Business Description

Item 1. Business Overview Mastercard is a technology company in the global payments industry. We connect consumers, financial institutions, merchants, governments, digital partners, businesses and other organizations worldwide by enabling electronic payments and making those payment transactions secure, simple, smart and accessible. We make payments easier and more efficient by providing a wide range of payment solutions and services using our family of well-known and trusted brands, including our primary brand Mastercard®, as well as our Maestro® and Cirrus® brands. We operate a payments network that provides choice and flexibility for consumers, merchants and our customers. Through our unique and proprietary global payments network, we switch (authorize, clear and settle) payment transactions. We have additional payments capabilities that include automated clearing house (“ACH”) transactions (both batch and real-time account-based payments). Using these capabilities, we offer consumer and commercial payment products, capture new payment flows and provide services and solutions. These services and solutions include, among others, security solutions, consumer acquisition and engagement services, business and market insights, digital and authentication, processing and gateway and other solutions, all of which draw on our principled and responsible use of secure data . Our capabilities strengthen, reinforce and complement each other and are fundamentally interdependent. For our global payments network, our franchise model sets the standards and ground-rules that balance value and risk across (and allow for interoperability among) all stakeholders. We employ a multi-layered approach to help protect the global payments ecosystem in which we operate. For a full discussion of our business, please see page 10. Our Performance The following are our key financial and operational highlights for 2025, including growth rates over the prior year: GAAP Net revenue Net income Diluted EPS $32.8B $15.0B $16.52 up 16% up 16% up 19% Non-GAAP 1 (currency-neutral growth rate) Adjusted net revenue Adjusted net income Adjusted diluted EPS $32.8B $15.4B $17.01 up 15% up 13% up 15% $14.5B $11.7B Repurchased shares $17.6B in capital returned to stockholders $2.8B Dividends paid cash flows from operations Gross dollar volume (growth on a local currency basis) Cross-border volume growth (on a local currency basis) Switched transactions $10.6T up 15% 175.5B up 9% up 10% 1 Non-GAAP results (including growth rates) exclude the impact of gains and losses on equity investments, Special Items and/or foreign currency. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Financial Results Overview” in Part II, Item 7 for the reconciliation to the most direct comparable GAAP financial measures. 6 MASTERCARD 2025 FORM 10-K PART I ITEM 1. BUSINESS The following chart provides gross dollar volume (“GDV”) and number of cards featuring our brands in 2025 for select programs and solutions: GDV Cards Year Ended December 31, 2025 As of December 31, 2025 Mastercard-branded Programs 1 (in billions) % Increase from December 31, 2024 (Local) % of Total GDV (in millions) % Increase from December 31, 2024 Consumer Credit $ 3,878 8 % 37 % 1,083 3 % Consumer Debit and Prepaid 2 5,349 9 % 50 % 2,134 11 % Commercial Credit and Debit 1,405 11 % 13 % 174 14 % 1 Excludes Maestro and Cirrus cards and volume generated by those cards. 2 Prepaid includes both consumer and commercial prepaid. For a full discussion of our results of operations, see “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Item II, Part 7. Our Strategy Our strategy centers on growing our core, diversifying our customers and geographies and building new areas for the future through a combination of organic and inorganic strategic initiatives. We are executing on this strategy through a focus on three priorities: • consumer payments • commercial and new payment flows • services and other solutions Our priorities strengthen, complement and reinforce each other and are fundamentally interdependent. Our Strategy Grow our core Diversify into new customers and geographies Build new areas for the future Our Strategic Priorities Consumer payments Commercial and new payment flows Services and other solutions Enabled by People Brand Data & AI Technology Franchise Doing well by doing good MASTERCARD 2025 FORM 10-K 7 PART I ITEM 1.…