Mastercard
31 named things its latest annual report says its results depend on, each in the company's own words. 22 of them are also named by other companies we've read.
Customers
Other companies
Mastercard Foundation
greater than 5% of our general voting powernamed as a riskMastercard Foundation owns shares of our Class A common stock representing greater than 5% of our general voting power.Risk factors (Item 1A)
Cross-border transactions
earns fromnamed as a riskWe switch substantially all cross-border transactions using Mastercard, Maestro and Cirrus-branded cards and generate a significant amount of revenue from cross-border volume fees and fees related to switched transactions.Risk factors (Item 1A)
Recorded Future
named as a riskIn addition, the current or future listing of Recorded Future as an “undesirable” or “unreliable” entity by certain jurisdictions could further increase our risks in this area.Risk factors (Item 1A)
Competitors
Visa
competes withnamed as a riskWe compete worldwide with payments networks such as Visa, American Express, JCB, China UnionPay and Discover, among others.Business (Item 1)
Also named by AFRM, AXP, CASH, COF, EEFT, FIS, FISV, GPN and 6 more
American Express
competes withnamed as a riskWe compete worldwide with payments networks such as Visa, American Express, JCB, China UnionPay and Discover, among others.Business (Item 1)
FedNow
competes withnamed as a riskGovernment- and central bank-backed structures (such as the Brazilian Instant Payment System-PIX, FedNow in the U.S. and United Payments Interface (UPI) in India), are increasingly being considered as alternatives to traditional domestic payment solutions and schemes such as ours.Business (Item 1)
Discover
competes withnamed as a riskWe compete worldwide with payments networks such as Visa, American Express, JCB, China UnionPay and Discover, among others.Business (Item 1)
Also named by CASH
JCB
competes withnamed as a riskWe compete worldwide with payments networks such as Visa, American Express, JCB, China UnionPay and Discover, among others.Business (Item 1)
Also named by SUNB
PIX (Brazilian Instant Payment System)
competes withnamed as a riskGovernment- and central bank-backed structures (such as the Brazilian Instant Payment System-PIX, FedNow in the U.S. and United Payments Interface (UPI) in India), are increasingly being considered as alternatives to traditional domestic payment solutions and schemes such as ours.Business (Item 1)
Also named by MELI
Unified Payments Interface (UPI)
competes withnamed as a riskGovernment- and central bank-backed structures (such as the Brazilian Instant Payment System-PIX, FedNow in the U.S. and United Payments Interface (UPI) in India), are increasingly being considered as alternatives to traditional domestic payment solutions and schemes such as ours.Business (Item 1)
Also named by V
China UnionPay
competes withnamed as a riskWe compete worldwide with payments networks such as Visa, American Express, JCB, China UnionPay and Discover, among others.Business (Item 1)
Places
Non-U.S. markets
earns from · approximately 71% of our revenuenamed as a riskDuring 2025, approximately 71% of our revenue was generated from activities outside the U.S., which could be transacted in a non-functional currency.Risk factors (Item 1A)
Also named by ABT, DELL, DOV, IBM, ITW, LRCX, MDLZ, PH and 4 more
Russia
operates innamed as a riskIn addition to the cross-border impacts described above, our compliance with sanctions and our decision to suspend our business operations in Russia has led, and could further lead, to other legal ramifications and operational challenges, including fines, the nationalization of our subsidiary and any resulting impacts, and/or lawsuits.Risk factors (Item 1A)
Also named by ALSN, ATR, AVY, AXP, BKR, BSX, C, CDNA and 50 more
India
subject tonamed as a riskThis is the case, for instance, in India, China and Saudi Arabia.Business (Item 1)
Also named by A, AAPL, ACN, AJG, AKAM, AMZN, AOS, AVGO and 54 more
South Africa
subject tonamed as a riskFor example, governments in some countries (such as South Africa) mandate switching of domestic payments either entirely in that country or by only domestic companies.Business (Item 1)
Also named by AIOT
Commodities and inputs
Euro
exposed to its price · approximately $405 millionnamed as a riskA hypothetical 10% adverse change in the value of the functional currencies could result in a fair value loss of approximately $405 million and $475 million on our foreign exchange derivative contracts outstanding at December 31, 2025 and 2024, respectively, before considering the offsetting effect of the underlying hedged activity.Market risk (Item 7A)
Also named by ABBV, ABNB, ABT, ADBE, ADI, AME, AMG, AMGN and 186 more
Regulators
U.S. Office of Foreign Assets Control (OFAC)
subject tonamed as a riskThe economic sanctions programs administered by OFAC restrict financial transactions and other dealings with certain countries and geographies (specifically Crimea, the Donetsk People’s Republic and Luhansk People’s Republic regions of Ukraine, Cuba, Iran and North Korea) and with persons and entities included in OFAC sanctions lists including its list of Specially Designated Nationals and Blocked Persons (the “SDN List”).Business (Item 1)
Also named by ABNB, ADP, AIG, APP, BMI, BMNR, BPOP, CAT and 46 more
Bank of England
subject tonamed as a riskAny prolonged service outage on this network could result in quickly escalating impacts, including potential intervention by the Bank of England and significant reputational risk to Vocalink and us.Risk factors (Item 1A)
Central Bank of Brazil
subject tonamed as a riskIn addition, Brazil recently enacted regulation requiring PSOs in Brazil (including Mastercard and Visa) to extend their responsibility for the financial and settlement integrity of payments to merchants.Risk factors (Item 1A)
Also named by AXP
New Zealand Commerce Commission
subject tonamed as a riskThe New Zealand Commerce Commission approved the implementation of caps on cross-border interchange for most types of card transactions, effective May 2026.Business (Item 1)
Laws and programs
General Data Protection Regulation (GDPR)
subject tonamed as a riskIn the EU, we are subject to the General Data Protection Regulation (the GDPR) and its equivalent in the U.K., which requires, among other things, a comprehensive privacy, data protection and information security program to protect the personal and sensitive data of EEA residents.Business (Item 1)
Also named by A, AB, ABNB, ADBE, ADP, AGX, AIOT, AJG and 100 more
EU AI Act
subject tonamed as a riskAs a user and deployer of AI technology, we are also subject to increasing and evolving laws and regulations related to AI governance, including the EU AI Act, and new applications of existing laws and regulations to AI.Risk factors (Item 1A)
Also named by ACN, ADBE, AMD, AXON, CGNX, CRM, CRWD, CTSH and 36 more
Regulation II (Durbin Amendment)
subject tonamed as a riskIn August and September of 2025, two separate Federal district courts issued conflicting decisions regarding the validity of the interchange cap set by the Federal Reserve in Regulation II (related to the Durbin Amendment to the Dodd-Frank Wall Street Reform and Consumer Protection Act).Business (Item 1)
EU Interchange Fee Regulation
subject tonamed as a riskExamples include statutes in the U.S. that cap debit interchange for certain regulated activities, proposed legislation in the U.S. to extend routing mandates to credit and the EU regulation capping consumer credit and debit interchange fees.Business (Item 1)
EU Payment Services Directive
subject tonamed as a riskAdditionally, strong authentication requirements within the EU’s Payment Services Directive in the EEA could increase the number of transactions consumers abandon if we are unable to secure a frictionless authentication experience under these standards.Risk factors (Item 1A)
Also named by DASH
EU systemic importance regulation (SIPS)
subject tonamed as a riskIn the European Union (the “EU”), Mastercard has been designated as a systemically important payment system (SIPS) and is subject to systemic importance regulation, which includes various requirements we must meet, including obligations related to governance and risk management.Business (Item 1)
No-surcharge rules (U.S. and Canada)
subject tonamed as a riskAdditionally, our no-surcharge rules now permit U.S. and Canadian merchants to surcharge credit cards (subject to certain limitations).Risk factors (Item 1A)
Rules Relief Class settlement
subject tonamed as a riskAny future limitations resulting from the outcomes of any litigation and litigation settlements (such as the Rules Relief Class settlement as described in Note 19 (Legal and Regulatory Proceedings) to the consolidated financial statements included in Part II, Item 8) or regulatory proceeding, including any changes to our rules or business practices, could impact our relationships with our customers, including reducing the volume of business that we do with them, which may materially and adversely affect our overall business and results of operations.Risk factors (Item 1A)
G20 Financial Stability Board cross-border payments targets
subject tonamed as a riskAdditionally, any regulation of interregional interchange fees could also negatively impact our cross-border activity (for example, the targets announced by the G20 Financial Stability Board related to cross-border payments).Risk factors (Item 1A)
GENIUS Act
subject toStablecoins and cryptocurrencies may become more popular as they potentially become more regulated around the globe (through laws such as the GENIUS Act, which in 2025 became the first major crypto legislation in the U.S.) and are increasingly perceived to provide immediacy, 24/7 accessibility, immutability and efficiency.Business (Item 1)
Also named by AUB, C, CFR, COF, COIN, CUBI, EWBC, FCNCA and 15 more