Net revenue from value-added services and solutions increased 16%, while net revenue from the payment network increased 13%. This indicates a successful strategy of diversifying revenue streams.

Acquisitions completed in 2024 contributed a 1 percentage point increase to the overall net revenue growth of 14%. This shows that the company's M&A strategy is contributing to top-line expansion.

During the quarter, the company repurchased 4.7 million shares of common stock for $2.5 billion and paid dividends of $694 million. This indicates a commitment to returning capital to shareholders.

Mastercard has accrued a liability of $679 million related to the U.S. MDL Litigation Cases and is engaged in several other legal proceedings. The potential outcome of these proceedings could have a material adverse effect on the company's financial condition.

The company's gross settlement exposure is $76.3 billion, but this is mitigated by risk mitigation arrangements of $13.7 billion, resulting in a net settlement exposure of $62.6 billion. Mastercard actively manages this risk through various policies and procedures.

Mastercard-branded GDV growth is driven by increases in both domestic and cross-border dollar volumes. This indicates a strong competitive position in both domestic and international markets.

Assessments are used internally by management to monitor operating performance as it allows for comparability and provides visibility into cardholder trends. Assessments do not represent our net revenue.

Depreciation and amortization expenses increased 27% year-over-year, primarily due to increased software capitalization driven by the continued growth of our business. This suggests ongoing investment in technology and innovation.

The company completed a debt offering in February 2025 for an aggregate principal amount of $1.25 billion. This provides additional financial flexibility for future investments and operations.

The effective income tax rate increased from 15.4% to 18.6%, primarily due to the 15% global minimum tax ('Pillar 2 Rules') that took effect in 2025. This reflects the impact of changing global tax regulations on the company's financial performance.