Earnings Review: Innovating, partnering and executing to drive shareholder value

We have built a strategy and an organizational structure that gives us flexibility and control to manage our business even in uncertain times. In today’s report of Mastercard’s first-quarter 2025 performance, you saw that intentional design at work.

• Net revenue growth of 17% year over year on a currency-neutral basis
• Value-added services and solutions net revenue growth of 18% year over year on a currency-neutral basis
• Cross-border volume growth of 15% year over year on a local currency basis

If you follow our business, you are likely familiar with our deliberate diversification, from both a geographic and product perspective. Similarly, there is a focus and a balance to execute on our short-, medium- and long-term objectives.

At the end of the day, we are focused on driving continued and sustained growth. The best way to do that, I have found, is to control the things you can, while planning for potential scenarios. Our flexible model enables that. It creates an adaptable ecosystem that strengthens our resilience amid macro and geopolitical shifts and enables us to serve a wider customer base, enter new markets and sharpen our competitive edge. Let’s dive into a few highlights from the quarter.

Choice in how to pay: This week’s announcement of Mastercard Agent Pay is a great example of how technology is delivering on what people want — easy and secure ways to pay that fit their lives. It’s early days, but we are leaning into using technology — like our Agentic Tokens — to redefine shopping and paying for the AI era. It’s a great complement to our card, crypto and real-time payments programs.

One reliable partner: At our Investment Community Meeting last fall, we shared a view on the opportunity to bring technology, reliability and a better experience to B2B payments. Our expanded relationship with Corpay brings additional capabilities that allow financial institutions to receive a comprehensive set of cross-border payment options addressing both carded and non-carded flows. 

Peace of mind: Whether at home or running a business, a common desire is to ensure your information and your money are protected. It comes in many forms, such as our Zero Liability protection and our AI-powered fraud scoring and detection. Now Recorded Future is adding to that with a new capability to proactively identify malware threats and prevent harm to a business or government.

Our teams are what make these technologies a reality. Their deep customer relationships, local market expertise and ability to “think globally and act locally” are core to our execution. And together we are focused on continuing to deliver for our customers, partners and shareholders.