Core Insights - Mastercard reported third-quarter 2025 adjusted earnings of $4.38 per share, exceeding the Zacks Consensus Estimate by 1.6%, with a year-over-year increase of 13% [1] - Net revenues reached $8.6 billion, reflecting a 17% year-over-year growth and surpassing the consensus mark by 1.2% [1] Financial Performance - Gross dollar volume (GDV) was $2.7 trillion, growing 9% on a local-currency basis, slightly missing the Zacks Consensus Estimate [3] - Cross-border volumes improved by 15% on a local currency basis, while switched transactions rose 10% year over year to 45.4 billion, beating the consensus mark of 45 billion [4] - Value-added services and solutions generated net revenues of $3.4 billion, a 25% increase year over year, driven by acquisitions and strong demand for security and digital authentication solutions [5] - Adjusted operating income increased by 18% year over year to $5.1 billion, with an adjusted operating margin of 59.8%, up 50 basis points year over year [7] Expenses and Rebates - Payment network rebates and incentives rose 16% year over year due to new and renewed deals [6] - Adjusted operating expenses increased by 15% year over year to $3.5 billion, attributed to acquisitions and general administrative expenses [6] Financial Position - As of September 30, 2025, Mastercard had cash and cash equivalents of $10.3 billion, a 22.2% increase from the end of 2024 [8] - Total assets grew by 10.8% to $53.3 billion, while long-term debt rose by 8.6% to $19 billion [8] - Total equity advanced by 21.6% to $7.9 billion [8] Cash Flow and Capital Deployment - Mastercard generated net cash from operations of $12.6 billion in the first nine months of 2025, a 27.1% increase from the prior year [9] - The company repurchased 5.8 million shares for $3.3 billion in Q3 and an additional 2.1 million shares for $1.2 billion between October 1 and October 27 [10] Future Guidance - Management projects adjusted net revenues to grow in the high teens year-over-year for Q4 2025, with adjusted operating expenses also expected to record high teens growth [12] - For the full year 2025, adjusted net revenues are estimated to witness high-end of mid-teens growth from 2024 figures [13]