Slide 1: Second Quarter 2025 Financial Results Conference Call
Mastercard Incorporated Second Quarter 2025 Financial Results Conference Call July 31, 2025
Slide 2: Business Update, Business Highlights, Financial Overview
Business Update Business Highlights Financial Overview ©2025 Mastercard July 31, 2025 2
Slide 3: 2nd Quarter Selected Financial Performance
2nd Quarter Selected Financial Performance ($ in millions, except per share data) 2Q 25 2Q 24 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 8,133 $ 6,961 17% 16% Adjusted operating expenses 3,260 2,828 15% 14% Adjusted operating income 4,873 4,133 18% 17% Adjusted operating
Slide 4: 2nd Quarter Gross Dollar Volume (GDV)
2nd Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide United States Rest of World 9% Growth 6% Growth 10% Growth $2,800 $2,631 $2,600 $2,404 $2,400 $2,200 $2,000 $1,817 $1,800 $1,416 $1,639 $1,273 $1,600 $1,400 $1,020 $1,200 $902 $1,000 $765 $813 $800 $600 $1,131 $1,215 $371 $395 $400 $737
Slide 5: Switched Transactions and Cards
2nd Quarter Switched Transactions and Cards Switched Transactions Cards 10% Growth 6% Growth 4,000 3,580 50 3,374 330 43.5 364 39.4 3,000 Transactions (in billions) Cards (in millions) 40 30 2,000 3,249 20 3,010 1,000 10 0 0 2Q24 2Q25 2Q24 2Q25 Mastercard Cards Maestro Cards ©2025 Mastercard Note: F
Slide 6: 2nd Quarter Net Revenue
2nd Quarter Net Revenue ($ in millions) 2Q24 2Q25 $9,000 $8,133 $8,000 $6,961 $7,000 $6,000 $4,945 $5,000 $4,375 $4,000 $3,188 $3,000 $2,586 $2,000 $1,000 $0 1 Value-added Growth Payment Network Services and Solutions Total Net Revenue GAAP 13% 23% 17% Currency-neutral 13% 22% 16% ©2025 Mastercard 1
Slide 7: Key Metrics related to the Payment Network
2nd Quarter Key Metrics related to the Payment Network ($ in millions) 2Q24 2Q25 $3,971 $4,000 $3,324 $3,000 $2,789 $2,848 $2,596 $2,433 $2,000 $1,000 $244 $260 $0 Cross-Border Transaction Other Domestic Assessments Assessments Processing Assessments Network Assessments Increase/(Decrease) 7% 17% 19
Slide 8: 2nd Quarter Adjusted Operating Expenses
2nd Quarter Adjusted Operating Expenses ($ in millions) 2Q24 2Q25 $3,500 $3,260 $3,000 $2,766 $2,828 $2,418 $2,500 $2,000 $1,500 $1,000 $500 $184 $213 $225 $281 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 14% 15% 25% 15%
Slide 9: Business Update Through July 28
th Business Update Through July 28 Year-over-year growth % 2025 Q1 Apr May Jun Q2 Jul 28 MTD 1 Switched volume 11% 12% 12% 9% 11% 11% United States 7% 9% 8% 4% 7% 8% Worldwide less U.S. 14% 15% 14% 12% 14% 13% Switched transactions 9% 11% 11% 9% 10% 10% 1 Cross-border volume 15% 16% 15% 14% 15% 14%
Slide 10: Looking Ahead
Looking Ahead Further thoughts on 2025 ©2025 Mastercard July 31, 2025 10
Slide 11: Appendices
Appendices
Slide 12: Non-GAAP Reconciliation (Appendix A)
Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended June 30, 2025 Diluted Operating Operating Operating Other income Effective Net earnings per expenses income margin (expense) income tax rate income share Reported - GAAP $ 3,356 $ 4,777 58.7 % $ (105) 20.8 %
Slide 13: Non-GAAP Reconciliation (Appendix A continued)
Appendix A (continued) Non-GAAP Reconciliation Three Months Ended June 30, 2025 as compared to the Three Months Ended June 30, 2024 Increase/(Decrease) Operating Operating Operating Effective income Net Diluted earnings expenses income margin tax rate income per share Reported - GAAP 15 % 18 % 0.8 p
Slide 14: Non-GAAP Reconciliation (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 High single High end of High single Forecasted Growth - GAAP Low teens digits mid-teens digits 2
Slide 15: Non-GAAP Reconciliation (Appendix C)
Appendix C Non-GAAP Reconciliation Third quarter 2025 financial outlook Q3'25 vs. Q3'24 Increase/(Decrease) Net Revenue Operating Expenses 1 High end of Forecasted Growth - GAAP Low single digits mid-teens 2 Litigation provisions ** 6% 3 Restructuring charge ** 6% High end of High end of Non-GAAP Gr
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