Revenue growth of 14% was consistent with Q2's 14% reported growth, and both revenue and EPS exceeded consensus. Key volume metrics (GDV +7%, cross-border +11%) remain healthy. The $4.9B remaining buyback authorization provides ongoing capital return support. Monitor the Q4 earnings call for any signs of consumer spending deceleration or regulatory developments.
Price Chart
Executive Summary
Mastercard reported Q3 2026 net revenue of $9.8B (+14% YoY) and GAAP diluted EPS of $5.28, both above consensus estimates of $9.66B and $5.17. Adjusted diluted EPS was $5.31. Gross dollar volume grew 7% and cross-border volume grew 11% on a local currency basis. The company repurchased 5.3M shares for $3.0B during the quarter.
Key Financial Metrics
Key Facts
- Q3 2026 net revenue of $9.8B, up 14% YoY as reported and on a currency-neutral basis
- GAAP diluted EPS of $5.28, up 22% YoY
- Adjusted diluted EPS of $5.31, up 21% YoY
- Consensus EPS estimate was $5.17; revenue estimate was $9.66B
- Gross dollar volume up 7% on a local currency basis to $3.0 trillion
- Cross-border volume up 11% on a local currency basis
- Switched transactions up 9%
- Payment network net revenue up 11% as reported
- Value-added services and solutions net revenue up 19% as reported
- Operating margin expanded to 59.8% from 58.8% a year ago
- Adjusted operating margin of 60.5%
- Company repurchased 5.3 million shares at a cost of $3.0 billion in Q3
- Paid $763 million in dividends during Q3
- 3.8 billion Mastercard and Maestro-branded cards issued as of September 30, 2026
Financial Impact
Revenue beat consensus by $140M (1.4%); EPS beat consensus by $0.11 (2.1%)
Segment Breakdown
| Segment | Growth |
|---|---|
| Payment Network | +11.0% |
| Value-Added Services and Solutions | +19.0% |
Risk Factors
- US debit GDV growth was flat at 1.4% and US debit purchase transactions declined 0.1% YoY
- US cash volume declined 3.7% YoY, indicating a shift away from cash usage
- Interest expense increased to $250M from $186M a year ago due to higher debt outstanding
- Operating expenses grew 11% YoY, driven by higher general and administrative costs
- Litigation provisions remain a recurring item ($74M in Q3 2026)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001141391-26-000122 |
| Document: ma-20261029.htm | 0001141391-26-000122 |
| Document: 0001141391-26-000122-index-headers.html | 0001141391-26-000122 |
| Document: 0001141391-26-000122-index.html | 0001141391-26-000122 |
| Document: 0001141391-26-000122.txt | 0001141391-26-000122 |
| 8-K Data (Synthetic) | 0001141391-26-000122 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 30, 2026 2d ago | 144 | $637.91 | awaiting T+60 | awaiting T+60 | $638.01 (+0.02%) |
Oct 30, 2026 2d ago | 144 | $642.43 | awaiting T+60 | awaiting T+60 | $638.01 (−0.69%) |
Oct 29, 2026 3d ago | 8-K | $635.70 | awaiting T+60 | awaiting T+60 | $638.01 (+0.36%) |
Oct 19, 2026 14d ago | Insider Cluster | $619.17 | awaiting T+60 | awaiting T+60 | $638.01 (+3.04%) |
Oct 16, 2026 16d ago | Institutional Cluster | $617.42 | awaiting T+60 | awaiting T+60 | $638.01 (+3.33%) |
Oct 12, 2026 20d ago | Institutional Cluster | $595.09 | awaiting T+60 | awaiting T+60 | $638.01 (+7.21%) |
Oct 9, 2026 23d ago | 144 | $595.09 | awaiting T+60 | awaiting T+60 | $638.01 (+7.21%) |
Sep 3, 2026 8w ago | Insider Cluster | $578.33 | awaiting T+60 | awaiting T+60 | $638.01 (+10.32%) |
Aug 20, 2026 10w ago | Insider Cluster | $580.63 | awaiting T+60 | awaiting T+60 | $638.01 (+9.88%) |
Aug 6, 2026 12w ago | Insider Cluster | $562.95 | awaiting T+60 | awaiting T+60 | $638.01 (+13.33%) |
US Market Status
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