Mastercard Incorporated · MA · FY2026 Q3 · Calendar Q4 2026
Mastercard: Resilient Q3 growth, with execution risks in new payments
The supplied analysis supports a constructive but conditional view: resilient payment demand, value-added services and expanding digital and agentic offerings can support growth, while execution, adoption and cross-border risks remain material.
Earnings scorecard
Reported versus consensusMarket reaction
prior-close to event-session closeAsk FN2 about MA FY2026 Q3
Transcript, numbers and history already loadedFree account. Your question opens in FN2 with this report's transcript and numbers attached.
Transcript intelligence
What changed
The current analysis highlights 14% Q3 net revenue growth, 18% net income growth and 19% value-added-services growth, alongside the BVNK-enabled Global Money Platform and partnerships involving OpenAI, Shopify and Beast Industries. Management also maintained FY2026 guidance rather than raising it.
Guidance delta
Management maintained FY2026 guidance for high-end low-double-digit revenue growth and indicated a positive Q4 outlook; no numerical guidance change was supplied.
Key takeaways
- The supplied analysis describes Q3 net revenue growth of 14% and net income growth of 18% year over year.
- Value-added-services revenue rose 19%, led by security, AI-enabled and digital solutions.
- Management emphasized network expansion, Essential Debit, agentic commerce and stablecoin-enabled money movement.
- New initiatives and partnerships broaden the opportunity set, but adoption timing and cross-border trends remain key watchpoints.
- Reported EPS and revenue actuals were not supplied, so no beat-or-miss conclusion is available.
Management priorities
- Scale Agent Pay, Agent Connect and other agentic-commerce solutions across merchants.
- Expand the Global Money Platform to more banks and fintechs, including stablecoin capabilities.
- Roll out Essential Debit and deepen financial-inclusion partnerships.
- Broaden network reach, virtual-card offerings and B2B and travel solutions.
- Develop partnerships including OpenAI, Shopify, Qatar National Bank Group and Checkout.com.
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Analyst 52W Price Targets
Latest persisted target per named analyst; persisted current price from FN2's market snapshot as of Oct 30, 2026. Not an FN2 forecast.
Firm-level rating actions
FMP grade actions identify the grading firm, not a named analyst.
| Firm | Rating | Prior rating | Action | Date |
|---|---|---|---|---|
| Truist Securities | Buy | Buy | Maintain | Oct 23, 2026 |
| Baird | Outperform | Outperform | Maintain | Oct 9, 2026 |
| RBC Capital | Outperform | Outperform | Maintain | Aug 31, 2026 |
| Wolfe Research | Outperform | Outperform | Maintain | Aug 25, 2026 |
| Cantor Fitzgerald | Overweight | Overweight | Maintain | Aug 3, 2026 |
| UBS | Buy | Buy | Maintain | Jul 31, 2026 |
| TD Cowen | Buy | Buy | Maintain | Jul 31, 2026 |
| Morgan Stanley | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Macquarie | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Keybanc | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Keefe, Bruyette & Woods | Outperform | Outperform | Maintain | Jul 31, 2026 |
| Barclays | Overweight | Overweight | Maintain | Jul 31, 2026 |
| Piper Sandler | Overweight | Overweight | Maintain | Jun 30, 2026 |
| Loop Capital | Buy | Buy | Maintain | Jun 3, 2026 |
| Susquehanna | Positive | Positive | Maintain | May 1, 2026 |
| BMO Capital | Outperform | Outperform | Maintain | Apr 22, 2026 |
| Citigroup | Buy | Buy | Maintain | Apr 14, 2026 |
| Evercore ISI Group | In Line | In Line | Maintain | Apr 1, 2026 |
| Tigress Financial | Strong Buy | Strong Buy | Maintain | Mar 13, 2026 |
| Freedom Broker | Buy | Hold | Upgrade | Feb 13, 2026 |
| Wells Fargo | Overweight | Overweight | Maintain | Jan 30, 2026 |
| Raymond James | Outperform | Outperform | Maintain | Jan 30, 2026 |
| JP Morgan | Overweight | Overweight | Maintain | Jan 30, 2026 |
| Compass Point | Buy | Neutral | Upgrade | Jan 13, 2026 |
| HSBC | Buy | Hold | Upgrade | Dec 8, 2025 |
| Seaport Global | Buy | Neutral | Upgrade | Jul 14, 2025 |
| Jefferies | Buy | Buy | Maintain | May 27, 2025 |
| Keefe, Bruyette& Woods | Outperform | Outperform | Maintain | Jan 31, 2025 |
| Oppenheimer | Outperform | Outperform | Maintain | Dec 19, 2024 |
| Mizuho | Outperform | Outperform | Maintain | Nov 1, 2024 |
| Deutsche Bank | Buy | Buy | Maintain | Nov 1, 2024 |
| B of A Securities | Neutral | Neutral | Maintain | Sep 17, 2024 |
| Goldman Sachs | Buy | Buy | Maintain | Jan 11, 2024 |
| Credit Suisse | Outperform | Outperform | Maintain | Jul 28, 2023 |
| Redburn Partners | Neutral | Neutral | Maintain | Nov 29, 2022 |
| Atlantic Equities | Overweight | Overweight | Maintain | Oct 12, 2022 |
| Wedbush | Outperform | Outperform | Maintain | Dec 20, 2021 |
| Daiwa Capital | Neutral | Outperform | Downgrade | Aug 12, 2021 |
| SunTrust Robinson Humphrey | Buy | Buy | Maintain | Apr 30, 2020 |
| Guggenheim | Neutral | Buy | Downgrade | Apr 16, 2020 |
| Nomura | Buy | Buy | Maintain | Apr 9, 2020 |
| Stephens & Co. | Overweight | Overweight | Maintain | Apr 1, 2020 |
| Bank of America | Neutral | Buy | Downgrade | Jan 8, 2019 |
| Buckingham Research | Buy | Buy | Maintain | Jul 27, 2018 |
| Buckingham | Buy | Buy | Maintain | Jul 27, 2018 |
| Argus | Buy | Hold | Upgrade | May 5, 2018 |
| Bernstein | Outperform | Outperform | Maintain | Mar 28, 2018 |
| PiperJaffray | Overweight | Overweight | Maintain | Feb 2, 2018 |
| Argus Research | Buy | Hold | Upgrade | Feb 2, 2018 |
| Sterne Agee CRT | Buy | Buy | Maintain | Dec 17, 2015 |
| Cowen & Co. | Outperform | Outperform | Maintain | Sep 30, 2015 |
| CLSA | Outperform | Outperform | Maintain | May 20, 2015 |
| Pacific Crest | Hold | Sector Perform | Maintain | May 19, 2015 |
| Stifel Nicolaus | Buy | Buy | Maintain | May 1, 2015 |
| Stifel | Buy | Buy | Maintain | May 1, 2015 |
| Keefe Bruyette & Woods | Market Perform | Market Perform | Maintain | Dec 9, 2014 |
| Topeka | Hold | Hold | Maintain | Nov 12, 2014 |
| FBR Capital | Market Perform | Market Perform | Maintain | Oct 30, 2014 |
| Sterne Agee | Buy | Buy | Maintain | Sep 16, 2014 |
| Janney Montgomery Scott | Buy | Neutral | Upgrade | Apr 15, 2014 |
| Janney Capital | Buy | Neutral | Upgrade | Apr 15, 2014 |
| Sandler O'Neill | Hold | Hold | Maintain | Jan 27, 2014 |
| Argus Capital | Hold | Buy | Downgrade | Mar 6, 2013 |
| Meredith Whitney Advisory Group | Outperform | Outperform | Maintain | May 3, 2012 |
Named analyst price targets
Upside is calculated against the persisted current price $635.7. FMP does not supply a rating on these named-analyst rows.
| Firm | Analyst | 52W target | Price when posted | Upside | Date |
|---|---|---|---|---|---|
| Truist Financial | Analyst unavailable | $674 | $633.21 | +6.0% | Oct 23, 2026 |
| BMO Capital | Analyst unavailable | $665 | $612.42 | +4.6% | Oct 15, 2026 |
| Robert W. Baird | Analyst unavailable | $710 | $574.76 | +11.7% | Oct 9, 2026 |
| RBC Capital | Daniel Perlin | $696 | $595.3 | +9.5% | Aug 31, 2026 |
| Wolfe Research | Analyst unavailable | $740 | $599.86 | +16.4% | Aug 25, 2026 |
| Truist Financial | Matthew Coad | $633 | $573.58 | -0.4% | Aug 5, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $695 | $577.87 | +9.3% | Aug 3, 2026 |
| RBC Capital | Analyst unavailable | $642 | $571.74 | +1.0% | Jul 31, 2026 |
| Raymond James | Analyst unavailable | $632 | $571.71 | -0.6% | Jul 31, 2026 |
| UBS | Analyst unavailable | $670 | $569.54 | +5.4% | Jul 31, 2026 |
| Morgan Stanley | Analyst unavailable | $681 | $577.35 | +7.1% | Jul 31, 2026 |
| KeyBanc | Analyst unavailable | $680 | $577.35 | +7.0% | Jul 31, 2026 |
| Barclays | Nik Cremo | $660 | $577.35 | +3.8% | Jul 31, 2026 |
| Goldman Sachs | Analyst unavailable | $701 | $577.35 | +10.3% | Jul 30, 2026 |
| Truist Financial | Matthew Coad | $554 | $530.29 | -12.9% | Jul 24, 2026 |
| Barclays | Analyst unavailable | $640 | $531.62 | +0.7% | Jul 8, 2026 |
| Robert W. Baird | David Koning | $680 | $533.1 | +7.0% | Jul 7, 2026 |
| Piper Sandler | Bill Carcache | $597 | $509.64 | -6.1% | Jun 29, 2026 |
| Truist Financial | Analyst unavailable | $561 | $497.81 | -11.8% | May 12, 2026 |
| Macquarie | Paul Golding | $665 | $495.46 | +4.6% | May 1, 2026 |
| Morgan Stanley | Analyst unavailable | $679 | $495.2 | +6.8% | May 1, 2026 |
| UBS | Analyst unavailable | $640 | $501.29 | +0.7% | May 1, 2026 |
| Raymond James | Analyst unavailable | $609 | $503.4 | -4.2% | May 1, 2026 |
| Susquehanna | Analyst unavailable | $665 | $502.92 | +4.6% | May 1, 2026 |
| Truist Financial | Analyst unavailable | $590 | $500.86 | -7.2% | Apr 24, 2026 |
| BMO Capital | Andrew Bauch | $605 | $511.35 | -4.8% | Apr 21, 2026 |
| Tigress Financial | Ivan Feinseth | $735 | $497.55 | +15.6% | Mar 13, 2026 |
| Truist Financial | Analyst unavailable | $611 | $545.06 | -3.9% | Feb 10, 2026 |
| Daiwa | Kazuya Nishimura | $610 | $555.37 | -4.0% | Feb 2, 2026 |
| Morgan Stanley | James Faucette | $678 | $543.73 | +6.7% | Jan 30, 2026 |
| Goldman Sachs | Analyst unavailable | $739 | $543.73 | +16.2% | Jan 29, 2026 |
| Wells Fargo | Analyst unavailable | $668 | $543.73 | +5.1% | Jan 29, 2026 |
| Raymond James | John Davis | $631 | $542.07 | -0.7% | Jan 29, 2026 |
| Redburn Partners | Fahed Kunwar | $685 | $520.41 | +7.8% | Jan 28, 2026 |
| Cantor Fitzgerald | Analyst unavailable | $650 | $527.36 | +2.2% | Jan 26, 2026 |
| Truist Financial | Analyst unavailable | $609 | $534.12 | -4.2% | Jan 20, 2026 |
| Compass Point | Analyst unavailable | $735 | $566.28 | +15.6% | Jan 13, 2026 |
| Evercore ISI | Analyst unavailable | $610 | $563.47 | -4.0% | Dec 12, 2025 |
| HSBC | Analyst unavailable | $633 | $545.52 | -0.4% | Dec 7, 2025 |
| Tigress Financial | Analyst unavailable | $730 | $551.55 | +14.8% | Nov 6, 2025 |
| Morgan Stanley | Analyst unavailable | $665 | $547.3 | +4.6% | Oct 31, 2025 |
| UBS | Analyst unavailable | $700 | $547.3 | +10.1% | Oct 31, 2025 |
| Compass Point | Dominick Gabriele | $620 | $547.3 | -2.5% | Oct 31, 2025 |
| Goldman Sachs | Analyst unavailable | $713 | $553.68 | +12.2% | Oct 30, 2025 |
| Truist Financial | Matthew Coad | $638 | $580.3 | +0.4% | Oct 24, 2025 |
| KeyBanc | Analyst unavailable | $665 | $572.03 | +4.6% | Oct 22, 2025 |
| Wells Fargo | Analyst unavailable | $669 | $572.03 | +5.2% | Oct 21, 2025 |
| Robert W. Baird | Analyst unavailable | $660 | $580.45 | +3.8% | Oct 6, 2025 |
| Seaport Global | Jeff Cantwell | $616 | $553.02 | -3.1% | Jul 14, 2025 |
| Wolfe Research | Analyst unavailable | $655 | $542.35 | +3.0% | Jun 23, 2025 |
| Goldman Sachs | Will Nance | $633 | $547.38 | -0.4% | Apr 2, 2025 |
| Barclays | Ramsey El-Assal | $650 | $555.43 | +2.2% | Feb 3, 2025 |
| Monness | Gus Gala | $640 | $555.43 | +0.7% | Jan 31, 2025 |
| Raymond James | John Davis | $640 | $555.43 | +0.7% | Jan 31, 2025 |
| UBS | Timothy Chiodo | $660 | $555.43 | +3.8% | Jan 31, 2025 |
| KeyBanc | Alex Markgraff | $630 | $555.43 | -0.9% | Jan 31, 2025 |
| Morgan Stanley | James Faucette | $654 | $519.96 | +2.9% | Dec 18, 2024 |
| Mizuho Securities | Dan Dolev | $570 | $522.17 | -10.3% | Nov 15, 2024 |
| BMO Capital | Rufus Hone | $565 | $521.22 | -11.1% | Nov 14, 2024 |
| Morgan Stanley | James Faucette | $544 | $504.8 | -14.4% | Nov 11, 2024 |
| Susquehanna | James Friedman | $605 | $508.08 | -4.8% | Nov 1, 2024 |
| Bernstein | Harshita Rawat | $560 | $515.01 | -11.9% | Oct 22, 2024 |
| Jefferies | Surinder Thind | $580 | $502.26 | -8.8% | Oct 14, 2024 |
| Barclays | Ramsey El-Assal | $576 | $499.95 | -9.4% | Oct 10, 2024 |
| KeyBanc | Alex Markgraff | $515 | $492.11 | -19.0% | Sep 12, 2024 |
| Compass Point | Dominick Gabriele | $525 | $482.12 | -17.4% | Sep 3, 2024 |
| Loop Capital Markets | Rufus Hone | $520 | $462.41 | -18.2% | Aug 1, 2024 |
| Susquehanna | James Friedman | $540 | $459.49 | -15.1% | Aug 1, 2024 |
| BMO Capital | Rufus Hone | $520 | $466.8 | -18.2% | Aug 1, 2024 |
| Seaport Global | Jeff Cantwell | $521 | $466.8 | -18.0% | Aug 1, 2024 |
| Citigroup | Andrew Schmidt | $538 | $463.71 | -15.4% | Aug 1, 2024 |
| Barclays | Ramsey El-Assal | $530 | $443.58 | -16.6% | May 6, 2024 |
| Goldman Sachs | Will Nance | $517 | $441.74 | -18.7% | May 2, 2024 |
| Seaport Global | Jeff Cantwell | $518 | $439.74 | -18.5% | May 2, 2024 |
| Raymond James | John Davis | $497 | $442.07 | -21.8% | May 2, 2024 |
| RBC Capital | Daniel Perlin | $500 | $442.07 | -21.3% | May 2, 2024 |
| Robert W. Baird | David Koning | $545 | $460.16 | -14.3% | Apr 18, 2024 |
| BMO Capital | Rufus Hone | $490 | $460.92 | -22.9% | Feb 1, 2024 |
| BMO Capital | James Fotheringham | $488 | $391.9 | -23.2% | Jul 28, 2023 |
| Mizuho Securities | Dan Dolev | $400 | $376.43 | -37.1% | May 2, 2023 |
| UBS | Analyst unavailable | $441 | $346.25 | -30.6% | Dec 15, 2022 |
| Wells Fargo | Analyst unavailable | $405 | $344.56 | -36.3% | Dec 15, 2022 |
| Morgan Stanley | Analyst unavailable | $441 | $289.45 | -30.6% | Oct 3, 2022 |
| BMO Capital | James Fotheringham | $422 | $352.16 | -33.6% | Aug 9, 2022 |
| Truist Financial | Analyst unavailable | $440 | $352.16 | -30.8% | Jul 29, 2022 |
| Mizuho Securities | Analyst unavailable | $385 | $352.77 | -39.4% | Jul 29, 2022 |
| Susquehanna | Analyst unavailable | $400 | $352.77 | -37.1% | Jul 29, 2022 |
| Raymond James | Analyst unavailable | $417 | $354.3 | -34.4% | Jul 29, 2022 |
| Morgan Stanley | Analyst unavailable | $457 | $354.46 | -28.1% | Jul 29, 2022 |
| J.P. Morgan | Analyst unavailable | $425 | $340.38 | -33.1% | Jul 20, 2022 |
| Wells Fargo | Analyst unavailable | $400 | $322.86 | -37.1% | Jul 13, 2022 |
| Truist Financial | Andrew Jeffrey | $420 | $323.06 | -33.9% | Jul 10, 2022 |
| Piper Sandler | Analyst unavailable | $298 | $319.26 | -53.1% | Jul 6, 2022 |
| Mizuho Securities | Analyst unavailable | $375 | $313.36 | -41.0% | Jul 1, 2022 |
| Barclays | Analyst unavailable | $430 | $359.42 | -32.4% | May 2, 2022 |
| Williams Trading | Trevor Williams | $440 | $353.43 | -30.8% | May 2, 2022 |
| Barclays | James Fotheringham | $402 | $363.38 | -36.8% | Apr 29, 2022 |
| BMO Capital | Analyst unavailable | $402 | $363.38 | -36.8% | Apr 29, 2022 |
| Morgan Stanley | Analyst unavailable | $452 | $368.45 | -28.9% | Apr 29, 2022 |
| RBC Capital | Analyst unavailable | $417 | $378.83 | -34.4% | Apr 29, 2022 |
| Piper Sandler | Analyst unavailable | $357 | $378.83 | -43.8% | Apr 29, 2022 |
| Robert W. Baird | David Koning | $470 | $354.6 | -26.1% | Apr 25, 2022 |
| Morgan Stanley | Analyst unavailable | $442 | $374.26 | -30.5% | Apr 21, 2022 |
| Barclays | Ramsey El-Assal | $420 | $363.32 | -33.9% | Apr 5, 2022 |
| Tigress Financial | Ivan Feinseth | $472 | $330.76 | -25.8% | Mar 4, 2022 |
| Mizuho Securities | Dan Dolev | $435 | $382.2 | -31.6% | Feb 6, 2022 |
| Raymond James | John Davis | $447 | $381.98 | -29.7% | Jan 28, 2022 |
| Morgan Stanley | James Faucette | $449 | $381.98 | -29.4% | Jan 28, 2022 |
| Deutsche Bank | Bryan Keane | $420 | $350.04 | -33.9% | Jan 27, 2022 |
| Cowen & Co. | Georgios Mihalos | $444 | $363.5 | -30.2% | Jan 20, 2022 |
| Raymond James | John Davis | $453 | $372.14 | -28.7% | Jan 16, 2022 |
| Wedbush | Moshe Katri | $380 | $336.11 | -40.2% | Dec 20, 2021 |
| Daiwa | Kazuya Nishimura | $385 | $360.55 | -39.4% | Aug 12, 2021 |
| Compass Point | Michael Del Grosso | $450 | $384.41 | -29.2% | Jul 30, 2021 |
| Evercore ISI | David Togut | $439 | $388.69 | -30.9% | Jul 15, 2021 |
| Citigroup | Ashwin Shirvaikar | $448 | $388.69 | -29.5% | Jul 15, 2021 |
| Macquarie | Paul Golding | $425 | $380.1 | -33.1% | Apr 30, 2021 |
| Susquehanna | James Friedman | $450 | $380.1 | -29.2% | Apr 30, 2021 |
| Credit Suisse | Moshe Orenbuch | $415 | $380.1 | -34.7% | Apr 30, 2021 |
| Piper Sandler | Christopher Donat | $370 | $386.96 | -41.8% | Apr 29, 2021 |
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Start freeCompany context
Snapshot as of publicationMastercard Incorporated is a global technology firm specializing in providing transaction processing and a wide array of payment solutions, operating across the United States and internationally. Its core business centers on enabling the entire payment transaction lifecycle – including authorization, clearing, and settlement – alongside offering a spectrum of complementary payment services. The company provides a comprehensive suite of integrated products and value-added services to a diverse clientele, which includes individual account holders, merchants, financial institutions, businesses, governments, and other organizations.…
Historical context
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| ICE Intercontinental Exchange, Inc. | FY2026 Q3 · Calendar Q4 2026 | — | +5.5% | ICE posts record Q3 as data, energy and rates growth accelerates |
Latest beats and misses
Who reports nextBeat on EPS
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One email per quarter with the scorecard, the market reaction and what changed on the call. No account needed.
Sources
- Earnings call transcript and parsed analysis · 2026-10-29T18:12:58.985234+00:00
- FN2 earnings calendar · 2026-10-29T01:23:20.584741+00:00
- Polygon adjusted daily market bars · 2026-10-30T00:50:44.938246+00:00
- Financial Modeling Prep analyst price-target consensus and quote snapshot · 2026-10-30T00:50:44.935555+00:00
Methodology
Reported and consensus figures come from FN2's earnings event records. Market reaction and volume are calculated from daily adjusted bars around the event; abnormal move subtracts the SPY move over the same window.
Analyst target low, average, and high values are derived at request time from each named analyst's latest persisted FMP target. The current-price marker comes from FN2's persisted market snapshot. They are sell-side estimates, not an FN2 valuation or recommendation.
Transcript intelligence is a structured synthesis of the current and prior earnings-call analyses. Missing values stay missing and are never estimated.
By FN2 Research · Updated · As of 2026-10-30. For educational purposes only; not investment advice.