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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Form 10-Q

☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2025
Or

☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to
Commission file number: 001-32877
Mastercard Incorporated
(Exact name of registrant as specified in its charter)

Delaware | 13-4172551
(State or other jurisdiction of incorporation or organization) | (IRS Employer Identification Number)
2000 Purchase Street | 10577
Purchase, | NY | (Zip Code)
(Address of principal executive offices) |

(914) 249-2000
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class |  | Trading Symbol |  | Name of each exchange of which registered
Class A Common Stock, par value $0.0001 per share |  | MA |  | New York Stock Exchange
2.1% Notes due 2027 |  | MA27 |  | New York Stock Exchange
1.0% Notes due 2029 |  | MA29A |  | New York Stock Exchange
2.5% Notes due 2030 |  | MA30 |  | New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | Yes | ☒ | No | ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files) | Yes | ☒ | No | ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. (Check One):
Large accelerated filer | ☒ |  | Accelerated filer | ☐ |  |  |
Non-accelerated filer | ☐ |  | Smaller reporting company | ☐ |  |  |
|  |  | Emerging growth company | ☐ |  |  |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13 (a) of the Exchange Act. | ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act) | Yes | ☐ | No | ☒

As of October 27, 2025, there were 891,258,183 shares outstanding of the registrant’s Class A common stock, par value $0.0001 per share; and 6,737,665 shares outstanding of the registrant’s Class B common stock, par value $0.0001 per share.

MASTERCARD INCORPORATED FORM 10-Q
TABLE OF CONTENTS

PART I | 5 | Item 1. | Consolidated financial statements (unaudited)
30 | Item 2. | Management’s discussion and analysis of financial condition and results of operations
42 | Item 3. | Quantitative and qualitative disclosures about market risk
43 | Item 4. | Controls and procedures
PART II | 45 | Item 1. | Legal proceedings
45 | Item 1A. | Risk factors
45 | Item 2. | Unregistered sales of equity securities and use of proceeds
45 | Item 5. | Other information
45 | Item 6. | Exhibits
47 | - | Signatures

2 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

In this Report on Form 10-Q (“Report”), references to the “Company,” “Mastercard,” “we,” “us” or “our” refer to the business conducted by Mastercard Incorporated and its consolidated subsidiaries, including our operating subsidiary, Mastercard International Incorporated, and to the Mastercard brand.
Forward-Looking Statements
This Report contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this Report, the words “believe”, “expect”, “could”, “may”, “would”, “will”, “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the Company’s future prospects, developments and business strategies.
Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors:
•regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging)
•the impact of preferential or protective government actions
•regulation of privacy, data, AI, information security and the digital economy
•regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation)
•the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions
•potential or incurred liability and limitations on business related to any litigation or litigation settlements
•the impact of competition in the global payments industry (including disintermediation and pricing pressure)
•the challenges relating to rapid technological developments and changes
•the challenges relating to operating a real-time account-based payments system and to working with new customers and end users
•the impact of information security incidents, account data breaches or service disruptions
•issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, consolidation amongst our customers, merchants’ continued focus on acceptance costs and unique risks from our work with governments)
•the impact of global economic, political, financial and societal events and conditions, including adverse currency fluctuations and foreign exchange controls
•reputational impact, including impact related to brand perception and lack of visibility of our brands in products and services
•the impact of environmental, social and governance matters and related stakeholder reaction
•the inability to attract and retain a highly qualified workforce, or maintain our corporate culture
•issues related to acquisition integration, strategic investments and entry into new businesses
•exposure to loss or illiquidity due to our role as guarantor as well as other contractual obligations and discretionary actions we may take
•issues related to our Class A common stock and corporate governance structure
Please see a complete discussion of these risk factors in Part I, Item 1A - Risk Factors of the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. We caution you that the important factors referenced above may not contain all of the factors that are important to you. Our forward-looking statements speak only as of the date of this Report or as of the date they are made, and we undertake no obligation to update our forward-looking statements.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 3

|  | PART I |  |  |
|  | Item 1. Consolidated financial statements (unaudited) |  |
|  | Item 2. Management’s discussion and analysis of financial condition and results of operations |  |
|  | Item 3. Quantitative and qualitative disclosures about market risk |  |
|  | Item 4. Controls and procedures |  |

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
Item 1. Consolidated financial statements (unaudited)
Mastercard Incorporated
Index to consolidated financial statements (unaudited)

|  | Page
Consolidated Statements of Operations — Three and Nine Months Ended September 30, 2025 and 2024 |  | 6
Consolidated Statements of Comprehensive Income — Three and Nine Months Ended September 30, 2025 and 2024 |  | 7
Consolidated Balance Sheets — September 30, 2025 and December 31, 2024 |  | 8
Consolidated Statements of Changes in Equity — Three and Nine Months Ended September 30, 2025 and 2024 |  | 9
Consolidated Statements of Cash Flows — Nine Months Ended September 30, 2025 and 2024 |  | 11
Notes to consolidated financial statements |  | 12

MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 5

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated Statements of Operations (Unaudited) |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions, except per share data)
Net Revenue |  | $ | 8,602 |  |  | $ | 7,369 |  |  | $ | 23,985 |  |  | $ | 20,678 |
Operating Expenses: |  |  |  |  |  |  |  |
General and administrative |  | 2,923 |  |  | 2,744 |  |  | 8,212 |  |  | 7,448 |
Advertising and marketing |  | 245 |  |  | 220 |  |  | 610 |  |  | 520 |
Depreciation and amortization |  | 290 |  |  | 225 |  |  | 846 |  |  | 666 |
Provision for litigation |  | 83 |  |  | 176 |  |  | 330 |  |  | 400 |
Total operating expenses |  | 3,541 |  |  | 3,365 |  |  | 9,998 |  |  | 9,034 |
Operating income |  | 5,061 |  |  | 4,004 |  |  | 13,987 |  |  | 11,644 |
Other Income (Expense): |  |  |  |  |  |  |  |
Investment income |  | 81 |  |  | 76 |  |  | 239 |  |  | 231 |
Gains (losses) on equity investments, net |  | 41 |  |  | (62) |  |  | 16 |  |  | (69) |
Interest expense |  | (186) |  |  | (159) |  |  | (563) |  |  | (462) |
Other income (expense), net |  | 2 |  |  | 7 |  |  | 23 |  |  | 19 |
Total other income (expense) |  | (62) |  |  | (138) |  |  | (285) |  |  | (281) |
Income before income taxes |  | 4,999 |  |  | 3,866 |  |  | 13,702 |  |  | 11,363 |
Income tax expense |  | 1,072 |  |  | 603 |  |  | 2,794 |  |  | 1,831 |
Net Income |  | $ | 3,927 |  |  | $ | 3,263 |  |  | $ | 10,908 |  |  | $ | 9,532 |
Basic Earnings per Share |  | $ | 4.35 |  |  | $ | 3.54 |  |  | $ | 12.02 |  |  | $ | 10.27 |
Basic weighted-average shares outstanding |  | 903 |  |  | 923 |  |  | 908 |  |  | 928 |
Diluted Earnings per Share |  | $ | 4.34 |  |  | $ | 3.53 |  |  | $ | 12.00 |  |  | $ | 10.25 |
Diluted weighted-average shares outstanding |  | 905 |  |  | 925 |  |  | 909 |  |  | 930 |

The accompanying notes are an integral part of these consolidated financial statements.
6 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated Statements of Comprehensive Income (Unaudited) |  |  |  |  |  |  |  |
|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions)
Net Income |  | $ | 3,927 |  |  | $ | 3,263 |  |  | $ | 10,908 |  |  | $ | 9,532 |
Other comprehensive income (loss): |  |  |  |  |  |  |  |
Foreign currency translation adjustments |  | (62) |  |  | 262 |  |  | 625 |  |  | 48 |
Income tax effect |  | 12 |  |  | (8) |  |  | (44) |  |  | 19 |
Foreign currency translation adjustments, net of income tax effect |  | (50) |  |  | 254 |  |  | 581 |  |  | 67 |
Translation adjustments on net investment hedges |  | (2) |  |  | (183) |  |  | (210) |  |  | (134) |
Income tax effect |  | — |  |  | 40 |  |  | 46 |  |  | 29 |
Translation adjustments on net investment hedges, net of income tax effect |  | (2) |  |  | (143) |  |  | (164) |  |  | (105) |
Cash flow hedges |  | 34 |  |  | (110) |  |  | (314) |  |  | 3 |
Income tax effect |  | (1) |  |  | 6 |  |  | 21 |  |  | (2) |
Reclassification adjustments for cash flow hedges |  | 8 |  |  | 124 |  |  | 382 |  |  | 61 |
Income tax effect |  | (4) |  |  | (1) |  |  | (8) |  |  | (2) |
Cash flow hedges, net of income tax effect |  | 37 |  |  | 19 |  |  | 81 |  |  | 60 |
Defined benefit pension and other postretirement plans |  | — |  |  | — |  |  | — |  |  | 2 |
Income tax effect |  | — |  |  | — |  |  | — |  |  | — |
Defined benefit pension and other postretirement plans, net of income tax effect |  | — |  |  | — |  |  | — |  |  | 2 |
Investment securities available-for-sale |  | (1) |  |  | 2 |  |  | — |  |  | 2 |
Income tax effect |  | — |  |  | — |  |  | — |  |  | — |
Investment securities available-for-sale, net of income tax effect |  | (1) |  |  | 2 |  |  | — |  |  | 2 |
Other comprehensive income (loss), net of income tax effect |  | (16) |  |  | 132 |  |  | 498 |  |  | 26 |
Comprehensive Income |  | $ | 3,911 |  |  | $ | 3,395 |  |  | $ | 11,406 |  |  | $ | 9,558 |

The accompanying notes are an integral part of these consolidated financial statements.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 7

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated Balance Sheets (Unaudited) |  |  |  |
|  | September 30, 2025 |  | December 31, 2024
|  | (in millions, except per share data)
Assets |  |  |  |
Current assets: |  |  |  |
Cash and cash equivalents |  | $ | 10,313 |  |  | $ | 8,442 |
Restricted cash and restricted cash equivalents |  | 478 |  |  | 492 |
Restricted security deposits held for customers |  | 2,054 |  |  | 1,874 |
Investments |  | 335 |  |  | 330 |
Accounts receivable |  | 4,247 |  |  | 3,773 |
Settlement assets |  | 1,842 |  |  | 1,821 |
Prepaid expenses and other current assets |  | 3,954 |  |  | 2,992 |
Total current assets |  | 23,223 |  |  | 19,724 |
Property, equipment and right-of-use assets, net of accumulated depreciation and amortization of $2,656 and $2,393, respectively |  | 2,299 |  |  | 2,138 |
Deferred income taxes |  | 1,546 |  |  | 1,614 |
Goodwill |  | 9,574 |  |  | 9,193 |
Other intangible assets, net of accumulated amortization of $2,927 and $2,400, respectively |  | 5,591 |  |  | 5,453 |
Other assets |  | 11,056 |  |  | 9,959 |
Total Assets |  | $ | 53,289 |  |  | $ | 48,081 |
Liabilities and Equity |  |  |  |
Current liabilities: |  |  |  |
Accounts payable |  | $ | 935 |  |  | $ | 929 |
Settlement obligations |  | 2,422 |  |  | 2,316 |
Restricted security deposits held for customers |  | 2,054 |  |  | 1,874 |
Accrued litigation |  | 943 |  |  | 930 |
Accrued expenses |  | 11,979 |  |  | 10,393 |
Short-term debt |  | — |  |  | 750 |
Other current liabilities |  | 2,360 |  |  | 2,028 |
Total current liabilities |  | 20,693 |  |  | 19,220 |
Long-term debt |  | 18,983 |  |  | 17,476 |
Deferred income taxes |  | 326 |  |  | 317 |
Other liabilities |  | 5,368 |  |  | 4,553 |
Total Liabilities |  | 45,370 |  |  | 41,566 |
Commitments and Contingencies |  |  |  |
Stockholders’ Equity |  |  |  |
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,405 and 1,404 shares issued and 893 and 907 shares outstanding, respectively |  | — |  |  | — |
Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding |  | — |  |  | — |
Additional paid-in-capital |  | 6,757 |  |  | 6,442 |
Class A treasury stock, at cost, 512 and 497 shares, respectively |  | (79,670) |  |  | (71,431) |
Retained earnings |  | 81,752 |  |  | 72,907 |
Accumulated other comprehensive income (loss) |  | (935) |  |  | (1,433) |
Mastercard Incorporated Stockholders' Equity |  | 7,904 |  |  | 6,485 |
Non-controlling interests |  | 15 |  |  | 30 |
Total Equity |  | 7,919 |  |  | 6,515 |
Total Liabilities and Equity |  | $ | 53,289 |  |  | $ | 48,081 |

The accompanying notes are an integral part of these consolidated financial statements.
8 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated Statement of Changes in Equity (Unaudited)
|  | Stockholders’ Equity |  |  |  |
|  | Common Stock |  | Additional Paid-In Capital |  | Class A Treasury Stock |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Mastercard Incorporated Stockholders’ Equity |  | Non- Controlling Interests |  | Total Equity
|  | Class A |  | Class B |  |  |  |
|  | (in millions)
Three Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | — |  |  | $ | — |  |  | $ | 6,562 |  |  | $ | (76,299) |  |  | $ | 78,509 |  |  | $ | (919) |  |  | $ | 7,853 |  |  | $ | 21 |  |  | $ | 7,874 |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,927 |  |  | — |  |  | 3,927 |  |  | — |  |  | 3,927 |
Activity related to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (6) |  |  | (6) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (16) |  |  | (16) |  |  | — |  |  | (16) |
Dividends |  | — |  |  | — |  |  | — |  |  | — |  |  | (684) |  |  | — |  |  | (684) |  |  | — |  |  | (684) |
Purchases of treasury stock |  | — |  |  | — |  |  | — |  |  | (3,371) |  |  | — |  |  | — |  |  | (3,371) |  |  | — |  |  | (3,371) |
Share-based payments |  | — |  |  | — |  |  | 195 |  |  | — |  |  | — |  |  | — |  |  | 195 |  |  | — |  |  | 195 |
Balance at end of period |  | $ | — |  |  | $ | — |  |  | $ | 6,757 |  |  | $ | (79,670) |  |  | $ | 81,752 |  |  | $ | (935) |  |  | $ | 7,904 |  |  | $ | 15 |  |  | $ | 7,919 |

Nine Months Ended September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | — |  |  | $ | — |  |  | $ | 6,442 |  |  | $ | (71,431) |  |  | $ | 72,907 |  |  | $ | (1,433) |  |  | $ | 6,485 |  |  | $ | 30 |  |  | $ | 6,515 |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 10,908 |  |  | — |  |  | 10,908 |  |  | — |  |  | 10,908 |
Activity related to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (15) |  |  | (15) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 498 |  |  | 498 |  |  | — |  |  | 498 |
Dividends |  | — |  |  | — |  |  | — |  |  | — |  |  | (2,063) |  |  | — |  |  | (2,063) |  |  | — |  |  | (2,063) |
Purchases of treasury stock |  | — |  |  | — |  |  | — |  |  | (8,265) |  |  | — |  |  | — |  |  | (8,265) |  |  | — |  |  | (8,265) |
Share-based payments |  | — |  |  | — |  |  | 315 |  |  | 26 |  |  | — |  |  | — |  |  | 341 |  |  | — |  |  | 341 |
Balance at end of period |  | $ | — |  |  | $ | — |  |  | $ | 6,757 |  |  | $ | (79,670) |  |  | $ | 81,752 |  |  | $ | (935) |  |  | $ | 7,904 |  |  | $ | 15 |  |  | $ | 7,919 |

MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 9

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated Statement of Changes in Equity (Unaudited) - (Continued)
|  | Stockholders’ Equity |  |  |  |
|  | Common Stock |  | Additional Paid-In Capital |  | Class A Treasury Stock |  | Retained Earnings |  | Accumulated Other Comprehensive Income (Loss) |  | Mastercard Incorporated Stockholders’ Equity |  | Non- Controlling Interests |  | Total Equity
|  | Class A |  | Class B |  |  |  |
|  | (in millions)
Three Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | — |  |  | $ | — |  |  | $ | 6,089 |  |  | $ | (65,067) |  |  | $ | 67,604 |  |  | $ | (1,205) |  |  | $ | 7,421 |  |  | $ | 39 |  |  | $ | 7,460 |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 3,263 |  |  | — |  |  | 3,263 |  |  | — |  |  | 3,263 |
Activity related to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (4) |  |  | (4) |
Redeemable non-controlling interest adjustments |  | — |  |  | — |  |  | — |  |  | — |  |  | (2) |  |  | — |  |  | (2) |  |  | — |  |  | (2) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 132 |  |  | 132 |  |  | — |  |  | 132 |
Dividends |  | — |  |  | — |  |  | — |  |  | — |  |  | (607) |  |  | — |  |  | (607) |  |  | — |  |  | (607) |
Purchases of treasury stock |  | — |  |  | — |  |  | — |  |  | (2,969) |  |  | — |  |  | — |  |  | (2,969) |  |  | — |  |  | (2,969) |
Share-based payments |  | — |  |  | — |  |  | 201 |  |  | 1 |  |  | — |  |  | — |  |  | 202 |  |  | — |  |  | 202 |
Balance at end of period |  | $ | — |  |  | $ | — |  |  | $ | 6,290 |  |  | $ | (68,035) |  |  | $ | 70,258 |  |  | $ | (1,073) |  |  | $ | 7,440 |  |  | $ | 35 |  |  | $ | 7,475 |

Nine Months Ended September 30, 2024 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Balance at beginning of period |  | $ | — |  |  | $ | — |  |  | $ | 5,893 |  |  | $ | (60,429) |  |  | $ | 62,564 |  |  | $ | (1,099) |  |  | $ | 6,929 |  |  | $ | 46 |  |  | $ | 6,975 |
Net income |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,532 |  |  | — |  |  | 9,532 |  |  | — |  |  | 9,532 |
Activity related to non-controlling interests |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | (11) |  |  | (11) |
Redeemable non-controlling interest adjustments |  | — |  |  | — |  |  | — |  |  | — |  |  | (5) |  |  | — |  |  | (5) |  |  | — |  |  | (5) |
Other comprehensive income (loss) |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 26 |  |  | 26 |  |  | — |  |  | 26 |
Dividends |  | — |  |  | — |  |  | — |  |  | — |  |  | (1,833) |  |  | — |  |  | (1,833) |  |  | — |  |  | (1,833) |
Purchases of treasury stock |  | — |  |  | — |  |  | — |  |  | (7,615) |  |  | — |  |  | — |  |  | (7,615) |  |  | — |  |  | (7,615) |
Share-based payments |  | — |  |  | — |  |  | 397 |  |  | 9 |  |  | — |  |  | — |  |  | 406 |  |  | — |  |  | 406 |
Balance at end of period |  | $ | — |  |  | $ | — |  |  | $ | 6,290 |  |  | $ | (68,035) |  |  | $ | 70,258 |  |  | $ | (1,073) |  |  | $ | 7,440 |  |  | $ | 35 |  |  | $ | 7,475 |

The accompanying notes are an integral part of these consolidated financial statements.
10 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Consolidated Statements of Cash Flows (Unaudited) |  |  |  |
|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
|  | (in millions)
Operating Activities |  |  |  |
Net income |  | $ | 10,908 |  |  | $ | 9,532 |
Adjustments to reconcile net income to net cash provided by operating activities: |  |  |  |
Amortization of customer incentives |  | 1,526 |  |  | 1,328 |
Depreciation and amortization |  | 846 |  |  | 666 |
(Gains) losses on equity investments, net |  | (16) |  |  | 69 |
Share-based compensation |  | 485 |  |  | 418 |
Deferred income taxes |  | 77 |  |  | (261) |
Other |  | 99 |  |  | 117 |
Changes in operating assets and liabilities: |  |  |  |
Accounts receivable |  | (264) |  |  | 99 |
Settlement assets |  | (14) |  |  | (743) |
Prepaid expenses |  | (2,939) |  |  | (2,776) |
Accrued litigation and legal settlements |  | (4) |  |  | (59) |
Restricted security deposits held for customers |  | 180 |  |  | 23 |
Accounts payable |  | (28) |  |  | 59 |
Settlement obligations |  | 102 |  |  | 731 |
Accrued expenses |  | 658 |  |  | 671 |
Net change in other assets and liabilities |  | 1,030 |  |  | 72 |
Net cash provided by operating activities |  | 12,646 |  |  | 9,946 |
Investing Activities |  |  |  |
Purchases of investment securities available-for-sale |  | (385) |  |  | (414) |
Purchases of investments held-to-maturity |  | (28) |  |  | (98) |
Proceeds from sales of investment securities available-for-sale |  | 192 |  |  | 171 |
Proceeds from maturities of investment securities available-for-sale |  | 183 |  |  | 204 |
Proceeds from maturities of investments held-to-maturity |  | 46 |  |  | 363 |
Purchases of property and equipment |  | (377) |  |  | (379) |
Capitalized software |  | (548) |  |  | (565) |
Other investing activities |  | (24) |  |  | (6) |
Net cash used in investing activities |  | (941) |  |  | (724) |
Financing Activities |  |  |  |
Purchases of treasury stock |  | (8,169) |  |  | (7,565) |
Dividends paid |  | (2,072) |  |  | (1,842) |
Proceeds from debt, net |  | 1,242 |  |  | 3,960 |
Payment of debt |  | (750) |  |  | (1,336) |
Tax withholdings related to share-based payments |  | (283) |  |  | (175) |
Cash proceeds from employee stock plans |  | 139 |  |  | 163 |
Other financing activities |  | (100) |  |  | — |
Net cash used in financing activities |  | (9,993) |  |  | (6,795) |
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents |  | 325 |  |  | 75 |
Net increase in cash, cash equivalents, restricted cash and restricted cash equivalents |  | 2,037 |  |  | 2,502 |
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period |  | 10,808 |  |  | 10,465 |
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period |  | $ | 12,845 |  |  | $ | 12,967 |

The accompanying notes are an integral part of these consolidated financial statements.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 11

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Notes to consolidated financial statements (unaudited)
Note 1. Summary of Significant Accounting Policies
Organization
Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (“Mastercard International” and together with Mastercard Incorporated, “Mastercard” or the “Company”), is a technology company in the global payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible.
Consolidation and Basis of Presentation
The consolidated financial statements include the accounts of Mastercard and its majority-owned and controlled entities, including any variable interest entities (“VIEs”) for which the Company is the primary beneficiary. Investments in VIEs for which the Company is not considered the primary beneficiary are not consolidated and are accounted for as marketable, equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheets. At September 30, 2025 and December 31, 2024, there were no significant VIEs that required consolidation and the investments were not material to the consolidated financial statements. The Company consolidates acquisitions as of the date the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. The Company follows accounting principles generally accepted in the United States of America (“GAAP”).
The balance sheet as of December 31, 2024 was derived from the audited consolidated financial statements as of December 31, 2024. The consolidated financial statements for the three and nine months ended September 30, 2025 and 2024 and as of September 30, 2025 are unaudited, and in the opinion of management, include all normal recurring adjustments that are necessary to present fairly the results for interim periods. The results of operations for the three and nine months ended September 30, 2025 are not necessarily indicative of the results to be expected for the full year.
The accompanying unaudited consolidated financial statements are presented in accordance with the U.S. Securities and Exchange Commission (SEC) requirements for Quarterly Reports on Form 10-Q. Reference should be made to the Company’s Annual Report on Form 10-K for the year ended December 31, 2024 (“2024 Form 10-K”) for additional disclosures, including a summary of the Company’s significant accounting policies.
Note 2. Acquisitions
For the nine months ended September 30, 2025, the Company did not acquire any businesses. In 2024, the Company acquired businesses for total cash consideration of $2.8 billion. As of September 30, 2025, the Company was evaluating and finalizing the purchase accounting for the businesses acquired in 2024. For the preliminary fair values of the purchase price allocations, as of the acquisition dates, refer to Note 2 (Acquisitions) to the consolidated financial statements included in Part II, Item 8 of the Company’s 2024 Form 10-K.
Note 3. Revenue
The Company’s disaggregated net revenue by category and geographic region were as follows:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions)
Net revenue by category: |  |  |  |  |  |  |  |
Payment network |  | $ | 5,179 |  |  | $ | 4,629 |  |  | $ | 14,556 |  |  | $ | 12,924 |
Value-added services and solutions |  | 3,423 |  |  | 2,740 |  |  | 9,429 |  |  | 7,754 |
Net revenue |  | $ | 8,602 |  |  | $ | 7,369 |  |  | $ | 23,985 |  |  | $ | 20,678 |
Net revenue by geographic region: |  |  |  |  |  |  |  |
Americas 1 |  | $ | 3,651 |  |  | $ | 3,156 |  |  | $ | 10,207 |  |  | $ | 9,093 |
Asia Pacific, Europe, Middle East and Africa |  | 4,951 |  |  | 4,213 |  |  | 13,778 |  |  | 11,585 |
Net revenue |  | $ | 8,602 |  |  | $ | 7,369 |  |  | $ | 23,985 |  |  | $ | 20,678 |

1 Americas includes the United States, Canada and Latin America.
12 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The Company’s customers are generally billed weekly, with certain billings occurring on a monthly and quarterly basis. The frequency of billing is dependent upon the nature of the performance obligation and the underlying contractual terms. The Company does not typically offer extended payment terms to customers. The following table sets forth the location of the amounts recognized on the consolidated balance sheets from contracts with customers:

|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Receivables from contracts with customers |  |  |  |
Accounts receivable |  | $ | 3,874 |  |  | $ | 3,491 |
Contract assets |  |  |  |
Prepaid expenses and other current assets |  | 162 |  |  | 210 |
Other assets |  | 464 |  |  | 460 |
Deferred revenue 1 |  |  |  |
Other current liabilities |  | 1,222 |  |  | 890 |
Other liabilities |  | 378 |  |  | 449 |

1 Revenue recognized from performance obligations satisfied for the three and nine months ended September 30, 2025 was $838 million and $2,187 million, respectively.
Note 4. Earnings Per Share
The components of basic and diluted earnings per share (“EPS”) for common shares were as follows:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions, except per share data)
Numerator |  |  |  |  |  |  |  |
Net income |  | $ | 3,927 |  |  | $ | 3,263 |  |  | $ | 10,908 |  |  | $ | 9,532 |
Denominator |  |  |  |  |  |  |  |
Basic weighted-average shares outstanding |  | 903 |  |  | 923 |  |  | 908 |  |  | 928 |
Dilutive stock options and stock units |  | 1 |  |  | 2 |  |  | 1 |  |  | 2 |
Diluted weighted-average shares outstanding 1 |  | 905 |  |  | 925 |  |  | 909 |  |  | 930 |
Earnings per Share |  |  |  |  |  |  |  |
Basic |  | $ | 4.35 |  |  | $ | 3.54 |  |  | $ | 12.02 |  |  | $ | 10.27 |
Diluted |  | $ | 4.34 |  |  | $ | 3.53 |  |  | $ | 12.00 |  |  | $ | 10.25 |

Note: Table may not sum due to rounding.
1 For the periods presented, the calculation of diluted EPS excluded a minimal amount of anti-dilutive share-based payment awards.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 13

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 5. Investments
The Company’s investments on the consolidated balance sheets include both available-for-sale and held-to-maturity debt securities (see Investments section below). The Company’s strategic investments in equity securities of publicly traded and privately held companies are classified within other assets on the consolidated balance sheets (see Equity Investments section below).
Investments
Investments on the consolidated balance sheets consisted of the following:

|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Available-for-sale securities |  | $ | 316 |  |  | $ | 292 |
Held-to-maturity securities 1 |  | 19 |  |  | 38 |
Total investments |  | $ | 335 |  |  | $ | 330 |

1 Held-to-maturity securities represent investments in time deposits that mature within one year. The cost of these securities approximates fair value.
Investment income on the consolidated statements of operations primarily consists of interest income generated from cash, cash equivalents, held-to maturity and available-for-sale investment securities, as well as realized gains and losses on the Company’s investment securities. The realized gains and losses from the sales of available-for-sale securities for the three and nine months ended September 30, 2025 and 2024 were not material.
Available-for-Sale Securities
The major classes of the Company’s available-for-sale investment securities and their respective amortized cost basis and fair values were as follows:

|  | September 30, 2025 |  | December 31, 2024
|  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value |  | Amortized Cost |  | Gross Unrealized Gain |  | Gross Unrealized Loss |  | Fair Value
|  | (in millions)
Government and agency securities |  | $ | 60 |  |  | $ | — |  |  | $ | — |  |  | $ | 60 |  |  | $ | 80 |  |  | $ | — |  |  | $ | — |  |  | $ | 80 |
Corporate securities |  | 221 |  |  | 1 |  |  | — |  |  | 222 |  |  | 187 |  |  | 1 |  |  | — |  |  | 188 |
Asset-backed securities |  | 34 |  |  | — |  |  | — |  |  | 34 |  |  | 24 |  |  | — |  |  | — |  |  | 24 |
Total |  | $ | 315 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 316 |  |  | $ | 291 |  |  | $ | 1 |  |  | $ | — |  |  | $ | 292 |

The Company’s government and agency securities include U.S. government bonds, U.S. government sponsored agency bonds and foreign government bonds that are denominated in the national currency of the issuing country. Corporate and asset-backed securities held at September 30, 2025 and December 31, 2024 primarily carried a credit rating of A- or better. Corporate securities are comprised of commercial paper and corporate bonds. The gross unrealized gains and losses on the available-for-sale securities are primarily driven by changes in interest rates and are recorded in other comprehensive income (loss).
The maturity distribution based on the contractual terms of the Company’s available-for-sale investment securities at September 30, 2025 was as follows:

|  | Amortized Cost |  | Fair Value
|  | (in millions)
Due within 1 year |  | $ | 110 |  |  | $ | 110 |
Due after 1 year through 5 years |  | 205 |  |  | 206 |
Total |  | $ | 315 |  |  | $ | 316 |

Equity Investments
Included in other assets on the consolidated balance sheets are equity investments with readily determinable fair values (“Marketable securities”) and equity investments without readily determinable fair values (“Nonmarketable securities”). Marketable securities are equity interests in publicly traded companies and are measured using unadjusted quoted prices in their respective active markets. Nonmarketable securities that do not qualify for equity method accounting are measured at cost, less any impairment and adjusted for changes resulting from observable price changes in orderly transactions for the identical or similar investments of the same issuer (“Measurement alternative”).
14 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The following table is a summary of the activity related to the Company’s equity investments:

|  | Balance at December 31, 2024 |  | Purchases |  | Sales |  | Changes in Fair Value 1 |  | Other 2 |  | Balance at September 30, 2025
|  | (in millions)
Marketable securities |  | $ | 237 |  |  | $ | — |  |  | $ | — |  |  | $ | 11 |  |  | $ | — |  |  | $ | 248 |
Nonmarketable securities |  | 1,370 |  |  | 30 |  |  | — |  |  | 3 |  |  | 34 |  |  | 1,437 |
Total equity investments |  | $ | 1,607 |  |  | $ | 30 |  |  | $ | — |  |  | $ | 14 |  |  | $ | 34 |  |  | $ | 1,685 |

1 Recorded in gains (losses) on equity investments, net on the consolidated statements of operations.
2 Primarily translational impact of currency.
The following table sets forth the components of the Company’s Nonmarketable securities:

|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Measurement alternative |  | $ | 1,184 |  |  | $ | 1,140 |
Equity method |  | 253 |  |  | 230 |
Total Nonmarketable securities |  | $ | 1,437 |  |  | $ | 1,370 |

The following table summarizes the total carrying value of the Company’s Measurement alternative investments, including cumulative unrealized gains and losses through September 30, 2025:

|  | (in millions)
Initial cost basis |  | $ | 729 |
Cumulative adjustments 1: |  |
Upward adjustments |  | 667 |
Downward adjustments (including impairment) |  | (212) |
Carrying amount, end of period |  | $ | 1,184 |

1 Includes immaterial translational impact of currency.
The following table summarizes the unrealized gains and losses included in the carrying value of the Company’s Measurement alternative investments and Marketable securities:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions)
Measurement alternative investments: |  |  |  |  |  |  |  |
Upward adjustments |  | $ | 25 |  |  | $ | 3 |  |  | $ | 31 |  |  | $ | 10 |
Downward adjustments (including impairment) |  | (2) |  |  | (2) |  |  | (32) |  |  | (6) |
Marketable securities: |  |  |  |  |  |  |  |
Unrealized gains (losses), net |  | 14 |  |  | (61) |  |  | 11 |  |  | 75 |

Note 6. 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.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 15

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Recurring Measurements
The distribution of the Company’s financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy was as follows:

|  | September 30, 2025 |  | December 31, 2024
|  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total |  | Quoted Prices in Active Markets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3) |  | Total
|  | (in millions)
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Investment securities available-for-sale 1: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Government and agency securities |  | $ | 25 |  |  | $ | 35 |  |  | $ | — |  |  | $ | 60 |  |  | $ | 36 |  |  | $ | 44 |  |  | $ | — |  |  | $ | 80 |
Corporate securities |  | — |  |  | 222 |  |  | — |  |  | 222 |  |  | — |  |  | 188 |  |  | — |  |  | 188 |
Asset-backed securities |  | — |  |  | 34 |  |  | — |  |  | 34 |  |  | — |  |  | 24 |  |  | — |  |  | 24 |
Derivative instruments 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | — |  |  | 18 |  |  | — |  |  | 18 |  |  | — |  |  | 206 |  |  | — |  |  | 206 |
Marketable securities 3: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity securities |  | 248 |  |  | — |  |  | — |  |  | 248 |  |  | 237 |  |  | — |  |  | — |  |  | 237 |
Deferred compensation plan 4: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation assets |  | 114 |  |  | — |  |  | — |  |  | 114 |  |  | 107 |  |  | — |  |  | — |  |  | 107 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Derivative instruments 2: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | — |  |  | $ | 182 |  |  | $ | — |  |  | $ | 182 |  |  | $ | — |  |  | $ | 36 |  |  | $ | — |  |  | $ | 36 |
Interest rate contracts |  | — |  |  | 34 |  |  | — |  |  | 34 |  |  | — |  |  | 63 |  |  | — |  |  | 63 |
Deferred compensation plan 5: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Deferred compensation liabilities |  | 111 |  |  | — |  |  | — |  |  | 111 |  |  | 105 |  |  | — |  |  | — |  |  | 105 |

1 The 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.
2 The 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.
3 The Company’s Marketable securities are publicly held and fair values are based on unadjusted quoted prices in their respective active markets.
4 The Company has a nonqualified deferred compensation plan under which assets are invested primarily in mutual funds held in a rabbi trust or are held as cash equivalents, all of which are restricted for payments to participants of the plan. The Company has elected to use the fair value option for these assets, which are measured using quoted prices of identical instruments in active markets. These are included in prepaid expenses and other current assets and restricted cash and restricted cash equivalents on the consolidated balance sheets.
5 The Company has a nonqualified deferred compensation plan under which liabilities are measured at fair value based on the quoted prices of identical instruments to the investment vehicles selected by the participants. These are included in other liabilities on the consolidated balance sheets.
Nonrecurring Measurements
Nonmarketable Securities
The Company’s Nonmarketable securities are recorded at fair value on a nonrecurring basis in periods after initial recognition under the equity method or measurement alternative method. Nonmarketable securities are classified within Level 3 of the Valuation Hierarchy due to the absence of quoted market prices, the inherent lack of liquidity and unobservable inputs used to measure fair value that require management’s judgment. The Company uses discounted cash flows and market assumptions to estimate the fair value of its Nonmarketable securities when certain events or circumstances indicate that impairment may exist. Observable price changes in orderly transactions for identical or similar investments of the same issuer could also result in fair value adjustments. See Note 5 (Investments) for further details.
16 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Financial Instruments - Not Carried at Fair Value
Debt
Debt instruments are carried on the consolidated balance sheets at amortized cost. The Company estimates the fair value of its debt based on either market quotes or observable market data. Debt is classified as Level 2 of the Valuation Hierarchy as it is generally not traded in active markets. At September 30, 2025, the carrying value and fair value of debt was $19.0 billion and $18.0 billion, respectively. At December 31, 2024, the carrying value and fair value of debt was $18.2 billion and $16.8 billion, respectively. See Note 9 (Debt) for further details.
Other Financial Instruments
Certain other financial instruments are carried on the consolidated balance sheets at cost or amortized cost basis, which approximates fair value due to their short-term, highly liquid nature. These instruments include cash and cash equivalents, restricted cash and restricted cash equivalents, restricted security deposits held for customers, time deposits, accounts receivable, settlement assets, accounts payable, settlement obligations and other accrued liabilities.
Note 7. Prepaid Expenses and Other Assets
Prepaid expenses and other current assets consisted of the following:

|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Customer incentives |  | $ | 2,371 |  |  | $ | 1,854 |
Other |  | 1,583 |  |  | 1,138 |
Total prepaid expenses and other current assets |  | $ | 3,954 |  |  | $ | 2,992 |

Other assets consisted of the following:

|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Customer incentives |  | $ | 7,697 |  |  | $ | 6,550 |
Equity investments |  | 1,685 |  |  | 1,607 |
Income taxes receivable |  | 923 |  |  | 1,002 |
Other |  | 751 |  |  | 800 |
Total other assets |  | $ | 11,056 |  |  | $ | 9,959 |

Note 8. Accrued Expenses
Accrued expenses consisted of the following:

|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Customer incentives |  | $ | 9,267 |  |  | $ | 7,627 |
Personnel costs |  | 1,331 |  |  | 1,681 |
Income and other taxes |  | 713 |  |  | 454 |
Other |  | 668 |  |  | 631 |
Total accrued expenses |  | $ | 11,979 |  |  | $ | 10,393 |

As of September 30, 2025 and December 31, 2024, long-term customer incentives included in other liabilities were $3,031 million and $2,820 million, respectively.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 17

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 9. Debt
Debt consisted of the following:

|  |  |  |  | September 30, 2025 |  | December 31, 2024 |  | Effective Interest Rate
|  |  |  |  | (in millions) |  |
Senior Notes |  |  |  |  |  |  |  |  |
2025 USD Notes |  | Floating Rate | Senior Notes due March 2028 |  | $ | 300 |  |  | $ | — |  |  | **
|  | 4.550 | % | Senior Notes due March 2028 |  | 450 |  |  | — |  |  | 4.727 | %
|  | 4.950 | % | Senior Notes due March 2032 |  | 500 |  |  | — |  |  | 5.063 | %
2024 USD Notes |  | 4.100 | % | Senior Notes due January 2028 |  | 750 |  |  | 750 |  |  | 4.262 | %
|  | 4.350 | % | Senior Notes due January 2032 |  | 1,150 |  |  | 1,150 |  |  | 4.446 | %
|  | 4.550 | % | Senior Notes due January 2035 |  | 1,100 |  |  | 1,100 |  |  | 4.633 | %
|  | 4.875 | % | Senior Notes due May 2034 |  | 1,000 |  |  | 1,000 |  |  | 5.047 | %
2023 USD Notes |  | 4.875 | % | Senior Notes due March 2028 |  | 750 |  |  | 750 |  |  | 5.003 | %
|  | 4.850 | % | Senior Notes due March 2033 |  | 750 |  |  | 750 |  |  | 4.923 | %
2022 EUR Notes |  | 1.000 | % | Senior Notes due February 2029 |  | 880 |  |  | 781 |  |  | 1.138 | %
2021 USD Notes |  | 2.000 | % | Senior Notes due November 2031 |  | 750 |  |  | 750 |  |  | 2.112 | %
|  | 1.900 | % | Senior Notes due March 2031 |  | 600 |  |  | 600 |  |  | 1.981 | %
|  | 2.950 | % | Senior Notes due March 2051 |  | 700 |  |  | 700 |  |  | 3.013 | %
2020 USD Notes |  | 3.300 | % | Senior Notes due March 2027 |  | 1,000 |  |  | 1,000 |  |  | 3.420 | %
|  | 3.350 | % | Senior Notes due March 2030 |  | 1,500 |  |  | 1,500 |  |  | 3.430 | %
|  | 3.850 | % | Senior Notes due March 2050 |  | 1,500 |  |  | 1,500 |  |  | 3.896 | %
2019 USD Notes |  | 2.950 | % | Senior Notes due June 2029 |  | 1,000 |  |  | 1,000 |  |  | 3.030 | %
|  | 3.650 | % | Senior Notes due June 2049 |  | 1,000 |  |  | 1,000 |  |  | 3.689 | %
|  | 2.000 | % | Senior Notes due March 2025 |  | — |  |  | 750 |  |  | 2.147 | %
2018 USD Notes |  | 3.500 | % | Senior Notes due February 2028 |  | 500 |  |  | 500 |  |  | 3.598 | %
|  | 3.950 | % | Senior Notes due February 2048 |  | 500 |  |  | 500 |  |  | 3.990 | %
2016 USD Notes |  | 2.950 | % | Senior Notes due November 2026 |  | 750 |  |  | 750 |  |  | 3.044 | %
|  | 3.800 | % | Senior Notes due November 2046 |  | 600 |  |  | 600 |  |  | 3.893 | %
2015 EUR Notes |  | 2.100 | % | Senior Notes due December 2027 |  | 938 |  |  | 833 |  |  | 2.189 | %
|  | 2.500 | % | Senior Notes due December 2030 |  | 176 |  |  | 156 |  |  | 2.562 | %
|  |  |  |  | 19,144 |  |  | 18,420 |  |  |
Less: Unamortized discount and debt issuance costs | (127) |  |  | (131) |  |  |
Less: Cumulative hedge accounting fair value adjustments 1 |  | (34) |  |  | (63) |  |  |
Total debt outstanding | 18,983 |  |  | 18,226 |  |  |
Less: Short-term debt 2 |  | — |  |  | (750) |  |  |
Long-term debt | $ | 18,983 |  |  | $ | 17,476 |  |  |

**The $300 million of Senior Notes due March 2028 are Floating Rate Notes that bear interest at a floating rate, reset quarterly, equal to the Compounded Secured Overnight Financing Rate (“SOFR”) plus 0.44%.
1 The 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.
2 As of December 31, 2024, the 2019 USD Notes due March 2025 were classified as short-term debt, net of unamortized discount and debt issuance costs, on the consolidated balance sheets.
18 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Senior Notes
In February 2025, the Company issued $300 million principal amount of Floating Rate Notes due March 2028, $450 million principal amount of 4.550% notes due March 2028 and $500 million principal amount of 4.950% notes due March 2032 (collectively, the “2025 USD Notes”). The net proceeds from the issuance of the 2025 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.242 billion.
The 2025 USD Notes are not subject to any financial covenants, are senior unsecured obligations and rank equally with any future unsecured and unsubordinated indebtedness. At the Company’s option, the notes may be redeemed in whole, or in part, at any time for a specified make-whole amount, with the exception of the Floating Rate Notes.
Note 10. Stockholders' Equity
Dividends
The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions, except per share data)
Dividends declared per share |  | $ | 0.76 |  |  | $ | 0.66 |  |  | $ | 2.28 |  |  | $ | 1.98 |
Total dividends declared |  | $ | 684 |  |  | $ | 607 |  |  | $ | 2,063 |  |  | $ | 1,833 |

Common Stock Activity
The following table presents the changes in the Company’s outstanding Class A and Class B common stock:

|  | Three Months Ended September 30,
|  | 2025 |  | 2024
|  | Class A |  | Class B |  | Class A |  | Class B
|  | (in millions)
Balance at beginning of period |  | 899.1 |  |  | 6.7 |  |  | 918.5 |  |  | 7.1 |
Purchases of treasury stock |  | (5.8) |  |  | — |  |  | (6.3) |  |  | — |
Share-based payments |  | 0.1 |  |  | — |  |  | 0.4 |  |  | — |
Conversion of Class B to Class A common stock |  | — |  |  | — |  |  | — |  |  | — |
Balance at end of period |  | 893.4 |  |  | 6.7 |  |  | 912.6 |  |  | 7.1 |

|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
|  | Class A |  | Class B |  | Class A |  | Class B
|  | (in millions)
Balance at beginning of period |  | 906.6 |  |  | 6.8 |  |  | 927.3 |  |  | 7.2 |
Purchases of treasury stock |  | (14.7) |  |  | — |  |  | (16.5) |  |  | — |
Share-based payments |  | 1.4 |  |  | — |  |  | 1.7 |  |  | — |
Conversion of Class B to Class A common stock |  | 0.1 |  |  | (0.1) |  |  | 0.1 |  |  | (0.1) |
Balance at end of period |  | 893.4 |  |  | 6.7 |  |  | 912.6 |  |  | 7.1 |

MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 19

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
In December 2024 and 2023, the Company’s Board of Directors approved share repurchase programs of its Class A common stock authorizing the Company to repurchase up to $12.0 billion and $11.0 billion, respectively. The following table summarizes the Company’s share repurchases of its Class A common stock:

|  | Nine Months Ended September 30,
|  | 2025 |  | 2024
|  | (in millions, except per share data)
Dollar-value of shares repurchased |  | $ | 8,169 |  |  | $ | 7,565 |
Shares repurchased |  | 14.7 |  |  | 16.5 |
Average price paid per share |  | $ | 554.47 |  |  | $ | 458.36 |

As of September 30, 2025, the remaining authorization under share repurchase programs approved by the Company’s Board of Directors was $7.0 billion. Through October 27, 2025, the Company repurchased $1.2 billion dollar-value of shares. As of October 27, 2025, the remaining authorization under share repurchase programs approved by the Company’s Board of Directors was $5.8 billion.
Note 11. Accumulated Other Comprehensive Income (Loss)
The changes in the balances of each component of accumulated other comprehensive income (loss), net of tax, for the nine months ended September 30, 2025 and 2024 were as follows:

|  | December 31, 2024 |  | Increase / (Decrease) |  | Reclassifications |  | September 30, 2025
|  | (in millions)
Foreign currency translation adjustments 1 |  | $ | (1,558) |  |  | $ | 581 |  |  | $ | — |  |  | $ | (977) |
Translation adjustments on net investment hedges 2 |  | 295 |  |  | (164) |  |  | — |  |  | 131 |
Cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts 3 |  | (51) |  |  | (293) |  |  | 370 |  |  | 26 |
Interest rate contracts |  | (113) |  |  | — |  |  | 4 |  |  | (109) |
Defined benefit pension and other postretirement plans |  | (6) |  |  | — |  |  | — |  |  | (6) |
Investment securities available-for-sale |  | — |  |  | — |  |  | — |  |  | — |
Accumulated other comprehensive income (loss) |  | $ | (1,433) |  |  | $ | 124 |  |  | $ | 374 |  |  | $ | (935) |

|  | December 31, 2023 |  | Increase / (Decrease) |  | Reclassifications |  | September 30, 2024
|  | (in millions)
Foreign currency translation adjustments 1 |  | $ | (1,119) |  |  | $ | 67 |  |  | $ | — |  |  | $ | (1,052) |
Translation adjustments on net investment hedges 2 |  | 181 |  |  | (105) |  |  | — |  |  | 76 |
Cash flow hedges |  |  |  |  |  |  |  |
Foreign exchange contracts 3 |  | (17) |  |  | 1 |  |  | 56 |  |  | 40 |
Interest rate contracts |  | (118) |  |  | — |  |  | 3 |  |  | (115) |
Defined benefit pension and other postretirement plans |  | (25) |  |  | 2 |  |  | — |  |  | (23) |
Investment securities available-for-sale |  | (1) |  |  | 2 |  |  | — |  |  | 1 |
Accumulated other comprehensive income (loss) |  | $ | (1,099) |  |  | $ | (33) |  |  | $ | 59 |  |  | $ | (1,073) |

1 For the nine months ended September 30, 2025, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the euro, British pound and Brazilian real against the U.S. dollar. For the nine months ended September 30, 2024, the decrease in the accumulated other comprehensive loss related to foreign currency translation adjustments was driven primarily by the appreciation of the British pound against the U.S. dollar, partially offset by the depreciation of the Brazilian real against the U.S. dollar.
2 For the nine months ended September 30, 2025, the decrease in the accumulated other comprehensive income related to the net investment hedges was driven primarily by the appreciation of the euro against the U.S. dollar. For the nine months ended September 30, 2024, the decrease in the accumulated other comprehensive income related to the net investment hedges was driven primarily by the appreciation of the British pound against the U.S. dollar. See Note 16 (Derivative and Hedging Instruments) for additional information.
3 Represents 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.
20 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
Note 12. Share-Based Payments
For the nine months ended September 30, 2025, the Company granted the following awards under the Mastercard Incorporated 2006 Long Term Incentive Plan, amended and restated as of June 22, 2021 (the “LTIP”). The LTIP is a stockholder-approved plan that permits the grant of various types of equity awards to employees.

|  | Grants in 2025 |  | Weighted-Average Grant-Date Fair Value
|  | (in millions) |  | (per option/unit)
Non-qualified stock options |  | 0.2 |  | $ | 192 |
Restricted stock units |  | 1.0 |  | $ | 566 |
Performance stock units |  | 0.2 |  | $ | 608 |

The Company uses the Black-Scholes option pricing model to determine the grant-date fair value of stock options and calculates the expected life and the expected volatility based on historical Mastercard information. The expected life of stock options granted in 2025 was estimated to be six years, while the expected volatility was determined to be 27.4%. These awards expire ten years from the date of grant and vest ratably over three years.
The fair value of restricted stock units (“RSUs”) is determined and fixed on the grant date based on the Company’s Class A common stock price, adjusted for the exclusion of dividend equivalents. RSUs generally vest ratably over three years.
The Company uses the Monte Carlo simulation valuation model to determine the grant-date fair value of performance stock units (“PSUs”) granted. PSUs vest after three years from the date of grant and are subject to a mandatory one-year deferral period, during which vested PSUs are eligible for dividend equivalents.
Compensation expense is recorded net of estimated forfeitures over the shorter of the vesting period or the date the individual becomes eligible to retire under the LTIP. The Company uses the straight-line method of attribution over the requisite service period for expensing equity awards.
Note 13. Income Taxes
The effective income tax rates for the three months ended September 30, 2025 and 2024 were 21.5% and 15.6%, respectively. The effective income tax rates for the nine months ended September 30, 2025 and 2024 were 20.4% and 16.1%, respectively.
The higher effective income tax rates for the three and nine months ended September 30, 2025, versus the comparable periods in 2024, were primarily due to the 15% global minimum tax (Pillar 2 Rules) and a change in the Company’s geographic mix of earnings. The Pillar 2 Rules took effect in 2025 in Singapore and various other jurisdictions and largely offsets the reduction to the Company’s effective income tax rate resulting from the Company’s incentive grant received from the Singapore Ministry of Finance.
The Company is subject to tax in the United States, Belgium, Singapore, the United Kingdom and various other foreign jurisdictions, as well as state and local jurisdictions. Uncertain tax positions are reviewed on an ongoing basis and are adjusted after considering facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitation. Within the next twelve months, the Company believes that the resolution of certain federal, foreign and state and local examinations is reasonably possible and that a change in estimate, reducing unrecognized tax benefits, may occur. While such a change may be significant, it is not possible to provide a range of the potential change until the examinations progress further or the related statutes of limitation expire. The Company has effectively settled its U.S. federal income tax obligations through 2014. With limited exception, the Company is no longer subject to state and local or foreign examinations by tax authorities for years before 2014.
Note 14. 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
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 21

PART I
ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
of any individual existing legal or regulatory proceeding to which it is a party will have a material adverse effect on its results of operations, financial condition and overall business. However, an adverse judgment or other outcome or settlement with respect to any proceedings discussed below could result in fines or payments by Mastercard and/or could require Mastercard to change its business practices. In addition, an adverse outcome in a regulatory proceeding could lead to the filing of civil damage claims and possibly result in significant damage awards. Any of these events could have a material adverse effect on Mastercard’s results of operations, financial condition and overall business.
Interchange Litigation and Regulatory Proceedings
Mastercard’s interchange fees and other practices are subject to regulatory, legal review and/or challenges in a number of jurisdictions, including the proceedings described below. When taken as a whole, the resulting decisions, regulations and legislation with respect to interchange fees and acceptance practices may have a material adverse effect on the Company’s prospects for future growth and its overall results of operations and financial condition.
United States
In 2005, the first of a series of complaints were filed on behalf of merchants (the majority of the complaints were styled as class actions, although a few complaints were filed on behalf of individual merchant plaintiffs) against Mastercard International, Visa U.S.A., Inc., Visa International Service Association and a number of financial institutions. Taken together, the claims in the complaints were generally brought under both Sections 1 and 2 of the Sherman Act, which prohibit monopolization and attempts or conspiracies to monopolize a particular industry, and some of these complaints contain unfair competition law claims under state law. The complaints allege, among other things, that Mastercard, Visa, and certain financial institutions conspired to set the price of interchange fees, enacted point-of-sale acceptance rules (including the “no surcharge” rule) in violation of antitrust laws and engaged in unlawful tying and bundling of certain products and services, resulting in merchants paying excessive costs for the acceptance of Mastercard and Visa credit and debit cards. The cases were consolidated for pre-trial proceedings in the U.S. District Court for the Eastern District of New York in MDL No. 1720 (the “U.S. MDL Litigation Cases”). The plaintiffs filed a consolidated class action complaint seeking treble damages.
In 2006, the group of purported merchant class plaintiffs filed a supplemental complaint alleging that Mastercard’s initial public offering of its Class A Common Stock in May 2006 (the “IPO”) and certain purported agreements entered into between Mastercard and financial institutions in connection with the IPO: (1) violate U.S. antitrust laws and (2) constituted a fraudulent conveyance because the financial institutions allegedly attempted to release, without adequate consideration, Mastercard’s right to assess them for Mastercard’s litigation liabilities. The class plaintiffs sought treble damages and injunctive relief including, but not limited to, an order reversing and unwinding the IPO.
In 2011, Mastercard and Mastercard International entered into each of: (1) an omnibus judgment sharing and settlement sharing agreement with Visa Inc., Visa U.S.A. Inc. and Visa International Service Association and a number of financial institutions; and (2) a Mastercard settlement and judgment sharing agreement with a number of financial institutions. The agreements provide for the apportionment of certain costs and liabilities which Mastercard, the Visa parties and the financial institutions may incur, jointly and/or severally, in the event of an adverse judgment or settlement of one or all of the U.S. MDL Litigation Cases. Among a number of scenarios addressed by the agreements, in the event of a global settlement involving the Visa parties, the financial institutions and Mastercard, Mastercard would pay 12% of the monetary portion of the settlement. In the event of a settlement involving only Mastercard and the financial institutions with respect to their issuance of Mastercard cards, Mastercard would pay 36% of the monetary portion of such settlement.
In 2012, the parties entered into a definitive settlement agreement with respect to the U.S. MDL Litigation Cases (including with respect to the claims related to the IPO) and the defendants separately entered into a settlement agreement with the individual merchant plaintiffs. The settlements included cash payments that were apportioned among the defendants pursuant to the omnibus judgment sharing and settlement sharing agreement described above. Mastercard also agreed to provide class members with a short-term reduction in default credit interchange rates and to modify certain of its business practices, including its no surcharge rule. The court granted final approval of the settlement in 2013. Following an appeal by objectors and as a result of a reversal of the settlement approval by the U.S. Court of Appeals for the Second Circuit, the case was sent back to the district court for further proceedings. The court divided the merchants’ claims into two separate classes - monetary damages claims (the “Damages Class”) and claims seeking changes to business practices (the “Rules Relief Class”). The court appointed separate counsel for each class.
In 2018, the parties to the Damages Class litigation entered into a class settlement agreement to resolve the Damages Class claims, with merchants representing slightly more than 25% of the Damages Class interchange volume choosing to opt out of the settlement. The Damages Class settlement agreement became final in 2023. Since 2018, Mastercard has reached settlements or agreements in principle to settle with over 250 opt-out merchants. These opt-out merchant settlements, along with the Damages Class settlement, represent over 90% of Mastercard’s U.S. interchange volume.
Approximately 55 individual opt-out merchants continue to litigate, seeking treble damages and attorneys’ fees and costs. In 2024, the district court denied the defendants’ motions for summary judgment with respect to these ongoing individual opt-out merchant cases, sending the cases back to their original jurisdictions for trials. The remaining opt-out merchants claim aggregate single damages of
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approximately $10 billion with respect to their Mastercard purchase volume. Mastercard would be responsible for 36% of any Mastercard-related judgment pursuant to the 2011 judgment and settlement sharing agreement discussed above. The first trial in the opt-out merchant cases, which will involve six of the larger opt-out merchants, has been rescheduled for April 2026.
In 2021, the district court granted the Rules Relief Class’s motion for class certification. In 2024, the parties to the Rules Relief Class litigation entered into a settlement agreement to resolve the Rules Relief Class claims, which was subsequently denied by the court. The parties are in ongoing settlement discussions. The court has not yet scheduled a trial date.
As of September 30, 2025 and December 31, 2024, Mastercard accrued a liability of $512 million and $559 million, respectively, for the U.S. MDL Litigation Cases. The liability as of September 30, 2025 represents Mastercard’s best estimate of its probable liabilities in these matters and does not represent an estimate of a loss, if any, if the matters were litigated to a final outcome. Mastercard cannot estimate the potential liability if that were to occur.
Europe
Since 2012, a number of United Kingdom (“U.K.”) merchants filed claims or threatened litigation against Mastercard seeking damages for excessive costs paid for acceptance of Mastercard credit and debit cards arising out of alleged anti-competitive conduct with respect to, among other things, Mastercard’s cross-border interchange fees and its U.K. and Ireland domestic interchange fees (the “U.K. Merchant claimants”). In addition, Mastercard has faced similar filed or threatened litigation by merchants with respect to interchange rates in other countries in Europe (the “Pan-European Merchant claimants”). Mastercard has resolved a substantial amount of these damages claims through settlement or judgment. Following these settlements, approximately £0.2 billion (approximately $0.3 billion as of September 30, 2025) of unresolved damages claims remain. Mastercard continues to litigate with the remaining U.K. and Pan-European Merchant claimants and it has submitted statements of defense disputing liability and damages claims. A number of those matters are now progressing with motion practice and discovery. Hearings involving both liability and damages issues involving multiple merchant cases have been completed. In June 2025, the trial court in the U.K. merchant action decided against Mastercard on certain liability issues. This decision, which Mastercard is seeking to appeal, does not determine the outcome of these claims. The court must still determine additional liability and damages issues, some of which have yet to be tried.
Additional United Kingdom matters. Mastercard and Visa were served with a proposed collective action complaint in the U.K. on behalf of merchants seeking damages for commercial card transactions in both the U.K. and the European Union. In 2023, the plaintiffs filed a revised collective action application claiming damages against Mastercard in excess of £1 billion (approximately $1.3 billion as of September 30, 2025). In June 2024, the court granted the plaintiffs’ collective action application. Mastercard’s request for permission to appeal this ruling was denied, and a trial has not yet been scheduled.
In 2016, a proposed collective action was filed in the U.K. on behalf of U.K. consumers seeking damages for intra-European Economic Area (“EEA”) and domestic U.K. interchange fees that were allegedly passed on to consumers by merchants between 1992 and 2008. The complaint, which sought to leverage the European Commission’s 2007 decision on intra-EEA interchange fees, claimed damages in an amount that exceeded £10 billion (approximately $13 billion as of September 30, 2025). In 2021, the trial court issued a decision in which it granted class certification to the plaintiffs but narrowed the scope of the class. Since January 2023, the trial court has held hearings on various issues, including whether any causal connection existed between the levels of Mastercard’s intra-EEA interchange fees and U.K. domestic interchange fees and regarding Mastercard’s request to narrow the number of years of damages sought by the plaintiffs on statute of limitations grounds. In February 2024, the trial court ruled in Mastercard’s favor, finding no causal connection between the levels of Mastercard’s intra-EEA interchange fees and U.K. domestic interchange fees. In June 2024, the trial court ruled in Mastercard’s favor with respect to its request to dismiss five years of the plaintiffs’ damages claims on statute of limitations grounds. The plaintiffs’ request for permission to appeal this ruling was granted. In December 2024, the parties entered into a settlement agreement to resolve this matter. Mastercard recorded an accrual of £200 million ($268 million as of September 30, 2025) in December 2024 in connection with this settlement agreement. The trial court issued their written approval of the settlement in May 2025. The litigation funder for this claim is seeking permission to appeal (by way of judicial review) the trial court’s allocation of the settlement amount, including the allocation between the class and the funder. The funder is not seeking permission to appeal the trial court’s approval of the settlement itself.
Portugal. Mastercard has been named as a defendant in a proposed consumer collective action filed in Portugal on behalf of Portuguese consumers. The complaint, which seeks to leverage the 2019 resolution of the European Commission’s investigation of Mastercard’s central acquiring rules and interregional interchange fees, claims damages of approximately €0.4 billion (approximately $0.5 billion as of September 30, 2025) for interchange fees that were allegedly passed on to consumers by Portuguese merchants for a period of approximately 20 years. Mastercard has submitted a statement of defense that disputes both liability and damages.
Netherlands. In July 2025, Mastercard and Visa were served with a proposed collective action in the Netherlands on behalf of Dutch merchants. The complaint, which relates to interregional interchange fees covering the period from 1992 and ongoing, seeks declaratory relief and damages estimated in excess of €0.3 billion (approximately $0.4 billion as of September 30, 2025).
Australia
In 2022, the Australian Competition & Consumer Commission (“ACCC”) filed a complaint targeting certain agreements entered into by Mastercard and certain Australian merchants related to Mastercard’s debit program. The ACCC alleges that by entering into such
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agreements, Mastercard engaged in conduct with the purpose of substantially lessening competition in the supply of debit card acceptance services. The ACCC seeks both declaratory relief and monetary fines and costs. A hearing on liability issues is scheduled for April 2026.
ATM Non-Discrimination Rule Surcharge Complaints
In 2011, a trade association of independent ATM operators and 13 independent ATM operators filed a complaint styled as a class action lawsuit in the U.S. District Court for the District of Columbia against both Mastercard and Visa (the “ATM Operators Class Complaint”). Plaintiffs seek to represent a class of non-bank operators of ATM terminals that operate in the United States with the discretion to determine the price of the ATM access fee for the terminals they operate. Plaintiffs allege that Mastercard and Visa have violated Section 1 of the Sherman Act by imposing rules that require ATM operators to charge non-discriminatory ATM surcharges for transactions processed over Mastercard’s and Visa’s respective networks that are not greater than the surcharge for transactions over other networks accepted at the same ATM. Plaintiffs seek both injunctive and monetary relief equal to treble the damages they claim to have sustained as a result of the alleged violations and their costs of suit, including attorneys’ fees.
Subsequently, multiple related complaints were filed in the U.S. District Court for the District of Columbia alleging both federal antitrust and multiple state unfair competition, consumer protection and common law claims against Mastercard and Visa on behalf of different putative classes of users of ATM services. The claims in these actions largely mirrored the allegations made in the ATM Operators Class Complaint, although these complaints sought damages on behalf of consumers of ATM services who paid allegedly inflated ATM fees at both bank (“Bank ATM Consumer Class Complaint”) and non-bank (“Non-bank ATM Consumer Class Complaint”) ATM operators as a result of the defendants’ ATM rules. Plaintiffs sought both injunctive and monetary relief equal to treble the damages they claimed to have sustained as a result of the alleged violations and their costs of suit, including attorneys’ fees. In 2023, the D.C. Circuit Court affirmed the district court’s previous order granting class certification to the plaintiffs in all three class complaints.
In 2024, Mastercard executed a settlement agreement with the class lawyers representing the plaintiffs in the Bank ATM Consumer Class Complaint, subject to court approval, and recorded an accrual of $93 million in connection with this matter. In June 2025, the court issued a decision approving the settlement.
In August 2025, Mastercard executed a settlement agreement with the class lawyers representing the plaintiffs in the Non-bank ATM Consumer Class Complaint, subject to court approval. During the second quarter of 2025, Mastercard recorded an accrual of $79 million in connection with this matter.
The litigation with respect to the ATM Operators Class Complaint is ongoing. The plaintiffs in this class complaint allege over $1 billion in single damages against all of the defendants.
U.S. Liability Shift Litigation
In 2016, a proposed U.S. merchant class action complaint was filed in federal court in California alleging that Mastercard, Visa, American Express and Discover (the “Network Defendants”), EMVCo, and a number of issuing banks (the “Bank Defendants”) engaged in a conspiracy to shift fraud liability for card present transactions from issuing banks to merchants not yet in compliance with the standards for EMV chip cards in the United States (the “EMV Liability Shift”), in violation of the Sherman Act and California law. Plaintiffs alleged damages equal to the value of all chargebacks for which class members became liable as a result of the EMV Liability Shift on October 1, 2015. The plaintiffs sought treble damages, attorney’s fees and costs and an injunction against future violations of governing law. The district court denied the Network Defendants’ motion to dismiss the complaint, but granted such a motion for EMVCo and the Bank Defendants. In 2017, the district court transferred the case to New York so that discovery could be coordinated with the U.S. MDL Litigation Cases described above. In 2020, the district court issued an order granting the plaintiffs’ request for class certification. The plaintiffs submitted expert reports that allege aggregate single damages in excess of $1 billion against the four Network Defendants. The Network Defendants submitted expert reports rebutting both liability and damages. In September 2024, the district court denied the Network Defendants’ motion for summary judgment. In September 2025, Mastercard executed a settlement agreement with the class lawyers to resolve the matter, subject to court approval. During the third quarter of 2025, Mastercard recorded an accrual of $80 million in connection with this matter.
Telephone Consumer Protection Class Action
Mastercard is a defendant in a Telephone Consumer Protection Act (“TCPA”) class action pending in Florida. The plaintiffs are individuals and businesses who allege that approximately 381,000 unsolicited faxes were sent to them advertising a Mastercard co-brand card issued by First Arkansas Bank (“FAB”). The TCPA provides for uncapped statutory damages of $500 per fax. Mastercard has asserted various defenses to the claims, and has notified FAB of an indemnity claim that it has (which FAB has disputed). In 2019, the Federal Communications Commission (“FCC”) issued a declaratory ruling clarifying that the TCPA does not apply to faxes sent to online fax services that are received online via email. In 2021, the trial court granted plaintiffs’ request for class certification, but narrowed the scope of the class to stand alone fax recipients only. Mastercard’s request to appeal that decision was denied. Briefing on plaintiffs’ motion to amend the class definition and Mastercard’s cross-motion to decertify the stand alone fax recipient class was completed in April 2023 and the parties await the court’s decision.
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U.S. Department of Justice Investigation
In 2023, Mastercard received a Civil Investigative Demand (“CID”) from the U.S. Department of Justice Antitrust Division (“DOJ”) seeking documents and information regarding a potential violation of Sections 1 or 2 of the Sherman Act. The CID focuses on Mastercard’s U.S. debit program and competition with other payment networks and technologies. Mastercard is cooperating with the DOJ in connection with the CID.
European Commission Investigation
In 2024, Mastercard received a formal request for information from the European Commission seeking documents and information in connection with an investigation into alleged anti-competitive behavior of certain card scheme services in the European Union/EEA. The request focuses on Mastercard’s practices regarding network fees related to acquirers. Mastercard is cooperating with the European Commission in connection with the request.
Note 15. Settlement and Other Risk Management
Mastercard’s rules guarantee the settlement of many of the payment network transactions between its customers (“settlement risk”). Settlement exposure is the settlement risk to customers under Mastercard’s rules due to the difference in timing between the payment transaction date and subsequent settlement. For those transactions the Company guarantees, the guarantee will cover the full amount of the settlement obligation to the extent the settlement obligation is not otherwise satisfied. The duration of the settlement exposure is short-term and generally limited to a few days.
Gross settlement exposure is estimated using the average daily payment volume for the three months prior to period end multiplied by the estimated number of days of exposure. The Company has global risk management policies, procedures and standards that provide a framework for managing the Company’s settlement risk and exposure. In the event of failed settlement by a customer, Mastercard may pursue one or more remedies available under the Company’s rules to recover potential losses. Historically, the Company has experienced a low level of losses from customer settlement failures.
As part of its policies, Mastercard requires certain customers that do not meet the Company’s risk standards to enter into risk mitigation arrangements, including cash collateral and/or forms of credit enhancement such as letters of credit and guarantees. This requirement is based on a review of the individual risk circumstances for each customer. Mastercard monitors its credit risk portfolio and the adequacy of its risk mitigation arrangements on a regular basis. Additionally, the Company periodically reviews its risk management methodology and standards. The amounts of estimated settlement exposure are revised as necessary.
The Company’s estimated settlement exposure was as follows:

|  | September 30, 2025 |  | December 31, 2024
|  | (in millions)
Gross settlement exposure |  | $ | 86,585 |  |  | $ | 78,385 |
Risk mitigation arrangements applied to settlement exposure |  | (15,733) |  |  | (13,466) |
Net settlement exposure |  | $ | 70,852 |  |  | $ | 64,919 |

Mastercard also provides guarantees to customers and certain other counterparties indemnifying them from losses stemming from failures of third parties to perform duties. This includes guarantees of Mastercard-branded travelers cheques issued, but not yet cashed. In addition, the Company enters into agreements in the ordinary course of business under which the Company agrees to indemnify third parties against damages, losses and expenses incurred in connection with legal and other proceedings arising from relationships or transactions with the Company. Certain indemnifications do not provide a stated maximum exposure. As the extent of the Company’s obligations under these agreements depends entirely upon the occurrence of future events, the Company’s potential future liability under these agreements is not determinable. Historically, payments made by the Company under these types of contractual arrangements have not been material.
Note 16. 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.
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Cash Flow Hedges
The Company may enter into foreign exchange derivative contracts, including forwards and options, to manage the impact of foreign currency variability on anticipated revenues and expenses, which fluctuate based on currencies other than the functional currency of the entity. The objective of these hedging activities is to reduce the effect of movement in foreign exchange rates for a portion of revenues and expenses forecasted to occur. As these contracts are designated as cash flow hedging instruments, gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and are subsequently reclassified to the consolidated statements of operations when the underlying hedged transactions impact earnings. The terms of these contracts are generally less than 18 months.
In 2024, the Company entered into foreign exchange derivative contracts to hedge its exposure to variability in cash flows related to foreign denominated assets. Gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and are subsequently reclassified to the consolidated statements of operations when the hedged transactions impact earnings. Forward points are excluded from the effectiveness assessment and are amortized to general and administrative expenses on the consolidated statements of operations over the hedge period. The maximum term of these contracts was approximately 7 years.
In addition, the Company may enter into interest rate derivative contracts to manage the effects of interest rate movements on the Company’s aggregate liability portfolio, including potential future debt issuances, and designate such derivatives as hedging instruments in a cash flow hedging relationship. Gains and losses resulting from changes in fair value of these contracts are deferred in accumulated other comprehensive income (loss) and are subsequently reclassified as an adjustment to interest expense over the respective terms of the hedged debt issuances.
Fair Value Hedges
The Company may enter into interest rate derivative contracts, including interest rate swaps, to manage the effects of interest rate movements on the fair value of the Company's fixed-rate debt and designate such derivatives as hedging instruments in a fair value hedging relationship. Changes in fair value of these contracts and changes in fair value of fixed-rate debt attributable to changes in the hedged benchmark interest rate generally offset each other and are recorded in interest expense on the consolidated statements of operations. Gains and losses related to the net settlements of interest rate swaps are also recorded in interest expense on the consolidated statements of operations. The periodic cash settlements are included in operating activities on the consolidated statements of cash flows.
The Company has an interest rate swap designated as a fair value hedge related to $1.0 billion of the 3.850% Senior Notes due March 2050. In effect, the interest rate swap synthetically converts the fixed interest rate on this debt to a variable interest rate based on the SOFR Overnight Index Swap Rate. The net impacts to interest expense for the three and nine months ended September 30, 2025 and 2024 were not material.
Net Investment Hedges
The Company may use foreign currency denominated debt and/or foreign exchange derivative contracts to hedge a portion of its net investment in foreign subsidiaries against adverse movements in exchange rates. The effective portion of the net investment hedge is recorded as a currency translation adjustment in accumulated other comprehensive income (loss). Forward points are excluded from the effectiveness assessment and are amortized to general and administrative expenses on the consolidated statements of operations over the hedge period. No amounts were recognized in earnings related to forward points for the three months ended September 30, 2025. The amounts recognized in earnings related to forward points for the nine months ended September 30, 2025 and the three and nine months ended September 30, 2024 were not material.
As of September 30, 2025 and December 31, 2024, the Company had €1.7 billion and €1.3 billion euro-denominated debt outstanding designated as hedges of a portion of its net investment in its European operations. In December 2024, the Company de-designated €400 million of the euro-denominated debt as net investment hedges to effectively manage changes in its net investment exposures in foreign subsidiaries. The euro-denominated debt was subsequently re-designated as a net investment hedge effective March 2025. For the three months ended September 30, 2025 and 2024, the Company recorded pre-tax net foreign currency losses of $2 million and $77 million in other comprehensive income (loss). For the nine months ended September 30, 2025 and 2024, the Company recorded pre-tax net foreign currency losses of $222 million and $19 million in other comprehensive income (loss).
As of September 30, 2025 and December 31, 2024, the Company had net foreign currency gains of $131 million and $295 million, after tax, respectively, in accumulated other comprehensive income (loss) associated with this hedging activity.
Non-designated Derivatives
The Company may also enter into foreign exchange derivative contracts to serve as economic hedges, such as to offset possible changes in the value of monetary assets and liabilities due to foreign exchange fluctuations, without designating these derivative contracts as hedging instruments. In addition, the Company is subject to foreign exchange risk as part of its daily settlement activities. This risk is typically limited to a few days between when a payment transaction takes place and the subsequent settlement with customers. To manage this risk, the Company may enter into short duration foreign exchange derivative contracts based upon anticipated receipts and disbursements
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ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
for the respective currency position. The objective of these activities is to reduce the Company’s exposure to volatility arising from gains and losses resulting from fluctuations of foreign currencies against its functional currencies. Gains and losses resulting from changes in fair value of these contracts are recorded in general and administrative expenses on the consolidated statements of operations, net, along with the foreign currency gains and losses on monetary assets and liabilities.
The following table summarizes the fair value of the Company’s derivative financial instruments and the related notional amounts:

|  | September 30, 2025 |  | December 31, 2024
|  | Notional |  | Derivative assets |  | Derivative liabilities |  | Notional |  | Derivative assets |  | Derivative liabilities
|  | (in millions)
Derivatives designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts in a cash flow hedge 1 |  | $ | 5,102 |  |  | $ | 10 |  |  | $ | 164 |  |  | $ | 3,951 |  |  | $ | 135 |  |  | $ | 6 |
Interest rate contracts in a fair value hedge 2 |  | 1,000 |  |  | — |  |  | 34 |  |  | 1,000 |  |  | — |  |  | 63 |
Foreign exchange contracts in a net investment hedge 1 |  | — |  |  | — |  |  | — |  |  | 2,511 |  |  | 54 |  |  | — |
Derivatives not designated as hedging instruments |  |  |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | 3,405 |  |  | 8 |  |  | 18 |  |  | 2,741 |  |  | 17 |  |  | 30 |
Total |  | $ | 9,507 |  |  | $ | 18 |  |  | $ | 216 |  |  | $ | 10,203 |  |  | $ | 206 |  |  | $ | 99 |

1 Foreign 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.
2 Interest rate derivative liabilities are included within other current liabilities and other liabilities on the consolidated balance sheets.
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ITEM 1. CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) - NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
The pre-tax gain (loss) related to the Company's derivative financial instruments designated as hedging instruments are as follows:

|  | Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  |  |  | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
|  | Three Months Ended September 30, |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | Three Months Ended September 30,
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024
|  | (in millions) |  |  | (in millions)
Derivative financial instruments in a cash flow hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | $ | 34 |  |  | $ | (110) |  |  | Net revenue |  | $ | (16) |  |  | $ | — |
|  |  |  |  |  | General and administrative 2 |  | $ | 10 |  |  | $ | (122) |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | (2) |  |  | $ | (2) |
Derivative financial instruments in a net investment hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | — |  |  | $ | (106) |  |  |  |  |  |  |

|  | Gain (Loss) Recognized in Other Comprehensive Income (Loss) |  |  |  | Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss)
|  | Nine Months Ended September 30, |  | Location of Gain (Loss) Reclassified from Accumulated Other Comprehensive Income (Loss) into Earnings |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024
|  | (in millions) |  |  | (in millions)
Derivative financial instruments in a cash flow hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts 1 |  | $ | (314) |  |  | $ | 3 |  |  | Net revenue |  | $ | (31) |  |  | $ | — |
|  |  |  |  |  | General and administrative 2 |  | $ | (346) |  |  | $ | (56) |
Interest rate contracts |  | $ | — |  |  | $ | — |  |  | Interest expense |  | $ | (5) |  |  | $ | (5) |
Derivative financial instruments in a net investment hedge relationship: |  |  |  |  |  |  |  |  |  |
Foreign exchange contracts |  | $ | 12 |  |  | $ | (115) |  |  |  |  |  |  |

1 Includes immaterial forward points excluded from the effectiveness assessment recognized in other comprehensive income (loss).
2 Includes immaterial forward points excluded from the effectiveness assessment recognized in earnings.
The Company estimates that the pre-tax amount of the net deferred loss on cash flow hedges recorded in accumulated other comprehensive income (loss) at September 30, 2025 that will be reclassified into the consolidated statements of operations within the next 12 months is not material.
The amount of gain (loss) recognized on the consolidated statements of operations for non-designated derivative contracts is summarized below:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions)
Derivatives not designated as hedging instruments: |  |  |  |  |  |  |  |
Foreign exchange contracts |  |  |  |  |  |  |  |
General and administrative |  | $ | (19) |  |  | $ | 1 |  |  | $ | 61 |  |  | $ | 72 |

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The Company’s derivative financial instruments are subject to both market and counterparty credit risk. Market risk is the potential for economic losses to be incurred on market risk sensitive instruments arising from adverse changes in market factors such as foreign currency exchange rates, interest rates and other related variables. Counterparty credit risk is the risk of loss due to failure of the counterparty to perform its obligations in accordance with contractual terms. The Company’s derivative contracts are subject to enforceable master netting arrangements, which contain various netting and setoff provisions. However, the Company has elected to present derivative assets and liabilities on a gross basis on the consolidated balance sheets. To mitigate counterparty credit risk, the Company enters into derivative contracts with a diversified group of selected financial institutions based upon their credit ratings and other factors. Generally, the Company does not obtain collateral related to derivatives because of the high credit ratings of the counterparties.
Note 17. Segment Reporting
Mastercard has concluded it has one reportable operating segment, “Payment Solutions.” The following represents the selected financial information of the Payment Solutions segment:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | (in millions)
Net revenue |  | $ | 8,602 |  |  | $ | 7,369 |  |  | $ | 23,985 |  |  | $ | 20,678 |
Less: |  |  |  |  |  |  |  |
Personnel |  | 1,893 |  |  | 1,899 |  |  | 5,433 |  |  | 5,020 |
Professional fees |  | 128 |  |  | 129 |  |  | 348 |  |  | 358 |
Data processing and telecommunications |  | 324 |  |  | 279 |  |  | 930 |  |  | 820 |
Foreign exchange activity |  | 26 |  |  | 16 |  |  | 68 |  |  | 49 |
Advertising and marketing |  | 245 |  |  | 220 |  |  | 610 |  |  | 520 |
Depreciation and amortization |  | 290 |  |  | 225 |  |  | 846 |  |  | 666 |
Provision for litigation |  | 83 |  |  | 176 |  |  | 330 |  |  | 400 |
Investment income |  | (81) |  |  | (76) |  |  | (239) |  |  | (231) |
(Gains) losses on equity investments, net |  | (41) |  |  | 62 |  |  | (16) |  |  | 69 |
Interest expense |  | 186 |  |  | 159 |  |  | 563 |  |  | 462 |
Other (income) expense, net |  | (2) |  |  | (7) |  |  | (23) |  |  | (19) |
Income tax expense |  | 1,072 |  |  | 603 |  |  | 2,794 |  |  | 1,831 |
Other segment items 1 |  | 552 |  |  | 421 |  |  | 1,433 |  |  | 1,201 |
Consolidated net income |  | $ | 3,927 |  |  | $ | 3,263 |  |  | $ | 10,908 |  |  | $ | 9,532 |

1 Includes fulfillment costs, occupancy costs, travel and meeting expenses and other overhead expenses.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 29

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Item 2. Management’s discussion and analysis of financial condition and results of operations
The following supplements management's discussion and analysis of Mastercard Incorporated for the year ended December 31, 2024 as contained in the Company's Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission on February 12, 2025 (“2024 Form 10-K”). It also should be read in conjunction with the consolidated financial statements and notes of Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (together, “Mastercard” or the “Company”), included elsewhere in this Report. Percentage changes provided throughout “Management’s Discussion and Analysis of Financial Condition and Results of Operations” were calculated on amounts rounded to the nearest thousand.
Global Economic, Political, Financial and Societal Events and Conditions
We continue to monitor government actions and changes in policies across the globe, including those related to tariffs. The extent to which these developments affect our business and results of operations, if at all, are uncertain and cannot be predicted at this time.
Financial Results Overview
The following table provides a summary of our key GAAP operating results, as reported:

|  | Three Months Ended September 30, |  | Increase/(Decrease) |  | Nine Months Ended September 30, |  | Increase/(Decrease)
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
|  | (in millions, except percentages and per share data)
Net revenue |  | $ | 8,602 |  |  | $ | 7,369 |  |  | 17% |  | $ | 23,985 |  |  | $ | 20,678 |  |  | 16%
Operating expenses |  | $ | 3,541 |  |  | $ | 3,365 |  |  | 5% |  | $ | 9,998 |  |  | $ | 9,034 |  |  | 11%
Operating income |  | $ | 5,061 |  |  | $ | 4,004 |  |  | 26% |  | $ | 13,987 |  |  | $ | 11,644 |  |  | 20%
Operating margin |  | 58.8 | % |  | 54.3 | % |  | 4.5 ppt |  | 58.3 | % |  | 56.3 | % |  | 2.0 ppt
Income tax expense |  | $ | 1,072 |  |  | $ | 603 |  |  | 78% |  | $ | 2,794 |  |  | $ | 1,831 |  |  | 53%
Effective income tax rate |  | 21.5 | % |  | 15.6 | % |  | 5.9 ppt |  | 20.4 | % |  | 16.1 | % |  | 4.3 ppt
Net income |  | $ | 3,927 |  |  | $ | 3,263 |  |  | 20% |  | $ | 10,908 |  |  | $ | 9,532 |  |  | 14%
Diluted earnings per share |  | $ | 4.34 |  |  | $ | 3.53 |  |  | 23% |  | $ | 12.00 |  |  | $ | 10.25 |  |  | 17%
Diluted weighted-average shares outstanding |  | 905 |  |  | 925 |  |  | (2)% |  | 909 |  |  | 930 |  |  | (2)%

Note: Table may not sum due to rounding.
The following table provides a summary of our key non-GAAP operating results 1, adjusted to exclude the impact of gains and losses on our equity investments, Special Items (which represent litigation judgments and settlements and certain one-time items) and the related tax impacts on our non-GAAP adjustments. In addition, we have presented growth rates, adjusted for the impact of currency:

| Three Months Ended September 30, |  | Increase/(Decrease) |  | Nine Months Ended September 30, |  | Increase/(Decrease)
| 2025 |  | 2024 |  | As adjusted |  | Currency-neutral |  | 2025 |  | 2024 |  | As adjusted |  | Currency-neutral
| (in millions, except percentages and per share data)
Net revenue | $ | 8,602 |  |  | $ | 7,369 |  |  | 17% |  | 15% |  | $ | 23,985 |  |  | $ | 20,678 |  |  | 16% |  | 16%
Adjusted operating expenses | $ | 3,459 |  |  | $ | 2,999 |  |  | 15% |  | 14% |  | $ | 9,668 |  |  | $ | 8,444 |  |  | 14% |  | 14%
Adjusted operating margin | 59.8 | % |  | 59.3 | % |  | 0.5 ppt |  | 0.2 ppt |  | 59.7 | % |  | 59.2 | % |  | 0.5 ppt |  | 0.5 ppt
Adjusted effective income tax rate | 21.4 | % |  | 16.3 | % |  | 5.1 ppt |  | 4.6 ppt |  | 20.5 | % |  | 16.6 | % |  | 3.9 ppt |  | 3.9 ppt
Adjusted net income | $ | 3,961 |  |  | $ | 3,593 |  |  | 10% |  | 8% |  | $ | 11,136 |  |  | $ | 10,027 |  |  | 11% |  | 11%
Adjusted diluted earnings per share | $ | 4.38 |  |  | $ | 3.89 |  |  | 13% |  | 11% |  | $ | 12.25 |  |  | $ | 10.78 |  |  | 14% |  | 13%

Note: Table may not sum due to rounding.
1 See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
30 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Key highlights for the three and nine months ended September 30, 2025, versus the comparable periods in 2024:

Net revenue |
Three Months Ended September 30, 2025 |
GAAP |  | Non-GAAP (currency-neutral) | Both the as-reported and currency-neutral net revenue increases were attributable to growth in our payment network and value-added services and solutions.
up 17% |  | up 15%
Nine Months Ended September 30, 2025 |
GAAP |  | Non-GAAP (currency-neutral) | Both the as-reported and currency-neutral net revenue increases were attributable to growth in our payment network and value-added services and solutions.
up 16% |  | up 16%

Operating expenses |  | Adjusted operating expenses |
Three Months Ended September 30, 2025 |
GAAP |  | Non-GAAP (currency-neutral) | The as-reported operating expenses increase was primarily due to higher general and administrative expenses (which included a restructuring charge in the third quarter of 2024), partially offset by lower litigation provisions. The as-adjusted operating expenses increase was primarily due to higher general and administrative expenses.
up 5% |  | up 14%
Nine Months Ended September 30, 2025 |
GAAP |  | Non-GAAP (currency-neutral) | The as-reported operating expenses increase was primarily due to higher general and administrative expenses (which included a restructuring charge in the third quarter of 2024), partially offset by lower litigation provisions. The as-adjusted operating expenses increase was primarily due to higher general and administrative expenses.
up 11% |  | up 14%

Effective income tax rate |  | Adjusted effective income tax rate |
Three Months Ended September 30, 2025 | Both the as-reported and as-adjusted effective income tax rates were higher versus the comparable period in 2024, primarily due to the 15% global minimum tax (Pillar 2 Rules) that took effect in 2025 and a change in our geographic mix of earnings.
GAAP |  | Non-GAAP
21.5% |  | 21.4%
up 5.9 ppt |  | up 5.1 ppt
Nine Months Ended September 30, 2025 | Both the as-reported and as-adjusted effective income tax rates were higher versus the comparable period in 2024, primarily due to the Pillar 2 Rules that took effect in 2025 and a change in our geographic mix of earnings.
GAAP |  | Non-GAAP
20.4% |  | 20.5%
up 4.3 ppt |  | up 3.9 ppt

Other financial highlights for the nine months ended September 30, 2025 were as follows:
•We generated net cash flows from operations of $12.6 billion.
•We repurchased 14.7 million shares of our common stock for $8.2 billion and paid dividends of $2.1 billion.
•We completed a debt offering in February 2025 for an aggregate principal amount of $1.25 billion.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 31

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Non-GAAP Financial Information
Non-GAAP financial information is defined as a numerical measure of a company’s performance that excludes or includes amounts so as to be different than the most comparable measure calculated and presented in accordance with accounting principles generally accepted in the United States (“GAAP”). As described more fully below, our non-GAAP financial measures exclude, where applicable, the impact of gains and losses on our equity investments, which includes mark-to-market fair value adjustments, impairments and gains and losses upon disposition, as well as the related tax impacts. Our non-GAAP financial measures also exclude, where applicable, the impact of special items, which represent litigation judgments and settlements and/or certain one-time items, as well as the related tax impacts (“Special Items”). We also present growth rates adjusted for the impact of currency, which is a non-GAAP financial measure. We believe that the non-GAAP financial measures presented facilitate an understanding of our operating performance and provide a meaningful comparison of our results between periods. We use non-GAAP financial measures to evaluate our ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation, among other things. We excluded these items because management evaluates the underlying operations and performance of the Company separately from these recurring and nonrecurring items. Operating expenses, operating margin, other income (expense), effective income tax rate, net income and diluted earnings per share, each as adjusted for the impact of gains and losses on our equity investments, Special Items and/or the impact of currency, should not be relied upon as substitutes for measures calculated in accordance with GAAP.
Our non-GAAP financial measures for the comparable periods exclude the impact of the following:
Gains and Losses on Equity Investments
•In the three and nine months ended September 30, 2025, we recorded net gains of $41 million ($31 million after tax, or $0.03 per diluted share) and $16 million ($11 million after tax, or $0.01 per diluted share), respectively, primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.
•In the three and nine months ended September 30, 2024, we recorded net losses of $62 million ($63 million after tax, or $0.07 per diluted share) and $69 million ($67 million after tax, or $0.07 per diluted share), respectively, primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.
Special Items
Litigation provisions
•In the three months ended September 30, 2025, we recorded charges of $83 million ($65 million after tax, or $0.07 per diluted share), primarily due to a legal provision associated with the U.S. liability shift litigation. In the nine months ended September 30, 2025, we recorded charges of $330 million ($240 million after tax, or $0.26 per diluted share), primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation, a legal provision associated with the U.S. liability shift litigation and a legal provision associated with the ATM non-discrimination rule surcharge complaints.
•In the three months ended September 30, 2024, we recorded charges of $176 million ($120 million after tax, or $0.13 per diluted share), primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation. In the nine months ended September 30, 2024, we recorded charges of $400 million ($281 million after tax, or $0.30 per diluted share), primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation, settlements with a number of U.K. merchants and a legal provision associated with the ATM non-discrimination rule surcharge complaints.
Restructuring charge
•In the three and nine months ended September 30, 2024, we recorded a restructuring charge of $190 million ($147 million after tax, or $0.16 per diluted share). The restructuring action was intended to streamline our organization, delivering efficiencies to enable reinvestment in our business to support the realization of our long-term growth opportunities.
See Note 5 (Investments) and Note 14 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part I, Item 1 of this Report for further discussion related to certain of the items discussed above.
Currency-neutral Growth Rates
Currency-neutral growth rates are non-GAAP financial measures and are calculated by remeasuring the prior period’s results using the current period’s exchange rates for both the translational and transactional impacts on operating results. The impact of currency translation represents the effect of translating operating results where the functional currency is different from our U.S. dollar reporting currency. The impact of the transactional currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency of the entity. The impact of the related realized gains and losses resulting from our foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses) is recognized in the respective financial statement line item on the consolidated statements of operations when the underlying forecasted transactions impact earnings.
32 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments as specified in the preceding paragraph (collectively, the “Currency Impact”) has been excluded from our currency-neutral growth rates and has been identified in the “Non-GAAP Reconciliations” tables below and our “Drivers of Change” tables. See “Foreign Currency - Currency Impact” for further information on our currency impacts and “Financial Results - Net Revenue” and “Financial Results - Operating Expenses” for our "Drivers of Change” tables.
Non-GAAP Reconciliations
The following tables reconcile our reported financial measures calculated in accordance with GAAP to the respective adjusted non-GAAP financial measures:

|  | Three Months Ended September 30, 2025
|  | Operating expenses |  | Operating margin |  | Other income (expense) |  | Effective income tax rate |  | Net income |  | Diluted earnings per share
|  | ($ in millions, except per share data)
Reported - GAAP |  | $ | 3,541 |  |  | 58.8 | % |  | $ | (62) |  |  | 21.5 | % |  | $ | 3,927 |  |  | $ | 4.34 |
(Gains) losses on equity investments |  | ** |  | ** |  | (41) |  |  | — | % |  | (31) |  |  | (0.03) |
Litigation provisions |  | (83) |  |  | 1.0 | % |  | ** |  | — | % |  | 65 |  |  | 0.07 |
Adjusted - Non-GAAP |  | $ | 3,459 |  |  | 59.8 | % |  | $ | (103) |  |  | 21.4 | % |  | $ | 3,961 |  |  | $ | 4.38 |

|  | Nine Months Ended September 30, 2025
|  | Operating expenses |  | Operating margin |  | Other income (expense) |  | Effective income tax rate |  | Net income |  | Diluted earnings per share
|  | ($ in millions, except per share data)
Reported - GAAP |  | $ | 9,998 |  |  | 58.3 | % |  | $ | (285) |  |  | 20.4 | % |  | $ | 10,908 |  |  | $ | 12.00 |
(Gains) losses on equity investments |  | ** |  | ** |  | (16) |  |  | — | % |  | (11) |  |  | (0.01) |
Litigation provisions |  | (330) |  |  | 1.4 | % |  | ** |  | 0.2 | % |  | 240 |  |  | 0.26 |
Adjusted - Non-GAAP |  | $ | 9,668 |  |  | 59.7 | % |  | $ | (301) |  |  | 20.5 | % |  | $ | 11,136 |  |  | $ | 12.25 |

|  | Three Months Ended September 30, 2024
|  | Operating expenses |  | Operating margin |  | Other income (expense) |  | Effective income tax rate |  | Net income |  | Diluted earnings per share
|  | ($ in millions, except per share data)
Reported - GAAP |  | $ | 3,365 |  |  | 54.3 | % |  | $ | (138) |  |  | 15.6 | % |  | $ | 3,263 |  |  | $ | 3.53 |
(Gains) losses on equity investments |  | ** |  | ** |  | 62 |  |  | (0.3) | % |  | 63 |  |  | 0.07 |
Litigation provisions |  | (176) |  |  | 2.4 | % |  | ** |  | 0.7 | % |  | 120 |  |  | 0.13 |
Restructuring charge |  | (190) |  |  | 2.6 | % |  | ** |  | 0.3 | % |  | 147 |  |  | 0.16 |
Adjusted - Non-GAAP |  | $ | 2,999 |  |  | 59.3 | % |  | $ | (75) |  |  | 16.3 | % |  | $ | 3,593 |  |  | $ | 3.89 |

| Nine Months Ended September 30, 2024
|  | Operating expenses |  | Operating margin |  | Other income (expense) |  | Effective income tax rate |  | Net income |  | Diluted earnings per share
|  | ($ in millions, except per share data)
Reported - GAAP |  | $ | 9,034 |  |  | 56.3 | % |  | $ | (281) |  |  | 16.1 | % |  | $ | 9,532 |  |  | $ | 10.25 |
(Gains) losses on equity investments |  | ** |  | ** |  | 69 |  |  | (0.1) | % |  | 67 |  |  | 0.07 |
Litigation provisions |  | (400) |  |  | 1.9 | % |  | ** |  | 0.5 | % |  | 281 |  |  | 0.30 |
Restructuring charge |  | (190) |  |  | 0.9 | % |  | ** |  | 0.1 | % |  | 147 |  |  | 0.16 |
Adjusted - Non-GAAP |  | $ | 8,444 |  |  | 59.2 | % |  | $ | (211) |  |  | 16.6 | % |  | $ | 10,027 |  |  | $ | 10.78 |

Note: Tables may not sum due to rounding.
** Not applicable.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 33

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following tables represents the reconciliation of our growth rates reported under GAAP to our non-GAAP growth rates:

|  |  |  | Three Months Ended September 30, 2025 as compared to the Three Months Ended September 30, 2024
|  |  |  | Increase/(Decrease)
|  |  |  | Operating expenses |  | Operating margin |  | Effective income tax rate |  | Net income |  | Diluted earnings per share
Reported - GAAP |  |  |  | 5% |  | 4.5 ppt |  | 5.9 ppt |  | 20% |  | 23%
(Gains) losses on equity investments |  |  |  | ** |  | ** |  | 0.2 ppt |  | (3)% |  | (3)%
Litigation provisions |  |  |  | 3% |  | (1.4) ppt |  | (0.7) ppt |  | (2)% |  | (2)%
Restructuring charge |  |  |  | 7% |  | (2.6) ppt |  | (0.3) ppt |  | (5)% |  | (5)%
Adjusted - Non-GAAP |  |  |  | 15% |  | 0.5 ppt |  | 5.1 ppt |  | 10% |  | 13%
Currency Impact |  |  |  | (1)% |  | (0.3) ppt |  | (0.5) ppt |  | (2)% |  | (2)%
Adjusted - Non-GAAP - currency-neutral |  |  |  | 14% |  | 0.2 ppt |  | 4.6 ppt |  | 8% |  | 11%

|  |  |  | Nine Months Ended September 30, 2025 as compared to the Nine Months Ended September 30, 2024
|  |  |  | Increase/(Decrease)
|  |  |  | Operating expenses |  | Operating margin |  | Effective income tax rate |  | Net income |  | Diluted earnings per share
Reported - GAAP |  |  |  | 11% |  | 2.0 ppt |  | 4.3 ppt |  | 14% |  | 17%
(Gains) losses on equity investments |  |  |  | ** |  | ** |  | 0.1 ppt |  | (1)% |  | (1)%
Litigation provisions |  |  |  | 1% |  | (0.6) ppt |  | (0.3) ppt |  | (1)% |  | (1)%
Restructuring charge |  |  |  | 3% |  | (0.9) ppt |  | (0.1) ppt |  | (2)% |  | (2)%
Adjusted - Non-GAAP |  |  |  | 14% |  | 0.5 ppt |  | 3.9 ppt |  | 11% |  | 14%
Currency Impact |  |  |  | —% |  | — ppt |  | (0.1) ppt |  | —% |  | —%
Adjusted - Non-GAAP - currency-neutral |  |  |  | 14% |  | 0.5 ppt |  | 3.9 ppt |  | 11% |  | 13%

Note: Tables may not sum due to rounding.
** Not applicable.
Key Metrics and Drivers
In addition to the financial measures described above in “Financial Results Overview”, we review the following metrics to evaluate and identify trends in our business, measure our performance, prepare financial projections and make strategic decisions. We believe that the key metrics presented facilitate an understanding of our operating and financial performance and provide a meaningful comparison of our results between periods.
Operating Margin measures how much profit we make on each dollar of sales after our operating costs but before other income (expense) and income tax expense. Operating margin is calculated by dividing our operating income by net revenue.
Key Drivers
Gross Dollar Volume (“GDV”) measures dollar volume of activity, including both domestic and cross-border volume, on cards carrying our brands during the period, on a local currency basis and U.S. dollar-converted basis. GDV represents purchase volume plus cash volume; “purchase volume” means the aggregate dollar amount of purchases made with Mastercard-branded cards for the relevant period; and “cash volume” means the aggregate dollar amount of cash disbursements and includes the impact of balance transfers and convenience checks obtained with Mastercard-branded cards for the relevant period. Information denominated in U.S. dollars relating to GDV is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which our volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. We report period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of currencies against the U.S. dollar in calculating such rates of change. Data used in the calculation of GDV is provided by our customers and is subject to verification by Mastercard and partial cross-checking against information provided by Mastercard’s transaction switching systems. All data is subject to revision and amendment by Mastercard or our customers.
Cross-border Volume Growth measures the growth of cross-border dollar volume during the period, on a local currency basis and U.S. dollar-converted basis, for all Mastercard-branded programs.
Switched Transactions measures the number of transactions switched by Mastercard, which is defined as the number of transactions initiated and switched through our network during the period.
34 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following tables provide a summary of the growth trends in our key drivers:

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | Increase/(Decrease) |  | Increase/(Decrease)
|  | USD |  | Local |  | USD |  | Local |  | USD |  | Local |  | USD |  | Local
Mastercard-branded GDV growth 1 |  | 10% |  | 9% |  | 9% |  | 11% |  | 8% |  | 9% |  | 8% |  | 10%
United States |  | 7% |  | 7% |  | 7% |  | 7% |  | 7% |  | 7% |  | 6% |  | 6%
Worldwide less United States |  | 11% |  | 10% |  | 10% |  | 12% |  | 9% |  | 10% |  | 9% |  | 12%
Cross-border volume growth 1 |  | 19% |  | 15% |  | 17% |  | 17% |  | 17% |  | 15% |  | 17% |  | 17%

|  | Three Months Ended September 30, |  | Nine Months Ended September 30,
|  | 2025 |  | 2024 |  | 2025 |  | 2024
|  | Increase/(Decrease) |  | Increase/(Decrease)
Switched transactions growth |  | 10% |  | 11% |  | 10% |  | 11%

1 Excludes volume generated by Maestro and Cirrus cards.
Key Metrics related to the Payment Network
Assessments represent agreed-upon standard pricing provided to our customers based on various forms of payment-related activity. Assessments are used internally by management to monitor operating performance as it allows for comparability and provides visibility into cardholder trends. Assessments do not represent our net revenue.
The following provides additional information on our key metrics related to the payment network:
•Domestic assessments are charges based on activity related to cards that carry the Company’s brands where the merchant country and the country of issuance are the same. These assessments are primarily driven by the domestic dollar volume of activity (e.g., domestic purchase volume, domestic cash volume) or the number of cards issued.
•Cross-border assessments are charges based on activity related to cards that carry the Company’s brands where the merchant country and the country of issuance are different. These assessments are primarily driven by the cross-border dollar volume of activity (e.g., cross-border purchase volume, cross-border cash volume).
•Transaction processing assessments are charges primarily driven by the number of switched transactions on our payment network. Switching activities include:
◦Authorization, the process by which a transaction is routed to the issuer for approval
◦Clearing, the determination and exchange of financial transaction information between issuers and acquirers after a transaction has been successfully conducted at the point of interaction
◦Settlement, which facilitates the determination and exchange of funds between parties
These assessments can also include connectivity services and network access, which are based on the volume of data transmitted and the number of authorization and settlement messages.
•Other network assessments are charges for licensing, implementation and other franchise fees.
The following table provides a summary of our key metrics related to the payment network:

|  | Three Months Ended September 30, |  | Increase/(Decrease) |  | Nine Months Ended September 30, |  | Increase/(Decrease)
|  | 2025 |  | 2024 |  | As reported |  | Currency-neutral |  | 2025 |  | 2024 |  | As reported |  | Currency-neutral
|  | ($ in millions)
Domestic assessments |  | $ | 2,809 |  |  | $ | 2,641 |  |  | 6% |  | 6% |  | $ | 8,256 |  |  | $ | 7,707 |  |  | 7% |  | 9%
Cross-border assessments |  | 3,313 |  |  | 2,804 |  |  | 18% |  | 16% |  | 8,756 |  |  | 7,475 |  |  | 17% |  | 16%
Transaction processing assessments |  | 4,191 |  |  | 3,587 |  |  | 17% |  | 15% |  | 11,689 |  |  | 9,997 |  |  | 17% |  | 16%
Other network assessments |  | 255 |  |  | 227 |  |  | 13% |  | 12% |  | 746 |  |  | 697 |  |  | 7% |  | 7%

MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 35

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Foreign Currency
Currency Impact
Our primary revenue functional currencies are the U.S. dollar, euro, British pound and the Brazilian real. Our overall operating results are impacted by currency translation, which represents the effect of translating operating results where the functional currency is different than our U.S. dollar reporting currency.
Our operating results are also impacted by transactional currency. The impact of the transactional currency represents the effect of converting revenue and expense transactions occurring in a currency other than the functional currency. Changes in currency exchange rates directly impact the calculation of GDV, which is used in the calculation of our key metrics related to domestic assessments and cross-border assessments as well as certain volume-related rebates and incentives. GDV is calculated based on local currency spending volume converted to U.S. dollars and euros using average exchange rates for the period. As a result, our key metrics related to domestic assessments and cross-border assessments as well as certain volume-related rebates and incentives are impacted by the strengthening or weakening of the U.S. dollar and euro versus local currencies. For example, our billing in Australia is in the U.S. dollar, however, consumer spend in Australia is in the Australian dollar. The transactional currency impact of converting Australian dollars to our U.S. dollar billing currency will have an impact on the revenue generated. The strengthening or weakening of the U.S. dollar is evident when GDV growth on a U.S. dollar-converted basis is compared to GDV growth on a local currency basis. For the three and nine months ended September 30, 2025, GDV on a U.S. dollar-converted basis increased 10% and 8%, respectively, while GDV on a local currency basis increased 9% for each of the periods, versus the comparable periods in 2024. Further, the impact from transactional currency occurs in our key metrics related to transaction processing assessments and other network assessments as well as value-added services and solutions revenue and operating expenses when the transacting currency of these items is different than the functional currency of the entity.
To manage the impact of foreign currency variability on anticipated revenues and expenses, we may enter into foreign exchange derivative contracts and designate such derivatives as hedging instruments in a cash flow hedging relationship as discussed further in Note 16 (Derivative and Hedging Instruments) to the consolidated financial statements included in Part I, Item 1.
Foreign Exchange Activity
We incur foreign currency gains and losses from remeasuring monetary assets and liabilities that are denominated in a currency other than the functional currency of the entity. To manage this foreign exchange risk, we may enter into foreign exchange derivative contracts to economically hedge the foreign currency exposure of our nonfunctional currency monetary assets and liabilities. The gains or losses resulting from the changes in fair value of these contracts are intended to reduce the potential effect of the underlying hedged exposure and are recorded net within general and administrative expenses on the consolidated statements of operations. The impact of this foreign exchange activity, including the related hedging activities, has not been eliminated in our currency-neutral results.
Our foreign exchange risk management activities are discussed further in Note 16 (Derivative and Hedging Instruments) to the consolidated financial statements included in Part I, Item 1.
Financial Results
Net Revenue
The components of net revenue were as follows:

|  | Three Months Ended September 30, |  | Increase/(Decrease) |  | Nine Months Ended September 30, |  | Increase/(Decrease)
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
|  | ($ in millions)
Payment network |  | $ | 5,179 |  |  | $ | 4,629 |  |  | 12% |  | $ | 14,556 |  |  | $ | 12,924 |  |  | 13%
Value-added services and solutions |  | 3,423 |  |  | 2,740 |  |  | 25% |  | 9,429 |  |  | 7,754 |  |  | 22%
Total net revenue |  | $ | 8,602 |  |  | $ | 7,369 |  |  | 17% |  | $ | 23,985 |  |  | $ | 20,678 |  |  | 16%

For the three months ended September 30, 2025:
Net revenue increased 17%, or 15% on a currency-neutral basis, versus the comparable period in 2024, which included a 1 percentage point increase from acquisitions completed in 2024 (“Acquisitions”). The remaining increase in net revenue was attributable to organic growth in both our payment network and value-added services and solutions.
36 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

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ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Net revenue from our payment network increased 12%, or 10% on a currency-neutral basis, versus the comparable period in 2024. The increase was primarily driven by growth in domestic and cross-border dollar volumes and an increase in the number of switched transactions, reflecting growth trends across all of our key drivers. Net revenue from our payment network included $5,389 million of rebates and incentives provided to customers, which increased 16%, or 15% on a currency-neutral basis, versus the comparable period in 2024, primarily due to an increase in our key drivers as well as new and renewed deals.
Net revenue from our value-added services and solutions increased 25%, or 22% on a currency-neutral basis, versus the comparable period in 2024, which included a 3 percentage point increase from Acquisitions. The remaining increase was driven primarily by (1) growth in our underlying key drivers, (2) our security and digital and authentication solutions, consumer acquisition and engagement services, and business and market insights and (3) pricing.
For the nine months ended September 30, 2025:
Net revenue increased 16%, on both an as-reported and currency-neutral basis, versus the comparable period in 2024, which included a 1 percentage point increase from Acquisitions. The remaining increase in net revenue was attributable to organic growth in both our payment network and value-added services and solutions.
Net revenue from our payment network increased 13%, on both an as-reported and currency-neutral basis, versus the comparable period in 2024. The increase was primarily driven by growth in domestic and cross-border dollar volumes and an increase in the number of switched transactions, reflecting growth trends across all of our key drivers. Net revenue from our payment network included $14,891 million of rebates and incentives provided to customers, which increased 15%, on both an as-reported and currency-neutral basis, versus the comparable period in 2024, primarily due to an increase in our key drivers as well as new and renewed deals.
Net revenue from our value-added services and solutions increased 22%, or 21% on a currency-neutral basis, versus the comparable period in 2024, which included a 3 percentage point increase from Acquisitions. The remaining increase was driven primarily by (1) growth in our underlying key drivers, (2) our security and digital and authentication solutions, and consumer acquisition and engagement services and (3) pricing.
See Note 3 (Revenue) to the consolidated financial statements included in Part II, Item 8 of our 2024 Form 10-K for a further discussion of our revenue recognition policies.
Drivers of Change
The following tables summarize the drivers of change in net revenue:

|  | Three Months Ended September 30, 2025
|  | Increase/(Decrease)
|  | Operational |  |  |  |  |  | Acquisitions |  | Currency impact 1 |  |  |  | Total
Payment network |  | 10 | % |  |  |  |  |  |  | ** |  | 2 | % |  |  |  |  | 12 | %
Value-added services and solutions |  | 19 | % |  |  |  |  |  |  | 3 | % |  | 3 | % |  |  |  |  | 25 | %
Net revenue |  | 13 | % |  |  |  |  |  |  | 1 | % |  | 2 | % |  |  |  |  | 17 | %

|  | Nine Months Ended September 30, 2025
|  | Increase/(Decrease)
|  | Operational |  |  |  |  | Acquisitions |  | Currency impact 1 |  |  |  | Total |
Payment network |  | 13 | % |  |  |  |  |  | ** |  | — | % |  |  |  | 13 | % |
Value-added services and solutions |  | 17 | % |  |  |  |  |  | 3 | % |  | 1 | % |  |  |  | 22 | % |
Net revenue |  | 14 | % |  |  |  |  |  | 1 | % |  | — | % |  |  |  | 16 | % |

Note: Tables may not sum due to rounding.
** Not applicable.
1 Includes the translational and transactional impact of currency and the related impact of our foreign exchange derivative contracts designated as cash flow hedging instruments. See “Non-GAAP Financial Information - Currency-neutral Growth Rates” for further information on our currency impact non-GAAP adjustment.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 37

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Operating Expenses
For the three months ended September 30, 2025, operating expenses increased 5% versus the comparable period in 2024. Adjusted operating expenses increased 15%, or 14% on a currency-neutral basis, versus the comparable period in 2024, which included a 4 percentage point increase from Acquisitions.
For the nine months ended September 30, 2025, operating expenses increased 11% versus the comparable period in 2024. Adjusted operating expenses increased 14%, on both an as-reported and currency-neutral basis, versus the comparable period in 2024, which included a 4 percentage point increase from Acquisitions.
The components of operating expenses were as follows:

|  | Three Months Ended September 30, |  | Increase/ (Decrease) |  | Nine Months Ended September 30, |  | Increase/ (Decrease)
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
|  | ($ in millions)
General and administrative |  | $ | 2,923 |  |  | $ | 2,744 |  |  | 7% |  | $ | 8,212 |  |  | $ | 7,448 |  |  | 10%
Advertising and marketing |  | 245 |  |  | 220 |  |  | 11% |  | 610 |  |  | 520 |  |  | 17%
Depreciation and amortization |  | 290 |  |  | 225 |  |  | 29% |  | 846 |  |  | 666 |  |  | 27%
Provision for litigation |  | 83 |  |  | 176 |  |  | (53)% |  | 330 |  |  | 400 |  |  | (18)%
Total operating expenses |  | 3,541 |  |  | 3,365 |  |  | 5% |  | 9,998 |  |  | 9,034 |  |  | 11%
Special Items 1 |  | (83) |  |  | (366) |  |  | (77)% |  | (330) |  |  | (590) |  |  | (44)%
Adjusted total operating expenses 1 |  | $ | 3,459 |  |  | $ | 2,999 |  |  | 15% |  | $ | 9,668 |  |  | $ | 8,444 |  |  | 14%

Note: Table may not sum due to rounding.
1 See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
Drivers of Change
The following tables summarize the drivers of change in operating expenses:

|  | Three Months Ended September 30, 2025
|  | Increase/(Decrease)
|  | Operational |  | Acquisitions |  | Currency impact 1, 2 |  | Special Items 2 |  | Total
General and administrative |  | 10% |  | 4% |  | 1% |  | (8)% |  | 7%
Advertising and marketing |  | 8% |  | 2% |  | 2% |  | ** |  | 11%
Depreciation and amortization |  | 14% |  | 13% |  | 2% |  | ** |  | 29%
Provision for litigation |  | ** |  | ** |  | ** |  | (53)% |  | (53)%
Total operating expenses |  | 10% |  | 4% |  | 1% |  | (10)% |  | 5%

|  | Nine Months Ended September 30, 2025
|  | Increase/(Decrease)
|  | Operational |  | Acquisitions |  | Currency impact 1, 2 |  | Special Items 2 |  | Total
General and administrative |  | 10% |  | 4% |  | —% |  | (3)% |  | 10%
Advertising and marketing |  | 14% |  | 2% |  | 1% |  | ** |  | 17%
Depreciation and amortization |  | 13% |  | 13% |  | 1% |  | ** |  | 27%
Provision for litigation |  | ** |  | ** |  | ** |  | (18)% |  | (18)%
Total operating expenses |  | 10% |  | 4% |  | —% |  | (4)% |  | 11%

Note: Tables may not sum due to rounding.
** Not applicable.
1 Represents the translational and transactional impact of currency.
2 See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
38 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
General and Administrative
For the three months ended September 30, 2025, general and administrative expenses increased 7%, or 6% on a currency-neutral basis, versus the comparable period in 2024, which included a 4 percentage point increase from Acquisitions and an 8 percentage point decrease from Special Items. The remaining increase was primarily due to higher personnel costs to support the continued investment in our strategic initiatives across payments and value-added services and solutions as well as fulfillment costs to provide marketing services.
For the nine months ended September 30, 2025, general and administrative expenses increased 10%, on both an as-reported and currency-neutral basis, versus the comparable period in 2024, which included a 4 percentage point increase from Acquisitions and a 3 percentage point decrease from Special Items. The remaining increase was primarily due to higher personnel costs to support the continued investment in our strategic initiatives across payments and value-added services and solutions as well as fulfillment costs to provide marketing services.
The components of general and administrative expenses were as follows:

|  | Three Months Ended September 30, |  | Increase/ (Decrease) |  | Nine Months Ended September 30, |  | Increase/(Decrease)
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
|  | ($ in millions)
Personnel 1 |  | $ | 1,893 |  |  | $ | 1,899 |  |  | —% |  | $ | 5,433 |  |  | $ | 5,020 |  |  | 8%
Professional fees |  | 128 |  |  | 129 |  |  | (1)% |  | 348 |  |  | 358 |  |  | (3)%
Data processing and telecommunications |  | 324 |  |  | 279 |  |  | 16% |  | 930 |  |  | 820 |  |  | 13%
Foreign exchange activity 2 |  | 26 |  |  | 16 |  |  | 53% |  | 68 |  |  | 49 |  |  | 38%
Other |  | 552 |  |  | 421 |  |  | 32% |  | 1,433 |  |  | 1,201 |  |  | 19%
Total general and administrative expenses |  | $ | 2,923 |  |  | $ | 2,744 |  |  | 7% |  | $ | 8,212 |  |  | $ | 7,448 |  |  | 10%

1 For the three and nine months ended September 30, 2024, total general and administrative expenses included a restructuring charge of $190 million. See “Non-GAAP Financial Information” for further information.
2 Foreign exchange activity includes the impact of remeasurement of assets and liabilities denominated in foreign currencies net of the impact of gains and losses on foreign exchange derivative contracts. See Note 16 (Derivative and Hedging Instruments) to the consolidated financial statements included in Part I, Item 1 for further discussion.
Advertising and Marketing
For the three months ended September 30, 2025, advertising and marketing expenses increased 11%, or 9% on a currency-neutral basis, versus the comparable period in 2024, which included a 2 percentage point increase from Acquisitions. The remaining increase was primarily due to an increase in spending on sponsorships.
For the nine months ended September 30, 2025, advertising and marketing expenses increased 17%, or 16% on a currency-neutral basis, versus the comparable period in 2024, which included a 2 percentage point increase from Acquisitions. The remaining increase was primarily due to an increase in spending on sponsorships and marketing campaigns.
Depreciation and Amortization
For the three months ended September 30, 2025, depreciation and amortization expenses increased 29%, or 27% on a currency-neutral basis, versus the comparable period in 2024, which included a 13 percentage point increase from Acquisitions. The remaining increase was primarily due to higher capitalized software versus the comparable period in 2024, driven by the continued growth of our business.
For the nine months ended September 30, 2025, depreciation and amortization expenses increased 27%, or 26% on a currency-neutral basis, versus the comparable period in 2024, which included a 13 percentage point increase from Acquisitions. The remaining increase was primarily due to higher capitalized software versus the comparable period in 2024, driven by the continued growth of our business.
Provision for Litigation
For the three months ended September 30, 2025, we recorded charges of $83 million, primarily due to a legal provision associated with the U.S. liability shift litigation. For the nine months ended September 30, 2025, we recorded charges of $330 million, primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation, a legal provision associated with the U.S. liability shift litigation and a legal provision associated with the ATM non-discrimination rule surcharge complaints. See “Non-GAAP Financial Information” in this section and Note 14 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part I, Item 1 of this Report for further discussion.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 39

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Other Income (Expense)
The components of total other income (expense) were as follows:

|  | Three Months Ended September 30, |  | Favorable/ (Unfavorable) |  | Nine Months Ended September 30, |  | Favorable/ (Unfavorable)
|  | 2025 |  | 2024 |  |  | 2025 |  | 2024 |
|  | (in millions)
Investment income |  | $ | 81 |  |  | $ | 76 |  |  | $ | 5 |  |  | $ | 239 |  |  | $ | 231 |  |  | $ | 8 |
Gains (losses) on equity investments, net |  | 41 |  |  | (62) |  |  | 103 |  |  | 16 |  |  | (69) |  |  | 85 |
Interest expense |  | (186) |  |  | (159) |  |  | (27) |  |  | (563) |  |  | (462) |  |  | (101) |
Other income (expense), net |  | 2 |  |  | 7 |  |  | (5) |  |  | 23 |  |  | 19 |  |  | 4 |
Total other income (expense) |  | (62) |  |  | (138) |  |  | 76 |  |  | (285) |  |  | (281) |  |  | (4) |
(Gains) losses on equity investments 1 |  | (41) |  |  | 62 |  |  | (103) |  |  | (16) |  |  | 69 |  |  | (85) |
Adjusted total other income (expense) 1 |  | $ | (103) |  |  | $ | (75) |  |  | $ | (28) |  |  | $ | (301) |  |  | $ | (211) |  |  | $ | (90) |

Note: Table may not sum due to rounding.
1 See “Non-GAAP Financial Information” for further information on our non-GAAP adjustments and the reconciliation to GAAP reported amounts.
Income Taxes
The effective income tax rates for the three months ended September 30, 2025 and 2024 were 21.5% and 15.6%, respectively. The adjusted effective income tax rates for the three months ended September 30, 2025 and 2024 were 21.4% and 16.3%, respectively. The effective income tax rates for the nine months ended September 30, 2025 and 2024 were 20.4% and 16.1%, respectively. The adjusted effective income tax rates for the nine months ended September 30, 2025 and 2024 were 20.5% and 16.6%, respectively. Both the as-reported and as-adjusted effective income tax rates for the three and nine months ended September 30, 2025 were higher versus the comparable periods in 2024, primarily due to the Pillar 2 Rules and a change in our geographic mix of earnings. In 2025, the Pillar 2 Rules took effect in Singapore and various other jurisdictions and largely offsets the reduction to our effective income tax rate resulting from our incentive grant received from the Singapore Ministry of Finance. See Note 20 (Income Taxes) to the consolidated financial statements included in Part II, Item 8 of our 2024 Form 10-K for further information about this incentive grant.
In July 2025, the U.S. enacted the One Big Beautiful Bill Act (OBBBA). While we continue to analyze the impacts of the OBBBA, at this time it is not expected to have a material impact on our financial statements.
Liquidity and Capital Resources
We rely on existing liquidity (our cash, cash equivalents and investments), cash generated from operations and access to capital to fund our global operations, credit and settlement exposure, capital expenditures, investments in our business and current and potential obligations. The following table summarizes the cash, cash equivalents, investments and credit available to us:

| September 30, 2025 |  | December 31, 2024
| (in billions)
Cash, cash equivalents and investments 1 | $ | 10.6 |  |  | $ | 8.8 |
Unused line of credit | $ | 8.0 |  |  | $ | 8.0 |

1 Investments include available-for-sale securities and held-to-maturity securities. This amount excludes restricted cash and restricted cash equivalents and restricted security deposits held for customers at September 30, 2025 and December 31, 2024 of $2.5 billion and $2.4 billion, respectively.
We believe that our existing liquidity, our cash flow generating capabilities, and our access to capital resources are sufficient to satisfy our future operating cash needs, capital asset purchases, outstanding commitments and other liquidity requirements associated with our existing operations and potential obligations, which include litigation provisions and credit and settlement exposure.
Our liquidity and access to capital could be negatively impacted by global credit market conditions. We guarantee the settlement of many of the transactions between our customers. Historically, payments under these guarantees have not been significant; however, historical trends may not be indicative of potential future losses. The risk of loss on these guarantees is specific to individual customers, but may also be driven by regional or global economic and market conditions, including, but not limited to the health of the financial institutions in a country or region. See Note 15 (Settlement and Other Risk Management) to the consolidated financial statements in Part I, Item 1 for a description of these guarantees.
40 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
Our liquidity and access to capital could also be negatively impacted by the outcome of any of the legal or regulatory proceedings to which we are a party. For additional discussion of these and other risks facing our business, see Part I, Item 1A - Risk Factors of our 2024 Form 10-K and Note 14 (Legal and Regulatory Proceedings) to the consolidated financial statements in Part I, Item 1 of this Report.
Cash Flows
The table below shows a summary of the cash flows from operating, investing and financing activities:

| Nine Months Ended September 30,
| 2025 |  | 2024
| (in millions)
Net cash provided by operating activities | $ | 12,646 |  |  | $ | 9,946 |
Net cash used in investing activities | $ | (941) |  |  | $ | (724) |
Net cash used in financing activities | $ | (9,993) |  |  | $ | (6,795) |

Net cash provided by operating activities increased $2,700 million for the nine months ended September 30, 2025, versus the comparable period in 2024, primarily due to higher net income after adjusting for non-cash items.
Net cash used in investing activities increased $217 million for the nine months ended September 30, 2025, versus the comparable period in 2024, primarily due to lower proceeds from maturities and sales of investment securities, partially offset by lower purchases of investment securities.
Net cash used in financing activities increased $3,198 million for the nine months ended September 30, 2025, versus the comparable period in 2024, primarily due to lower proceeds from debt and higher cash paid for repurchases of our Class A common stock and dividends, partially offset by higher repayments of debt in the prior year.
Debt and Credit Availability
In February 2025, we issued $300 million principal amount of Floating Rate Notes due March 2028, $450 million principal amount of 4.550% notes due March 2028 and $500 million principal amount of 4.950% notes due March 2032 (collectively, the “2025 USD Notes”). The net proceeds from the issuance of the 2025 USD Notes, after deducting the original issue discount, underwriting discount and offering expenses, were $1.242 billion.
In March 2025, $750 million of principal related to the 2019 USD Notes matured and was paid. Our total debt outstanding at September 30, 2025 and December 31, 2024 was $19.0 billion and $18.2 billion, respectively, with the earliest maturity of $750 million of principal occurring in November 2026.
As of September 30, 2025, we have a commercial paper program (the “Commercial Paper Program”), under which we are authorized to issue up to $8 billion in outstanding notes, with maturities up to 397 days from the date of issuance. In conjunction with the Commercial Paper Program, we have a committed unsecured $8 billion revolving credit facility (the “Credit Facility”) that expires in November 2029.
Borrowings under the Commercial Paper Program and the Credit Facility are to be used to provide liquidity for general corporate purposes, including providing liquidity in the event of one or more settlement failures by our customers. In addition, we may borrow and repay amounts under these facilities for business continuity purposes. We had no borrowings outstanding under the Commercial Paper Program or the Credit Facility at September 30, 2025 and December 31, 2024.
See Note 9 (Debt) to the consolidated financial statements included in Part I, Item 1 for further discussion on our debt and Note 15 (Debt) to the consolidated financial statements included in Part II, Item 8 of our 2024 Form 10-K for further discussion on our debt, the Commercial Paper Program and the Credit Facility.
Dividends and Share Repurchases
We have historically paid quarterly dividends on our outstanding Class A common stock and Class B common stock. Subject to legally available funds, we intend to continue to pay a quarterly cash dividend. The declaration and payment of future dividends is at the sole discretion of our Board of Directors after taking into account various factors, including our financial condition, operating results, available cash and current and anticipated cash needs.
Aggregate payments for quarterly dividends for the nine months ended September 30, 2025 totaled $2,072 million.
On December 17, 2024, our Board of Directors declared a quarterly cash dividend of $0.76 per share paid on February 7, 2025 to holders of record as of January 9, 2025 of our Class A common stock and Class B common stock. The aggregate amount of this dividend was $694 million.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 41

PART I
ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
On February 10, 2025, our Board of Directors declared a quarterly cash dividend of $0.76 per share paid on May 9, 2025 to holders of record as of April 9, 2025 of our Class A common stock and Class B common stock. The aggregate amount of this dividend was $691 million.
On June 24, 2025, our Board of Directors declared a quarterly cash dividend of $0.76 per share payable on August 8, 2025 to holders of record as of July 9, 2025 of our Class A common stock and Class B common stock. The aggregate amount of this dividend was $687 million.
On September 16, 2025, our Board of Directors declared a quarterly cash dividend of $0.76 per share payable on November 7, 2025 to holders of record as of October 9, 2025 of our Class A common stock and Class B common stock. The aggregate amount of this dividend is $684 million.
Repurchased shares of our common stock are considered treasury stock. In December 2024 and 2023, our Board of Directors approved share repurchase programs of our Class A common stock authorizing us to repurchase up to $12.0 billion and $11.0 billion, respectively. The program approved in 2024 became effective in April 2025 after the completion of the program approved in 2023. The timing and actual number of additional shares repurchased will depend on a variety of factors, including cash requirements to meet the operating needs of the business, legal requirements, as well as the share price and economic and market conditions. The following table summarizes our share repurchase authorizations and repurchase activity of our Class A common stock through September 30, 2025, unless otherwise noted:

|  | (in millions, except per share data)
Remaining authorization at December 31, 2024 |  | $ | 15,188 |
Dollar-value of shares repurchased for the nine months ended September 30, 2025 |  | $ | 8,169 |
Remaining authorization at September 30, 2025 |  | $ | 7,019 |
Shares repurchased for the nine months ended September 30, 2025 |  | 14.7 |
Average price paid per share for the nine months ended September 30, 2025 |  | $ | 554.47 |
Dollar-value of shares repurchased October 1, 2025 through October 27, 2025 |  | $ | 1,202 |

Note: Table may not sum due to rounding.
Recent Accounting Pronouncements
For a description of recent accounting pronouncements, if any, and the potential impact of these pronouncements refer to Note 1 (Summary of Significant Accounting Policies) to the consolidated financial statements in Part I, Item 1.
Item 3. Quantitative and qualitative disclosures about market risk
Market risk is the potential for economic losses to be incurred on market risk sensitive instruments arising from adverse changes in factors such as foreign currency exchange rates and interest rates. Our exposure to market risk from changes in foreign currency exchange rates and interest rates is limited. Management monitors risk exposures on an ongoing basis and establishes and oversees the implementation of policies governing our funding, investments and use of derivative financial instruments to manage these risks.
Foreign currency and interest rate exposures are managed through our risk management activities, which are discussed further in Note 16 (Derivative and Hedging Instruments) to the consolidated financial statements included in Part I, Item 1.
Foreign Exchange Risk
We enter into foreign exchange derivative contracts to manage currency exposure associated with anticipated receipts and disbursements occurring in a currency other than the functional currency of the entity. We may also enter into foreign currency derivative contracts to offset possible changes in value of assets and liabilities due to foreign exchange fluctuations. The objective of these activities is to reduce our exposure to gains and losses resulting from fluctuations of foreign currencies against our functional currencies, principally the U.S. dollar and euro. The effect of a hypothetical 10% adverse change in the value of the functional currencies could result in a fair value loss of approximately $473 million and $475 million on our foreign exchange derivative contracts outstanding at September 30, 2025 and December 31, 2024, respectively, before considering the offsetting effect of the underlying hedged activity.
We are also subject to foreign exchange risk as part of our daily settlement activities. To manage this risk, we enter into short duration foreign exchange derivative contracts based upon anticipated receipts and disbursements for the respective currency position. This risk is typically limited to a few days between when a payment transaction takes place and the subsequent settlement with our customers. A hypothetical 10% adverse change in the value of the functional currencies would not have a material impact to the fair value of our short duration foreign exchange derivative contracts outstanding at September 30, 2025 and December 31, 2024.
We are further exposed to foreign exchange rate risk related to translation of our net investment in foreign subsidiaries where the functional currency is different than our U.S. dollar reporting currency. To manage this risk, we may enter into foreign exchange derivative
42 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

PART I
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
contracts to hedge a portion of our net investment in foreign subsidiaries. As of September 30, 2025, we did not have any foreign exchange derivative contracts designated as a net investment hedge. The effect of a hypothetical 10% adverse change in the value of the U.S. dollar could result in a fair value loss of approximately $279 million on our foreign exchange derivative contracts designated as a net investment hedge at December 31, 2024, before considering the offsetting effect of the underlying hedged activity.
Interest Rate Risk
Our available-for-sale debt investments include fixed and variable rate securities that are sensitive to interest rate fluctuations. Our policy is to invest in high quality securities, while providing adequate liquidity and maintaining diversification to avoid significant exposure. A hypothetical 100 basis point adverse change in interest rates would not have a material impact to the fair value of our investments at September 30, 2025 and December 31, 2024.
We are also exposed to interest rate risk related to our fixed-rate debt. To manage this risk, we may enter into interest rate derivative contracts to hedge a portion of our fixed-rate debt that is exposed to changes in fair value attributable to changes in a benchmark interest rate. The effect of a hypothetical 100 basis point adverse change in interest rates could result in a fair value loss of approximately $14 million and $20 million on the fair value of our interest rate derivative contracts designated as a fair value hedge of our fixed-rate debt at September 30, 2025 and December 31, 2024, respectively, before considering the offsetting effect of the underlying hedged activity.
Item 4. Controls and procedures
Evaluation of Disclosure Controls and Procedures
Our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”)) are designed to ensure that information that is required to be disclosed in the reports under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the Securities and Exchange Commission and to ensure that information required to be disclosed is accumulated and communicated to management, including our President and Chief Executive Officer and our Chief Financial Officer, to allow timely decisions regarding disclosure. The President and Chief Executive Officer and the Chief Financial Officer, with assistance from other members of management, have reviewed the effectiveness of our disclosure controls and procedures as of the end of the period covered by this Report and, based on their evaluation, have concluded that the disclosure controls and procedures were effective as of such date.
Changes in Internal Control over Financial Reporting
There was no change in Mastercard’s internal control over financial reporting that occurred for the three months ended September 30, 2025 that has materially affected, or is reasonably likely to materially affect, Mastercard's internal control over financial reporting.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 43

|  | PART II |  |  |
|  | Item 1. Legal proceedings |  |  |
|  | Item 1A. Risk factors |  |  |
|  | Item 2. Unregistered sales of equity securities and use of proceeds |  |  |
|  | Item 5. Other information |  |  |
|  | Item 6. Exhibits |  |  |
|  | Signatures |  |  |

PART II
ITEM 1. LEGAL PROCEEDINGS
Item 1. Legal proceedings
Refer to Note 14 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part I, Item 1.
Item 1A. Risk factors
For a discussion of our risk factors, see Part I, Item 1A - Risk Factors of our 2024 Form 10-K.
Item 2. Unregistered sales of equity securities and use of proceeds
Issuer Purchases of Equity Securities
For the third quarter of 2025, we repurchased 5.8 million shares for $3.3 billion at an average price of $573.21 per share of Class A common stock. The following table presents our repurchase activity on a cash basis for the third quarter of 2025:

Period |  | Total Number of Shares Purchased |  | Average Price Paid per Share (including commission cost) |  | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs |  | Dollar Value of Shares that may yet be Purchased under the Plans or Programs 1
July 1 - 31 |  | 2,069,191 |  |  | $ | 559.89 |  |  | 2,069,191 |  |  | $ | 9,191,249,472 |
August 1 - 31 |  | 1,764,987 |  |  | $ | 579.13 |  |  | 1,764,987 |  |  | $ | 8,169,099,851 |
September 1 - 30 |  | 1,976,853 |  |  | $ | 581.88 |  |  | 1,976,853 |  |  | $ | 7,018,816,191 |
Total |  | 5,811,031 |  |  | $ | 573.21 |  |  | 5,811,031 |  |  |

1 Dollar value of shares that may yet be purchased under the repurchase programs is as of the end of the period. In December 2024 and 2023, our Board of Directors approved share repurchase programs of our Class A common stock authorizing us to repurchase up to $12.0 billion and $11.0 billion, respectively.
Item 5. Other information
Rule 10b5-1 and Non-Rule 10b5-1 Trading Arrangements
For the three months ended September 30, 2025, none of our officers or directors adopted or terminated trading arrangements for the sale of shares of our common stock.

Other Information
Pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012, we hereby incorporate by reference herein the disclosure contained in Exhibit 99.1 of this Report.
Item 6. Exhibits
Refer to the Exhibit Index included herein.
MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 45

PART II
EXHIBIT INDEX
Exhibit index

Exhibit Number |  | Exhibit Description
31.1* |  | Certification of Michael Miebach, President and Chief Executive Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2* |  | Certification of Sachin Mehra, Chief Financial Officer, pursuant to Rule 13a-14(a)/15d-14(a), as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1* |  | Certification of Michael Miebach, President and Chief Executive Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2* |  | Certification of Sachin Mehra, Chief Financial Officer, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
99.1* |  | Disclosure pursuant to Section 219 of the Iran Threat Reduction and Syria Human Rights Act of 2012.
101.INS |  | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH* |  | XBRL Taxonomy Extension Schema Document
101.CAL* |  | XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF* |  | XBRL Taxonomy Extension Definition Linkbase Document
101.LAB* |  | XBRL Taxonomy Extension Label Linkbase Document
101.PRE* |  | XBRL Taxonomy Extension Presentation Linkbase Document

* Filed or furnished herewith.
The agreements and other documents filed as exhibits to this Report are not intended to provide factual information or other disclosure other than with respect to the terms of the agreements or other documents themselves, and should not be relied upon for that purpose. In particular, any representations and warranties made by the Company in these agreements or other documents were made solely within the specific context of the relevant agreement or document and may not describe the actual state of affairs as of the date they were made or at any other time.
46 MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q

SIGNATURES
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

|  | MASTERCARD INCORPORATED
|  | (Registrant)
Date: | October 30, 2025 | By: |  | /S/ MICHAEL MIEBACH
|  |  |  | Michael Miebach
|  |  |  | President and Chief Executive Officer
|  |  |  | (Principal Executive Officer)
Date: | October 30, 2025 | By: |  | /S/ SACHIN MEHRA
|  |  |  | Sachin Mehra
|  |  |  | Chief Financial Officer
|  |  |  | (Principal Financial Officer)
Date: | October 30, 2025 | By: |  | /S/ SANDRA ARKELL
|  |  |  | Sandra Arkell
|  |  |  | Corporate Controller
|  |  |  | (Principal Accounting Officer)

MASTERCARD SEPTEMBER 30, 2025 FORM 10-Q 47