Financial Analysis

Acquisitions In 2025, the Company did not complete any business acquisitions. In 2024, the Company acquired businesses for total cash consideration of $2.8 billion. In December 2024, Mastercard acquired a 100% equity interest in RF Ultimate Parent, Inc. (Recorded Future), a global threat intelligence company, for cash consideration of $2.7 billion. This acquisition is expected to add threat intelligence capabilities to Mastercards identity, fraud prevention, real-time decisioning and cybersecurity services. The net assets acquired primarily related to intangible assets, including goodwill of $1.7 billion that is primarily attributable to the synergies expected to arise after the acquisition date. None of the goodwill is expected to be deductible for local tax purposes. In 2023, the Company did not complete any material business acquisitions. These acquisitions align with the Companys strategy to grow, diversify and build the Companys business. Refer to Note 1 (Summary of Significant Accounting Policies) for the valuation techniques Mastercard utilizes to fair value the respective components of business combinations. In 2025, the Company finalized the purchase accounting for the businesses acquired in 2024. The fair values of the purchase price allocations in aggregate, as of the acquisition dates, are noted below for the businesses acquired in 2024. 2024 (in millions) Assets: Cash and cash equivalents $ 270 Prepaid expenses and other current assets 79 Goodwill 1,736 Other int …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Debt Debt consisted of the following at December 31: 2025 2024 Effective Interest Rate (in millions) Senior Notes 2025 USD Notes Floating Rate Senior Notes due March 2028 $ 300 $ ** 4.550 % Senior Notes due March 2028 450 4.727 % 4.950 % Senior Notes due March 2032 500 5.063 % 2024 USD Notes 4.100 % Senior Notes due January 2028 750 750 4.262 % 4.350 % Senior Notes due January 2032 1,150 1,150 4.446 % 4.550 % Senior Notes due January 2035 1,100 1,100 4.633 % 4.875 % Senior Notes due May 2034 1,000 1,000 5.047 % 2023 USD Notes 4.875 % Senior Notes due March 2028 750 750 5.003 % 4.850 % Senior Notes due March 2033 750 750 4.923 % 2022 EUR Notes 1.000 % Senior Notes due February 2029 882 781 1.138 % 2021 USD Notes 2.000 % Senior Notes due November 2031 750 750 2.112 % 1.900 % Senior Notes due March 2031 600 600 1.981 % 2.950 % Senior Notes due March 2051 700 700 3.013 % 2020 USD Notes 3.300 % Senior Notes due March 2027 1,000 1,000 3.420 % 3.350 % Senior Notes due March 2030 1,500 1,500 3.430 % 3.850 % Senior Notes due March 2050 1,500 1,500 3.896 % 2019 USD Notes 2.950 % Senior Notes due June 2029 1,000 1,000 3.030 % 3.650 % Senior Notes due June 2049 1,000 1,000 3.689 % 2.000 % Senior Notes due March 2025 750 2.147 % 2018 USD Notes 3.500 % Senior Notes due February 2028 500 500 3.598 % 3.950 % Senior Notes due February 2048 500 500 3.990 % 2016 USD Notes 2.950 % Senior Notes due November 2026 750 750 3.044 % 3.800 % Senior Notes due November 2046 600 600 3.893 % 2015 EUR Notes …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Companys disaggregated net revenue by category and geographic region were as follows for the years ended December 31: 2025 2024 2023 (in millions) Net revenue by category: Payment network $ 19,476 $ 17,335 $ 15,824 Value-added services and solutions 13,315 10,832 9,274 Net revenue $ 32,791 $ 28,167 $ 25,098 Net revenue by geographic region: Americas 1 $ 14,044 $ 12,375 $ 11,135 Asia Pacific, Europe, Middle East and Africa 18,747 15,792 13,963 Net revenue $ 32,791 $ 28,167 $ 25,098 1 Americas includes the United States, Canada and Latin America. The following table sets forth the location of the amounts recognized on the consolidated balance sheets from contracts with customers at December 31: 2025 2024 (in millions) Receivables from contracts with customers Accounts receivable $ 4,010 $ 3,491 Contract assets Prepaid expenses and other current assets 189 210 Other assets 508 460 Deferred revenue 1 Other current liabilities 1,137 890 Other liabilities 424 449 1 Revenue recognized from performance obligations satisfied in 2025 was $3.5 billion. …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Share-Based Payments In May 2006, the Company granted the following awards under the Mastercard Incorporated 2006 Long Term Incentive Plan, which was amended and restated as of June 22, 2021 (the LTIP). The LTIP is a stockholder-approved plan that permits the grant of various types of equity awards to employees. The Company has granted Options, RSUs and PSUs under the LTIP. The Company uses the straight-line method of attribution for expensing all equity awards. Compensation expense is recorded net of estimated forfeitures, with estimates adjusted as appropriate. There are approximately 116 million shares of Class A common stock authorized for equity awards under the LTIP. Although the LTIP permits the issuance of shares of Class B common stock, no such shares have been authorized for issuance. Shares issued as a result of Option exercises and the conversions of RSUs and PSUs were funded primarily with the issuance of new shares of Class A common stock. Stock Options Options expire ten years from the date of grant and vest ratably over three years. For Options granted, a participants unvested awards are forfeited upon termination; however, in the event a participant terminates employment due to disability or retirement more than seven months after receiving the award, the participant retains all of their awards without providing additional service to the Company. Retirement eligibility is dependent upon age and years of service. Compensation expense is recognized over the ves …

DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Companys financial instruments are carried at fair value, cost or amortized cost on the consolidated balance sheets. The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the Valuation Hierarchy). Financial Instruments - Carried at Fair Value Financial instruments carried at fair value are categorized for fair value measurement purposes as recurring or non-recurring in nature. Recurring Measurements The distribution of the Companys financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy was as follows: December 31, 2025 December 31, 2024 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) Assets Investment securities: Available-for-sale securities 1 $ 20 $ 299 $ $ 319 $ 36 $ 256 $ $ 292 Derivative instruments 2 : Foreign exchange contracts 35 35 206 206 Marketable securities 3 : Equity securities 203 203 237 237 Liabilities Derivative instruments 2 : Foreign exchange contracts $ $ 160 $ $ 160 $ $ 36 $ $ 36 Interest rate contracts 27 27 63 63 1 The Companys U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active ma …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes Components of Income and Income Tax Expense The domestic and foreign components of income before income taxes for the years ended December 31 were as follows: 2025 2024 2023 (in millions) United States $ 6,652 $ 6,168 $ 4,506 Foreign 11,926 9,086 9,133 Income before income taxes $ 18,578 $ 15,254 $ 13,639 The total income tax provision for the years ended December 31 was comprised of the following components: 2025 2024 2023 (in millions) Current Federal $ 1,265 $ 1,093 $ 991 State and local (198) 144 127 Foreign 2,486 1,670 1,563 Total current 3,553 2,907 2,681 Deferred Federal (173) (197) (180) State and local 32 (14) (18) Foreign 198 (316) (39) Total deferred 57 (527) (237) Income tax expense $ 3,610 $ 2,380 $ 2,444 Effective Income Tax Rate A reconciliation of the effective income tax rate to the U.S. federal statutory income tax rate for the years ended December 31, was as follows: 2025 2024 2023 Amount Percent Amount Percent Amount Percent ($ in millions) Income before income taxes $ 18,578 $ 15,254 $ 13,639 Federal statutory tax 3,901 21.0 % 3,203 21.0 % 2,864 21.0 % Foreign tax effects Singapore Statutory tax rate difference between Singapore and U.S. (161) (0.9) % (162) (1.1) % (147) (1.1) % Singapore tax incentive (330) (1.8) % (644) (4.2) % (571) (4.2) % Pillar 2 Rules 233 1.3 % % % Other foreign jurisdictions 408 2.2 % 240 1.6 % 374 2.7 % Effects of cross border tax laws Foreign-derived intangible income deduction (204) (1.1) % (195) (1.3) % (144) (1.1 …

IncomeTaxDisclosureTextBlock · excerpt; the full note is in the filing

Legal and Regulatory Proceedings Mastercard is a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of business. Some of these proceedings are based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, it is not possible to determine the probability of loss or estimate damages, and therefore, Mastercard has not established liabilities for any of these proceedings, except as discussed below. When the Company determines that a loss is both probable and reasonably estimable, Mastercard records a liability and discloses the amount of the liability if it is material. When a material loss contingency is only reasonably possible, Mastercard does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Unless otherwise stated below with respect to these matters, Mastercard cannot provide an estimate of the possible loss or range of loss based on one or more of the following reasons: (1) actual or potential plaintiffs have not claimed an amount of monetary damages or the amounts are unsupportable or exaggerated, (2) the matters are in early stages, (3) there is uncertainty as to the outcome of pending appeals or motions, (4) there are significant factual issues to be resolved, (5) the proceedings involve multiple defendants or potential defendants whose share of any potential financial …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Accounting Pronouncements Not Yet Adopted Disaggregation of Income Statement Expenses - In November 2024, the Financial Accounting Standards Board (FASB) issued accounting guidance to improve the disclosures of a public business entitys expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. This guidance is effective for fiscal years beginning after December 15, 2026, and interim periods after December 15, 2027. The Company is in the process of evaluating when it will adopt this guidance. Targeted Improvements to the Accounting for Internal-Use Software - In September 2025, the FASB issued accounting guidance to modernize the accounting for internal-use software costs by eliminating the consideration of project development stages and clarifying the criteria for capitalization. This guidance is effective for fiscal years beginning after December 15, 2027, including interim periods. The Company is in the process of evaluating when it will adopt and assessing the impact of this guidance on its financial statements. Accounting for Government Grants Received by Business Entities - In December 2025, the FASB issued accounting guidance on the recognition, measurement and presentation for government grants received by business entities. This guidance is effective for fiscal years beginning after December 15, 2028, including interim periods. The Company is in the process of evaluating when it will …

NewAccountingPronouncementsPolicyPolicyTextBlock · excerpt; the full note is in the filing

Pension, Postretirement and Savings Plans The Company and certain of its subsidiaries maintain various pension and other postretirement plans that cover substantially all employees worldwide. Defined Contribution Plans The Company sponsors defined contribution retirement plans. The primary plan is the Mastercard Savings Plan, a 401(k) plan for substantially all of the Companys U.S. employees, which is subject to the provisions of the Employee Retirement Income Security Act of 1974, as amended. In addition, the Company has several defined contribution plans outside of the U.S. The Companys total expense for its defined contribution plans was $302 million, $287 million and $253 million in 2025, 2024 and 2023, respectively. Defined Benefit and Other Postretirement Plans The Company sponsors pension and postretirement plans for certain non-U.S. employees (the non-U.S. Plans) that cover various benefits specific to their country of employment. Additionally, the Company sponsors a defined benefit pension plan in the United Kingdom (the U.K. Plan) which was permanently closed to new entrants and future accruals as of July 21, 2013, however, plan participants obligations are adjusted for future salary changes. The term Pension Plans includes the non-U.S. Plans and the U.K. Plan. The Company maintains a postretirement plan providing health coverage and life insurance benefits for substantially all of its U.S. employees hired before July 1, 2007 (the Postretirement Plan). The Company u …

PensionAndOtherPostretirementBenefitsDisclosureTextBlock · excerpt; the full note is in the filing

Revenue Mastercard is a payments network service provider that generates revenue from a wide range of payments solutions provided to customers. Revenue from contracts with customers is recognized when services are performed in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those services (i.e., fees charged to customers). The Company disaggregates its net revenue from contracts with customers into two categories: (i) payment network and (ii) value-added services and solutions. The Companys net revenue categories, payment network and value-added services and solutions, are recognized net of rebates and incentives provided to customers. Rebates and incentives can be either fixed or variable and are attributed to the category of revenue to which they pertain. Payment network Mastercards payment network involves four participants in addition to the Company: account holders (a person or entity who holds a card or uses another device enabled for payment), issuers (the account holders financial institutions), merchants and acquirers (the merchants financial institutions). Revenue from the Companys payment network is primarily generated by charging fees to customers (issuers, acquirers and other market participants) for providing switching and other network-related services, as well as by charging fees to customers based primarily on the gross dollar volume of activity (GDV, which includes both domestic and cross-border volume …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting Mastercard has concluded it has one reportable operating segment, Payment Solutions. The Payment Solutions segment derives its revenues from a wide range of payments solutions provided to customers. Revenue is generated from providing customers continuous access to Mastercards global payments network, as well as by providing value-added services and solutions, whether integrated and sold with the payment network or on a stand-alone basis. All of the segments activities are interrelated, and each activity is dependent upon and supportive of the other. Accordingly, all significant operating decisions are based upon analysis of Mastercard at the consolidated level. The accounting policies of the Payment Solutions segment are the same as those described in Note 1 (Summary of Significant Accounting Policies). Mastercards Chief Executive Officer has been identified as the chief operating decision-maker (CODM). The CODM assesses performance for the Payment Solutions segment and decides how to allocate resources, including whether to reinvest profits into the Payment Solutions segment or into other business activities such as for acquisitions, to pay dividends or for share repurchases, based on net income as reported on the consolidated statements of operations (Consolidated Net Income). The CODM uses Consolidated Net Income and other measures for internal planning and forecasting purposes and in the calculation of performance-based compensation. The following repre …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Stockholders' Equity Classes of Capital Stock Mastercards amended and restated certificate of incorporation authorizes the following classes of capital stock: Class Par Value Per Share Authorized Shares (in millions) Dividend and Voting Rights A $0.0001 3,000 One vote per share Dividend rights B $0.0001 1,200 Non-voting Dividend rights Preferred $0.0001 300 No shares issued or outstanding at December 31, 2025 and 2024. Dividend and voting rights are to be determined by the Board of Directors of the Company upon issuance. Dividends The Company declared a quarterly cash dividend on its Class A and Class B Common Stock during each of the four quarters of 2025, 2024 and 2023. The total per share dividends declared during the years ended December 31 are summarized below: 2025 2024 2023 (in millions, except per share data) Dividends declared per share $ 3.15 $ 2.74 $ 2.37 Total dividends declared $ 2,840 $ 2,526 $ 2,231 Ownership and Governance Structure Equity ownership and voting power of the Companys shares were allocated as follows as of December 31: 2025 2024 Equity Ownership General Voting Power Equity Ownership General Voting Power Class A stockholders 99.3 % 100.0 % 99.3 % 100.0 % Class B stockholders (Principal or Affiliate Customers) 0.7 % % 0.7 % % Note: Table may not sum due to rounding. Class B Common Stock Conversions Shares of Class B common stock are convertible on a one-for-one basis into shares of Class A common stock. Entities eligible to hold Mastercards Class B …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing

Acquisitions In March 2026, Mastercard entered into a definitive agreement to acquire a 100% equity interest in BVNK Holdings Limited (BVNK), a provider of stablecoin infrastructure, for $1.5 billion, excluding customary closing adjustments. The sellers of BVNK have the potential to earn additional contingent consideration of up to $300 million if certain performance targets are met. The transaction is subject to regulatory approval and other customary closing conditions. The Company anticipates completing the acquisition before the end of the third quarter of 2026. Upon completion, this acquisition is expected to expand Mastercards capabilities to support the digital assets ecosystem. …

BusinessCombinationDisclosureTextBlock · excerpt; the full note is in the filing

Debt Debt consisted of the following: June 30, 2026 December 31, 2025 Effective Interest Rate (in millions) Senior Notes 2026 USD Notes Floating Rate Senior Notes due June 2028 $ 500 $ ** 4.325 % Senior Notes due June 2028 1,250 4.499 % 4.425 % Senior Notes due June 2029 1,150 4.561 % 4.600 % Senior Notes due June 2031 1,350 4.704 % 5.000 % Senior Notes due June 2036 750 5.063 % 2025 USD Notes Floating Rate Senior Notes due March 2028 300 300 ** 4.550 % Senior Notes due March 2028 450 450 4.727 % 4.950 % Senior Notes due March 2032 500 500 5.063 % 2024 USD Notes 4.100 % Senior Notes due January 2028 750 750 4.262 % 4.350 % Senior Notes due January 2032 1,150 1,150 4.446 % 4.550 % Senior Notes due January 2035 1,100 1,100 4.633 % 4.875 % Senior Notes due May 2034 1,000 1,000 5.047 % 2023 USD Notes 4.875 % Senior Notes due March 2028 750 750 5.003 % 4.850 % Senior Notes due March 2033 750 750 4.923 % 2022 EUR Notes 1.000 % Senior Notes due February 2029 855 882 1.138 % 2021 USD Notes 2.000 % Senior Notes due November 2031 750 750 2.112 % 1.900 % Senior Notes due March 2031 600 600 1.981 % 2.950 % Senior Notes due March 2051 700 700 3.013 % 2020 USD Notes 3.300 % Senior Notes due March 2027 1,000 1,000 3.420 % 3.350 % Senior Notes due March 2030 1,500 1,500 3.430 % 3.850 % Senior Notes due March 2050 1,500 1,500 3.896 % 2019 USD Notes 2.950 % Senior Notes due June 2029 1,000 1,000 3.030 % 3.650 % Senior Notes due June 2049 1,000 1,000 3.689 % 2018 USD Notes 3.500 % Senior Notes …

DebtDisclosureTextBlock · excerpt; the full note is in the filing

The Companys disaggregated net revenue by category and geographic region were as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Net revenue by category: Payment network $ 5,451 $ 4,945 $ 10,399 $ 9,377 Value-added services and solutions 3,826 3,188 7,276 6,006 Net revenue $ 9,277 $ 8,133 $ 17,675 $ 15,383 Net revenue by geographic region: Americas 1 $ 3,999 $ 3,406 $ 7,563 $ 6,557 Asia Pacific, Europe, Middle East and Africa 5,278 4,727 10,112 8,826 Net revenue $ 9,277 $ 8,133 $ 17,675 $ 15,383 1 Americas includes the United States, Canada and Latin America. The following table sets forth the location of the amounts recognized on the consolidated balance sheets from contracts with customers: June 30, 2026 December 31, 2025 (in millions) Receivables from contracts with customers Accounts receivable $ 4,196 $ 4,010 Contract assets Prepaid expenses and other current assets 138 189 Other assets 481 508 Deferred revenue 1 Other current liabilities 1,438 1,137 Other liabilities 447 424 1 Revenue recognized from performance obligations satisfied for the three and six months ended June 30, 2026 was $966 million and $1,718 million, respectively . …

DisaggregationOfRevenueTableTextBlock · excerpt; the full note is in the filing

Fair Value Measurements The Companys financial instruments are carried at fair value, cost or amortized cost on the consolidated balance sheets. The Company classifies its fair value measurements of financial instruments into a three-level hierarchy (the Valuation Hierarchy). Financial Instruments - Carried at Fair Value Financial instruments carried at fair value are categorized for fair value measurement purposes as recurring or nonrecurring in nature. Recurring Measurements The distribution of the Companys financial instruments measured at fair value on a recurring basis within the Valuation Hierarchy was as follows: June 30, 2026 December 31, 2025 Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total (in millions) Assets Investment securities: Available-for-sale securities 1 $ 21 $ 297 $ $ 318 $ 20 $ 299 $ $ 319 Derivative instruments 2 : Foreign exchange contracts 43 43 35 35 Marketable securities 3 : Equity securities 143 143 203 203 Liabilities Derivative instruments 2 : Foreign exchange contracts $ $ 74 $ $ 74 $ $ 160 $ $ 160 Interest rate contracts 21 21 27 27 1 The Companys U.S. government securities are classified within Level 1 of the Valuation Hierarchy as the fair values are based on unadjusted quoted prices for identical assets in active markets. …

FairValueDisclosuresTextBlock · excerpt; the full note is in the filing

Income Taxes The effective income tax rates for the three months ended June 30, 2026 and 2025 were 20.0% and 20.8%, respectively. The effective income tax rates for the six months ended June 30, 2026 and 2025 were 19.7% and 19.8%, respectively. The effective income tax rates for the three and six months ended June 30, 2026 were lower compared to the periods in 2025 due to partially offsetting tax impacts in 2026, including discrete tax benefits in the periods. Uncertain tax positions are reviewed on an ongoing basis and are adjusted after considering facts and circumstances, including progress of tax audits, developments in case law and closing of statutes of limitation. Within the next twelve months, the Company believes that the resolution of certain federal, foreign and state and local examinations is reasonably possible and that a change in estimate, reducing unrecognized tax benefits, may occur. While such a change may be significant, it is not possible to provide a range of the potential change until the examinations progress further or the related statutes of limitation expire. The Company has effectively settled its U.S. federal income tax obligations through 2014. With limited exception, the Company is no longer subject to state and local or foreign examinations by tax authorities for years before 2014.

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Legal and Regulatory Proceedings Mastercard is a party to legal and regulatory proceedings with respect to a variety of matters in the ordinary course of business. Some of these proceedings are based on complex claims involving substantial uncertainties and unascertainable damages. Accordingly, it is not possible to determine the probability of loss or estimate damages, and therefore, Mastercard has not established liabilities for any of these proceedings, except as discussed below. When the Company determines that a loss is both probable and reasonably estimable, Mastercard records a liability and discloses the amount of the liability if it is material. When a material loss contingency is only reasonably possible, Mastercard does not record a liability, but instead discloses the nature and the amount of the claim, and an estimate of the loss or range of loss, if such an estimate can be made. Unless otherwise stated below with respect to these matters, Mastercard cannot provide an estimate of the possible loss or range of loss based on one or more of the following reasons: (1) actual or potential plaintiffs have not claimed an amount of monetary damages or the amounts are unsupportable or exaggerated, (2) the matters are in early stages, (3) there is uncertainty as to the outcome of pending appeals or motions, (4) there are significant factual issues to be resolved, (5) the proceedings involve multiple defendants or potential defendants whose share of any potential financial …

LegalMattersAndContingenciesTextBlock · excerpt; the full note is in the filing

Revenue The Companys disaggregated net revenue by category and geographic region were as follows: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Net revenue by category: Payment network $ 5,451 $ 4,945 $ 10,399 $ 9,377 Value-added services and solutions 3,826 3,188 7,276 6,006 Net revenue $ 9,277 $ 8,133 $ 17,675 $ 15,383 Net revenue by geographic region: Americas 1 $ 3,999 $ 3,406 $ 7,563 $ 6,557 Asia Pacific, Europe, Middle East and Africa 5,278 4,727 10,112 8,826 Net revenue $ 9,277 $ 8,133 $ 17,675 $ 15,383 1 Americas includes the United States, Canada and Latin America. The Companys customers are generally billed weekly, with certain billings occurring on a monthly and quarterly basis. The frequency of billing is dependent upon the nature of the performance obligation and the underlying contractual terms. The Company does not typically offer extended payment terms to customers. The following table sets forth the location of the amounts recognized on the consolidated balance sheets from contracts with customers: June 30, 2026 December 31, 2025 (in millions) Receivables from contracts with customers Accounts receivable $ 4,196 $ 4,010 Contract assets Prepaid expenses and other current assets 138 189 Other assets 481 508 Deferred revenue 1 Other current liabilities 1,438 1,137 Other liabilities 447 424 1 Revenue recognized from performance obligations satisfied for the three and six months ended June 30, 2026 was $966 million and $1, …

RevenueFromContractWithCustomerTextBlock · excerpt; the full note is in the filing

Segment Reporting Mastercard has concluded it has one reportable operating segment, Payment Solutions. The following represents the selected financial information of the Payment Solutions segment: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions) Net revenue $ 9,277 $ 8,133 $ 17,675 $ 15,383 Less: Personnel 1,947 1,852 3,984 3,540 Professional fees 128 107 252 220 Data processing and telecommunications 369 314 718 606 Foreign exchange activity 59 41 117 42 Advertising and marketing 217 213 370 365 Depreciation and amortization 309 281 608 556 Provision for litigation 82 96 82 247 Investment income (88) (70) (169) (158) (Gains) losses on equity investments, net 2 (4) 68 25 Interest expense 218 195 403 377 Other (income) expense, net (31) (16) (106) (21) Income tax expense 1,098 971 2,028 1,722 Other segment items 1 579 452 1,050 881 Consolidated net income $ 4,388 $ 3,701 $ 8,270 $ 6,981 1 Includes fulfillment costs, occupancy costs, travel and meeting expenses and other overhead expenses. …

SegmentReportingDisclosureTextBlock · excerpt; the full note is in the filing

Summary of Significant Accounting Policies Organization Mastercard Incorporated and its consolidated subsidiaries, including Mastercard International Incorporated (Mastercard International and together with Mastercard Incorporated, Mastercard or the Company), is a technology company in the global payments industry. Mastercard connects consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible. Consolidation and Basis of Presentation The consolidated financial statements include the accounts of Mastercard and its majority-owned and controlled entities, including any variable interest entities (VIEs) for which the Company is the primary beneficiary. Investments in VIEs for which the Company is not considered the primary beneficiary are not consolidated and are accounted for as marketable, equity method or measurement alternative method investments and recorded in other assets on the consolidated balance sheets. At June 30, 2026 and December 31, 2025, there were no significant VIEs that required consolidation and the investments were not material to the consolidated financial statements. The Company consolidates acquisitions as of the date the Company has obtained a controlling financial interest. Intercompany transactions and balances have been eliminated in consolidation. The Company follows accounting princip …

SignificantAccountingPoliciesTextBlock · excerpt; the full note is in the filing

Stockholders' Equity Dividends The Company declared quarterly cash dividends on its Class A and Class B common stock as summarized below: Three Months Ended June 30, Six Months Ended June 30, 2026 2025 2026 2025 (in millions, except per share data) Dividends declared per share $ 0.87 $ 0.76 $ 1.74 $ 1.52 Total dividends declared $ 763 $ 687 $ 1,534 $ 1,379 Common Stock Activity The following table presents the changes in the Companys outstanding Class A and Class B common stock: Three Months Ended June 30, 2026 2025 Class A Class B Class A Class B (in millions) Balance at beginning of period 880.3 6.6 903.0 6.8 Purchases of treasury stock (9.8) (4.2) Share-based payments 0.1 0.2 Conversion of Class B to Class A common stock 0.1 (0.1) 0.1 (0.1) Balance at end of period 870.7 6.5 899.1 6.7 Six Months Ended June 30, 2026 2025 Class A Class B Class A Class B (in millions) Balance at beginning of period 887.3 6.6 906.6 6.8 Purchases of treasury stock (17.6) (8.9) Share-based payments 0.9 1.3 Conversion of Class B to Class A common stock 0.1 (0.1) 0.1 (0.1) Balance at end of period 870.7 6.5 899.1 6.7 In December 2025 and 2024, the Companys Board of Directors approved programs authorizing the Company to repurchase shares of its Class A common stock up to $14.0 billion and $12.0 billion, respectively. The following table summarizes the Companys share repurchases of its Class A common stock: Six Months Ended June 30, 2026 2025 (in millions, except per share data) Dollar-value of shar …

StockholdersEquityNoteDisclosureTextBlock · excerpt; the full note is in the filing