Mastercard (MA) official guidance

And finally, we expect a non-GAAP tax rate in the range of 20%-21% for both Q3 and Q4.

And finally, we expect a non-GAAP tax rate in the range of 20%-21% for both Q3 and Q4.

We expect a minimal impact from inorganic activity and a headwind of 0.5-1 PPT from foreign exchange on a full year basis.

We anticipate a 0.5 PPT headwind from inorganic activity, while foreign exchange is forecasted to be a tailwind of approximately zero to 0.5 PPT for the quarter.

We anticipate minimal impact from inorganic activity and a tailwind of approximately 1 PPT from foreign exchange.

We expect a minimal impact from inorganic activity and a headwind of approximately 0.5 PPT from foreign exchange, given the recent trajectory of the U.S. dollar.

We anticipate a 0.5 PPT headwind from inorganic activity, while foreign exchange is forecasted to be a tailwind of approximately zero to 0.5 PPT for the quarter.

As it relates to operating expenses, year-over-year growth is expected to remain at the low double digits range versus a year ago on a currency neutral basis, excluding inorganic activity and special items.

From an operating expense standpoint, we expect Q3 growth to be at the low double digits range versus a year ago on a currency neutral basis, excluding inorganic activity and special items.

Other items to keep in mind, on other income and expense, in Q3, we expect an expense of approximately $125 million.

As it relates to Q3, we expect that our rebates and incentives as a percentage of our payment network assessments will be slightly higher than it was in Q2.

As we look to the full year of 2026, we expect net revenue growth to be at the high end of low double digits range on a currency neutral basis, excluding inorganic activity.

As it relates to our expectations for the third quarter of 2026, year-over-year net revenue growth is expected to be at the high end of low double digits range on a currency neutral basis, excluding inorganic activity.

We expect a 0.5 PPT-1 PPT tailwind from the disposition and a headwind of 0.5 PPT-1 PPT from foreign exchange on a full year basis.

We anticipate a 0 PPT-1 PPT benefit from the disposition, while foreign exchange is forecasted to be a headwind of approximately 0 PPT-1 PPT for the quarter.

Finally, we expect a non-GAAP tax rate in the range of 20%-21% for both Q2 and the full year.

Finally, we expect a non-GAAP tax rate in the range of 20%-21% for both Q2 and the full year.

We anticipate a 0 PPT-1 PPT benefit from the disposition, while foreign exchange is forecasted to be a headwind of approximately 0 PPT-1 PPT for the quarter.

This includes our current estimates for the impacts from the conflict in the Middle East, without which we would have expected Q2 growth to be generally in line with the first quarter on a currency-neutral basis. We expect minimal impact from a disposition that we anticipate to close within the quarter and a tailwind of approximately 1 PPT-2 PPT from foreign exchange.

From an operating expense standpoint, we expect Q2 growth to be at the low end of low double-digits range versus a year ago, again, on a currency-neutral basis, excluding inorganic activity.

On other income and expense, in Q2, we expect an expense of approximately $150 million.

As it relates to our expectations for the second quarter of 2026, year-over-year net revenue growth is expected to be at the low end of low double-digits range on a currency-neutral basis, excluding inorganic activity.

Finally, we expect a non-GAAP tax rate in the range of 20%-21% for the full year and approximately 19%-20% for Q1.

Foreign exchange is forecasted to be a headwind of approximately 2.5 PPT for the quarter.

We estimate a tailwind of approximately 3.5-4 PPT from foreign exchange for the quarter.

From an operating expense standpoint, we expect Q1 growth to be in the high end of high single-digit range versus a year ago, again on a currency-neutral basis, excluding inorganic activity and special items.

On other income and expenses, in Q1, we expect an expense of approximately $50 million, including the benefit from the government grants previously discussed.

Separately, as Michael mentioned, based on the recent strategic review of our business, we expect to record a one-time restructuring charge in Q1 of approximately $200 million.

Now turning to the first quarter of 2026, year-over-year net revenue growth is expected to be at the low end of a low double digits range on a currency-neutral basis, excluding inorganic activity.

Acquisitions are forecasted to increase the OpEx growth rate for the year by 4-5 ppt, while we expect a headwind of 0-1 ppt from foreign exchange.

Acquisitions are forecasted to add 4-5 ppt to this OpEx growth, while we expect an approximately 2 ppt headwind from foreign exchange for the quarter.

Acquisitions are expected to add 1-1.5 ppt to this growth rate for the year and we estimate a tailwind of 1-2 ppt from foreign exchange.

Acquisitions are forecasted to add 1%-1.5 ppt to the net revenue growth rate and we expect a tailwind of 4-4.5 ppt from foreign exchange for the quarter.

We expect our non-GAAP tax rate to be around 21% for Q4 and between 20.5% and 21% for the full year.

We expect our non-GAAP tax rate to be around 21% for Q4 and between 20.5% and 21% for the full year.

Acquisitions are forecasted to increase the OpEx growth rate for the year by 4-5 ppt, while we expect a headwind of 0-1 ppt from foreign exchange.

Acquisitions are forecasted to add 4-5 ppt to this OpEx growth, while we expect an approximately 2 ppt headwind from foreign exchange for the quarter.

Acquisitions are expected to add 1-1.5 ppt to this growth rate for the year and we estimate a tailwind of 1-2 ppt from foreign exchange.

Acquisitions are forecasted to add 1%-1.5 ppt to the net revenue growth rate and we expect a tailwind of 4-4.5 ppt from foreign exchange for the quarter.

From an operating expense standpoint, we continue to expect growth to be at the low end of a low double-digits range versus a year ago on a currency-neutral basis excluding acquisitions and special items.

From an operating expense standpoint, we expect Q4 growth to be at the low double digits range versus a year ago, again on a currency-neutral basis excluding acquisitions and special items.

Other items to keep in mind on other income and expenses in Q4, we expect an expense of approximately $110 million.

Now turning to the full year 2025, we continue to expect net revenues to grow at the low teens range on a currency-neutral basis excluding acquisitions.

We expect year-over-year net revenue growth to be at the high end of a low double digits range on a currency-neutral basis excluding acquisitions.