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Sentiment · FY2026 Q2
Net revenue grew 12% on a currency-neutral basis with EPS of $4.60 as value-added services advanced 18% and the affluent card portfolio won globally. Cross-border travel headwinds from Middle East conflict moderated volume growth, while the planned BVNK acquisition expanded stablecoin strategy. Full-year 2026 guidance was reiterated at the high end of low double digits.
Competitive Dynamics | Innovation & R&D | Revenue Growth | Demand | Pricing | Geographic Expansion | Macroeconomic | Regulation Policy | |
|---|---|---|---|---|---|---|---|---|
| 2024Q4 | 6 | 3 | 4 | 3 | 1 | 3 | 1 | 1 |
| 2025Q1 | 3 | 2 | 2 | 4 | 3 | 2 | 2 | 1 |
| 2025Q2 | 3 | 4 | 3 | 3 | 4 | 3 | 1 | 2 |
| 2025Q3 | 4 | 4 | 1 | 3 | 1 | 2 | 1 | 1 |
| 2025Q4 | 3 | 2 | 3 | 2 | 2 | 3 | 2 | |
| 2026Q1 | 3 | 5 | 2 | 2 | 1 | 1 | 1 |
| '24Q4 | '25Q1 | '25Q2 | '25Q3 | '25Q4 | '26Q1 | |
|---|---|---|---|---|---|---|
| Competitive Dynamics | 6 | 3 | 3 | 4 | 3 | 3 |
| Innovation & R&D | 3 | 2 | 4 | 4 | 2 | 5 |
| Revenue Growth | 4 | 2 | 3 | 1 | 3 | 2 |
| Demand | 3 | 4 | 3 | 3 | 2 | |
| Pricing | 1 | 3 | 4 | 1 | 2 | 2 |
| Geographic Expansion | 3 | 2 | 3 | 2 | 1 | |
| Macroeconomic | 1 | 2 | 1 | 1 | 3 | 1 |
| Regulation Policy | 1 | 1 | 2 | 1 | 2 | 1 |
| Quarter | Revenue | Rev YoY | EPS | EPS YoY | Op margin | Net margin |
|---|---|---|---|---|---|---|
| FY2024 Q4 | $7.49B | +14.4% | $3.64 | +22.6% | 52.6% | 44.6% |
| FY2025 Q1 | $7.25B | +14.2% | $3.59 | +11.5% | 57.2% | 45.2% |
| FY2025 Q2 | $8.13B | +16.8% | $4.07 | +16.3% | 58.7% | 45.5% |
| FY2025 Q3 |
| Analyst | Firm | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| Tien-Tsin Huang | JPMorgan | 8 (0%) |
| Sanjay Sakhrani | KBW | 7 (0%) |
| Darrin Peller | Wolfe Research |
| $8.60B |
| +16.7% |
| $4.34 |
| +22.9% |
| 60.1% |
| 45.7% |
| FY2025 Q4 | $8.81B | +17.6% | $4.52 | +24.2% | 58.2% | 46.1% |
| FY2026 Q1 | $8.40B | +15.8% | $4.35 | +21.2% | 59.1% | 46.2% |
| FY2026 Q2 | $9.28B | +14.1% | $4.97 | +22.1% | 60.2% | 47.3% |
Management’s own words, often on a non-GAAP, constant-currency, or adjusted basis — so these can differ from the GAAP figures above (e.g. constant-currency revenue growth excludes currency swings).
| Harshita Rawat | Bernstein | 7 (14%) |
| Adam Frisch | Evercore ISI | 4 (25%) |
| Trevor Williams | Jefferies | 4 (0%) |
| Tim Chiodo | UBS | 4 (0%) |
| Andrew Schmidt | KeyBanc Capital Markets | 4 (0%) |
| Will Nance | Goldman Sachs | 4 (0%) |
| Craig Maurer | FT Partners | 4 (0%) |
| Firm | Analysts | Questions (Challenge)Percentage of questions scored as challenging — where the analyst pushed back, pressed for specifics, or questioned management's assumptions. |
|---|---|---|
| JPMorgan | 1 | 8 (0%) |
| KBW | 1 | 7 (0%) |
| Bernstein | 1 | 7 (14%) |
| Wolfe Research | 1 | 7 (0%) |
| FT Partners | 2 | 6 (0%) |
| Jefferies | 1 | 4 (0%) |
| Goldman Sachs | 1 | 4 (0%) |
| Evercore ISI | 1 | 4 (25%) |
What MA and other companies said about each other on FY2026 Q1 earnings calls — extracted verbatim from public transcripts. Mentions from the newest quarter are a Pro feature.
“an important partnership with Mastercard to enable SoFiUSD settlement across their global payments network”
SoFi partnered with Mastercard to settle its SoFiUSD stablecoin across Mastercard's global payments network, a read-through on Mastercard integrating stablecoin rails.
“association fees we pay to Mastercard and Visa”
Synchrony noted rising card-network association fees paid to Mastercard as co-brand volume grows, a modest expense read-through for the network.
“the premise of Mastercard introducing us to their client base and our people explaining the expertise we have, the formula is working.”
Corpay's cross-border partnership with Mastercard is producing signed contracts and a growing pipeline, with Mastercard introducing Corpay to its FI client base.
“In health care, Optum Financial initially deployed our account opening verification services for HSA accounts, and they are now expanding into additional account types.”
Optum Financial (UnitedHealth) is expanding its use of Mastercard's Open Finance verification services beyond HSA accounts.
“We're launching with SoFI, it's SoFI Smart Card.”
Mastercard is launching its One credential with SoFi as the SoFi Smart Card.
“And through partnership with Fiserv and Blossom Mastercard One credential will be more easily accessible to community banks and credit unions.”
Mastercard is partnering with Fiserv to distribute Mastercard One credential to community banks and credit unions.
“And Mastercard will now be the network of choice on the new United Airlines Canada co-brand program.”
Mastercard won the network position on United Airlines' new Canada co-brand card program.
“We're proud to say that the U.S. Amazon small business co-brand card issued by U.S. Bank, will move to Mastercard.”
U.S. Bank, issuer of the Amazon small-business co-brand card, is moving that program to Mastercard.
“We're proud to say that the U.S. Amazon small business co-brand card issued by U.S. Bank, will move to Mastercard.”
The US Amazon small-business co-brand card is moving to the Mastercard network, a co-brand win read-through for Amazon's card program.
“Excluding the impacts from the migration of the Capital One debit portfolio, our U.S. debit GDV growth would have been 7%.”
The migration of Capital One's debit portfolio was a drag on Mastercard's reported US debit volume growth this quarter.
“That is why we are excited about our planned acquisition of BVNK.”
Mastercard plans to acquire stablecoin-infrastructure firm BVNK to build out its digital-asset interoperability layer.
“In March, we announced a new foundational generative AI model, leveraging capabilities from NVIDIA.”
Mastercard built a new foundational generative AI model using NVIDIA capabilities, a read-through on NVIDIA's role in financial-services AI.
“Our payment solutions are ready and we are engaged shaping what comes next with key players, including Google, Microsoft, OpenAI and other partners across the ecosystem.”
Mastercard names Microsoft among the key players it is working with to shape agentic commerce.
“We worked on this together with Google. That is now a standard.”
Mastercard co-developed its verifiable-intent standard for agentic payments with Google, a collaboration read-through.
“We're deepening our partnership with OpenAI, reinforcing their use of Mastercard Agent Pay, working to enable agent-to-agent payments and collaborating to embed our services across their solutions while using their tools as an enterprise customer.”
Mastercard is deepening an agentic-commerce partnership with OpenAI, which uses Mastercard Agent Pay, a read-through on OpenAI's payments ambitions.
| Company | Score | Trend | Rev YoY |
|---|---|---|---|
MA Mastercard | 8 | +15.8% | |
| AFRM Affirm Holdings, Inc. | 10 | +32.6% | |
| AXP American Express Company | 8 | +10.3% | |
| COF Capital One | 6 | +44.2% | |
| KLAR Klarna Group plc | 8 | +51.3% | |
| PYPL PayPal | 5 | +7.2% | |
| SOFI SoFi Technologies, Inc. | 9 | +35.8% | |
| SYF Synchrony Financial | 8 | +16.6% | |
| V Visa Inc. | 9 | +17.1% |