Research · Sep 3, 2026
[MA] Mastercard Thesis 2026: Cross-Border Recovery Drives Margin to Record Territory
Mastercard FY25 (Dec 31, 2025) at $32.8B net revenue (+16.4%, accelerated from FY24 +12%). GDV +8.7% USD; cross-border +18% USD / +15% local. OpMargin expanded 230bp to 57.6% (vs V's 570bp compression). Net income $15.0B; FCF $16.4B; capital return $14.5B (buybacks $11.7B + dividends $2.8B). VAS ~29% of net revenue, the structural mix lever vs V. 13 analysts: 1 SB / 11 Buy / 1 Hold; April 4 of 5 PT cuts.