Visa vs Mastercard Business Model (2026)
Visa earns most from Data processing (50.0%), while Mastercard earns most from Payment network (59.4%). Computed from Visa 10-K FY2025 and Mastercard 10-K FY2025.
Last checked 2026-10-18 on the official pages.
Visa
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Services | $17,539 million ($17.5 billion) | 43.8% | 10-K FY2025 ↗ |
| Data processing | $19,993 million ($20.0 billion) | 50.0% | 10-K FY2025 ↗ |
| International transactions | $14,166 million ($14.2 billion) | 35.4% | 10-K FY2025 ↗ |
| Other revenue | $4,053 million ($4.1 billion) | 10.1% | 10-K FY2025 ↗ |
| Client incentives | $-15,751 million | -39.4% | 10-K FY2025 ↗ |
| Total revenue | $40,000 million ($40.0 billion) | — | 10-K FY2025 ↗ |
Mastercard
Amounts in millions of USD. Shares are computed from the filing.
| Revenue line | Value | % of total | Filing |
|---|---|---|---|
| Payment network | $19,476 million ($19.5 billion) | 59.4% | 10-K FY2025 ↗ |
| Value-added services and solutions | $13,315 million ($13.3 billion) | 40.6% | 10-K FY2025 ↗ |
| Total revenue | $32,791 million ($32.8 billion) | — | 10-K FY2025 ↗ |
Shared business models
Company and model pages
Visa: Payments network
Mastercard: Payments network
Frequently asked questions
How does Visa make money?
Visa makes money mainly from Data processing. Its FY2025 total revenue was $40,000 million ($40.0 billion), with Data processing the biggest disclosed revenue line at $19,993 million ($20.0 billion) and 50.0% of total revenue (computed from the 10-K FY2025). Visa’s service and processing revenues depend on payment volume and processed transactions.
How does Mastercard make money?
Mastercard makes money mainly from Payment network. Its FY2025 total revenue was $32,791 million ($32.8 billion), with Payment network the biggest disclosed revenue line at $19,476 million ($19.5 billion) and 59.4% of total revenue (computed from the 10-K FY2025). Mastercard complements its payment network with services sold for fixed or transaction-based fees.