Earnings Release

Mastercard Incorporated Reports Second Quarter 2025 Financial Results

•Second quarter net income of $3.7 billion, and diluted earnings per share (EPS) of $4.07

•Second quarter adjusted net income of $3.8 billion, and adjusted diluted EPS of $4.15

•Second quarter net revenue of $8.1 billion, an increase of 17%, or 16% on a currency-neutral basis

•Second quarter gross dollar volume up 9% and purchase volume up 10%, on a local currency basis

Purchase, NY - July 31, 2025 - Mastercard Incorporated (NYSE: MA) today announced financial results for the second quarter 2025.

“Our momentum of deal wins continued this quarter, including the extension of our exclusive partnership with American Airlines,” said Michael Miebach, Mastercard CEO. “Overall, the second quarter was another strong one for Mastercard, with net revenue growth of 17% year-over-year, or 16% on a currency-neutral basis. These results reinforce how our teams are executing every day and delivering value in every transaction and beyond. We're well positioned for the opportunities ahead and continue to drive new innovation like the Mastercard Collection and Mastercard Agent Pay.”

Quarterly Results

Second Quarter Operating Results																		Increase / (Decrease)
$ in billions, except per share data						Q2 2025						Q2 2024						Reported GAAP						Currency-neutral
Net revenue						$8.1						$7.0						17%						16%
Operating expenses						$3.4						$2.9						15%						14%
Operating income						$4.8						$4.0						18%						17%
Operating margin						58.7%						58.0%						0.8 ppt						0.8 ppt
Effective income tax rate						20.8%						17.3%						3.5 ppt						3.5 ppt
Net income						$3.7						$3.3						14%						13%
Diluted EPS						$4.07						$3.50						16%						15%
Key Second Quarter Non-GAAP Results 1																		Increase / (Decrease)
$ in billions, except per share data						Q2 2025						Q2 2024						As adjusted						Currency-neutral
Net revenue						$8.1						$7.0						17%						16%
Adjusted operating expenses						$3.3						$2.8						15%						14%
Adjusted operating margin						59.9%						59.4%						0.5 ppt						0.5 ppt
Adjusted effective income tax rate						20.9%						17.5%						3.4 ppt						3.4 ppt
Adjusted net income						$3.8						$3.3						13%						12%
Adjusted diluted EPS						$4.15						$3.59						16%						14%
1 The Key Second Quarter Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 11 (“Second Quarter Special Items”) and/or the translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 11 for the company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.

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Q2 2025 Key Business Drivers (YoY growth)

Gross dollar volume

Cross-border volume

Switched transactions

(local currency basis)

(local currency basis)

up 9%

up 15%

up 10%

The following information is provided to aid in understanding Mastercard’s second quarter 2025 results, versus the year ago period.

•Net revenue increased 17%, or 16% on a currency-neutral basis. This includes a 1 percentage point increase from acquisitions. The remaining increase was attributable to growth in our payment network and our value-added services and solutions.

▪Payment network net revenue increased 13%, as reported and on a currency-neutral basis. Primary drivers of the increase were as follows:

•Gross dollar volume growth of 9%, on a local currency basis, to $2.6 trillion.

•Cross-border volume growth of 15% on a local currency basis.

•Switched transactions growth of 10%.

This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 17%, or 16% on a currency-neutral basis, primarily due to an increase in our key drivers as well as new and renewed deals.

▪Value-added services and solutions net revenue increased 23%, or 22% on a currency-neutral basis. This includes a 4 percentage point increase from acquisitions. The remaining increase was driven primarily by our security and digital and authentication solutions, and consumer acquisition and engagement services, growth in our underlying key drivers, and pricing.

•Total operating expenses increased 15%. Excluding the impact of Second Quarter Special Items, adjusted operating expenses increased 15%, or 14% on a currency-neutral basis. This includes a 4 percentage point increase from acquisitions. The remaining increase was primarily due to higher general and administrative expenses.

•Other income (expense) was unfavorable $8 million versus the year ago period, primarily due to increased interest expense related to our debt portfolio, partially offset by net gains in the current period versus net losses in the prior period on our equity investments and increased investment income. Excluding the impact of net gains and losses on our equity investments, adjusted other income (expense) was unfavorable $25 million versus the year ago period.

•The effective tax rate for the second quarter of 2025 was 20.8%, versus 17.3% for the comparable period in 2024. The adjusted effective tax rate for the second quarter of 2025 was 20.9%, versus 17.5% for the comparable period in 2024. Both the as-reported and as-adjusted effective tax rates were higher in 2025 primarily due to the 15% global minimum tax (“Pillar 2 Rules”) that took effect in 2025 in Singapore and various other jurisdictions. The Pillar 2 Rules primarily offset the reduction to our effective tax rate resulting from our incentive grant received from the Singapore Ministry of Finance.

•As of June 30, 2025, the company’s customers had issued 3.6 billion Mastercard and Maestro-branded cards.

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Year-to-date Results

Year-to-date Operating Results																		Increase / (Decrease)
$ in billions, except per share data						2025						2024						Reported GAAP						Currency-neutral
Net revenue						$15.4						$13.3						16%						16%
Operating expenses						$6.5						$5.7						14%						14%
Operating income						$8.9						$7.6						17%						18%
Operating margin						58.0%						57.4%						0.6 ppt						0.8 ppt
Effective income tax rate						19.8%						16.4%						(3.4) ppt						(3.6) ppt
Net income						$7.0						$6.3						11%						12%
Diluted EPS						$7.66						$6.72						14%						15%
Key Year-to-date Non-GAAP Results 1																		Increase / (Decrease)
$ in billions, except per share data						2025						2024						As adjusted						Currency-neutral
Net revenue						$15.4						$13.3						16%						16%
Adjusted operating expenses						$6.2						$5.4						14%						14%
Adjusted operating margin						59.6%						59.1%						0.5 ppt						0.7 ppt
Adjusted effective income tax rate						20.1%						16.7%						(3.3) ppt						(3.5) ppt
Adjusted net income						$7.2						$6.4						12%						12%
Adjusted diluted EPS						$7.87						$6.90						14%						15%
1 The Key Year-to-date Non-GAAP Results exclude the impact of gains and losses on the company’s equity investments, special items as described on page 12 (“Year-to-date Special Items”) and/or the translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 12 for the company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.

Year-to-date 2025 Key Business Drivers (YoY growth)

Gross dollar volume

Cross-border volume

Switched transactions

(local currency basis)

(local currency basis)

9%

15%

10%

The following information is provided to aid in understanding Mastercard’s year-to-date 2025 results, versus the year ago period.

•Net revenue increased 16%, as reported and on a currency-neutral basis. This includes a 1 percentage point increase from acquisitions. The remaining increase was attributable to growth in our payment network and our value-added services and solutions.

▪Payment network net revenue increased 13%, or 14% on a currency-neutral basis. Primary drivers of the increase were as follows:

•Gross dollar volume growth of 9%, on a local currency basis, to $5.0 trillion.

•Cross-border volume growth of 15% on a local currency basis.

•Switched transactions growth of 10%.

This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 14%, or 16% on a currency-neutral basis, primarily due to an increase in our key drivers as well as new and renewed deals.

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▪Value-added services and solutions net revenue increased 20%, as reported and on a currency-neutral basis. This includes a 4 percentage point increase from acquisitions. The remaining 17 percentage point increase was driven primarily by our security and digital and authentication solutions, and consumer acquisition and engagement services, growth in our underlying key drivers, and pricing.

•Total operating expenses increased 14%. Excluding the impact of Year-to-date Special Items, adjusted operating expenses increased 14%, as reported and on a currency-neutral basis. This includes a 4 percentage point increase from acquisitions. The remaining increase was primarily due to higher general and administrative expenses.

•Other income (expense) was unfavorable $80 million versus the year ago period, primarily due to increased interest expense related to our debt portfolio and higher net losses on our equity investments. Excluding the impact of net losses on our equity investments, adjusted other income (expense) was unfavorable $62 million versus the prior year.

•The effective tax rate for year-to-date 2025 was 19.8%, versus 16.4% for the comparable period in 2024. The adjusted effective tax rate for year-to-date 2025 was 20.1%, versus 16.7% for the comparable period in 2024. Both the as-reported and as-adjusted effective tax rates were higher in 2025 primarily due to the Pillar 2 Rules that took effect in 2025 in Singapore and various other jurisdictions. The Pillar 2 Rules primarily offset the reduction to our effective tax rate resulting from our incentive grant received from the Singapore Ministry of Finance.

Return of Capital to Shareholders

During the second quarter of 2025, Mastercard repurchased 4.2 million shares at a cost of $2.3 billion and paid $691 million in dividends.

Quarter-to-date through July 28, the company repurchased 1.8 million shares at a cost of $1.0 billion, which leaves $9.3 billion remaining under approved share repurchase programs.

Second Quarter 2025 Financial Results Conference Call Details

At 9:00 a.m. ET today, the company will host a conference call to discuss its second quarter 2025 results. The dial-in information for this call is 1-888-330-2508 (Toll-free) and 1-240-789-2735 (Toll dial-in), using passcode 6451878. A replay of the call will be available for 30 days and can be accessed by dialing 1-800-770-2030 (Toll-free) and 1-647-362-9199 (Toll dial-in), using passcode 6451878.

A live audio webcast of this call, along with presentation slides, can also be accessed through the Investor Relations section of the company’s website at investor.mastercard.com.

Forward-Looking Statements

This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words “believe”, “expect”, “could”, “may”, “would”, “will”, “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the company’s future prospects, developments and business strategies. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the company’s ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or

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industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.

Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors:

•regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging)

•the impact of preferential or protective government actions

•regulation of privacy, data, AI, information security and the digital economy

•regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation)

•the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions

•potential or incurred liability and limitations on business related to any litigation or litigation settlements

•the impact of competition in the global payments industry (including disintermediation and pricing pressure)

•the challenges relating to rapid technological developments and changes

•the challenges relating to operating a real-time account-based payments system and to working with new customers and end users

•the impact of information security incidents, account data breaches or service disruptions

•issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, consolidation amongst our customers, merchants’ continued focus on acceptance costs and unique risks from our work with governments)

•the impact of global economic, political, financial and societal events and conditions, including adverse currency fluctuations and foreign exchange controls

•reputational impact, including impact related to brand perception and lack of visibility of our brands in products and services

•the impact of environmental, social and governance matters and related stakeholder reaction

•the inability to attract and retain a highly qualified workforce, or maintain our corporate culture

•issues related to acquisition integration, strategic investments and entry into new businesses

•exposure to loss or illiquidity due to our role as guarantor as well as other contractual obligations and discretionary actions we may take

•issues related to our Class A common stock and corporate governance structure

For additional information on these and other factors that could cause the company’s actual results to differ materially from expected results, please see the company’s filings with the Securities and Exchange Commission, including the company’s Annual Report on Form 10-K for the year ended December 31, 2024 and any subsequent reports on Forms 10-Q and 8-K.

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About Mastercard (NYSE: MA)

Mastercard powers economies and empowers people in more than 220 countries and territories worldwide. Together with our customers, we are building a resilient economy where everyone can prosper. We support a wide range of digital payments choices, making transactions secure, simple, smart and accessible. Our technology and innovation, partnerships and networks combine to deliver a unique set of products and services that help people, businesses and governments realize their greatest potential.

www.mastercard.com

Contacts:

Investor Relations:			Media Relations:
Devin Corr or Jud Staniar			Seth Eisen
investor.relations@mastercard.com			Seth.Eisen@mastercard.com
914-249-4565			914-249-3153

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Consolidated Statements of Operations (Unaudited)
						Three Months Ended June 30,												Six Months Ended June 30,
						2025						2024						2025						2024
						(in millions, except per share data)												(in millions, except per share data)
Net Revenue						$	8,133					$	6,961					$	15,383					$	13,309
Operating Expenses:
General and administrative						2,766						2,418						5,289						4,704
Advertising and marketing						213						184						365						300
Depreciation and amortization						281						225						556						441
Provision for litigation						96						98						247						224
Total operating expenses						3,356						2,925						6,457						5,669
Operating income						4,777						4,036						8,926						7,640
Other Income (Expense):
Investment income						70						60						158						155
Gains (losses) on equity investments, net						4						(13)						(25)						(7)
Interest expense						(195)						(153)						(377)						(303)
Other income (expense), net						16						9						21						12
Total other income (expense)						(105)						(97)						(223)						(143)
Income before income taxes						4,672						3,939						8,703						7,497
Income tax expense						971						681						1,722						1,228
Net Income						$	3,701					$	3,258					$	6,981					$	6,269
Basic Earnings per Share						$	4.08					$	3.51					$	7.67					$	6.74
Basic weighted-average shares outstanding						908						929						910						931
Diluted Earnings per Share						$	4.07					$	3.50					$	7.66					$	6.72
Diluted weighted-average shares outstanding						909						930						911						933

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Consolidated Balance Sheets (Unaudited)
						June 30, 2025						December 31, 2024
						(in millions, except per share data)
Assets
Current assets:
Cash and cash equivalents						$	9,031					$	8,442
Restricted cash and restricted cash equivalents						542						492
Restricted security deposits held for customers						1,999						1,874
Investments						336						330
Accounts receivable						4,184						3,773
Settlement assets						2,418						1,821
Prepaid expenses and other current assets						3,630						2,992
Total current assets						22,140						19,724
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,625 and $2,393, respectively						2,225						2,138
Deferred income taxes						1,570						1,614
Goodwill						9,598						9,193
Other intangible assets, net of accumulated amortization of $2,816 and $2,400, respectively						5,629						5,453
Other assets						10,269						9,959
Total Assets						$	51,431					$	48,081
Liabilities and Equity
Current liabilities:
Accounts payable						$	818					$	929
Settlement obligations						2,676						2,316
Restricted security deposits held for customers						1,999						1,874
Accrued litigation						1,035						930
Accrued expenses						10,116						10,393
Short-term debt						—						750
Other current liabilities						2,385						2,028
Total current liabilities						19,029						19,220
Long-term debt						18,970						17,476
Deferred income taxes						361						317
Other liabilities						5,197						4,553
Total Liabilities						43,557						41,566
Commitments and Contingencies
Stockholders’ Equity
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,405 and 1,404 shares issued and 899 and 907 shares outstanding, respectively						—						—
Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding						—						—
Additional paid-in-capital						6,562						6,442
Class A treasury stock, at cost, 506 and 497 shares, respectively						(76,299)						(71,431)
Retained earnings						78,509						72,907
Accumulated other comprehensive income (loss)						(919)						(1,433)
Mastercard Incorporated Stockholders' Equity						7,853						6,485
Non-controlling interests						21						30
Total Equity						7,874						6,515
Total Liabilities and Equity						$	51,431					$	48,081

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Consolidated Statements of Cash Flows (Unaudited)
						Six Months Ended June 30,
						2025						2024
						(in millions)
Operating Activities
Net income						$	6,981					$	6,269
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer incentives						993						826
Depreciation and amortization						556						441
(Gains) losses on equity investments, net						25						7
Share-based compensation						308						263
Deferred income taxes						81						(93)
Other						60						80
Changes in operating assets and liabilities:
Accounts receivable						(217)						(234)
Settlement assets						(590)						(284)
Prepaid expenses						(2,238)						(1,980)
Accrued litigation and legal settlements						81						(197)
Restricted security deposits held for customers						125						(73)
Accounts payable						(168)						9
Settlement obligations						356						199
Accrued expenses						(203)						(415)
Net change in other assets and liabilities						833						(8)
Net cash provided by operating activities						6,983						4,810
Investing Activities
Purchases of investment securities available-for-sale						(247)						(219)
Purchases of investments held-to-maturity						(22)						(81)
Proceeds from sales of investment securities available-for-sale						126						58
Proceeds from maturities of investment securities available-for-sale						125						139
Proceeds from maturities of investments held-to-maturity						27						306
Purchases of property and equipment						(199)						(272)
Capitalized software						(367)						(402)
Other investing activities						(10)						3
Net cash used in investing activities						(567)						(468)
Financing Activities
Purchases of treasury stock						(4,838)						(4,631)
Dividends paid						(1,385)						(1,231)
Proceeds from debt, net						1,242						983
Payment of debt						(750)						(1,000)
Tax withholdings related to share-based payments						(279)						(174)
Cash proceeds from employee stock plans						117						115
Other financing activities						(100)						—
Net cash used in financing activities						(5,993)						(5,938)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents						341						(67)
Net increase (decrease) in cash, cash equivalents, restricted cash and restricted cash equivalents						764						(1,663)
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period						10,808						10,465
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period						$	11,572					$	8,802

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Non-GAAP Financial Information

Non-GAAP financial information is defined as a numerical measure of a company’s performance that excludes or includes amounts so as to be different than the most comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Mastercard discloses the following non-GAAP financial measures: adjusted operating expenses, adjusted operating margin, adjusted other income (expense), adjusted effective income tax rate, adjusted net income and adjusted diluted earnings per share (as well as related applicable growth rates versus the comparable period in the prior year). As described more fully below, these non-GAAP financial measures exclude, where applicable, the impact of gains and losses on the company’s equity investments, which includes mark-to-market fair value adjustments, impairments and gains and losses upon disposition, as well as the related tax impacts. These non-GAAP financial measures also exclude, where applicable, the impact of special items, which represent litigation judgments and settlements and/or certain one-time items, as well as the related tax impacts.

In addition, the company presents growth rates adjusted for the impact of currency, which is a non-GAAP financial measure. Currency-neutral growth rates are calculated by remeasuring the prior period’s results using the current period’s exchange rates for both the translational and transactional impacts on operating results. The impact of currency translation represents the effect of translating operating results where the functional currency is different from the company’s U.S. dollar reporting currency. The impact of the transactional currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency of the entity. The impact of the related realized gains and losses resulting from the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses) is recognized in the respective financial statement line item on the statements of operations when the underlying forecasted transactions impact earnings. The translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments as specified above have been excluded from the company’s currency-neutral growth rates.

The company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The company’s management uses non-GAAP financial measures to evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation, among other things. The company excluded these items because management evaluates the underlying operations and performance of the company separately from these recurring and nonrecurring items. The presentation of non-GAAP financial measures should not be relied upon as substitutes for the company’s measures calculated in accordance with GAAP.

The company includes reconciliations of the requisite non-GAAP financial measures to the most directly comparable GAAP financial measures in the non-GAAP reconciliation tables below.

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Non-GAAP Reconciliations (QTD)
																								Three Months Ended June 30, 2025
																								Operating expenses												Operating margin						Other income (expense)						Effective income tax rate						Net income						Diluted earnings per share
																								($ in millions, except per share data)
Reported - GAAP																								$	3,356											58.7		%				$	(105)					20.8		%				$	3,701					$	4.07
(Gains) losses on equity investments 1																								**												**						(4)						0.1		%				(5)						(0.01)
Litigation provisions 2																								(96)												1.2		%				**						0.1		%				73						0.08
Adjusted - Non-GAAP																								$	3,260											59.9		%				$	(109)					20.9		%				$	3,769					$	4.15

																								Three Months Ended June 30, 2024
																								Operating expenses												Operating margin						Other income (expense)						Effective income tax rate						Net income						Diluted earnings per share
																								($ in millions, except per share data)
Reported - GAAP																								$	2,925											58.0		%				$	(97)					17.3		%				$	3,258					$	3.50
(Gains) losses on equity investments 1																								**												**						13						—		%				10						0.01
Litigation provisions 3																								(98)												1.4		%				**						0.2		%				73						0.08
Adjusted - Non-GAAP																								$	2,828											59.4		%				$	(84)					17.5		%				$	3,341					$	3.59

																								Three Months Ended June 30, 2025 as compared to the Three Months Ended June 30, 2024
																								Increase/(Decrease)
																								Operating expenses												Operating margin						Effective income tax rate						Net income						Diluted earnings per share
Reported - GAAP																								15		%										0.8		ppt				3.5		ppt				14		%				16		%
(Gains) losses on equity investments 1																								**												**						—		ppt				(1)		%				(1)		%
Litigation provisions 2,3																								1		%										(0.2)		ppt				(0.1)		ppt				—		%				—		%
Adjusted - Non-GAAP																								15		%										0.5		ppt				3.4		ppt				13		%				16		%
Currency impact 4																								(1)		%										—		ppt				—		ppt				(1)		%				(1)		%
Adjusted - Non-GAAP - currency-neutral																								14		%										0.5		ppt				3.4		ppt				12		%				14		%

Note:    Tables may not sum due to rounding.

**    Not applicable

Gains and Losses on Equity Investments

1.Represents Q2’25 net pre-tax gains of $4 million and Q2’24 net pre-tax losses of $13 million primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.

Second Quarter Special Items

2.Represents Q2’25 pre-tax charges of $96 million primarily due to a legal provision associated with the ATM non-discrimination rule surcharge complaints.

3.Represents Q2’24 pre-tax charges of $98 million primarily as a result of settlements with a number of U.K merchants.

Other Notes

4.Represents the translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).

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Non-GAAP Reconciliations (YTD)
												Six Months Ended June 30, 2025
												Operating expenses						Operating margin						Other income (expense)						Effective income tax rate						Net income						Diluted earnings per share
												($ in millions, except per share data)
Reported - GAAP												$	6,457					58.0		%				$	(223)					19.8		%				$	6,981					$	7.66
(Gains) losses on equity investments 1												**						**						25						—		%				19						0.02
Litigation provisions 2												(247)						1.6		%				**						0.3		%				174						0.19
Adjusted - Non-GAAP												$	6,210					59.6		%				$	(198)					20.1		%				$	7,175					$	7.87

												Six Months Ended June 30, 2024
												Operating expenses						Operating margin						Other income (expense)						Effective income tax rate						Net income						Diluted earnings per share
												($ in millions, except per share data)
Reported - GAAP												$	5,669					57.4		%				$	(143)					16.4		%				$	6,269					$	6.72
(Gains) losses on equity investments 1												**						**						7						—		%				4						—
Litigation provisions 3												(224)						1.7		%				**						0.3		%				160						0.17
Adjusted - Non-GAAP												$	5,445					59.1		%				$	(136)					16.7		%				$	6,434					$	6.90

												Six Months Ended June 30, 2025 as compared to the Six Months Ended June 30, 2024
												Increase/(Decrease)
												Operating expenses						Operating margin						Effective income tax rate						Net income						Diluted earnings per share
Reported - GAAP												14		%				0.6		ppt				3.4		ppt				11		%				14		%
(Gains) losses on equity investments 1												**						**						—		ppt				—		%				—		%
Litigation provisions 2, 3												—		%				(0.1)		ppt				(0.1)		ppt				—		%				—		%
Adjusted - Non-GAAP												14		%				0.5		ppt				3.3		ppt				12		%				14		%
Currency impact 4												—		%				0.1		ppt				0.2		ppt				1		%				1		%
Adjusted - Non-GAAP - currency-neutral												14		%				0.7		ppt				3.5		ppt				12		%				15		%

Note:    Tables may not sum due to rounding.

**    Not applicable

Gains and Losses on Equity Investments

1.Represents year-to-date 2025 and 2024 net pre-tax losses of $25 million and $7 million, respectively, primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.

Year-to-date Special Items

2.Represents year-to-date 2025 pre-tax charges of $247 million primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation and a legal provision associated with the ATM non-discrimination rule surcharge complaints.

3.Represents year-to-date 2024 pre-tax charges of $224 million primarily as a result of settlements with a number of U.K. merchants and a legal provision associated with the ATM non-discrimination rule surcharge complaints.

Other Notes

4.Represents the translational and transactional impact of currency and the related impact of the company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).

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Mastercard Incorporated Operating Performance
						Three Months Ended June 30, 2025
						GDV (Bil.)						Growth (USD)						Growth (Local)						Purchase Volume (Bil.)						Growth (Local)						Purchase Trans. (Mil.)						Purchase Trans. Growth						Cash Volume (Bil.)						Growth (Local)						Cash Trans. (Mil.)						Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA						$	599					4.6		%				4.2		%				$	452					6.0		%				12,329						9.8		%				$	147					(0.9)		%				1,429						989
Canada						70						3.8		%				5.0		%				68						5.2		%				1,150						7.3		%				2						(2.4)		%				7						91
Europe						933						16.8		%				13.3		%				757						14.9		%				20,271						10.9		%				176						6.6		%				935						938
Latin America						215						7.4		%				17.2		%				159						19.1		%				7,063						13.8		%				56						12.2		%				428						521
Worldwide less United States						1,817						10.9		%				10.2		%				1,436						11.9		%				40,813						11.0		%				381						4.3		%				2,799						2,538
United States						813						6.3		%				6.3		%				746						6.6		%				11,390						6.4		%				68						3.5		%				297						711
Worldwide						2,631						9.4		%				9.0		%				2,182						10.0		%				52,203						9.9		%				449						4.2		%				3,096						3,249
Mastercard Credit and Charge Programs
Worldwide less United States						797						8.1		%				8.9		%				759						9.2		%				17,173						7.9		%				38						3.0		%				154						826
United States						418						6.1		%				6.1		%				407						6.0		%				4,342						6.3		%				11						6.8		%				9						343
Worldwide						1,215						7.4		%				7.9		%				1,165						8.1		%				21,515						7.6		%				49						3.9		%				163						1,169
Mastercard Debit Programs
Worldwide less United States						1,020						13.1		%				11.3		%				678						15.2		%				23,640						13.3		%				343						4.4		%				2,645						1,712
United States						395						6.6		%				6.6		%				339						7.3		%				7,048						6.5		%				56						2.9		%				288						369
Worldwide						1,416						11.2		%				10.0		%				1,017						12.4		%				30,688						11.7		%				399						4.2		%				2,933						2,080
						Six Months Ended June 30, 2025
						GDV (Bil.)						Growth (USD)						Growth (Local)						Purchase Volume (Bil.)						Growth (Local)						Purchase Trans. (Mil.)						Purchase Trans. Growth						Cash Volume (Bil.)						Growth (Local)						Cash Trans. (Mil.)						Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA						$	1,186					3.6		%				5.4		%				$	888					6.6		%				23,870						9.3		%				$	297					1.9		%				2,890						989
Canada						130						1.0		%				4.7		%				127						4.9		%				2,166						6.5		%				4						(0.3)		%				14						91
Europe						1,737						12.9		%				13.1		%				1,408						14.7		%				38,561						10.5		%				329						6.7		%				1,805						938
Latin America						417						2.8		%				15.1		%				307						19.0		%				13,800						13.2		%				110						5.4		%				843						521
Worldwide less United States						3,470						7.8		%				10.2		%				2,730						11.9		%				78,398						10.5		%				740						4.5		%				5,552						2,538
United States						1,577						6.7		%				6.7		%				1,445						6.8		%				21,914						6.4		%				132						5.3		%				576						711
Worldwide						5,047						7.5		%				9.1		%				4,175						10.1		%				100,312						9.6		%				873						4.6		%				6,128						3,249
Mastercard Credit and Charge Programs
Worldwide less United States						1,527						5.3		%				8.8		%				1,453						9.2		%				33,241						7.8		%				74						1.1		%				300						826
United States						804						6.0		%				6.0		%				782						6.0		%				8,277						5.9		%				22						7.4		%				17						343
Worldwide						2,331						5.6		%				7.8		%				2,235						8.0		%				41,518						7.4		%				97						2.5		%				318						1,169
Mastercard Debit Programs
Worldwide less United States						1,943						9.9		%				11.4		%				1,277						15.2		%				45,157						12.6		%				666						4.9		%				5,252						1,712
United States						773						7.4		%				7.4		%				663						7.9		%				13,637						6.7		%				110						4.9		%				558						369
Worldwide						2,716						9.2		%				10.3		%				1,940						12.6		%				58,794						11.2		%				776						4.9		%				5,810						2,080
APMEA = Asia Pacific / Middle East / Africa
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.

Mastercard Incorporated Operating Performance
						Three Months Ended June 30, 2024
						GDV (Bil.)						Growth (USD)						Growth (Local)						Purchase Volume (Bil.)						Growth (Local)						Purchase Trans. (Mil.)						Purchase Trans. Growth						Cash Volume (Bil.)						Growth (Local)						Cash Trans. (Mil.)						Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA						$	573					0.3		%				5.4		%				$	425					7.0		%				11,229						10.3		%				$	147					1.2		%				1,484						943
Canada						68						3.9		%				5.8		%				66						5.5		%				1,072						8.5		%				2						16.4		%				7						82
Europe						799						9.2		%				14.2		%				637						15.7		%				18,277						14.2		%				162						8.8		%				980						857
Latin America						200						11.8		%				16.5		%				146						21.2		%				6,206						16.9		%				55						5.7		%				448						452
Worldwide less United States						1,639						6.0		%				10.9		%				1,274						12.7		%				36,784						13.2		%				365						5.2		%				2,919						2,334
United States						765						6.6		%				6.6		%				700						6.7		%				10,705						7.1		%				65						5.1		%				300						676
Worldwide						2,404						6.2		%				9.5		%				1,974						10.5		%				47,489						11.8		%				431						5.1		%				3,219						3,010
Mastercard Credit and Charge Programs
Worldwide less United States						737						4.4		%				10.3		%				700						10.7		%				15,918						11.2		%				37						4.0		%				159						800
United States						394						5.8		%				5.8		%				383						5.9		%				4,086						5.4		%				10						1.2		%				9						326
Worldwide						1,131						4.9		%				8.7		%				1,083						8.9		%				20,003						10.0		%				48						3.3		%				168						1,126
Mastercard Debit Programs
Worldwide less United States						902						7.4		%				11.4		%				574						15.2		%				20,866						14.8		%				328						5.3		%				2,760						1,534
United States						371						7.5		%				7.5		%				316						7.8		%				6,619						8.2		%				55						5.9		%				291						350
Worldwide						1,273						7.4		%				10.2		%				890						12.4		%				27,486						13.1		%				383						5.4		%				3,051						1,884
						Six Months Ended June 30, 2024
						GDV (Bil.)						Growth (USD)						Growth (Local)						Purchase Volume (Bil.)						Growth (Local)						Purchase Trans. (Mil.)						Purchase Trans. Growth						Cash Volume (Bil.)						Growth (Local)						Cash Trans. (Mil.)						Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA						$	1,144					1.2		%				6.2		%				$	851					7.9		%				21,839						10.9		%				$	293					1.5		%				2,940						943
Canada						129						5.8		%				6.6		%				125						6.3		%				2,034						9.5		%				4						15.2		%				14						82
Europe						1,539						11.3		%				15.0		%				1,226						16.4		%				34,885						15.3		%				312						9.6		%				1,902						857
Latin America						406						17.8		%				18.8		%				289						21.4		%				12,188						17.8		%				117						12.9		%				903						452
Worldwide less United States						3,218						8.0		%				11.8		%				2,491						13.4		%				70,946						14.1		%				726						6.7		%				5,758						2,334
United States						1,478						6.3		%				6.3		%				1,352						6.7		%				20,602						7.1		%				126						2.7		%				574						676
Worldwide						4,695						7.4		%				10.0		%				3,844						10.9		%				91,548						12.5		%				852						6.1		%				6,331						3,010
Mastercard Credit and Charge Programs
Worldwide less United States						1,450						6.2		%				11.2		%				1,374						11.4		%				30,843						12.1		%				76						8.6		%				322						800
United States						758						6.1		%				6.1		%				738						6.2		%				7,816						6.0		%				21						2.0		%				18						326
Worldwide						2,208						6.1		%				9.4		%				2,111						9.5		%				38,659						10.8		%				97						7.1		%				340						1,126
Mastercard Debit Programs
Worldwide less United States						1,768						9.5		%				12.2		%				1,118						15.9		%				40,103						15.8		%				650						6.5		%				5,436						1,534
United States						719						6.6		%				6.6		%				615						7.3		%				12,785						7.8		%				105						2.8		%				555						350
Worldwide						2,487						8.6		%				10.6		%				1,732						12.7		%				52,888						13.7		%				755						6.0		%				5,992						1,884
APMEA = Asia Pacific / Middle East / Africa
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.

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Footnote

The tables set forth the gross dollar volume (“GDV”), purchase volume, cash volume and the number of purchase transactions, cash transactions and cards on a regional and global basis for Mastercard™-branded cards. Growth rates over prior periods are provided for volume-based data.

Debit transactions on Maestro® and Cirrus®-branded cards and transactions involving brands other than Mastercard are not included in the preceding tables.

For purposes of the table: GDV represents purchase volume plus cash volume and includes the impact of balance transfers and convenience checks; “purchase volume” means the aggregate dollar amount of purchases made with Mastercard-branded cards for the relevant period; and “cash volume” means the aggregate dollar amount of cash disbursements and includes the impact of balance transfers and convenience checks obtained with Mastercard-branded cards for the relevant period. The number of cards includes virtual cards, which are Mastercard-branded payment accounts that do not generally have physical cards associated with them.

The Mastercard payment products are comprised of credit, charge, debit and prepaid programs, and data relating to each type of program is included in the tables. The tables include information with respect to transactions involving Mastercard-branded cards that are not switched by Mastercard and transactions for which Mastercard does not earn significant revenues.

Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Mastercard volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. Mastercard reports period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of currencies against the U.S. dollar in calculating such rates of change.

The data set forth in the GDV, purchase volume, purchase transactions, cash volume and cash transactions columns is provided by Mastercard customers and is subject to verification by Mastercard and partial cross-checking against information provided by Mastercard’s transaction switching systems. The data set forth in the cards columns is provided by Mastercard customers and is subject to certain limited verification by Mastercard. A portion of the data set forth in the cards columns reflects the impact of routine portfolio changes among customers and other practices that may lead to over counting of the underlying data in certain circumstances. All data is subject to revision and amendment by Mastercard or Mastercard’s customers.

Performance information for prior periods can be found in the Investor Relations section of the Mastercard website at investor.mastercard.com.

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