MA · 10-Q · 2026Q2 · Full report

FX / Currency Headwinds

Mastercard Inc · 2026-07-30 · Importance 15 · Surprise 14

Mastercard identifies the U.S. dollar, euro, British pound and Brazilian real as its primary functional currencies, exposing reported results to translation and transaction effects. For the three and six months ended June 30, 2026, GDV increased 9% and 10% on a U.S.-dollar-converted basis, versus 8% on a local-currency basis in both periods. Currency effects also affected domestic and cross-border assessments, volume-related rebates and incentives, transaction-processing assessments, value-added services revenue and operating expenses. Mastercard reported balance-sheet remeasurement losses primarily from unfavorable foreign-exchange activity during the six months ended June 30, 2026, and uses foreign-exchange derivatives to manage anticipated revenue, expense and monetary-asset exposures.

Key facts

• GDV on a U.S. dollar-converted basis increased 9% and 10% for the three and six months ended June 30, 2026 respectively, while GDV on a local currency basis increased 8% for each period versus comparable periods in 2025 source
• Currency-neutral net revenue growth for three months ended June 30, 2026: 12% (non-GAAP) source
• Currency-neutral net revenue growth for six months ended June 30, 2026: 12% (non-GAAP) source