false000114139100011413912024-07-312024-07-310001141391us-gaap:CommonClassAMember2024-07-312024-07-310001141391ma:TwoPointOnePercentNotesDue2027Member2024-07-312024-07-310001141391ma:A1NotesDue2029Member2024-07-312024-07-310001141391ma:TwoPointFivePercentNotesDue2030Member2024-07-312024-07-31


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
_______________________________________
FORM 8-K
_______________________________________
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):July 31, 2024
_______________________________________
Mastercard Incorporated
(Exact name of registrant as specified in its charter)
_______________________________________
Delaware001-3287713-4172551
(State or other jurisdiction
of incorporation)		(Commission File
Number)		(IRS Employer
Identification No.)
2000 Purchase Street10577
Purchase,NY
(Address of principal executive offices)(Zip Code)
(914)249-2000
(Registrant's telephone number, including area code)
NOT APPLICABLE
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading SymbolName of each exchange of which registered
Class A Common StockMANew York Stock Exchange
2.1% Notes due 2027MA27New York Stock Exchange
1.0% Notes due 2029
MA29A
New York Stock Exchange
2.5% Notes due 2030MA30New York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
1


Item 2.02 Results of Operations and Financial Condition

On July 31, 2024, Mastercard Incorporated issued an earnings release announcing financial results for its second quarter 2024.

A copy of the earnings release is attached hereto as Exhibit 99.1. All information in the earnings release is furnished but not filed.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits.

Exhibit NumberExhibit Description
104Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
2

SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

MASTERCARD INCORPORATED
Date:July 31, 2024By:
/s/ Adam Zitter
Adam Zitter
Corporate Secretary



3

Earnings Release
mcsymbol1a01a.jpg
Mastercard Incorporated Reports Second Quarter 2024 Financial Results

•Second quarter net income of $3.3 billion, and diluted earnings per share (EPS) of $3.50
•Second quarter adjusted net income of $3.3 billion, and adjusted diluted EPS of $3.59
•Second quarter net revenue of $7.0 billion, an increase of 11%, or 13% on a currency-neutral basis
•Second quarter gross dollar volume up 9% and purchase volume up 10%, on a local currency basis
Purchase, NY - July 31, 2024 - Mastercard Incorporated (NYSE: MA) today announced financial results for the second quarter 2024.

“We delivered another strong quarter across all aspects of our business with double-digit net revenue and earnings growth,” said Michael Miebach, Mastercard CEO. “This was supported by continued healthy consumer spending, robust cross-border volume growth of 17%(1), and demand for our value-added services and solutions where net revenue increased 18%, or 19% on a currency-neutral basis. These results reflect how payments and services enable each other to create differentiated value for our customers and help us realize even more of the shift to digital.”

Quarterly Results
Second Quarter Operating ResultsIncrease / (Decrease)
$ in billions, except per share data
Q2 2024Q2 2023Reported GAAPCurrency-neutral
Net revenue$7.0$6.311%13%
Operating expenses$2.9$2.612%13%
Operating income$4.0$3.710%12%
Operating margin58.0%58.3%(0.4) ppt— ppt
Effective income tax rate17.3%23.2%(5.9) ppt(5.9) ppt
Net income$3.3$2.815%17%
Diluted EPS$3.50$3.0017%19%
Key Second Quarter Non-GAAP Results 2
Increase / (Decrease)
$ in billions, except per share data

Q2 2024Q2 2023As adjustedCurrency-neutral
Net revenue$7.0$6.311%13%
Adjusted operating expenses$2.8$2.69%10%
Adjusted operating margin59.4%58.6%0.7 ppt1.0 ppt
Adjusted effective income tax rate17.5%23.9%(6.4) ppt(6.3) ppt
Adjusted net income$3.3$2.722%24%
Adjusted diluted EPS$3.59$2.8924%27%
1 Mastercard-branded programs only; year-over-year on a local currency basis.
2 The Key Second Quarter Non-GAAP Results exclude the impact of gains and losses on the Company’s equity investments, special items as described on page 11 (“Second Quarter Special Items”) and/or the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 11 for the Company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.


Q2 2024 Key Business Drivers
(YoY growth)
image12.jpg
Gross dollar volume
image7a.jpg
Cross-border volume
image8a.jpg
Switched transactions
(local currency basis)(local currency basis)
up 9%up 17%up 11%
The following information is provided to aid in understanding Mastercard’s second quarter 2024 results, versus the year ago period.
•Net revenue increased 11%, or 13% on a currency-neutral basis. The increase was attributable to growth in our payment network and our value-added services and solutions.
▪Payment network net revenue increased 7%, or 9% on a currency-neutral basis. Primary drivers of the increase were as follows:
•Gross dollar volume growth of 9%, on a local currency basis, to $2.4 trillion.
•Cross-border volume growth of 17% on a local currency basis.
•Switched transactions growth of 11%.
This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 14%, or 16% on a currency-neutral basis, primarily due to an increase in our key drivers as well as new and renewed deals.
▪Value-added services and solutions net revenue increased 18%, or 19% on a currency-neutral basis. The increase was driven primarily by growth in our underlying key drivers, strong demand for our consulting, data analytics and marketing services, as well as the scaling of our fraud and security and our identity and authentication solutions.
•Total operating expenses increased 12%, primarily due to higher general and administrative expenses and litigation provisions. Excluding the impact of Second Quarter Special Items, adjusted operating expenses increased 9%, or 10% on a currency-neutral basis, primarily due to higher general and administrative expenses.
•Other income (expense) was unfavorable $145 million versus the year ago period, primarily due to net losses in the current year versus net gains in the prior year related to unrealized fair market value adjustments on marketable equity securities. Adjusted other income (expense) was unfavorable $9 million versus the prior year, primarily due to increased interest expense.
•The effective tax rate for the second quarter of 2024 was 17.3%, versus 23.2% for the comparable period in 2023. The adjusted effective tax rate for the second quarter of 2024 was 17.5%, versus 23.9% for the comparable period in 2023. Both the as-reported and as-adjusted effective tax rates were lower than the prior year rates primarily due to the establishment of a valuation allowance in 2023 as well as a change in our geographic mix of earnings in the current period.
•As of June 30, 2024, the Company’s customers had issued 3.4 billion Mastercard and Maestro-branded cards.
mclogoa03a.jpg
2

Year-to-date Results
Year-to-date Operating ResultsIncrease / (Decrease)
$ in billions, except per share data
20242023Reported GAAPCurrency-neutral
Net revenue$13.3$12.011%12%
Operating expenses$5.7$5.28%9%
Operating income$7.6$6.812%14%
Operating margin57.4%56.5%0.9 ppt1.1 ppt
Effective income tax rate16.4%20.6%(4.2) ppt(4.2) ppt
Net income$6.3$5.220%22%
Diluted EPS$6.72$5.4723%24%
Key Year-to-date Non-GAAP Results 1
Increase / (Decrease)
$ in billions, except per share data20242023As adjustedCurrency-neutral
Net revenue
$13.3$12.011%12%
Adjusted operating expenses$5.4$5.09%9%
Adjusted operating margin59.1%58.4%0.6 ppt0.9 ppt
Adjusted effective income tax rate16.7%21.2%(4.5) ppt(4.5) ppt
Adjusted net income$6.4$5.419%20%
Adjusted diluted EPS$6.90$5.6921%23%
1 The Key Year-to-date Non-GAAP Results exclude the impact of gains and losses on the Company’s equity investments, special items as described on page 12 (“Year-to-date Special Items”) and/or the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). See page 12 for the Company’s non-GAAP adjustments and the reconciliation to GAAP reported amounts.
Year-to-date 2024 Key Business Drivers
(YoY growth)
image12.jpg
Gross dollar volume
image7a.jpg
Cross-border volume
image8a.jpg
Switched transactions
(local currency basis)(local currency basis)
up 10%up 18%up 12%
The following information is provided to aid in understanding Mastercard’s year-to-date 2024 results, versus the year ago period.
•Net revenue increased 11%, or 12% on a currency-neutral basis. The increase was attributable to growth in our payment network and our value-added services and solutions.
▪Payment network net revenue increased 7%, or 9% on a currency-neutral basis. Primary drivers of the increase were as follows:
•Gross dollar volume growth of 10%, on a local currency basis, to $4.7 trillion.
•Cross-border volume growth of 18% on a local currency basis.
•Switched transactions growth of 12%.
This increase in payment network net revenue includes growth in payment network rebates and incentives provided to customers. Payment network rebates and incentives increased 17%, or 18% on a currency-neutral basis, primarily due to an increase in our key drivers as well as new and renewed deals.
mclogoa03a.jpg
3

▪Value-added services and solutions net revenue increased 17%, as reported and on a currency-neutral basis. The increase was driven primarily by growth in our underlying key drivers, strong demand for our consulting, data analytics and marketing services, as well as the scaling of our fraud and security and our identity and authentication solutions.
•Total operating expenses increased 8%. Excluding the impact of Year-to-date Special Items, adjusted operating expenses increased 9%, both as adjusted and on a currency-neutral basis. Both the as-reported and as-adjusted operating expense increase was primarily due to higher general and administrative expenses.
•Other income (expense) was favorable $92 million versus the year ago period, primarily due to lower net losses related to unrealized fair market value adjustments on marketable and nonmarketable equity securities. Adjusted other income (expense) was favorable $10 million versus the prior year, primarily due to an increase in investment income, partially offset by increased interest expense related to our debt portfolio.
•The effective tax rate for year-to-date 2024 was 16.4%, versus 20.6% for the comparable period in 2023. The adjusted effective tax rate for year-to-date 2024 was 16.7%, versus 21.2% for the comparable period in 2023. Both the as-reported and as-adjusted effective tax rates were lower than the prior year rates primarily due to the establishment of a valuation allowance in 2023 as well as a change in our geographic mix of earnings in the current period.
Return of Capital to Shareholders
During the second quarter of 2024, Mastercard repurchased 5.8 million shares at a cost of $2.6 billion and paid $615 million in dividends.
Through the first half of 2024, Mastercard repurchased 10.2 million shares at a cost of $4.6 billion and paid $1.2 billion in dividends.
Quarter-to-date through July 26, the Company repurchased 1.9 million shares at a cost of $820 million, which leaves $8.7 billion remaining under the approved share repurchase programs.
Second Quarter 2024 Financial Results Conference Call Details
At 9:00 a.m. ET today, the Company will host a conference call to discuss its second quarter 2024 results. The dial-in information for this call is 1-888-330-2508 (Toll-free) and 1-240-789-2735 (Toll dial-in), using passcode 6451878. A replay of the call will be available for 30 days and can be accessed by dialing 1-800-770-2030 (Toll-free) and 1-647-362-9199 (Toll dial-in), using passcode 6451878.
A live audio webcast of this call, along with presentation slides, can also be accessed through the Investor Relations section of the Company’s website at investor.mastercard.com.
Forward-Looking Statements
This press release contains forward-looking statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All statements other than statements of historical facts may be forward-looking statements. When used in this press release, the words “believe”, “expect”, “could”, “may”, “would”, “will”, “trend” and similar words are intended to identify forward-looking statements. Examples of forward-looking statements include, but are not limited to, statements that relate to the Company’s future prospects, developments and business strategies. We caution you to not place undue reliance on these forward-looking statements, as they speak only as of the date they are made. Except for the Company’s ongoing obligations under the U.S. federal securities laws, the Company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or
mclogoa03a.jpg
4

industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events.
Many factors and uncertainties relating to our operations and business environment, all of which are difficult to predict and many of which are outside of our control, influence whether any forward-looking statements can or will be achieved. Any one of those factors could cause our actual results to differ materially from those expressed or implied in writing in any forward-looking statements made by Mastercard or on its behalf, including, but not limited to, the following factors:
•regulation related to the payments industry (including regulatory, legislative and litigation activity with respect to interchange rates and surcharging)
•the impact of preferential or protective government actions
•regulation of privacy, data, AI, information security and the digital economy
•regulation that directly or indirectly applies to us based on our participation in the global payments industry (including anti-money laundering, countering the financing of terrorism, economic sanctions and anti-corruption, account-based payments systems, and issuer and acquirer practices regulation)
•the impact of changes in tax laws, as well as regulations and interpretations of such laws or challenges to our tax positions
•potential or incurred liability and limitations on business related to any litigation or litigation settlements
•the impact of competition in the global payments industry (including disintermediation and pricing pressure)
•the challenges relating to rapid technological developments and changes
•the challenges relating to operating a real-time account-based payments system and to working with new customers and end users
•the impact of information security incidents, account data breaches or service disruptions
•issues related to our relationships with our stakeholders (including loss of substantial business from significant customers, competitor relationships with our customers, consolidation amongst our customers, merchants’ continued focus on acceptance costs and unique risks from our work with governments)
•the impact of global economic, political, financial and societal events and conditions, including adverse currency fluctuations and foreign exchange controls
•reputational impact, including impact related to brand perception and lack of visibility of our brands in products and services
•the impact of environmental, social and governance matters and related stakeholders reaction
•the inability to attract and retain a highly qualified and diverse workforce, or maintain our corporate culture
•issues related to acquisition integration, strategic investments and entry into new businesses
•exposure to loss or illiquidity due to our role as guarantor as well as other contractual obligations and discretionary actions we may take
•issues related to our Class A common stock and corporate governance structure
For additional information on these and other factors that could cause the Company’s actual results to differ materially from expected results, please see the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 and any subsequent reports on Forms 10-Q and 8-K.


mclogoa03a.jpg
5

About Mastercard (NYSE: MA)
Mastercard is a global technology company in the payments industry. Our mission is to connect and power an inclusive, digital economy that benefits everyone, everywhere by making transactions safe, simple, smart and accessible. Using secure data and networks, partnerships and passion, our innovations and solutions help individuals, financial institutions, governments and businesses realize their greatest potential. With connections across more than 210 countries and territories, we are building a sustainable world that unlocks priceless possibilities for all.
www.mastercard.com

Contacts:
Investor Relations:Media Relations:
Devin Corr or Jud StaniarSeth Eisen
investor.relations@mastercard.comSeth.Eisen@mastercard.com
914-249-4565914-249-3153
mclogoa03a.jpg
6

Consolidated Statement of Operations (Unaudited)
Three Months Ended June 30,Six Months Ended June 30,
2024202320242023
(in millions, except per share data)(in millions, except per share data)
Net Revenue$6,961 $6,269 $13,309 $12,017 
Operating Expenses:
General and administrative2,418 2,200 4,704 4,243 
Advertising and marketing184 201 300 368 
Depreciation and amortization225 192 441 383 
Provision for litigation98 20 224 231 
Total operating expenses2,925 2,613 5,669 5,225 
Operating income4,036 3,656 7,640 6,792 
Other Income (Expense):
Investment income60 59 155 114 
Gains (losses) on equity investments, net(13)123 (7)(89)
Interest expense(153)(144)(303)(276)
Other income (expense), net9 10 12 16 
Total other income (expense)(97)48 (143)(235)
Income before income taxes3,939 3,704 7,497 6,557 
Income tax expense681 859 1,228 1,351 
Net Income$3,258 $2,845 $6,269 $5,206 
Basic Earnings per Share$3.51 $3.01 $6.74 $5.48 
Basic weighted-average shares outstanding929 946 931 949 
Diluted Earnings per Share$3.50 $3.00 $6.72 $5.47 
Diluted weighted-average shares outstanding930 949 933 952 
mclogoa03a.jpg
7

Consolidated Balance Sheet (Unaudited)
June 30, 2024December 31, 2023
(in millions, except per share data)
Assets
Current assets:
Cash and cash equivalents$6,996 $8,588 
Restricted security deposits held for customers1,772 1,845 
Investments362 592 
Accounts receivable4,195 4,060 
Settlement assets1,514 1,233 
Prepaid expenses and other current assets2,941 2,643 
Total current assets17,780 18,961 
Property, equipment and right-of-use assets, net of accumulated depreciation and
     amortization of $2,373 and $2,237, respectively
2,148 2,061 
Deferred income taxes1,423 1,355 
Goodwill7,563 7,660 
Other intangible assets, net of accumulated amortization of $2,290 and $2,209,
     respectively
4,149 4,086 
Other assets9,270 8,325 
Total Assets$42,333 $42,448 
Liabilities, Redeemable Non-controlling Interests and Equity
Current liabilities:
Accounts payable$835 $834 
Settlement obligations1,594 1,399 
Restricted security deposits held for customers1,772 1,845 
Accrued litigation525 723 
Accrued expenses8,007 8,517 
Short-term debt1,086 1,337 
Other current liabilities1,775 1,609 
Total current liabilities15,594 16,264 
Long-term debt14,519 14,344 
Deferred income taxes337 369 
Other liabilities4,401 4,474 
Total Liabilities34,851 35,451 
Commitments and Contingencies
Redeemable Non-controlling Interests22 22 
Stockholders’ Equity
Class A common stock, $0.0001 par value; authorized 3,000 shares, 1,403 and 1,402 shares issued and 919 and 927 shares outstanding, respectively
— — 
Class B common stock, $0.0001 par value; authorized 1,200 shares, 7 shares issued and outstanding
— — 
Additional paid-in-capital6,089 5,893 
Class A treasury stock, at cost, 485 and 475 shares, respectively
(65,067)(60,429)
Retained earnings67,604 62,564 
Accumulated other comprehensive income (loss)(1,205)(1,099)
Mastercard Incorporated Stockholders' Equity7,421 6,929 
Non-controlling interests39 46 
Total Equity7,460 6,975 
Total Liabilities, Redeemable Non-controlling Interests and Equity$42,333 $42,448 
mclogoa03a.jpg
8

Consolidated Statement of Cash Flows (Unaudited)
Six Months Ended June 30,
20242023
(in millions)
Operating Activities
Net income$6,269 $5,206 
Adjustments to reconcile net income to net cash provided by operating activities:
Amortization of customer incentives826 782 
Depreciation and amortization441 383 
(Gains) losses on equity investments, net7 89 
Share-based compensation263 243 
Deferred income taxes(93)24 
Other80 37 
Changes in operating assets and liabilities:
Accounts receivable(234)(268)
Settlement assets(284)(108)
Prepaid expenses(1,980)(1,286)
Accrued litigation and legal settlements(197)(20)
Restricted security deposits held for customers(73)155 
Accounts payable9 (287)
Settlement obligations199 31 
Accrued expenses(415)(707)
Net change in other assets and liabilities(8)343 
Net cash provided by operating activities4,810 4,617 
Investing Activities
Purchases of investment securities available-for-sale(219)(157)
Purchases of investments held-to-maturity(81)(31)
Proceeds from sales of investment securities available-for-sale58 45 
Proceeds from maturities of investment securities available-for-sale139 102 
Proceeds from maturities of investments held-to-maturity306 91 
Purchases of property and equipment(272)(190)
Capitalized software(402)(395)
Purchases of equity investments(18)(53)
Proceeds from sales of equity investments23 44 
Other investing activities(2)(71)
Net cash used in investing activities(468)(615)
Financing Activities
Purchases of treasury stock(4,631)(5,294)
Dividends paid(1,231)(1,086)
Proceeds from debt, net983 1,550 
Payment of debt(1,000)— 
Tax withholdings related to share-based payments(174)(79)
Cash proceeds from exercise of stock options115 172 
Other financing activities— 3 
Net cash used in financing activities(5,938)(4,734)
Effect of exchange rate changes on cash, cash equivalents, restricted cash and restricted cash equivalents(67)57 
Net decrease in cash, cash equivalents, restricted cash and restricted cash equivalents(1,663)(675)
Cash, cash equivalents, restricted cash and restricted cash equivalents - beginning of period10,465 9,196 
Cash, cash equivalents, restricted cash and restricted cash equivalents - end of period$8,802 $8,521 
mclogoa03a.jpg
9

Non-GAAP Financial Information
Mastercard discloses the following non-GAAP financial measures: adjusted operating expenses, adjusted operating margin, adjusted other income (expense), adjusted effective income tax rate, adjusted net income and adjusted diluted earnings per share (as well as related applicable growth rates versus the comparable period in the prior year). As described more fully below, these non-GAAP financial measures exclude the impact of gains and losses on the Company’s equity investments which includes mark-to-market fair value adjustments, impairments and gains and losses upon disposition, as well as the related tax impacts. These non-GAAP financial measures also exclude the impact of special items, where applicable, which represent litigation judgments and settlements and certain one-time items, as well as the related tax impacts. The Company excludes these special items because management evaluates the underlying operations and performance of the Company separately from these recurring and nonrecurring items.
In addition, the Company presents growth rates adjusted for the impact of currency, which is a non-GAAP financial measure. Currency-neutral growth rates are calculated by remeasuring the prior period’s results using the current period’s exchange rates for both the translational and transactional impacts on operating results, as well as removing the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses). The impact of currency translation represents the effect of translating operating results where the functional currency is different from the Company’s U.S. dollar reporting currency. The impact of the transactional currency represents the effect of converting revenue and expenses occurring in a currency other than the functional currency of the entity. The impact of the related realized gains and losses resulting from the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses) is recognized in the respective financial statement line item on the statement of operations when the underlying forecasted transactions impact earnings.
The Company believes that the non-GAAP financial measures presented facilitate an understanding of operating performance and provide a meaningful comparison of its results between periods. The Company’s management uses non-GAAP financial measures to, among other things, evaluate its ongoing operations in relation to historical results, for internal planning and forecasting purposes and in the calculation of performance-based compensation.
The Company includes reconciliations of the requisite non-GAAP financial measures to the most directly comparable GAAP financial measures. The presentation of non-GAAP financial measures should not be considered in isolation or as a substitute for the Company’s related financial results prepared in accordance with GAAP.

mclogoa03a.jpg
10

Non-GAAP Reconciliations (QTD)
Three Months Ended June 30, 2024
 Operating expensesOperating marginOther income (expense)Effective income tax rate
 Net
income
 Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$2,925 58.0 %$(97)17.3 %$3,258 $3.50 
(Gains) losses on equity investments 1
****13 — %10 0.01 
Litigation provisions 2
(98)1.4 % ** 0.2 %73 0.08 
Adjusted - Non-GAAP$2,828 59.4 %$(84)17.5 %$3,341 $3.59 

Three Months Ended June 30, 2023
 Operating expensesOperating marginOther income (expense)Effective income tax rate
 Net
income
 Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$2,613 58.3 %$48 23.2 %$2,845 $3.00 
(Gains) losses on equity investments 1
****(123)0.7 %(118)(0.12)
Litigation provisions 3
(20)0.3 %**— %15 0.02 
Adjusted - Non-GAAP$2,592 58.6 %$(75)23.9 %$2,742 $2.89 

Three Months Ended June 30, 2024 as compared to the Three Months Ended June 30, 2023
Increase/(Decrease)
 Operating expensesOperating marginEffective income tax rate
 Net
income
 Diluted earnings per share
Reported - GAAP12 %(0.4) ppt(5.9) ppt15 %17 %
(Gains) losses on equity investments 1
****(0.6) ppt5 %6 %
Litigation provisions 2,3
(3)%1.1  ppt0.2  ppt2 %2 %
Adjusted - Non-GAAP9 %0.7  ppt(6.4) ppt22 %24 %
Currency impact 4
1 %0.3  ppt—  ppt2 %3 %
Adjusted - Non-GAAP - currency-neutral10 %1.0  ppt(6.3) ppt24 %27 %
Note:    Tables may not sum due to rounding.
**    Not applicable

Gains and Losses on Equity Investments
1.Q2’24 net pre-tax losses of $13 million and Q2’23 net pre-tax gains of $123 million were primarily related to unrealized fair market value adjustments on marketable equity securities.
Second Quarter Special Items
2.Q2’24 pre-tax charges of $98 million were primarily as a result of settlements with a number of U.K merchants.
3.Q2’23 pre-tax charges of $20 million were as a result of settlements with a number of U.K. and Pan-European merchants.
Other Notes
4.Represents the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).

mclogoa03a.jpg
11

Non-GAAP Reconciliations (YTD)
Six Months Ended June 30, 2024
 Operating expensesOperating marginOther income (expense)Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$5,669 57.4 %$(143)16.4 %$6,269 $6.72 
(Gains) losses on equity investments 1
 **  ** 7 — %4 — 
Litigation Provisions 2
(224)1.7 % ** 0.3 %160 0.17 
Adjusted - Non-GAAP$5,445 59.1 %$(136)16.7 %$6,434 $6.90 

Six Months Ended June 30, 2023
 Operating expensesOperating marginOther income (expense)Effective income tax rate Net income Diluted earnings per share
($ in millions, except per share data)
Reported - GAAP$5,225 56.5 %$(235)20.6 %$5,206 $5.47 
(Gains) losses on equity investments 1
****89 0.2 %58 0.06 
Litigation provisions 3
(231)1.9 %**0.4 %156 0.16 
Adjusted - Non-GAAP$4,993 58.4 %$(146)21.2 %$5,420 $5.69 

Six Months Ended June 30, 2024 as compared to the Six Months Ended June 30, 2023
Increase/(Decrease)
 Operating expensesOperating marginEffective income tax rate Net income Diluted earnings per share
Reported - GAAP8 %0.9  ppt(4.2) ppt20 %23 %
(Gains) losses on equity investments 1
 **  ** (0.2) ppt(1)%(1)%
Litigation provisions 2, 3
1 %(0.2) ppt(0.1) ppt— %— %
Adjusted - Non-GAAP9 %0.6  ppt(4.5) ppt19 %21 %
Currency impact 4
— %0.2  ppt—  ppt1 %1 %
Adjusted - Non-GAAP - currency-neutral9 %0.9  ppt(4.5) ppt20 %23 %
Note:    Tables may not sum due to rounding.
**    Not applicable

Gains and Losses on Equity Investments
1.Year-to-date 2024 and 2023 pre-tax net losses of $7 million and $89 million were primarily related to unrealized fair market value adjustments on marketable and nonmarketable equity securities.
Year-to-date Special Items
2.Year-to-date 2024 pre-tax charges of $224 million were primarily due to settlements with a number of U.K. merchants and a legal provision associated with the ATM non-discrimination rule surcharge complaints.
3.Year-to-date 2023 pre-tax charges of $231 million were primarily as a result of a change in estimate related to the claims of merchants who opted out of the U.S. merchant class litigation.
Other Notes
4.Represents the translational and transactional impact of currency and the related impact of the Company’s foreign exchange derivative contracts designated as cash flow hedging instruments (specifically those that manage the impact of foreign currency variability on anticipated revenues and expenses).
mclogoa03a.jpg
12

Mastercard Incorporated Operating Performance
For the 3 Months Ended June 30, 2024
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)
Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$571 0.1 %5.2 %$426 7.0 %11,133 10.7 %$146 0.4 %1,473 948 
Canada68 3.9 %5.8 %66 5.5 %1,072 8.5 %2 16.4 %7 82 
Europe799 9.3 %14.3 %637 15.7 %18,276 14.2 %162 9.1 %983 863 
Latin America201 11.8 %16.5 %146 21.2 %6,212 16.2 %55 5.7 %453 472 
Worldwide less United States1,639 6.0 %10.9 %1,274 12.7 %36,692 13.3 %365 5.0 %2,916 2,365 
United States764 6.4 %6.4 %699 6.7 %10,689 7.0 %65 4.0 %297 689 
Worldwide2,403 6.1 %9.4 %1,973 10.5 %47,382 11.8 %430 4.8 %3,213 3,054 
Mastercard Credit and Charge Programs
Worldwide less United States736 4.3 %10.2 %699 10.6 %15,729 10.9 %37 3.7 %158 810 
United States394 5.8 %5.8 %383 5.9 %4,087 5.4 %10 1.2 %9 336 
Worldwide1,130 4.8 %8.6 %1,083 8.9 %19,817 9.7 %47 3.1 %167 1,146 
Mastercard Debit Programs
Worldwide less United States903 7.4 %11.4 %575 15.4 %20,963 15.2 %328 5.1 %2,758 1,555 
United States370 7.2 %7.2 %316 7.6 %6,602 8.0 %54 4.6 %288 353 
Worldwide1,273 7.3 %10.1 %891 12.5 %27,565 13.3 %382 5.0 %3,046 1,908 

For the 6 Months Ended June 30, 2024
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$1,142 1.0 %6.0 %$850 7.9 %21,640 11.2 %$291 0.7 %2,919 948 
Canada129 5.7 %6.6 %125 6.3 %2,034 9.5 %4 15.2 %14 82 
Europe1,539 11.3 %15.0 %1,226 16.4 %34,880 15.3 %313 9.8 %1,905 863 
Latin America407 17.6 %18.7 %290 21.3 %12,196 17.1 %117 12.6 %910 472 
Worldwide less United States3,216 7.9 %11.7 %2,491 13.4 %70,750 14.1 %725 6.4 %5,747 2,365 
United States1,476 6.3 %6.3 %1,352 6.7 %20,580 7.0 %125 2.1 %571 689 
Worldwide4,693 7.4 %9.9 %3,843 10.9 %91,330 12.5 %850 5.7 %6,318 3,054 
Mastercard Credit and Charge Programs
Worldwide less United States1,449 6.1 %11.1 %1,373 11.3 %30,519 11.8 %76 8.2 %321 810 
United States758 6.1 %6.1 %738 6.2 %7,818 6.0 %21 2.0 %18 336 
Worldwide2,207 6.1 %9.3 %2,110 9.4 %38,336 10.6 %97 6.8 %339 1,146 
Mastercard Debit Programs
Worldwide less United States1,768 9.4 %12.2 %1,119 16.0 %40,231 16.0 %649 6.2 %5,426 1,555 
United States718 6.5 %6.5 %614 7.2 %12,762 7.7 %104 2.1 %553 353 
Worldwide2,486 8.6 %10.5 %1,733 12.7 %52,993 13.9 %753 5.6 %5,978 1,908 
APMEA = Asia Pacific / Middle East / Africa
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.
Mastercard Incorporated Operating Performance
For the 3 Months ended June 30, 2023
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)
Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$571 2.3 %8.5 %$419 10.9 %10,054 12.8 %$152 2.4 %1,520 918 
Canada65 2.1 %7.6 %63 7.4 %988 11.5 %2 14.4 %6 76 
Europe731 20.7 %22.7 %573 25.3 %16,000 23.5 %159 14.3 %1,000 756 
Latin America180 17.7 %16.3 %128 17.1 %5,347 14.8 %52 14.6 %419 398 
Worldwide less United States1,547 12.1 %15.7 %1,183 17.9 %32,390 18.1 %364 9.0 %2,945 2,148 
United States717 5.6 %5.6 %655 5.9 %9,991 6.5 %62 2.8 %289 654 
Worldwide2,264 10.0 %12.3 %1,838 13.3 %42,381 15.2 %426 8.1 %3,234 2,802 
Mastercard Credit and Charge Programs
Worldwide less United States706 9.7 %13.9 %668 13.6 %14,185 11.7 %38 20.2 %167 769 
United States372 8.4 %8.4 %362 8.2 %3,877 10.6 %10 18.0 %9 323 
Worldwide1,078 9.2 %12.0 %1,030 11.6 %18,062 11.4 %49 19.7 %176 1,093 
Mastercard Debit Programs
Worldwide less United States841 14.2 %17.2 %515 24.1 %18,205 23.7 %326 7.9 %2,778 1,379 
United States345 2.7 %2.7 %293 3.2 %6,114 4.0 %52 0.2 %280 330 
Worldwide1,186 10.6 %12.6 %808 15.6 %24,319 18.1 %377 6.7 %3,058 1,709 

For the 6 Months ended June 30, 2023
GDV (Bil.)Growth (USD)Growth (Local)Purchase Volume (Bil.)Growth (Local)Purchase Trans. (Mil.)Purchase Trans. GrowthCash Volume (Bil.)Growth (Local)Cash Trans. (Mil.)Cards (Mil.)
All Mastercard Credit, Charge and Debit Programs
APMEA$1,131 2.5 %9.7 %$831 12.4 %19,455 13.7 %$299 2.7 %3,008 918 
Canada122 5.2 %11.5 %119 11.1 %1,857 14.2 %3 23.8 %12 76 
Europe1,383 20.6 %26.5 %1,082 30.3 %30,253 25.9 %301 14.6 %1,917 756 
Latin America346 19.1 %18.2 %245 19.3 %10,417 15.9 %101 15.8 %825 398 
Worldwide less United States2,981 12.2 %18.0 %2,277 21.0 %61,982 19.8 %705 9.4 %5,762 2,148 
United States1,390 7.0 %7.0 %1,267 7.4 %19,230 6.6 %122 3.6 %567 654 
Worldwide4,371 10.5 %14.3 %3,544 15.7 %81,212 16.4 %827 8.5 %6,328 2,802 
Mastercard Credit and Charge Programs
Worldwide less United States1,366 10.1 %16.1 %1,291 15.8 %27,290 12.7 %75 21.8 %331 769 
United States715 11.3 %11.3 %695 11.0 %7,376 12.1 %20 22.2 %18 323 
Worldwide2,081 10.5 %14.4 %1,985 14.1 %34,666 12.6 %95 21.9 %349 1,093 
Mastercard Debit Programs
Worldwide less United States1,615 14.1 %19.7 %986 28.5 %34,692 26.0 %630 8.1 %5,431 1,379 
United States675 2.8 %2.8 %573 3.2 %11,854 3.4 %102 0.5 %549 330 
Worldwide2,290 10.5 %14.2 %1,558 17.9 %46,546 19.4 %732 7.0 %5,980 1,709 
APMEA = Asia Pacific / Middle East / Africa
Note that the figures in the preceding tables may not sum due to rounding; growth represents change from the comparable year ago period.
mclogoa03a.jpg
13

Footnote
The tables set forth the gross dollar volume (“GDV”), purchase volume, cash volume and the number of purchase transactions, cash transactions and cards on a regional and global basis for Mastercard™-branded cards. Growth rates over prior periods are provided for volume-based data.
Debit transactions on Maestro® and Cirrus®-branded cards and transactions involving brands other than Mastercard are not included in the preceding tables.
For purposes of the table: GDV represents purchase volume plus cash volume and includes the impact of balance transfers and convenience checks; “purchase volume” means the aggregate dollar amount of purchases made with Mastercard-branded cards for the relevant period; and “cash volume” means the aggregate dollar amount of cash disbursements and includes the impact of balance transfers and convenience checks obtained with Mastercard-branded cards for the relevant period. The number of cards includes virtual cards, which are Mastercard-branded payment accounts that do not generally have physical cards associated with them.
The Mastercard payment products are comprised of credit, charge, debit and prepaid programs, and data relating to each type of program is included in the tables. The tables include information with respect to transactions involving Mastercard-branded cards that are not switched by Mastercard and transactions for which Mastercard does not earn significant revenues.
Information denominated in U.S. dollars is calculated by applying an established U.S. dollar/local currency exchange rate for each local currency in which Mastercard volumes are reported. These exchange rates are calculated on a quarterly basis using the average exchange rate for each quarter. Mastercard reports period-over-period rates of change in purchase volume and cash volume on the basis of local currency information, in order to eliminate the impact of changes in the value of currencies against the U.S. dollar in calculating such rates of change.
The data set forth in the GDV, purchase volume, purchase transactions, cash volume and cash transactions columns is provided by Mastercard customers and is subject to verification by Mastercard and partial cross-checking against information provided by Mastercard’s transaction switching systems. The data set forth in the cards columns is provided by Mastercard customers and is subject to certain limited verification by Mastercard. A portion of the data set forth in the cards columns reflects the impact of routine portfolio changes among customers and other practices that may lead to over counting of the underlying data in certain circumstances. All data is subject to revision and amendment by Mastercard or Mastercard’s customers.
Performance information for prior periods can be found in the Investor Relations section of the Mastercard website at investor.mastercard.com.
mclogoa03a.jpg
14
v3.24.2
Cover
Jul. 31, 2024
Entity Information [Line Items]  
Document Type 8-K
Document Period End Date Jul. 31, 2024
Entity Registrant Name Mastercard Incorporated
Entity Incorporation, State or Country Code DE
Entity File Number 001-32877
Entity Tax Identification Number 13-4172551
Entity Address, Address Line One 2000 Purchase Street
Entity Address, Postal Zip Code 10577
Entity Address, City or Town Purchase,
Entity Address, State or Province NY
City Area Code (914)
Local Phone Number 249-2000
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Amendment Flag false
Entity Central Index Key 0001141391
Class A Common Stock  
Entity Information [Line Items]  
Title of 12(b) Security Class A Common Stock
Trading Symbol MA
Security Exchange Name NYSE
2.1% Notes due 2027  
Entity Information [Line Items]  
Title of 12(b) Security 2.1% Notes due 2027
Trading Symbol MA27
Security Exchange Name NYSE
1% Notes Due 2029  
Entity Information [Line Items]  
Title of 12(b) Security 1.0% Notes due 2029
Trading Symbol MA29A
Security Exchange Name NYSE
2.5% Notes due 2030  
Entity Information [Line Items]  
Title of 12(b) Security 2.5% Notes due 2030
Trading Symbol MA30
Security Exchange Name NYSE
MasterCard (NYSE:MA)
Gráfica de Acción Histórica
De Jul 2024 a Jul 2024 Haga Click aquí para más Gráficas MasterCard.
MasterCard (NYSE:MA)
Gráfica de Acción Histórica
De Jul 2023 a Jul 2024 Haga Click aquí para más Gráficas MasterCard.