10-Q · April 30, 2026
Mastercard reported Q1 2026 revenue of $8.4 billion, slightly exceeding estimates and reflecting a significant year-over-year increase. EPS stood at $4.35, missing the consensus projection of $4.41, alongside a robust…
Earnings analysis · 10-Q
MA earnings analysis
Filed October 29, 2026 · Our reading of the company's report
The latest report
Mastercard delivered a strong Q3, with $9.807 billion of revenue and $5.28 of diluted EPS, beating consensus by approximately 1.6% and 2.3%, respectively. Revenue grew approximately 14% year over year and operating…
Read full summary
Mastercard delivered a strong Q3, with $9.807 billion of revenue and $5.28 of diluted EPS, beating consensus by approximately 1.6% and 2.3%, respectively. Revenue grew approximately 14% year over year and operating margin expanded 100 basis points, although margin declined sequentially by 40 basis points. The filing shows substantial capital return activity—$11.893 billion of nine-month repurchases and $5.568 billion of authorization remaining—but provides no quantitative forward guidance. Balance-sheet, cash-flow, and segment detail was not available in the supplied filing extract.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $5.28
- Operating margin
- 59.8%
What stood out
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Revenue grew 14% and beat estimates
Revenue was $9.807 billion, up approximately 14% from $8.6 billion in Q3 2025 and approximately 5.7% from $9.28 billion in Q2 2026. Revenue exceeded the $9.651 billion consensus estimate by approximately $156 million, or 1.6%.
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EPS rose 22% and beat consensus
Diluted EPS was $5.28, up approximately 21.7% from $4.34 in Q3 2025 and 6.2% from $4.97 in Q2 2026. EPS exceeded the $5.16 consensus estimate by $0.12, or 2.3%.
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Operating margin expanded year over year
Operating margin was 59.8%, improving 100 basis points from 58.8% in Q3 2025, but declining 40 basis points from 60.2% in Q2 2026.
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Aggressive share repurchases supported EPS
Mastercard repurchased $11.893 billion of Class A common stock during the nine months ended September 30, 2026, including 5.262 million shares for $2.961 billion during the third quarter at an average price of $562.50 per share.
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Meaningful buyback capacity remains
The company had $5.568 billion of remaining repurchase authorization at September 30, 2026 and repurchased an additional $648 million of stock from October 1 through October 26, 2026.
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Currency exposure remains actively hedged
A hypothetical 10% adverse move in functional currencies would have produced an estimated $340 million fair-value net loss on foreign-exchange derivatives outstanding at September 30, 2026, before the offsetting effect of the hedged activity.
What to watch
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Large buybacks may constrain liquidity
The company had $5.568 billion of remaining repurchase authorization at September 30, 2026, while $11.893 billion had already been spent on repurchases during the first nine months. Continued buybacks could reduce liquidity available for operating needs or other investments, particularly because management states timing depends on cash requirements and economic conditions.
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Foreign-exchange sensitivity remains material
A hypothetical 10% adverse change in functional-currency values implied an approximately $340 million fair-value net loss on foreign-exchange derivatives at September 30, 2026, before considering offsets from the underlying hedged activity.
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No new risk-factor update provided
The 10-Q refers readers to the risk factors in the 2025 Form 10-K rather than identifying new or changed risk factors. The absence of an update does not eliminate existing legal, regulatory, competitive, macroeconomic, and operational risks.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance, and does not state that prior guidance was raised, maintained, lowered, or withdrawn. Outlook was deferred to the earnings release or call.
Earlier filings 4
10-K · February 11, 2026
Mastercard reports a strong 2025 with GAAP net revenue of $32.8B (up 16%), net income of $15.0B (up 16%) and diluted EPS of $16.52 (up 19%). Gross dollar volume rose to $10.6T (up 15%) with switched transactions of…
10-Q · July 31, 2025
Mastercard reported strong Q2 results: net revenue rose to $8,133,000,000 from $6,961,000,000 a year ago (+$1,172,000,000, +16.8%), and diluted EPS increased to $4.07 from $3.50 (+$0.57, +16.3%). Operating income was…
10-K · February 12, 2025
Mastercard reports strong 2024 results: GAAP net revenue of $28.2B (up 12% YoY), net income $12.9B (up 15%) and diluted EPS $13.89 (up 17%), driven by an 18% increase in gross dollar volume to $9.8T and growth across…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.