Q3 FY26 · Ended Sep 30, 2026 · View SEC filing
Services now grow faster than the network itself
Value-added services rose much faster than network fees, lifting their share to 41.4% of revenue from a year earlier.
For investorsWhat the services growth depends on from here
For foundersSelling a second product to the customers a network already has
Operating expenses grew 11.4% against 14.0% revenue growth, so most of each new revenue dollar reached operating income.
Net income grew 17.9% as the tax rate fell, and a smaller share count lifted per-share earnings further.
Free cash flow was below a year earlier while net income grew, though Mastercard's quarterly cash flow swings widely.
Unlock the financial breakdown, competitive insights, historical trends and founder playbook, plus research across the company library.
Free CXProWealth membership required
Business Lens describes Mastercard from its own filings with the SEC. It is not a view on its shares, a target, or advice to buy, sell or hold anything; figures are as filed and may be restated by the company later. The filing is linked above.
