Mastercard reported Q4 net revenues of $8.81 billion, an 18% increase year-over-year and 15% on a neutral currency basis, surpassing the consensus estimate of $8.79 billion. Adjusted earnings per share rose 25% to $4.76, exceeding the $4.25 consensus. Growth was driven by a 7% increase in gross dollar volume to $2.8 trillion and a 14% rise in cross-border volume, reflecting strong consumer spending and travel activity.

For Q1, Mastercard projects net revenue growth in the low teens, above the $8.3 billion consensus. For fiscal 2026, the company expects revenue growth at the high end of low-double digits versus the $36.8 billion consensus. Management cited ongoing strength in value-added services—cybersecurity, data analytics and consulting—which grew 26% during the quarter and now represent approximately 44% of total net revenue.

Goldman Sachs reaffirmed its Buy rating, raising its price target from $710 to $739, citing the strong Q4 beat and robust cross-border volumes. Raymond James maintained an Outperform rating but lowered its target from $707 to $631, reflecting concerns over potential regulatory caps on interchange fees. Wells Fargo kept an Overweight rating and nudged its target higher, from $660 to $668, pointing to solid margin expansion and resilient consumer spending trends.

Over the past decade, Mastercard has returned $64 billion to shareholders through dividends and share repurchases. In the last fiscal year alone, the company allocated $6.5 billion to buybacks and increased its dividend by 12%, underlining a commitment to balanced capital deployment alongside strategic investments in technology and security platforms.