Mastercard Incorporated · 2026 Q2
ReportedJul 30, 2026
Period endedJun 30, 2026
Rule of 40+52
Consensus vs reported
EPS · ADJUSTED
BEAT +6%
$5.04
vs $4.77 expected
QoQ+9.6%
YoY—
Revenue
BEAT +2%
$9.28B
vs $9.06B expected
QoQ+10.5%
YoY+14.1%
QoQ and YoY are measured on the same basis as each panel's own consensus, so no panel compares two different measures.
Reported this quarter
Revenue
$9.28B
QoQ +10.5%
YoY +14.1%
EPS
$4.97
QoQ +14.3%
YoY +22.1%
Free Cash Flow
$3.48B
QoQ +22.4%
YoY -23.7%
FCF Margin
37.5%
QoQ +3.7 pp
YoY -18.6 pp
Each tile opens the full quarterly series. Download the numbers as CSV or JSON.
What we learned
- The operating leverage is the whole model, and it showed. Net revenue +14% to $9.3B against operating expenses +10% to $3.7B , producing operating income +17% to $5.6B and margin up 150 bps to 60.2% .
- The fastest-growing line is the one that is not the network. Value-added services and solutions grew 20% (+18% currency-neutral) against payment network revenue at 10%. Mastercard is compounding a software and data business on top of its rails, and it is compounding faster.
- The cost of keeping the network grew faster than the network. Rebates and incentives rose 22% (+20% currency-neutral) against 14% revenue growth. Margin still expanded this quarter; that gap is the line to watch if it persists.
- A clean beat across every line moved the stock roughly nothing. Adjusted EPS of $5.04 against a ~$4.78 estimate on $2.9T of gross dollar volume. When the growth trajectory is fully expected, the risk stops being a bad quarter and becomes a merely ordinary one.
- Agentic commerce showed up at every payments company this season. Mastercard's Agentic Payment capability was named alongside new Mexico and UAE partnerships, with Visa, PayPal and Coinbase all referencing equivalent initiatives in the same quarter.
Read the full analysis: Mastercard Q2 2026: Beat and Raised Margins — Stock Barely Moves →
Coverage around this release
Estimate against reported
Our published estimate
Reported EPS
| Quarter | Estimate | Reported | Surprise |
|---|---|---|---|
| 2024 Q3 | — | $3.53 | — |
| 2024 Q4 | — | $3.64 | — |
| 2025 Q1 | — | $3.59 | — |
| 2025 Q2 | — | $4.07 | — |
| 2025 Q3 | — | $4.34 | — |
| 2025 Q4 | — | $4.52 | — |
| 2026 Q1 | — | $4.35 | — |
| 2026 Q2 | $4.77 | $5.04 | +6% |
Estimates are the consensus we published on our own preview for that quarter; quarters we did not preview carry the reported figure only. Where a consensus was set on a non-GAAP basis, the reported column shows that same measure.
Sources & downloads
Company
Published by the company on the day of the release.
HTML
Earnings press release
Investor relations announcement
SEC filings
Filed with the SEC under CIK 1141391.
HTML
8-K results announcement
Filed Jul 30, 2026
HTM
Press release (EX-99.1)
Exhibit 99.1 to the 8-K
711 KB
HTML
Filing index
Every document in the 8-K submission
TXT
Complete submission
Raw archival text of the whole filing
HTML
10-Q quarterly report
Period ended Jun 30, 2026, filed Jul 30, 2026
ZIP
XBRL data bundle
Structured financial statements from the 10-Q
JSON
Company facts (XBRL)
Every figure MA has reported to the SEC
R40 data
The numbers shown on this page, as we hold them.
CSV
This quarter (CSV)
Reported metrics for 2026 Q2, spreadsheet-ready
JSON
This quarter (JSON)
Metrics, dates and matched filings