# Mastercard (MA) Q2 2026 earnings

Results filed 2026-07-30 for the quarter ended 2026-06-30. Source page: https://earnings.opennash.com/companies/ma/2026-q2/
Press release and exhibits: https://www.sec.gov/Archives/edgar/data/1141391/000114139126000081/0001141391-26-000081-index.htm
> 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

| Metric | Value | Change | Basis |
| --- | --- | --- | --- |
| Net revenue | $9.3 billion | an increase of 14%, or 12% on a currency-neutral basis | GAAP |
| Net income | $4.4 billion | up 19% from a year ago | GAAP |
| Diluted EPS | $4.97 | up 22% from a year ago | GAAP |
| Adjusted diluted EPS | $5.04 | up 21% from a year ago | non-GAAP |
| Operating margin | 60.2% | up 1.5 ppt from a year ago | GAAP |

## Segments and operating metrics

| Name | 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 |  |

## Key takeaways

1. **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%.
2. **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%.
3. **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%.
4. **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.
5. **$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.

## 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.