Mastercard Q4 2025 Results Beat Estimates

Mastercard Q4 2025 results posted adjusted EPS and net revenue above forecasts as cross-border and services gains likely support positioning.

January 29, 2026·2 min read
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Flat-vector payment server expanding circuit to symbolize Mastercard Q4 2025 results driven by cross-border growth

KEY TAKEAWAYS

  • Adjusted EPS $4.76 beat estimates and net revenue rose to $8.8 billion.
  • Cross-border volume grew 14.0%, boosting value-added services and payment-network revenue.
  • The company forecast a $200 million Q1 restructuring charge and recorded $504 million in litigation provisions.

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Mastercard Inc. (MA) reported Q4 2025 results on Jan. 29, 2026, saying healthy consumer spending, rising cross-border transactions, and growth in value-added services drove stronger profit and revenue. The company also flagged near-term restructuring and litigation provisions.

Q4 Results and Metrics

Mastercard posted net revenue of $8.8 billion, up 18.0% year over year on a GAAP basis, with adjusted earnings per share (EPS) of $4.76 and net income of $4.1 billion, or diluted EPS of $4.52. These results exceeded Wall Street estimates. Switched transactions reached 46.5 billion, a 10.0% increase, while Mastercard cards in circulation grew 6.0% to 3.7 billion. Gross dollar volume rose 7.0%.

Drivers and Outlook

Cross-border volume expanded 14.0% in local currency, with intra-Europe flows up 14.0% and other cross-border flows up 13.0%. Value-added services revenue increased 26.0% on a GAAP basis, or 22.0% in constant currency. Payment-network revenue, net of rebates and incentives, rose 12.0% GAAP to $5.6 billion from $4.7 billion a year earlier.

Through Jan. 21, 2026, switched volume was up 9.0% year over year, with U.S. volume rising 5.0% and ex-U.S. volume 12.0%. Switched transactions were about 10.0% higher, and cross-border volume grew roughly 13.0% to 14.0%. Adjusted operating expenses increased 14.0% on a non-GAAP basis. The company forecast a restructuring charge near $200 million for the first quarter of 2026 and recorded $504 million in litigation provisions for fiscal 2025. It also cited regulation related to the payments industry as a business risk.

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