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Visa vs Mastercard: V and MA compared
Visa is the larger company: $12.1B of revenue in its latest quarter (Q4 FY26) against $9.8B for Mastercard (Q3 2026). Mastercard is growing faster (+14% against +13% a year earlier). Visa is more profitable, with an operating margin of 59.8% against 59.8%.
Where the money goes: V and MA
Visa (V) · Q4 FY26
Visa, Q4 FY26: revenue $12.1B (+13% year over year), operating margin 59.8%, net earnings $6.0B, operating cash flow $7.4B. The chart follows the revenue to costs, profit and cash.
Mastercard (MA) · Q3 2026
Mastercard, Q3 2026: revenue $9.8B (+14% year over year), operating margin 59.8%, net earnings $4.6B, operating cash flow $5.1B. The chart follows the revenue to costs, profit and cash.
| Visa (V) | Mastercard (MA) | |
|---|---|---|
| Latest quarter | Q4 FY26 | Q3 2026 |
| Revenue | $12.1B | $9.8B |
| Revenue growth, Y/Y | +13% | +14% |
| Operating margin | 59.8% | 59.8% |
| Net earnings | $6.0B | $4.6B |
| Net margin | 49.4% | 47.2% |
| Operating cash flow | $7.4B | $5.1B |
| Free cash flow | $6.9B | $4.9B |
| Market value | $788.6B | $571.8B |
| P/E | 33.6× | 34.1× |
| Analysts’ mean target | $443.44 | $716.39 |
Where the revenue comes from
Mastercard
- Payment network: $5.7B (59%)
- Value-added services and solutions: $4.1B (41%)
Questions
Which is bigger, Visa or Mastercard?
Visa is the larger company: $12.1B of revenue in its latest quarter (Q4 FY26) against $9.8B for Mastercard (Q3 2026).
Is Visa or Mastercard growing faster?
Mastercard is growing faster (+14% against +13% a year earlier).
Which is more profitable, Visa or Mastercard?
Visa is more profitable, with an operating margin of 59.8% against 59.8%.
More: Visa earnings · how Visa makes money · Mastercard earnings · how Mastercard makes money
From the companies' latest 10-Q, 10-K or earnings release (10-K filed Nov 5, 2026; 10-Q filed Oct 29, 2026). Fiscal quarters can end on different dates. Not investment advice.