V vs MA: Visa vs Mastercard Stock Comparison
Visa (V) and Mastercard (MA) run the world’s two largest card networks, earning a small fee on trillions of dollars of payments without taking credit risk. Visa is bigger by volume and revenue; Mastercard has grown slightly faster. Both are investing in value-added services, stablecoins and AI-driven “agentic” commerce.
V vs MA: 1-year performance
Our take
Near-identical toll roads, slightly different gears. Visa’s September quarter revenue rose 13% to $12.1B and it raised its dividend 16%; Mastercard grew 14% to $9.8B with EPS up 22%. Both have ~60% operating margins and similar premium valuations. The swipe-fee settlement, the Credit Card Competition Act and the DOJ’s debit case against Visa are the main risks; Visa’s fiscal 2027 outlook implies slower growth than Mastercard’s recent pace.
Prices and returns on this page update live; company figures are from company filings and announcements. Not investment advice.
V strengths
Visa- Scale. Fiscal 2026 net revenue $45.9B (+15%); about 281B processed transactions a year.
- Value-added services. About $14B of annual VAS revenue, growing ~30% in constant dollars.
- Capital returns. Dividend raised 16% to $0.78 a quarter; $25.6B returned to shareholders in fiscal 2026.
MA strengths
Mastercard- Slightly faster growth. Q3 2026 net revenue $9.8B (+14%) and EPS $5.28 (+22%); cross-border volume +11%.
- Margin expansion. Operating margin ~60% and rising; services and data business growing faster than core payments.
- Stablecoin infrastructure. Acquired BVNK (up to $1.8B) to add stablecoin payment rails.
Key risks
- V DOJ debit monopolization lawsuit (trial likely 2028).
- V Fiscal 2027 guidance slows revenue growth to low double digits.
- V Swipe-fee settlement cuts credit interchange and lets merchants decline premium cards.
- MA Same settlement and regulatory risks as Visa, including the Credit Card Competition Act.
- MA Cross-border e-commerce growth slowed in Q3 2026 on intra-Europe volume.
- MA Higher debt than Visa (~$23.9B) and a $202M restructuring charge in 2026.
Total return
Split- and dividend-adjusted.
Quarterly revenue
Q2 2025 – Q3 2026 (Visa fiscal quarters end Sep/Dec/Mar/Jun).
Revenue growth y/y
Reported net revenue growth vs the same quarter a year earlier.
VMA
V vs MA returns
Split- and dividend-adjustedTotal return includes reinvested dividends. The 5-year return is in the table only.
Risk (1 year)
| Metric | V | MA |
|---|---|---|
| Annualized volatility | – | – |
| Max drawdown | – | – |
| Below 52-week high | – | – |
| Correlation of daily returns | – | |
Quarterly revenue ($M)
| Symbol | Q2 25 | Q3 25 | Q4 25 | Q1 26 | Q2 26 | Q3 26 |
|---|---|---|---|---|---|---|
| V | 10,172.0 | 10,724.0 | 10,901.0 | 11,230.0 | 11,633.0 | 12,139.0 |
| MA | 8,133.0 | 8,602.0 | 8,806.0 | 8,398.0 | 9,277.0 | 9,807.0 |
V vs MA fundamentals
Quarter ended Sep 30, 2026 (Visa fiscal Q4)| Metric | V | MA | Edge |
|---|---|---|---|
| Market cap (live) | – | – | – |
| P/E ratio (live, trailing) | – | – | – |
| Dividend yield (live, on current annual rate) | – | – | – |
| Net revenue | $12.1B (+13%) | $9.8B (+14%) | MA |
| EPS growth | Non-GAAP +17% | GAAP +22%, adjusted +21% | MA |
| Payments volume growth | +9% (constant dollars) | GDV +7% (local currency) | V |
| Cross-border volume growth | +14% | +11% | V |
| Processed / switched transactions | +10% | +9% | V |
| Operating margin | 59.8% | 59.8% | – |
| Outlook | FY27 revenue growth low double digits | Q4 revenue growth high end of low double digits | – |
| Cash / total debt | – / – | $10.1B / $23.9B | – |
| Annual dividend per share | $3.12 (+16%) | $3.48 (+14%) | – |
| Buybacks (latest quarter) | $4.0B | $3.0B | V |
Deals, contracts and corporate actions timeline
| Date | Co. | Counterparty | Deal | Value |
|---|---|---|---|---|
| Oct 28–29, 2026 | V | Results | Visa FY26 revenue $45.9B (+15%), dividend +16%; Mastercard Q3 revenue +14%, EPS +22% | – |
| Sep 30, 2026 | V | Open USD | Open USD stablecoin live on the Visa Stablecoin Platform (beta launched Jul 16, 2026) | – |
| Aug 2026 | MA | BVNK | Acquisition of the stablecoin infrastructure company closed (agreed Mar 17, 2026) | up to $1.8B |
| Aug 3, 2026 | V | BioCatch | Agreement to acquire the behavioral fraud-detection company; closing expected by March 2027 | $2.4B |
| Jun 9, 2026 | V | US merchants (with MA) | Preliminary court approval of the revised swipe-fee settlement: credit rates cut 10 bps for 5 years, 1.25% cap on standard cards, merchants may decline premium cards | ~$38B |
| Jan 2026 | V | US Congress (with MA) | Credit Card Competition Act reintroduced with presidential support; no vote yet | – |
| Dec 9, 2025 | MA | Shareholders | Quarterly dividend raised 14% to $0.87; new $14B buyback | $14B |
| Nov 2025 | MA | US merchants (with V) | Revised interchange settlement announced after the 2024 version was rejected | ~$38B |
| Sep 2024 – ongoing | V | US DOJ | Debit monopolization lawsuit; trial not expected before 2028 | – |
V vs MA analysis
A duopoly with similar economics
Visa and Mastercard sit between banks and merchants and take a small fee on each transaction. Both earn operating margins near 60% and need little capital, which is why they trade at premium multiples.
Growth drivers
Cross-border travel and e-commerce are the most profitable volumes; Visa grew cross-border 14% last quarter, Mastercard 11%. Value-added services (fraud, data, tokenization) are growing faster than core payments at both, and both are adding stablecoin settlement.
Regulation is the swing factor
The revised merchant settlement, if finally approved, lowers credit interchange and loosens honor-all-cards rules. The Credit Card Competition Act would force routing competition on credit cards. Visa alone also faces the DOJ debit case.
Valuation
The two trade at similar P/E multiples (live figures above). Mastercard has slightly faster EPS growth; Visa has larger scale and a lower debt load relative to earnings.
What to watch
Final approval of the settlement and any appeal, consumer spending and travel trends, stablecoin and agentic-commerce adoption, and Mastercard’s 2027 outlook.
V vs MA FAQ
Which is bigger, Visa or Mastercard?
Visa. Its fiscal 2026 net revenue was $45.9 billion, and its September 2026 quarter revenue was $12.1 billion vs $9.8 billion for Mastercard.
Which is growing faster, V or MA?
Mastercard grew net revenue 14% in Q3 2026 vs 13% for Visa, and its EPS grew faster (+22% vs +17% non-GAAP).
Which pays a higher dividend?
Mastercard pays $3.48 a year per share and Visa $3.12 after a 16% increase. Yields are low for both (live figures above) because most cash is returned through buybacks.
What is the Visa Mastercard swipe-fee settlement?
A revised settlement with US merchants, preliminarily approved in June 2026, cuts credit interchange by 10 basis points for five years, caps standard consumer card rates at 1.25% and lets merchants decline premium cards. Plaintiffs value it at about $38 billion.