Slide 1: Mastercard Incorporated First Quarter 2026 Financial Results Conference Call
Mastercard Incorporated First Quarter 2026 Financial Results Conference Call April 30, 2026
Slide 2: Business Update
Business Update Business Highlights Financial Overview ©2026 Mastercard April 30, 2026 2
Slide 3: 1st Quarter Selected Financial Performance
1st Quarter Selected Financial Performance ($ in millions, except per share data) 1Q 26 1Q 25 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 8,398 $ 7,250 16% 12% Adjusted operating expenses 3,289 2,950 11% 9% Adjusted operating income 5,109 4,300 19% 13% Adjusted operating
Slide 4: 1st Quarter Gross Dollar Volume (GDV)
1st Quarter Gross Dollar Volume (GDV) ($ in billions) Worldwide United States Rest of World 7% Growth 4% Growth 9% Growth $3,000 $2,703 $2,424 $2,500 $1,908 $2,000 $1,455 $1,661 $1,307 $1,500 $1,077 $930 $1,000 $762 $795 $500 $1,117 $1,248 $376 $378 $731 $831 $386 $417 $0 1Q25 1Q26 1Q25 1Q26 1Q25 1Q
Slide 5: Switched Transactions and Cards
1st Quarter Switched Transactions and Cards Switched Transactions Cards 9% Growth 5% Growth 4,000 3,695 3,512 50 287 43.8 335 40.1 3,000 Transactions (in billions) Cards (in millions) 40 30 2,000 3,408 3,177 20 1,000 10 0 0 1Q25 1Q26 1Q25 1Q26 Mastercard Cards Maestro Cards ©2026 Mastercard Note: Fi
Slide 6: 1st Quarter Net Revenue
1st Quarter Net Revenue ($ in millions) 1Q25 1Q26 $9,000 $8,398 $8,000 $7,250 $7,000 $6,000 $4,948 $5,000 $4,432 $4,000 $3,450 $2,818 $3,000 $2,000 $1,000 $0 Value-added Growth Payment Network1 Services and Solutions Total Net Revenue GAAP 12% 22% 16% Currency-neutral 8% 18% 12% ©2026 Mastercard 1 P
Slide 7: Key Metrics related to the Payment Network
1st Quarter Key Metrics related to the Payment Network ($ in millions) 1Q25 1Q26 $5,000 $4,224 $4,000 $3,527 $3,190 $2,896 $3,000 $2,658 $2,595 $2,000 $1,000 $231 $277 $0 Cross-Border Transaction Other Domestic Assessments Assessments Processing Assessments Network Assessments Increase/(Decrease) 9%
Slide 8: 1st Quarter Adjusted Operating Expenses
1st Quarter Adjusted Operating Expenses ($ in millions) 1Q25 1Q26 $4,000 $3,500 $3,289 $2,837 $2,950 $3,000 $2,523 $2,500 $2,000 $1,500 $1,000 $500 $152 $153 $275 $299 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 12% —% 9
Slide 9: Business Update Through April 28th
Business Update Through April 28th Year-over-year growth % 2025 2026 Q4 Jan Feb Mar Q1 Apr 28 MTD Switched volume1 9% 9% 9% 9% 9% 8% United States 5% 5% 5% 4% 5% 5% Worldwide less U.S. 12% 12% 11% 12% 12% 10% Switched transactions 10% 10% 9% 9% 9% 9% Cross-border volume1 14% 14% 12% 12% 13% 9% Intra
Slide 10: Looking Ahead
Looking Ahead Thoughts on 2026 ©2026 Mastercard April 30, 2026 10
Slide 11: Appendices
Appendices
Slide 12: Non-GAAP Reconciliation
Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended March 31, 2026 Diluted Operating Operating Operating Other income Effective Net earnings per expenses income margin (expense) income tax rate income share Reported - GAAP $ 3,491 $ 4,907 58.4 % $ (95) 19.3 %
Slide 13: Non-GAAP Reconciliation (continued)
Appendix A (continued) Non-GAAP Reconciliation Three Months Ended March 31, 2026 as compared to the Three Months Ended March 31, 2025 Increase/(Decrease) Operating Operating Operating Effective income Net Diluted earnings expenses income margin tax rate income per share Reported - GAAP 13 % 18 % 1.2
Slide 14: Non-GAAP Reconciliation: 2026 financial outlook
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 High end of Forecasted Growth - GAAP 1 low double digits low d
Slide 15: Non-GAAP Reconciliation: Second quarter 2026 outlook
Appendix C Non-GAAP Reconciliation Second quarter 2026 financial outlook Q2'26 vs. Q2'25 Increase/(Decrease) Net Revenue Operating Expenses Forecasted Growth - GAAP 1 Low double digits High single digit Litigation provisions 2 ** ~3% Low end of Non-GAAP Growth Low double digits low double digits Cur
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