Mastercard Incorporated (MA) reported third-quarter net revenue of $9.8 billion, up 14% as reported and on a currency-neutral basis, matching the 14% as-reported growth of the second quarter.

Gross dollar volume rose 7% on a local-currency basis to $3.0 trillion, after 8% growth in the second quarter. Purchase volume increased 9% in local currency, after 10% in the prior quarter. Cross-border volume rose 11% in local currency, after 12%. Switched transactions increased 9%, unchanged from the second quarter.

Net income was $4.6 billion, or $5.28 a share, up 18% and 22% from a year earlier. Adjusted net income was $4.7 billion, and adjusted diluted earnings were $5.31 a share.

Payment network net revenue increased 11%, as reported and currency-neutral. The company said the increase was attributable to gross dollar volume, cross-border volume, switched transactions and pricing, and included growth in rebates and incentives. Payment network rebates and incentives rose 18%, as reported and currency-neutral, primarily due to an increase in those key drivers as well as new and renewed deals.

Value-added services and solutions net revenue increased 19%, as reported and currency-neutral. The company said the growth was driven primarily by underlying key drivers, strong demand across several services and pricing, and included a minimal decrease from acquisitions and dispositions.

Operating expenses rose 11% as reported, after 10% as-reported growth in the second quarter. Excluding special items, adjusted operating expenses increased 12%, as reported and currency-neutral, including a 1 percentage-point increase from acquisitions and dispositions. The remaining increase was primarily due to higher general and administrative expenses. GAAP operating margin was 59.8%, down from 60.2% in the second quarter. Adjusted operating margin was 60.5%, down from 61.1%.

Other income (expense) was unfavorable by $59 million versus the year-ago period, primarily due to interest expense on debt outstanding and a net loss in the current year versus a net gain in the prior year on equity investments, partially offset by government grant agreements. Excluding equity-investment gains and losses, adjusted other income (expense) was unfavorable by $12 million.

The effective income tax rate was 19.4%, versus 21.5% a year earlier. The adjusted effective tax rate was 20.1%. The company said both rates were lower due to higher net discrete tax benefits and other tax impacts in 2026.

A $74 million pre-tax litigation charge in the third quarter related primarily to settlements with merchants who opted out of the U.S. merchant class litigation.

As of September 30, 2026, customers had issued 3.8 billion Mastercard and Maestro-branded cards.

During the third quarter, Mastercard repurchased 5.3 million shares at a cost of $3.0 billion and paid $763 million in dividends. Quarter-to-date through October 26, the company repurchased 1.1 million shares at a cost of $0.6 billion, leaving $4.9 billion remaining under approved share repurchase programs.

Chief Executive Michael Miebach said the quarter delivered 14% net revenue growth and pointed to more Mastercard credentials in more hands, Agentic Commerce, and a new Global Money Platform through BVNK.