MA · 10-Q · 2026Q1 · Full report
Market Demand Trends
Mastercard Inc · 2026-04-30 · Importance 59 · Surprise 48 · In source text
Gross Dollar Volume (GDV) on a U.S. dollar-converted basis grew 12% year-over-year for the quarter while GDV on a local currency basis grew 7%, reflecting materially higher card spend. Cross-border volume rose even faster, up 21% on a U.S. dollar basis (13% local), driven by international travel and cross-border e-commerce. Switched transactions increased 9%, supporting higher transaction-processing assessments. These trends drove net revenue growth across both the payment network and value-added services.
Key facts
- Cross-border volume growth for the three months ended March 31, 2026: 21% USD and 13% local (versus comparable period in 2025). source
- Gross Dollar Volume (Mastercard-branded GDV) growth for the three months ended March 31, 2026: 12% USD, 7% local; United States GDV growth: 4% USD and 4% local; Worldwide less United States GDV growth: 15% USD and 9% local. source
- Switched transactions growth for the three months ended March 31, 2026: 9% (USD and local). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| revenue | positive | realized | — | Gross Dollar Volume (Mastercard-branded GDV) growth for the three months ended March 31, 2026: 12% USD, 7% local; United States GDV… |
| revenue | positive | realized | — | Gross Dollar Volume (Mastercard-branded GDV) growth for the three months ended March 31, 2026: 12% USD, 7% local; United States GDV… |
| revenue | positive | realized | — | Gross Dollar Volume (Mastercard-branded GDV) growth for the three months ended March 31, 2026: 12% USD, 7% local; United States GDV… |