Mastercard Reports Q3 2026 Results with 14% Net Revenue Growth

Executive Summary

On October 29, 2026, Mastercard Incorporated filed a Current Report on Form 8-K under Item 2.02 (Results of Operations and Financial Condition) and Item 9.01 (Financial Statements and Exhibits), furnishing its financial results for the third quarter ended September 30, 2026.

Key Financial Highlights (Q3 2026)

• Net Revenue: $9.8 billion, representing a 14% increase year-over-year both as reported and on a currency-neutral basis.
• Operating Income: $5.9 billion, an increase of 16% year-over-year, delivering an operating margin of 59.8% (up 0.9 percentage points).
• GAAP Net Income: $4.6 billion, up 18% compared to $3.9 billion in Q3 2025.
• GAAP Diluted EPS: $5.28, up 22% compared to $4.34 in Q3 2025.
• Adjusted Financials (Non-GAAP):
  • Adjusted Net Income: $4.7 billion (+17% YoY).
  • Adjusted Diluted EPS: $5.31 (+21% YoY).
  • Adjusted Operating Margin: 60.5% (up 0.7 percentage points).

Operational Metrics & Drivers

• Gross Dollar Volume (GDV): Grew 7% year-over-year on a local currency basis to $3.0 trillion.
• Cross-Border Volume: Grew 11% on a local currency basis.
• Switched Transactions: Increased 9% year-over-year.
• Cards Issued: 3.8 billion Mastercard and Maestro-branded cards issued worldwide as of September 30, 2026.
• Segment Growth: Payment network net revenue grew 11%, while value-added services and solutions revenue expanded 19%.