MASTERCARD INC, 10-Q filed on 4/30/2026
Quarterly Report
v3.26.1
Cover - shares
 3 Months Ended
Mar. 31, 2026
Apr. 27, 2026
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Mar. 31, 2026  
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 2026  
Document Fiscal Period Focus Q1  
Amendment Flag false  
Class A Common Stock    
Title of 12(b) Security Class A Common Stock, par value $0.0001 per share  
Trading Symbol MA  
Security Exchange Name NYSE  
Entity Common Stock, Shares Outstanding   877,036,230
2.1% Notes due 2027    
Title of 12(b) Security 2.1% Notes due 2027  
Trading Symbol MA27  
Security Exchange Name NYSE  
1.0% Notes due 2029    
Title of 12(b) Security 1.0% Notes due 2029  
Trading Symbol MA29A  
Security Exchange Name NYSE  
2.5% Notes due 2030    
Title of 12(b) Security 2.5% Notes due 2030  
Trading Symbol MA30  
Security Exchange Name NYSE  
Class B Common Stock    
Entity Common Stock, Shares Outstanding   6,547,625
v3.26.1
Consolidated Statements of Operations - USD ($)
shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Statement [Abstract]    
Net Revenue $ 8,398 $ 7,250
Operating Expenses:    
General and administrative 3,039 2,523
Advertising and marketing 153 152
Depreciation and amortization 299 275
Provision for litigation 0 151
Total operating expenses 3,491 3,101
Operating income 4,907 4,149
Other Income (Expense):    
Investment income 81 88
Gains (losses) on equity investments, net (66) (29)
Interest expense (185) (182)
Other income (expense), net 75 5
Total other income (expense) (95) (118)
Income before income taxes 4,812 4,031
Income tax expense 930 751
Net Income $ 3,882 $ 3,280
Basic Earnings per Share (in dollars per share) $ 4.35 $ 3.60
Basic weighted-average shares outstanding (in shares) 891 912
Diluted Earnings per Share (in dollars per share) $ 4.35 $ 3.59
Diluted weighted-average shares outstanding (in shares) 893 914
v3.26.1
Consolidated Statements of Comprehensive Income - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Statement of Comprehensive Income [Abstract]    
Net Income $ 3,882 $ 3,280
Other comprehensive income (loss):    
Foreign currency translation adjustments (28) 275
Income tax effect 8 (12)
Foreign currency translation adjustments, net of income tax effect (20) 263
Translation adjustments on net investment hedges 47 (53)
Income tax effect (10) 12
Translation adjustments on net investment hedges, net of income tax effect 37 (41)
Cash flow hedges 118 (48)
Income tax effect (5) 5
Reclassification adjustments for cash flow hedges (71) 98
Income tax effect (5) 1
Cash flow hedges, net of income tax effect 37 56
Investment securities available-for-sale (2) 0
Income tax effect 1 0
Investment securities available-for-sale, net of income tax effect (1) 0
Other comprehensive income (loss), net of income tax effect 53 278
Comprehensive Income $ 3,935 $ 3,558
v3.26.1
Consolidated Balance Sheets - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Current assets:    
Cash and cash equivalents $ 7,906 $ 10,566
Restricted cash and restricted cash equivalents 551 561
Restricted security deposits held for customers 2,307 2,121
Investments 313 332
Accounts receivable 4,720 4,609
Settlement assets 2,062 1,626
Prepaid expenses and other current assets 4,639 3,743
Total current assets 22,498 23,558
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,818 and $2,756, respectively 2,349 2,303
Deferred income taxes 1,396 1,567
Goodwill 9,525 9,560
Other intangible assets, net of accumulated amortization of $3,242 and $3,096, respectively 5,495 5,554
Other assets 11,186 11,615
Total Assets 52,449 54,157
Current liabilities:    
Accounts payable 1,030 999
Settlement obligations 2,544 2,409
Restricted security deposits held for customers 2,307 2,121
Accrued litigation 339 800
Accrued expenses 12,327 13,272
Short-term debt 1,748 749
Other current liabilities 2,639 2,412
Total current liabilities 22,934 22,762
Long-term debt 17,212 18,251
Deferred income taxes 331 307
Other liabilities 5,250 5,091
Total Liabilities 45,727 46,411
Commitments and Contingencies
Stockholders’ Equity    
Additional paid-in-capital 6,843 6,907
Class A treasury stock, at cost, 526 and 518 shares, respectively (87,342) (83,224)
Retained earnings 88,146 85,035
Accumulated other comprehensive income (loss) (928) (981)
Mastercard Incorporated Stockholders' Equity 6,719 7,737
Non-controlling interests 3 9
Total Equity 6,722 7,746
Total Liabilities and Equity 52,449 54,157
Class A Common Stock    
Stockholders’ Equity    
Common stock 0 0
Class B Common Stock    
Stockholders’ Equity    
Common stock $ 0 $ 0
v3.26.1
Consolidated Balance Sheets (Parenthetical) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accumulated depreciation and amortization $ 2,818 $ 2,756
Other intangible assets, accumulated amortization $ 3,242 $ 3,096
Class A treasury stock (in shares) 526,000,000 518,000,000
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) 1,406,000,000 1,406,000,000
Common stock, outstanding (in shares) 880,000,000 887,000,000
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
v3.26.1
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, 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 3,280         3,280   3,280  
Activity related to non-controlling interests (5)               (5)
Other comprehensive income (loss) 278           278 278  
Dividends (692)         (692)   (692)  
Purchases of treasury stock (2,573)       (2,573)     (2,573)  
Share-based payments (107)     (116) 9     (107)  
Balance at end of period at Mar. 31, 2025 6,696 0 0 6,326 (73,995) 75,495 (1,155) 6,671 25
Balance at beginning of period at Dec. 31, 2025 7,746 0 0 6,907 (83,224) 85,035 (981) 7,737 9
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 3,882         3,882   3,882  
Activity related to non-controlling interests (6)               (6)
Other comprehensive income (loss) 53           53 53  
Dividends (771)         (771)   (771)  
Purchases of treasury stock (4,125)       (4,125)     (4,125)  
Share-based payments (57)     (64) 7     (57)  
Balance at end of period at Mar. 31, 2026 $ 6,722 $ 0 $ 0 $ 6,843 $ (87,342) $ 88,146 $ (928) $ 6,719 $ 3
v3.26.1
Consolidated Statements of Cash Flows - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Operating Activities    
Net income $ 3,882 $ 3,280
Adjustments to reconcile net income to net cash provided by operating activities:    
Amortization of customer incentives 620 476
Depreciation and amortization 299 275
(Gains) losses on equity investments, net 66 29
Share-based compensation 136 129
Deferred income taxes 193 37
Other 17 38
Changes in operating assets and liabilities:    
Accounts receivable (110) (118)
Settlement assets (437) (296)
Prepaid expenses (2,061) (1,458)
Accrued litigation and legal settlements (461) 119
Restricted security deposits held for customers 199 26
Accounts payable 14 80
Settlement obligations 135 124
Accrued expenses 39 (784)
Net change in other assets and liabilities 468 423
Net cash provided by operating activities 2,999 2,380
Investing Activities    
Purchases of investment securities available-for-sale (68) (119)
Purchases of investments held-to-maturity 0 (8)
Proceeds from sales of investment securities available-for-sale 24 49
Proceeds from maturities of investment securities available-for-sale 44 76
Proceeds from maturities of investments held-to-maturity 13 16
Purchases of property and equipment (154) (159)
Capitalized software (181) (198)
Other investing activities (40) 3
Net cash used in investing activities (362) (340)
Financing Activities    
Purchases of treasury stock (4,035) (2,549)
Dividends paid (777) (694)
Proceeds from debt, net 0 1,242
Payment of debt 0 (750)
Tax withholdings related to share-based payments (204) (277)
Cash proceeds from employee stock plans 11 41
Net cash used in financing activities (5,005) (2,987)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents (116) 121
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents (2,484) (826)
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period 13,248 10,808
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period $ 10,764 $ 9,982
v3.26.1
Summary of Significant Accounting Policies
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, 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, 2025 was derived from the audited consolidated financial statements as of December 31, 2025. The consolidated financial statements for the three months ended March 31, 2026 and 2025 and as of March 31, 2026 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 months ended March 31, 2026 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, 2025 (“2025 Form 10-K”) for additional disclosures, including a summary of the Company’s significant accounting policies.
v3.26.1
Acquisitions
 3 Months Ended
Mar. 31, 2026
Business Combination [Abstract]  
Acquisitions Acquisitions
In March 2026, Mastercard entered into a definitive agreement to acquire a 100% equity interest in BVNK Holdings Limited (“BVNK”), a provider of stablecoin infrastructure, for $1.5 billion, excluding customary closing adjustments. The sellers of BVNK have the potential to earn additional contingent consideration of up to $300 million if certain performance targets are met. The transaction is subject to regulatory approval and other customary closing conditions. The Company anticipates completing the acquisition before the end of 2026. Upon completion, this acquisition is expected to expand Mastercard’s capabilities to support digital assets and value movement.
v3.26.1
Revenue
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(in millions)
Net revenue by category:
Payment network$4,948 $4,432 
Value-added services and solutions3,450 2,818 
Net revenue$8,398 $7,250 
Net revenue by geographic region:
Americas 1
$3,564 $3,151 
Asia Pacific, Europe, Middle East and Africa
4,834 4,099 
Net revenue$8,398 $7,250 
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:
March 31,
2026		December 31,
2025
(in millions)
Receivables from contracts with customers
Accounts receivable
$3,985 $4,010 
Contract assets
Prepaid expenses and other current assets165 189 
Other assets491 508 
Deferred revenue 1
Other current liabilities1,409 1,137 
Other liabilities449 424 
1    Revenue recognized from performance obligations satisfied for the three months ended March 31, 2026 was $752 million
v3.26.1
Earnings Per Share
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(in millions, except per share data)
Numerator
Net income$3,882 $3,280 
Denominator
Basic weighted-average shares outstanding891 912 
Dilutive stock options and stock units1 2 
Diluted weighted-average shares outstanding 1
893 914 
Earnings per Share
Basic$4.35 $3.60 
Diluted$4.35 $3.59 
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.
v3.26.1
Investments
 3 Months Ended
Mar. 31, 2026
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:
March 31,
2026		December 31,
2025
(in millions)
Available-for-sale securities
$313 $319 
Held-to-maturity securities 1
— 13 
Total investments $313 $332 
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 months ended March 31, 2026 and 2025 were not material.
Available-for-Sale Securities
The Company’s available-for-sale securities consist of corporate securities, government and agency securities and asset-backed securities. 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 March 31, 2026 and December 31, 2025 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 as of March 31, 2026 and December 31, 2025 were not material 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 March 31, 2026 was as follows:
 
 Amortized CostFair Value
 (in millions)
Due within 1 year$103 $103 
Due after 1 year through 5 years211 210 
Total$314 $313 
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, 2025PurchasesSales
Changes in Fair Value 1
Other 2
Balance at
March 31,
2026
(in millions)
Marketable securities $203 $— $— $(45)$— $158 
Nonmarketable securities1,502 48 (1)(21)(9)1,519 
Total equity investments $1,705 $48 $(1)$(66)$(9)$1,677 
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:
March 31,
2026		December 31,
2025
(in millions)
Measurement alternative
$1,246 $1,242 
Equity method
273 260 
Total Nonmarketable securities$1,519 $1,502 
The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through March 31, 2026:
(in millions)
Initial cost basis
$973 
Cumulative adjustments 1:
Upward adjustments516 
Downward adjustments (including impairment)(243)
Carrying amount, end of period$1,246 
1 Includes immaterial translational impact of currency.
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
Three Months Ended March 31,
20262025
(in millions)
Measurement alternative investments:
Upward adjustments$— $2 
Downward adjustments (including impairment)(30)(3)
Marketable securities:
Unrealized gains (losses), net(45)(32)
v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
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:
 March 31, 2026December 31, 2025
 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 securities 1
$21 $292 $— $313 $20 $299 $— $319 
Derivative instruments 2:
Foreign exchange contracts— 54 — 54 — 35 — 35 
Marketable securities 3:
Equity securities158 — — 158 203 — — 203 
Liabilities
Derivative instruments 2:
Foreign exchange contracts$— $97 $— $97 $— $160 $— $160 
Interest rate contracts — 25 — 25 — 27 — 27 
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.
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 March 31, 2026, the carrying value and fair value of debt was $19.0 billion and $17.7 billion, respectively. At December 31, 2025, the carrying value and fair value of debt was $19.0 billion and $18.0 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.
v3.26.1
Prepaid Expenses and Other Assets
 3 Months Ended
Mar. 31, 2026
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:
March 31,
2026		December 31,
2025
(in millions)
Customer incentives
$3,194 $2,531 
Other1,445 1,212 
Total prepaid expenses and other current assets$4,639 $3,743 
Other assets consisted of the following:
March 31,
2026		December 31,
2025
(in millions)
Customer incentives
$7,444 $7,870 
Equity investments1,677 1,705 
Income taxes receivable1,083 1,101 
Other982 939 
Total other assets$11,186 $11,615 
v3.26.1
Accrued Expenses
 3 Months Ended
Mar. 31, 2026
Accrued Liabilities, Current [Abstract]  
Accrued Expenses Accrued Expenses
Accrued expenses consisted of the following:
March 31,
2026		December 31,
2025
 (in millions)
Customer incentives
$9,598 $9,958 
Personnel costs844 1,716 
Income and other taxes1,156 914 
Other729 684 
Total accrued expenses$12,327 $13,272 
As of March 31, 2026 and December 31, 2025, long-term customer incentives included in other liabilities were $3,075 million and $3,041 million, respectively.
v3.26.1
Debt
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Debt Debt
Debt consisted of the following:
March 31,
2026		December 31,
2025		Effective
Interest Rate
(in millions)
Senior Notes
2025 USD Notes
Floating Rate
Senior Notes due March 2028
$300 $300 
**
4.550 %
Senior Notes due March 2028
450 450 4.727 %
4.950 %
Senior Notes due March 2032
500 500 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 2029861 882 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 %
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 2027919 941 2.189 %
2.500 %Senior Notes due December 2030172 176 2.562 %
19,102 19,149 
Less: Unamortized discount and debt issuance costs(117)(122)
Less: Cumulative hedge accounting fair value adjustments 1
(25)(27)
Total debt outstanding18,960 19,000 
Less: Short-term debt 2
(1,748)(749)
Long-term debt$17,212 $18,251 
**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 March 31, 2026, the 2016 USD Notes due November 2026 and the 2020 USD Notes due March 2027 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets. As of December 31, 2025, the 2016 USD Notes due November 2026 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets.
Commercial Paper Program and Credit Facility
The Company has a commercial paper program (the “Commercial Paper Program”) under which the Company is authorized to issue up to $8 billion in unsecured commercial paper notes with maturities of up to 397 days from the date of issuance. The Commercial Paper Program is available in U.S. dollars.
In conjunction with the Commercial Paper Program, the Company has a committed five-year unsecured $8 billion revolving credit facility (the “Credit Facility”). The Credit Facility is set to expire on November 7, 2030. Borrowings under the Credit Facility are available in U.S. dollars and/or euros. The facility fee under the Credit Facility is determined according to the Company’s credit rating and is payable on the average daily commitment, regardless of usage, per annum. In addition to the facility fee, interest rates on borrowings under the Credit Facility would be based on prevailing market interest rates plus applicable margins that fluctuate based on the Company’s credit rating. The Credit Facility contains customary representations, warranties, affirmative and negative covenants, events of default and indemnification provisions. The Company was in compliance, in all material respects, with the covenants of the Credit Facility at March 31, 2026 and December 31, 2025.
Borrowings under the Commercial Paper Program and the Credit Facility, which may total up to $8 billion, are to be used to provide liquidity for general corporate purposes, including providing liquidity in the event of one or more settlement failures by the Company’s customers. The Company may borrow and repay amounts under the Commercial Paper Program and Credit Facility for business continuity purposes.
At March 31, 2026 and December 31, 2025, the Company had no borrowings under the Commercial Paper Program or Credit Facility. During April 2026, the Company issued commercial paper. As of April 27, 2026, the Company had $2.5 billion of commercial paper outstanding, with a weighted-average interest rate of 3.82%, to be used for general corporate purposes. The Commercial Paper Program is supported by the Credit Facility.
v3.26.1
Stockholders' Equity
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(in millions, except per share data)
Dividends declared per share $0.87 $0.76 
Total dividends declared$771 $692 
Common Stock Activity
The following table presents the changes in the Company’s outstanding Class A and Class B common stock:
Three Months Ended March 31,
20262025
 Class AClass BClass AClass B
(in millions)
Balance at beginning of period887.3 6.6 906.6 6.8 
Purchases of treasury stock(7.8)— (4.7)— 
Share-based payments0.8 — 1.1 — 
Conversion of Class B to Class A common stock— — — — 
Balance at end of period880.3 6.6 903.0 6.8 
In December 2025 and 2024, the Company’s Board of Directors approved programs authorizing the Company to repurchase shares of its Class A common stock up to $14.0 billion and $12.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock:
Three Months Ended March 31,
20262025
(in millions, except per share data)
Dollar-value of shares repurchased
$4,035 $2,549 
Shares repurchased7.8 4.7 
Average price paid per share$519.67 $541.38 
As of March 31, 2026, the remaining authorization under share repurchase programs approved by the Company’s Board of Directors was $13.4 billion. Through April 27, 2026, the Company repurchased $1.7 billion dollar-value of shares. As of April 27, 2026, the remaining authorization under share repurchase programs approved by the Company’s Board of Directors was $11.7 billion.
v3.26.1
Accumulated Other Comprehensive Income (Loss)
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and 2025 were as follows:
December 31, 2025Increase / (Decrease)ReclassificationsMarch 31, 2026
(in millions)
Foreign currency translation adjustments 1
$(1,034)$(20)$— $(1,054)
Translation adjustments on net investment hedges 2
126 37 — 163 
Cash flow hedges
Foreign exchange contracts 3
46 113 (78)81 
Interest rate contracts(107)— 2 (105)
Defined benefit pension and other postretirement plans(12)— — (12)
Investment securities available-for-sale— (1)— (1)
Accumulated other comprehensive income (loss)$(981)$129 $(76)$(928)
December 31, 2024Increase / (Decrease)ReclassificationsMarch 31, 2025
(in millions)
Foreign currency translation adjustments 1
$(1,558)$263 $— $(1,295)
Translation adjustments on net investment hedges 2
295 (41)— 254 
Cash flow hedges
Foreign exchange contracts 3
(51)(43)97 3 
Interest rate contracts(113)— 2 (111)
Defined benefit pension and other postretirement plans(6)— — (6)
Accumulated other comprehensive income (loss)$(1,433)$179 $99 $(1,155)
1For the three months ended March 31, 2026, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the British pound, partially offset by the appreciation of the Brazilian Real against the U.S. dollar. For the three months ended March 31, 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.
2For the three months ended March 31, 2026, the increase in the accumulated other comprehensive income related to the net investment hedges was driven primarily by the depreciation of the euro against the U.S. dollar. For the three months ended March 31, 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. 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.
v3.26.1
Share-Based Payments
 3 Months Ended
Mar. 31, 2026
Share-Based Payment Arrangement, Additional Disclosure [Abstract]  
Share-Based Payments Share-Based Payments
For the three months ended March 31, 2026, 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 2026Weighted-Average
Grant-Date
Fair Value
(in millions)(per option/unit)
Non-qualified stock options0.2$165 
Restricted stock units1.0$511 
Performance stock units0.2$503 
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 2026 was estimated to be six years, while the expected volatility was determined to be 27.5%. 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.
v3.26.1
Income Taxes
 3 Months Ended
Mar. 31, 2026
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The effective income tax rates for the three months ended March 31, 2026 and 2025 were 19.3% and 18.6%, respectively. The higher effective income tax rate for the three months ended March 31, 2026, versus the comparable period in 2025, was primarily due to lower net discrete tax benefits in 2026.
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.
v3.26.1
Legal and Regulatory Proceedings
 3 Months Ended
Mar. 31, 2026
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 (the “Damages Class Settlement Agreement”), 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. In April 2026, a putative class action was filed on behalf of U.S. merchants seeking damages related to interchange fees associated with Mastercard and Visa credit card transactions since January 2019. The named plaintiffs concurrently filed a motion for summary judgment before the court that oversaw the Damages Class litigation seeking a declaration that the release from the Damages Class Settlement Agreement (which by its terms prospectively releases the damages claims of U.S. merchants who did not opt out of the class through August 2028) does not bar their damages claims. Briefing on this motion has not yet been scheduled.
Mastercard has reached settlements with the vast majority of the remaining individual opt-out merchants. The opt-out merchant settlements, along with the Damages Class Settlement Agreement, represent over 95% of Mastercard’s U.S. interchange volume. Mastercard continues to litigate with two groups of remaining opt-out merchants. The first group includes six opt-out merchants seeking aggregate single damages in excess of $0.5 billion with respect to their Mastercard purchase volume. A trial involving these merchants is
scheduled to commence in September 2026. The second group of opt-out merchants consists of Block and Intuit, who are seeking aggregate single damages in excess of $5 billion with respect to the Mastercard purchase volume in which they acted as a merchant, as well as the purchase volume associated with smaller merchants for whom they acted as payment facilitators. The parties in these matters are scheduled to exchange expert reports and summary judgment briefing over the course of 2026.
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. In 2025, the parties reached a revised settlement agreement that, if approved by the court, would resolve the litigation. Briefing on preliminary approval of the settlement has been completed and the court heard oral argument in April 2026.
As of March 31, 2026 and December 31, 2025, Mastercard accrued a liability of $177 million and $637 million, respectively, for the U.S. MDL Litigation Cases. The decrease in the liability was a result of payments made in the first quarter of 2026. The liability as of March 31, 2026 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”), with further claims filed in April 2026. Mastercard has resolved a substantial amount of these damages claims through settlement or judgment. Following these settlements, over £0.3 billion (approximately $0.4 billion as of March 31, 2026) 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 2025, the trial court in the U.K. merchant action decided against Mastercard on certain liability issues, and in March 2026, Mastercard was granted permission to appeal this decision on all grounds. The appeal hearing has not yet been scheduled. In February 2026, the trial court decided certain issues related to damages. Some of these issues were decided in favor of Mastercard and Mastercard is seeking permission to appeal the issues that were negative to the Company. The court must also still determine additional liability and damages issues, some of which are scheduled to be tried in October 2027.
Additional United Kingdom matter. 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 March 31, 2026). In June 2024, the court granted the plaintiffs’ collective action application. Mastercard’s request for permission to appeal this ruling was denied. In February 2026, the U.K. trial court decided to exclude over 100 merchants from the class on procedural grounds. Liability and damages issues in this claim are now being tried in the same court proceedings as the U.K. and Pan-European merchant cases.
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 March 31, 2026) 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 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 $0.3 billion as of March 31, 2026).
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 commenced in 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, that was subsequently approved by the court in 2025. In 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) and 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 2024, the district court denied the Network Defendants’ motion for summary judgment. In 2025, Mastercard executed a settlement agreement with the class lawyers to resolve the matter (subject to court approval) and recorded an accrual of $80 million in connection with this matter. In April 2026, the district court granted final approval of the settlement.
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 continue to await the court’s decision.
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.
v3.26.1
Settlement and Other Risk Management
 3 Months Ended
Mar. 31, 2026
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:
March 31,
2026		December 31,
2025
(in millions)
Gross settlement exposure
$88,147 $89,599 
Risk mitigation arrangements applied to settlement exposure
(16,707)(16,722)
Net settlement exposure
$71,440 $72,877 
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.
v3.26.1
Derivative and Hedging Instruments
 3 Months Ended
Mar. 31, 2026
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.
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. 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. 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.
The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts:
March 31, 2026December 31, 2025
 NotionalDerivative assetsDerivative liabilitiesNotionalDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1
$4,796 $42 $26 $5,050 $16 $142 
Interest rate contracts in a fair value hedge 2
1,000 — 25 1,000 — 27 
Derivatives not designated as hedging instruments
Foreign exchange contracts 1
5,006 12 71 4,866 19 18 
Total
$10,802 $54 $122 $10,916 $35 $187 
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.
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.
The pre-tax gain (loss) related to the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments were as follows:
Gain (Loss)
Recognized in Other Comprehensive Income (Loss)
Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31,
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Three Months Ended March 31,
2026202520262025
(in millions)(in millions)
Foreign exchange contracts 1
$118 $(48)Net revenue$(21)$5 
General and administrative 2
$94 $(101)
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.
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. For the three months ended March 31, 2026 and 2025, the amounts reclassified from accumulated other comprehensive income (loss) to interest expense were not material.
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 March 31, 2026 that will be reclassified into the consolidated statements of operations within the next 12 months is not material.
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 fixed interest rate Senior Notes. 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 months ended March 31, 2026 and 2025 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 March 31, 2026. The amounts recognized in earnings related to forward points for the three months ended March 31, 2025 were not material.
The pre-tax gain (loss) recognized in other comprehensive income (loss) related to the Company's foreign exchange derivative contracts designated as net investment hedging instruments were as follows:
Three Months Ended March 31,
20262025
(in millions)
Foreign exchange contracts$— $12 
As of March 31, 2026 and December 31, 2025, the Company had €1.7 billion euro-denominated debt outstanding designated as hedges of a portion of its net investment in its European operations. For the three months ended March 31, 2026 and 2025, the Company recorded pre-tax net foreign currency gains (losses) of $47 million and $(65) million in other comprehensive income (loss).
As of March 31, 2026 and December 31, 2025, the Company had net foreign currency gains of $163 million and $126 million, after tax, respectively, in accumulated other comprehensive income (loss) associated with this hedging activity.
Non-designated Derivatives
The Company may also enter into foreign exchange derivative contracts to serve as economic hedges, such as to offset possible changes in the value of monetary assets and liabilities due to foreign exchange fluctuations, without designating these derivative contracts as hedging instruments. In addition, the Company is subject to foreign exchange risk as part of its daily settlement activities. This risk is typically limited to a few days between when a payment transaction takes place and the subsequent settlement with customers. To manage this risk, the Company may enter into short duration foreign exchange derivative contracts based upon anticipated receipts and disbursements for the respective currency position. The objective of these activities is to reduce the Company’s exposure to volatility arising from gains and losses resulting from fluctuations of foreign currencies against its functional currencies. Gains and losses resulting from changes in fair value of these contracts are recorded net in general and administrative expenses on the consolidated statements of operations, along with the foreign currency gains and losses on monetary assets and liabilities.
The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts were as follows: 
 Three Months Ended March 31,
20262025
(in millions)
Foreign exchange contracts
General and administrative$(20)$20 
v3.26.1
Segment Reporting
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(in millions)
Net revenue
$8,398 $7,250 
Less:
Personnel
2,037 1,688 
Professional fees
124 113 
Data processing and telecommunications
349 292 
Foreign exchange activity
58 1 
Advertising and marketing
153 152 
Depreciation and amortization
299 275 
Provision for litigation
— 151 
Investment income
(81)(88)
(Gains) losses on equity investments, net
66 29 
Interest expense
185 182 
Other (income) expense, net
(75)(5)
Income tax expense
930 751 
Other segment items 1
471 429 
Consolidated net income
$3,882 $3,280 
1Includes fulfillment costs, occupancy costs, travel and meeting expenses and other overhead expenses.
v3.26.1
Insider Trading Arrangements
 3 Months Ended
Mar. 31, 2026
shares
Trading Arrangements, by Individual  
Material Terms of Trading Arrangement
For the three months ended March 31, 2026, certain of our officers or directors adopted or terminated trading arrangements for the sale of shares of our common stock as follows:
ActionDatePlansNumber of Securities to be SoldExpiration
Rule 10b5-1 1
Non-Rule 10b5-1 2
Raj Seshadri,
Chief Commercial Payments Officer
AdoptionFebruary 27, 2026X-
Up to (i) 3,977 shares of Class A common stock underlying employee stock options and (ii) 3,000 shares of Class A common stock underlying vested but not yet settled performance stock units 3
The earlier of (i) the date when all securities under the plan are exercised and sold and (ii) December 31, 2026
1Intended to satisfy the affirmative defense conditions of Rule 105b-1(c).
2Not intended to satisfy the affirmative defense conditions of Rule 10b5-1(c).
3The Rule 10b5-1 trading arrangement provides for the sale of a percentage of shares to be received upon future vesting of certain outstanding equity awards, net of any shares withheld by the Company to satisfy applicable taxes. The number of shares to be withheld, and thus the exact number of shares to be sold pursuant to Ms. Seshadri’s Rule 10b5-1 trading arrangement, can only be determined upon the occurrence of future vesting events. For purposes of this disclosure, we have reported the maximum aggregate number of shares to be sold without subtracting any shares to be withheld upon future vesting events.
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
Raj Seshadri [Member]  
Trading Arrangements, by Individual  
Name Raj Seshadri
Title Chief Commercial Payments Officer
Rule 10b5-1 Arrangement Adopted true
Adoption Date February 27, 2026
Expiration Date 12/31/2026
Arrangement Duration 307 days
Trading Arrangement, Class A Common Stock Underlying Employee Stock Options [Member] | Raj Seshadri [Member]  
Trading Arrangements, by Individual  
Aggregate Available 3,977
Trading Arrangement, Class A Common Stock Underlying Performance Stock Units [Member] | Raj Seshadri [Member]  
Trading Arrangements, by Individual  
Aggregate Available 3,000
v3.26.1
Summary of Significant Accounting Policies (Policy)
 3 Months Ended
Mar. 31, 2026
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 March 31, 2026 and December 31, 2025, 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, 2025 was derived from the audited consolidated financial statements as of December 31, 2025. The consolidated financial statements for the three months ended March 31, 2026 and 2025 and as of March 31, 2026 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 months ended March 31, 2026 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, 2025 (“2025 Form 10-K”) for additional disclosures, including a summary of the Company’s significant accounting policies.
v3.26.1
Revenue (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(in millions)
Net revenue by category:
Payment network$4,948 $4,432 
Value-added services and solutions3,450 2,818 
Net revenue$8,398 $7,250 
Net revenue by geographic region:
Americas 1
$3,564 $3,151 
Asia Pacific, Europe, Middle East and Africa
4,834 4,099 
Net revenue$8,398 $7,250 
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:
March 31,
2026		December 31,
2025
(in millions)
Receivables from contracts with customers
Accounts receivable
$3,985 $4,010 
Contract assets
Prepaid expenses and other current assets165 189 
Other assets491 508 
Deferred revenue 1
Other current liabilities1,409 1,137 
Other liabilities449 424 
1    Revenue recognized from performance obligations satisfied for the three months ended March 31, 2026 was $752 million
v3.26.1
Earnings Per Share (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(in millions, except per share data)
Numerator
Net income$3,882 $3,280 
Denominator
Basic weighted-average shares outstanding891 912 
Dilutive stock options and stock units1 2 
Diluted weighted-average shares outstanding 1
893 914 
Earnings per Share
Basic$4.35 $3.60 
Diluted$4.35 $3.59 
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.
v3.26.1
Investments (Tables)
 3 Months Ended
Mar. 31, 2026
Investments, Debt and Equity Securities [Abstract]  
Investments On the Consolidated Balance Sheet
Investments on the consolidated balance sheets consisted of the following:
March 31,
2026		December 31,
2025
(in millions)
Available-for-sale securities
$313 $319 
Held-to-maturity securities 1
— 13 
Total investments $313 $332 
1Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
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 March 31, 2026 was as follows:
 
 Amortized CostFair Value
 (in millions)
Due within 1 year$103 $103 
Due after 1 year through 5 years211 210 
Total$314 $313 
Schedule of Equity Investments
The following table is a summary of the activity related to the Company’s equity investments:
 Balance at December 31, 2025PurchasesSales
Changes in Fair Value 1
Other 2
Balance at
March 31,
2026
(in millions)
Marketable securities $203 $— $— $(45)$— $158 
Nonmarketable securities1,502 48 (1)(21)(9)1,519 
Total equity investments $1,705 $48 $(1)$(66)$(9)$1,677 
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:
March 31,
2026		December 31,
2025
(in millions)
Measurement alternative
$1,246 $1,242 
Equity method
273 260 
Total Nonmarketable securities$1,519 $1,502 
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 March 31, 2026:
(in millions)
Initial cost basis
$973 
Cumulative adjustments 1:
Upward adjustments516 
Downward adjustments (including impairment)(243)
Carrying amount, end of period$1,246 
1 Includes immaterial translational impact of currency.
Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:
Three Months Ended March 31,
20262025
(in millions)
Measurement alternative investments:
Upward adjustments$— $2 
Downward adjustments (including impairment)(30)(3)
Marketable securities:
Unrealized gains (losses), net(45)(32)
v3.26.1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2026
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:
 March 31, 2026December 31, 2025
 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 securities 1
$21 $292 $— $313 $20 $299 $— $319 
Derivative instruments 2:
Foreign exchange contracts— 54 — 54 — 35 — 35 
Marketable securities 3:
Equity securities158 — — 158 203 — — 203 
Liabilities
Derivative instruments 2:
Foreign exchange contracts$— $97 $— $97 $— $160 $— $160 
Interest rate contracts — 25 — 25 — 27 — 27 
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.
v3.26.1
Prepaid Expenses and Other Assets (Tables)
 3 Months Ended
Mar. 31, 2026
Prepaid Expense and Other Assets [Abstract]  
Schedule of Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
March 31,
2026		December 31,
2025
(in millions)
Customer incentives
$3,194 $2,531 
Other1,445 1,212 
Total prepaid expenses and other current assets$4,639 $3,743 
Schedule of Other Assets, Noncurrent
Other assets consisted of the following:
March 31,
2026		December 31,
2025
(in millions)
Customer incentives
$7,444 $7,870 
Equity investments1,677 1,705 
Income taxes receivable1,083 1,101 
Other982 939 
Total other assets$11,186 $11,615 
v3.26.1
Accrued Expenses (Tables)
 3 Months Ended
Mar. 31, 2026
Accrued Liabilities, Current [Abstract]  
Accrued Expenses
Accrued expenses consisted of the following:
March 31,
2026		December 31,
2025
 (in millions)
Customer incentives
$9,598 $9,958 
Personnel costs844 1,716 
Income and other taxes1,156 914 
Other729 684 
Total accrued expenses$12,327 $13,272 
v3.26.1
Debt (Tables)
 3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Long-term Debt
Debt consisted of the following:
March 31,
2026		December 31,
2025		Effective
Interest Rate
(in millions)
Senior Notes
2025 USD Notes
Floating Rate
Senior Notes due March 2028
$300 $300 
**
4.550 %
Senior Notes due March 2028
450 450 4.727 %
4.950 %
Senior Notes due March 2032
500 500 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 2029861 882 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 %
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 2027919 941 2.189 %
2.500 %Senior Notes due December 2030172 176 2.562 %
19,102 19,149 
Less: Unamortized discount and debt issuance costs(117)(122)
Less: Cumulative hedge accounting fair value adjustments 1
(25)(27)
Total debt outstanding18,960 19,000 
Less: Short-term debt 2
(1,748)(749)
Long-term debt$17,212 $18,251 
**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 March 31, 2026, the 2016 USD Notes due November 2026 and the 2020 USD Notes due March 2027 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets. As of December 31, 2025, the 2016 USD Notes due November 2026 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets.
v3.26.1
Stockholders' Equity (Tables)
 3 Months Ended
Mar. 31, 2026
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 March 31,
20262025
(in millions, except per share data)
Dividends declared per share $0.87 $0.76 
Total dividends declared$771 $692 
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 March 31,
20262025
 Class AClass BClass AClass B
(in millions)
Balance at beginning of period887.3 6.6 906.6 6.8 
Purchases of treasury stock(7.8)— (4.7)— 
Share-based payments0.8 — 1.1 — 
Conversion of Class B to Class A common stock— — — — 
Balance at end of period880.3 6.6 903.0 6.8 
Schedule of share repurchases and authorizations The following table summarizes the Company’s share repurchases of its Class A common stock:
Three Months Ended March 31,
20262025
(in millions, except per share data)
Dollar-value of shares repurchased
$4,035 $2,549 
Shares repurchased7.8 4.7 
Average price paid per share$519.67 $541.38 
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Tables)
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026 and 2025 were as follows:
December 31, 2025Increase / (Decrease)ReclassificationsMarch 31, 2026
(in millions)
Foreign currency translation adjustments 1
$(1,034)$(20)$— $(1,054)
Translation adjustments on net investment hedges 2
126 37 — 163 
Cash flow hedges
Foreign exchange contracts 3
46 113 (78)81 
Interest rate contracts(107)— 2 (105)
Defined benefit pension and other postretirement plans(12)— — (12)
Investment securities available-for-sale— (1)— (1)
Accumulated other comprehensive income (loss)$(981)$129 $(76)$(928)
December 31, 2024Increase / (Decrease)ReclassificationsMarch 31, 2025
(in millions)
Foreign currency translation adjustments 1
$(1,558)$263 $— $(1,295)
Translation adjustments on net investment hedges 2
295 (41)— 254 
Cash flow hedges
Foreign exchange contracts 3
(51)(43)97 3 
Interest rate contracts(113)— 2 (111)
Defined benefit pension and other postretirement plans(6)— — (6)
Accumulated other comprehensive income (loss)$(1,433)$179 $99 $(1,155)
1For the three months ended March 31, 2026, the increase in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the depreciation of the British pound, partially offset by the appreciation of the Brazilian Real against the U.S. dollar. For the three months ended March 31, 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.
2For the three months ended March 31, 2026, the increase in the accumulated other comprehensive income related to the net investment hedges was driven primarily by the depreciation of the euro against the U.S. dollar. For the three months ended March 31, 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. 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.
v3.26.1
Share-Based Payments (Tables)
 3 Months Ended
Mar. 31, 2026
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 three months ended March 31, 2026, 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 2026Weighted-Average
Grant-Date
Fair Value
(in millions)(per option/unit)
Non-qualified stock options0.2$165 
Restricted stock units1.0$511 
Performance stock units0.2$503 
v3.26.1
Settlement and Other Risk Management (Tables)
 3 Months Ended
Mar. 31, 2026
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:
March 31,
2026		December 31,
2025
(in millions)
Gross settlement exposure
$88,147 $89,599 
Risk mitigation arrangements applied to settlement exposure
(16,707)(16,722)
Net settlement exposure
$71,440 $72,877 
v3.26.1
Derivative and Hedging Instruments (Tables)
 3 Months Ended
Mar. 31, 2026
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:
March 31, 2026December 31, 2025
 NotionalDerivative assetsDerivative liabilitiesNotionalDerivative assetsDerivative liabilities
(in millions)
Derivatives designated as hedging instruments
Foreign exchange contracts in a cash flow hedge 1
$4,796 $42 $26 $5,050 $16 $142 
Interest rate contracts in a fair value hedge 2
1,000 — 25 1,000 — 27 
Derivatives not designated as hedging instruments
Foreign exchange contracts 1
5,006 12 71 4,866 19 18 
Total
$10,802 $54 $122 $10,916 $35 $187 
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 foreign exchange derivative contracts designated as cash flow hedging instruments were as follows:
Gain (Loss)
Recognized in Other Comprehensive Income (Loss)
Gain (Loss)
Reclassified from Accumulated Other Comprehensive Income (Loss)
Three Months Ended March 31,
Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings
Three Months Ended March 31,
2026202520262025
(in millions)(in millions)
Foreign exchange contracts 1
$118 $(48)Net revenue$(21)$5 
General and administrative 2
$94 $(101)
1Includes immaterial forward points excluded from the effectiveness assessment recognized in other comprehensive income (loss).
2Includes immaterial forward points excluded from the effectiveness assessment recognized in earnings.
Gain (loss) in income for contracts designated as net investment hedging instruments
The pre-tax gain (loss) recognized in other comprehensive income (loss) related to the Company's foreign exchange derivative contracts designated as net investment hedging instruments were as follows:
Three Months Ended March 31,
20262025
(in millions)
Foreign exchange contracts$— $12 
Gain (loss) recognized in income for the contracts to purchase and sell foreign currency summary
The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts were as follows: 
 Three Months Ended March 31,
20262025
(in millions)
Foreign exchange contracts
General and administrative$(20)$20 
v3.26.1
Segment Reporting (Tables)
 3 Months Ended
Mar. 31, 2026
Segment Reporting [Abstract]  
Segment Reporting The following represents the selected financial information of the Payment Solutions segment:
Three Months Ended March 31,
20262025
(in millions)
Net revenue
$8,398 $7,250 
Less:
Personnel
2,037 1,688 
Professional fees
124 113 
Data processing and telecommunications
349 292 
Foreign exchange activity
58 1 
Advertising and marketing
153 152 
Depreciation and amortization
299 275 
Provision for litigation
— 151 
Investment income
(81)(88)
(Gains) losses on equity investments, net
66 29 
Interest expense
185 182 
Other (income) expense, net
(75)(5)
Income tax expense
930 751 
Other segment items 1
471 429 
Consolidated net income
$3,882 $3,280 
1Includes fulfillment costs, occupancy costs, travel and meeting expenses and other overhead expenses.
v3.26.1
Acquisitions - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended
Dec. 31, 2026
Mar. 31, 2026
Dec. 31, 2025
Business Combination [Line Items]      
Goodwill   $ 9,525 $ 9,560
BVNK Holdings Limited | Forecast      
Business Combination [Line Items]      
Business combination, interest acquired 100.00%    
Business acquisition, total consideration $ 1,500    
Business combination, contingent consideration, liability $ 300    
v3.26.1
Revenue - Disaggregation of Revenue (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Disaggregation of Revenue [Line Items]    
Net Revenue $ 8,398 $ 7,250
Americas 1    
Disaggregation of Revenue [Line Items]    
Net Revenue 3,564 3,151
Asia Pacific, Europe, Middle East and Africa    
Disaggregation of Revenue [Line Items]    
Net Revenue 4,834 4,099
Payment network    
Disaggregation of Revenue [Line Items]    
Net Revenue 4,948 4,432
Value-added services and solutions    
Disaggregation of Revenue [Line Items]    
Net Revenue $ 3,450 $ 2,818
v3.26.1
Revenue - Location on Balance Sheet of Amounts Recognized From Contracts With Customers (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Location, Statement of Financial Position, Balance [Axis]: us-gaap:AccountsReceivableNet    
Disaggregation of Revenue [Line Items]    
Accounts receivable and contract assets $ 3,985 $ 4,010
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherAssets    
Disaggregation of Revenue [Line Items]    
Accounts receivable and contract assets 491 508
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilities    
Disaggregation of Revenue [Line Items]    
Deferred revenue 449 424
Location, Statement of Financial Position, Balance [Axis]: us-gaap:OtherLiabilitiesCurrent    
Disaggregation of Revenue [Line Items]    
Deferred revenue 1,409 1,137
Location, Statement of Financial Position, Balance [Axis]: us-gaap:PrepaidExpenseAndOtherAssetsCurrent    
Disaggregation of Revenue [Line Items]    
Accounts receivable and contract assets $ 165 $ 189
v3.26.1
Revenue - Narrative (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Revenue from Contract with Customer [Abstract]  
Revenue recognized from performance obligations $ 752
v3.26.1
Earnings Per Share - Schedule of Basic and Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Numerator    
Net income $ 3,882 $ 3,280
Denominator    
Basic weighted-average shares outstanding (in shares) 891 912
Dilutive stock options and stock units (in shares) 1 2
Diluted weighted-average shares outstanding (in shares) 893 914
Earnings per Share    
Basic (in dollars per share) $ 4.35 $ 3.60
Diluted (in dollars per share) $ 4.35 $ 3.59
v3.26.1
Investments - Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Available-for-sale securities $ 313 $ 319
Held-to-maturity securities 0 13
Total investments $ 313 $ 332
v3.26.1
Investments - Maturity Distribution Based on Contractual Terms of Investment Securities (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Available-For-Sale Amortized Cost    
Due within 1 year $ 103  
Due after 1 year through 5 years 211  
Debt Securities, Available-for-Sale, Amortized Cost, Total 314  
Available-For-Sale Fair Value    
Due within 1 year 103  
Due after 1 year through 5 years 210  
Total $ 313 $ 319
v3.26.1
Investments - Equity Investments (Details)
$ in Millions
 3 Months Ended
Mar. 31, 2026
USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance, beginning of period $ 1,705
Purchases 48
Sales (1)
Changes in fair value (66)
Other (9)
Balance, end of period 1,677
Marketable Securities  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance, beginning of period 203
Purchases 0
Sales 0
Changes in fair value (45)
Other 0
Balance, end of period 158
Nonmarketable Securities  
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Balance, beginning of period 1,502
Purchases 48
Sales (1)
Changes in fair value (21)
Other (9)
Balance, end of period $ 1,519
v3.26.1
Investments - Equity Securities without Readily Determinable Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Nonmarketable Securities [Abstract]    
Measurement alternative $ 1,246 $ 1,242
Equity method 273 260
Total Nonmarketable securities $ 1,519 $ 1,502
v3.26.1
Investments - Carrying Value of Measurement Alternative Investments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Alternative Investment, Initial Cost Basis $ 973  
Alternative Investment, Upward Price Adjustment, Cumulative Amount 516  
Alternative Investment, Downward Price Adjustment Including Impairment, Cumulative Amount (243)  
Measurement alternative $ 1,246 $ 1,242
v3.26.1
Investments - Unrealized Gains (Losses) Included in the Carrying Value of Measurement Alternative Investments and Marketable Securities (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Investments, Debt and Equity Securities [Abstract]    
Upward adjustments $ 0 $ 2
Downward adjustments (including impairment) (30) (3)
Unrealized gains (losses), net $ (45) $ (32)
v3.26.1
Fair Value Measurements - Distribution of Financial Instruments, Measured at Fair Value on a Recurring Basis (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities 1 $ 313 $ 319
Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities 1 21 20
Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities 1 292 299
Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Available-for-sale securities 1 0 0
Equity securities    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Equity securities 158 203
Equity securities | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Equity securities 158 203
Equity securities | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Equity securities 0 0
Equity securities | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Equity securities 0 0
Foreign exchange contracts    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange contracts 54 35
Foreign exchange derivative liabilities 97 160
Foreign exchange contracts | Fair Value, Inputs, Level 1    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange contracts 0 0
Foreign exchange derivative liabilities 0 0
Foreign exchange contracts | Fair Value, Inputs, Level 2    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange contracts 54 35
Foreign exchange derivative liabilities 97 160
Foreign exchange contracts | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange contracts 0 0
Foreign exchange derivative liabilities 0 0
Interest rate contracts    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange derivative liabilities 25 27
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 25 27
Interest rate contracts | Fair Value, Inputs, Level 3    
Fair Value, Option, Quantitative Disclosures [Line Items]    
Foreign exchange derivative liabilities $ 0 $ 0
v3.26.1
Fair Value Measurements - Narrative Fair Value (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Debt, long-term and short-term, combined amount $ 18,960 $ 19,000
Fair Value    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Long-term debt, fair value $ 17,700 $ 18,000
v3.26.1
Prepaid Expenses and Other Assets - Schedule of Prepaid Expenses (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Prepaid Expense and Other Assets [Abstract]    
Customer incentives $ 3,194 $ 2,531
Other 1,445 1,212
Total prepaid expenses and other current assets $ 4,639 $ 3,743
v3.26.1
Prepaid Expenses and Other Assets - Schedule of Other Assets (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Prepaid Expense and Other Assets [Abstract]    
Customer incentives $ 7,444 $ 7,870
Equity investments 1,677 1,705
Income taxes receivable 1,083 1,101
Other 982 939
Total other assets $ 11,186 $ 11,615
v3.26.1
Accrued Expenses - Accrued Expenses (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accrued Liabilities, Current [Abstract]    
Customer incentives $ 9,598 $ 9,958
Personnel costs 844 1,716
Income and other taxes 1,156 914
Other 729 684
Total accrued expenses $ 12,327 $ 13,272
v3.26.1
Accrued Expenses - Accrued Expense (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Accrued Liabilities, Current [Abstract]    
Long-term customer and merchant incentives $ 3,075 $ 3,041
v3.26.1
Debt - Schedule of Long-term Debt (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Debt Instrument [Line Items]    
Long-term debt, gross $ 19,102 $ 19,149
Less: Unamortized discount and debt issuance costs (117) (122)
Less: Cumulative hedge accounting fair value adjustment (25) (27)
Total debt outstanding 18,960 19,000
Less: short-term debt (1,748) (749)
Long-term debt 17,212 18,251
Senior Notes | Floating Rate March 2028 Notes    
Debt Instrument [Line Items]    
Long-term debt, gross $ 300 300
Debt instrument, basis spread on variable rate 0.44%  
Senior Notes | 4.550% March 2028 Notes    
Debt Instrument [Line Items]    
Stated interest rate 4.55%  
Long-term debt, gross $ 450 450
Effective interest rate 4.727%  
Senior Notes | March 2032 Notes    
Debt Instrument [Line Items]    
Stated interest rate 4.95%  
Long-term debt, gross $ 500 500
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 $ 861 882
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 | 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 $ 919 941
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 $ 172 $ 176
Effective interest rate 2.562%  
v3.26.1
Debt - Narrative (Details) - USD ($)
 3 Months Ended
Mar. 31, 2026
Apr. 27, 2026
Dec. 31, 2025
Commercial Paper Program | Commercial Paper      
Debt Instrument [Line Items]      
Commercial paper, maximum borrowing capacity $ 8,000,000,000    
Commercial Paper $ 0   $ 0
Commercial Paper Program | Commercial Paper | Subsequent Event      
Debt Instrument [Line Items]      
Commercial Paper   $ 2,500,000,000  
Weighted average interest rate   3.82%  
2026 Credit Facility | Line of Credit | Revolving Credit Facility      
Debt Instrument [Line Items]      
Credit Facility, Expiration Period 5 years    
Credit facility, maximum borrowing capacity $ 8,000,000,000    
Credit facility $ 0   $ 0
Short-Term Debt | Maximum | Commercial Paper      
Debt Instrument [Line Items]      
Commercial paper, maturity term, maximum 397 days    
v3.26.1
Stockholders' Equity - Dividends Declared (Details) - USD ($)
$ / shares in Units, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Dividends Payable [Line Items]    
Dividends declared per share $ 0.87 $ 0.76
Total dividends declared $ 771 $ 692
Retained Earnings    
Dividends Payable [Line Items]    
Total dividends declared $ 771 $ 692
v3.26.1
Stockholders' Equity - Common Stock Shares Activity (Details) - shares
shares in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Purchases of treasury stock (7.8) (4.7)
Common Stock | Class A    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance at beginning of period 887.3 906.6
Purchases of treasury stock (7.8) (4.7)
Share-based payments 0.8 1.1
Conversion of Class B to Class A common stock 0.0 0.0
Balance at end of period 880.3 903.0
Common Stock | Class B    
Increase (Decrease) in Stockholders' Equity [Roll Forward]    
Balance at beginning of period 6.6 6.8
Purchases of treasury stock 0.0 0.0
Share-based payments 0.0 0.0
Conversion of Class B to Class A common stock 0.0 0.0
Balance at end of period 6.6 6.8
v3.26.1
Stockholders' Equity - Narrative (Details) - USD ($)
 1 Months Ended 3 Months Ended
Apr. 27, 2026
Mar. 31, 2026
Mar. 31, 2025
Dec. 31, 2025
Dec. 31, 2024
Equity, Class of Treasury Stock [Line Items]          
Remaining authorization   $ 13,400,000,000      
Dollar-value of shares repurchased   $ 4,035,000,000 $ 2,549,000,000    
Subsequent Event          
Equity, Class of Treasury Stock [Line Items]          
Remaining authorization $ 11,700,000,000        
Dollar-value of shares repurchased $ 1,700,000,000        
Share Repurchase Plan          
Equity, Class of Treasury Stock [Line Items]          
Authorized amounts under stock repurchase program       $ 14,000,000,000.0 $ 12,000,000,000.0
v3.26.1
Stockholders' Equity - Schedule of Share Repurchases and Authorizations (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Equity [Abstract]    
Dollar-value of shares repurchased $ 4,035 $ 2,549
Shares repurchased 7.8 4.7
Average price paid per share $ 519.67 $ 541.38
v3.26.1
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period $ 7,746 $ 6,515
Balance at end of period 6,722 6,696
Foreign currency translation adjustments    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (1,034) (1,558)
Increase / (Decrease) (20) 263
Reclassifications 0 0
Balance at end of period (1,054) (1,295)
Translation adjustments on net investment hedge    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period 126 295
Increase / (Decrease) 37 (41)
Reclassifications 0 0
Balance at end of period 163 254
Defined benefit pension and other postretirement plans    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (12) (6)
Increase / (Decrease) 0 0
Reclassifications 0 0
Balance at end of period (12) (6)
Investment securities available-for-sale    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period 0  
Increase / (Decrease) (1)  
Reclassifications 0  
Balance at end of period (1)  
Accumulated other comprehensive income (loss)    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (981) (1,433)
Increase / (Decrease) 129 179
Reclassifications (76) 99
Balance at end of period (928) (1,155)
Foreign exchange contracts | Cash flow hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period 46 (51)
Increase / (Decrease) 113 (43)
Reclassifications (78) 97
Balance at end of period 81 3
Interest rate contracts | Cash flow hedges    
AOCI Attributable to Parent, Net of Tax [Roll Forward]    
Balance at beginning of period (107) (113)
Increase / (Decrease) 0 0
Reclassifications 2 2
Balance at end of period $ (105) $ (111)
v3.26.1
Share-Based Payments - Types of Equity Awards (Details)
shares in Millions
 3 Months Ended
Mar. 31, 2026
$ / shares
shares
Non-qualified stock options  
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 $ 165
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 $ 511
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 $ 503
v3.26.1
Share-Based Payments - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
Non-qualified stock options  
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 27.50%
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
v3.26.1
Income Taxes (Details)
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Income Tax Disclosure [Abstract]    
Effective income tax rate (as a percent) 19.30% 18.60%
v3.26.1
Legal and Regulatory Proceedings (Details)
£ in Millions, € in Billions
 3 Months Ended 12 Months Ended
Mar. 31, 2026
USD ($)
merchant
Mar. 31, 2026
GBP (£)
Mar. 31, 2026
USD ($)
merchant
defendant
fax
Mar. 31, 2026
EUR (€)
defendant
fax
Dec. 31, 2011
plaintiff
Mar. 31, 2026
GBP (£)
merchant
Feb. 28, 2026
merchant
Dec. 31, 2025
USD ($)
Dec. 31, 2023
complaint
Dec. 31, 2018
Legal And Regulatory                    
Accrued litigation $ 339,000,000   $ 339,000,000         $ 800,000,000    
Unsolicited faxes | fax     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                
Loss Contingency, Pending Claims, Excluded Merchants, Number | merchant             100      
Portugal Proposed Interchange Collective Action                    
Legal And Regulatory                    
Amount of damages sought (that exceeds)     $ 500,000,000 € 0.4            
Loss Contingency, Damages Sought, Complaint Period     20 years 20 years            
Netherlands Interchange Collective Action                    
Legal And Regulatory                    
Amount of damages sought (that exceeds)     $ 300,000,000 € 0.3            
ATM Operators Complaint                    
Legal And Regulatory                    
Amount of damages sought (that exceeds)     1,000,000,000              
Number of plaintiffs in case | plaintiff         13          
Number of claims | complaint                 3  
U.S. Liability Shift Litigation                    
Legal And Regulatory                    
Amount of damages sought (that exceeds)     1,000,000,000              
Loss contingency accrual 80,000,000   $ 80,000,000              
Number of defendants | defendant     4 4            
Non-bank ATM Consumer Class Complaint                    
Legal And Regulatory                    
Loss contingency accrual 79,000,000   $ 79,000,000              
Unresolved | U.K. Merchant Lawsuit Settlement                    
Legal And Regulatory                    
Unresolved damages claims $ 400,000,000   $ 400,000,000     £ 300        
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 pending claims scheduled for trial | merchant 6   6     6        
Amount of damages sought (that exceeds)     $ 500,000,000              
Loss Contingency, Pending Claims, Groups Of Opt-Out Merchants, Number | merchant 2   2     2        
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 95.00%   95.00%     95.00%        
U.S. Merchant Lawsuit Settlement                    
Legal And Regulatory                    
Accrued litigation $ 177,000,000   $ 177,000,000         $ 637,000,000    
U.S. Merchant Litigation - Class Litigation - Block and Intuit                    
Legal And Regulatory                    
Amount of damages sought (that exceeds)     $ 5,000,000,000              
v3.26.1
Settlement and Other Risk Management - Estimated Settlement Exposure (Details) - Guarantee Obligations - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Risks Inherent in Servicing Assets and Servicing Liabilities    
Gross settlement exposure $ 88,147 $ 89,599
Risk mitigation arrangements applied to settlement exposure (16,707) (16,722)
Net settlement exposure $ 71,440 $ 72,877
v3.26.1
Derivative and Hedging Instruments - Narrative (Details)
$ in Millions, € in Billions
 3 Months Ended
Mar. 31, 2026
USD ($)
Mar. 31, 2025
USD ($)
Mar. 31, 2026
EUR (€)
Dec. 31, 2025
USD ($)
Dec. 31, 2025
EUR (€)
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Unrealized gain (loss) on net investment hedges, before tax $ 0 $ 12      
Euro-Denominated Debt          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Unrealized gain (loss) on net investment hedges, before tax $ 47 $ (65)      
Cash Flow Hedging          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
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          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Notional amount designated | €     € 1.7   € 1.7
Net Investment Hedging | Euro-Denominated Debt          
Derivative Instruments and Hedging Activities Disclosures [Line Items]          
Net foreign currency transaction after tax gain in AOCI $ 163     $ 126  
v3.26.1
Derivative and Hedging Instruments - Fair Value of Company's Derivative Financial Instruments (Details) - USD ($)
$ in Millions
Mar. 31, 2026
Dec. 31, 2025
Foreign Exchange Risk Management    
Derivative, Notional Amount $ 10,802 $ 10,916
Derivative Asset, Subject to Master Netting Arrangement, before Offset 54 35
Derivative Liability, Subject to Master Netting Arrangement, before Offset 122 187
Not Designated as Hedging Instrument [Member] | Foreign exchange contracts    
Foreign Exchange Risk Management    
Derivative, Notional Amount 5,006 4,866
Derivative Asset, Subject to Master Netting Arrangement, before Offset 12 19
Derivative Liability, Subject to Master Netting Arrangement, before Offset 71 18
Cash Flow Hedging | Designated as Hedging Instrument [Member] | Foreign exchange contracts    
Foreign Exchange Risk Management    
Derivative, Notional Amount 4,796 5,050
Derivative Asset, Subject to Master Netting Arrangement, before Offset 42 16
Derivative Liability, Subject to Master Netting Arrangement, before Offset 26 142
Fair Value Hedging | Designated as Hedging Instrument [Member] | Interest rate contracts    
Foreign Exchange Risk Management    
Derivative, Notional Amount 1,000 1,000
Derivative Asset, Subject to Master Netting Arrangement, before Offset 0 0
Derivative Liability, Subject to Master Netting Arrangement, before Offset $ 25 $ 27
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Derivative Instruments, Gain (Loss) [Line Items]    
Cash flow hedges $ 118 $ (48)
Realized gain (loss) on cash flow hedges reclassified from AOCI 71 (98)
Unrealized gain (loss) on net investment hedges, before tax 0 12
Foreign exchange contracts    
Derivative Instruments, Gain (Loss) [Line Items]    
Cash flow hedges 118 (48)
Foreign exchange contracts | Location, Statement of Income, Balance: us-gaap:GeneralAndAdministrativeExpense    
Derivative Instruments, Gain (Loss) [Line Items]    
Realized gain (loss) on cash flow hedges reclassified from AOCI 94 (101)
Foreign exchange contracts | Location, Statement of Income, Balance: us-gaap:Revenues    
Derivative Instruments, Gain (Loss) [Line Items]    
Realized gain (loss) on cash flow hedges reclassified from AOCI $ (21) $ 5
v3.26.1
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
Mar. 31, 2026
Mar. 31, 2025
Foreign Exchange Risk Management    
Gain (loss) for contracts to purchase and sell foreign currency $ (20) $ 20
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] General and administrative General and administrative
v3.26.1
Segment Reporting (Details) - USD ($)
$ in Millions
 3 Months Ended
Mar. 31, 2026
Mar. 31, 2025
Segment Reporting [Line Items]    
Net Revenue $ 8,398 $ 7,250
Advertising and marketing 153 152
Depreciation and amortization 299 275
Provision for litigation 0 151
Investment income 81 88
Interest expense 185 182
Other (income) expense, net (75) (5)
Income tax expense 930 751
Net Income 3,882 3,280
Payment Solutions    
Segment Reporting [Line Items]    
Net Revenue 8,398 7,250
Labor and Related Expense 2,037 1,688
Professional Fees 124 113
Information Technology and Data Processing 349 292
Gain (loss) for contracts to purchase and sell foreign currency 58 1
Advertising and marketing 153 152
Depreciation and amortization 299 275
Provision for litigation 0 151
Investment income (81) (88)
(Gains) losses on equity investments, net 66 29
Interest expense 185 182
Other (income) expense, net (75) (5)
Income tax expense 930 751
Segment Reporting, Other Segment Item, Amount 471 429
Net Income $ 3,882 $ 3,280
v3.26.1
Segment Reporting - Narrative (Details)
 3 Months Ended
Mar. 31, 2026
segment
Segment Reporting [Abstract]  
Number of operating segments 1
Number of reportable segments 1