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Key Observation 

Mastercard CEO Michael Miebach summarized that the company achieved stronger-than-expected financial results in the second quarter of 2025, with net revenue growing 16% (on a non-GAAP currency-neutral basis) and adjusted net revenue growing 12% (on a non-GAAP currency-neutral basis). These achievements are attributed to the company's "winning strategy," diversified business model, and focus on executing growth algorithm priorities.

The company's performance in the second quarter of 2025 was strong, exceeding sell-side consensus for key Non-GAAP financial metrics such as revenue and Adjusted diluted EPS, and meeting the company's prior guidance range. Goldman Sachs, J.P. Morgan, and BofA all noted that Mastercard's quarterly report achieved a "beat and raise." Mastercard CEO Michael Miebach emphasized that the company's growth was primarily driven by the outstanding performance of its Value-added services and solutions (VAS) business and the continued recovery of International Air Transport Association international travel, which aligns with factors generally favored by the sell-side. Mastercard CFO Sachin Mehra highlighted that despite additional growth from foreign exchange fluctuations, the company performed excellently across all business lines, including payment network net revenue, drivers (such as strong consumer and commercial spending), and value-added services and solutions. J.P. Morgan noted that revenue growth was mainly driven by positive macroeconomic factors, especially foreign exchange fluctuations. BofA also emphasized that higher foreign exchange volatility in the early part of the quarter (April and May) provided additional momentum for revenue growth.

Goldman Sachs believes that despite macroeconomic and competitive uncertainties, Mastercard successfully navigated these challenges, with its stock performing exceptionally well, as investors recognized its strong beat and raise this quarter and optimistic guidance. Goldman Sachs pointed out that Mastercard's valuation multiples have compressed year-to-date, primarily due to its previous warnings of slower growth in the second half (mainly driven by tough comparables from large deal wins, rebates and incentives, and currency fluctuations). In this context, its 3Q25 low double-digit growth guidance compares favorably to Visa Inc.'s low double-digit growth, potentially supporting valuation expansion, all else being equal. Goldman Sachs remains bullish on Mastercard's leading growth capabilities, the accelerated growth of its Value-added Services and Solutions (VASS) business this quarter, and increasing revenue diversification. Based on its strong first-half performance, the company raised its full-year revenue guidance, reflecting management's confidence in future business trends. Sachin Mehra noted that, as currently observed, even excluding the impact of calendar days and social_security_payments timing differences, U.S. consumers still show "underlying strength." (For full content please see: Mastercard 2Q25 Earnings Review - Jason & his AI analyst)

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Key Observation 

Michael Miebach总结公司2025年第二季度取得了超预期的强劲财务业绩，净收入同比增长16%（非GAAP货币中性基础），调整后净收入同比增长12%（非GAAP货币中性基础），这些成果得益于公司“致胜战略”、多元化的业务模型以及对执行增长算法优先级的专注。

公司在2025年第二季度业绩表现强劲，在营收和Adjusted diluted EPS等关键Non-GAAP财务指标上均超出卖方共识，并达到了公司此前的指引区间。高盛、摩根大通和美银均指出，Mastercard本次季报实现了“超出预期并上调指引”（beat and raise）。Michael Miebach强调，公司的增长主要得益于增值服务（VAS）业务的卓越表现和国际旅行的持续复苏，这与卖方普遍看好的因素一致。Sachin Mehra强调，尽管有外汇波动带来的额外增长，但公司在各个业务线都表现出色，包括支付网络净收入、驱动因素（如强劲的消费者和商业支出）以及增值服务和解决方案。摩根大通指出，营收增长主要得益于宏观环境的积极影响，尤其是在外汇波动方面。美银也强调，当季初期（4月和5月）较高的外汇波动性为业绩增长提供了额外的动力。

高盛认为，尽管宏观经济和竞争存在不确定性，但Mastercard成功消化了这些挑战，其股价表现突出，投资者认可其本季度强劲的业绩超预期和乐观的指引。高盛指出，考虑到Mastercard今年以来估值倍数有所压缩，原因在于其曾提示下半年增长可能放缓（主要是因为前期大额业务赢单、回扣和奖励以及货币波动带来了更高的比较基数），在此背景下，其3Q25的低双位数增长指引与同行Visa的低双位数增长相比，表现更有利，有望在其他条件不变的情况下支持估值扩张。高盛继续看好Mastercard领先的增长能力、本季度VASS业务的加速增长以及不断提升的营收多元化。基于上半年的强劲表现，公司上调了全年营收指引，反映管理层对未来业务趋势的信心。Sachin Mehra指出，目前所见，即使剔除日历天数和social_security_payments时间差等影响，美国消费者仍然显示出“潜在实力”（underlying strength）。(全文详见: Mastercard 2Q25 Earnings Review - Jason & his AI analyst)