v3.25.4
Segment Reporting
 12 Months Ended
Dec. 31, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Mastercard has concluded it has one reportable operating segment, “Payment Solutions.” The Payment Solutions segment derives its revenues from a wide range of payments solutions provided to customers. Revenue is generated from providing customers continuous access to Mastercard’s global payments network, as well as by providing value-added services and solutions, whether integrated and sold with the payment network or on a stand-alone basis. All of the segment’s activities are interrelated, and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based upon analysis of Mastercard at the consolidated level. The accounting policies of the Payment Solutions segment are the same as those described in Note 1 (Summary of Significant Accounting Policies).
Mastercard’s Chief Executive Officer has been identified as the chief operating decision-maker (“CODM”). The CODM assesses performance for the Payment Solutions segment and decides how to allocate resources, including whether to reinvest profits into the Payment Solutions segment or into other business activities such as for acquisitions, to pay dividends or for share repurchases, based on net income as reported on the consolidated statements of operations (“Consolidated Net Income”). The CODM uses Consolidated Net Income and other measures for internal planning and forecasting purposes and in the calculation of performance-based compensation.
The following represents the selected financial information regularly reviewed by the CODM to assess performance of the Payment Solutions segment for the years ended December 31:
202520242023
(in millions)
Net revenue
$32,791 $28,167 $25,098 
Less:
Personnel
7,251 6,673 6,022 
Professional Fees
537 549 495 
Data processing and telecommunications
1,272 1,119 1,008 
Foreign exchange activity
113 65 83 
Advertising and marketing
929 815 825 
Depreciation and amortization
1,143 897 799 
Provision for litigation
504 680 539 
Investment Income
(325)(327)(274)
(Gains) losses on equity investments, net
88 29 61 
Interest expense
722 646 575 
Other (income) expense, net
(166)(20)7 
Income tax expense
3,610 2,380 2,444 
Other segment items 1
2,145 1,787 1,319 
Consolidated Net Income
$14,968 $12,874 $11,195 
1Includes fulfillment costs, occupancy costs, travel and meeting expenses, and other overhead expenses.
Revenue by geographic market is based on the location of the Company’s customer that issued the card, the location of the merchant acquirer where the card is being used or the location of the customer receiving services. Revenue generated in the U.S.
was approximately 29% of net revenue in 2025, 30% in 2024 and 30% in 2023. No individual country, other than the U.S., generated more than 10% of net revenue in those periods. Mastercard did not have any individual customer that generated greater than 10% of net revenue in 2025, 2024 or 2023.
The following table reflects the geographical location of the Company’s property, equipment and right-of-use assets, net, as of December 31:
202520242023
(in millions)
United States$1,168 $1,095 $1,027 
Other countries1,135 1,043 1,034 
Total$2,303 $2,138 $2,061