Slide 1: Fourth Quarter and Full Year 2024 Financial Results Conference Call
Mastercard Incorporated Fourth Quarter and Full Year 2024 Financial Results Conference Call January 30, 2025
Slide 2: Business Update, Business Highlights, Financial Overview
Business Update Business Highlights Financial Overview ©2025 Mastercard January 30, 2025 2
Slide 3: 4th Quarter Selected Financial Performance
4th Quarter Selected Financial Performance ($ in millions, except per share data) 4Q 24 4Q 23 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 7,489 $ 6,548 14% 16% Adjusted operating expenses 3,270 2,868 14% 15% Adjusted operating income 4,219 3,680 15% 17% Adjusted operating
Slide 4: 4th Quarter Gross Dollar Volume (GDV)
4th Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide United States Rest of World 12% Growth 9% Growth 13% Growth $2,561 $2,600 $2,352 $2,400 $2,200 $2,000 $1,767 $1,800 $1,368 $1,624 $1,237 $1,600 $1,400 $1,200 $891 $986 $1,000 $728 $793 $800 $600 $1,115 $1,193 $345 $382 $400 $732 $781 $2
Slide 5: 4th Quarter Switched Transactions and Cards
4th Quarter Switched Transactions and Cards Switched Transactions Cards 11% Growth 6% Growth 4,000 3,501 50 3,316 343 42.2 377 3,000 Transactions (in billions) Cards (in millions) 40 38.1 30 2,000 3,159 2,939 20 1,000 10 0 0 4Q23 4Q24 4Q23 4Q24 Mastercard Cards Maestro Cards ©2025 Mastercard Note: F
Slide 6: 4th Quarter Net Revenue
4th Quarter Net Revenue ($ in millions) 4Q23 4Q24 $8,000 $7,489 $7,000 $6,548 $6,000 1 $5,000 1 $4,411 $3,891 $4,000 $3,078 $3,000 $2,657 $2,000 $1,000 $0 Value-added Growth Payment Network Services and Solutions Total Net Revenue GAAP 13% 16% 14% Currency-neutral 15% 17% 16% ©2025 Mastercard 1 Paym
Slide 7: 4th Quarter Key Metrics related to the Payment Network
4th Quarter Key Metrics related to the Payment Network ($ in millions) 4Q23 4Q24 $4,000 $3,605 $3,164 $3,000 $2,706 $2,538 $2,385 $2,198 $2,000 $1,000 $251 $239 $0 Cross-Border Transaction Other Domestic Assessments Assessments Processing Assessments Network Assessments Increase/(Decrease) 6% 23% 14
Slide 8: 4th Quarter Adjusted Operating Expenses
4th Quarter Adjusted Operating Expenses ($ in millions) 4Q23 4Q24 $3,500 $3,270 $3,000 $2,745 $2,868 $2,399 $2,500 $2,000 $1,500 $1,000 $500 $264 $295 $205 $231 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 14% 12% 13% 14%
Slide 9: Business Update Through January 28th
th Business Update Through January 28 Year-over-year growth % 2024 2025 Q3 Oct Nov Dec Q4 Jan 28 MTD 1 Switched volume 11% 14% 12% 13% 13% 13% United States 6% 10% 8% 8% 9% 10% Worldwide less U.S. 14% 17% 15% 17% 16% 16% Switched transactions 11% 11% 11% 11% 11% 11% 1 Cross-border volume 17% 19% 17%
Slide 10: Looking Ahead: Thoughts on 2025
Looking Ahead Thoughts on 2025 ©2025 Mastercard January 30, 2025 10
Slide 11: Appendices
Appendices
Slide 12: Non-GAAP Reconciliation
Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended December 31, 2024 Diluted Operating Operating Operating Other income Effective Net earnings per expenses income margin (expense) income tax rate income share Reported - GAAP $ 3,551 $ 3,938 52.6 % $ (47) 14.
Slide 13: Non-GAAP Reconciliation (continued)
Appendix A (continued) Non-GAAP Reconciliation Three Months Ended December 31, 2024 as compared to the Three Months Ended December 31, 2023 Increase/(Decrease) Operating Operating Operating Effective income Net Diluted earnings expenses income margin tax rate income per share Reported - GAAP 12 % 17
Slide 14: Non-GAAP Reconciliation: 2025 financial outlook
Appendix B Non-GAAP Reconciliation 2025 financial outlook 2025 vs. 2024 Increase/(Decrease) Net Revenue Operating Expenses 1 Forecasted Growth - GAAP Low-double-digits Mid-single-digits 2 Litigation provisions ** 6% 3 Restructuring charge ** 2% Non-GAAP Growth Low-double-digits Low-teens 4 Currency
Slide 15: Non-GAAP Reconciliation: First quarter 2025 financial outlook
Appendix C Non-GAAP Reconciliation First quarter 2025 financial outlook Q1'25 vs. Q1'24 Increase/(Decrease) Net Revenue Operating Expenses 1 Forecasted Growth - GAAP Low-double-digits High-single-digits 2 Litigation provisions ** 5% Non-GAAP Growth Low-double-digits Low-teens 3 Currency impact ~3% ~
Slide 16: Revenue Growth Drivers
Appendix D Revenue Growth Drivers Three Months Ended December 31, 2024 as compared to the Three Months Ended December 31, 2023 Currency 1,2 Operational Acquisitions Impact Total Payment network 15 % ** (1)% 13 % Value-added services and solutions 17 % 1% (1)% 16 % Net revenue 15 % —% (1)% 14 % Note:
Slide 17: Operating Expense Growth Drivers (Non-GAAP)
Appendix E 1 Operating Expense Growth Drivers (Non-GAAP) Three Months Ended December 31, 2024 as compared to the Three Months Ended December 31, 2023 Currency 2 Operational Acquisitions Impact Total General and administrative 14 % 1% (1)% 14 % Advertising and marketing 13 % —% (1)% 12 % Depreciation
Slide 18: 4th Quarter G&A Detail
Appendix F 4th Quarter G&A Detail ($ in millions) Increase/(Decrease) 4Q 24 4Q 23 $ % Personnel $ 1,653 $ 1,528 $ 125 8% Professional fees 191 163 28 17 % Data processing and telecommunications 299 265 34 13 % 1 Foreign exchange activity 16 18 (2) (17)% Other 586 425 161 38 % Total general and admin
Slide 19: 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