Quarterly guidance

Q4 2026 Net Revenue Growth
Expected to be at the high end of the low double-digits range on a currency-neutral basis, excluding inorganic activity.
Q4 2026 Operating Expenses Growth
Expected to be at the high end of the low double-digits range on a currency-neutral basis, excluding inorganic activity.
Q4 2026 Other Income/Expense
Expected to be an expense of approximately $115 million.
Q4 2026 Tax Rate
Expected to be in the range of 20% to 21%.

Annual guidance

Full Year 2026 Net Revenue Growth
Expected to be at the high end of the low double-digits range on a currency-neutral basis, excluding inorganic activity.
Full Year 2026 Operating Expenses Growth
Expected to be in the low double-digit range on a currency-neutral basis, excluding inorganic activity.
Full Year 2026 Tax Rate
Expected to be in the range of 20% to 21%.

Outlook

Consumer Spending
Consumers and businesses continue to spend, demonstrating resilience despite economic and geopolitical uncertainty.
Geopolitical Environment
Management noted heightened geopolitical uncertainty which has persisted, driving energy prices higher and focusing attention on monetary policy.
Agentic Commerce
Management expects AI-driven commerce to grow and is positioning the network to support it through trust and tokenization solutions.
Value-Added Services
The company sees continued durability in services, with 60% of services being network-linked, creating a flywheel effect for growth.
Rebates and Incentives
Management expects rebates and incentives as a percent of gross assessments to be higher in Q4 than in Q3.
Cross-border Travel
Cross-border travel remains strong, though management continues to monitor impacts from conflicts in the Middle East.