MA · Earnings call · 2026Q2T · Full report

Operating Expense Trends

Mastercard Inc · 2026-07-30 · Importance 59 · Surprise 32

Q2 adjusted operating expenses increased 10% year over year on a non-GAAP currency-neutral basis, including a one-percentage-point benefit from dispositions. Spending was directed toward strategic priorities including infrastructure hardening, geographic expansion, and product innovation. Management expects Q3 operating-expense growth in the low-double-digit range excluding inorganic activity and special items, with a 0.5-percentage-point headwind from inorganic activity. Full-year 2026 operating-expense growth is also expected in the low-double-digit range, with minimal inorganic impact and a 0.5-to-1-percentage-point foreign-exchange headwind.

Key facts

• On a non-GAAP currency-neutral basis excluding special items, total adjusted operating expenses increased 10% year-over-year in Q2 2026, which includes a one percentage point benefit from dispositions.
• Operating expenses growth was primarily driven by spending to further harden infrastructure, geographic expansion and product innovation.