Slide 1: Second Quarter 2026 Financial Results Conference Call
Mastercard Incorporated Second Quarter 2026 Financial Results Conference Call July 30, 2026
Slide 2: Business Update
Business Update Business Highlights Financial Overview ©2026 Mastercard July 30, 2026 2
Slide 3: 2nd Quarter Selected Financial Performance
2nd Quarter Selected Financial Performance ($ in millions, except per share data) 2Q 26 2Q 25 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 9,277 $ 8,133 14% 12% Adjusted operating expenses 3,608 3,260 11% 10% Adjusted operating income 5,670 4,873 16% 14% Adjusted operating
Slide 4: 2nd Quarter Gross Dollar Volume (GDV)
2nd Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide United States Rest of World 8% Growth 6% Growth 9% Growth $3,000 $2,881 $2,640 $2,500 $2,024 $2,000 $1,550 $1,826 $1,424 $1,500 $1,150 $1,029 $1,000 $813 $858 $1,216 $1,331 $395 $400 $500 $874 $798 $418 $458 $0 2Q25 2Q26 2Q25 2Q26 2Q25
Slide 5: Switched Transactions and Cards
2nd Quarter Switched Transactions and Cards Switched Transactions Cards 9% Growth 5% Growth 4,000 3,734 3,562 47.4 271 50 332 43.5 3,000 Transactions (in billions) Cards (in millions) 40 30 2,000 3,463 3,230 20 1,000 10 0 0 2Q25 2Q26 2Q25 2Q26 Mastercard Cards Maestro Cards ©2026 Mastercard Note: Fi
Slide 6: 2nd Quarter Net Revenue
2nd Quarter Net Revenue ($ in millions) 2Q25 2Q26 $10,000 $9,277 $9,000 $8,133 $8,000 $7,000 $6,000 $5,451 $4,945 $5,000 $3,826 $4,000 $3,188 $3,000 $2,000 $1,000 $0 Value-added Growth Payment Network1 Services and Solutions Total Net Revenue GAAP 10% 20% 14% Currency-neutral 8% 18% 12% ©2026 Master
Slide 7: Key Metrics related to the Payment Network
2nd Quarter Key Metrics related to the Payment Network ($ in millions) 2Q25 2Q26 $5,000 $4,508 $3,971 $4,000 $3,460 $3,154 $3,000 $2,789 $2,848 $2,000 $1,000 $260 $326 $0 Cross-Border Transaction Other Domestic Assessments Assessments Processing Assessments Network Assessments Increase/(Decrease) 13
Slide 8: 2nd Quarter Adjusted Operating Expenses
2nd Quarter Adjusted Operating Expenses ($ in millions) 2Q25 2Q26 $4,000 $3,608 $3,500 $3,260 $3,081 $3,000 $2,766 $2,500 $2,000 $1,500 $1,000 $500 $213 $217 $281 $309 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 11% 2% 1
Slide 9: Business Update Through July 28th
Business Update Through July 28th Year-over-year growth % 2026 Q1 Apr May Jun Q2 Jul 28 MTD Switched volume1 9% 9% 9% 11% 9% 9% United States 5% 6% 5% 8% 6% 6% Worldwide less U.S. 12% 11% 11% 12% 12% 11% Switched transactions 9% 9% 9% 9% 9% 9% Cross-border volume1 13% 9% 12% 14% 12% 11% Intra-Europe
Slide 10: Looking Ahead
Looking Ahead Further thoughts on 2026 ©2026 Mastercard July 30, 2026 10
Slide 11: Appendices
Appendices
Slide 12: Non-GAAP Reconciliation (Appendix A)
Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended June 30, 2026 Diluted Operating Operating Operating Other income Effective Net earnings per expenses income margin (expense) income tax rate income share Reported - GAAP $ 3,690 $ 5,587 60.2 % $ (101) 20.0 %
Slide 13: Non-GAAP Reconciliation (Appendix A continued)
Appendix A (continued) Non-GAAP Reconciliation Three Months Ended June 30, 2026 as compared to the Three Months Ended June 30, 2025 Increase/(Decrease) Operating Operating Operating Effective income Net Diluted earnings expenses income margin tax rate income per share Reported - GAAP 10 % 17 % 1.5 p
Slide 14: Non-GAAP Reconciliation (Appendix B)
Appendix B Non-GAAP Reconciliation 2026 financial outlook Prior 2026 vs. 2025 Increase/(Decrease) Updated 2026 vs. 2025 Increase/(Decrease) Net Revenue Operating Expenses Net Revenue Operating Expenses High end of High end of High end of Forecasted Growth - GAAP 1 low double digits Low teens high si
Slide 15: Non-GAAP Reconciliation (Appendix C)
Appendix C Non-GAAP Reconciliation Third quarter 2026 financial outlook Q3'26 vs. Q3'25 Increase/(Decrease) Net Revenue Operating Expenses High end of Forecasted Growth - GAAP 1 High single digit low double digits Litigation provisions 2 ** ~3% High end of Non-GAAP Growth Low double digits low doubl
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