Mastercard (MA) Q1 FY2026 earnings: revenue $8.4 billion, up 15.8% on the year

Mastercard Inc. (MA) reported revenue of $8.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 15.8% on the same quarter a year earlier. Net income was $3.9 billion, up 18.4% on the year, and diluted earnings per share $4.35. The figures are the company's own, from the 10-Q it filed with the SEC on 30 April 2026.

Revenue

$8.4 billion

+15.8% on the year · -4.6% on the quarter

Q2 FY2024Q1 FY2026

Operating margin

58.4%

57.2% a year earlier

Q2 FY2024Q1 FY2026

Net income

$3.9 billion

+18.4% on the year · -4.4% on the quarter

Q2 FY2024Q1 FY2026

Diluted EPS

$4.35

+21.2% on the year · -3.8% on the quarter

Q2 FY2024Q1 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Net revenue and services grew: Net revenue was $8.4 billion, up 16% reported and 12% currency-neutral, from $7.3 billion. Value-added services and solutions grew 22%, or 18% currency-neutral.
Adjusted EPS rose 23%: Net income was $3.9 billion, up 18%. Diluted EPS was $4.35, up 21%. Adjusted diluted EPS was $4.60, up 23%, excluding equity investment gains and losses and special items.
Rebates and incentives rose 23%: Payment network rebates and incentives rose 23%, or 19% currency-neutral, driven by key drivers and new and renewed deals.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Revenue	8,398	8,806	7,250	-4.6%	+15.8%
Operating income	4,907	4,910	4,149	-0.1%	+18.3%
Operating margin	58.4%	55.8%	57.2%
Interest expense	185	159	182	+16.4%	+1.6%
Pre-tax income	4,812	4,876	4,031	-1.3%	+19.4%
Income tax	930	816	751	+14.0%	+23.8%
Effective tax rate	19.3%	16.7%	18.6%
Net income	3,882	4,060	3,280	-4.4%	+18.4%
Net margin	46.2%	46.1%	45.2%
Diluted EPS	$4.35	$4.52	$3.59	-3.8%	+21.2%

$ million except per share.

Fourth quarters are the year less the first three quarters. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Operating cash flow	2,999	5,002	2,380	-40.0%	+26.0%
Capital expenditure	154	112	159	+37.5%	-3.1%
Free cash flow	2,845	4,890	2,221	-41.8%	+28.1%
Free cash flow margin	33.9%	55.5%	30.6%
Cash from investing	-362	-421	-340
Cash from financing	-5,005	-4,186	-2,987
Depreciation and amortisation	299	297	275	+0.7%	+8.7%
Share-based compensation	136	112	129	+21.4%	+5.4%
Buybacks	4,035	3,558	2,549	+13.4%	+58.3%
Dividends paid	777	684	694	+13.6%	+12.0%
Dividend per share	$0.87	n/a	$0.76		+14.5%
Diluted shares, weighted	893m	898m	914m	-0.6%	-2.3%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q1 FY2026	Q4 FY2025	Q1 FY2025	On the quarter	On the year
Shareholders' equity	6,719	7,737	6,671	-13.2%	+0.7%
Non-controlling interest	3.0	9.0	25.0	-66.7%	-88.0%
Debt	18,960	19,000	18,802	-0.2%	+0.8%
Operating lease liabilities	n/a	676	n/a
Other liabilities	26,767	26,735	22,972	+0.1%	+16.5%
Total liabilities and equity	52,449	54,157	48,470	-3.2%	+8.2%
Fixed assets	2,349	2,303	2,171	+2.0%	+8.2%
Goodwill	9,525	9,560	9,352	-0.4%	+1.8%
Intangible assets	5,495	5,554	5,533	-1.1%	-0.7%
Securities held for sale or to maturity	313	332	319	-5.7%	-1.9%
Cash and equivalents	7,906	10,566	7,575	-25.2%	+4.4%
Receivables	4,720	4,609	3,965	+2.4%	+19.0%
Other assets	22,141	21,233	19,555	+4.3%	+13.2%
Total assets	52,449	54,157	48,470	-3.2%	+8.2%

Questions

What was Mastercard's revenue in Q1 FY2026?

Mastercard (MA) reported revenue of $8.4 billion for Q1 FY2026, the quarter ended 31 March 2026, up 15.8% on the same quarter a year earlier.

How much did Mastercard earn in Q1 FY2026?

Net income for Q1 FY2026 was $3.9 billion, up 18.4% on the year, and diluted earnings per share $4.35.

When did Mastercard report Q1 FY2026 results?

Mastercard filed its 10-Q for the quarter ended 31 March 2026 with the SEC on 30 April 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	5,216	5,167	5,497	5,756	5,817	5,748	6,269	6,533	6,548	6,348	6,961	7,369	7,489	7,250	8,133	8,602	8,806	8,398	9,277	9,807
Operating income	2,827	2,950	3,018	3,112	3,184	3,136	3,656	3,844	3,372	3,604	4,036	4,004	3,938	4,149	4,777	5,061	4,910	4,907	5,587	5,862
Operating margin	54%	57%	55%	54%	55%	55%	58%	59%	51%	57%	58%	54%	53%	57%	59%	59%	56%	58%	60%	60%
Interest expense	108	110	114	120	127	132	144	151	148	150	153	159	184	182	195	186	159	185	218	250
Pre-tax income	2,823	2,773	2,798	3,072	3,089	2,853	3,704	3,761	3,321	3,558	3,939	3,866	3,891	4,031	4,672	4,999	4,876	4,812	5,486	5,741
Tax rate	16%	5%	19%	19%	18%	17%	23%	15%	16%	15%	17%	16%	14%	19%	21%	21%	17%	19%	20%	19%
Net income	2,379	2,631	2,275	2,499	2,525	2,361	2,845	3,198	2,791	3,011	3,258	3,263	3,342	3,280	3,701	3,927	4,060	3,882	4,388	4,628
Net margin	46%	51%	41%	43%	43%	41%	45%	49%	43%	47%	47%	44%	45%	45%	46%	46%	46%	46%	47%	47%
Diluted EPS	$2.41	$2.68	$2.34	$2.58	$2.62	$2.47	$3.00	$3.39	$2.97	$3.22	$3.50	$3.53	$3.64	$3.59	$4.07	$4.34	$4.52	$4.35	$4.97	$5.28
Operating cash flow	3,189	1,782	2,457	3,856	3,100	1,919	2,698	3,233	4,130	1,672	3,138	5,136	4,834	2,380	4,603	5,663	5,002	2,999	3,773	5,087
Capital expenditure	122	146	55.0	111	130	110	80.0	104	77.0	157	115	107	95.0	159	40.0	178	112	154	291	222
Free cash flow	3,067	1,636	2,402	3,745	2,970	1,809	2,618	3,129	4,053	1,515	3,023	5,029	4,739	2,221	4,563	5,485	4,890	2,845	3,482	4,865
Buybacks	1,276	2,408	2,380	1,551	2,414	2,878	2,416	1,906	1,832	1,992	2,639	2,934	3,470	2,549	2,289	3,331	3,558	4,035	4,898	2,960
Dividends paid	434	479	477	474	473	545	541	538	534	616	615	611	606	694	691	687	684	777	771	763
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 31 March 2026, filed 30 April 2026: the filing.