Mastercard delivered a robust start to 2025 (QQ1) with net revenues up 17% on a currency-neutral, non-GAAP basis and adjusted net income up 13% year over year, supported by continued growth in the payment network and a strong cadence of value-added services. The quarter benefited from acquisitions contributing roughly 1 percentage point to growth, a favorable mix in cross-border activity, and a tailwind from FX volatility that moderated rebates and incentives timing. Management signaled ongoing momentum in digital transformation initiatives, including tokenization, Agent Pay in the AI era, and crypto-onramp capabilities, while maintaining a diversified, resilient business model capable of absorbing macro uncertainty. Full-year guidance remained constructive, with net revenue expected to grow in the high end of a low double digits to low-teens range on a currency-neutral basis, excluding acquisitions, and acquisitions anticipated to add ~1–1.5 percentage points to growth; OpEx is guided to the low end of a low-double-digit range, with acquisitions adding roughly 4–5 percentage points to OpEx growth in Q2. Given Mastercard’s scale, cash generation, and breadth of services, the firm remains well-positioned to leverage secular trends in digital payments, cyber security, and data-enabled services, even as FX and macro headwinds persist.