Mastercard Incorporated · NYSE:MA

Mastercard — Q3 2025 Earnings Presentation

16 slides from Mastercard's earnings presentation, Oct 30, 2025

  1. Slide 1: Third Quarter 2025 Financial Results Conference Call

    Mastercard Incorporated Third Quarter 2025 Financial Results Conference Call October 30, 2025

  2. Slide 2: Business Update

    Business Update Business Highlights Financial Overview ©2025 Mastercard October 30, 2025 2

  3. Slide 3: 3rd Quarter Selected Financial Performance

    3rd Quarter Selected Financial Performance ($ in millions, except per share data) 3Q 25 3Q 24 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 8,602 $ 7,369 17% 15% Adjusted operating expenses 3,459 2,999 15% 14% Adjusted operating income 5,144 4,370 18% 15% Adjusted operating

  4. Slide 4: 3rd Quarter Gross Dollar Volume (GDV)

    3rd Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide United States Rest of World 9% Growth 7% Growth 10% Growth $3,000 $2,747 $2,502 $2,500 $1,927 $2,000 $1,476 $1,734 $1,334 $1,500 $1,081 $963 $1,000 $768 $819 $1,168 $1,271 $370 $395 $500 $846 $771 $398 $424 $0 3Q24 3Q25 3Q24 3Q25 3Q24 3

  5. Slide 5: Switched Transactions and Cards

    3rd Quarter Switched Transactions and Cards Switched Transactions Cards 10% Growth 6% Growth 4,000 3,637 3,422 50 45.4 321 351 41.1 3,000 Transactions (in billions) Cards (in millions) 40 30 2,000 3,316 3,071 20 1,000 10 0 0 3Q24 3Q25 3Q24 3Q25 Mastercard Cards Maestro Cards ©2025 Mastercard Note: F

  6. Slide 6: 3rd Quarter Net Revenue

    3rd Quarter Net Revenue ($ in millions) 3Q24 3Q25 $9,000 $8,602 $8,000 $7,369 $7,000 $6,000 $5,179 $5,000 $4,629 $4,000 $3,423 $2,740 $3,000 $2,000 $1,000 $0 Value-added Growth Payment Network1 Services and Solutions Total Net Revenue GAAP 12% 25% 17% Currency-neutral 10% 22% 15% ©2025 Mastercard 1

  7. Slide 7: Key Metrics related to the Payment Network

    3rd Quarter Key Metrics related to the Payment Network ($ in millions) 3Q24 3Q25 $5,000 $4,191 $4,000 $3,587 $3,313 $3,000 $2,809 $2,804 $2,641 $2,000 $1,000 $227 $255 $0 Cross-Border Transaction Other Domestic Assessments Assessments Processing Assessments Network Assessments Increase/(Decrease) 6%

  8. Slide 8: 3rd Quarter Adjusted Operating Expenses

    3rd Quarter Adjusted Operating Expenses ($ in millions) 3Q24 3Q25 $3,459 $3,500 $2,923 $2,999 $3,000 $2,554 $2,500 $2,000 $1,500 $1,000 $500 $220 $245 $225 $290 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 14% 11% 29% 15%

  9. Slide 9: Business Update Through October 28th

    Business Update Through October 28th Year-over-year growth % 2025 Q2 Jul Aug Sep Q3 Oct 28 MTD Switched volume1 11% 11% 10% 11% 11% 9% United States 7% 9% 7% 7% 8% 5% Worldwide less U.S. 14% 13% 13% 13% 13% 12% Switched transactions 10% 10% 11% 10% 10% 10% Cross-border volume1 15% 14% 14% 16% 15% 15

  10. Slide 10: Looking Ahead

    Looking Ahead Further thoughts on 2025 ©2025 Mastercard October 30, 2025 10

  11. Slide 11: Appendices

    Appendices

  12. Slide 12: Non-GAAP Reconciliation (Appendix A)

    Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended September 30, 2025 Diluted Operating Operating Operating Other income Effective Net earnings per expenses income margin (expense) income tax rate income share Reported - GAAP $ 3,541 $ 5,061 58.8 % $ (62) 21

  13. Slide 13: Non-GAAP Reconciliation (Appendix A continued)

    Appendix A (continued) Non-GAAP Reconciliation Three Months Ended September 30, 2025 as compared to the Three Months Ended September 30, 2024 Increase/(Decrease) Operating Operating Operating Effective income Net Diluted earnings expenses income margin tax rate income per share Reported - GAAP 5% 26

  14. 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 High end of High single High end of Low end of Forecasted Growth - GAAP 1 mid-teens digits mid-tee

  15. Slide 15: Non-GAAP Reconciliation (Appendix C)

    Appendix C Non-GAAP Reconciliation Fourth quarter 2025 financial outlook Q4'25 vs. Q4'24 Increase/(Decrease) Net Revenue Operating Expenses Forecasted Growth - GAAP 1 High teens High single digits Litigation provisions 2 ** 9% Non-GAAP Growth High teens High teens Currency impact 3 (4-4.5)% ~(2)% Ac

  16. 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

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