MA · Earnings call · 2026Q3T · Full report

Revenue Performance and Mix

Mastercard Inc · 2026-10-29 · Importance 54 · Surprise 40

Third-quarter 2026 net revenue increased 14% year over year on a currency-neutral basis, with minimal impact from acquisitions and dispositions. Payment network net revenue grew 11%, primarily from domestic and cross-border transaction volume growth and pricing, while also including growth in rebates and incentives. Value-added services and solutions net revenue grew 19%, driven by consumer acquisition and engagement, business and marketing insights, security solutions, digital and authentication, and pricing; the figure includes contributions from BVNK. Domestic assessments rose 13% against 7% GDV growth, cross-border assessments rose 16% against 11% volume growth, and transaction processing assessments rose 14% against 9% switched-transaction growth, with pricing and mix the primary drivers of the gaps.

Key facts

• Mastercard sees further VAS penetration opportunities through new functionalities, including agentic-related capabilities, and new use cases and verticals.
• Mastercard's Q3 2026 net revenue grew 14% and net income grew 18% year over year on a non-GAAP, currency-neutral basis.
• Mastercard management said Q3 revenue benefited from services projects and deals moving from Q4 to Q3, with a similar offset expected in Q4.
• Mastercard management said 60% of its services are network-linked.
• Clients see an average incremental spend growth of 8 percentage points over the measurement period across Mastercard global marketing services campaigns.
• Mastercard's Q3 2026 payment network net revenue increased 11%, primarily driven by domestic and cross-border transaction volume growth and pricing, and also included growth in rebates and incentives.
• Mastercard's Q3 2026 value-added services and solutions net revenue increased 19%, with contributions from BVNK.
• Mastercard's Q3 other network assessments were $285 million.