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Sep 30, 2025
Mastercard Q3 2025 Earnings Report
Mastercard reported strong revenue and EPS growth in Q3 2025, driven by continued momentum across its payment network and value-added services.
Key Takeaways
Mastercard delivered a solid third quarter with 17% revenue growth and 13% EPS growth year-over-year. Cross-border volumes and switched transactions both showed healthy increases, reflecting robust consumer and business spending globally.
Net revenue reached $8.6 billion, up from $7.37 billion in Q3 2024.
Adjusted diluted EPS rose to $4.38, supported by strong operating income and share repurchases.
Cross-border volume grew 15%, indicating strong international travel and commerce.
Switched transactions grew 10%, reflecting higher contactless penetration and card usage.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Mastercard expects continued revenue growth into Q4 2025, with strong performance across both core payments and value-added services. Currency headwinds and litigation-related expenses may impact operating margins.
Positive Outlook
- Strong momentum in cross-border travel and digital commerce.
- Robust demand for value-added services and analytics solutions.
- Positive trends in consumer and business spending.
- Ongoing share repurchase activity supports EPS growth.
- Operational discipline continues to drive margin expansion.
Challenges Ahead
- Higher effective tax rate due to geographic mix and discrete tax items.
- Impact from acquisitions on operating expense growth.
- Potential revenue headwinds from currency fluctuations.
- Ongoing litigation expenses impacting net income.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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