MASTERCARD INC, 10-Q filed on 10/30/2025
Quarterly Report
v3.25.3
Cover - shares
 9 Months Ended
Sep. 30, 2025
Oct. 27, 2025
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2025  
Document Transition Report false  
Entity File Number 001-32877  
Entity Registrant Name Mastercard Incorporated  
Entity Incorporation, State or Country Code DE  
Entity Tax Identification Number 13-4172551  
Entity Address, Address Line One 2000 Purchase Street  
Entity Address, Postal Zip Code 10577  
Entity Address, City or Town Purchase,  
Entity Address, State or Province NY  
City Area Code 914  
Local Phone Number 249-2000  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Central Index Key 0001141391  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2025  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Class A Common Stock    
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol MA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   891,258,183
2.1% Notes due 2027    
Title of 12(b) Security 2.1% Notes due 2027  
Trading Symbol MA27  
Security Exchange Name NYSE  
1.0% Notes due 2029    
Title of 12(b) Security 1.0% Notes due 2029  
Trading Symbol MA29A  
Security Exchange Name NYSE  
2.5% Notes due 2030    
Title of 12(b) Security 2.5% Notes due 2030  
Trading Symbol MA30  
Security Exchange Name NYSE  
Class B Common Stock    
Entity Common Stock, Shares Outstanding   6,737,665
v3.25.3
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Statement [Abstract]        
Net Revenue $ 8,602 $ 7,369 $ 23,985 $ 20,678
Operating Expenses:        
General and administrative 2,923 2,744 8,212 7,448
Advertising and marketing 245 220 610 520
Depreciation and amortization 290 225 846 666
Provision for litigation 83 176 330 400
Total operating expenses 3,541 3,365 9,998 9,034
Operating income 5,061 4,004 13,987 11,644
Other Income (Expense):        
Investment income 81 76 239 231
Gains (losses) on equity investments, net 41 (62) 16 (69)
Interest expense (186) (159) (563) (462)
Other income (expense), net 2 7 23 19
Total other income (expense) (62) (138) (285) (281)
Income before income taxes 4,999 3,866 13,702 11,363
Income tax expense 1,072 603 2,794 1,831
Net Income $ 3,927 $ 3,263 $ 10,908 $ 9,532
Basic Earnings per Share (in dollars per share) $ 4.35 $ 3.54 $ 12.02 $ 10.27
Basic weighted-average shares outstanding (in shares) 903 923 908 928
Diluted Earnings per Share (in dollars per share) $ 4.34 $ 3.53 $ 12.00 $ 10.25
Diluted weighted-average shares outstanding (in shares) 905 925 909 930
v3.25.3
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Statement of Comprehensive Income [Abstract]        
Net Income $ 3,927 $ 3,263 $ 10,908 $ 9,532
Other comprehensive income (loss):        
Foreign currency translation adjustments (62) 262 625 48
Income tax effect 12 (8) (44) 19
Foreign currency translation adjustments, net of income tax effect (50) 254 581 67
Translation adjustments on net investment hedges (2) (183) (210) (134)
Income tax effect 0 40 46 29
Translation adjustments on net investment hedges, net of income tax effect (2) (143) (164) (105)
Cash flow hedges 34 (110) (314) 3
Income tax effect (1) 6 21 (2)
Reclassification adjustments for cash flow hedges 8 124 382 61
Income tax effect (4) (1) (8) (2)
Cash flow hedges, net of income tax effect 37 19 81 60
Defined benefit pension and other postretirement plans 0 0 0 2
Income tax effect 0 0 0 0
Defined benefit pension and other postretirement plans, net of income tax effect 0 0 0 2
Investment securities available-for-sale (1) 2 0 2
Income tax effect 0 0 0 0
Investment securities available-for-sale, net of income tax effect (1) 2 0 2
Other comprehensive income (loss), net of income tax effect (16) 132 498 26
Comprehensive Income $ 3,911 $ 3,395 $ 11,406 $ 9,558
v3.25.3
Consolidated Balance Sheets - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Current assets:    
Cash and cash equivalents $ 10,313 $ 8,442
Restricted cash and restricted cash equivalents 478 492
Restricted security deposits held for customers 2,054 1,874
Investments 335 330
Accounts receivable 4,247 3,773
Settlement assets 1,842 1,821
Prepaid expenses and other current assets 3,954 2,992
Total current assets 23,223 19,724
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,656 and $2,393, respectively 2,299 2,138
Deferred income taxes 1,546 1,614
Goodwill 9,574 9,193
Other intangible assets, net of accumulated amortization of $2,927 and $2,400, respectively 5,591 5,453
Other assets 11,056 9,959
Total Assets 53,289 48,081
Current liabilities:    
Accounts payable 935 929
Settlement obligations 2,422 2,316
Restricted security deposits held for customers 2,054 1,874
Accrued litigation 943 930
Accrued expenses 11,979 10,393
Short-term debt 0 750
Other current liabilities 2,360 2,028
Total current liabilities 20,693 19,220
Long-term debt 18,983 17,476
Deferred income taxes 326 317
Other liabilities 5,368 4,553
Total Liabilities 45,370 41,566
Commitments and Contingencies
Stockholders’ Equity    
Additional paid-in-capital 6,757 6,442
Class A treasury stock, at cost, 512 and 497 shares, respectively (79,670) (71,431)
Retained earnings 81,752 72,907
Accumulated other comprehensive income (loss) (935) (1,433)
Mastercard Incorporated Stockholders' Equity 7,904 6,485
Non-controlling interests 15 30
Total Equity 7,919 6,515
Total Liabilities and Equity 53,289 48,081
Class A Common Stock    
Stockholders’ Equity    
Common stock 0 0
Class B Common Stock    
Stockholders’ Equity    
Common stock $ 0 $ 0
v3.25.3
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accumulated depreciation and amortization $ 2,656 $ 2,393
Other intangible assets, accumulated amortization $ 2,927 $ 2,400
Class A treasury stock (in shares) 512,000,000 497,000,000
Class A Common Stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 3,000,000,000 3,000,000,000
Common stock, issued (in shares) 1,405,000,000 1,404,000,000
Common stock, outstanding (in shares) 893,000,000 907,000,000
Class B Common Stock    
Common stock, par value (in dollars per share) $ 0.0001 $ 0.0001
Common stock, authorized (in shares) 1,200,000,000 1,200,000,000
Common stock, issued (in shares) 7,000,000 7,000,000
Common stock, outstanding (in shares) 7,000,000 7,000,000
v3.25.3
Consolidated Statements of Changes in Equity - USD ($)
$ in Millions
Total
Common Stock
Class A
Common Stock
Class B
Additional Paid-In Capital
Class A Treasury Stock
Retained Earnings
Accumulated Other Comprehensive Income (Loss)
Mastercard Incorporated Stockholders’ Equity
Non- Controlling Interests
Balance at beginning of period at Dec. 31, 2023 $ 6,975 $ 0 $ 0 $ 5,893 $ (60,429) $ 62,564 $ (1,099) $ 6,929 $ 46
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 9,532         9,532   9,532  
Activity related to non-controlling interests (11)               (11)
Redeemable non-controlling interest adjustments (5)         (5)   (5)  
Other comprehensive income (loss) 26           26 26  
Dividends (1,833)         (1,833)   (1,833)  
Purchases of treasury stock (7,615)       (7,615)     (7,615)  
Share-based payments 406     397 9     406  
Balance at end of period at Sep. 30, 2024 7,475 0 0 6,290 (68,035) 70,258 (1,073) 7,440 35
Balance at beginning of period at Jun. 30, 2024 7,460 0 0 6,089 (65,067) 67,604 (1,205) 7,421 39
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 3,263         3,263   3,263  
Activity related to non-controlling interests (4)               (4)
Redeemable non-controlling interest adjustments (2)         (2)   (2)  
Other comprehensive income (loss) 132           132 132  
Dividends (607)         (607)   (607)  
Purchases of treasury stock (2,969)       (2,969)     (2,969)  
Share-based payments 202     201 1     202  
Balance at end of period at Sep. 30, 2024 7,475 0 0 6,290 (68,035) 70,258 (1,073) 7,440 35
Balance at beginning of period at Dec. 31, 2024 6,515 0 0 6,442 (71,431) 72,907 (1,433) 6,485 30
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 10,908         10,908   10,908  
Activity related to non-controlling interests (15)               (15)
Other comprehensive income (loss) 498           498 498  
Dividends (2,063)         (2,063)   (2,063)  
Purchases of treasury stock (8,265)       (8,265)     (8,265)  
Share-based payments 341     315 26     341  
Balance at end of period at Sep. 30, 2025 7,919 0 0 6,757 (79,670) 81,752 (935) 7,904 15
Balance at beginning of period at Jun. 30, 2025 7,874 0 0 6,562 (76,299) 78,509 (919) 7,853 21
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 3,927         3,927   3,927  
Activity related to non-controlling interests (6)               (6)
Other comprehensive income (loss) (16)           (16) (16)  
Dividends (684)         (684)   (684)  
Purchases of treasury stock (3,371)       (3,371)     (3,371)  
Share-based payments 195     195 0     195  
Balance at end of period at Sep. 30, 2025 $ 7,919 $ 0 $ 0 $ 6,757 $ (79,670) $ 81,752 $ (935) $ 7,904 $ 15
v3.25.3
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Operating Activities    
Net income $ 10,908 $ 9,532
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of customer incentives 1,526 1,328
Depreciation and amortization 846 666
(Gains) losses on equity investments, net (16) 69
Share-based compensation 485 418
Deferred income taxes 77 (261)
Other 99 117
Changes in operating assets and liabilities:    
Accounts receivable (264) 99
Settlement assets (14) (743)
Prepaid expenses (2,939) (2,776)
Accrued litigation and legal settlements (4) (59)
Restricted security deposits held for customers 180 23
Accounts payable (28) 59
Settlement obligations 102 731
Accrued expenses 658 671
Net change in other assets and liabilities 1,030 72
Net cash provided by operating activities 12,646 9,946
Investing Activities    
Purchases of investment securities available-for-sale (385) (414)
Purchases of investments held-to-maturity (28) (98)
Proceeds from sales of investment securities available-for-sale 192 171
Proceeds from maturities of investment securities available-for-sale 183 204
Proceeds from maturities of investments held-to-maturity 46 363
Purchases of property and equipment (377) (379)
Capitalized software (548) (565)
Other investing activities (24) (6)
Net cash used in investing activities (941) (724)
Financing Activities    
Purchases of treasury stock (8,169) (7,565)
Dividends paid (2,072) (1,842)
Proceeds from debt, net 1,242 3,960
Payment of debt (750) (1,336)
Tax withholdings related to share-based payments (283) (175)
Cash proceeds from employee stock plans 139 163
Other financing activities (100) 0
Net cash used in financing activities (9,993) (6,795)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents 325 75
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents 2,037 2,502
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 10,808 10,465
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 12,845 $ 12,967
v3.25.3
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Summary of Significant Accounting Policies Summary of Significant Accounting Policies
Organization
Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (“Mastercard International” and together with Mastercard Incorporated, “Mastercard” or the “Company”), is a technology company in the global payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible.
Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of Mastercard and its majority-owned and controlled entities, including any variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Investments in VIEs for which the Company is not considered the primary beneficiary are not consolidated and are accounted for as marketable, equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheets. At September 30, 2025 and December 31, 2024, there were no significant VIEs that required consolidation and the investments were not material to the consolidated financial statements. The Company consolidates acquisitions as of the date the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. The Company follows accounting principles generally accepted in the United States of America (“GAAP”).
The balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements as of December 31, 2024. The consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 and as of September 30, 2025 are unaudited, and in the opinion of management, include all normal recurring adjustments that are necessary to present fairly the results for interim periods. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year.
The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (SEC) requirements for Quarterly Reports on Form 10-Q. Reference should be made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) for additional disclosures, including a summary of the Company’s significant accounting policies.
v3.25.3
Acquisitions
 9 Months Ended
Sep. 30, 2025
Business Combination [Abstract]  
Acquisitions Acquisitions
For the nine months ended September 30, 2025, the Company did not acquire any businesses. In 2024, the Company acquired businesses for total cash consideration of $2.8 billion. As of September 30, 2025, the Company was evaluating and finalizing the purchase accounting for the businesses acquired in 2024. For the preliminary fair values of the purchase price allocations, as of the acquisition dates, refer to Note 2 (Acquisitions) to the consolidated financial statements included in Part II, Item 8 of the Company’s 2024 Form 10-K.
v3.25.3
Revenue
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The Company’s disaggregated net revenue by category and geographic region were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Net revenue by category:
Payment network$5,179 $4,629 $14,556 $12,924 
Value-added services and solutions3,423 2,740 9,429 7,754 
Net revenue$8,602 $7,369 $23,985 $20,678 
Net revenue by geographic region:
Americas 1
$3,651 $3,156 $10,207 $9,093 
Asia Pacific, Europe, Middle East and Africa
4,951 4,213 13,778 11,585 
Net revenue$8,602 $7,369 $23,985 $20,678 
1Americas includes the United States, Canada and Latin America.
The Company’s customers are generally billed weekly, with certain billings occurring on a monthly and quarterly basis. The frequency of billing is dependent upon the nature of the performance obligation and the underlying contractual terms. The Company does not typically offer extended payment terms to customers. The following table sets forth the location of the amounts recognized on the consolidated balance sheets from contracts with customers:
September 30,
2025		December 31,
2024
(in millions)
Receivables from contracts with customers
Accounts receivable
$3,874 $3,491 
Contract assets
Prepaid expenses and other current assets162 210 
Other assets464 460 
Deferred revenue 1
Other current liabilities1,222 890 
Other liabilities378 449 
1    Revenue recognized from performance obligations satisfied for the three and nine months ended September 30, 2025 was $838 million and $2,187 million, respectively
v3.25.3
Earnings Per Share
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Earnings Per Share Earnings Per Share
The components of basic and diluted earnings per share (“EPS”) for common shares were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except per share data)
Numerator
Net income$3,927 $3,263 $10,908 $9,532 
Denominator
Basic weighted-average shares outstanding903 923 908 928 
Dilutive stock options and stock units1 2 1 2 
Diluted weighted-average shares outstanding 1
905 925 909 930 
Earnings per Share
Basic$4.35 $3.54 $12.02 $10.27 
Diluted$4.34 $3.53 $12.00 $10.25 
Note: Table may not sum due to rounding.
1    For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.
v3.25.3
Investments
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
The Company’s investments on the consolidated balance sheets include both available-for-sale and held-to-maturity debt securities (see Investments section below). The Company’s strategic investments in equity securities of publicly traded and privately held companies are classified within other assets on the consolidated balance sheets (see Equity Investments section below).
Investments
Investments on the consolidated balance sheets consisted of the following:
September 30,
2025		December 31,
2024
(in millions)
Available-for-sale securities
$316 $292 
Held-to-maturity securities 1
19 38 
Total investments $335 $330 
1Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
Investment income on the consolidated statements of operations primarily consists of interest income generated from cash, cash equivalents, held-to maturity and available-for-sale investment securities, as well as realized gains and losses on the Company’s investment securities. The realized gains and losses from the sales of available-for-sale securities for the three and nine months ended September 30, 2025 and 2024 were not material.
Available-for-Sale Securities
The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows:
 September 30, 2025December 31, 2024
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions)
Government and agency securities$60 $— $— $60 $80 $— $— $80 
Corporate securities221 1 — 222 187 1 — 188 
Asset-backed securities
34 — — 34 24 — — 24 
Total$315 $1 $— $316 $291 $1 $— $292 
The Company’s government and agency securities include U.S. government bonds, U.S. government sponsored agency bonds and foreign government bonds that are denominated in the national currency of the issuing country. Corporate and asset-backed securities held at September 30, 2025 and December 31, 2024 primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. The gross unrealized gains and losses on the available-for-sale securities are primarily driven by changes in interest rates and are recorded in other comprehensive income (loss).
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at September 30, 2025 was as follows:
 
 Amortized CostFair Value
 (in millions)
Due within 1 year$110 $110 
Due after 1 year through 5 years205 206 
Total$315 $316 
Equity Investments
Included in other assets on the consolidated balance sheets are equity investments with readily determinable fair values (“Marketable securities”) and equity investments without readily determinable fair values (“Nonmarketable securities”). Marketable securities are equity interests in publicly traded companies and are measured using unadjusted quoted prices in their respective active markets. Nonmarketable securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer (“Measurement alternative”).
The following table is a summary of the activity related to the Company’s equity investments:
 Balance at December 31, 2024PurchasesSales
Changes in Fair Value 1
Other 2
Balance at
September 30,
2025
(in millions)
Marketable securities $237 $— $— $11 $— $248 
Nonmarketable securities1,370 30 — 3 34 1,437 
Total equity investments $1,607 $30 $— $14 $34 $1,685 
1Recorded in gains (losses) on equity investments, net on the consolidated statements of operations.
2Primarily translational impact of currency.
The following table sets forth the components of the Company’s Nonmarketable securities:
September 30,
2025		December 31,
2024
(in millions)
Measurement alternative
$1,184 $1,140 
Equity method
253 230 
Total Nonmarketable securities$1,437 $1,370 
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through September 30, 2025:
(in millions)
Initial cost basis
$729 
Cumulative adjustments 1:
Upward adjustments667 
Downward adjustments (including impairment)(212)
Carrying amount, end of period$1,184 
1 Includes immaterial translational impact of currency.
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Measurement alternative investments:
Upward adjustments$25 $3 $31 $10 
Downward adjustments (including impairment)(2)(2)(32)(6)
Marketable securities:
Unrealized gains (losses), net14 (61)11 75 
v3.25.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s financial instruments are carried at fair value, cost or amortized cost on the consolidated balance sheets. The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the “Valuation Hierarchy”).
Financial Instruments - Carried at Fair Value
Financial instruments carried at fair value are categorized for fair value measurement purposes as recurring or nonrecurring in nature.
Recurring Measurements
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy was as follows:
 September 30, 2025December 31, 2024
 Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		TotalQuoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(in millions)
Assets
Investment securities available-for-sale 1:
Government and agency securities$25 $35 $— $60 $36 $44 $— $80 
Corporate securities— 222 — 222 — 188 — 188 
Asset-backed securities
— 34 — 34 — 24 — 24 
Derivative instruments 2:
Foreign exchange contracts— 18 — 18 — 206 — 206 
Marketable securities 3:
Equity securities248 — — 248 237 — — 237 
Deferred compensation plan 4:
Deferred compensation assets114 — — 114 107 — — 107 
Liabilities
Derivative instruments 2:
Foreign exchange contracts$— $182 $— $182 $— $36 $— $36 
Interest rate contracts — 34 — 34 — 63 — 63 
Deferred compensation plan 5:
Deferred compensation liabilities111 — — 111 105 — — 105 
1The Company’s U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. The fair value of the Company’s available-for-sale non-U.S. government and agency securities, corporate securities and asset-backed securities are based on observable inputs such as quoted prices, benchmark yields and issuer spreads for similar assets in active markets and are therefore included in Level 2 of the Valuation Hierarchy.
2The Company’s foreign exchange and interest rate derivative asset and liability contracts measured at fair value are based on observable inputs such as broker quotes for similar derivative instruments. See Note 16 (Derivative and Hedging Instruments) for further details.
3The Company’s Marketable securities are publicly held and fair values are based on unadjusted quoted prices in their respective active markets.
4The Company has a nonqualified deferred compensation plan under which assets are invested primarily in mutual funds held in a rabbi trust or are held as cash equivalents, all of which are restricted for payments to participants of the plan. The Company has elected to use the fair value option for these assets, which are measured using quoted prices of identical instruments in active markets. These are included in prepaid expenses and other current assets and restricted cash and restricted cash equivalents on the consolidated balance sheets.
5The Company has a nonqualified deferred compensation plan under which liabilities are measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants. These are included in other liabilities on the consolidated balance sheets.
Nonrecurring Measurements
Nonmarketable Securities
The Company’s Nonmarketable securities are recorded at fair value on a nonrecurring basis in periods after initial recognition under the equity method or measurement alternative method. Nonmarketable securities are classified within Level 3 of the Valuation Hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. The Company uses discounted cash flows and market assumptions to estimate the fair value of its Nonmarketable securities when certain events or circumstances indicate that impairment may exist. Observable price changes in orderly transactions for identical or similar investments of the same issuer could also result in fair value adjustments. See Note 5 (Investments) for further details.
Financial Instruments - Not Carried at Fair Value
Debt
Debt instruments are carried on the consolidated balance sheets at amortized cost. The Company estimates the fair value of its debt based on either market quotes or observable market data. Debt is classified as Level 2 of the Valuation Hierarchy as it is generally not traded in active markets. At September 30, 2025, the carrying value and fair value of debt was $19.0 billion and $18.0 billion, respectively. At December 31, 2024, the carrying value and fair value of debt was $18.2 billion and $16.8 billion, respectively. See Note 9 (Debt) for further details.
Other Financial Instruments
Certain other financial instruments are carried on the consolidated balance sheets at cost or amortized cost basis, which approximates fair value due to their short-term, highly liquid nature. These instruments include cash and cash equivalents, restricted cash and restricted cash equivalents, restricted security deposits held for customers, time deposits, accounts receivable, settlement assets, accounts payable, settlement obligations and other accrued liabilities.
v3.25.3
Prepaid Expenses and Other Assets
 9 Months Ended
Sep. 30, 2025
Prepaid Expense and Other Assets [Abstract]  
Prepaid Expenses and Other Assets Prepaid Expenses and Other Assets
Prepaid expenses and other current assets consisted of the following:
September 30,
2025		December 31,
2024
(in millions)
Customer incentives
$2,371 $1,854 
Other1,583 1,138 
Total prepaid expenses and other current assets$3,954 $2,992 
Other assets consisted of the following:
September 30,
2025		December 31,
2024
(in millions)
Customer incentives
$7,697 $6,550 
Equity investments1,685 1,607 
Income taxes receivable923 1,002 
Other751 800 
Total other assets$11,056 $9,959 
v3.25.3
Accrued Expenses
 9 Months Ended
Sep. 30, 2025
Accrued Liabilities, Current [Abstract]  
Accrued Expenses and Accrued Litigation Accrued Expenses
Accrued expenses consisted of the following:
September 30,
2025		December 31,
2024
 (in millions)
Customer incentives
$9,267 $7,627 
Personnel costs1,331 1,681 
Income and other taxes713 454 
Other668 631 
Total accrued expenses$11,979 $10,393 
As of September 30, 2025 and December 31, 2024, long-term customer incentives included in other liabilities were $3,031 million and $2,820 million, respectively.
v3.25.3
Debt
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
September 30,
2025		December 31,
2024		Effective
Interest Rate
(in millions)
Senior Notes
2025 USD Notes
Floating Rate
Senior Notes due March 2028
$300 $— 
**
4.550 %
Senior Notes due March 2028
450 — 4.727 %
4.950 %
Senior Notes due March 2032
500 — 5.063 %
2024 USD Notes
4.100 %
Senior Notes due January 2028
750 750 4.262 %
4.350 %
Senior Notes due January 2032
1,150 1,150 4.446 %
4.550 %
Senior Notes due January 2035
1,100 1,100 4.633 %
4.875 %
Senior Notes due May 2034
1,000 1,000 5.047 %
2023 USD Notes4.875 %Senior Notes due March 2028750 750 5.003 %
4.850 %Senior Notes due March 2033750 750 4.923 %
2022 EUR Notes
1.000 %Senior Notes due February 2029880 781 1.138 %
2021 USD Notes2.000 %Senior Notes due November 2031750 750 2.112 %
1.900 %Senior Notes due March 2031600 600 1.981 %
2.950 %Senior Notes due March 2051700 700 3.013 %
2020 USD Notes3.300 %Senior Notes due March 20271,000 1,000 3.420 %
3.350 %Senior Notes due March 20301,500 1,500 3.430 %
3.850 %Senior Notes due March 20501,500 1,500 3.896 %
2019 USD Notes2.950 %Senior Notes due June 20291,000 1,000 3.030 %
3.650 %Senior Notes due June 20491,000 1,000 3.689 %
2.000 %Senior Notes due March 2025— 750 2.147 %
2018 USD Notes3.500 %Senior Notes due February 2028500 500 3.598 %
3.950 %Senior Notes due February 2048500 500 3.990 %
2016 USD Notes2.950 %Senior Notes due November 2026750 750 3.044 %
3.800 %Senior Notes due November 2046600 600 3.893 %
2015 EUR Notes
2.100 %Senior Notes due December 2027938 833 2.189 %
2.500 %Senior Notes due December 2030176 156 2.562 %
19,144 18,420 
Less: Unamortized discount and debt issuance costs(127)(131)
Less: Cumulative hedge accounting fair value adjustments 1
(34)(63)
Total debt outstanding18,983 18,226 
Less: Short-term debt 2
— (750)
Long-term debt$18,983 $17,476 
**The $300 million of Senior Notes due March 2028 are Floating Rate Notes that bear interest at a floating rate, reset quarterly, equal to the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44%.
1The Company has an interest rate swap that is accounted for as a fair value hedge. See Note 16 (Derivative and Hedging Instruments) for additional information.
2As of December 31, 2024, the 2019 USD Notes due March 2025 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets.
Senior Notes
In February 2025, the Company issued $300 million principal amount of Floating Rate Notes due March 2028, $450 million principal amount of 4.550% notes due March 2028 and $500 million principal amount of 4.950% notes due March 2032 (collectively, the “2025 USD Notes”). The net proceeds from the issuance of the 2025 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.242 billion.
The 2025 USD Notes are not subject to any financial covenants, are senior unsecured obligations and rank equally with any future unsecured and unsubordinated indebtedness. At the Company’s option, the notes may be redeemed in whole, or in part, at any time for a specified make-whole amount, with the exception of the Floating Rate Notes.
v3.25.3
Stockholders' Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders' Equity Stockholders' Equity
Dividends
The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below: 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except per share data)
Dividends declared per share $0.76 $0.66 $2.28 $1.98 
Total dividends declared$684 $607 $2,063 $1,833 
Common Stock Activity
The following table presents the changes in the Company’s outstanding Class A and Class B common stock:
Three Months Ended September 30,
20252024
 Class AClass BClass AClass B
(in millions)
Balance at beginning of period899.1 6.7 918.5 7.1 
Purchases of treasury stock(5.8)— (6.3)— 
Share-based payments0.1 — 0.4 — 
Conversion of Class B to Class A common stock— — — — 
Balance at end of period893.4 6.7 912.6 7.1 
Nine Months Ended September 30,
20252024
 Class AClass BClass AClass B
(in millions)
Balance at beginning of period906.6 6.8 927.3 7.2 
Purchases of treasury stock(14.7)— (16.5)— 
Share-based payments1.4 — 1.7 — 
Conversion of Class B to Class A common stock0.1 (0.1)0.1 (0.1)
Balance at end of period893.4 6.7 912.6 7.1 
In December 2024 and 2023, the Company’s Board of Directors approved share repurchase programs of its Class A common stock authorizing the Company to repurchase up to $12.0 billion and $11.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock:
Nine Months Ended September 30,
20252024
(in millions, except per share data)
Dollar-value of shares repurchased
$8,169 $7,565 
Shares repurchased14.7 16.5 
Average price paid per share$554.47 $458.36 
As of September 30, 2025, the remaining authorization under share repurchase programs approved by the Company’s Board of Directors was $7.0 billion. Through October 27, 2025, the Company repurchased $1.2 billion dollar-value of shares. As of October 27, 2025, the remaining authorization under share repurchase programs approved by the Company’s Board of Directors was $5.8 billion.
v3.25.3
Accumulated Other Comprehensive Income (Loss)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Accumulated Other Comprehensive Income (Loss) Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2025 and 2024 were as follows:
December 31, 2024Increase / (Decrease)ReclassificationsSeptember 30, 2025
(in millions)
Foreign currency translation adjustments 1
$(1,558)$581 $— $(977)
Translation adjustments on net investment hedges 2
295 (164)— 131 
Cash flow hedges
Foreign exchange contracts 3
(51)(293)370 26 
Interest rate contracts(113)— 4 (109)
Defined benefit pension and other postretirement plans(6)— — (6)
Investment securities available-for-sale— — — — 
Accumulated other comprehensive income (loss)$(1,433)$124 $374 $(935)
December 31, 2023Increase / (Decrease)ReclassificationsSeptember 30, 2024
(in millions)
Foreign currency translation adjustments 1
$(1,119)$67 $— $(1,052)
Translation adjustments on net investment hedges 2
181 (105)— 76 
Cash flow hedges
Foreign exchange contracts 3
(17)1 56 40 
Interest rate contracts(118)— 3 (115)
Defined benefit pension and other postretirement plans(25)2 — (23)
Investment securities available-for-sale(1)2 — 1 
Accumulated other comprehensive income (loss)$(1,099)$(33)$59 $(1,073)
1For the nine months ended September 30, 2025, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the euro, British pound and Brazilian real against the U.S. dollar. For the nine months ended September 30, 2024, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the British pound against the U.S. dollar, partially offset by the depreciation of the Brazilian real against the U.S. dollar.
2For the nine months ended September 30, 2025, the decrease in the accumulated other comprehensive income related to the net investment hedges was driven primarily by the appreciation of the euro against the U.S. dollar. For the nine months ended September 30, 2024, the decrease in the accumulated other comprehensive income related to the net investment hedges was driven primarily by the appreciation of the British pound against the U.S. dollar. See Note 16 (Derivative and Hedging Instruments) for additional information.
3Represents foreign exchange derivative contracts designated as cash flow hedging instruments. Gains and losses resulting from changes in the fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statements of operations when the underlying hedged transactions impact earnings. See Note 16 (Derivative and Hedging Instruments) for additional information.
v3.25.3
Share-Based Payments
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Additional Disclosure [Abstract]  
Share-Based Payments Share-Based Payments
For the nine months ended September 30, 2025, the Company granted the following awards under the Mastercard Incorporated 2006 Long Term Incentive Plan, amended and restated as of June 22, 2021 (the “LTIP”). The LTIP is a stockholder-approved plan that permits the grant of various types of equity awards to employees.
Grants in 2025Weighted-Average
Grant-Date
Fair Value
(in millions)(per option/unit)
Non-qualified stock options0.2$192 
Restricted stock units1.0$566 
Performance stock units0.2$608 
The Company uses the Black-Scholes option pricing model to determine the grant-date fair value of stock options and calculates the expected life and the expected volatility based on historical Mastercard information. The expected life of stock options granted in 2025 was estimated to be six years, while the expected volatility was determined to be 27.4%. These awards expire ten years from the date of grant and vest ratably over three years.
The fair value of restricted stock units (“RSUs”) is determined and fixed on the grant date based on the Company’s Class A common stock price, adjusted for the exclusion of dividend equivalents. RSUs generally vest ratably over three years.
The Company uses the Monte Carlo simulation valuation model to determine the grant-date fair value of performance stock units (“PSUs”) granted. PSUs vest after three years from the date of grant and are subject to a mandatory one-year deferral period, during which vested PSUs are eligible for dividend equivalents.
Compensation expense is recorded net of estimated forfeitures over the shorter of the vesting period or the date the individual becomes eligible to retire under the LTIP. The Company uses the straight-line method of attribution over the requisite service period for expensing equity awards.
v3.25.3
Income Taxes
 9 Months Ended
Sep. 30, 2025
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective income tax rates for the three months ended September 30, 2025 and 2024 were 21.5% and 15.6%, respectively. The effective income tax rates for the nine months ended September 30, 2025 and 2024 were 20.4% and 16.1%, respectively.
The higher effective income tax rates for the three and nine months ended September 30, 2025, versus the comparable periods in 2024, were primarily due to the 15% global minimum tax (Pillar 2 Rules) and a change in the Company’s geographic mix of earnings. The Pillar 2 Rules took effect in 2025 in Singapore and various other jurisdictions and largely offsets the reduction to the Company’s effective income tax rate resulting from the Company’s incentive grant received from the Singapore Ministry of Finance.
The Company is subject to tax in the United States, Belgium, Singapore, the United Kingdom and various other foreign jurisdictions, as well as state and local jurisdictions. Uncertain tax positions are reviewed on an ongoing basis and are adjusted after considering facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitation. Within the next twelve months, the Company believes that the resolution of certain federal, foreign and state and local examinations is reasonably possible and that a change in estimate, reducing unrecognized tax benefits, may occur. While such a change may be significant, it is not possible to provide a range of the potential change until the examinations progress further or the related statutes of limitation expire. The Company has effectively settled its U.S. federal income tax obligations through 2014. With limited exception, the Company is no longer subject to state and local or foreign examinations by tax authorities for years before 2014.
v3.25.3
Legal and Regulatory Proceedings
 9 Months Ended
Sep. 30, 2025
Legal and Regulatory Proceedings [Abstract]  
Legal and Regulatory Proceedings Legal and Regulatory Proceedings
Mastercard is a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of business.  Some of these proceedings are based on complex claims involving substantial uncertainties and unascertainable damages.  Accordingly, it is not possible to determine the probability of loss or estimate damages, and therefore, Mastercard has not established liabilities for any of these proceedings, except as discussed below. When the Company determines that a loss is both probable and reasonably estimable, Mastercard records a liability and discloses the amount of the liability if it is material. When a material loss contingency is only reasonably possible, Mastercard does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Unless otherwise stated below with respect to these matters, Mastercard cannot provide an estimate of the possible loss or range of loss based on one or more of the following reasons: (1) actual or potential plaintiffs have not claimed an amount of monetary damages or the amounts are unsupportable or exaggerated, (2) the matters are in early stages, (3) there is uncertainty as to the outcome of pending appeals or motions, (4) there are significant factual issues to be resolved, (5) the proceedings involve multiple defendants or potential defendants whose share of any potential financial responsibility has yet to be determined and/or (6) there are novel legal issues presented. Furthermore, except as identified with respect to the matters below, Mastercard does not believe that the outcome
of any individual existing legal or regulatory proceeding to which it is a party will have a material adverse effect on its results of operations, financial condition and overall business. However, an adverse judgment or other outcome or settlement with respect to any proceedings discussed below could result in fines or payments by Mastercard and/or could require Mastercard to change its business practices. In addition, an adverse outcome in a regulatory proceeding could lead to the filing of civil damage claims and possibly result in significant damage awards. Any of these events could have a material adverse effect on Mastercard’s results of operations, financial condition and overall business.
Interchange Litigation and Regulatory Proceedings
Mastercard’s interchange fees and other practices are subject to regulatory, legal review and/or challenges in a number of jurisdictions, including the proceedings described below. When taken as a whole, the resulting decisions, regulations and legislation with respect to interchange fees and acceptance practices may have a material adverse effect on the Company’s prospects for future growth and its overall results of operations and financial condition.
United States
In 2005, the first of a series of complaints were filed on behalf of merchants (the majority of the complaints were styled as class actions, although a few complaints were filed on behalf of individual merchant plaintiffs) against Mastercard International, Visa U.S.A., Inc., Visa International Service Association and a number of financial institutions. Taken together, the claims in the complaints were generally brought under both Sections 1 and 2 of the Sherman Act, which prohibit monopolization and attempts or conspiracies to monopolize a particular industry, and some of these complaints contain unfair competition law claims under state law. The complaints allege, among other things, that Mastercard, Visa, and certain financial institutions conspired to set the price of interchange fees, enacted point-of-sale acceptance rules (including the “no surcharge” rule) in violation of antitrust laws and engaged in unlawful tying and bundling of certain products and services, resulting in merchants paying excessive costs for the acceptance of Mastercard and Visa credit and debit cards. The cases were consolidated for pre-trial proceedings in the U.S. District Court for the Eastern District of New York in MDL No. 1720 (the “U.S. MDL Litigation Cases”). The plaintiffs filed a consolidated class action complaint seeking treble damages.
In 2006, the group of purported merchant class plaintiffs filed a supplemental complaint alleging that Mastercard’s initial public offering of its Class A Common Stock in May 2006 (the “IPO”) and certain purported agreements entered into between Mastercard and financial institutions in connection with the IPO: (1) violate U.S. antitrust laws and (2) constituted a fraudulent conveyance because the financial institutions allegedly attempted to release, without adequate consideration, Mastercard’s right to assess them for Mastercard’s litigation liabilities. The class plaintiffs sought treble damages and injunctive relief including, but not limited to, an order reversing and unwinding the IPO.
In 2011, Mastercard and Mastercard International entered into each of: (1) an omnibus judgment sharing and settlement sharing agreement with Visa Inc., Visa U.S.A. Inc. and Visa International Service Association and a number of financial institutions; and (2) a Mastercard settlement and judgment sharing agreement with a number of financial institutions. The agreements provide for the apportionment of certain costs and liabilities which Mastercard, the Visa parties and the financial institutions may incur, jointly and/or severally, in the event of an adverse judgment or settlement of one or all of the U.S. MDL Litigation Cases. Among a number of scenarios addressed by the agreements, in the event of a global settlement involving the Visa parties, the financial institutions and Mastercard, Mastercard would pay 12% of the monetary portion of the settlement. In the event of a settlement involving only Mastercard and the financial institutions with respect to their issuance of Mastercard cards, Mastercard would pay 36% of the monetary portion of such settlement. 
In 2012, the parties entered into a definitive settlement agreement with respect to the U.S. MDL Litigation Cases (including with respect to the claims related to the IPO) and the defendants separately entered into a settlement agreement with the individual merchant plaintiffs. The settlements included cash payments that were apportioned among the defendants pursuant to the omnibus judgment sharing and settlement sharing agreement described above. Mastercard also agreed to provide class members with a short-term reduction in default credit interchange rates and to modify certain of its business practices, including its no surcharge rule. The court granted final approval of the settlement in 2013. Following an appeal by objectors and as a result of a reversal of the settlement approval by the U.S. Court of Appeals for the Second Circuit, the case was sent back to the district court for further proceedings. The court divided the merchants’ claims into two separate classes - monetary damages claims (the “Damages Class”) and claims seeking changes to business practices (the “Rules Relief Class”). The court appointed separate counsel for each class.
In 2018, the parties to the Damages Class litigation entered into a class settlement agreement to resolve the Damages Class claims, with merchants representing slightly more than 25% of the Damages Class interchange volume choosing to opt out of the settlement. The Damages Class settlement agreement became final in 2023. Since 2018, Mastercard has reached settlements or agreements in principle to settle with over 250 opt-out merchants. These opt-out merchant settlements, along with the Damages Class settlement, represent over 90% of Mastercard’s U.S. interchange volume.
Approximately 55 individual opt-out merchants continue to litigate, seeking treble damages and attorneys’ fees and costs. In 2024, the district court denied the defendants’ motions for summary judgment with respect to these ongoing individual opt-out merchant cases, sending the cases back to their original jurisdictions for trials. The remaining opt-out merchants claim aggregate single damages of
approximately $10 billion with respect to their Mastercard purchase volume. Mastercard would be responsible for 36% of any Mastercard-related judgment pursuant to the 2011 judgment and settlement sharing agreement discussed above. The first trial in the opt-out merchant cases, which will involve six of the larger opt-out merchants, has been rescheduled for April 2026.
In 2021, the district court granted the Rules Relief Class’s motion for class certification. In 2024, the parties to the Rules Relief Class litigation entered into a settlement agreement to resolve the Rules Relief Class claims, which was subsequently denied by the court. The parties are in ongoing settlement discussions. The court has not yet scheduled a trial date.
As of September 30, 2025 and December 31, 2024, Mastercard accrued a liability of $512 million and $559 million, respectively, for the U.S. MDL Litigation Cases. The liability as of September 30, 2025 represents Mastercard’s best estimate of its probable liabilities in these matters and does not represent an estimate of a loss, if any, if the matters were litigated to a final outcome. Mastercard cannot estimate the potential liability if that were to occur.
Europe
Since 2012, a number of United Kingdom (“U.K.”) merchants filed claims or threatened litigation against Mastercard seeking damages for excessive costs paid for acceptance of Mastercard credit and debit cards arising out of alleged anti-competitive conduct with respect to, among other things, Mastercard’s cross-border interchange fees and its U.K. and Ireland domestic interchange fees (the “U.K. Merchant claimants”). In addition, Mastercard has faced similar filed or threatened litigation by merchants with respect to interchange rates in other countries in Europe (the “Pan-European Merchant claimants”). Mastercard has resolved a substantial amount of these damages claims through settlement or judgment. Following these settlements, approximately £0.2 billion (approximately $0.3 billion as of September 30, 2025) of unresolved damages claims remain. Mastercard continues to litigate with the remaining U.K. and Pan-European Merchant claimants and it has submitted statements of defense disputing liability and damages claims. A number of those matters are now progressing with motion practice and discovery. Hearings involving both liability and damages issues involving multiple merchant cases have been completed. In June 2025, the trial court in the U.K. merchant action decided against Mastercard on certain liability issues. This decision, which Mastercard is seeking to appeal, does not determine the outcome of these claims. The court must still determine additional liability and damages issues, some of which have yet to be tried.
Additional United Kingdom matters. Mastercard and Visa were served with a proposed collective action complaint in the U.K. on behalf of merchants seeking damages for commercial card transactions in both the U.K. and the European Union. In 2023, the plaintiffs filed a revised collective action application claiming damages against Mastercard in excess of £1 billion (approximately $1.3 billion as of September 30, 2025). In June 2024, the court granted the plaintiffs’ collective action application. Mastercard’s request for permission to appeal this ruling was denied, and a trial has not yet been scheduled.
In 2016, a proposed collective action was filed in the U.K. on behalf of U.K. consumers seeking damages for intra-European Economic Area (“EEA”) and domestic U.K. interchange fees that were allegedly passed on to consumers by merchants between 1992 and 2008. The complaint, which sought to leverage the European Commission’s 2007 decision on intra-EEA interchange fees, claimed damages in an amount that exceeded £10 billion (approximately $13 billion as of September 30, 2025). In 2021, the trial court issued a decision in which it granted class certification to the plaintiffs but narrowed the scope of the class. Since January 2023, the trial court has held hearings on various issues, including whether any causal connection existed between the levels of Mastercard’s intra-EEA interchange fees and U.K. domestic interchange fees and regarding Mastercard’s request to narrow the number of years of damages sought by the plaintiffs on statute of limitations grounds. In February 2024, the trial court ruled in Mastercard’s favor, finding no causal connection between the levels of Mastercard’s intra-EEA interchange fees and U.K. domestic interchange fees. In June 2024, the trial court ruled in Mastercard’s favor with respect to its request to dismiss five years of the plaintiffs’ damages claims on statute of limitations grounds. The plaintiffs’ request for permission to appeal this ruling was granted. In December 2024, the parties entered into a settlement agreement to resolve this matter. Mastercard recorded an accrual of £200 million ($268 million as of September 30, 2025) in December 2024 in connection with this settlement agreement. The trial court issued their written approval of the settlement in May 2025. The litigation funder for this claim is seeking permission to appeal (by way of judicial review) the trial court’s allocation of the settlement amount, including the allocation between the class and the funder. The funder is not seeking permission to appeal the trial court’s approval of the settlement itself.
Portugal. Mastercard has been named as a defendant in a proposed consumer collective action filed in Portugal on behalf of Portuguese consumers. The complaint, which seeks to leverage the 2019 resolution of the European Commission’s investigation of Mastercard’s central acquiring rules and interregional interchange fees, claims damages of approximately €0.4 billion (approximately $0.5 billion as of September 30, 2025) for interchange fees that were allegedly passed on to consumers by Portuguese merchants for a period of approximately 20 years. Mastercard has submitted a statement of defense that disputes both liability and damages.
Netherlands. In July 2025, Mastercard and Visa were served with a proposed collective action in the Netherlands on behalf of Dutch merchants. The complaint, which relates to interregional interchange fees covering the period from 1992 and ongoing, seeks declaratory relief and damages estimated in excess of €0.3 billion (approximately $0.4 billion as of September 30, 2025).
Australia
In 2022, the Australian Competition & Consumer Commission (“ACCC”) filed a complaint targeting certain agreements entered into by Mastercard and certain Australian merchants related to Mastercard’s debit program. The ACCC alleges that by entering into such
agreements, Mastercard engaged in conduct with the purpose of substantially lessening competition in the supply of debit card acceptance services. The ACCC seeks both declaratory relief and monetary fines and costs. A hearing on liability issues is scheduled for April 2026.
ATM Non-Discrimination Rule Surcharge Complaints
In 2011, a trade association of independent ATM operators and 13 independent ATM operators filed a complaint styled as a class action lawsuit in the U.S. District Court for the District of Columbia against both Mastercard and Visa (the “ATM Operators Class Complaint”).  Plaintiffs seek to represent a class of non-bank operators of ATM terminals that operate in the United States with the discretion to determine the price of the ATM access fee for the terminals they operate. Plaintiffs allege that Mastercard and Visa have violated Section 1 of the Sherman Act by imposing rules that require ATM operators to charge non-discriminatory ATM surcharges for transactions processed over Mastercard’s and Visa’s respective networks that are not greater than the surcharge for transactions over other networks accepted at the same ATM.  Plaintiffs seek both injunctive and monetary relief equal to treble the damages they claim to have sustained as a result of the alleged violations and their costs of suit, including attorneys’ fees. 
Subsequently, multiple related complaints were filed in the U.S. District Court for the District of Columbia alleging both federal antitrust and multiple state unfair competition, consumer protection and common law claims against Mastercard and Visa on behalf of different putative classes of users of ATM services. The claims in these actions largely mirrored the allegations made in the ATM Operators Class Complaint, although these complaints sought damages on behalf of consumers of ATM services who paid allegedly inflated ATM fees at both bank (“Bank ATM Consumer Class Complaint”) and non-bank (“Non-bank ATM Consumer Class Complaint”) ATM operators as a result of the defendants’ ATM rules. Plaintiffs sought both injunctive and monetary relief equal to treble the damages they claimed to have sustained as a result of the alleged violations and their costs of suit, including attorneys’ fees.  In 2023, the D.C. Circuit Court affirmed the district court’s previous order granting class certification to the plaintiffs in all three class complaints.
In 2024, Mastercard executed a settlement agreement with the class lawyers representing the plaintiffs in the Bank ATM Consumer Class Complaint, subject to court approval, and recorded an accrual of $93 million in connection with this matter. In June 2025, the court issued a decision approving the settlement.
In August 2025, Mastercard executed a settlement agreement with the class lawyers representing the plaintiffs in the Non-bank ATM Consumer Class Complaint, subject to court approval. During the second quarter of 2025, Mastercard recorded an accrual of $79 million in connection with this matter.
The litigation with respect to the ATM Operators Class Complaint is ongoing. The plaintiffs in this class complaint allege over $1 billion in single damages against all of the defendants.
U.S. Liability Shift Litigation
In 2016, a proposed U.S. merchant class action complaint was filed in federal court in California alleging that Mastercard, Visa, American Express and Discover (the “Network Defendants”), EMVCo, and a number of issuing banks (the “Bank Defendants”) engaged in a conspiracy to shift fraud liability for card present transactions from issuing banks to merchants not yet in compliance with the standards for EMV chip cards in the United States (the “EMV Liability Shift”), in violation of the Sherman Act and California law. Plaintiffs alleged damages equal to the value of all chargebacks for which class members became liable as a result of the EMV Liability Shift on October 1, 2015. The plaintiffs sought treble damages, attorney’s fees and costs and an injunction against future violations of governing law. The district court denied the Network Defendants’ motion to dismiss the complaint, but granted such a motion for EMVCo and the Bank Defendants. In 2017, the district court transferred the case to New York so that discovery could be coordinated with the U.S. MDL Litigation Cases described above. In 2020, the district court issued an order granting the plaintiffs’ request for class certification. The plaintiffs submitted expert reports that allege aggregate single damages in excess of $1 billion against the four Network Defendants. The Network Defendants submitted expert reports rebutting both liability and damages. In September 2024, the district court denied the Network Defendants’ motion for summary judgment. In September 2025, Mastercard executed a settlement agreement with the class lawyers to resolve the matter, subject to court approval. During the third quarter of 2025, Mastercard recorded an accrual of $80 million in connection with this matter.
Telephone Consumer Protection Class Action
Mastercard is a defendant in a Telephone Consumer Protection Act (“TCPA”) class action pending in Florida. The plaintiffs are individuals and businesses who allege that approximately 381,000 unsolicited faxes were sent to them advertising a Mastercard co-brand card issued by First Arkansas Bank (“FAB”). The TCPA provides for uncapped statutory damages of $500 per fax. Mastercard has asserted various defenses to the claims, and has notified FAB of an indemnity claim that it has (which FAB has disputed). In 2019, the Federal Communications Commission (“FCC”) issued a declaratory ruling clarifying that the TCPA does not apply to faxes sent to online fax services that are received online via email. In 2021, the trial court granted plaintiffs’ request for class certification, but narrowed the scope of the class to stand alone fax recipients only. Mastercard’s request to appeal that decision was denied. Briefing on plaintiffs’ motion to amend the class definition and Mastercard’s cross-motion to decertify the stand alone fax recipient class was completed in April 2023 and the parties await the court’s decision.
U.S. Department of Justice Investigation
In 2023, Mastercard received a Civil Investigative Demand (“CID”) from the U.S. Department of Justice Antitrust Division (“DOJ”) seeking documents and information regarding a potential violation of Sections 1 or 2 of the Sherman Act. The CID focuses on Mastercard’s U.S. debit program and competition with other payment networks and technologies. Mastercard is cooperating with the DOJ in connection with the CID.
European Commission Investigation
In 2024, Mastercard received a formal request for information from the European Commission seeking documents and information in connection with an investigation into alleged anti-competitive behavior of certain card scheme services in the European Union/EEA. The request focuses on Mastercard’s practices regarding network fees related to acquirers. Mastercard is cooperating with the European Commission in connection with the request.
v3.25.3
Settlement and Other Risk Management
 9 Months Ended
Sep. 30, 2025
Settlement and Other Risk Management [Abstract]  
Settlement and Other Risk Management Settlement and Other Risk Management
Mastercard’s rules guarantee the settlement of many of the payment network transactions between its customers (“settlement risk”). Settlement exposure is the settlement risk to customers under Mastercard’s rules due to the difference in timing between the payment transaction date and subsequent settlement. For those transactions the Company guarantees, the guarantee will cover the full amount of the settlement obligation to the extent the settlement obligation is not otherwise satisfied. The duration of the settlement exposure is short-term and generally limited to a few days.
Gross settlement exposure is estimated using the average daily payment volume for the three months prior to period end multiplied by the estimated number of days of exposure. The Company has global risk management policies, procedures and standards that provide a framework for managing the Company’s settlement risk and exposure. In the event of failed settlement by a customer, Mastercard may pursue one or more remedies available under the Company’s rules to recover potential losses. Historically, the Company has experienced a low level of losses from customer settlement failures.
As part of its policies, Mastercard requires certain customers that do not meet the Company’s risk standards to enter into risk mitigation arrangements, including cash collateral and/or forms of credit enhancement such as letters of credit and guarantees. This requirement is based on a review of the individual risk circumstances for each customer. Mastercard monitors its credit risk portfolio and the adequacy of its risk mitigation arrangements on a regular basis. Additionally, the Company periodically reviews its risk management methodology and standards. The amounts of estimated settlement exposure are revised as necessary.
The Company’s estimated settlement exposure was as follows:
September 30,
2025		December 31,
2024
(in millions)
Gross settlement exposure
$86,585 $78,385 
Risk mitigation arrangements applied to settlement exposure
(15,733)(13,466)
Net settlement exposure
$70,852 $64,919 
Mastercard also provides guarantees to customers and certain other counterparties indemnifying them from losses stemming from failures of third parties to perform duties. This includes guarantees of Mastercard-branded travelers cheques issued, but not yet cashed. In addition, the Company enters into agreements in the ordinary course of business under which the Company agrees to indemnify third parties against damages, losses and expenses incurred in connection with legal and other proceedings arising from relationships or transactions with the Company. Certain indemnifications do not provide a stated maximum exposure. As the extent of the Company’s obligations under these agreements depends entirely upon the occurrence of future events, the Company’s potential future liability under these agreements is not determinable. Historically, payments made by the Company under these types of contractual arrangements have not been material.
v3.25.3
Derivative and Hedging Instruments
 9 Months Ended
Sep. 30, 2025
Foreign Currency Derivatives [Abstract]  
Derivative and Hedging Instruments Derivative and Hedging Instruments
The Company monitors and manages its foreign currency and interest rate exposures as part of its overall risk management program, which focuses on the unpredictability of financial markets and seeks to reduce the potentially adverse effects that the volatility of these markets may have on its operating results. A primary objective of the Company’s risk management strategies is to reduce the financial impact that may arise from volatility in foreign currency exchange rates. The Company uses both foreign exchange derivative contracts (when the hedge costs are economically justified) and foreign currency denominated debt to manage its currency exposure. In addition, the Company may enter into interest rate derivative contracts to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances. The Company does not enter into derivatives for speculative purposes.
Cash Flow Hedges
The Company may enter into foreign exchange derivative contracts, including forwards and options, to manage the impact of foreign currency variability on anticipated revenues and expenses, which fluctuate based on currencies other than the functional currency of the entity. The objective of these hedging activities is to reduce the effect of movement in foreign exchange rates for a portion of revenues and expenses forecasted to occur. As these contracts are designated as cash flow hedging instruments, gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and are subsequently reclassified to the consolidated statements of operations when the underlying hedged transactions impact earnings. The terms of these contracts are generally less than 18 months.
In 2024, the Company entered into foreign exchange derivative contracts to hedge its exposure to variability in cash flows related to foreign denominated assets. Gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and are subsequently reclassified to the consolidated statements of operations when the hedged transactions impact earnings. Forward points are excluded from the effectiveness assessment and are amortized to general and administrative expenses on the consolidated statements of operations over the hedge period. The maximum term of these contracts was approximately 7 years.
In addition, the Company may enter into interest rate derivative contracts to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances, and designate such derivatives as hedging instruments in a cash flow hedging relationship. Gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and are subsequently reclassified as an adjustment to interest expense over the respective terms of the hedged debt issuances.
Fair Value Hedges
The Company may enter into interest rate derivative contracts, including interest rate swaps, to manage the effects of interest rate movements on the fair value of the Company's fixed-rate debt and designate such derivatives as hedging instruments in a fair value hedging relationship. Changes in fair value of these contracts and changes in fair value of fixed-rate debt attributable to changes in the hedged benchmark interest rate generally offset each other and are recorded in interest expense on the consolidated statements of operations. Gains and losses related to the net settlements of interest rate swaps are also recorded in interest expense on the consolidated statements of operations. The periodic cash settlements are included in operating activities on the consolidated statements of cash flows.
The Company has an interest rate swap designated as a fair value hedge related to $1.0 billion of the 3.850% Senior Notes due March 2050. In effect, the interest rate swap synthetically converts the fixed interest rate on this debt to a variable interest rate based on the SOFR Overnight Index Swap Rate. The net impacts to interest expense for the three and nine months ended September 30, 2025 and 2024 were not material.
Net Investment Hedges
The Company may use foreign currency denominated debt and/or foreign exchange derivative contracts to hedge a portion of its net investment in foreign subsidiaries against adverse movements in exchange rates. The effective portion of the net investment hedge is recorded as a currency translation adjustment in accumulated other comprehensive income (loss). Forward points are excluded from the effectiveness assessment and are amortized to general and administrative expenses on the consolidated statements of operations over the hedge period. No amounts were recognized in earnings related to forward points for the three months ended September 30, 2025. The amounts recognized in earnings related to forward points for the nine months ended September 30, 2025 and the three and nine months ended September 30, 2024 were not material.
As of September 30, 2025 and December 31, 2024, the Company had €1.7 billion and €1.3 billion euro-denominated debt outstanding designated as hedges of a portion of its net investment in its European operations. In December 2024, the Company de-designated €400 million of the euro-denominated debt as net investment hedges to effectively manage changes in its net investment exposures in foreign subsidiaries. The euro-denominated debt was subsequently re-designated as a net investment hedge effective March 2025. For the three months ended September 30, 2025 and 2024, the Company recorded pre-tax net foreign currency losses of $2 million and $77 million in other comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, the Company recorded pre-tax net foreign currency losses of $222 million and $19 million in other comprehensive income (loss).
As of September 30, 2025 and December 31, 2024, the Company had net foreign currency gains of $131 million and $295 million, after tax, respectively, in accumulated other comprehensive income (loss) associated with this hedging activity.
Non-designated Derivatives
The Company may also enter into foreign exchange derivative contracts to serve as economic hedges, such as to offset possible changes in the value of monetary assets and liabilities due to foreign exchange fluctuations, without designating these derivative contracts as hedging instruments. In addition, the Company is subject to foreign exchange risk as part of its daily settlement activities. This risk is typically limited to a few days between when a payment transaction takes place and the subsequent settlement with customers. To manage this risk, the Company may enter into short duration foreign exchange derivative contracts based upon anticipated receipts and disbursements
for the respective currency position. The objective of these activities is to reduce the Company’s exposure to volatility arising from gains and losses resulting from fluctuations of foreign currencies against its functional currencies. Gains and losses resulting from changes in fair value of these contracts are recorded in general and administrative expenses on the consolidated statements of operations, net, along with the foreign currency gains and losses on monetary assets and liabilities.
The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts:
September 30, 2025December 31, 2024
 NotionalDerivative assetsDerivative liabilitiesNotionalDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1
$5,102 $10 $164 $3,951 $135 $6 
Interest rate contracts in a fair value hedge 2
1,000 — 34 1,000 — 63 
Foreign exchange contracts in a net investment hedge 1
— — — 2,511 54 — 
Derivatives not designated as hedging instruments
Foreign exchange contracts 1
3,405 8 18 2,741 17 30 
Total
$9,507 $18 $216 $10,203 $206 $99 
1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets, other assets, other current liabilities and other liabilities on the consolidated balance sheets.
2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheets.
The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:
Gain (Loss)
Recognized in Other Comprehensive Income (Loss)
Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30,
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Three Months Ended September 30,
2025202420252024
(in millions)(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts 1
$34 $(110)Net revenue$(16)$— 
General and administrative 2
$10 $(122)
Interest rate contracts$— $— Interest expense$(2)$(2)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts$— $(106)
Gain (Loss)
Recognized in Other Comprehensive Income (Loss)
Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (Loss)
Nine Months Ended September 30,
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Nine Months Ended September 30,
2025202420252024
(in millions)(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts 1
$(314)$3 Net revenue$(31)$— 
General and administrative 2
$(346)$(56)
Interest rate contracts$— $— Interest expense$(5)$(5)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts $12 $(115)
1Includes immaterial forward points excluded from the effectiveness assessment recognized in other comprehensive income (loss).
2Includes immaterial forward points excluded from the effectiveness assessment recognized in earnings.
The Company estimates that the pre-tax amount of the net deferred loss on cash flow hedges recorded in accumulated other comprehensive income (loss) at September 30, 2025 that will be reclassified into the consolidated statements of operations within the next 12 months is not material.
The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts is summarized below: 
 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Derivatives not designated as hedging instruments:
Foreign exchange contracts
General and administrative$(19)$1 $61 $72 
The Company’s derivative financial instruments are subject to both market and counterparty credit risk. Market risk is the potential for economic losses to be incurred on market risk sensitive instruments arising from adverse changes in market factors such as foreign currency exchange rates, interest rates and other related variables. Counterparty credit risk is the risk of loss due to failure of the counterparty to perform its obligations in accordance with contractual terms. The Company’s derivative contracts are subject to enforceable master netting arrangements, which contain various netting and setoff provisions. However, the Company has elected to present derivative assets and liabilities on a gross basis on the consolidated balance sheets. To mitigate counterparty credit risk, the Company enters into derivative contracts with a diversified group of selected financial institutions based upon their credit ratings and other factors. Generally, the Company does not obtain collateral related to derivatives because of the high credit ratings of the counterparties.
v3.25.3
Segment Reporting
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
Mastercard has concluded it has one reportable operating segment, “Payment Solutions.” The following represents the selected financial information of the Payment Solutions segment:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Net revenue
$8,602 $7,369 $23,985 $20,678 
Less:
Personnel
1,893 1,899 5,433 5,020 
Professional fees
128 129 348 358 
Data processing and telecommunications
324 279 930 820 
Foreign exchange activity
26 16 68 49 
Advertising and marketing
245 220 610 520 
Depreciation and amortization
290 225 846 666 
Provision for litigation
83 176 330 400 
Investment income
(81)(76)(239)(231)
(Gains) losses on equity investments, net
(41)62 (16)69 
Interest expense
186 159 563 462 
Other (income) expense, net
(2)(7)(23)(19)
Income tax expense
1,072 603 2,794 1,831 
Other segment items 1
552 421 1,433 1,201 
Consolidated net income
$3,927 $3,263 $10,908 $9,532 
1Includes fulfillment costs, occupancy costs, travel and meeting expenses and other overhead expenses.
v3.25.3
Insider Trading Arrangements
 3 Months Ended
Sep. 30, 2025
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.25.3
Summary of Significant Accounting Policies (Policy)
 9 Months Ended
Sep. 30, 2025
Accounting Policies [Abstract]  
Organization
Organization
Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (“Mastercard International” and together with Mastercard Incorporated, “Mastercard” or the “Company”), is a technology company in the global payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible.
Consolidation and Basis of Presentation
Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of Mastercard and its majority-owned and controlled entities, including any variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Investments in VIEs for which the Company is not considered the primary beneficiary are not consolidated and are accounted for as marketable, equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheets. At September 30, 2025 and December 31, 2024, there were no significant VIEs that required consolidation and the investments were not material to the consolidated financial statements. The Company consolidates acquisitions as of the date the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. The Company follows accounting principles generally accepted in the United States of America (“GAAP”).
The balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements as of December 31, 2024. The consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 and as of September 30, 2025 are unaudited, and in the opinion of management, include all normal recurring adjustments that are necessary to present fairly the results for interim periods. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year.
The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (SEC) requirements for Quarterly Reports on Form 10-Q. Reference should be made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) for additional disclosures, including a summary of the Company’s significant accounting policies.
v3.25.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]  
Disaggregation of Revenue
The Company’s disaggregated net revenue by category and geographic region were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Net revenue by category:
Payment network$5,179 $4,629 $14,556 $12,924 
Value-added services and solutions3,423 2,740 9,429 7,754 
Net revenue$8,602 $7,369 $23,985 $20,678 
Net revenue by geographic region:
Americas 1
$3,651 $3,156 $10,207 $9,093 
Asia Pacific, Europe, Middle East and Africa
4,951 4,213 13,778 11,585 
Net revenue$8,602 $7,369 $23,985 $20,678 
1Americas includes the United States, Canada and Latin America.
The following table sets forth the location of the amounts recognized on the consolidated balance sheets from contracts with customers:
September 30,
2025		December 31,
2024
(in millions)
Receivables from contracts with customers
Accounts receivable
$3,874 $3,491 
Contract assets
Prepaid expenses and other current assets162 210 
Other assets464 460 
Deferred revenue 1
Other current liabilities1,222 890 
Other liabilities378 449 
1    Revenue recognized from performance obligations satisfied for the three and nine months ended September 30, 2025 was $838 million and $2,187 million, respectively
v3.25.3
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2025
Earnings Per Share [Abstract]  
Schedule of Basic and Diluted Earnings Per Share
The components of basic and diluted earnings per share (“EPS”) for common shares were as follows:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except per share data)
Numerator
Net income$3,927 $3,263 $10,908 $9,532 
Denominator
Basic weighted-average shares outstanding903 923 908 928 
Dilutive stock options and stock units1 2 1 2 
Diluted weighted-average shares outstanding 1
905 925 909 930 
Earnings per Share
Basic$4.35 $3.54 $12.02 $10.27 
Diluted$4.34 $3.53 $12.00 $10.25 
Note: Table may not sum due to rounding.
1    For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.
v3.25.3
Investments (Tables)
 9 Months Ended
Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Investments On the Consolidated Balance Sheet
Investments on the consolidated balance sheets consisted of the following:
September 30,
2025		December 31,
2024
(in millions)
Available-for-sale securities
$316 $292 
Held-to-maturity securities 1
19 38 
Total investments $335 $330 
1Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
Available-for-Sale Securities
The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows:
 September 30, 2025December 31, 2024
 Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value		Amortized
Cost		Gross
Unrealized
Gain		Gross
Unrealized
Loss		Fair
Value
(in millions)
Government and agency securities$60 $— $— $60 $80 $— $— $80 
Corporate securities221 1 — 222 187 1 — 188 
Asset-backed securities
34 — — 34 24 — — 24 
Total$315 $1 $— $316 $291 $1 $— $292 
Maturity Distribution Based on Contractual Terms of Investment Securities
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at September 30, 2025 was as follows:
 
 Amortized CostFair Value
 (in millions)
Due within 1 year$110 $110 
Due after 1 year through 5 years205 206 
Total$315 $316 
Equity Investments
The following table is a summary of the activity related to the Company’s equity investments:
 Balance at December 31, 2024PurchasesSales
Changes in Fair Value 1
Other 2
Balance at
September 30,
2025
(in millions)
Marketable securities $237 $— $— $11 $— $248 
Nonmarketable securities1,370 30 — 3 34 1,437 
Total equity investments $1,607 $30 $— $14 $34 $1,685 
1Recorded in gains (losses) on equity investments, net on the consolidated statements of operations.
2Primarily translational impact of currency.
Nonmarketable securities The following table sets forth the components of the Company’s Nonmarketable securities:
September 30,
2025		December 31,
2024
(in millions)
Measurement alternative
$1,184 $1,140 
Equity method
253 230 
Total Nonmarketable securities$1,437 $1,370 
Carrying Value of Measurement Alternative Investments
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through September 30, 2025:
(in millions)
Initial cost basis
$729 
Cumulative adjustments 1:
Upward adjustments667 
Downward adjustments (including impairment)(212)
Carrying amount, end of period$1,184 
1 Includes immaterial translational impact of currency.
Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Measurement alternative investments:
Upward adjustments$25 $3 $31 $10 
Downward adjustments (including impairment)(2)(2)(32)(6)
Marketable securities:
Unrealized gains (losses), net14 (61)11 75 
v3.25.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2025
Financial Instruments, Financial Liabilities, Balance Sheet Groupings [Abstract]  
Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy was as follows:
 September 30, 2025December 31, 2024
 Quoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		TotalQuoted Prices
in Active
Markets
(Level 1)		Significant
Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)		Total
(in millions)
Assets
Investment securities available-for-sale 1:
Government and agency securities$25 $35 $— $60 $36 $44 $— $80 
Corporate securities— 222 — 222 — 188 — 188 
Asset-backed securities
— 34 — 34 — 24 — 24 
Derivative instruments 2:
Foreign exchange contracts— 18 — 18 — 206 — 206 
Marketable securities 3:
Equity securities248 — — 248 237 — — 237 
Deferred compensation plan 4:
Deferred compensation assets114 — — 114 107 — — 107 
Liabilities
Derivative instruments 2:
Foreign exchange contracts$— $182 $— $182 $— $36 $— $36 
Interest rate contracts — 34 — 34 — 63 — 63 
Deferred compensation plan 5:
Deferred compensation liabilities111 — — 111 105 — — 105 
1The Company’s U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. The fair value of the Company’s available-for-sale non-U.S. government and agency securities, corporate securities and asset-backed securities are based on observable inputs such as quoted prices, benchmark yields and issuer spreads for similar assets in active markets and are therefore included in Level 2 of the Valuation Hierarchy.
2The Company’s foreign exchange and interest rate derivative asset and liability contracts measured at fair value are based on observable inputs such as broker quotes for similar derivative instruments. See Note 16 (Derivative and Hedging Instruments) for further details.
3The Company’s Marketable securities are publicly held and fair values are based on unadjusted quoted prices in their respective active markets.
4The Company has a nonqualified deferred compensation plan under which assets are invested primarily in mutual funds held in a rabbi trust or are held as cash equivalents, all of which are restricted for payments to participants of the plan. The Company has elected to use the fair value option for these assets, which are measured using quoted prices of identical instruments in active markets. These are included in prepaid expenses and other current assets and restricted cash and restricted cash equivalents on the consolidated balance sheets.
5The Company has a nonqualified deferred compensation plan under which liabilities are measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants. These are included in other liabilities on the consolidated balance sheets.
v3.25.3
Prepaid Expenses and Other Assets (Tables)
 9 Months Ended
Sep. 30, 2025
Prepaid Expense and Other Assets [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
September 30,
2025		December 31,
2024
(in millions)
Customer incentives
$2,371 $1,854 
Other1,583 1,138 
Total prepaid expenses and other current assets$3,954 $2,992 
Schedule of Other Assets, Noncurrent
Other assets consisted of the following:
September 30,
2025		December 31,
2024
(in millions)
Customer incentives
$7,697 $6,550 
Equity investments1,685 1,607 
Income taxes receivable923 1,002 
Other751 800 
Total other assets$11,056 $9,959 
v3.25.3
Accrued Expenses (Tables)
 9 Months Ended
Sep. 30, 2025
Accrued Liabilities, Current [Abstract]  
Accrued Expenses
Accrued expenses consisted of the following:
September 30,
2025		December 31,
2024
 (in millions)
Customer incentives
$9,267 $7,627 
Personnel costs1,331 1,681 
Income and other taxes713 454 
Other668 631 
Total accrued expenses$11,979 $10,393 
v3.25.3
Debt (Tables)
 9 Months Ended
Sep. 30, 2025
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Debt consisted of the following:
September 30,
2025		December 31,
2024		Effective
Interest Rate
(in millions)
Senior Notes
2025 USD Notes
Floating Rate
Senior Notes due March 2028
$300 $— 
**
4.550 %
Senior Notes due March 2028
450 — 4.727 %
4.950 %
Senior Notes due March 2032
500 — 5.063 %
2024 USD Notes
4.100 %
Senior Notes due January 2028
750 750 4.262 %
4.350 %
Senior Notes due January 2032
1,150 1,150 4.446 %
4.550 %
Senior Notes due January 2035
1,100 1,100 4.633 %
4.875 %
Senior Notes due May 2034
1,000 1,000 5.047 %
2023 USD Notes4.875 %Senior Notes due March 2028750 750 5.003 %
4.850 %Senior Notes due March 2033750 750 4.923 %
2022 EUR Notes
1.000 %Senior Notes due February 2029880 781 1.138 %
2021 USD Notes2.000 %Senior Notes due November 2031750 750 2.112 %
1.900 %Senior Notes due March 2031600 600 1.981 %
2.950 %Senior Notes due March 2051700 700 3.013 %
2020 USD Notes3.300 %Senior Notes due March 20271,000 1,000 3.420 %
3.350 %Senior Notes due March 20301,500 1,500 3.430 %
3.850 %Senior Notes due March 20501,500 1,500 3.896 %
2019 USD Notes2.950 %Senior Notes due June 20291,000 1,000 3.030 %
3.650 %Senior Notes due June 20491,000 1,000 3.689 %
2.000 %Senior Notes due March 2025— 750 2.147 %
2018 USD Notes3.500 %Senior Notes due February 2028500 500 3.598 %
3.950 %Senior Notes due February 2048500 500 3.990 %
2016 USD Notes2.950 %Senior Notes due November 2026750 750 3.044 %
3.800 %Senior Notes due November 2046600 600 3.893 %
2015 EUR Notes
2.100 %Senior Notes due December 2027938 833 2.189 %
2.500 %Senior Notes due December 2030176 156 2.562 %
19,144 18,420 
Less: Unamortized discount and debt issuance costs(127)(131)
Less: Cumulative hedge accounting fair value adjustments 1
(34)(63)
Total debt outstanding18,983 18,226 
Less: Short-term debt 2
— (750)
Long-term debt$18,983 $17,476 
**The $300 million of Senior Notes due March 2028 are Floating Rate Notes that bear interest at a floating rate, reset quarterly, equal to the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44%.
1The Company has an interest rate swap that is accounted for as a fair value hedge. See Note 16 (Derivative and Hedging Instruments) for additional information.
2As of December 31, 2024, the 2019 USD Notes due March 2025 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets.
v3.25.3
Stockholders' Equity (Tables)
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of quarterly cash dividends declared
The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below: 
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions, except per share data)
Dividends declared per share $0.76 $0.66 $2.28 $1.98 
Total dividends declared$684 $607 $2,063 $1,833 
Schedule of Changes in Common Stock Outstanding
The following table presents the changes in the Company’s outstanding Class A and Class B common stock:
Three Months Ended September 30,
20252024
 Class AClass BClass AClass B
(in millions)
Balance at beginning of period899.1 6.7 918.5 7.1 
Purchases of treasury stock(5.8)— (6.3)— 
Share-based payments0.1 — 0.4 — 
Conversion of Class B to Class A common stock— — — — 
Balance at end of period893.4 6.7 912.6 7.1 
Nine Months Ended September 30,
20252024
 Class AClass BClass AClass B
(in millions)
Balance at beginning of period906.6 6.8 927.3 7.2 
Purchases of treasury stock(14.7)— (16.5)— 
Share-based payments1.4 — 1.7 — 
Conversion of Class B to Class A common stock0.1 (0.1)0.1 (0.1)
Balance at end of period893.4 6.7 912.6 7.1 
Schedule of share repurchases and authorizations The following table summarizes the Company’s share repurchases of its Class A common stock:
Nine Months Ended September 30,
20252024
(in millions, except per share data)
Dollar-value of shares repurchased
$8,169 $7,565 
Shares repurchased14.7 16.5 
Average price paid per share$554.47 $458.36 
v3.25.3
Accumulated Other Comprehensive Income (Loss) (Tables)
 9 Months Ended
Sep. 30, 2025
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract]  
Schedule of Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2025 and 2024 were as follows:
December 31, 2024Increase / (Decrease)ReclassificationsSeptember 30, 2025
(in millions)
Foreign currency translation adjustments 1
$(1,558)$581 $— $(977)
Translation adjustments on net investment hedges 2
295 (164)— 131 
Cash flow hedges
Foreign exchange contracts 3
(51)(293)370 26 
Interest rate contracts(113)— 4 (109)
Defined benefit pension and other postretirement plans(6)— — (6)
Investment securities available-for-sale— — — — 
Accumulated other comprehensive income (loss)$(1,433)$124 $374 $(935)
December 31, 2023Increase / (Decrease)ReclassificationsSeptember 30, 2024
(in millions)
Foreign currency translation adjustments 1
$(1,119)$67 $— $(1,052)
Translation adjustments on net investment hedges 2
181 (105)— 76 
Cash flow hedges
Foreign exchange contracts 3
(17)1 56 40 
Interest rate contracts(118)— 3 (115)
Defined benefit pension and other postretirement plans(25)2 — (23)
Investment securities available-for-sale(1)2 — 1 
Accumulated other comprehensive income (loss)$(1,099)$(33)$59 $(1,073)
1For the nine months ended September 30, 2025, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the euro, British pound and Brazilian real against the U.S. dollar. For the nine months ended September 30, 2024, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the British pound against the U.S. dollar, partially offset by the depreciation of the Brazilian real against the U.S. dollar.
2For the nine months ended September 30, 2025, the decrease in the accumulated other comprehensive income related to the net investment hedges was driven primarily by the appreciation of the euro against the U.S. dollar. For the nine months ended September 30, 2024, the decrease in the accumulated other comprehensive income related to the net investment hedges was driven primarily by the appreciation of the British pound against the U.S. dollar. See Note 16 (Derivative and Hedging Instruments) for additional information.
3Represents foreign exchange derivative contracts designated as cash flow hedging instruments. Gains and losses resulting from changes in the fair value of these contracts are deferred in accumulated other comprehensive income (loss) and subsequently reclassified to the consolidated statements of operations when the underlying hedged transactions impact earnings. See Note 16 (Derivative and Hedging Instruments) for additional information.
v3.25.3
Share-Based Payments (Tables)
 9 Months Ended
Sep. 30, 2025
Share-Based Payment Arrangement, Additional Disclosure [Abstract]  
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan
For the nine months ended September 30, 2025, the Company granted the following awards under the Mastercard Incorporated 2006 Long Term Incentive Plan, amended and restated as of June 22, 2021 (the “LTIP”). The LTIP is a stockholder-approved plan that permits the grant of various types of equity awards to employees.
Grants in 2025Weighted-Average
Grant-Date
Fair Value
(in millions)(per option/unit)
Non-qualified stock options0.2$192 
Restricted stock units1.0$566 
Performance stock units0.2$608 
v3.25.3
Settlement and Other Risk Management (Tables)
 9 Months Ended
Sep. 30, 2025
Settlement and Other Risk Management [Abstract]  
Estimated Settlement Exposure and Portion of Uncollateralized Settlement Exposure for Mastercard-Branded Transactions
The Company’s estimated settlement exposure was as follows:
September 30,
2025		December 31,
2024
(in millions)
Gross settlement exposure
$86,585 $78,385 
Risk mitigation arrangements applied to settlement exposure
(15,733)(13,466)
Net settlement exposure
$70,852 $64,919 
v3.25.3
Derivative and Hedging Instruments (Tables)
 9 Months Ended
Sep. 30, 2025
Foreign Currency Derivatives [Abstract]  
Fair value of Company's derivative financial instruments
The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts:
September 30, 2025December 31, 2024
 NotionalDerivative assetsDerivative liabilitiesNotionalDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1
$5,102 $10 $164 $3,951 $135 $6 
Interest rate contracts in a fair value hedge 2
1,000 — 34 1,000 — 63 
Foreign exchange contracts in a net investment hedge 1
— — — 2,511 54 — 
Derivatives not designated as hedging instruments
Foreign exchange contracts 1
3,405 8 18 2,741 17 30 
Total
$9,507 $18 $216 $10,203 $206 $99 
1Foreign exchange derivative assets and liabilities are included within prepaid expenses and other current assets, other assets, other current liabilities and other liabilities on the consolidated balance sheets.
2Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheets.
Gain (loss) related to the Company's derivative financial instruments designated as hedging instruments
The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:
Gain (Loss)
Recognized in Other Comprehensive Income (Loss)
Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (Loss)
Three Months Ended September 30,
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Three Months Ended September 30,
2025202420252024
(in millions)(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts 1
$34 $(110)Net revenue$(16)$— 
General and administrative 2
$10 $(122)
Interest rate contracts$— $— Interest expense$(2)$(2)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts$— $(106)
Gain (Loss)
Recognized in Other Comprehensive Income (Loss)
Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (Loss)
Nine Months Ended September 30,
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Nine Months Ended September 30,
2025202420252024
(in millions)(in millions)
Derivative financial instruments in a cash flow hedge relationship:
Foreign exchange contracts 1
$(314)$3 Net revenue$(31)$— 
General and administrative 2
$(346)$(56)
Interest rate contracts$— $— Interest expense$(5)$(5)
Derivative financial instruments in a net investment hedge relationship:
Foreign exchange contracts $12 $(115)
1Includes immaterial forward points excluded from the effectiveness assessment recognized in other comprehensive income (loss).
2Includes immaterial forward points excluded from the effectiveness assessment recognized in earnings.
Gain (loss) recognized in income for the contracts to purchase and sell foreign currency summary
The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts is summarized below: 
 Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Derivatives not designated as hedging instruments:
Foreign exchange contracts
General and administrative$(19)$1 $61 $72 
v3.25.3
Segment Reporting (Tables)
 9 Months Ended
Sep. 30, 2025
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information, by Segment The following represents the selected financial information of the Payment Solutions segment:
Three Months Ended September 30,Nine Months Ended September 30,
2025202420252024
(in millions)
Net revenue
$8,602 $7,369 $23,985 $20,678 
Less:
Personnel
1,893 1,899 5,433 5,020 
Professional fees
128 129 348 358 
Data processing and telecommunications
324 279 930 820 
Foreign exchange activity
26 16 68 49 
Advertising and marketing
245 220 610 520 
Depreciation and amortization
290 225 846 666 
Provision for litigation
83 176 330 400 
Investment income
(81)(76)(239)(231)
(Gains) losses on equity investments, net
(41)62 (16)69 
Interest expense
186 159 563 462 
Other (income) expense, net
(2)(7)(23)(19)
Income tax expense
1,072 603 2,794 1,831 
Other segment items 1
552 421 1,433 1,201 
Consolidated net income
$3,927 $3,263 $10,908 $9,532 
1Includes fulfillment costs, occupancy costs, travel and meeting expenses and other overhead expenses.
v3.25.3
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2024
Sep. 30, 2025
Business Combination [Line Items]    
Goodwill $ 9,193 $ 9,574
2024 Acquisitions    
Business Combination [Line Items]    
Business acquisition, total consideration $ 2,800  
v3.25.3
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Disaggregation of Revenue [Line Items]        
Net Revenue $ 8,602 $ 7,369 $ 23,985 $ 20,678
Americas 1        
Disaggregation of Revenue [Line Items]        
Net Revenue 3,651 3,156 10,207 9,093
Asia Pacific, Europe, Middle East and Africa        
Disaggregation of Revenue [Line Items]        
Net Revenue 4,951 4,213 13,778 11,585
Payment network        
Disaggregation of Revenue [Line Items]        
Net Revenue 5,179 4,629 14,556 12,924
Value-added services and solutions        
Disaggregation of Revenue [Line Items]        
Net Revenue $ 3,423 $ 2,740 $ 9,429 $ 7,754
v3.25.3
Revenue - Location on Balance Sheet of Amounts Recognized From Contracts With Customers (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accounts receivable    
Disaggregation of Revenue [Line Items]    
Accounts receivable and contract assets $ 3,874 $ 3,491
Prepaid expenses and other current assets    
Disaggregation of Revenue [Line Items]    
Accounts receivable and contract assets 162 210
Other assets    
Disaggregation of Revenue [Line Items]    
Accounts receivable and contract assets 464 460
Other current liabilities    
Disaggregation of Revenue [Line Items]    
Deferred revenue 1,222 890
Other liabilities    
Disaggregation of Revenue [Line Items]    
Deferred revenue $ 378 $ 449
v3.25.3
Revenue - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2025
Revenue from Contract with Customer [Abstract]    
Revenue recognized from performance obligations $ 838 $ 2,187
v3.25.3
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Numerator        
Net income $ 3,927 $ 3,263 $ 10,908 $ 9,532
Denominator        
Basic weighted-average shares outstanding (in shares) 903 923 908 928
Dilutive stock options and stock units (in shares) 1 2 1 2
Diluted weighted-average shares outstanding (in shares) 905 925 909 930
Earnings per Share        
Basic (in dollars per share) $ 4.35 $ 3.54 $ 12.02 $ 10.27
Diluted (in dollars per share) $ 4.34 $ 3.53 $ 12.00 $ 10.25
v3.25.3
Investments - Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Available-for-sale securities $ 316 $ 292
Held-to-maturity securities 19 38
Total investments $ 335 $ 330
v3.25.3
Investments - Available-for-Sale Investment Securities, Unrealized Gains and Losses (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost $ 315 $ 291
Gross Unrealized Gain 1 1
Gross Unrealized Loss 0 0
Fair Value 316 292
Government and agency securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 60 80
Gross Unrealized Gain 0 0
Gross Unrealized Loss 0 0
Fair Value 60 80
Corporate securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 221 187
Gross Unrealized Gain 1 1
Gross Unrealized Loss 0 0
Fair Value 222 188
Asset-backed securities    
Debt Securities, Available-for-sale [Line Items]    
Amortized Cost 34 24
Gross Unrealized Gain 0 0
Gross Unrealized Loss 0 0
Fair Value $ 34 $ 24
v3.25.3
Investments - Maturity Distribution Based on Contractual Terms of Investment Securities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Available-For-Sale Amortized Cost    
Due within 1 year $ 110  
Due after 1 year through 5 years 205  
Amortized Cost 315 $ 291
Available-For-Sale Fair Value    
Due within 1 year 110  
Due after 1 year through 5 years 206  
Total $ 316 $ 292
v3.25.3
Investments - Equity Investments (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2025
USD ($)
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]  
Balance, beginning of period $ 1,607
Purchases 30
Sales 0
Changes in fair value 14
Other 34
Balance, end of period 1,685
Marketable Securities  
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]  
Balance, beginning of period 237
Purchases 0
Sales 0
Changes in fair value 11
Other 0
Balance, end of period 248
Nonmarketable Securities  
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward]  
Balance, beginning of period 1,370
Purchases 30
Sales 0
Changes in fair value 3
Other 34
Balance, end of period $ 1,437
v3.25.3
Investments - Components of Nonmarketable securities (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Nonmarketable Securities [Abstract]    
Measurement alternative $ 1,184 $ 1,140
Equity method 253 230
Total Nonmarketable securities $ 1,437 $ 1,370
v3.25.3
Investments - Carrying Value of Measurement Alternative Investments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Investments, Debt and Equity Securities [Abstract]    
Alternative Investment, Initial Cost Basis $ 729  
Alternative Investment, Upward Price Adjustment, Cumulative Amount 667  
Alternative Investment, Downward Price Adjustment Including Impairment, Cumulative Amount (212)  
Measurement alternative $ 1,184 $ 1,140
v3.25.3
Investments - Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments and Marketable Securities (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Investments, Debt and Equity Securities [Abstract]        
Upward adjustments $ 25 $ 3 $ 31 $ 10
Downward adjustments (including impairment) (2) (2) (32) (6)
Unrealized gains (losses), net $ 14 $ (61) $ 11 $ 75
v3.25.3
Fair Value Measurements - Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Option, Quantitative Disclosures [Line Items]    
Deferred compensation assets $ 114 $ 107
Foreign exchange derivative liabilities 182 36
Deferred compensation liabilities 111 105
Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Deferred compensation assets 114 107
Foreign exchange derivative liabilities 0 0
Deferred compensation liabilities 111 105
Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Deferred compensation assets 0 0
Foreign exchange derivative liabilities 182 36
Deferred compensation liabilities 0 0
Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Deferred compensation assets 0 0
Foreign exchange derivative liabilities 0 0
Deferred compensation liabilities 0 0
Government and agency securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 60 80
Government and agency securities | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 25 36
Government and agency securities | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 35 44
Government and agency securities | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 0 0
Corporate securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 222 188
Corporate securities | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 0 0
Corporate securities | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 222 188
Corporate securities | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 0 0
Equity securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 248 237
Equity securities | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 248 237
Equity securities | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 0 0
Equity securities | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 0 0
Asset-backed securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 34 24
Asset-backed securities | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 0 0
Asset-backed securities | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 34 24
Asset-backed securities | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Investment securities available for sale 0 0
Foreign exchange contracts    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative instrument 18 206
Foreign exchange contracts | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative instrument 0 0
Foreign exchange contracts | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative instrument 18 206
Foreign exchange contracts | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Derivative instrument 0 0
Interest rate contracts    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange derivative liabilities 34 63
Interest rate contracts | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange derivative liabilities 0 0
Interest rate contracts | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange derivative liabilities 34 63
Interest rate contracts | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange derivative liabilities $ 0 $ 0
v3.25.3
Fair Value Measurements - Narrative Fair Value (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt, long-term and short-term, combined amount $ 18,983 $ 18,226
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 18,000 $ 16,800
v3.25.3
Prepaid Expenses and Other Assets - Schedule of Prepaid Expenses (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets [Abstract]    
Customer incentives $ 2,371 $ 1,854
Other 1,583 1,138
Total prepaid expenses and other current assets $ 3,954 $ 2,992
v3.25.3
Prepaid Expenses and Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Prepaid Expense and Other Assets [Abstract]    
Customer incentives $ 7,697 $ 6,550
Equity investments 1,685 1,607
Income taxes receivable 923 1,002
Other 751 800
Total other assets $ 11,056 $ 9,959
v3.25.3
Accrued Expenses - Accrued Expenses (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accrued Liabilities, Current [Abstract]    
Customer incentives $ 9,267 $ 7,627
Personnel costs 1,331 1,681
Income and other taxes 713 454
Other 668 631
Total accrued expenses $ 11,979 $ 10,393
v3.25.3
Accrued Expenses - Accrued Expense (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Accrued Liabilities, Current [Abstract]    
Long-term customer and merchant incentives $ 3,031 $ 2,820
v3.25.3
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Feb. 28, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Long-term debt, gross $ 19,144   $ 18,420
Less: Unamortized discount and debt issuance costs (127)   (131)
Less: Cumulative hedge accounting fair value adjustment (34)   (63)
Total debt outstanding 18,983   18,226
Less: short-term debt 0   (750)
Long-term debt 18,983   17,476
Senior Notes | Floating Rate March 2028 Notes      
Debt Instrument [Line Items]      
Long-term debt, gross $ 300 $ 300 0
Senior Notes | 4.550% March 2028 Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.55% 4.55%  
Long-term debt, gross $ 450 $ 450 0
Effective interest rate 4.727%    
Senior Notes | March 2032 Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.95% 4.95%  
Long-term debt, gross $ 500 $ 500 0
Effective interest rate 5.063%    
Senior Notes | January 2028 Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.10%    
Long-term debt, gross $ 750   750
Effective interest rate 4.262%    
Senior Notes | January 2032 Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.35%    
Long-term debt, gross $ 1,150   1,150
Effective interest rate 4.446%    
Senior Notes | January 2035 Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.55%    
Long-term debt, gross $ 1,100   1,100
Effective interest rate 4.633%    
Senior Notes | May 2034 Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.875%    
Long-term debt, gross $ 1,000   1,000
Effective interest rate 5.047%    
Senior Notes | 4.875% March 2028 Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.875%    
Long-term debt, gross $ 750   750
Effective interest rate 5.003%    
Senior Notes | March 2033 Notes      
Debt Instrument [Line Items]      
Stated interest rate 4.85%    
Long-term debt, gross $ 750   750
Effective interest rate 4.923%    
Senior Notes | February 2029 Notes      
Debt Instrument [Line Items]      
Stated interest rate 1.00%    
Long-term debt, gross $ 880   781
Effective interest rate 1.138%    
Senior Notes | November 2031 Notes      
Debt Instrument [Line Items]      
Stated interest rate 2.00%    
Long-term debt, gross $ 750   750
Effective interest rate 2.112%    
Senior Notes | March 2031 Notes      
Debt Instrument [Line Items]      
Stated interest rate 1.90%    
Long-term debt, gross $ 600   600
Effective interest rate 1.981%    
Senior Notes | March 2051 Notes      
Debt Instrument [Line Items]      
Stated interest rate 2.95%    
Long-term debt, gross $ 700   700
Effective interest rate 3.013%    
Senior Notes | 2027 Notes      
Debt Instrument [Line Items]      
Stated interest rate 3.30%    
Long-term debt, gross $ 1,000   1,000
Effective interest rate 3.42%    
Senior Notes | 2030 Notes      
Debt Instrument [Line Items]      
Stated interest rate 3.35%    
Long-term debt, gross $ 1,500   1,500
Effective interest rate 3.43%    
Senior Notes | Senior Notes Due March 2050      
Debt Instrument [Line Items]      
Stated interest rate 3.85%    
Long-term debt, gross $ 1,500   1,500
Effective interest rate 3.896%    
Senior Notes | 2029 Notes      
Debt Instrument [Line Items]      
Stated interest rate 2.95%    
Long-term debt, gross $ 1,000   1,000
Effective interest rate 3.03%    
Senior Notes | 2049 Notes      
Debt Instrument [Line Items]      
Stated interest rate 3.65%    
Long-term debt, gross $ 1,000   1,000
Effective interest rate 3.689%    
Senior Notes | 2025 Notes      
Debt Instrument [Line Items]      
Stated interest rate 2.00%    
Long-term debt, gross $ 0   750
Effective interest rate 2.147%    
Senior Notes | 2028 Notes      
Debt Instrument [Line Items]      
Stated interest rate 3.50%    
Long-term debt, gross $ 500   500
Effective interest rate 3.598%    
Senior Notes | 2048 Notes      
Debt Instrument [Line Items]      
Stated interest rate 3.95%    
Long-term debt, gross $ 500   500
Effective interest rate 3.99%    
Senior Notes | 2026 Notes      
Debt Instrument [Line Items]      
Stated interest rate 2.95%    
Long-term debt, gross $ 750   750
Effective interest rate 3.044%    
Senior Notes | 2046 Notes      
Debt Instrument [Line Items]      
Stated interest rate 3.80%    
Long-term debt, gross $ 600   600
Effective interest rate 3.893%    
Senior Notes | 2.1% Notes due 2027      
Debt Instrument [Line Items]      
Stated interest rate 2.10%    
Long-term debt, gross $ 938   833
Effective interest rate 2.189%    
Senior Notes | 2.5% Notes due 2030      
Debt Instrument [Line Items]      
Stated interest rate 2.50%    
Long-term debt, gross $ 176   $ 156
Effective interest rate 2.562%    
v3.25.3
Debt - Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Feb. 28, 2025
Sep. 30, 2025
Dec. 31, 2024
Debt Instrument [Line Items]      
Long-term debt, gross   $ 19,144 $ 18,420
Senior Notes | May 2034 Notes      
Debt Instrument [Line Items]      
Long-term debt, gross   $ 1,000 1,000
Stated interest rate   4.875%  
Senior Notes | January 2028 Notes      
Debt Instrument [Line Items]      
Long-term debt, gross   $ 750 750
Stated interest rate   4.10%  
Senior Notes | January 2032 Notes      
Debt Instrument [Line Items]      
Long-term debt, gross   $ 1,150 1,150
Stated interest rate   4.35%  
Senior Notes | January 2035 Notes      
Debt Instrument [Line Items]      
Long-term debt, gross   $ 1,100 1,100
Stated interest rate   4.55%  
Senior Notes | Notes issued 2025, USD      
Debt Instrument [Line Items]      
Proceeds from issuance of debt $ 1,242    
Senior Notes | Floating Rate March 2028 Notes      
Debt Instrument [Line Items]      
Debt instrument, basis spread on variable rate   0.44%  
Long-term debt, gross 300 $ 300 0
Senior Notes | 4.550% March 2028 Notes      
Debt Instrument [Line Items]      
Long-term debt, gross $ 450 $ 450 0
Stated interest rate 4.55% 4.55%  
Senior Notes | March 2032 Notes      
Debt Instrument [Line Items]      
Long-term debt, gross $ 500 $ 500 $ 0
Stated interest rate 4.95% 4.95%  
v3.25.3
Stockholders' Equity - Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Dividends Payable [Line Items]        
Dividends declared per share $ 0.76 $ 0.66 $ 2.28 $ 1.98
Total dividends declared $ 684 $ 607 $ 2,063 $ 1,833
Retained Earnings        
Dividends Payable [Line Items]        
Total dividends declared $ 684 $ 607 $ 2,063 $ 1,833
v3.25.3
Stockholders' Equity - Common Stock Shares Activity (Details) - shares
shares in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Purchases of treasury stock     (14.7) (16.5)
Common Stock | Class A        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Balance at beginning of period 899.1 918.5 906.6 927.3
Purchases of treasury stock (5.8) (6.3) (14.7) (16.5)
Share-based payments 0.1 0.4 1.4 1.7
Conversion of Class B to Class A common stock 0.0 0.0 0.1 0.1
Balance at end of period 893.4 912.6 893.4 912.6
Common Stock | Class B        
Increase (Decrease) in Stockholders' Equity [Roll Forward]        
Balance at beginning of period 6.7 7.1 6.8 7.2
Purchases of treasury stock 0.0 0.0 0.0 0.0
Share-based payments 0.0 0.0 0.0 0.0
Conversion of Class B to Class A common stock 0.0 0.0 (0.1) (0.1)
Balance at end of period 6.7 7.1 6.7 7.1
v3.25.3
Stockholders' Equity - Narrative (Details) - USD ($)
 1 Months Ended 9 Months Ended
Oct. 27, 2025
Sep. 30, 2025
Sep. 30, 2024
Dec. 31, 2024
Dec. 31, 2023
Equity, Class of Treasury Stock [Line Items]          
Remaining authorization   $ 7,000,000,000.0      
Dollar-value of shares repurchased   $ 8,169,000,000 $ 7,565,000,000    
Subsequent Event          
Equity, Class of Treasury Stock [Line Items]          
Remaining authorization $ 5,800,000,000        
Dollar-value of shares repurchased $ 1,200,000,000        
Share Repurchase Plan          
Equity, Class of Treasury Stock [Line Items]          
Authorized amounts under stock repurchase program       $ 12,000,000,000.0 $ 11,000,000,000.0
v3.25.3
Stockholders' Equity - Schedule of Share Repurchases and Authorizations (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Equity [Abstract]    
Dollar-value of shares repurchased $ 8,169 $ 7,565
Shares repurchased 14.7 16.5
Average price paid per share $ 554.47 $ 458.36
v3.25.3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period $ 6,515 $ 6,975
Balance at end of period 7,919 7,475
Foreign currency translation adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (1,558) (1,119)
Increase / (Decrease) 581 67
Reclassifications 0 0
Balance at end of period (977) (1,052)
Translation adjustments on net investment hedge    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period 295 181
Increase / (Decrease) (164) (105)
Reclassifications 0 0
Balance at end of period 131 76
Defined benefit pension and other postretirement plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (6) (25)
Increase / (Decrease) 0 2
Reclassifications 0 0
Balance at end of period (6) (23)
Investment securities available-for-sale    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period 0 (1)
Increase / (Decrease) 0 2
Reclassifications 0 0
Balance at end of period 0 1
Accumulated other comprehensive income (loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (1,433) (1,099)
Increase / (Decrease) 124 (33)
Reclassifications 374 59
Balance at end of period (935) (1,073)
Foreign exchange contracts | Cash flow hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (51) (17)
Increase / (Decrease) (293) 1
Reclassifications 370 56
Balance at end of period 26 40
Interest rate contracts | Cash flow hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (113) (118)
Increase / (Decrease) 0 0
Reclassifications 4 3
Balance at end of period $ (109) $ (115)
v3.25.3
Share-Based Payments - Types of Equity Awards (Details)
shares in Millions
 9 Months Ended
Sep. 30, 2025
$ / shares
shares
Share-Based Payments  
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | shares 0.2
Fair value of stock options, per share, estimated using a Black-Scholes option pricing model | $ / shares $ 192
Restricted stock units  
Share-Based Payments  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares 1.0
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted-Average Grant-Date Fair Value | $ / shares $ 566
Performance stock units  
Share-Based Payments  
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | shares 0.2
Share-Based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted-Average Grant-Date Fair Value | $ / shares $ 608
v3.25.3
Share-Based Payments - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
Share-based Payment Arrangement, Option  
Share-Based Payments  
Share-Based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term 6 years
Share-Based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate 27.40%
Share-Based Compensation Arrangement By Share-based Payment Award Options Term 10 years
Share-Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years
Restricted Stock Units (RSUs) Granted On or After March 1, 2020  
Share-Based Payments  
Share-Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years
Performance stock units  
Share-Based Payments  
Share-Based Compensation Arrangement by Share-based Payment Award, Award Vesting Period 3 years
PSUs granted on or after March 1, 2019, shares issuable upon vesting, mandatory deferral period 1 year
v3.25.3
Income Taxes (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Income Tax Disclosure [Abstract]        
Effective income tax rate (as a percent) 21.50% 15.60% 20.40% 16.10%
v3.25.3
Legal and Regulatory Proceedings (Details)
£ in Millions, € in Billions
 3 Months Ended 9 Months Ended 12 Months Ended 81 Months Ended
Sep. 30, 2025
USD ($)
merchant
Sep. 30, 2025
GBP (£)
Sep. 30, 2025
USD ($)
merchant
Sep. 30, 2025
USD ($)
defendant
merchant
fax
Sep. 30, 2025
GBP (£)
defendant
fax
Sep. 30, 2025
EUR (€)
defendant
fax
Dec. 31, 2011
plaintiff
Sep. 30, 2025
USD ($)
merchant
Sep. 30, 2025
GBP (£)
merchant
Dec. 31, 2024
USD ($)
Dec. 31, 2024
GBP (£)
Dec. 31, 2023
complaint
Dec. 31, 2018
Legal And Regulatory                          
Accrued litigation $ 943,000,000   $ 943,000,000 $ 943,000,000       $ 943,000,000   $ 930,000,000      
Unsolicited faxes | fax       381,000 381,000 381,000              
Damages sought per fax (in usd per fax)       $ 500                  
2022 Mastercard and Visa Proposed Collective Action Complaint in the U.K.                          
Legal And Regulatory                          
Amount of damages sought (that exceeds) 1,300,000,000 £ 1,000                      
Proposed U.K. Interchange Collective Action                          
Legal And Regulatory                          
Amount of damages sought (that exceeds)       $ 13,000,000,000 £ 10,000                
Claims dismissed, number of years       5 years 5 years 5 years              
Loss contingency accrual 268,000,000   268,000,000 $ 268,000,000       268,000,000     £ 200    
Portugal Proposed Interchange Collective Action                          
Legal And Regulatory                          
Amount of damages sought (that exceeds)       $ 500,000,000   € 0.4              
Period of damages       20 years 20 years 20 years              
Netherlands Interchange Collective Action                          
Legal And Regulatory                          
Amount of damages sought (that exceeds)       $ 400,000,000   € 0.3              
ATM Operators Complaint                          
Legal And Regulatory                          
Number of claims | complaint                       3  
Amount of damages sought (that exceeds)       1,000,000,000                  
Loss contingency accrual                   93,000,000      
Number of plaintiffs in case | plaintiff             13            
U.S. Liability Shift Litigation                          
Legal And Regulatory                          
Amount of damages sought (that exceeds)       $ 1,000,000,000                  
Number of defendants | defendant       4 4 4              
Loss contingency accrual in period     80,000,000                    
Non-bank ATM Consumer Class Complaint                          
Legal And Regulatory                          
Loss contingency accrual 79,000,000   79,000,000 $ 79,000,000       79,000,000          
Unresolved | U.K. Merchant Lawsuit Settlement                          
Legal And Regulatory                          
Unresolved damages claims $ 300,000,000   $ 300,000,000 $ 300,000,000       $ 300,000,000 £ 200        
Event Involving Visa Parties, Member Banks and Mastercard                          
Legal And Regulatory                          
Percent of settlement Mastercard would pay             12.00%            
Event Involving Member Banks and Mastercard                          
Legal And Regulatory                          
Percent of settlement Mastercard would pay             36.00%            
U.S. Merchant Litigation - Class Litigation                          
Legal And Regulatory                          
Number of claims | merchant 55   55 55       55 55        
Unresolved damages claims $ 10,000,000,000   $ 10,000,000,000 $ 10,000,000,000       $ 10,000,000,000          
Percent of damages attributable to Mastercard 0.36   0.36 0.36       0.36 0.36        
Number of pending claims scheduled for trial | merchant 6   6 6       6 6        
U.S. Merchant Litigation - Class Litigation | Maximum                          
Legal And Regulatory                          
Percentage of merchant opt outs to terminate agreement                         25.00%
U.S. Merchant Litigation - Class Litigation | Minimum                          
Legal And Regulatory                          
Mastercard's U.S. interchange volume represented by opt-out merchant and damages class settlement, percentage 90.00%   90.00% 90.00%       90.00% 90.00%        
U.S. Merchant Litigation - Opt-Out | Minimum | Settled Litigation                          
Legal And Regulatory                          
Number of claims settled | merchant               250          
U.S. Merchant Lawsuit Settlement                          
Legal And Regulatory                          
Accrued litigation $ 512,000,000   $ 512,000,000 $ 512,000,000       $ 512,000,000   $ 559,000,000      
v3.25.3
Settlement and Other Risk Management - Estimated Settlement Exposure (Details) - Guarantee Obligations - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Risks Inherent in Servicing Assets and Servicing Liabilities    
Gross settlement exposure $ 86,585 $ 78,385
Risk mitigation arrangements applied to settlement exposure (15,733) (13,466)
Net settlement exposure $ 70,852 $ 64,919
v3.25.3
Derivative and Hedging Instruments - Narrative (Details)
€ in Millions, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Dec. 31, 2024
EUR (€)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
USD ($)
Sep. 30, 2024
USD ($)
Sep. 30, 2025
EUR (€)
Dec. 31, 2024
USD ($)
Dec. 31, 2024
EUR (€)
Foreign Exchange Risk Management                
Unrealized gain (loss) on net investment hedges, before tax   $ 0 $ (106) $ 12 $ (115)      
Senior Notes Due March 2050 | Senior Notes                
Foreign Exchange Risk Management                
Long-term debt related to interest rate swap   $ 1,000   $ 1,000        
Stated interest rate   3.85%   3.85%   3.85%    
Euro-Denominated Debt                
Foreign Exchange Risk Management                
Unrealized gain (loss) on net investment hedges, before tax   $ (2) $ (77) $ (222) $ (19)      
Cash Flow Hedging                
Foreign Exchange Risk Management                
Derivative, term of contract       18 months        
Terms of the foreign currency forward contracts and foreign currency option contracts, less than       7 years        
Net Investment Hedging                
Foreign Exchange Risk Management                
Notional amount designated | €           € 1,700   € 1,300
Net Investment Hedging | Euro-Denominated Debt                
Foreign Exchange Risk Management                
Derivative, de-designated, amount | € € 400              
Net foreign currency transaction after tax gain in AOCI   $ 131   $ 131     $ 295  
v3.25.3
Derivative and Hedging Instruments - Fair Value of Company's Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Sep. 30, 2025
Dec. 31, 2024
Foreign Exchange Risk Management    
Notional $ 9,507 $ 10,203
Derivative assets 18 206
Derivative liabilities 216 99
Derivatives not designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses, Other Current Assets, Other Assets, and Other Current Liabilities    
Foreign Exchange Risk Management    
Notional 3,405 2,741
Derivative assets 8 17
Derivative liabilities 18 30
Cash Flow Hedging | Derivatives designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses, Other Current Assets, Other Assets, and Other Current Liabilities    
Foreign Exchange Risk Management    
Notional 5,102 3,951
Derivative assets 10 135
Derivative liabilities 164 6
Fair Value Hedging | Derivatives designated as hedging instruments | Interest rate contracts | Other Current Liabilities and Other Liabilities    
Foreign Exchange Risk Management    
Notional 1,000 1,000
Derivative assets 0 0
Derivative liabilities 34 63
Net Investment Hedging | Derivatives designated as hedging instruments | Foreign exchange contracts | Prepaid Expenses, Other Current Assets, Other Assets, and Other Current Liabilities    
Foreign Exchange Risk Management    
Notional 0 2,511
Derivative assets 0 54
Derivative liabilities $ 0 $ 0
v3.25.3
Derivative and Hedging Instruments - Gain (Loss) Related to the Company's Derivative Financial Instruments Designated as Hedging Instruments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Foreign Exchange Risk Management        
Unrealized gain (loss) on cash flow hedges, before tax $ 34 $ (110) $ (314) $ 3
Realized gain (loss) on cash flow hedges reclassified from AOCI (8) (124) (382) (61)
Unrealized gain (loss) on net investment hedges, before tax 0 (106) 12 (115)
Foreign exchange contracts        
Foreign Exchange Risk Management        
Unrealized gain (loss) on cash flow hedges, before tax 34 (110) (314) 3
Foreign exchange contracts | Net revenue        
Foreign Exchange Risk Management        
Realized gain (loss) on cash flow hedges reclassified from AOCI (16) 0 (31) 0
Foreign exchange contracts | General and administrative        
Foreign Exchange Risk Management        
Realized gain (loss) on cash flow hedges reclassified from AOCI 10 (122) (346) (56)
Interest rate contracts        
Foreign Exchange Risk Management        
Unrealized gain (loss) on cash flow hedges, before tax 0 0 0 0
Interest rate contracts | Interest expense        
Foreign Exchange Risk Management        
Realized gain (loss) on cash flow hedges reclassified from AOCI $ (2) $ (2) $ (5) $ (5)
v3.25.3
Derivative and Hedging Instruments - Gain (Loss) Recognized in Income for the Contracts to Purchase and Sell Foreign Currency Summary (Details) - Foreign exchange contracts - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Foreign Exchange Risk Management        
(Gain) loss for contracts to purchase and sell foreign currency $ (19) $ 1 $ 61 $ 72
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and administrative General and administrative General and administrative General and administrative
v3.25.3
Segment Reporting (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2025
Sep. 30, 2024
Sep. 30, 2025
Sep. 30, 2024
Segment Reporting Information [Line Items]        
Net Revenue $ 8,602 $ 7,369 $ 23,985 $ 20,678
Advertising and marketing 245 220 610 520
Depreciation and amortization 290 225 846 666
Provision for litigation 83 176 330 400
Investment income 81 76 239 231
Interest expense 186 159 563 462
Other (income) expense, net (2) (7) (23) (19)
Income tax expense 1,072 603 2,794 1,831
Net Income 3,927 3,263 10,908 9,532
Payment Solutions        
Segment Reporting Information [Line Items]        
Net Revenue 8,602 7,369 23,985 20,678
Labor and Related Expense 1,893 1,899 5,433 5,020
Professional Fees 128 129 348 358
Information Technology and Data Processing 324 279 930 820
(Gain) loss for contracts to purchase and sell foreign currency 26 16 68 49
Advertising and marketing 245 220 610 520
Depreciation and amortization 290 225 846 666
Provision for litigation 83 176 330 400
Investment income (81) (76) (239) (231)
Equity Securities, FV-NI And Without Readily Determinable Fair Value, (Gain) Loss (41) 62 (16) 69
Interest expense 186 159 563 462
Other (income) expense, net (2) (7) (23) (19)
Income tax expense 1,072 603 2,794 1,831
Segment Reporting, Other Segment Item, Amount 552 421 1,433 1,201
Net Income $ 3,927 $ 3,263 $ 10,908 $ 9,532
v3.25.3
Segment Reporting - Narrative (Details)
 9 Months Ended
Sep. 30, 2025
segment
Segment Reporting [Abstract]  
Number of operating segments 1