Slide 1: First Quarter 2025 Financial Results Conference Call
Mastercard Incorporated First Quarter 2025 Financial Results Conference Call May 1, 2025
Slide 2: Business Update, Business Highlights, Financial Overview
Business Update Business Highlights Financial Overview ©2025 Mastercard May 1, 2025 2
Slide 3: 1st Quarter Selected Financial Performance
1st Quarter Selected Financial Performance ($ in millions, except per share data) 1Q 25 1Q 24 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 7,250 $ 6,348 14% 17% Adjusted operating expenses 2,950 2,617 13% 14% Adjusted operating income 4,300 3,731 15% 19% Adjusted operating
Slide 4: 1st Quarter Gross Dollar Volume (GDV)
1st Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide United States Rest of World 9% Growth 7% Growth 10% Growth $2,600 $2,417 $2,400 $2,290 $2,200 $2,000 $1,800 $1,578 $1,653 $1,214 $1,300 $1,600 $1,400 $1,200 $865 $922 $1,000 $713 $764 $800 $600 $1,077 $1,117 $348 $378 $400 $712 $731 $20
Slide 5: Switched Transactions and Cards
1st Quarter Switched Transactions and Cards Switched Transactions Cards 9% Growth 6% Growth 4,000 3,533 50 3,343 335 372 40.1 3,000 Transactions (in billions) Cards (in millions) 40 36.7 30 2,000 3,198 2,970 20 1,000 10 0 0 1Q24 1Q25 1Q24 1Q25 Mastercard Cards Maestro Cards ©2025 Mastercard Note: Fi
Slide 6: 1st Quarter Net Revenue
1st Quarter Net Revenue ($ in millions) 1Q24 1Q25 $8,000 $7,250 $7,000 $6,348 $6,000 1 $5,000 1 $4,432 $3,920 $4,000 $2,818 $3,000 $2,428 $2,000 $1,000 $0 Value-added Growth Payment Network Services and Solutions Total Net Revenue GAAP 13% 16% 14% Currency-neutral 16% 18% 17% ©2025 Mastercard 1 Paym
Slide 7: Key Metrics related to the Payment Network
1st Quarter Key Metrics related to the Payment Network ($ in millions) 1Q24 1Q25 $4,000 $3,527 $3,086 $3,000 $2,658 $2,470 $2,595 $2,238 $2,000 $1,000 $226 $231 $0 Cross-Border Transaction Other Domestic Assessments Assessments Processing Assessments Network Assessments Increase/(Decrease) 8% 16% 14
Slide 8: 1st Quarter Adjusted Operating Expenses
1st Quarter Adjusted Operating Expenses ($ in millions) 1Q24 1Q25 $3,500 $2,950 $3,000 $2,617 $2,523 $2,500 $2,286 $2,000 $1,500 $1,000 $500 $152 $216 $275 $116 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 10% 32% 27% 13%
Slide 9: Business Update Through April 28th
th Business Update Through April 28 Year-over-year growth % 2024 2025 Q4 Jan Feb Mar Q1 Apr 28 MTD 1 Switched volume 13% 14% 8% 11% 11% 12% United States 9% 11% 4% 7% 7% 8% Worldwide less U.S. 16% 16% 12% 13% 14% 15% Switched transactions 11% 12% 7% 10% 9% 11% 1 Cross-border volume 20% 18% 14% 14% 1
Slide 10: Looking Ahead: Further thoughts on 2025
Looking Ahead Further thoughts on 2025 ©2025 Mastercard May 1, 2025 10
Slide 11: Appendices
Appendices
Slide 12: Non-GAAP Reconciliation (Appendix A)
Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended March 31, 2025 Diluted Operating Operating Operating Other income Effective Net earnings per expenses income margin (expense) income tax rate income share Reported - GAAP $ 3,101 $ 4,149 57.2 % $ (118) 18.6
Slide 13: Non-GAAP Reconciliation (Appendix A continued)
Appendix A (continued) Non-GAAP Reconciliation Three Months Ended March 31, 2025 as compared to the Three Months Ended March 31, 2024 Increase/(Decrease) Operating Operating Operating Effective income Net Diluted earnings expenses income margin tax rate income per share Reported - GAAP 13 % 15 % 0.4
Slide 14: Non-GAAP Reconciliation: 2025 Financial Outlook (Appendix B)
Appendix B Non-GAAP Reconciliation 2025 financial outlook Prior 2025 vs. 2024 Updated 2025 vs. 2024 Increase/(Decrease) Increase/(Decrease) Net Revenue Operating Expenses Net Revenue Operating Expenses 1 Low double Mid-single High single Forecasted Growth - GAAP Low teens digits digits digits 2 Liti
Slide 15: Non-GAAP Reconciliation: Second Quarter 2025 Outlook (Appendix C)
Appendix C Non-GAAP Reconciliation Second quarter 2025 financial outlook Q2'25 vs. Q2'24 Increase/(Decrease) Net Revenue Operating Expenses 1 Low end of Forecasted Growth - GAAP Mid-teens low double digits 2 Litigation provisions ** 4% Non-GAAP Growth Mid-teens Mid-teens 3 Currency impact ~0% ~0% 4
Slide 16: Forward-Looking Statements
Forward-Looking Statements This earnings presentation 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 earn