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Mastercard (MA) earnings and revenue breakdown

Latest: Q3 2026 · 10-Q filed Oct 29, 2026 · Mastercard (MA) Q3 2026 earnings results →

Q3 2026 Revenue up 14% year over year to $9.8B · 47¢ of every $1 of revenue kept as net profit · operating margin 59.8%

Mastercard made $9.8B in Q3 2026 (+14% Y/Y): Payment network $5.7B, Value-added services and solutions $4.1B. Operating margin 59.8%, net earnings $4.6B. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Oct 29, 2026.

Revenue$9.8B
Year over year+14%
Operating margin59.8%
Net earnings$4.6B
Operating cash flow$5.1B

Drawing the Sankey…

Open the interactive Sankey → click any line for what the company wrote about it, compare Y/Y and Q/Q, export as PNG or PDF

Mastercard Q3 2026 revenue breakdown: Sankey diagram of revenue (Payment network, Value-added services and solutions), costs, profit and cash flow
Mastercard Q3 2026 revenue breakdown — free to use with credit and a link (terms). Share on X
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What changed this quarter

Revenue was $9.8B in Q3 2026, up 14% year over year and up 6% from the previous quarter. Payment network was the largest line at 59% of revenue. Value-added services and solutions added $0.64B year over year (up 19%), 53% of the total change.

Operating profit was $5.9B, a 59.8% margin (up 0.9 points year over year). Of the extra revenue versus Q3 2025, 66% reached operating profit, above the 59% margin then. Total costs grew 11% against revenue growth of 14%. The fastest-growing cost line was General & admin (+13%). Net earnings were $4.6B, up 18% year over year. The effective tax rate was 19.4%.

Operating cash flow was $5.1B (down 10% year over year), 110% of net earnings. Non-cash charges added back $0.33B of depreciation and amortization and $0.20B of share-based compensation. Capital expenditures of $0.22B left free cash flow of $4.9B.

Quarterly history

Mastercard revenue by quarterMastercard revenue by quarter$7.2BQ1 2025$8.1BQ2 2025$8.6BQ3 2025$8.8BQ4 2025$8.4BQ1 2026$9.3BQ2 2026$9.8BQ3 2026
Mastercard net earnings by quarterMastercard net earnings by quarter$3.3BQ1 2025$3.7BQ2 2025$3.9BQ3 2025$4.1BQ4 2025$3.9BQ1 2026$4.4BQ2 2026$4.6BQ3 2026
QuarterFormFiledRevenueY/YOp. marginNet earningsOp. cash flow
Q3 202610-QOct 29, 2026$9.8B+14%59.8%$4.6B$5.1B
Q2 202610-QJul 30, 2026$9.3B+14%60.2%$4.4B$3.8B
Q1 202610-QApr 30, 2026$8.4B+16%58.4%$3.9B$3.0B
Q4 202510-KFeb 11, 2026$8.8B+18%55.8%$4.1B$5.0B
Q3 202510-QOct 30, 2025$8.6B+17%58.8%$3.9B$5.7B
Q2 202510-QJul 31, 2025$8.1B+17%58.7%$3.7B$4.6B
Q1 202510-QMay 1, 2025$7.2B+14%57.2%$3.3B$2.4B

Charts

Mastercard: revenue growth, year over year and quarter over quarterMastercard: revenue growth, year over year and quarter over quarterY/YQ/Q+14%Q1 2025+17%+12%Q2 2025+17%+6%Q3 2025+18%+2%Q4 2025+16%-5%Q1 2026+14%+10%Q2 2026+14%+6%Q3 2026
Latest (Q3 2026): Y/Y +14%, Q/Q +6%.
Mastercard: where the cash came from (+) and went (−), TTM to Q3 2026Mastercard: where the cash came from (+) and went (−), TTM to Q3 2026Operating cash flow$16.9BBuybacks−$15.5BNet borrowing (+) / repaid (−)$5.0BDividends−$3.0BAcquisitions−$1.4BOther investing−$873MCapital spending−$779MTaxes on employees’ shares−$216MShares issued$181MExchange rates−$129MOther financing−$108MCash drawn (+) / kept (−)−$97.0M
From the cash-flow statement as filed (SEC XBRL). Cash is fungible: the bars do not say which dollar paid for what.
Mastercard: profit against cash, quarter by quarterMastercard: profit against cash, quarter by quarterNet incomeOperating cash flow$3.3B$4.8BQ4 2024$3.3B$2.4BQ1 2025$3.7B$4.6BQ2 2025$3.9B$5.7BQ3 2025$4.1B$5.0BQ4 2025$3.9B$3.0BQ1 2026$4.4B$3.8BQ2 2026$4.6B$5.1BQ3 2026
Latest (Q3 2026): Net income $4.6B, Operating cash flow $5.1B.
Mastercard: diluted shares by fiscal yearMastercard: diluted shares by fiscal year1.01BFY2020992MFY2021971MFY2022946MFY2023927MFY2024906MFY2025
-9.9% since FY2020: buybacks shrank the count.
Mastercard: long-term debt falling due (FY2025)Mastercard: long-term debt falling due (FY2025)$750M2026$1.9B2027$2.8B2028$1.9B2029$1.7B2030$10.2BLater
Cash $10.6B, short-term investments —, long-term debt — at 2025-12-31.
Mastercard in its industry: growth against margin (87 companies, SIC 7389)Mastercard in its industry: growth against margin (87 companies, SIC 7389)revenue growth, year over year →↑ operating marginmedian +8%median 7%ACNUBERVMELIPYPLFISVDASHAMTMFISGPNEBAYCNXCLYFTBRCPAYFOURRBAMMSTNETAKAMCARTWUCSGPADVMSCIWEXZGCBZETSYFICOTICEXLSCNDTRELYALITMBGLQNSTMAXPAYHQYPAYOPRTHCTEVXMTRFLYWGETYANDGNUTXACVAXBPSEZLIMXILQDTPHRRMNIRPAYRGPSCORJANLCASSAMWLSGRPDHXBAERPAYSOPRXNOTEHGBLPOWWRSSSDVLTPAYDQMCIINVUTGLASFHCJMBOLBXHLDFTFTDBMMCNFNSRCOGBUXWASTBCRDMA (+14%, 60%)
Services-Business Services, NEC; dot size is quarterly revenue; dashed lines are the industry's medians.

Interactive views

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💵Where each $1 goesinteractive

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🌏Named in Asian annual reportsinteractive

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🔄Rotation against the market and its industry (RRG)interactive

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🔍Earnings qualityinteractive

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⚖️Fair value by methodinteractive

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🔭Outlook & guidanceinteractive

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📈Investments: gains and what it boughtinteractive

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🏭Its industry’s money flow (input-output)interactive

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About Mastercard

places). In addition, the interpretation and application of these privacy, data, AI and information security laws and regulations are often uncertain and in a state of flux, thus requiring constant monitoring and governance. Additional Regulatory Developments. Various regulatory agencies around the world continue to examine a wide variety of issues that could impact us, including evolving laws and guidance surrounding buy-now-pay-later, open finance, credit reporting, digital currencies (including stablecoins), marijuana, prepaid payroll cards, identity theft, account management guidelines, disclosure rules, marketing and operational resilience. Additionally, various jurisdictions have adopted or are increasingly considering adopting laws, regulations and oversight expectations requiring disclosure on environmental, social and governance matters.

In its own words, from its 10-K, filed Feb 11, 2026.

Mastercard against its Services-Business Services, NEC peers

The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +14% against the peers' median +10%. Operating margin: 59.8% against the peers' median 9.8%.

CompanyQuarterRevenueY/YOp. margin
MA MastercardQ3 2026$9.8B+14%59.8%
ACN AccentureQ4 FY26$18.7B+6%15.3%
UBER Uber TechnologiesQ3 2026$14.8B+10%9.8%
V VisaQ4 FY26$12.1B+13%59.8%
MELI MercadoLibreQ3 2026$10.8B+45%6.3%
PYPL PayPal HoldingsQ3 2026$8.6B+2%16.3%
FISV FiservQ3 2026$5.2B-1%-105.7%
DASH DoorDashQ3 2026$4.6B+34%9.6%
AMTM Amentum HoldingsQ3 FY26$3.5B-2%4.9%

Source: Mastercard 10-Q on SEC EDGAR · CIK 1141391 · Services-Business Services, NEC

Guidance and outlook

Mastercard: what its forward-looking statements are about (10-Q filed 2026-07-30)Mastercard: what its forward-looking statements are about (10-Q filed 2026-07-30)Buybacks & dividends2
2 statements; tone +0.00 (−1 all cautious, +1 all confident); 1 hedged.

13F: who owns MA and who is buying

Largest holders of MA (13F)Largest holders of MA (13F)Vanguard Group$45.6BBlackRock$34.1BMastercard Foundation Asset Manag…$31.7BVanguard Capital Management LLC$26.8BState Street$19.0BFMR LLC$12.2BGeode Capital Management, LLC$11.0BVanguard Portfolio Management LLC$9.8BPrice T Rowe Associates$9.5BMorgan Stanley$7.7B
Funds' net buying of MA by quarter (13F)Funds' net buying of MA by quarter (13F)−$2.9B2024-09−$2.1B2024-12−$2.1B2025-03$1.8B2025-06−$6.0B2025-09$39.8B2025-12−$43.5B2026-03−$1.4B2026-06
Value of shares 13F filers added minus the value they sold, each quarter (quarters with most filings in).

More on MA

History

Every quarter: Q3 2026 results · Q2 2026 results · Q1 2026 results · Q4 2025 results · Q3 2025 results · Q2 2025 results · Q1 2025 results

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中文版：万事达（MA）财报

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