MA · 10-Q · 2026Q1 · Full report

FX / Currency Headwinds

Mastercard Inc · 2026-04-30 · Importance 54 · Surprise 40

Mastercard reports meaningful foreign exchange impacts across revenues, expenses and key metrics: GDV grew 12% on a U.S. dollar-converted basis versus 7% on a local currency basis for the three months ended March 31, 2026. Net revenue increased 16% as reported but only 12% on a currency-neutral basis, indicating a ~4 percentage-point drag from currency translation/transactional effects in the quarter. The company discloses a (3)% currency impact on operating expenses and a (6)% currency impact on net income in its GAAP-to-non-GAAP reconciliations, and notes balance-sheet remeasurement losses as a contributor to higher G&A. Mastercard uses foreign exchange derivative contracts (cash flow hedges) and other hedging to manage transactional and translational exposure and references Note 16 for further details.

Key facts