Mastercard (MA) · Payments
Mastercard Q2 2026 earnings: summary, key numbers & outlook
Results filed 30 Jul 2026 · Quarter ended 30 Jun 2026
Press release ↗Investor relations ↗
Summaries and transcripts are machine-generated and can contain errors.
In brief
Mastercard reported second quarter net revenue of $9.3 billion, an increase of 14%, or 12% on a currency-neutral basis, with net income of $4.4 billion and diluted EPS of $4.97.
Mastercard's net revenue rose 14% to $9.3 billion, or 12% excluding currency effects. Growth came from both its payment network (up 10%) and its value-added services and solutions (up 20%). Operating margin widened to 60.2% from 58.7%. Net income was $4.4 billion and diluted EPS was $4.97, up 22%. Gross dollar volume grew 8% on a local currency basis, cross-border volume grew 12% and switched transactions grew 9%.
The earnings release gave no financial outlook for the next quarter or the full year, and no call transcript was provided. The main tension visible in the numbers is cost and incentives. Payment network rebates and incentives rose 22%, faster than the payment network's 10% revenue growth. Adjusted operating expenses rose 11%. Litigation provisions of $82 million also continue to appear as special items.
Key numbers
- Net revenue · GAAP
- $9.3 billion
- Net income · GAAP
- $4.4 billion
- Diluted EPS · GAAP
- $4.97
- Adjusted diluted EPS · non-GAAP
- $5.04
- Operating margin · GAAP
- 60.2%
an increase of 14%, or 12% on a currency-neutral basis
up 19% from a year ago
up 22% from a year ago
up 21% from a year ago
up 1.5 ppt from a year ago
| Segment or metric | Value | Change |
|---|---|---|
| Payment network net revenue | 10% | 8% on a currency-neutral basis |
| Value-added services and solutions net revenue | 20% | 18% on a currency-neutral basis |
| Gross dollar volume | $2.9 trillion | up 8% on a local currency basis |
| Cross-border volume | 12% | growth on a local currency basis |
| Cards issued | 3.7 billion |
Where each number comes from
- Net revenue: “Second quarter net revenue of $9.3 billion, an increase of 14%, or 12% on a currency-neutral basis”
- Net income: “Second quarter net income of $4.4 billion, and diluted earnings per share (EPS) of $4.97”
- Diluted EPS: “Second quarter net income of $4.4 billion, and diluted earnings per share (EPS) of $4.97”
- Adjusted diluted EPS: “Second quarter adjusted net income of $4.5 billion, and adjusted diluted EPS of $5.04”
- Operating margin: “Operating margin | 60.2% | 58.7% | 1.5 ppt | 1.1 ppt Effective income tax rate | 20.0% | 20.8% | (0.8) ppt | (0.9) ppt”
- Payment network net revenue: “Payment network net revenue increased 10%, or 8% on a currency-neutral basis. Primary drivers of the increase were as follows:”
- Value-added services and solutions net revenue: “Value-added services and solutions net revenue increased 20%, or 18% on a currency-neutral basis.”
- Gross dollar volume: “Primary drivers of the increase were as follows: Gross dollar volume growth of 8% on a local currency basis to $2.9 trillion.”
- Cross-border volume: “Cross-border volume growth of 12% on a local currency basis. Switched transactions growth of 9%.”
- Cards issued: “As of June 30, 2026, the company’s customers had issued 3.7 billion Mastercard and Maestro-branded cards.”
Copied from the press release ↗ and other documents in the SEC filing ↗. A figure is published only if its sentence is in the filing.
| From the filing | Q2 2026 | vs year ago | vs last quarter |
|---|---|---|---|
| Revenue | $9.3B | +14.1% | +10.5% |
| Operating income | $5.6B | +17.0% | +13.9% |
| Net income | $4.4B | +18.6% | +13.0% |
| Diluted EPS | $4.97 | +22.1% | +14.3% |
| Free cash flow | $3.5B | −23.7% | +22.4% |
| Operating margin | 60.2% | +1.5 pts | +1.8 pts |
Calculated by code from XBRL, not by the model.
Key takeaways
Revenue grew 14% on both network and services
Net revenue rose 14%, or 12% on a currency-neutral basis. Payment network net revenue increased 10% and value-added services and solutions increased 20%.
Operating margin expanded to 60.2%
Operating margin was 60.2% versus 58.7% a year ago. Adjusted operating margin was 61.1% versus 59.9%.
Diluted EPS grew 22% to $4.97
Diluted EPS was $4.97 versus $4.07, and adjusted diluted EPS was $5.04 versus $4.15. The effective tax rate was 20.0% versus 20.8%.
Rebates and incentives outpaced network revenue
Payment network rebates and incentives increased 22%, or 20% on a currency-neutral basis. The release attributes this to key drivers and new and renewed deals.
$4.9 billion of buybacks in the quarter
Mastercard repurchased 9.8 million shares at a cost of $4.9 billion and paid $771 million in dividends. $7.8 billion remains under approved share repurchase programs.
Charts
Fourth quarter worked out from the annual figure.
Data
| Q4 2024 | $7.5B * |
| Q1 2025 | $7.2B |
| Q2 2025 | $8.1B |
| Q3 2025 | $8.6B |
| Q4 2025 | $8.8B * |
| Q1 2026 | $8.4B |
| Q2 2026 | $9.3B |
| Q3 2026 | $9.8B |
Data
| Q1 2025 | $3.59 |
| Q2 2025 | $4.07 |
| Q3 2025 | $4.34 |
| Q1 2026 | $4.35 |
| Q2 2026 | $4.97 |
| Q3 2026 | $5.28 |
Fourth-quarter EPS appears once the press release is read; filings report it only for the full year.
Data
| Q4 2024 | 52.6% |
| Q1 2025 | 57.2% |
| Q2 2025 | 58.7% |
| Q3 2025 | 58.8% |
| Q4 2025 | 55.8% |
| Q1 2026 | 58.4% |
| Q2 2026 | 60.2% |
| Q3 2026 | 59.8% |
Data
| Q4 2024 | $4.7B |
| Q1 2025 | $2.2B |
| Q2 2025 | $4.6B |
| Q3 2025 | $5.5B |
| Q4 2025 | $4.9B |
| Q1 2026 | $2.8B |
| Q2 2026 | $3.5B |
| Q3 2026 | $4.9B |
Operating cash flow minus capital expenditure, from cash flow statements.
Questions
How much revenue did Mastercard report in Q2 2026?
Net revenue was $9.3 billion, up 14% from a year ago, or 12% on a currency-neutral basis. Payment network revenue rose 10% and value-added services and solutions rose 20%.
What were Mastercard's Q2 2026 earnings per share?
Diluted EPS was $4.97 on a GAAP basis, up from $4.07 a year ago. Adjusted diluted EPS was $5.04, up from $4.15.
Did Mastercard give guidance for the rest of 2026?
The earnings release did not include a financial outlook for the next quarter or the full year, and no call transcript was provided. It reported results only.
How did Mastercard's payment volumes grow?
Gross dollar volume grew 8% on a local currency basis to $2.9 trillion. Cross-border volume grew 12% and switched transactions grew 9%.
How much capital did Mastercard return to shareholders in Q2 2026?
It repurchased 9.8 million shares for $4.9 billion and paid $771 million in dividends. $7.8 billion remained under approved repurchase programs after quarter-to-date purchases through July 27.
Documents
SEC filing