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How Mastercard (MA) makes money: Q2 2026 revenue breakdown
US GAAP · $M · vs Q2 2025 · reported 07/30/2026
Mastercard Inc. is an American multinational payment card services corporation headquartered in Purchase, New York. · Wikipedia
More about the company
It provides payment transaction processing and other related-payment services, including travel-related payments and bookings). Its principal business globally is to process payments between the banks of merchants and the card-issuing banks or credit unions of purchasers who use its branded debit, credit and prepaid cards to make purchases. Mastercard has been publicly traded since 2006.
Key growth driver: Value-Added Services & Solutions — the fastest-growing revenue line: ≈$3,562, +20% y/y. · by the Q2 2026 report
How does Mastercard make money?
Mastercard brought in $9.28 billion of revenue in Q2 2026, up 14.1% year over year. The largest source was Payment Network: ≈$5.71 billion, or 62% of the total, followed by Value-Added Services & Solutions (≈$3.56B, 38%). Net income for the quarter was $4.39 billion, up 18.6% year over year.
Revenue by source, Q2 2026
- Payment Network≈$5.71B · 62% · +10%
- Value-Added Services & Solutions≈$3.56B · 38% · +20%
Shares of $9.28B total revenue; changes are year over year, as reported. ≈ marks lines derived from disclosed totals. The same flows are drawn in the Sankey chart below.
When is MA’s next earnings date?
Thursday, October 29, 2026estimated
Mastercard (MA) has not confirmed the date yet; Oct 29, 2026 is an estimate based on the company's past reporting schedule and may move once the date is announced. Consensus EPS forecast: $5.13 (11 analysts), vs $4.38 in the same quarter last year.
What time does MA report? Usually before market open: the last 4 results releases reached the SEC at 8:07 am, 8:03 am, 8:03 am, 8:03 am ET.
Last report: Jul 30, 2026 (Q2 2026) — broken down in the Sankey chart below. Dates and consensus: Nasdaq / Zacks Investment Research; companies do reschedule. Who else reports this week →
All figures in $M.
Revenue
$9,277
+14.1%
Operating income
$5,587
+17.0%
60.2% margin
Net income
$4,388
+18.6%
Diluted EPS $4.97
Verdict: a strong quarter as 14% net revenue growth—led by value-added services and solutions up 20% plus resilient payment network volumes—drove operating income up 17% and net income up 19% to $4.4B, even as rising G&A costs and interest expense modestly offset margin gains.
OCF $6,772M (6M) · Q2 buybacks $4.9B (9.8M shares) · dividends paid $771M in Q2 · $7.8B remaining under repurchase authorization.
Source and notation
* marks non-cash / ≈ estimated. Source: Mastercard Incorporated press release / 10-Q (SEC EDGAR).
Open the chart as a PNG image ↗ · for sharing and presentations · free to reuse, CC BY 4.0
MA earnings history: past report dates
| Jul 30, 2026 Thu | 8:07 ambefore market open | Jun 30, 2026 | $9.3B+14% y/y | $4.97+22% y/y |
| Apr 30, 2026 Thu | 8:03 ambefore market open | Mar 31, 2026 | $8.4B+16% y/y | $4.35+21% y/y |
| Jan 29, 2026 Thu | 8:03 ambefore market open | Dec 31, 2025 | ≈$8.8B+18% y/y | ≈$4.52+24% y/y |
| Oct 30, 2025 Thu | 8:03 ambefore market open | Sep 30, 2025 | $8.6B+17% y/y | $4.34+23% y/y |
| Jul 31, 2025 Thu | 8:03 ambefore market open | Jun 30, 2025 | $8.1B+17% y/y | $4.07+16% y/y |
| May 1, 2025 Thu | 8:03 ambefore market open | Mar 31, 2025 | $7.3B+14% y/y | $3.59+11% y/y |
| Jan 30, 2025 Thu | 8:02 ambefore market open | Dec 31, 2024 | ≈$7.5B+14% y/y | ≈$3.64+23% y/y |
| Oct 31, 2024 Thu | 8:05 ambefore market open | Sep 30, 2024 | $7.4B+13% y/y | $3.53+4% y/y |
How we count
Report date and time — when the company filed its results press release with the SEC (Form 8-K, Item 2.02); the regular session runs 9:30 am – 4:00 pm ET. Revenue and diluted EPS — the company’s XBRL filings, EPS adjusted for stock splits; ≈ — fourth quarter derived as full year minus three quarters. Source: SEC EDGAR.
Mastercard: 5-year financials
| 2025 | 32,791 | 18,897 | 14,968 | 17,159 | 2,756 |
| 2024 | 28,167 | 15,582 | 12,874 | 14,306 | 2,448 |
| 2023 | 25,098 | 14,008 | 11,195 | 11,609 | 2,158 |
| 2022 | 22,237 | 12,264 | 9,930 | 10,753 | 1,903 |
| 2021 | 29,845 | 10,082 | 8,687 | 9,056 | 1,741 |
$ millions, annual 10-K reports on SEC EDGAR (US GAAP).
How we calculate
Figures are the annual report lines as filed, no adjustments. Free cash flow is operating cash flow minus capital expenditures; dividends are cash paid to common shareholders during the year. “—” means the line isn’t in the filing.
Corporate governance
2/2good
How the company treats minority shareholders: 2 — well, 0 — systematically poorly.
More
- Feb 20262025 10-K: 885.2M Class A shares (voting) and 6.6M non-voting Class B shares (0.7% of equity, no market); no material shareholder suits or SEC cases. sec.gov ↗
- Dec 2025Diluted share count fell 9.9% over 2020–2025 on buybacks of $5.9–11.7B a year. data.sec.gov ↗
- Dec 2025Dividend per share rose from $2.04 (2022) to $3.15 (2025). data.sec.gov ↗
Scoring: 2.0, no deductions: one voting class (Class A); Class B are non-voting shares held by former member banks (0.7% of equity), no super-voting rights; share count −9.9% over 5 years, dividend rising; interchange fee suits were brought by merchants, not shareholders; no SEC disclosure cases
- Share classes
- Class A (voting, NYSE) and non-traded, non-voting Class B — 0.7% of equity (2025 10-K); no super-voting shares — no deduction.
- Dilution
- Diluted share count 2020→2025 −9.9% (XBRL); SBC 1.8% of revenue.
- Disclosure
- Full 10-K/10-Q reporting.
- Dividends
- Dividend per share raised every year: $2.04 (2022) → $3.15 (2025); buybacks of $5.9–11.7B a year.
- Lawsuits & regulators
- Large settlements (interchange fees, merchant suits) are not shareholder suits; no shareholder disclosure suits or SEC cases found in 10-Ks for 2007–2026.
- Related parties
- 2026 proxy: employment of executives' family members at market pay; the Mastercard Foundation (>5% of votes) has been selling shares under a plan since 2024 — not a transaction with the company.
How the score works · checked as of Sep 2026
Mastercard (MA) earnings: FAQ
How does Mastercard make money?
Mastercard brought in $9.28 billion of revenue in Q2 2026, up 14.1% year over year. The largest source was Payment Network: ≈$5.71 billion, or 62% of the total, followed by Value-Added Services & Solutions (≈$3.56B, 38%). Net income for the quarter was $4.39 billion, up 18.6% year over year.
When is MA's next earnings date?
Mastercard (MA) has not confirmed the date yet; Oct 29, 2026 is an estimate based on its past reporting schedule.
What time does MA report earnings?
Mastercard usually reports before market open: its latest results release was filed with the SEC at 8:07 am ET on Jul 30, 2026.
When did MA last report earnings?
Mastercard reported Q2 2026 results on Jul 30, 2026.
What is the EPS estimate for MA's next earnings?
The consensus EPS forecast is $5.13 (11 analysts), vs $4.38 in the same quarter last year.
Where can I find Mastercard's financial statements?
On SEC EDGAR: quarterly reports (10-Q), the annual report (10-K) and earnings releases (8-K). The “Verified” badge next to the chart links to MA's filings; this page breaks the latest report down in a Sankey chart.
What was MA's net income in Q2 2026?
Mastercard reported net income of $4,388M for Q2 2026 (+18.6% year over year), under US GAAP.
Does Mastercard pay dividends?
Yes. In 2025, Mastercard paid $2,756M in dividends on its common stock, per its 10-K. Earlier years are in the five-year table above.
New to earnings reports? Start with how to read an earnings report.
How this page was made: the figures come from the company's own report on SEC EDGAR; the summary and nuances were drafted by our model from that report. Figures checked against the filing on 08/25/2026. How we make the breakdowns · Report an error
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