[MA] Mastercard: Q3 2026 Earnings Preview on Cross-Border Fees vs Rebates

Mastercard runs a global payments network that connects card issuers, acquirers and merchants, and it sells security, data and authentication services on top of that network. Ahead of its Q3 2026 earnings, the company will hold its call on 2026-10-29[1] to report results for the third quarter of 2026, ended September 30, 2026. In the latest reported quarter, the second quarter of 2026, net revenue rose 14% (12% currency-neutral) to $9,277 million, including $5,451 million from the payment network and $3,826 million from value-added services[2]; GAAP diluted EPS was $4.97, adjusted EPS was $5.04 and the adjusted operating margin was 61.1%[3]. On the July 30 second-quarter call, management guided third-quarter currency-neutral net revenue growth, excluding acquisitions, to the high end of the low-double-digit range with about a 0.5-point currency headwind; it guided adjusted expense growth on the same basis to the low double digits, flagged about $125 million of interest expense tied to the June bond issue, and said full-year net revenue should land higher within the same range[4]. Analyst estimates compiled by Drillr and updated on September 28 average about $9,645 million in third-quarter net revenue (19 analysts, range $9,525 million to $9,755 million) and about $5.16 in EPS (20 analysts, range $5.12 to $5.21), with full-year EPS averaging about $19.96 (24 analysts)[5]; that EPS figure should be read against the second quarter's adjusted $5.04.

Three things matter most in this report. First, can cross-border assessments keep growing clearly faster than cross-border volume? In the second quarter, local-currency cross-border volume rose 12%[6] while cross-border assessments rose 20% currency-neutral[7], and management attributed the acceleration to recovering outbound travel from the Middle East and better U.S. dollar availability in Venezuela[4]; whether those two factors persist will decide whether third-quarter guidance holds. Second, can growth in rebates and incentives slow? Second-quarter rebates reached $5,997 million, up 20% currency-neutral, which held payment network net revenue growth to 8% currency-neutral[2], and prepaid incentives cut first-half operating cash flow by $211 million year over year[8]. Third, can value-added services hold roughly 18% currency-neutral growth while expenses grow more slowly than revenue? Adjusted expenses rose 10% currency-neutral in the second quarter[9], and that gap decides whether the 61.1% adjusted operating margin can keep widening. The third-quarter report can confirm or weaken any of these relationships, but a single quarter may not separate a structural shift from one-off mix effects.

Company Background and Business Structure

Mastercard is a payments network that does not take credit risk, not a card-issuing bank. The company is headquartered in Purchase, New York, grew out of an interbank card association formed in 1966, and today operates its global network under the Mastercard, Maestro and Cirrus brands[10]. In the "four-party" model, a cardholder pays a merchant with a card issued by an issuing bank, an acquirer collects payment for the merchant, and Mastercard provides authorization, clearing and settlement; the company does not issue cards, extend credit, earn cardholder interest or set merchant discount rates[10]. As of the second quarter of 2026, Mastercard and Maestro cards issued worldwide had grown 5% to about 3.7 billion[11].

The payment network is Mastercard's larger revenue line, but more than half of its gross fees are offset by rebates. The company splits net revenue into payment network and value-added services, and the network earns fees mainly on domestic and cross-border volume on its branded cards and on switching services[10]. In 2025, payment network net revenue was $19,476 million, about 59.4% of net revenue; to win banks' card portfolios, the company signs multi-year agreements and pays rebates and incentives, which reached $20,522 million in 2025 and are deducted directly from revenue[12].

Value-added services now make up about 40% of net revenue, but a large share still moves with network volume. Value-added services and solutions revenue was $13,315 million in 2025, about 40.6% of net revenue[12]; the line covers security and fraud prevention, consumer acquisition and engagement, business and market insights, digital and authentication solutions, processing and gateway, account-to-account payments and open finance, charged through fixed or transaction-based fees and sold either with network services or on a stand-alone basis[13]. On the second-quarter call, management said about 60% of value-added services revenue is network-linked[11].

Mastercard is using acquisitions to plug new rails such as stablecoins into its business, but the official record still shows that deal as pending. In March 2026, the company agreed to buy all of stablecoin infrastructure provider BVNK for $1.5 billion, with up to $300 million of additional contingent consideration if performance targets are met, subject to regulatory approval and other customary closing conditions[14]. The third-quarter report is the first formal filing that can confirm the closing and its effect on expenses.

Financial History and Current Position

Mastercard has grown revenue at double-digit rates for five years with operating margins near 60%. Net revenue rose from $18,884 million in 2021 to $22,237 million in 2022, $25,098 million in 2023, $28,167 million in 2024 and $32,791 million in 2025, up 16% (15% currency-neutral) in the latest year[15]. In 2025, operating income was $19,514 million for an operating margin of about 59.5%, net income was $14,968 million, GAAP diluted EPS rose 19% to $16.52 and adjusted EPS was $17.01[15]; operating expenses rose 10% to $13,894 million, while adjusted operating expenses rose 14% to $13,389 million[16].

The 2025 annual mix shows value-added services outgrowing the network, and rebates outgrowing network revenue. Payment network net revenue rose 12% to $19,476 million after deducting $20,522 million of rebates and incentives, which rose 16%; value-added services revenue rose 23% (21% currency-neutral) to $13,315 million, with 3 points coming from acquisitions completed in 2024[12]. Operating cash flow was $17,648 million that year, purchases of property and capitalized software totaled about $1,215 million, and the company repurchased $11,727 million of stock and paid $2,756 million in dividends[17].

The first quarter of 2026 kept double-digit growth, but a one-off restructuring charge weighed on earnings. First-quarter net revenue rose 16% (12% currency-neutral) to $8,398 million; GAAP EPS was $4.35, including a $202 million pre-tax restructuring charge, and adjusted EPS was $4.60[18]. Payment network net revenue was $4,948 million and value-added services revenue was $3,450 million in the quarter[19].

Revenue growth eased slightly in the second quarter of 2026, but the adjusted margin climbed to 61.1%. Second-quarter net revenue rose 14% (12% currency-neutral) to $9,277 million, with the payment network at $5,451 million (up 8% currency-neutral) and value-added services at $3,826 million (up 18% currency-neutral)[2]. GAAP net income was $4,388 million and EPS was $4.97; adjusted EPS was $5.04 versus $4.15 a year earlier, and the adjusted operating margin was 61.1% versus 59.9%[3].

First-half cash flow lagged earnings while the company stepped up buybacks and issued new debt. Operating cash flow for the first half of 2026 was $6,772 million, $211 million lower than a year earlier, because higher customer incentive payments and litigation settlement payments more than offset higher net income; over the same period the company repurchased $8,933 million of stock, paid $1,548 million in dividends and in June issued bonds with a total principal of $5.0 billion[8]. In the second quarter alone, it bought back 9.8 million shares for $4.9 billion and paid $771 million in dividends[20].

Operating Model

Payment network net revenue equals four network assessment lines minus rebates and incentives, and volume turns into fees mainly in the same quarter. The four lines are domestic assessments on domestic volume, cross-border assessments on cross-border volume, which carry the highest unit fees and include currency conversion, transaction processing assessments on switched transactions, and other network assessments such as licensing. In the second quarter of 2026 they were $3,154 million, $3,460 million, $4,508 million and $326 million, or $11,448 million in total[7]; after $5,997 million of rebates, payment network net revenue was $5,451 million[2].

Part of value-added services revenue moves with volume, and the rest depends on stand-alone purchases. Value-added services are charged through fixed or transaction-based fees[13], about 60% is network-linked[11], and the rest comes from stand-alone purchases of security, data and consulting, for a total of $3,826 million in the second quarter[2]. Slower volume therefore drags on both the payment network and roughly 60% of value-added services, while pricing and demand for new products act mainly on the remainder.

Operating income equals net revenue minus operating expenses, and because Mastercard has no cost of goods, the gap between revenue and expense growth directly sets the margin trend. Adjusted expenses exclude special items such as litigation provisions and restructuring charges; in the second quarter, net revenue rose 12% currency-neutral while adjusted expenses rose 10%[9], lifting the adjusted operating margin 1.2 points (0.8 points currency-neutral) to 61.1%[3]. Net income also absorbs interest and other non-operating costs and a non-GAAP tax rate of about 20% to 21%, and the third quarter adds about $125 million of interest on the new bonds[4].

Operating cash flow roughly equals net income plus incentive amortization and depreciation, minus incentives prepaid to customers, so new agreements hit cash before they hit the income statement. In 2025, customer incentive amortization was $2,098 million and prepaid expenses consumed $3,388 million[17]; in the first half of 2026, prepaid expenses consumed $3,835 million against $2,238 million a year earlier, and incentive amortization was $1,310 million[8]. Prepaid incentives leave as cash first and are then amortized into rebates over the contract, so concessions signed today will weigh on payment network net revenue for several later quarters.

Industry and Competitive Position

Competition among card networks mostly takes the form of bidding for banks' card portfolios, and rebates are the main weapon. Mastercard competes worldwide with Visa, American Express, JCB, China UnionPay and Discover, among others, and financial institutions can issue both Mastercard and rival cards and choose a network portfolio by portfolio or program by program[21]. The 10-K says the company continues to face "intense competitive pressure on the prices we charge our issuers and acquirers" and offers incentives and other support to get customers to issue and promote its products[21].

Mastercard's network keeps growing in scale and digital reach, but losing a single portfolio shows up in volume immediately. In 2025, gross dollar volume (GDV) on the network was $10.6 trillion (up 9% in local currency), switched transactions reached 175.5 billion (up 10%) and cross-border volume rose 15%[15]. In the second quarter, contactless payments made up 80% of in-person switched purchases and tokenized transactions exceeded 40% of all switched transactions; U.S. GDV grew 6% in the same quarter, and U.S. debit grew only 1% after the Capital One debit portfolio migrated away, or 8% excluding that migration[11].

New competition comes from domestic real-time payment systems and stablecoins, and current disclosure limits direct peer comparison. The BVNK acquisition is one step toward plugging stablecoin rails into Mastercard's own network[14]. At the same time, the company does not allocate rebates by fee category or disclose value-added services revenue and expenses by product line, so neither the net contribution of cross-border business nor the margin on value-added services can be calculated directly; the available materials also contain no comparable same-period fee and rebate data for competitors.

Core Debates

Mastercard's cross-border volume grew 12% in the second quarter while cross-border assessments grew 20% on a currency-neutral basis. Can most of that 8-point gap hold in the third quarter, or will it narrow as the rebound in Middle East travel and the boost from Venezuelan cross-border spending fade?

Cross-border assessments are Mastercard's highest-yield revenue, and their growth largely decides whether the network can absorb rising rebates. Second-quarter cross-border assessments were $3,460 million, up 20% currency-neutral (21% as reported), about 30% of the four network assessment lines[7]; rebates grew 20% currency-neutral in the same quarter, yet payment network net revenue still rose 8%[2], with cross-border as the main support. Management's third-quarter net revenue guidance sits at the high end of the low-double-digit range[4], and meeting it depends heavily on cross-border holding up.

The case that the cross-border yield can last rests on two straight quarters of fees clearly outrunning volume. In the first quarter, cross-border assessments rose 18% currency-neutral[19] while local-currency cross-border volume rose 13%[18]; in the second quarter the figures were 20% and 12%[7][6], widening the yield contribution from about 5 points to about 8 points. Management said cross-border card-not-present spending outside travel grew 20% in the second quarter[11], added that both the Middle East travel and Venezuela cross-border trends held up well entering July, and said it did not see a sharp moderation in growth ahead[4].

The competing explanation is that a sizable part of the second-quarter acceleration came from temporary factors. Geopolitical tension in the Middle East weighed on cross-border travel in the first quarter[22], so part of the second-quarter pickup is a rebound from a low base; better dollar availability in Venezuela is a single-market factor, and a higher yield may also include currency-conversion revenue from exchange-rate volatility, none of which is certain to persist. On the base, local-currency cross-border volume grew 15% both in the second quarter of 2025 and in full-year 2025[6], and both quarters this year have run below that pace, which makes the yield contribution the key to cross-border fee growth. The transmission runs from easing conflict, recovering airline capacity, cross-border e-commerce and dollar availability in special markets, to outbound travel and cross-border card-not-present spending, then through cross-border volume times yield into cross-border assessments, and after rebates into payment network net revenue.

What cannot yet be determined is how much of the 8-point yield contribution is durable mix and pricing and how much is one-off regional effects, because the call commentary does not quantify the Middle East and Venezuela effects in fees. In the third quarter, watch whether local-currency cross-border volume grows at least 12%, whether cross-border assessments grow at least 18% currency-neutral, whether card-not-present cross-border spending outside travel still grows faster than the total, and how management now describes Middle East travel and Venezuelan cross-border spending. If cross-border volume falls below 10% and the slowdown is attributed to weaker demand, the view that cross-border strength is lasting would be refuted; if the yield contribution shrinks to 3 points or less, the second quarter's high yield came from temporary mix effects.

In the second quarter, Mastercard's four payment-network assessment lines grew about 16% combined, but rebates and incentives paid to issuers and acquirers rose 22%, leaving payment network net revenue up 10% (8% currency-neutral). Can rebate growth slow in the third quarter so more of the fee growth stays in net revenue?

Rebates are the main price Mastercard pays to win banks' card portfolios, and their growth decides how much fee growth stays in net revenue. Rebates and incentives reached $20,522 million in 2025, more than that year's $19,476 million of payment network net revenue[12]. Measured against the four disclosed assessment lines, rebates rose from about 49.9% of fees in the second quarter of 2025 to about 52.4% in the second quarter of 2026 ($5,997 million divided by $11,448 million)[7][2], and in the first quarter the ratio rose from about 50.8% a year earlier to about 53.3%[19], meaning a growing share of volume and yield gains is being handed back to customers.

The case that rebates are under control is that payment network revenue growth has not slipped so far despite rising rebates. The 10-Q attributes rebate growth to growth in key drivers and to new and renewed deals[2]; payment network net revenue grew 8% currency-neutral in both the first and second quarters[18][2]. Management kept its full-year net revenue growth guidance and said stronger-than-expected first-half results should put the year higher within the range[4].

The competing explanation is that portfolio competition is forcing Mastercard to offer richer terms at renewal, and most of those concessions have not yet reached the income statement. The rebate ratio has risen about 2.5 points year over year for two straight quarters; U.S. debit volume grew only 1% after the Capital One migration[11], showing that volume suffers immediately once a rival wins a portfolio, and the 10-K acknowledges intense competitive pressure on pricing[21]. First-half prepaid expenses consumed $3,835 million, $1,597 million more than a year earlier, and operating cash flow still fell $211 million even as net income grew[8]. The transmission runs from competition for issuer and acquirer portfolios, to rebates and prepaid incentives in new and renewed multi-year deals, to rebates netted against the four assessment lines to produce payment network net revenue, while prepaid incentives leave operating cash first and are amortized over the contract.

What remains unclear is whether the heavy first-half prepayments reflect a few large renewals bunched together or a broad step-up in concessions. In the third quarter, watch whether payment network net revenue grows at least 8% currency-neutral, whether rebate and incentive growth falls below 18% currency-neutral, whether the year-over-year rise in the rebate share of the four assessment lines stays within 2 points, and whether operating cash flow for the first nine months returns to year-over-year growth. If rebate growth stays above 22% and payment network net revenue growth drops below 7%, the view that concessions are manageable would be refuted; if cumulative operating cash flow declines year over year for three straight quarters, the cash drain from prepaid incentives is widening.

Mastercard's value-added services grew 18% on a currency-neutral basis in both the first and second quarters and now make up about 40% of net revenue, while adjusted operating expenses grew about 10%. Can value-added services hold near 18% in the third quarter while expense growth stays in the low double digits and margins keep expanding?

Value-added services free Mastercard's revenue from depending only on card volume, and they are also where spending is most concentrated. Value-added services revenue grew 23% to $13,315 million in 2025[12], and its share of net revenue rose to about 41.2% in the second quarter of 2026 ($3,826 million divided by $9,277 million)[2]; about 40% of it is not linked to network transactions[11]. The balance between growth and investment in this business decides whether the company can keep widening an adjusted operating margin of about 61% while net revenue grows in the low double digits[3].

The case for demand-driven growth is that the 10-Q lists mostly product demand as the source of growth, and expenses are still growing more slowly than revenue. The 10-Q attributes second-quarter value-added services growth to underlying key drivers, security solutions, consumer acquisition and engagement services, digital and authentication solutions and business and market insights, plus pricing[2]. In the same quarter, adjusted expenses rose 10% currency-neutral, below 12% net revenue growth[9]; management said expense growth reflected strategic investment in infrastructure hardening, geographic expansion and product innovation[11], and the adjusted operating margin widened year over year[3].

The competing explanation is that part of the 18% growth is simply an extension of volume growth and price increases, with investment pressure still to come. Pricing itself is one of the growth sources listed in the 10-Q, and about 60% of value-added services revenue is network-linked, so volume and price account for a meaningful share of growth; the $202 million restructuring charge in the first quarter was meant to free up savings for reinvestment in long-term growth[9]. Management also guided to about a 0.5-point expense headwind from acquisitions in the third quarter[4], and deals such as BVNK will add a new expense base once completed[14]. On the base, first-quarter value-added services revenue was $3,450 million, also up 18% currency-neutral[19][18]; the transmission runs from demand for fraud prevention, acquisition, data insight and pricing to customer purchases of value-added services, while people, technology and acquisition spending flow into adjusted operating expenses, and the gap between the two sets the adjusted operating margin.

What cannot yet be separated is how much value-added services growth comes from new demand versus volume and price, because the company does not report revenue and expenses by product line. In the third quarter, watch whether value-added services grow at least 17% currency-neutral excluding acquisitions, whether adjusted expenses grow no more than 11% currency-neutral, whether the adjusted operating margin widens by at least 0.5 points year over year, and how management describes the weight of pricing versus new demand. If value-added services growth falls below 15% while expenses keep growing in the low double digits, the view that demand-driven growth and operating leverage coexist would be refuted; if acquisitions and new-business spending push adjusted expense growth above 13% and the margin declines year over year, that view would also weaken.

Risks and Falsifiers

U.S. merchant interchange litigation could still require cash beyond current accruals. In April 2026, a new putative class action was filed on behalf of U.S. merchants seeking damages over interchange fees on Mastercard and Visa credit card transactions since January 2019; opt-out merchants Block and Intuit are seeking aggregate single damages above $5 billion; and the Rules Relief settlement received preliminary approval in June, with a final approval hearing scheduled for November 2026[23]. The related accrued liability fell from $637 million at the end of 2025[24] to $149 million at June 30, 2026[23], and first-half litigation settlement payments already weighed on operating cash flow[8]. If the Rules Relief settlement wins final approval in November and the new class action is dismissed or found bound by the release in the earlier settlement, this risk would fall markedly.

Real-time payments, stablecoins and other alternative rails could divert transactions and, together with regulation, squeeze the network fee model. The direct exposure is payment network net revenue, which was $19,476 million in 2025[12]; to position for stablecoins, the company agreed to buy BVNK for $1.5 billion, with up to $300 million more in contingent consideration[14]. If GDV and switched transactions keep growing at roughly 8% to 9% (8% in local currency and 9% respectively in the second quarter)[6][11] and stablecoin activity settles over Mastercard's network rather than around it, this concern would be hard to sustain.

Renewed geopolitical conflict or fading gains from special markets could pull down cross-border volume and yield at the same time. The direct exposure is cross-border assessments, which were $3,460 million in the second quarter of 2026 (up 20% currency-neutral) and $6,650 million for the first half[7]. If local-currency cross-border volume grows at least 12% and cross-border assessments grow at least 18% currency-neutral in the third quarter, this risk did not materialize this quarter.

Tougher portfolio competition could push up renewal concessions and keep rebates growing faster than network fees. The exposure is rebates and incentives, which were $20,522 million in 2025[12] and about $11,636 million in the first half of 2026, up 22%[20], while prepaid expenses consumed $3,835 million over the same period[8]. If the year-over-year rise in the rebate share of the four assessment lines stays within 2 points in the third quarter and payment network net revenue grows at least 8% currency-neutral, this risk remains contained.

A slowdown in value-added services without a matching cut in spending would stop operating margin expansion. The exposure is value-added services revenue and adjusted expenses: second-quarter value-added services revenue was $3,826 million[2], adjusted expenses were $3,608 million[9] and the adjusted operating margin was 61.1%[3]. If value-added services grow at least 17% currency-neutral in the third quarter and the adjusted operating margin keeps widening year over year, this risk has not materialized.

What to Watch Next

• Cross-border yield: local-currency cross-border volume was up 12% in the second quarter (13% in the first); growth of at least 12% supports the current view, while a drop below 10% blamed on weaker demand would refute it.
• Cross-border fee gap: assessments minus volume growth was about 8 points (about 5 in the first quarter); cross-border assessments growing at least 18% currency-neutral would confirm it, while a gap of 3 points or less would point to temporary mix effects.
• Rebate growth: rebates and incentives rose 20% currency-neutral to $5,997 million; a fall below 18% would ease the concern, while growth above 22% alongside payment network growth below 7% would refute the view that concessions are manageable.
• Rebate share: about 52.4% of the four assessment lines, up about 2.5 points; a rise of no more than 2 points with payment network growth of at least 8% would confirm control.
• Nine-month operating cash flow: first-half cash flow was $6,772 million, down $211 million; a return to year-over-year growth would help, while three straight quarters of cumulative decline would show a widening prepaid drain.
• Value-added services: 18% currency-neutral growth in the second quarter; at least 17% excluding acquisitions supports the view, while a drop below 15% with expenses still growing in the low double digits would refute it.
• Expenses and margin: adjusted expense growth of 10% and a 61.1% adjusted margin; expense growth no higher than 11% and margin expansion of at least 0.5 points would confirm leverage, while expense growth above 13% with a lower margin would refute it.
• Litigation: the Rules Relief final approval hearing is set for November 2026, with a $149 million accrual; approval plus dismissal of the new class action would lower the risk.

Conclusion

Mastercard's business runs on two engines: a card network that charges on volume and transaction counts and hands more than half of those fees back to banks as rebates, and a faster-growing value-added services business that now accounts for about 40% of revenue. Second-quarter net revenue was $9,277 million, up 12% currency-neutral, with a 61.1% adjusted operating margin[2][3], but first-half operating cash flow fell $211 million year over year because of prepaid incentives, even as the company repurchased $8,933 million of stock and issued $5.0 billion of bonds[8]. The central relationship for the next few quarters is whether the roughly 8 extra points of growth from cross-border yield can keep covering rebates that now take about 52.4% of fees and are still rising, while value-added services keep growing faster than expenses.

Two independent commentaries published after the second-quarter results address the same question at different levels. Simply Wall St argued on August 7 that owning Mastercard requires believing its global network, data and services will stay central to how money moves as stablecoins and other new rails emerge, named deeper value-added services around the core network (such as the Fiserv partnership) as the near-term driver, and identified the biggest risk as domestic real-time systems and stablecoin rails taking volume and how fast alternative rails could pressure the traditional fee model[25]; that maps onto the alternative-rails risk and the value-added services debate above, but it does not address rising rebates or the cross-border yield, while second-quarter GDV and switched transactions still grew 8% and 9%[6][11]. Zacks analyst Rajshree Sipani wrote on September 16 that Mastercard benefits from the long-term shift to electronic payments, with cross-border activity and transaction volumes as key growth sources and value-added services up 20% to 41.2% of net revenue in the second quarter, but said escalating operating expenses (adjusted expenses up 10.7% in the second quarter) and higher rebates and incentives are affecting growth potential[26]; that speaks directly to the rebate and value-added services cost debates, though it does not separate reported from currency-neutral growth, and on a currency-neutral basis adjusted expenses rose 10%, below 12% net revenue growth, so the margin is still widening[3]. Both pieces treat value-added services as a growth pillar; they differ on where the threat comes from, with the first worried about long-term rail substitution and the second about near-term concessions and spending. Other coverage in the period was mostly partnership announcements, agentic-commerce news and share-price briefs rather than independent commentary.

The combination that would clearly strengthen the current reading is third-quarter local-currency cross-border volume of at least 12%, cross-border assessments up at least 18% currency-neutral, rebate growth back below 18% with the rise in the rebate share narrowing to within 2 points, value-added services up at least 17% currency-neutral, a still-widening adjusted operating margin and nine-month operating cash flow back to year-over-year growth. Conversely, cross-border volume below 10% with a yield contribution of 3 points or less, rebates still growing above 22% with payment network net revenue growth under 7%, and value-added services slowing below 15% without any slowdown in expenses would show that the first-half growth mix relied on temporary factors and that a shrinking share of network fees is staying in net revenue.

Sources

[1] Drillr earnings calendar (updated 2026-09-28) · MA 2026-10-29 call · 2026-09-28 · Drillr earnings calendar

[2] MA 10-Q filed 2026-07-30 · 2Q26 net revenue and rebates · 2026-07-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[3] MA 10-Q filed 2026-07-30 · 2Q26 non-GAAP reconciliation · 2026-07-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[4] MA 2Q26 earnings call 2026-07-30 · Drillr structured summary (guidance and Q&A) · 2026-07-30 · earnings_call · https://gateway.drillr.ai/mcp/private

[5] Drillr analyst_financial_estimates (updated 2026-09-28) · MA 3Q26 and FY2026 consensus · 2026-09-28 · Drillr analyst_financial_estimates · https://gateway.drillr.ai/mcp/private

[6] MA 10-Q filed 2026-07-30 · 2Q26 key driver growth · 2026-07-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[7] MA 10-Q filed 2026-07-30 · 2Q26 payment network assessments · 2026-07-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[8] MA 10-Q filed 2026-07-30 · 1H26 cash flows and capital return · 2026-07-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[9] MA 10-Q filed 2026-07-30 · 2Q26 operating expenses · 2026-07-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[10] MA 10-K filed 2026-02-11 · four-party network and revenue sources · 2026-02-11 · 10-K · https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/

[11] MA 2Q26 earnings call 2026-07-30 · Drillr structured summary (segments and metrics) · 2026-07-30 · earnings_call · https://gateway.drillr.ai/mcp/private

[12] MA 10-K filed 2026-02-11 · FY2025 net revenue, rebates and incentives · 2026-02-11 · 10-K · https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/

[13] MA 10-K filed 2026-02-11 · value-added services and solutions revenue recognition · 2026-02-11 · 10-K · https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/

[14] MA 10-Q filed 2026-04-30 · BVNK acquisition agreement · 2026-04-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[15] MA 10-K filed 2026-02-11 · FY2025 financial and key driver highlights · 2026-02-11 · 10-K · https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/

[16] MA 10-K filed 2026-02-11 · FY2025 operating expenses · 2026-02-11 · 10-K · https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/

[17] MA 10-K filed 2026-02-11 · FY2025 cash flows · 2026-02-11 · 10-K · https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/

[18] MA 8-K filed 2026-04-30 · 1Q26 earnings release · 2026-04-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=8-K

[19] MA 10-Q filed 2026-04-30 · 1Q26 net revenue, assessments and rebates · 2026-04-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[20] MA 8-K filed 2026-07-30 · 2Q26 earnings release · 2026-07-30 · 8-K · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=8-K

[21] MA 10-K filed 2026-02-11 · competition and pricing pressure · 2026-02-11 · 10-K · https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/

[22] MA 1Q26 earnings call 2026-04-30 · Drillr structured summary · 2026-04-30 · earnings_call · https://gateway.drillr.ai/mcp/private

[23] MA 10-Q filed 2026-07-30 · U.S. merchant interchange litigation update · 2026-07-30 · 10-Q · https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001141391&type=10-Q

[24] MA 10-K filed 2026-02-11 · U.S. merchant interchange litigation · 2026-02-11 · 10-K · https://www.sec.gov/Archives/edgar/data/1141391/000114139126000013/

[25] Simply Wall St 2026-08-07 · How Mastercard's Crypto Stablecoin Partnerships and Earnings Beat Will Impact Mastercard (MA) Investors · 2026-08-07 · Simply Wall St · https://simplywall.st/stocks/us/diversified-financials/nyse-ma/mastercard/news/how-mastercards-crypto-stablecoin-partnerships-and-earnings/amp

[26] Zacks via Yahoo Finance 2026-09-16 · Visa vs. Mastercard: Which Payment Stock Has More Upside? · 2026-09-16 · Zacks Investment Research · https://finance.yahoo.com/markets/stocks/articles/visa-vs-mastercard-payment-stock-161200467.html