dividends paid were $2.1 billion; remaining buyback authorization was $7.0 billion at quarter end and $5.8 billion through October 27, 2025. Net cash from operating activities for the nine months was $12.6 billion.
