Visa vs Mastercard: revenue growth, margins and earnings
Compare Visa and Mastercard using reported net revenue, GAAP operating margins and earnings for April–June 2026.
Reviewed September 24, 2026 · USD · US GAAP · Quarter Chart calculations
How do revenue growth and profitability compare?
Visa reported higher net revenue and slightly faster revenue growth. Mastercard had the higher GAAP operating margin. Both grew net revenue by about 14% year over year.
Reported quarterly results
Both results cover April 1–June 30, 2026. Visa labels this Q3 FY2026 and Mastercard labels it Q2 2026. Each growth rate compares the same April–June period in 2025.
| Company | Fiscal quarter | Quarter ended | Net revenue | Revenue YoY | Operating margin |
|---|---|---|---|---|---|
| Visa | Q3 FY2026 | 2026-06-30 | $11.63B | +14.4% | 59.1% |
| Mastercard | Q2 FY2026 | 2026-06-30 | $9.28B | +14.1% | 60.2% |
| Company | Net income | Diluted EPS |
|---|---|---|
| Visa | $5.63B | $2.97 |
| Mastercard | $4.39B | $4.97 |
How to read the payments comparison
Net revenue measures what the companies recognize as revenue. It is different from the total value of payments moving across their networks. Differences in incentives, services and geography also affect the comparison.
These GAAP margins include expenses that adjusted figures may exclude. Visa’s quarter included severance costs and a litigation provision, so the margin gap should be read alongside the original statements.
Diluted EPS is profit per share. Different share counts mean a higher EPS number alone does not make one company more profitable or its stock cheaper. Visa EPS below refers to Class A shares.
This comparison is a dated snapshot, not an investment ranking. Company pages may show newer results. We update this page after reviewing the next set of issuer reports.
How we calculate these figures
Revenue growth = (current quarterly revenue ÷ revenue in the same quarter a year earlier − 1) × 100. Operating margin = quarterly GAAP operating income ÷ quarterly revenue × 100. For Visa and Mastercard, the denominator is net revenue.
We calculate from disclosed USD totals and round percentages to one decimal place. Growth uses reported dollars, including currency effects. Source reports, announcement dates and table locations are under Sources & methodology in the footer.