MA · 10-Q · 2026Q1 · Full report
Gross Margin Drivers
Mastercard Inc · 2026-04-30 · Importance 54 · Surprise 40 · No source text
Operating margin was 58.4% for the three months ended March 31, 2026, up 1.2 percentage points versus 57.2% a year earlier; adjusted operating margin was 60.8%, up 1.5 percentage points. Operating income was $4,907 million, up 18% year‑over‑year (increase of $758 million). Key drivers supporting margin expansion included 12% USD GDV growth (7% local), 21% USD cross‑border volume growth (13% local) and a 9% increase in switched transactions. These volume and cross‑border mix gains increased fee and processing leverage across the payment network and value‑added services.
Key facts
- Operating margin for the three months ended March 31, 2026: 58.4% versus 57.2% in the comparable period in 2025 (up 1.2 percentage points). source
- Adjusted operating margin for the three months ended March 31, 2026: 60.8% versus 59.3% in the comparable period in 2025 (up 1.5 percentage points). source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| margin | positive | realized | +1.5% | Adjusted operating margin for the three months ended March 31, 2026: 60.8% versus 59.3% in the comparable period in 2025 (up 1.5… |
| margin | positive | realized | +1.2% | Operating margin for the three months ended March 31, 2026: 58.4% versus 57.2% in the comparable period in 2025 (up 1.2 percentage points). |