Slide 1: Fourth Quarter and Full Year 2025 Financial Results Conference Call
Mastercard Incorporated Fourth Quarter and Full Year 2025 Financial Results Conference Call January 29, 2026
Slide 2: Business Update
Business Update Business Highlights Financial Overview ©2026 Mastercard January 29, 2026 2
Slide 3: 4th Quarter Selected Financial Performance
4th Quarter Selected Financial Performance ($ in millions, except per share data) 4Q 25 4Q 24 YOY Growth Non-GAAP Non-GAAP As adjusted Currency-neutral Net revenue $ 8,806 $ 7,489 18% 15% Adjusted operating expenses 3,721 3,270 14% 12% Adjusted operating income 5,085 4,219 21% 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 7% Growth 4% Growth 9% Growth $3,000 $2,819 $2,568 $2,500 $1,994 $2,000 $1,518 $1,775 $1,374 $1,500 $1,130 $992 $1,000 $793 $825 $1,194 $1,301 $382 $388 $500 $864 $783 $412 $438 $0 4Q24 4Q25 4Q24 4Q25 4Q24 4Q
Slide 5: 4th Quarter Switched Transactions and Cards
4th Quarter Switched Transactions and Cards Switched Transactions Cards 10% Growth 6% Growth 4,000 3,696 3,473 50 46.5 305 345 42.2 3,000 Transactions (in billions) Cards (in millions) 40 30 2,000 3,391 3,127 20 1,000 10 0 0 4Q24 4Q25 4Q24 4Q25 Mastercard Cards Maestro Cards ©2026 Mastercard Note: F
Slide 6: 4th Quarter Net Revenue
4th Quarter Net Revenue ($ in millions) 4Q24 4Q25 $8,806 $9,000 $8,000 $7,489 $7,000 $6,000 $4,920 $5,000 $4,411 $3,886 $4,000 $3,078 $3,000 $2,000 $1,000 $0 Value-added Growth Payment Network1 Services and Solutions Total Net Revenue GAAP 12% 26% 18% Currency-neutral 9% 22% 15% ©2026 Mastercard 1 P
Slide 7: 4th Quarter Key Metrics related to the Payment Network
4th Quarter Key Metrics related to the Payment Network ($ in millions) 4Q24 4Q25 $5,000 $4,241 $4,000 $3,605 $3,265 $3,000 $2,773 $2,706 $2,538 $2,000 $1,000 $239 $272 $0 Cross-Border Transaction Other Domestic Assessments Assessments Processing Assessments Network Assessments Increase/(Decrease) 9%
Slide 8: 4th Quarter Adjusted Operating Expenses
4th Quarter Adjusted Operating Expenses ($ in millions) 4Q24 4Q25 $4,000 $3,721 $3,500 $3,106 $3,270 $3,000 $2,745 $2,500 $2,000 $1,500 $1,000 $500 $295 $319 $231 $297 $0 Growth General & Administrative Advertising & Marketing Depreciation & Amortization Adjusted Operating Expenses Non-GAAP 13% 9% 2
Slide 9: Business Update Through January 21st
Business Update Through January 21st Year-over-year growth % 2025 2026 Q3 Oct Nov Dec Q4 Jan 21 MTD Switched volume1 11% 9% 9% 9% 9% 9% United States 8% 5% 4% 5% 5% 5% Worldwide less U.S. 13% 12% 12% 12% 12% 12% Switched transactions 10% 10% 10% 10% 10% 10% Cross-border volume1 15% 14% 15% 14% 14% 1
Slide 10: Looking Ahead
Looking Ahead Thoughts on 2026 ©2026 Mastercard January 29, 2026 10
Slide 11: Appendices
Appendices
Slide 12: Non-GAAP Reconciliation
Appendix A Non-GAAP Reconciliation ($ in millions, except per share data) Three Months Ended December 31, 2025 Diluted Operating Operating Operating Other income Effective Net earnings per expenses income margin (expense) income tax rate income share Reported - GAAP $ 3,896 $ 4,910 55.8 % $ (34) 16.
Slide 13: Non-GAAP Reconciliation (continued)
Appendix A (continued) Non-GAAP Reconciliation Three Months Ended December 31, 2025 as compared to the Three Months Ended December 31, 2024 Increase/(Decrease) Operating Operating Operating Effective income Net Diluted earnings expenses income margin tax rate income per share Reported - GAAP 10 % 25
Slide 14: Non-GAAP Reconciliation: 2026 financial outlook
Appendix B Non-GAAP Reconciliation 2026 financial outlook 2026 vs. 2025 Increase/(Decrease) Net Revenue Operating Expenses High end of High end of Forecasted Growth - GAAP 1 low double digits high single digits Litigation provisions 2 ** ~4% Restructuring charge 3 ** ~(1)% High end of Non-GAAP Growt
Slide 15: Non-GAAP Reconciliation: first quarter 2026 financial outlook
Appendix C Non-GAAP Reconciliation First quarter 2026 financial outlook Q1'26 vs. Q1'25 Increase/(Decrease) Net Revenue Operating Expenses High end of Forecasted Growth - GAAP 1 Low teens low double digits Litigation provisions 2 ** ~5% Restructuring charge 3 ** ~(7)% Non-GAAP Growth Low teens Low d
Slide 16: Revenue Growth Drivers
Appendix D Revenue Growth Drivers Three Months Ended December 31, 2025 as compared to the Three Months Ended December 31, 2024 Currency Operational Acquisitions Impact 1,2 Total Payment network 9% ** 2% 12 % Value-added services and solutions 19 % 3% 4% 26 % Net revenue 13 % 1% 3% 18 % Note: Figures
Slide 17: Operating Expense Growth Drivers (Non-GAAP)
Appendix E Operating Expense Growth Drivers (Non-GAAP)1 Three Months Ended December 31, 2025 as compared to the Three Months Ended December 31, 2024 Currency Operational Acquisitions Impact 2 Total General and administrative 8% 4% 2% 13 % Advertising and marketing (4)% 10 % 3% 9% Depreciation and am
Slide 18: 4th Quarter G&A Detail
Appendix F 4th Quarter G&A Detail ($ in millions) Increase/(Decrease) 4Q 25 4Q 24 $ % Personnel $ 1,818 $ 1,653 $ 165 10 % Professional fees 189 191 (2) (1)% Data processing and telecommunications 342 299 43 14 % Foreign exchange activity 1 45 16 29 ** Other 712 586 126 21 % Total general and admini
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