Mastercard said net revenue for the quarter ended March 31, 2025 increased 14%, or 17% on a currency-neutral basis, versus the comparable period in the prior year. The company said payment network revenue increased 13% and value-added services and solutions revenue increased 16%, with acquisitions completed in 2024 contributing 1 percentage point to the net revenue increase.

1. 01

   Mastercard said net revenue for the quarter ended March 31, 2025 increased 14%, or 17% on a currency-neutral basis, versus the comparable period in the prior year. The company said payment network revenue increased 13% and value-added services and solutions revenue increased 16%, with acquisitions completed in 2024 contributing 1 percentage point to the net revenue increase.

2. 02

   Mastercard said operating expenses for the quarter increased 13% versus the comparable period in the prior year, citing higher general and administrative and advertising and marketing expenses as primary factors. The company said it recorded $151 million primarily as a result of a change in estimate related to claims of merchants who opted out of the U.S. merchant class litigation.

3. 03

   Mastercard said the effective income tax rate for the quarter ended March 31, 2025 was 18.6%, compared with 15.4% in the comparable period in the prior year, and the adjusted effective income tax rate was 19.1%, compared with 15.9% in the comparable period in the prior year. The company cited the 15% global minimum tax (Pillar 2 Rules) that took effect in 2025 as the primary factor.

4. 04

   Mastercard said it repurchased 4.7 million shares of its common stock for $2.5 billion and paid dividends of $694 million during the quarter. The company said it issued debt with an aggregate principal amount of $1.25 billion in February 2025, and total debt outstanding as of March 31, 2025 was $18.8 billion.

Key figures

Quarter ended March 31, 2025

Revenue

$7.3B

Operating income

$4.1B

Net income

$3.3B

EPS

$3.59

Operating cash flow

$2.4B

Analysis scope · Management's discussion (MD&A)We analyzed the Management's Discussion and Analysis (MD&A) section. Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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