Mastercard Incorporated - Class A

Mastercard kicked off 2025 with a strong first quarter, posting adjusted diluted EPS of $3.73 against a Wall Street consensus of $3.5592 — a beat of 4.80% — while net revenue of $7.25 billion topped estimates by 1.79% and climbed 14.2% year over year. The primary engine behind the results was broad-based payment network momentum: gross dollar volume reached $2,417 trillion, cross-border volume expanded 15% on a local currency basis, and switched transactions grew 9%, together lifting payment network net revenue 13% for the period. Value-added services and solutions contributed meaningfully as well, with that segment growing 16% as security, digital authentication, and consumer engagement offerings gained traction. Adjusted net income reached $3.41 billion, and the adjusted operating margin edged higher to 59.3% from 58.8% a year ago, even as a newly enacted global minimum tax in Singapore pressured the effective tax rate. CEO Michael Miebach acknowledged macroeconomic uncertainty but pointed to Mastercard's diversified model as a stabilizing factor, while the company returned $2.50 billion through share repurchases and $694 million in dividends during the quarter.