Mastercard reported net income of $3.9bn in Q1 2026, an 18% increase year-on-year, driven by GAAP net revenue of $8.4bn, up 16%. Diluted EPS rose 21% to $4.35, while operating income increased to $4.9bn and operating expenses climbed 13% to $3.5bn, reflecting higher administrative costs and a restructuring charge.

Payment network net revenue gained 12% supported by a 7% increase in gross dollar volume to $2.7trn, 13% growth in cross-border volumes on a local currency basis, and a 9% rise in switched transactions. Value-added services revenue surged 22%, contributing significantly to overall net revenue growth.

During Q1, Mastercard repurchased 7.8 million shares at a cost of $4bn and paid $777m in dividends. As of March 31, customers had issued 3.7 billion Mastercard and Maestro-branded cards globally, highlighting continued adoption.

Mastercard advanced agentic commerce with the launch of Agent Pay and agreed to acquire stablecoin infrastructure provider BVNK for up to $1.8bn. The acquisition aims to bolster digital assets capabilities and support value movement across currencies and payment rails.