Mastercard (MA) Q2 FY26 earnings
Revenue $9.3B, up 14% from a year ago. Net income $4.4B.
Mastercard's quarter had $9.3B of revenue, up 14% from a year ago, with the Payment Network at 59% of it. Net income was $4.4B — a 47% net margin — after a 20.0% effective tax rate.
In 2025 rebates and incentives reached $20.5B — against the network's $19.5B of net revenue booked.
The scissors behind the network: contractual rebates and incentives, recognized as reductions to revenue, crossed above the payment network's net revenue in 2024 and kept widening. Net revenue is stated after these amounts — the blue bar is already net of the red.
Where the revenue came from
| Segment | Amount | % of revenue | Y/Y |
|---|---|---|---|
| Payment network | $5.5B | 58.8% | +10% |
| Value-added services and solutions | $3.8B | 41.2% | +20% |
Income statement, line by line
| Line | Amount | % of revenue | Y/Y |
|---|---|---|---|
| Revenue | $9.3B | +14% | |
| Operating expenses | $3.7B | 39.8% | +10% |
| Operating income | $5.6B | 60.2% | +17% |
| Pretax income | $5.5B | 59.1% | — |
| Income tax | $1.1B | 11.8% | +13% |
| Net income | $4.4B | 47.2% | +18% |
— means the filing states no comparable prior-year figure for that line, so we do not compute one.
The filing also prints consolidated net income of $4.4B, of which $8M belongs to outside co-owners of Mastercard's subsidiaries (noncontrolling interests, in the filing's words). The figures above are net income attributable to Mastercard, the filer's own line.
Effective tax rate: 20.0%. That is tax as a share of pretax income. The 11.8% in the column above is tax as a share of revenue, which is not a tax rate.
The last 8 quarters
| Quarter ended | Revenue | Net income | Net margin |
|---|---|---|---|
| Jun 30, 2026 | $9.3B | $4.4B | 47.2% |
| Mar 31, 2026 | $8.4B | $3.9B | 46.2% |
| Dec 31, 2025 | $8.8B | $4.1B | 46.0% |
| Sep 30, 2025 | $8.6B | $3.9B | 45.6% |
| Jun 30, 2025 | $8.1B | $3.7B | 45.5% |
| Mar 31, 2025 | $7.2B | $3.3B | 45.2% |
| Dec 31, 2024 | $7.5B | $3.3B | 44.6% |
| Sep 30, 2024 | $7.4B | $3.3B | 44.2% |
Held by tracked 13F managers
MASTERCARD INCORPORATED (COM): 21 of 69 tracked managers reported holding it — $9,697M across tracked reports, as filed.
13F reports arrive up to 45 days after quarter end and may be amended; totals sum across tracked reports, not unique economic ownership.
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