Mastercard reported net revenues of $8.6 billion for the third quarter of 2025, a 17% increase year-on-year and a 15% rise in constant currency terms, ahead of analyst consensus estimates. Adjusted diluted earnings per share came in at $4.38 (GAAP diluted EPS: $4.34), also ahead of market expectations.
Cross-border volume — spending on cards used outside the country where they were issued — grew 15% on a local currency basis, while value-added services and solutions, which encompass data analytics, fraud prevention, loyalty programmes, and business insights sold to banks, merchants, and governments, delivered 25% revenue growth year-on-year, or 22% on a currency-neutral basis.
CROSS-BORDER VOLUME AND SERVICES REVENUE
Cross-border volume is among the highest-yielding components of Mastercard's revenue mix, as it attracts cross-border assessments and currency conversion fees on top of the network charges that apply to domestic transactions.
NETWORK SCALE AND VOLUME METRICS
Mastercard's gross dollar volume reached $2.7 trillion in the third quarter, a 9% increase in local currency terms. The figure covers Mastercard-branded cards; as of 30 September 2025, Mastercard's customers had issued 3.6 billion Mastercard and Maestro-branded cards worldwide across debit, credit and prepaid products.