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# Mastercard's third-quarter net revenue rises 14% to $9.807 billion as services grow 19%
- URL: https://www.theglobalbanker.com/mastercards-third-quarter-net-revenue-rises-14-to-9-807-billion-as-services-grow-19/
- Published: 2026-10-30T00:16:56.000Z
- Updated: 2026-10-30T00:16:56.000Z
- Description: Mastercard's net revenue rose 14% to $9.807 billion in the third quarter, with adjusted earnings per share up 21% to $5.31.
- Author: TGB Editorial Team
- Tags: Fintech, Americas, #newsroom, #needs-photo

Mastercard reported third-quarter net revenue of $9.807 billion, up 14% from a year earlier on both a reported and a currency-neutral basis, and adjusted diluted earnings per share rose 21% to $5.31\. Reported net income rose 18% and diluted earnings per share rose 22% to $5.28, according to the results release.

Revenue came in above the $9.67 billion expected in S&P analysts' consensus estimates. Adjusted net income rose 17% to $4.653 billion and adjusted operating income rose 15% to $5.935 billion, for an adjusted operating margin of 60.5%. A market commentary on the results said the business mix kept Mastercard above consensus on both lines for a sixth straight quarter.

## VISA'S QUARTER

The results follow those of Visa, which reported its fiscal fourth quarter on 27 October. Visa's net revenue in that quarter rose 13% to $12.1 billion, driven by growth in payments volume, cross-border volume and processed transactions, taking its full-year net revenue to $45.9 billion, up 15%.

Visa said its payments volume for the three months to 30 September grew 9% on a constant-dollar basis and total cross-border volume rose 14%. Its client incentives rose 21% to $5.1 billion.

## VOLUMES AND SERVICES

Mastercard's gross dollar volume rose 7% in local currency, while switched transactions increased 11% to 49.3 billion, according to a summary of the results.

Value-added services revenue grew 19%, outpacing the core payment network and absorbing an 18% jump in customer rebates and incentives, the market commentary said.

## BELOW THE OPERATING LINE

Reported net income rose 18%, against 16% for operating income, while the effective tax rate fell to 19.4% from 21.5%. Year to date, net revenue rose 15%, or 13% on a currency-neutral basis, and net income rose 18%. The year-to-date operating margin was 59.5%, against 58.3% a year earlier.

Mastercard repurchased 5.3 million shares for $3 billion and paid $763 million in dividends during the quarter, with another $4.9 billion remaining under its share repurchase authorisation.

## THE TGB VIEW

Set against Visa's fiscal fourth quarter, Mastercard grew net revenue slightly faster, 14% against 13%, on a smaller base of $9.807 billion against $12.1 billion. Incentives grew faster than revenue at both networks: Mastercard's customer rebates and incentives rose 18% and Visa's client incentives 21%. At Mastercard, value-added services revenue, up 19%, absorbed that rise, according to a market commentary, and the operating margin still widened to 59.8% from 58.8%.

*Related: [Mastercard and BVNK launch Global Money Platform for stablecoin and fiat accounts](https://www.theglobalbanker.com/mastercard-and-bvnk-launch-global-money-platform-for-stablecoin-and-fiat-accounts/)*