| Stage | V | % of rev | MA | % of rev | Gap · A − B |
|---|---|---|---|---|---|
| Revenue | $11.6B | 100.00% | $9.8B | 100.00% | V ×1.19 |
| Gross profit | $9.2B | 78.87% | $9.8B | 100.00% | MA +21.1pp |
| Operating income | $6.9B | 59.12% | $5.9B | 59.77% | MA +0.7pp |
| Pre-tax income | $6.8B | 58.74% | $5.7B | 58.54% | V +0.2pp |
| Net income | $5.6B | 48.38% | $4.6B | 47.19% | V +1.2pp |
| Stage | V | MA | Gap · A − B |
|---|---|---|---|
| Revenue | $11.6B100.00% | $9.8B100.00% | V ×1.19 |
| Gross profit | 78.87%$9.2B | 100.00%$9.8B | MA +21.1pp |
| Operating income | 59.12%$6.9B | 59.77%$5.9B | MA +0.7pp |
| Pre-tax income | 58.74%$6.8B | 58.54%$5.7B | V +0.2pp |
| Net income | 48.38%$5.6B | 47.19%$4.6B | V +1.2pp |
V · KDP 10-KFeb 25 '25
“In certain circumstances, our contracts with payment card processors and payment card networks (such as Visa, Mastercard, American Express, and Discover) generally require us to adhere to payment card network rules which could make us liable to payment card issuers and others if information in connection with payment cards and payment card transactions that we process is compromised, which liabilities could be substantial.”
MA · KDP 10-KFeb 25 '25
“In certain circumstances, our contracts with payment card processors and payment card networks (such as Visa, Mastercard, American Express, and Discover) generally require us to adhere to payment card network rules which could make us liable to payment card issuers and others if information in connection with payment cards and payment card transactions that we process is compromised, which liabilities could be substantial.”
V · CPAY 10-KFeb 27 '26
“Third-party networks are operated by independent parties, such as MasterCard and VISA, and tend to be more broadly accepted, which is the primary benefit compared with our proprietary networks, although merchant economics tend to be inferior.”
MA · CPAY 10-KFeb 27 '26
“Our solution operates on the Mastercard payment network and the Allpoint ATM network.”
V · JKHY 10-KAug 28 '26
“We are subject to card association and network compliance rules governing the payment networks we serve, including Visa, MasterCard, Zelle, FedNow, and The Clearing House's RTP network, and all rules governing the Payment Card Industry Data Security Standards.”
MA · JKHY 10-KAug 28 '26
“We are subject to card association and network compliance rules governing the payment networks we serve, including Visa, MasterCard, Zelle, FedNow, and The Clearing House's RTP network, and all rules governing the Payment Card Industry Data Security Standards.”
V · SHOP 10-KFeb 11 '26
“Cost of merchant solutions primarily consists of costs that we incur when transactions are processed using Shopify Payments, such as credit card network fees (charged by credit card providers such as Visa, Mastercard and American Express) as well as third-party processing fees.”
MA · SHOP 10-KFeb 11 '26
“Cost of merchant solutions primarily consists of costs that we incur when transactions are processed using Shopify Payments, such as credit card network fees (charged by credit card providers such as Visa, Mastercard and American Express) as well as third-party processing fees.”
V · WEX 10-KFeb 13 '26
“Under certain agreements we receive cash and other incentives in some of our business areas from scheme networks, including Mastercard and Visa.”
MA · WEX 10-KFeb 13 '26
“Under certain agreements we receive cash and other incentives in some of our business areas from scheme networks, including Mastercard and Visa.”
V · APPF 10-KFeb 5 '26
“We do not directly access the payment card networks, such as Visa and MasterCard, that enable our acceptance of credit cards and debit cards, including some types of prepaid cards.”
MA · APPF 10-KFeb 5 '26
“We do not directly access the payment card networks, such as Visa and MasterCard, that enable our acceptance of credit cards and debit cards, including some types of prepaid cards.”
V · BILL 10-KAug 20 '26
“We are required to comply with the Mastercard, American Express, and Visa payment card network operating rules applicable to our card products.”
MA · BILL 10-KAug 20 '26
“We are required to comply with the Mastercard, American Express, and Visa payment card network operating rules applicable to our card products.”
V · SEZL 10-KFeb 26 '26
“A portion of our revenue is derived from interchange fees associated with our virtual card transactions processed on payment networks, including Visa.”
MA · SEZL 10-KFeb 26 '26
“We are subject to the rules, codes of conduct and standards of Visa, Mastercard and other payment networks and their participants.”
V · FOUR 10-KFeb 27 '26
“Our international payments business also depends on the involvement of card schemes, such as Visa or MasterCard, which act as intermediaries between Acquirers.”
MA · FOUR 10-KFeb 27 '26
“We are subject to the rules of American Express, Discover, Interlink, Maestro, Mastercard, Visa and other payment networks.”
V · TBBK 10-KFeb 25 '26
“Additionally, we earn interchange fees paid through settlement networks such as Visa or Mastercard, which are also determined on a per transaction basis.”
MA · TBBK 10-KFeb 25 '26
“Additionally, we earn interchange fees paid through settlement networks such as Visa or Mastercard, which are also determined on a per transaction basis.”
V · EEFT 10-KFeb 26 '26
“We distribute and issue single-use, non-reloadable open loop gift cards carrying the Visa ® brand in our retail channels.”
MA · EEFT 10-KFeb 26 '26
“We distribute Visa ® and Mastercard ® issued debit cards provided by card issuers.”
V · PAGS 20-FApr 29 '26
“Visa, MasterCard, American Express, Elo or other credit card companies could adopt new operating rules or reinterpret existing rules that we or our processors might find difficult or even impossible to follow.”
MA · PAGS 20-FApr 29 '26
“Visa, MasterCard, American Express, Elo or other credit card companies could adopt new operating rules or reinterpret existing rules that we or our processors might find difficult or even impossible to follow.”
V · MQ 10-KFeb 24 '26
“In 2017, we entered into a strategic alliance framework agreement with Visa.”
MA · MQ 10-KFeb 24 '26
“In 2020, we entered into a strategic relationship agreement with Mastercard.”
V · TOST 10-KFeb 18 '26
“Further, our contracts with third-party payment processors require, and additional contracts may in the future require, us to bear risk for compliance with the operating rules, or the Payment Network Rules, of Visa, Mastercard, and other payment networks, or collectively, the Payment Networks, with whom we are registered as a payment facilitator or certified service provider, and applicable law, and the risk of fraud.”
MA · TOST 10-KFeb 18 '26
“Further, our contracts with third-party payment processors require, and additional contracts may in the future require, us to bear risk for compliance with the operating rules, or the Payment Network Rules, of Visa, Mastercard, and other payment networks, or collectively, the Payment Networks, with whom we are registered as a payment facilitator or certified service provider, and applicable law, and the risk of fraud.”
V · PHR 10-KMar 31 '26
“We have developed partnerships with primary credit card processors in the United States to facilitate payment processing, and we are registered with Visa, MasterCard, American Express, Discover and other card networks as a service provider (payment facilitator or the equivalent) for acquiring member institutions.”
MA · PHR 10-KMar 31 '26
“We have developed partnerships with primary credit card processors in the United States to facilitate payment processing, and we are registered with Visa, MasterCard, American Express, Discover and other card networks as a service provider (payment facilitator or the equivalent) for acquiring member institutions.”
V · ETSY 10-KFeb 19 '26
“Further, through our agreements and arrangements with our third-party payments service providers, we are subject to evolving rules and requirements, like the Visa and Mastercard network rules and Payment Card Industry Data Security Standard, rules governing electronic funds transfers, and various fee arrangements, all of which are subject to change in ways that may adversely affect our business.”
MA · ETSY 10-KFeb 19 '26
“Further, through our agreements and arrangements with our third-party payments service providers, we are subject to evolving rules and requirements, like the Visa and Mastercard network rules and Payment Card Industry Data Security Standard, rules governing electronic funds transfers, and various fee arrangements, all of which are subject to change in ways that may adversely affect our business.”
V · GBFH 10-KMar 30 '26
“In connection with these activities, the Bank and BCS contracted with Sightline Interactive LLC to use its Play Plus Program and have entered several key contractual arrangements with Discover, MasterCard and Visa (as the network providers), BCS and Sightline Interactive (as the program managers), i2c (as the issuing processor), and Worldpay (formerly Vantiv) (as the merchant acquirer).”
MA · GBFH 10-KMar 30 '26
“In connection with these activities, the Bank and BCS contracted with Sightline Interactive LLC to use its Play Plus Program and have entered several key contractual arrangements with Discover, MasterCard and Visa (as the network providers), BCS and Sightline Interactive (as the program managers), i2c (as the issuing processor), and Worldpay (formerly Vantiv) (as the merchant acquirer).”
V · PRTH 10-KMar 10 '26
“Additionally, we provide a suite of integrated AP automation solutions businesses to FIs and card networks such as Citibank, Mastercard and Visa, among others.”
MA · PRTH 10-KMar 10 '26
“Additionally, we provide a suite of integrated AP automation solutions businesses to FIs and card networks such as Citibank, Mastercard and Visa, among others.”
V · EVCM 10-KMar 12 '26
“We are dependent on payment card networks, such as Visa and MasterCard, and payment processors, such as Worldpay and PayPal, and if we fail to comply with the applicable requirements of the payment networks or our payment processors, they can seek to fine us, suspend us, terminate our agreements and/or terminate our registrations through our bank sponsors.”
MA · EVCM 10-KMar 12 '26
“We are dependent on payment card networks, such as Visa and MasterCard, and payment processors, such as Worldpay and PayPal, and if we fail to comply with the applicable requirements of the payment networks or our payment processors, they can seek to fine us, suspend us, terminate our agreements and/or terminate our registrations through our bank sponsors.”
V · USIO 10-KMar 18 '26
“We extend merchant services across major card networks (VISA, Mastercard, American Express, Discover), supported by online and physical terminal access.”
MA · USIO 10-KMar 18 '26
“In order to provide our transaction processing services, we are registered with Visa, Mastercard and Discover as service providers and transaction processors for member institutions and with other networks.”