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American Express: An Empire of Plastic
How history, brand, and structure have steadily built American Express' moat, and why Warren Buffett still calls it a one-of-a-kind business.
Mastercard (MA) investor relations material
Mastercard Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary30 Oct, 2025
Executive summary
Net revenue for Q3 2025 rose 17% year-over-year (15% currency-neutral) to $8.6 billion, driven by strong payment network and value-added services growth.
Net income for Q3 2025 was $3.9 billion (up 20%), with diluted EPS of $4.34 (up 23%) and adjusted EPS of $4.38.
Operating margin improved to 58.8% (GAAP) and 59.8% (adjusted), with adjusted operating income up 18%.
Value-added services and solutions net revenue grew 25% year-over-year (22% currency-neutral), supported by new product launches and expanded capabilities.
Healthy consumer and business spending, new partnerships, and innovation in digital and agentic commerce supported growth.
Financial highlights
Gross dollar volume for Q3 2025 increased 9% year-over-year to $2.7 trillion; cross-border volume grew 15%.
Switched transactions rose 10% year-over-year; card growth was 6% globally, with 3.6 billion cards issued.
Operating income for Q3 2025 was $5.1 billion, up 26% from the prior year.
Payment network net revenue increased 12%, and value-added services and solutions revenue rose 25%.
Share repurchases totaled $3.3 billion in Q3, with $1.2 billion more through late October.
Outlook and guidance
Full-year 2025 net revenue growth expected in the low to mid-teens (currency-neutral, ex-acquisitions); operating expense growth at the low end of low double digits.
Q4 2025 net revenue forecasted to grow in the high teens, with operating expenses in the high single digits.
Non-GAAP tax rate expected around 21% for Q4 and 20.5%-21% for the full year, elevated due to global minimum tax rules.
Currency and acquisitions expected to have a modest negative impact on growth rates.
Management highlighted continued investment in innovation and strategic initiatives.
Value-added services organic growth contribution?
Pillar 2 Rules impact on effective tax rate?
Organic drivers of adjusted operating expense growth?
Mastercard's differentiation in agentic commerce
Cross-border volume sustainability drivers
Capital One debit migration: 2026/2027 financial impact
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Next Mastercard earnings date
Q4 202530 Jan, 2026
Next Mastercard earnings date
Q4 202530 Jan, 2026
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Frequently asked questions
Card Masters
Mastercard is an American global financial services corporation, headquartered in aptly named Purchase, New York. It primarily specializes in payment processing, facilitating electronic transactions for credit, debit, and prepaid cards among merchants, consumers, and financial institutions. Operating across nearly every country and territory in the world, Mastercard handles billions of transactions each year, aiding the movement of money in the global economy. The company's services go beyond traditional card payments; they also include digital wallets, cybersecurity tools, and various financial services.
Origins in the 60’s
Founded in the 1960s, Mastercard's origins can be traced back to a group of banks that collaborated to challenge Bank of America's monopoly with its BankAmericard, which would later become Visa. Originally named Interbank and subsequently Master Charge, the consortium sought to create a competitive universal credit card. In the ensuing decades, Mastercard expanded its footprint both through organic growth as well as several large acquisitions, introducing new technologies and services in the payment industry. Today, Mastercard has established itself as one of the foremost global payment networks, serving millions of consumers, businesses, and financial institutions.
Further reading: Visa and Mastercard: The Global Payment Duopoly
The Cards
Mastercard offers a broad spectrum of payment card services. Their portfolio includes credit, debit, and prepaid cards. These cards are designed to address the varying requirements of individual consumers, businesses, and larger financial institutions. Rather than selling directly to the end user, Mastercard primarily partners with banks and financial institutions. These institutions issue cards bearing the Mastercard logo, while Mastercard provides the underlying network infrastructure that facilitates the transaction process. Each card type comes with its set of features and benefits, ensuring that cardholders have access to the right financial tools. Through this partnership model, Mastercard delivers its card services to users worldwide.
Other Services
Beyond its well-known card services, Mastercard offers an array of additional financial services and solutions. These include digital payment solutions that enable secure online transactions used by marketplaces and digital retailers, mobile payment integrations, and advanced security protocols such as tokenization to protect sensitive data. Additionally, they provide analytics and consulting services to help businesses understand spending trends.
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