olivLaw · US equity research
Mastercard Incorporated MA
Services-Business Services, NEC · SIC 7389 · Vertical: Services-Business Services, NEC (SIC 7389)
Mastercard is a technology company in global payments that connects consumers, financial institutions, merchants and governments through its proprietary network. Net revenue was 32.8 billion USD in fiscal 2025, up 16%. In the first half of 2026 net revenue rose 15% to 17.7 billion USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 03 Nov 2026, Mastercard Incorporated (MA) stock was 647.18 USD (−1.66% on the day), with market capitalisation 79.3 bn USD, P/E 33.8 on diluted EPS of 19.13 USD over the last 12 months, dividend yield 0.54%, beta 0.62, 52-week range 471.55–658.10 USD. Latest reported quarter (Q3 2026): revenue of 9.8 bn USD (+14.0% YoY), net income of 4.6 bn USD (+17.9% YoY), diluted EPS 5.28 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 68.6
- strong (55–70)
- Bollinger (20, 2)
- 571.74 – 658.23
- in the upper half of the band · %B 0.87 · band width 14.1%
- SMA 50 / 200
- 589.23 / 536.85
- uptrend (price > SMA50 > SMA200)
- MACD (12, 26, 9)
- 17.19 / 14.35
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +17.2% | −2.0% | +19.2 pp | — |
| 3 months | +13.3% | −2.2% | +15.5 pp | — |
| 6 months | +30.2% | +4.3% | +25.9 pp | — |
| Year to date | +13.4% | +10.6% | +2.8 pp | — |
| 1 year | +19.0% | +10.5% | +8.5 pp | −5.1% |
| 3 years | +67.6% | +73.7% | −6.0 pp | +1.8% |
| 5 years | +92.9% | +61.7% | +31.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 7.5 bn | 7.3 bn | 8.1 bn | 8.6 bn | 8.8 bn | 8.4 bn | 9.3 bn | 9.8 bn |
| Operating income | 3.9 bn | 4.1 bn | 4.8 bn | 5.1 bn | 4.9 bn | 4.9 bn | 5.6 bn | 5.9 bn |
| Depreciation & amortisation | 231.0 m | 275.0 m | 281.0 m | 290.0 m | 297.0 m | 299.0 m | 309.0 m | 326.0 m |
| Interest expense | 184.0 m | 182.0 m | 195.0 m | 186.0 m | 159.0 m | 185.0 m | 218.0 m | 250.0 m |
| Pre-tax income | 3.9 bn | 4.0 bn | 4.7 bn | 5.0 bn | 4.9 bn | 4.8 bn | 5.5 bn | 5.7 bn |
| Income tax | 549.0 m | 751.0 m | 971.0 m | 1.1 bn | 816.0 m | 930.0 m | 1.1 bn | 1.1 bn |
| Net income | 3.3 bn | 3.3 bn | 3.7 bn | 3.9 bn | 4.1 bn | 3.9 bn | 4.4 bn | 4.6 bn |
| Diluted EPS | 3.64 ≈ | 3.59 | 4.07 | 4.34 | 4.53 ≈ | 4.35 | 4.97 | 5.28 |
| Operating cash flow | 4.8 bn | 2.4 bn | 4.6 bn ≈ | 5.7 bn ≈ | 5.0 bn | 3.0 bn | 3.8 bn ≈ | 5.1 bn ≈ |
| Capex | 95.0 m | 159.0 m | 40.0 m ≈ | 178.0 m ≈ | 112.0 m | 154.0 m | 291.0 m ≈ | 222.0 m ≈ |
| Dividends paid | 606.0 m | 694.0 m | 691.0 m ≈ | 687.0 m ≈ | 684.0 m | 777.0 m | 771.0 m ≈ | 763.0 m ≈ |
| Share repurchases | 3.4 bn | 2.5 bn | 2.3 bn ≈ | 3.3 bn ≈ | 3.6 bn | 4.0 bn | 4.9 bn ≈ | 3.0 bn ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 36 percentile of its own 44-quarter history (min 25.9, median 36.6, max 55.9; quarters with earnings only).
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 15.0 bn | 16.9 bn | 15.3 bn | 18.9 bn | 22.2 bn | 25.1 bn | 28.2 bn | 32.8 bn |
| Revenue YoY | +19.6% | +12.9% | −9.4% | +23.4% | +17.8% | +12.9% | +12.2% | +16.4% |
| Net income | 5.9 bn | 8.1 bn | 6.4 bn | 8.7 bn | 9.9 bn | 11.2 bn | 12.9 bn | 15.0 bn |
| Net income YoY | +49.7% | +38.6% | −21.0% | +35.5% | +14.3% | +12.7% | +15.0% | +16.3% |
| Diluted EPS | 5.60 | 7.94 | 6.37 | 8.76 | 10.22 | 11.83 | 13.89 | 16.52 |
| Diluted EPS YoY | +53.4% | +41.8% | −19.8% | +37.5% | +16.7% | +15.8% | +17.4% | +18.9% |
| net % | 39.2% | 48.1% | 41.9% | 46.0% | 44.7% | 44.6% | 45.7% | 45.6% |
| Free cash flow | 5.9 bn | 7.8 bn | 6.9 bn | 9.1 bn | 10.8 bn | 11.6 bn | 14.3 bn | 17.2 bn |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 10.6 bn USD
- Financial debt
- 19.0 bn USD
- Net debt
- 8.4 bn USD
- Equity
- 7.7 bn USD
- Total assets
- 54.2 bn USD
- Debt / equity
- 2.45x
- Current ratio
- 1.03x
- ROE
- 209.9%
- ROA
- 29.3%
- FCF margin
- 52.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 15.3 bn | 18.9 bn | 22.2 bn | 25.1 bn | 28.2 bn | 32.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Operating income | 8.1 bn | 10.1 bn | 12.3 bn | 14.0 bn | 15.6 bn | 18.9 bn | SEC (XBRL)· 11 Feb 2026verified |
| Depreciation & amortisation | 580.0 m | 726.0 m | 750.0 m | 799.0 m | 897.0 m | 1.1 bn | SEC (XBRL)· 11 Feb 2026verified |
| EBITDA | 8.7 bn ≈ | 10.8 bn ≈ | 13.0 bn ≈ | 14.8 bn ≈ | 16.5 bn ≈ | 20.0 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Interest expense | 380.0 m | 431.0 m | 471.0 m | 575.0 m | 646.0 m | 722.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Pre-tax income | 7.8 bn | 10.3 bn | 11.7 bn | 13.6 bn | 15.3 bn | 18.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Income tax | 1.3 bn | 1.6 bn | 1.8 bn | 2.4 bn | 2.4 bn | 3.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Net income | 6.4 bn | 8.7 bn | 9.9 bn | 11.2 bn | 12.9 bn | 15.0 bn | SEC (XBRL)· 11 Feb 2026verified |
| Diluted EPS | 6.37 | 8.76 | 10.22 | 11.83 | 13.89 | 16.52 | SEC (XBRL)· 11 Feb 2026verified |
| Weighted average diluted shares | 1.0 bn | 992.0 m | 971.0 m | 946.0 m | 927.0 m | 906.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Dividend per share | — | — | 2.04 | 2.37 | 2.74 | 3.15 | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 10.1 bn | 7.4 bn | 7.0 bn | 8.6 bn | 8.4 bn | 10.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Receivables | 2.6 bn | 3.0 bn | 3.4 bn | 4.1 bn | 3.8 bn | 4.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current assets | 19.1 bn | 16.9 bn | 16.6 bn | 19.0 bn | 19.7 bn | 23.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Property, plant & equipment, net | 1.9 bn | 1.9 bn | 2.0 bn | 2.1 bn | 2.1 bn | 2.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Goodwill | 5.0 bn | 7.7 bn | 7.5 bn | 7.7 bn | 9.2 bn | 9.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Intangibles (excl. goodwill) | 1.8 bn | 3.7 bn | 3.9 bn | 4.1 bn | 5.5 bn | 5.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total assets | 33.6 bn | 37.7 bn | 38.7 bn | 42.4 bn | 48.1 bn | 54.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Accounts payable | 527.0 m | 738.0 m | 926.0 m | 834.0 m | 929.0 m | 999.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Short-term debt | 649.0 m | 792.0 m | 274.0 m | 1.3 bn | 750.0 m | 749.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Long-term debt | 12.0 bn | 13.1 bn | 13.7 bn | 14.3 bn | 17.5 bn | 18.3 bn | SEC (XBRL)· 11 Feb 2026verified |
| Current liabilities | 11.8 bn | 13.2 bn | 14.2 bn | 16.3 bn | 19.2 bn | 22.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Total liabilities | 27.1 bn | 30.3 bn | 32.3 bn | 35.5 bn | 41.6 bn | 46.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Equity | 6.5 bn | 7.4 bn | 6.4 bn | 7.0 bn | 6.5 bn | 7.7 bn | SEC (XBRL)· 11 Feb 2026verified |
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 7.2 bn | 9.5 bn | 11.2 bn | 12.0 bn | 14.8 bn | 17.6 bn | SEC (XBRL)· 11 Feb 2026verified |
| Capex | 339.0 m | 407.0 m | 442.0 m | 371.0 m | 474.0 m | 489.0 m | SEC (XBRL)· 11 Feb 2026verified |
| Free cash flow | 6.9 bn ≈ | 9.1 bn ≈ | 10.8 bn ≈ | 11.6 bn ≈ | 14.3 bn ≈ | 17.2 bn ≈ | SEC (XBRL)· 11 Feb 2026derived |
| Investing cash flow | -1.9 bn | -5.3 bn | -1.5 bn | -1.4 bn | -3.4 bn | -1.4 bn | SEC (XBRL)· 11 Feb 2026verified |
| Financing cash flow | -2.2 bn | -6.6 bn | -10.3 bn | -9.5 bn | -10.8 bn | -14.2 bn | SEC (XBRL)· 11 Feb 2026verified |
| Dividends paid | 1.6 bn | 1.7 bn | 1.9 bn | 2.2 bn | 2.4 bn | 2.8 bn | SEC (XBRL)· 11 Feb 2026verified |
| Share repurchases | 4.5 bn | 5.9 bn | 8.8 bn | 9.0 bn | 11.0 bn | 11.7 bn | SEC (XBRL)· 11 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
Score: 86 / 100
A scoring methodology on indicators and valuation, not investment advice.
score >= 65 · margin_of_safety >= 0.15 · agreement in ['high', 'medium']
Closing price
03 Nov 2026Source: olivLaw, closing series
Market cap: 79.3 bn USD
Key indicators
Coverage and freshness
Score by group
- Valuation73
- Returns100
- Quality96
- Balance sheet75
- Growth100
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 263.53 – 4,045.48 USD.
Methods computed but outside the aggregate range: Dividend discount (DDM) (a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate).
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)2,399.46 – 4,045.48 (Mid 3,009.64)WACC 8.3% · starting FCFF 16.7 bn USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: no growth between −30% and +40% justifies the price
- Peers: EV/EBITDA2,213.48 – 3,033.16 (Mid 2,818.56)10 companies used · median multiple 16.0x · quartiles 12.7x – 17.1xBR, CPAY, EBAY, FICO, FIS, GPN, MELI, PYPL, RBA, UBER
- Peers: P/E263.53 – 531.31 (Mid 394.20)12 companies used · median multiple 20.6x · quartiles 13.8x – 27.8xACN, BR, CPAY, EBAY, FICO, FIS, FISV, MELI, MSCI, PYPL, RBA, UBER
- Dividend discount (DDM)outside the aggregate41.39 – 55.67 (Mid 47.48)a small share of earnings is paid as dividends (capital returns through buybacks): the dividend model does not describe the value and stays outside the aggregate
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Attractive profile · Score 86/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 92.9% | 100 (vs peers) | 10% |
| Net margin · Quality | 46.7% | 93 (vs peers) | 6% |
| FCF conversion · Quality | 94.8% | 93 (on a fixed band) | 6% |
| Revenue CAGR 3Y · Growth | 13.8% | 100 (on a fixed band) | 8% |
| EPS CAGR 3Y · Growth | 17.4% | 100 (on a fixed band) | 8% |
| Net debt / EBITDA · Balance sheet | 0.6x | 83 (vs peers) | 10% |
| Interest coverage · Balance sheet | 26.2x | 100 (on a fixed band) | 6% |
| Current ratio · Balance sheet | 1.0x | 18 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 33.8x | 25 (vs peers) | 10% |
| EV/EBITDA · Valuation | 4.1x | 100 (vs peers) | 10% |
| FCF yield · Valuation | 20.3% | 100 (on a fixed band) | 8% |
| Shareholder yield (distributions) · Returns | 23.3% | 100 (on a fixed band) | 6% |
| Payout ratio (FCF) · Returns | 18.6% | 100 (on a fixed band) | 4% |
Score groups
- Balance sheet75/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality96/100 · 3/3 factors with a value
- Returns100/100 · 2/2 factors with a value
- Valuation73/100 · 3/3 factors with a value
Memo
Mastercard Incorporated (MA). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 32.8 bn USD in 2025; YoY growth 16.4%; net margin 46.7%; ROE 231.4%; net debt/EBITDA 0.6x.
The estimated value range is 2,213.48–3,033.16 USD per share (median of 3 methods, agreement: medium); assumptions are illustrative. Against the central value of 2,818.56 USD, the price of 647.18 USD leaves a potential of 335.5% (value / price − 1) and a margin of safety of 77.0% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 86/100, methodological classification: attractive profile (score, margin of safety and method agreement together; not a judgement of the right price). Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 92.9%
- Net margin: 46.7%
- FCF conversion: 94.8%
- Revenue CAGR 3Y: 13.8%
- EPS CAGR 3Y: 17.4%
- Net debt / EBITDA: 0.6x
- Interest coverage: 26.2x
- EV/EBITDA: 4.1x
- FCF yield: 20.3%
- Shareholder yield (distributions): 23.3%
- Payout ratio (FCF): 18.6%
- The price is below the estimated value range
What contradicts it
- Current ratio: 1.0x
- P/E (TTM): 33.8x
Versus the vertical median
Services-Business Services, NEC (SIC 7389) · same industry (4-digit SIC) · compared with 14 companies
Only companies with a capitalisation between 9.7 bn and 620.7 bn (within 8× of the company's); 85 of the vertical were left out.
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| UBERUber Technologies, Inc | 136.0 bn | 14.6 | 38.4% | 17.3% | +18.3% | −24% / +18% |
| MELIMercadoLibre, Inc. | 84.3 bn | 45.2 | 27.5% | 5.3% | +39.1% | −20% / +3% |
| EBAYeBay Inc. | 52.1 bn | 25.8 | 46.6% | 16.9% | +7.9% | +43% / +189% |
| PYPLPayPal Holdings, Inc. | 48.4 bn | 11.1 | 23.8% | 13.8% | +4.3% | −7% / +1% |
| MSCIMsci Inc. | 45.7 bn | 33.9 | — | 40.3% | +9.7% | +13% / +23% |
| FISVFiserv, Inc. | 31.1 bn | 11.2 | 10.7% | 13.4% | +3.6% | −5% / −55% |
| CPAYCorpay, Inc | 26.7 bn | 24.7 | 30.5% | 22.7% | +13.9% | +37% / +69% |
| GPNGlobal Payments Inc. | 25.9 bn | — | -4.1% | -9.1% | −0.4% | +29% / −16% |
| BRBroadridge Financial Solutions, Inc. | 20.8 bn | 20.3 | 40.2% | 13.9% | +8.5% | −19% / −5% |
| FISFidelity National Information Services, Inc. | 20.1 bn | 6.0 | 22.3% | 27.6% | +5.4% | −41% / −34% |
| RBARB Global, Inc | 17.3 bn | 39.1 | 8.8% | 10.0% | +7.2% | −5% / +46% |
| FICOFair Isaac Corp | 15.6 bn | 20.9 | — | 34.1% | +15.9% | −60% / −33% |
| VVisa Inc. | — | — | 60.3% | 51.7% | +11.3% | +26% / +64% |
| ACNAccenture plc | — | 18.8 | 26.7% | 11.3% | +6.5% | +2% / −24% |
| MAMastercard Incorporated | — | 33.8 | 231.4% | 46.7% | +16.4% | +19% / +68% |
1- and 3-year price returns: for MA from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 3,027.51 Total return 371% · Per year 371% | 5,330.47 Total return 728% · Per year 728% | 7,999.15 Total return 1,141% · Per year 1,141% |
| 3 years | 3,514.60 Total return 454% · Per year 77% | 6,905.86 Total return 982% · Per year 121% | 11,293.73 Total return 1,664% · Per year 160% |
| 5 years | 4,080.06 Total return 550% · Per year 45% | 8,946.85 Total return 1,312% · Per year 70% | 15,945.24 Total return 2,402% · Per year 90% |
- Exit P/E± 1,726.46
- Net margin± 1,208.53
- Annual revenue growth± 910.67
- Annual dilution± 101.55
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
In brief
Mastercard is a technology company in global payments that connects consumers, financial institutions, merchants and governments through its proprietary network. Net revenue was 32.8 billion USD in fiscal 2025, up 16% 1. In the first half of 2026 net revenue rose 15% to 17.7 billion USD 3.
SWOT
Strengths
- A proprietary global switching network covering more than 220 countries and territories is a structural advantage that is hard to replicate 1.
- Net income and operating margin remained strong through fiscal 2025 1.
- Value-added services are growing quickly and diversify revenue beyond the payment network 3.
Weaknesses
Opportunities
Risks
- Payments regulationhigh
New laws on payment systems could raise compliance costs and limit products offered 1.
- Interchange rateshigh
Limits on interchange rates could reduce issuers' willingness to participate in the network 1.
- Privacy and data rulesmedium
Increasingly complex data and AI regulation could lead to fines and costs 1.
- Litigationmedium
Legal proceedings over rates and business practices could generate significant provisions 2.
- Economic and geopolitical environmentlow
Sanctions and geopolitical tensions could affect operations in certain jurisdictions 1.
Investment thesis
What would need to be true (bull case)
- Revenue growth stayed solid through fiscal 2025 and the first half of 2026, supported by transaction volume and value-added services 13.
- If value-added services keep growing faster than the network, diversification could support higher margins 3.
- Global reach and franchise standards could make the network difficult to replace 1.
What to watch
- Trends in gross dollar volume and cross-border volumeQ3 2026
- Growth in value-added services revenueQ3 2026
- Regulation of interchange rates and network fees2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 30 Jul 2026; since then the company filed 10-Q (29 Oct 2026), 8-K (29 Oct 2026 · results).
The business
Mastercard switches (authorizes, clears and settles) payment transactions through its global network and offers consumer and commercial payment products alongside security, data and insight services 1. It does not issue cards, extend credit or set interest rates; account holder relationships generally belong to its issuing financial institution customers 1. Its franchise model sets standards and rules that balance value and risk across all participants 1.
Revenue comes from two sources: payment network revenue, which depends on switched volume and transactions, and value-added services and solutions such as security, consumer acquisition, digital authentication and business insights 13. In the second quarter of 2026 value-added services revenue grew 20% 3.
Segments
Market context
Mastercard operates in a global payments market where its network switches transactions in more than 150 currencies across more than 220 countries and territories 1. Growth is driven by the shift from cash to electronic payments and by cross-border activity, which grew 12% in the second quarter of 2026 13.
Regulation of interchange rates and government support for domestic providers shape the market 1. Future growth could slow if these rules expand or if governments build competing local networks 1.
Trends
- Digital and cashless payments growthtailwind
Replacing cash with electronic payments and expanding real-time and account-based payments open new opportunities for the network 1.
- Cross-border transaction growthtailwind
Cross-border volume grew in the first half of 2026, supporting network revenue 3.
- Interchange and network fee regulationheadwind
Authorities in several countries are reviewing or limiting interchange rates and network fees, which could reduce revenue if the rules widen 1.
- Government support for domestic providersmixed
Some governments favor national networks or require domestic switching, which could limit access in certain markets 1.
Competitive position
Mastercard competes with other international payment networks and with national or local networks, some backed by governments 1. Competition also comes from real-time account-based payment systems and alternative payment solutions that could replace card payments if they become more attractive to consumers 1.
- Visa Inc.V
Main global rival in card payment networks, cited in the context of competition in international payments.
- National and local payment networks
Networks backed by governments or banks that compete through domestic switching preferences and local payment solutions.
- Real-time payment providers
Account-based payment systems that could replace card payments in certain flows.
- Fintech companies
Digital companies offering payment solutions that could compete for merchant and consumer relationships.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Is Mastercard Incorporated Stock Underperforming the S&P 500?Yahoo Finance — News · 30 Aug 2026 · EN
The latest news item in our archive is from 30 Aug 2026; the newest SEC filing is from 29 Oct 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.
SEC filings
- Quarterly report29 Oct 2026
- Current report29 Oct 2026Results of operations · Financial statements and exhibits
- Quarterly report30 Jul 2026
- Current report30 Jul 2026Results of operations · Financial statements and exhibits
- Current report17 Jun 2026Shareholder vote
- Current report08 Jun 2026Other events · Financial statements and exhibits
- Current report02 Jun 2026Departure or appointment of officers · Financial statements and exhibits
- Current report07 May 2026Departure or appointment of officers · Financial statements and exhibits
- Quarterly report30 Apr 2026
- Current report30 Apr 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Mastercard Incorporated · 11 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Mastercard Incorporated · 30 Jul 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Mastercard Incorporated · 30 Jul 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.