◆ Inside the Latest Quarter (Q2 2026)

Mastercard (MA) — the variant view

Mastercard's second quarter of 2026 set a 60% operating margin while its payments to banks grew 22%, more than twice as fast as its network revenue.

📈 MA valuation, revenue & earnings — P/E, P/S, revenue, EPS →

Mastercard's second quarter of 2026 was a strong quarter with two numbers worth reading twice. Net revenue was $9,277 million, up 14%1. Operating income rose 17% to $5,587 million, an operating margin of 60.2% against 58.7% a year earlier2. Net income was $4,388 million and diluted earnings per share $4.97, up 22%3.

Q2 2026 growth (%)14%Net revenue20%Services10%Payment network22%Rebates22%Diluted EPSMastercard Q2 2026 results release and 10-Q
Everything grew; the rebates grew fastest.

Underneath, the two engines ran at different speeds. Payment network net revenue grew 10% to $5,451 million and value-added services 20% to $3,826 million4. Gross dollar volume rose 8% in local currency to $2.9 trillion, cross-border volume 12% and switched transactions 9%5.

The first number to read twice is rebates: $5,997 million in the quarter, up 22%6, more than twice the growth of the network revenue they are deducted from. The second is the Capital One migration, which management said cut reported American debit growth to 1% against underlying growth of 8%7. American debit volume rose 1.3% to $400 billion8.

Management raised its full-year outlook to net revenue growth at the high end of the low-double-digit range9, described renewals with JPMorgan Chase and Banamex, and explained its decision to pass on the Lloyds credit deal10.

Cash returns ran ahead of cash generation. The company bought back 9.8 million shares for $4.9 billion in the quarter11; over the first half buybacks were $8,933 million against $6,772 million of operating cash flow, with $5,596 million of new debt12. Stockholders' equity fell to $5,611 million13.

A good quarter by every headline measure. The figure that decides whether the next one is as good is rebate growth; if it falls back toward the rate of payment network growth, the 60% margin is sustainable, and if it stays above 20% the network will keep growing more slowly than the volume it carries.

References
  1. ReportedNet revenue was $9,277 million, up 14%.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  2. ReportedOperating income rose 17% to $5,587 million, an operating margin of 60.2% against 58.7% a year earlier.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  3. ReportedNet income was $4,388 million and diluted earnings per share $4.97, up 22%.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  4. ReportedPayment network net revenue grew 10% to $5,451 million and value-added services 20% to $3,826 million.
    Mastercard Form 10-Q for the quarter ended 30 June 2026 - net revenue by category, rebates, litigation and the BVNK acquisition. — Q2 2026 · publ. 30 July 2026 · source ↗
  5. ReportedGross dollar volume rose 8% in local currency to $2.9 trillion, cross-border volume 12% and switched transactions 9%.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  6. ReportedThe first number to read twice is rebates: $5,997 million in the quarter, up 22%, more than twice the growth of the network revenue they are deducted from.
    Mastercard Form 10-Q for the quarter ended 30 June 2026 - net revenue by category, rebates, litigation and the BVNK acquisition. — Q2 2026 · publ. 30 July 2026 · source ↗
  7. ReportedThe second is the Capital One migration, which management said cut reported American debit growth to 1% against underlying growth of 8%.
    Yahoo Finance / GuruFocus, Mastercard Q2 2026 earnings call highlights (third-party summary of the call). — Q2 2026 · publ. 31 July 2026 · source ↗
  8. ReportedAmerican debit volume rose 1.3% to $400 billion.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  9. ReportedManagement raised its full-year outlook to net revenue growth at the high end of the low-double-digit range, described renewals with JPMorgan Chase and Banamex, and explained its decision to pass on the Lloyds credit deal.
    Yahoo Finance / GuruFocus, Mastercard Q2 2026 earnings call highlights (third-party summary of the call). — Q2 2026 · publ. 31 July 2026 · source ↗
  10. ReportedManagement raised its full-year outlook to net revenue growth at the high end of the low-double-digit range, described renewals with JPMorgan Chase and Banamex, and explained its decision to pass on the Lloyds credit deal.
    Yahoo Finance / GuruFocus, Mastercard Q2 2026 earnings call highlights (third-party summary of the call). — Q2 2026 · publ. 31 July 2026 · source ↗
  11. ReportedThe company bought back 9.8 million shares for $4.9 billion in the quarter; over the first half buybacks were $8,933 million against $6,772 million of operating cash flow, with $5,596 million of new debt.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  12. ReportedThe company bought back 9.8 million shares for $4.9 billion in the quarter; over the first half buybacks were $8,933 million against $6,772 million of operating cash flow, with $5,596 million of new debt.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  13. ReportedStockholders' equity fell to $5,611 million.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
Sources
Generated September 25, 2026