Seventy-One Percent Outside AmericaNarrow moat

Mastercard (MA) — moat facet

More than 70% of Mastercard's revenue comes from outside the United States, where it grows faster and competes on better terms.

Mastercard is an American company with a mostly foreign revenue base. Revenue generated in the United States was approximately 29% of net revenue in 2025, 30% in 2024 and 30% in 2023, and no other country exceeded 10%1. By region, the Americas produced $14,044 million in 2025 and Asia Pacific, Europe, the Middle East and Africa $18,747 million2.

Net revenue by region, 2025 ($M)Asia Pacific, Europe, ME and Africa 18,747 — 57%Americas 14,044 — 43%Mastercard Form 10-K FY2025
The larger half is outside the Americas.

That spread matters for the moat. In the United States Mastercard is the smaller of two networks, with about 29.6% of their combined purchase volume3. Outside it, the balance is better and growth faster: gross dollar volume outside the United States rose 9.7% in 2025 to $7,413 billion4, against 6.0% at home to $3,220 billion5.

It also brings exposure the American networks' home market does not: currency, local regulation and national schemes. Mastercard's filing notes, for example, that its billing in Australia is in US dollars while consumer spending there is in Australian dollars6, and New Zealand is capping cross-border interchange from May 20267.

In the second quarter of 2026 the regional pattern held: Latin America grew 13.9%, Europe 8.5% and the United States 5.5% in local currency8.

The old regional presentation shows how the balance has moved. Mastercard reported North American Markets revenue of $8,359 million and International Markets revenue of $16,739 million in 20239, and under the newer split the Americas were $14,044 million and the rest of the world $18,747 million in 202510. By either definition most of the revenue is foreign. The practical consequence is currency: Mastercard's filing notes that gross dollar volume is converted at average rates and that its results move with the dollar11.

The foreign half is where Mastercard grows fastest. The share of net revenue from outside the United States is the one to follow; a fall back toward 65% would mean the faster-growing half has slowed.

Moat trajectory: Widening

Growth outside the US ran ahead of the US in 2025 and the latest quarter.

The number that tests this moat
Reported
US share of net revenue
About 29% (2025); 30% in 2024

The home market's weight; a rising US share would mean the faster-growing foreign half has slowed.

Source: Mastercard Form 10-K, FY2025 ↗
References
  1. ReportedRevenue generated in the United States was approximately 29% of net revenue in 2025, 30% in 2024 and 30% in 2023, and no other country exceeded 10%.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: net revenue by category, key metrics, rebates, geography and the five largest customers. — FY2025 · publ. 11 February 2026 · source ↗
  2. ReportedBy region, the Americas produced $14,044 million in 2025 and Asia Pacific, Europe, the Middle East and Africa $18,747 million.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: net revenue by category, key metrics, rebates, geography and the five largest customers. — FY2025 · publ. 11 February 2026 · source ↗
  3. Moat Explorer calcIn the United States Mastercard is the smaller of two networks, with about 29.6% of their combined purchase volume.
    Moat Explorer calculation from Mastercard's reported figures ($ millions unless stated). Gross payment network assessments 2025: 11,029 + 12,021 + 15,930 + 1,018 = 39,998; rebates 20,522 / 39,998 = 51.3%; 2024: 10,245 + 10,181 + 13,602 + 936 = 34,964, 17,629 / 34,964 = 50.4%; 2023: 15,182 / (15,824 + 15,182) = 49.0%; 2022: 8,794 + 6,597 + 10,646 + 766 = 26,803, 12,445 / 26,803 = 46.4%; 2021: 10,476 / (11,943 + 10,476) = 46.7%. Q2 2026: 5,997 / (5,451 + 5,997) = 52.4%; gross assessments growth (5,451 + 5,997) / (4,945 + 5,997 / 1.22) - 1 = about 16%. Old basis: 3,980 / 13,647 = 29.2% (2015); 8,315 / 23,616 = 35.2% (2020). Rebates 20,522 / 3,980 = 5.2 times; net revenue 32,791 / 9,667 = 3.4 times. Rebates against gross revenue 2025: 20,522 / (32,791 + 20,522 = 53,313) = 38.5%; Visa 15,751 / (40,000 + 15,751 = 55,751) = 28.3%; difference 20,522 - 15,751 = 4,771. US share: 2,958 / (2,958 + 7,028) = 29.6%; four networks 2,958 / 11,463 = 25.8%; Amex and Discover 11,463 - 9,986 = 1,477, 1,477 / 11,463 = 12.9%. Outside the US 100% - 29% = 71%. Cross-border assessments 12,021 / 3,498 = 3.4 times; cross-border volume fees 3,512 / 5,606 - 1 = -37.4%; 12,021 x 0.37 = 4,448. Services share of net revenue: 5,404 / 15,301 = 35.3% (2020); 6,941 / 18,884 = 36.8%; 7,879 / 22,237 = 35.4%; 9,274 / 25,098 = 37.0%; 10,832 / 28,167 = 38.5%; 13,315 / 32,791 = 40.6% (2025); 3,826 / 9,277 = 41.2% (Q2 2026); payment network 19,476 / 32,791 = 59.4%. Growth: payment network 11,943 / 9,897 - 1 = 21%, 14,358 / 11,943 - 1 = 20%, 15,824 / 14,358 - 1 = 10%, 17,335 / 15,824 - 1 = 10%, 19,476 / 17,335 - 1 = 12%; 19,476 / 9,897 = 2.0 times; services 7,879 / 6,941 - 1 = 14% (2022), 13,315 / 5,404 = 2.5 times; growth gap Q2 2026 20% - 10% = 10 points; acquisitions 3 / 23 = 13%. Operating margin: 5,078 / 9,667 = 52.5% (2015); 6,622 / 12,497 = 53.0% (2017); 7,282 / 14,950 = 48.7% (2018); 9,664 / 16,883 = 57.2% (2019); 8,081 / 15,301 = 52.8% (2020); 12,264 / 22,237 = 55.2% (2022). Headcount 39,800 / 13,400 = 3.0 times; net revenue 32,791 / 12,497 = 2.6 times (2017-2025). Capital spending 489 + 726 = 1,215; 1,215 / 32,791 = 3.7%; free cash flow 17,648 - 1,215 = 16,433; returned 11,727 + 2,756 = 14,483, 14,483 / 16,433 = 88%. Net debt 30 June 2026: 2,459 + 22,184 - 11,291 = 13,352. Diluted shares 906 / 1,137 - 1 = -20.3%; EPS 16.52 / 3.35 = 4.9 times, (16.52 / 3.35)^(1/10) - 1 = 17.3% a year; net income 14,968 / 3,808 = 3.9 times; net revenue (32,791 / 9,667)^(1/10) - 1 = 13.0% a year. Year-end P/E (market value over net income): 109.31 / 3.808 = 28.7 (2015); 160.24 / 3.915 = 40.9 (2017); 301.24 / 8.118 = 37.1 (2019); 353.05 / 8.687 = 40.6 (2021); 334.33 / 9.930 = 33.7 (2022); 483.30 / 12.874 = 37.5 (2024); 512.65 / 14.968 = 34.2 (2025); earnings yield 1 / 31.13 = 3.2%. Litigation provision against net income: 504 / 14,968 = 3.4%; 539 / 11,195 = 4.8%; 680 / 12,874 = 5.3%. Tax: pre-tax income 2025 14,968 + 3,610 = 18,578; (19.4% - 15.6%) x 18,578 = about 706. Amortised incentives 2,098 / 19,476 = 10.8%. Five-customer net revenue 6.9 bn. BVNK 1,500 / 11,727 = 13% of 2025 buybacks; acquisitions since 2020 809 + 861 + 325 + 2,700 + 1,500 = 6,195, 1,500 / 6,195 = 24%. Recorded Future 2,700 / 14,968 = 18%. Commercial gross dollar volume 1,405 / 10,632 = 13.2%. Property, equipment and right-of-use assets 1,168 + 1,135 = 2,303 - revenue mix, margins, geography and competitors. — 2015-2026 · publ. September 2026 · source ↗
    Method: Arithmetic on figures reported in Mastercard's Forms 10-K, 10-Q, results releases, the Visa 10-K and the Nilson Report; operands shown in the source line.
  4. ReportedOutside it, the balance is better and growth faster: gross dollar volume outside the United States rose 9.7% in 2025 to $7,413 billion, against 6.0% at home to $3,220 billion.
    Mastercard fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - statements, cash flow and operating metrics. — FY2025 · publ. 29 January 2026 · source ↗
  5. ReportedOutside it, the balance is better and growth faster: gross dollar volume outside the United States rose 9.7% in 2025 to $7,413 billion, against 6.0% at home to $3,220 billion.
    Mastercard fourth-quarter and full-year 2025 results release, Form 8-K exhibit 99.1 - statements, cash flow and operating metrics. — FY2025 · publ. 29 January 2026 · source ↗
  6. ReportedMastercard's filing notes, for example, that its billing in Australia is in US dollars while consumer spending there is in Australian dollars, and New Zealand is capping cross-border interchange from May 2026.
    Mastercard Form 10-K for fiscal 2025 - Item 1A risk factors and Note 19 legal and regulatory proceedings. — FY2025 · publ. 11 February 2026 · source ↗
  7. ReportedMastercard's filing notes, for example, that its billing in Australia is in US dollars while consumer spending there is in Australian dollars, and New Zealand is capping cross-border interchange from May 2026.
    Mastercard Form 10-K for fiscal 2025 - Item 1A risk factors and Note 19 legal and regulatory proceedings. — FY2025 · publ. 11 February 2026 · source ↗
  8. ReportedIn the second quarter of 2026 the regional pattern held: Latin America grew 13.9%, Europe 8.5% and the United States 5.5% in local currency.
    Mastercard second-quarter 2026 results release, Form 8-K exhibit 99.1 - statements, cash flow, balance sheet and operating metrics by region. — Q2 2026 · publ. 30 July 2026 · source ↗
  9. ReportedMastercard reported North American Markets revenue of $8,359 million and International Markets revenue of $16,739 million in 2023, and under the newer split the Americas were $14,044 million and the rest of the world $18,747 million in 2025.
    Mastercard Form 10-K for fiscal 2023 - rebates of $15,182 million, the five largest customers, and North American and International Markets revenue for 2021-2023. — FY2023 · publ. February 2024 · source ↗
  10. ReportedMastercard reported North American Markets revenue of $8,359 million and International Markets revenue of $16,739 million in 2023, and under the newer split the Americas were $14,044 million and the rest of the world $18,747 million in 2025.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: net revenue by category, key metrics, rebates, geography and the five largest customers. — FY2025 · publ. 11 February 2026 · source ↗
  11. ReportedThe practical consequence is currency: Mastercard's filing notes that gross dollar volume is converted at average rates and that its results move with the dollar.
    Mastercard Form 10-K for fiscal 2025 - Item 7 MD&A: key metrics, assessments and rebates. — FY2025 · publ. 11 February 2026 · source ↗
Sources
Generated September 25, 2026