Filing Flows › Mastercard (MA) › Q2 2026 › vs Q1 2026
Mastercard (MA) Q2 2026 vs Q1 2026 (quarter over quarter)
Mastercard's revenue rose $879M (+10%) from $8.4B in Q1 2026 to $9.3B in Q2 2026. The biggest changes: Payment network +$503M (+10%); Value-added services and solutions +$376M (+11%). Operating margin 60.2% against 58.4% (+1.8 pts).
Mastercard, Q2 2026: revenue $9.3B (+14% year over year), operating margin 60.2%, net earnings $4.4B, operating cash flow $3.8B. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Operating margin | 60.2% | 58.4% | +1.8 pts |
| Net margin | 47.3% | 46.2% | +1.1 pts |
| Free cash flow margin | 37.5% | 33.9% | +3.7 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Payment network | $5.5B | $4.9B | $503M | +10% |
| Value-added services and solutions | $3.8B | $3.5B | $376M | +11% |
| Revenue | $9.3B | $8.4B | $879M | +10% |
| Operating profit | $5.6B | $4.9B | $680M | +14% |
| Costs & expenses | $3.7B | $3.5B | $199M | +6% |
| Pre-tax earnings | $5.5B | $4.8B | $674M | +14% |
| Other expense, net | $101M | $95.0M | $6.0M | +6% |
| Sales & marketing | $217M | $153M | $64.0M | +42% |
| General & admin | $3.1B | $3.0B | $43.0M | +1% |
| Other operating costs | $391M | $299M | $92.0M | +31% |
| Net earnings | $4.4B | $3.9B | $506M | +13% |
| Income tax | $1.1B | $930M | $168M | +18% |
| Depreciation & amortization | $309M | $299M | $10.0M | +3% |
| Share-based compensation | $190M | $136M | $54.0M | +40% |
| Working capital & other | $1.1B | $1.3B | −$204M | -15% |
| Operating cash flow | $3.8B | $3.0B | $774M | +26% |
| Free cash flow (OCF − capex) | $3.5B | $2.8B | $637M | +22% |
| Capital expenditures | $291M | $154M | $137M | +89% |
Questions
How much did Mastercard's revenue grow quarter over quarter in Q2 2026?
Mastercard's revenue rose $879M (+10%) from $8.4B in Q1 2026 to $9.3B in Q2 2026.
What drove Mastercard's revenue change in Q2 2026?
Payment network +$503M (+10%); Value-added services and solutions +$376M (+11%).