Mastercard has reported a net income of $3.9bn for the third quarter of 2025 (Q3 2025), a 20% increase on reported GAAP basis, from the same quarter of the previous year.
Diluted earnings per share for the third quarter of 2025 was $4.34, a 23% increase from Q3 2024.
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The company reported net revenue of $8.6bn for Q3 2025, a 17% increase on reported GAAP basis from $7.4bn in the same quarter in 2024.
This increase includes a 1 percentage point increase from acquisitions. The remaining increase was attributable to organic growth in its payment network and its value-added services and solutions.
Payment network net revenue increased 12%, or 10% on a currency-neutral basis. Primary drivers of the increase were Gross dollar volume growth of 9%, on a local currency basis, to $2.7tn; cross-border volume growth of 15% on a local currency basis; and switched transactions growth of 10%.
Its operating expenses for Q3 2025 was $3.5bn, an increase of 5% compared to $3.4bn in the same period last year.
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By GlobalDataTotal operating expenses grew primarily due to higher general and administrative expenses, which included the impact of a restructuring charge in 2024 that was partially offset by lower litigation provisions.
The US-based company reported an operating income of $5.1bn for Q3 2025, which increased by 26% from $4bn in the corresponding quarter in 2024.
During the third quarter of 2025, the company repurchased 5.8 million shares at a cost of $3.3 billion and paid $687 million in dividends.
As of 30 September 2025, the company’s customers had issued 3.6 billion Mastercard and Maestrobranded cards.
Mastercard CEO Michael Miebach said: “Mastercard delivered another strong quarter, with net revenue growth of 17% year-over-year, or 15% on a currency-neutral basis, driven by healthy consumer and business spending and continued robust performance of our differentiated services.”
The company’s year-to date results showed, on GAAP basis, a net revenue increase of 16% to $24bn and net income increase of 14% to $10.9bn.
The diluted EPS for the nine-month period saw a 17% increase to $12.
Recently, Fortune reported that Mastercard is in advanced talks to buy Zerohash, a startup that provides stablecoin and blockchain infrastructure, for up to $2bn.
