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Sep 30
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.
Mastercard
Mastercard
Mastercard Revenue by Segment
Mastercard Revenue by Geographic Location
Revenue by Segment
Payment Network Revenue
CapyFin.comValue-Added Services Revenue
CapyFin.comRevenue by Geographic Location
Worldwide Revenue
CapyFin.com 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.
- Capital One debit migration causing softness in US switched volumes.