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Earnings analysis · 10-Q

MA earnings analysis

Filed April 30, 2026 · Our reading of the company's report

The latest report

Mastercard reported Q1 2026 revenue of $8.4 billion, slightly exceeding estimates and reflecting a significant year-over-year increase. EPS stood at $4.35, missing the consensus projection of $4.41, alongside a robust…

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Mastercard reported Q1 2026 revenue of $8.4 billion, slightly exceeding estimates and reflecting a significant year-over-year increase. EPS stood at $4.35, missing the consensus projection of $4.41, alongside a robust performance in payment processing volumes, despite facing regulatory and competitive challenges.

Read the original on SEC.gov

Gross and operating margin

How much of each revenue dollar the business keeps.

100% Gross margin Operating margin Apr 2023 Apr 2026

One point per quarterly or annual filing. Both margins are shares of that report's revenue.

How we read each report

Our analysis across the last few reports.

Read as bullish Read as bearish Feb 2023 Apr 2026

Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.

Reported figures

Earnings per share
$4.35
Gross margin
100.0%

What stood out

  • Revenue Exceeds Expectations

    Revenue for Q1 2026 reached $8.4 billion, exceeding estimates of $8.26 billion.

  • Year-over-Year Revenue Growth

    Revenue showed strong growth compared to the $7.25 billion reported in Q1 2025.

  • Stable Gross Margin

    The gross margin held at 100%, consistent with previous quarters.

  • Strong Cash Flow Generation

    Free cash flow for Q1 2026 was $2.22 billion, a healthy figure compared to $4.56 billion in Q2 2025.

  • Share Repurchase Activities

    In Q1 2026, the company repurchased $4.035 billion worth of shares, with a remaining authorization of $13.427 billion.

  • Segment Growth in Payment Volume

    Notable increases in gross dollar volume and purchase volume as reported in the earnings call.

What to watch

  • Regulatory Compliance Concerns

    Ongoing scrutiny and regulatory pressures may impact operations and costs.

  • Cybersecurity Risks

    Increased risks of data breaches that could affect user trust and lead to financial implications.

  • Litigation Liabilities

    Potential future liabilities from ongoing litigation could affect financial standing.

Management's outlook

No explicit numeric guidance for future periods was provided in the report.

Earlier filings 4

10-K · February 11, 2026

Mastercard reports a strong 2025 with GAAP net revenue of $32.8B (up 16%), net income of $15.0B (up 16%) and diluted EPS of $16.52 (up 19%). Gross dollar volume rose to $10.6T (up 15%) with switched transactions of…

10-Q · July 31, 2025

Mastercard reported strong Q2 results: net revenue rose to $8,133,000,000 from $6,961,000,000 a year ago (+$1,172,000,000, +16.8%), and diluted EPS increased to $4.07 from $3.50 (+$0.57, +16.3%). Operating income was…

10-K · February 12, 2025

Mastercard reports strong 2024 results: GAAP net revenue of $28.2B (up 12% YoY), net income $12.9B (up 15%) and diluted EPS $13.89 (up 17%), driven by an 18% increase in gross dollar volume to $9.8T and growth across…

10-K · February 13, 2024

Mastercard reports strong 2023 performance with net revenue of $25.1B (up 13%), net income of $11.2B (up 13%) and diluted EPS of $11.83 (up 16%), driven by 24% growth in gross dollar volume to $9.0T and increases across…

This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.