萬事達 (MA) 2025 Q4 法說會逐字稿

Good morning. My name is Julianne, and I will be your conference operator today. At this time, I would like to welcome everyone to the Mastercard Incorporated Q4 and full year 2025 earnings conference call. (Operator Instructions)

早安.我叫朱莉安娜，今天我將擔任你們的會議接線生。此時此刻，我謹代表萬事達卡公司歡迎各位參加 2025 年第四季及全年業績電話會議。（操作說明）

Mr. Devin Corr, Head of Investor Relations, you may begin your conference.

投資者關係主管德文·科爾先生，您可以開始您的會議了。

Thank you, Julianne. Good morning, everyone, and thank you for joining us for our fourth quarter 2025 earnings call. With me today are Michael Miebach, our Chief Executive Officer; and Sachin Mehra, our Chief Financial Officer. Following comments from Michael and Sachin, the operator will announce your opportunity to get into the queue for the Q&A session. It is only then that the queue will open for questions.

謝謝你，朱莉安娜。各位早安，感謝各位參加我們2025年第四季財報電話會議。今天陪同我的是我們的執行長邁克爾·米巴赫和我們的財務長薩欽·梅赫拉。在邁克爾和薩欽發言後，接線員將宣布您有機會排隊參加問答環節。只有到那時，提問隊列才會開放。

You can access our earnings release, supplemental performance data and the slide deck that accompany this call in the Investor Relations section of our website, mastercard.com. Additionally, the release was furnished with the SEC earlier this morning. Our comments today regarding our financial results will be on a non-GAAP currency-neutral basis unless otherwise noted. Both the release and the slide deck include reconciliations of non-GAAP measures to GAAP reported amounts.

您可以在我們網站 mastercard.com 的「投資者關係」版塊查看我們的獲利報告、補充業績數據以及本次電話會議的簡報。此外，該報告已於今天稍早提交給美國證券交易委員會 (SEC)。除非另有說明，我們今天對財務業績的評論將以非GAAP匯率中性為基礎。新聞稿及投影片均包含非GAAP指標與GAAP報告金額的調節表。

Finally, as set forth in more detail in our earnings release, I would like to remind everyone that today's call will include forward-looking statements regarding Mastercard's future performance. Actual performance could differ materially from these forward-looking statements. Information about the factors that could affect future performance are summarized at the end of our earnings release and in our recent SEC filings. A replay of this call will be posted on our website for 30 days.

最後，正如我們在盈利報告中更詳細闡述的那樣，我想提醒大家，今天的電話會議將包含有關萬事達卡未來業績的前瞻性陳述。實際業績可能與這些前瞻性陳述有重大差異。有關可能影響未來業績的因素的資訊已在我們的獲利報告末尾和我們最近提交給美國證券交易委員會的文件中進行了總結。本次通話的錄音將在我們的網站上保留30天。

With that, I will now turn the call over to our Chief Executive Officer, Michael Miebach.

接下來，我將把電話交給我們的執行長邁克爾·米巴赫。

Thank you, Devin. Good morning, everyone. There was a lot of activity to close out 2025, and it's been a fast-paced start to the new year. In that spirit, let's jump right in.

謝謝你，德文。各位早安。2025 年底活動很多，新的一年也以快節奏的方式拉開序幕。本著這種精神，讓我們直接進入正題。

My headline for you today, we continue to deliver and 2025 was another very strong year. For the fourth quarter, net revenues were up 15% overall, with value-added services and solutions net revenue up 22% versus a year ago on a non-GAAP currency-neutral basis.

我今天要告訴大家的是，我們繼續保持強勁勢頭，2025 年又是一個非常成功的一年。第四季度，淨收入整體成長 15%，其中增值服務和解決方案的淨收入按非 GAAP 匯率中立計算比去年同期成長 22%。

Our consistently solid performance is driven by several factors. First, we are focused. Our strategy is clear, and we're executing against it. We're making strong progress against each of our strategic pillars and benefiting from the virtuous cycle across our payment network and services offerings. Second, we're innovative and agile.

我們持續穩健的績效是由多種因素所驅動的。首先，我們目標明確。我們的戰略很明確，我們正在按戰略執行。我們在各個策略支柱方面都取得了顯著進展，並受益於支付網路和服務產品之間的良性循環。其次，我們具有創新性和靈活性。

We spared the payments evolution. At the same time, environments shift, customer needs, technology, regulation, so we adapt and we prioritize ensuring we have the right capabilities and skill sets. Recently, we completed a strategic review of our business. This will result in reductions in some areas and roles but lead to further investment and increased focus in others. And finally, we're diversified and differentiated.

我們沒有涉及支付方式的演變。同時，環境、客戶需求、技術、法規都在不斷變化，因此我們也需要適應，並將確保我們擁有合適的能力和技能作為首要任務。最近，我們完成了對公司業務的策略評估。這將導致某些領域和職位的縮減，但會促使對其他領域和職位進行更多投資和加大投入。最後，我們實現了多元化和差異化。

Our business extends across geographies, spend categories and payment adjacencies. The diversification of our business means we benefit from a wide range of growth drivers, which make us more resilient.

我們的業務遍及多個地域、消費類別和支付領域。業務多元化意味著我們受益於多種成長動力，這使我們更具韌性。

As we enter 2026, geopolitical and macroeconomic uncertainty persists. We will continue to monitor and work to navigate just as we have successfully done in the past. But for now, we remain optimistic and confident in our execution and the fundamentals of our business.

進入2026年，地緣政治和宏觀經濟的不確定性仍然存在。我們將繼續密切關注並努力應對，就像我們過去成功做到的那樣。但就目前而言，我們對我們的執行力和業務基本面依然保持樂觀和信心。

Looking back at 2025, we won hundreds of new issuing deals and expansions globally. This doesn't just happen. It is the result of our dedicated sales force, technology and differentiated value we deliver to our customers. I will share a few highlights from this past quarter.

展望 2025 年，我們在全球贏得了數百項新的發行協議和擴張計劃。這並非偶然。這是我們敬業的銷售團隊、先進的技術以及我們為客戶提供的差異化價值共同作用的結果。我將分享上個季度的一些亮點。

In the US and Canada, we extended our long-standing partnership with Capital One, where we renewed our partnership in credit, and we will be the network for a large portion of newly acquired credit accounts. And across their business, Capital One will continue to use several of Mastercard's services.

在美國和加拿大，我們延長了與 Capital One 的長期合作關係，續簽了信貸方面的合作協議，我們將成為大部分新獲得的信貸帳戶的網路提供者。Capital One 在其業務範圍內將繼續使用萬事達卡的多項服務。

In Turkey, Yapı Kredi will migrate nearly 10 million cards across their consumer credit, debit and affluent portfolios to Mastercard. Our consulting and marketing services will be used to support the end-to-end portfolio conversion.

在土耳其，Yapı Kredi 將把旗下消費信用卡、金融卡和高淨值客戶卡中的近 1,000 萬張卡遷移到萬事達卡。我們將利用諮詢和行銷服務來支援端到端的產品組合轉換。

In Latin America, Scotiabank chose Mastercard as their network partner in Mexico, Chile and Uruguay. Why? They see Mastercard security, loyalty and analytics offerings is key to fueling their growth. It's built up on our strong relationship with the bank in Peru and the Caribbean markets. In South Africa, a modernized real-time payment switch is a key factor of signing exclusive deals with several players in the market, including Nedbank and Standard Bank.

在拉丁美洲，加拿大豐業銀行選擇萬事達卡作為其在墨西哥、智利和烏拉圭的網路合作夥伴。為什麼？他們認為萬事達卡的安全、忠誠度和分析服務是推動其成長的關鍵。這是建立在我們與秘魯和加勒比海市場銀行的牢固關係之上的。在南非，現代化的即時支付交換器是與市場上多家企業（包括 Nedbank 和 Standard Bank）簽署獨家協議的關鍵因素。

These wins position us to increase our share in the market by multiple points. And we continue to win in affluent, so important. We have secured more than 60 new affluent programs in 2025 across the world. Our drumbeat of wins continued this quarter with new deals secured with PicPay, Zikub, Sisprime in Brazil and Nedbank in South Africa, which I just mentioned.

這些勝利使我們的市佔率有望大幅提升。我們在富裕人群中繼續保持領先地位，這一點至關重要。我們已在全球範圍內爭取到 60 多個新的高淨值項目，這些項目將於 2025 年啟動。本季我們繼續取得佳績，與 PicPay、Zikub、巴西的 Sisprime 以及我剛才提到的南非的 Nedbank 達成了新的合作協議。

We're seeing the same momentum in co-brands with leading merchants and digital players. Earlier this month, it was announced that Mastercard will continue to be the exclusive network for the Apple Card, which will transition to JPMorgan Chase as the issuer in approximately 24 months.

我們看到，與領先商家和數位企業合作推出的聯名品牌也呈現出同樣的成長動能。本月初，官方宣布萬事達卡將繼續作為蘋果卡的獨家網絡，蘋果卡將在大約 24 個月後過渡到摩根大通作為發卡機構。

We supported the launch of this industry-leading co-brand nearly seven years ago, and we are excited to support its continued success. We won the Walmart and Sam's Club co-brands in Mexico in partnership with Invex Banco, we renewed our partnership with Barclays, supporting its US co-branded card programs and its Tesco Bank card programs in the UK. And we partnered with Amazon and Emirates Islamic to launch the Amazon Credit Card in the UAE.

七年前，我們支持了這個行業領先的聯合品牌的推出，我們很高興能夠繼續支持它的成功。我們與 Invex Banco 合作，贏得了沃爾瑪和山姆會員店在墨西哥的聯名卡業務；我們續簽了與巴克萊銀行的合作協議，支持其在美國的聯名卡項目和在英國的 Tesco Bank 卡項目。我們與亞馬遜和阿聯酋伊斯蘭銀行合作，在阿聯酋推出了亞馬遜信用卡。

As I've said, we remain focused on driving long-term growth across each of our strategic pillars. In consumer payments, this quarter was about continued innovation and focus on driving incremental growth. Our drumbeat of wins I just mentioned, shows that Mastercard is preferred over alternative networks. Banks chose Mastercard because of our global acceptance, our consumer protections, strong security and digital capabilities.

正如我所說，我們將繼續專注於推動各個策略支柱的長期成長。在消費者支付領域，本季重點在於持續創新和推動漸進式成長。我剛才提到的一系列勝利表明，萬事達卡比其他支付網路更受歡迎。銀行選擇萬事達卡是因為我們擁有全球通用性、消費者保護機制、強大的安全性和數位化能力。

It's also about our dedicated teams and our commitment to driving mutual growth. We work with our existing customers to optimize their portfolios by using our advanced analytics and AI capabilities. We help clients activate their cardholders, drive top-of-wallet behavior and increase approval rates, and it works. We're driving more transactions of our network and in key categories, think digital or cross-border.

這也關乎我們敬業的團隊以及我們對共同發展的承諾。我們與現有客戶合作，利用我們先進的分析和人工智慧技術來優化他們的投資組合。我們幫助客戶啟動持卡人，推動首選消費行為，提高審批通過率，效果顯著。我們正在推動我們網路中更多交易的發生，尤其是在關鍵類別中，例如數位交易或跨國交易。

In looking at digital commerce alone, we've seen approval rates increase by 270 basis points in the last five years. Now think about what that means when applied to Mastercard's global payment network. Last year alone, we switched more than 175 billion transactions. That's a lot of potential to further optimize. We now switch more than 70% of all Mastercard transactions globally, an increase of 10% since 2020. More switched transactions result in more data and more opportunity to sell services and so on. All of which allows us to help our partners drive top and bottom line growth, enable seamless and secure experiences for our cardholders. This is the virtuous cycle in motion.

單就數位商務而言，在過去五年裡，審批通過率提高了 270 個基點。現在想想，如果把這應用到萬事達卡的全球支付網路中，代表什麼。光是去年，我們就完成了超過1750億筆交易。這方面還有很大的優化空間。目前，我們已在全球範圍內轉換超過 70% 的萬事達卡交易，比 2020 年增長了 10%。更多的交易會帶來更多的數據，從而帶來更多的服務銷售機會等等。所有這些都使我們能夠幫助合作夥伴實現營收和利潤成長，並為我們的持卡人提供無縫和安全的體驗。這就是良性循環的體現。

The payments industry continues to evolve. Stable coins and the agentic commerce bring new choices to pay and get paid, and we are leaning in, just as we have with neobanks, digital wallets and installments and so on.

支付產業持續發展演變。穩定幣和代理商業為支付和收款帶來了新的選擇，我們正在積極擁抱它們，就像我們擁抱新銀行、數位錢包和分期付款等等一樣。

For us, stablecoins and agentic commerce are emerging opportunities, ones where Mastercard has a natural role to play. We have been active in the digital asset space for over a decade. Most use cases for crypto and stablecoin today are for trading and the like.

對我們而言，穩定幣和代理商商務是新興機遇，而萬事達卡可以在其中發揮自然作用。我們在數位資產領域已經活躍了十多年。目前加密貨幣和穩定幣的大部分用途都是交易等。

For us, it is another currency we can support within our network. And we've made good traction in enabling the purchase of these assets facilitating transactions and supporting stablecoin for settlement over our network. Trust, interoperability and global acceptance are key in all payments. That's where we come in.

對我們來說，這是我們網路內可以支援的另一種貨幣。我們在促進這些資產的購買、推動交易以及支持透過我們的網路進行穩定幣結算方面取得了良好的進展。信任、互通性和全球認可度是所有支付方式的關鍵。這就是我們發揮作用的地方。

This quarter, we have supported co-brand partners such as MetaMask as they scale across geographies. We partnered with co-brand partners to extend their offerings to new customer types. Gemini brings their success in the digital asset space to launch the first business-focused stablecoin co-brand. And we continue to expand our settlement capabilities, now working with Ripple.

本季度，我們為 MetaMask 等聯合品牌合作夥伴提供了支持，幫助他們拓展全球業務。我們與聯合品牌合作夥伴攜手，將他們的產品和服務擴展到新的客戶群。Gemini憑藉在數位資產領域的成功，推出了首個以商業為中心的穩定幣聯名品牌。我們不斷擴展結算能力，現在正與 Ripple 合作。

Moving on to agentic commerce, where AI-powered agents assist or act on behalf of consumers throughout their commerce journeys. For us, agentic commerce represents another avenue to enable payment choice, the same trust that we always deliver. It's early days, but we are ready.

接下來是代理商務，在這個商務模式下，人工智慧代理會在消費者的整個購物過程中協助或代表消費者行事。對我們而言，代理商務代表實現支付選擇的另一條途徑，也是我們始終秉持的信任。現在還為時過早，但我們已經準備好了。

You remember, last year, we launched Mastercard Agent Pay, a framework designed to foster trust in agentic transactions. We have now enabled our US issuers to participate in Agent Pay, and we are working to enable our global issuer base by the end of the first quarter.

您還記得嗎？去年，我們推出了萬事達卡代理支付，這是一個旨在促進代理交易信任的框架。我們現在已經允許美國發卡機構參與代理商支付，並且我們正在努力在第一季末之前允許全球發卡機構參與代理商支付。

As more agents come on board, there will be more opportunities for consumers to experience a truly seamless commerce experience. We're actively working with ecosystem participants to adopt agentic commerce across all regions. I'll share a few highlights from this quarter. In Asia, we're partnering with Anthem on card-based tokenized payment solutions for agentic payments.

隨著更多代理商加入，消費者將有更多機會體驗真正無縫的購物體驗。我們正積極與生態系統參與者合作，在所有地區推廣代理商商務。我將分享本季的一些亮點。在亞洲，我們正與 Anthem 合作，為代理商支付提供基於卡片的代幣化支付解決方案。

In the UK, we're consulting clients such as Lloyds Banking Group, Elavon and Santander on agentic commerce innovations. And in the UAE, we're piloting agentic payments with the leading retail and entertainment group, Majid Alsattain.

在英國，我們正在為勞埃德銀行集團、Elavon 和桑坦德銀行等客戶提供代理商業創新的諮詢服務。在阿聯酋，我們正在與領先的零售和娛樂集團 Majid Alsattain 合作，試辦代理商支付。

And with banks, merchants, and digital players, we continue to position them for success in this new era of commerce. Whether it be through consulting, security, data-driven insights, or new loyalty programs, we are there.

我們將繼續與銀行、商家和數位企業合作，幫助他們在新時代的商業中取得成功。無論是諮詢、安全、數據驅動的洞察，還是新的忠誠度計劃，我們都能提供協助。

Moving to commercial and new payment flows, one of our three strategic priorities. In 2025, our commercial credit and debit volumes represented 13% of our total GDV, and grew at 11% year over year on a local currency basis. That's a clear reinforcement that our differentiated value propositions and broad-based partnerships are driving meaningful results.

轉向商業化和新型支付流程，這是我們的三大策略重點之一。2025 年，我們的商業信貸和借記交易額佔總交易額的 13%，以當地貨幣計算年增 11%。這清楚地表明，我們差異化的價值主張和廣泛的合作關係正在帶來顯著的成果。

In commercial point of sale and invoice-based payment flows, our offerings are designed to meet corporate demands for more efficient, data-rich, and secure transactions. We continue to expand usage of our virtual cards by enabling transactions to be initiated within B2B and T&E platforms.

在商業銷售點和基於發票的支付流程中，我們的產品旨在滿足企業對更有效率、資料豐富和安全的交易的需求。我們不斷擴大虛擬卡的使用範圍，使用戶能夠在 B2B 和 T&E 平台內發起交易。

Mastercard's Commercial Express Program simplifies the integration and commercial onboarding. This quarter, Ambers, a leading T&E platform, and BMO and Huntingbank were the latest issuers to participate. Differentiated solutions benefit our customers and that has translated into significant wins. This quarter, we renewed our global partnership with WEX and extended our partnership with Barclays the UK and across Europe.

萬事達卡商業快速計劃簡化了整合和商業准入流程。本季度，領先的差旅娛樂平台 Ambers、BMO 和 Huntingbank 是最新加入的發行機構。差異化解決方案使我們的客戶受益，並轉化為顯著的成功。本季度，我們與 WEX 續簽了全球合作夥伴關係，並擴大了與巴克萊銀行在英國和整個歐洲的合作夥伴關係。

Also, we partner with Coupa, a leading business spend management platform, to launch the Coupa Mastercard. Together, we are enabling virtual card payments across the entire customer base, which spans millions of buyers and suppliers globally.

此外，我們也與領先的企業支出管理平台 Coupa 合作，推出了 Coupa 萬事達卡。我們共同努力，為遍佈全球數百萬買家和供應商的整個客戶群提供虛擬卡支付服務。

There's much more than winning share. We're actively working to capture the sizable secular opportunity. Small businesses represent more than half of the cash and check opportunity in commercial point of sale that we outlined at our Investor Day. Given the broad-based diversity of the small business segment, we are working across banks, and non-bank partners to serve this segment. It benefits our partners, Mastercard in the overall economy.

贏得市場份額之外還有更多。我們正在積極努力抓住巨大的長期發展機會。在我們的投資者日上，我們概述了商業銷售點現金和支票交易機會，其中小型企業佔一半以上。鑑於小型企業群體的廣泛多樣性，我們正在與銀行和非銀行合作夥伴共同努力，為該群體提供服務。這有利於我們的合作夥伴萬事達卡，也有利於整體經濟。

This quarter, we extended our partnerships with Intesa Sanpaolo to drive greater small business issuance in Italy. Partnering with L'Oreal to issue small business cards across Latin America our first market launch is a co-brand card with Clara for salon owners in Mexico. This is a prime example how we are using a vertical approach to partner with large-scale players to capture untapped payment flows.

本季度，我們擴大了與義大利聯合聖保羅銀行的合作關係，以推動義大利小型企業債券發行量的成長。我們與歐萊雅合作，在拉丁美洲發行小型企業卡，我們的首個市場推出的產品是與 Clara 合作，面向墨西哥的沙龍老闆推出的聯名卡。這是我們如何利用垂直整合的方式與大型企業合作，以獲取尚未開發的支付管道的典型例子。

Grow through differentiated value and broad-based partnership continues for Mastercard Move. Our disbursements and remittances capability. Now with more than 17 billion endpoints available, Mastercard Move is positioned to be the money movement platform with the greatest reach in the industry.

萬事達卡 Move 透過差異化價值和廣泛的合作夥伴關係實現持續成長。我們的付款和匯款能力。目前，Mastercard Move 擁有超過 170 億個可用終端，預計將成為業界覆蓋範圍最廣的資金流動平台。

Mastercard Move recipients had the option to receive funds across a variety of endpoints, including, but not limited to, bank accounts, debit cards, and digital wallets, and cash, if you want to. We continue to expand our network reach just recently by enabling bank account deposits in Bangladesh. By expanding digital wallets and endpoints in the Philippines, through a partnership with GCash, and in China through our partnership with Tenpay Global for Weixin Pay and with stablecoin Wallets through our partnership with Zunes.

萬事達卡 Move 收款人可以選擇透過各種終端接收資金，包括但不限於銀行帳戶、金融卡、數位錢包，以及現金（如果您願意的話）。我們最近透過開通孟加拉國的銀行帳戶存款服務，進一步擴大了我們的網路覆蓋範圍。透過在菲律賓與 GCash 合作，拓展數位錢包和終端；透過與 Tenpay Global 合作推出微信支付，在中國拓展數位錢包和終端；並透過與 Zunes 合作推出穩定幣錢包。

Our expanded reach and endpoint options are resonating with customers. This quarter, we partnered with Banco Ripley a subsidiary of the Ripley Corporation, one of the largest retail companies in South America, to offer Mastercard cross-border services to their customers in Chile and Peru. We also partnered with Capital Bank, a leading neobank in Mexico which is leveraging Mastercard and Corpay's cross-border payment solutions.

我們不斷擴大的服務範圍和終端選擇引起了客戶的共鳴。本季度，我們與南美洲最大的零售公司之一 Ripley Corporation 的子公司 Banco Ripley 合作，向其在智利和秘魯的客戶提供萬事達卡跨境服務。我們還與墨西哥領先的新興銀行 Capital Bank 建立了合作關係，該銀行正在利用萬事達卡和 Corpay 的跨境支付解決方案。

Our Mastercard move capability is demonstrated consistently strong transaction growth. In quarter four 2025 and full year 2025, we saw transaction growth exceeding 35% versus a year ago. Our extensive reach and market adoption position us well going forward.

我們的萬事達卡轉帳能力透過持續強勁的交易成長得到證明。2025 年第四季和 2025 年全年，我們看到交易量比去年同期成長超過 35%。我們廣泛的市場覆蓋率和市場接受度使我們在未來的發展中佔據有利地位。

Turning to value add services and solutions. We delivered strong performance in 2025 with full year net revenue growth of 21% or 18%, excluding acquisitions year over year on a currency neutral basis. This growth was broad-based, with consistently strong growth across regions, and product groups. Our performance is a clear demonstration of our growth algorithm in action. That steps through that.

轉向增值服務和解決方案。2025 年，我們取得了強勁的業績，全年淨收入成長 21%，若不計收購，以固定匯率計算則年增 18%。這種成長是全面性的，各個地區和產品組都實現了持續強勁的成長。我們的業績充分證明了我們的成長演算法的有效性。這就一步一步完成了。

We have curated a suite of value add services and capabilities in large and fast-growing addressable markets such as digital, security, and data-driven insights. Mastercard's proprietary data and AI capabilities combined with our payment network reach provide us a real competitive advantage. Simply put, we provide unique intelligence at scale. There's a natural tailwind to services from payments.

我們精心打造了一系列增值服務和能力，面向數位、安全和數據驅動的洞察等大型且快速成長的目標市場。萬事達卡的專有數據和人工智慧能力，加上我們廣泛的支付網絡，為我們提供了真正的競爭優勢。簡而言之，我們提供規模化的獨特情報。支付業務自然會帶動服務業發展。

At our Investor Day at the end of 2024, we noted that 60% of our value-added services and solutions net revenues were network linked. This simply means value-added services and solutions revenues benefit from transaction growth. And also higher growth drivers such as tokenization.

在 2024 年底的投資者日上，我們指出，我們 60% 的增值服務和解決方案淨收入與網路連接相關。這意味著增值服務和解決方案的收入將受益於交易量的成長。以及代幣化等更高成長動力。

For example, fraud scores and token authentication fall into this category. And we are actively working to further penetrate our customers and markets just like the Mastercard Threat Intelligence offering we launched last quarter, which has already started scaling across our payment network.

例如，詐欺評分和令牌認證就屬於這一類。我們正在積極努力進一步滲透我們的客戶和市場，就像我們上個季度推出的萬事達卡威脅情報產品一樣，該產品已經開始在我們的支付網路中擴展。

In addition to network-linked offerings, we also provide our customers with consulting, marketing, and platform-based offerings. These non-network services enable us to sell to new buying centers at retail banks. They also extend our reach across a more diversified customer base, including governments, merchants, digital players, and more.

除了網路相關服務外，我們還為客戶提供諮詢、行銷和平台服務。這些非網路服務使我們能夠向零售銀行的新採購中心銷售產品。它們還擴大了我們的客戶群，使其更加多元化，包括政府、商家、數位企業等等。

This quarter, we supported Costco in Canada and their omnichannel growth strategy using Mastercard's marketing and consulting services, that's meaningful strategic value.

本季度，我們利用萬事達卡的行銷和諮詢服務，為加拿大 Costco 及其全通路成長策略提供了支持，這具有重要的策略價值。

Innovation remains core to our long-term growth. We have a long-standing history of success in launching and scaling innovation. Way back in 2013, we architected the industry standard for tokenization to enable trusted digital transactions. The critical need of customers and partners at that time and still true today. In fact, as of quarter four, we have tokenized nearly 40% of all transactions.

創新仍然是我們長期發展的核心。我們在推出和擴大創新規模方面有著悠久的成功歷史。早在 2013 年，我們就建立了代幣化的行業標準，以實現可信賴的數位交易。當時客戶和合作夥伴的迫切需求，至今依然如此。事實上，截至第四季度，我們已經將近 40% 的交易代幣化。

And we continue to see adoption in both card present and card not present use cases. And with this growth, we're seeing higher transactional approval rates enabling further services growth. Our innovations continue to deliver real value to our customers and continue to drive financial benefit today.

我們持續看到刷卡消費和非刷卡消費情境的普及。隨著業務成長，我們看到交易審批率提高，從而促進了服務的進一步發展。我們的創新持續為客戶創造真正的價值，並持續帶來經濟效益。

We're adding to that innovation. Now with the launch of Mastercard Credit Intelligence, by using Mastercard's proprietary network data, identity, and open finance capabilities, we can deliver faster credit assessments.

我們正在為這項創新添磚加瓦。現在，隨著萬事達卡信用智慧的推出，利用萬事達卡專有的網路資料、身分資訊和開放金融能力，我們可以提供更快速的信用評估。

For individuals and entrepreneurs, this could mean greater access to credit, from banks, greater insights to inform their lending strategies. And that fuels a healthy, inclusive digital economy live in market and seeing adoption across a variety of customer types.

對於個人和企業家而言，這可能意味著更容易從銀行獲得信貸，以及更深入的見解來指導他們的貸款策略。這將推動健康、包容的數位經濟在市場上蓬勃發展，並被各種類型的客戶所接受。

In addition, we've launched Mastercard Agent Suite, evolving our consulting practice from AI strategy to now include asset-led engagements. You will design and deploy AI agents within customer environments to drive operational excellence, enhance end customer experience.

此外，我們還推出了萬事達卡代理套件，使我們的諮詢業務從人工智慧策略發展到現在的資產主導型業務。您將在客戶環境中設計和部署人工智慧代理，以推動卓越運營，提升最終客戶體驗。

In addition to directly engaging with customers, we're scaling our services through distribution partners, one to many, including FIS, WPP, and Comcast advertising will be added this quarter. So with that, I will wrap it up.

除了直接與客戶互動外，我們還透過分銷合作夥伴（一對多）擴大服務規模，包括 FIS、WPP 和 Comcast，本季將新增廣告業務。那麼，我就說到這裡吧。

In summary, we delivered a very strong fourth quarter and full year 2025. Our performance is a direct reflection of growth strategy deliberate diversification and focused execution. We're at the forefront of innovation, and we're remaining differentiated versus the competition.

總而言之，我們2025年第四季和全年業績都非常強勁。我們的業績直接反映了成長策略的深思熟慮、多元化經營和專注執行。我們處於創新前沿，並且與競爭對手保持差異化優勢。

This helps us be an agile, trusted, valued partner, especially as markets evolve. With strong momentum moving into 2026, I remain confident in our continued growth.

這有助於我們成為一個敏捷、值得信賴、有價值的合作夥伴，尤其是在市場不斷變化的情況下。進入2026年，我們保持強勁的成長勢頭，我對我們未來的持續成長充滿信心。

Sachin, over to you.

薩欽，該你了。

Thanks, Michael. So turning to page three, which shows our financial performance for the fourth quarter on a currency neutral basis. Excluding where applicable special items and the impact of gains and losses on our equity investments.

謝謝你，麥可。接下來請翻到第三頁，這裡展示了我們第四季以固定匯率計算的財務表現。不包括適用的特殊項目以及權益投資的損益影響。

Net revenue was up 15% reflecting continued growth in our payment network and our value-added services and solutions. Acquisitions contributed one ppt to this growth. Before discussing expenses, I am pleased to share that in late December, the company secured various new multiyear government grants related to investments in select geographies. These grants benefit both operating expenses and other income and expense.

淨收入成長 15%，反映了我們支付網路以及增值服務和解決方案的持續成長。收購為此成長貢獻了百分之一。在討論費用之前，我很高興地告訴大家，12 月下旬，公司獲得了與特定地區投資相關的多項新的多年期政府撥款。這些撥款既可以用於營運支出，也可以用於其他收入和支出。

We expect to realize the operating expense benefit primarily in 2025 and 2026, while the other income and expense benefit will extend multiple years beyond 2026. The Q4 2025 impact reflects the full year value of the 2025 grants with operating expenses growth improving by around 5.5 ppt and other income and expense benefiting by approximately $135 million in the quarter.

我們預計營運費用收益主要將在 2025 年和 2026 年實現，而其他收入和支出收益將持續到 2026 年以後的多年。2025 年第四季的影響反映了 2025 年全年撥款的價值，營運費用成長改善了約 5.5 個百分點，其他收入和支出在該季度受益約 1.35 億美元。

These positively impacted each of the following metrics, that I will discuss on this page. Operating expenses increased 12% including a 5 ppt increase from acquisitions. And operating income was up 17%, which includes a 1 ppt headwind from acquisitions. Net income and EPS increased 17% and 20%, respectively, driven primarily by the strong operating income growth and a positive discrete tax item, which primarily benefited the effective tax rate.

這些都對以下各項指標產生了正面影響，我將在本頁中討論這些指標。營運費用增加了 12%，其中收購帶來的成長為 5 個百分點。營業收入成長了 17%，其中包括收購帶來的 1 個百分點的負面影響。淨利潤和每股收益分別增長了 17% 和 20%，主要得益於強勁的營業收入增長和一項積極的單項稅收項目，該項目主要有利於實際稅率。

EPS was $4.76, which includes a $0.10 contribution from share repurchases. During the quarter, we repurchased $3.6 billion worth of stock and an additional $715 million through January 26, 2026.

每股收益為 4.76 美元，其中包括股票回購帶來的 0.10 美元收益。本季度，我們回購了價值 36 億美元的股票，並計劃在 2026 年 1 月 26 日之前再回購價值 7.15 億美元的股票。

Now turning to page four. Let's first look at some of our key volume drivers for the fourth quarter on a local currency basis. Worldwide gross dollar volume or GDV increased by 7% year over year. In the US, GDV increased by 4% with credit growth of 6% and debit growth of 2%. The growth of our debit portfolio was impacted by the Capital One debit migration, which continued through Q4.

現在翻到第四頁。讓我們先來看看第四季以當地貨幣計算的一些主要銷售驅動因素。全球總交易額（GDV）較去年同期成長7%。在美國，GDV成長了4%，其中信貸成長了6%，借記增加了2%。我們的金融卡組合成長受到 Capital One 金融卡遷移的影響，這種情況一直持續到第四季度。

Outside of the US, volume increased 9% with credit growth of 9% and debit growth of 9%. Overall, cross-border volume increased 14% globally for the quarter, reflecting continued growth in both travel and non-travel related cross-border spending.

在美國以外，交易量增加了 9%，其中信用卡交易量增加了 9%，而金融卡交易量增加了 9%。本季全球跨境交易量整體成長了 14%，反映出旅遊和非旅遊相關跨境支出均持續成長。

Turning to page five. Switch transactions grew 10% year over year in Q4. We continue to drive contactless penetration, which in Q4 stood at 77% of all in-person switched purchase transactions. This is up 5 ppt since the same period last year. In addition, card growth was 6%. Globally, there are 3.7 billion Mastercard and Maestro branded cards issued.

翻到第五頁。第四季 Switch 交易量年增 10%。我們持續推動非接觸式支付的普及，第四季非接觸式支付佔所有離線交易的 77%。比去年同期上升了5個百分點。此外，卡片成長率為 6%。全球已發行37億張萬事達卡和Maestro品牌卡。

Turning now to slide six for a look into our net revenue growth rates for the fourth quarter discussed on a currency neutral basis. Payment Network net revenue increased 9% primarily driven by domestic and cross-border transaction and volume growth.

現在請看第六張投影片，了解我們第四季以固定匯率計算的淨收入成長率。支付網絡淨收入成長 9%，主要得益於國內及跨國交易量及交易額的成長。

It also includes growth in rebates and incentives. Value-added services and solutions net revenue increased 22%. Acquisitions contributed approximately 3 ppt to this growth. The remaining 19% increase was primarily driven by growth in our underlying drivers, strong demand across digital and authentication, security solutions, consumer acquisition and engagement, and business and market insights, as well as pricing.

它還包括退稅和獎勵方面的成長。增值服務和解決方案淨收入成長 22%。收購為此成長貢獻了約 3 個百分點。剩餘的 19% 的成長主要得益於我們潛在驅動因素的成長、數位和身分驗證、安全解決方案、消費者獲取和互動、商業和市場洞察以及定價方面的強勁需求。

As we reflect on value-added services and solutions growth for full year 2025, we continue to see strong broad-based growth, as Michael mentioned earlier. Looking at our organic growth rates, both A/P, EMEA and the Americas delivered high teens growth.

當我們展望 2025 年全年增值服務和解決方案的成長時，正如 Michael 之前提到的那樣，我們繼續看到強勁的全面成長。從我們的有機成長率來看，亞太地區、歐洲、中東和非洲地區以及美洲地區的成長率都達到了兩位數以上。

And we also saw at least high teens growth across all the services product areas apart from other solutions. Now let's turn to page seven to discuss key metrics related to the payment network. Again, all growth rates are described on a currency neutral basis, unless otherwise noted.

除了其他解決方案之外，我們還看到所有服務產品領域至少實現了兩位數以上的成長。現在讓我們翻到第七頁，討論與支付網路相關的關鍵指標。除非另有說明，所有成長率均以貨幣中性為基礎進行描述。

Looking quickly at each key metric. Domestic assessments were up 8%, while worldwide GDV grew 7%. The difference is primarily driven by pricing, offset by mix. Cross-border assessments increased 17% while cross-border volumes increased 14%. The 3 ppt difference is driven primarily by pricing in international markets, partially offset by mix. Transaction processing assessments were up 14% while switched transactions grew 10%. The 4 ppt difference is primarily due to favorable mix and pricing, partially offset by a decline in revenue from FX volatility. Towards the end of Q4 and month to date January, we saw FX volatility well below historical norms. Other network assessments were $272 million this quarter.

快速瀏覽各項關鍵指標。國內評估值成長了 8%，而全球總開發價值成長了 7%。價格差異是造成價格差異的主要原因，產品組合差異可以部分抵銷這種差異。跨境評估量增加了 17%，跨境交易量增加了 14%。3 個百分點的差異主要由國際市場定價造成，部分被產品組合所抵銷。交易處理評估增加了 14%，而轉換交易增加了 10%。4 個百分點的差異主要歸因於有利的產品組合和定價，部分被外匯波動導致的收入下降所抵銷。第四季末和1月份至今，我們看到外匯波動遠低於歷史正常水準。本季其他網路評估費用為 2.72 億美元。

Moving on to page eight, you can see that on a non-GAAP currency neutral basis, excluding special items, total adjusted operating expenses increased 12% which includes a 5 ppt impact from acquisitions. Excluding acquisitions, the growth of total adjusted operating expenses was primarily driven by increased spending to support various strategic initiatives, including investing in our infrastructure, geographic expansion, and enhancing and delivering our products and services. This was partially offset by the benefit of the government grants I described earlier.

接下來翻到第八頁，可以看到，在非GAAP貨幣中性基礎上，不包括特殊項目，調整後的總營運費用增加了12%，其中包括收購帶來的5個百分點的影響。除收購外，調整後營運總支出的成長主要由支持各項策略措施的支出增加所驅動，包括投資於我們的基礎設施、地理擴張以及改善和提供我們的產品和服務。前面提到的政府補助帶來的好處部分抵銷了這種影響。

Turning to page nine. Let me comment on the operating metric trends. Starting with Q4 and looking at the metrics on a sequential basis. US switched volume growth declined primarily due to the migration of the Capital One debit portfolio. Worldwide less US switched volume saw a slight deceleration driven primarily by tougher comps including the lapping of portfolio wins in Europe. Switch transactions were in line with Q3. Cross-border volume remained strong.

翻到第九頁。我想就營運指標趨勢發表一下看法。從第四季開始，依序查看各項指標。美國轉網交易量成長下降主要是由於 Capital One 金融卡組合的遷移。全球（不包括美國）轉換量略有放緩，主要是由於比較基數較高，包括歐洲投資組合的成交量被抵消。轉換交易量與第三季持平。跨境交易量依然強勁。

Of note, we saw a sequential decline in cross-border card not present ex travel, primarily driven by tougher comps from the lapping of share wins in Europe and higher growth from crypto purchases a year ago. As we look to the first three weeks of January, our metrics continue to remain strong, generally in line with the fourth quarter.

值得注意的是，我們看到跨境非現場刷卡消費（不包括旅遊消費）呈環比下降趨勢，這主要是由於歐洲市場份額爭奪戰的競爭加劇以及去年加密貨幣購買帶來的更高增長所致。展望一月份的前三週，我們的各項指標依然保持強勁，整體上與第四季的情況一致。

Of note, US switched volume was flat sequentially as the Capital One debit roll off was mostly offset by easier comps due to weather impacts in the prior year. We saw a decline in cross-border travel volumes primarily due to weather-related impacts in Europe this year. Cross-border card-not-present ex travel continued to be impacted by higher growth from crypto purchases a year ago. Overall, we continue to see healthy consumer and business spending.

值得注意的是，由於前一年受天氣影響，基數較低，抵消了 Capital One 金融卡業務的流失，美國轉網業務量環比持平。今年，由於歐洲天氣相關因素的影響，跨境旅行量有所下降。一年前，跨境非接觸式刷卡旅行繼續受到加密貨幣購買成長的影響。總體而言，我們繼續看到消費者和企業支出保持健康成長。

Turning to page 10, I wanted to share our thoughts on fiscal year 2026. As Michael said, we delivered very strong results in 2025, across all facets of our business despite an uncertain backdrop. The fundamentals of our business remain strong. The macroeconomic environment remains supportive with balanced job markets across the globe underpinning healthy consumer and business spending. That said, there continues to be ongoing geopolitical, and economic uncertainty. We maintain a disciplined capital planning approach have levers to pull if needed.

翻到第 10 頁，我想跟大家分享我們對 2026 財年的看法。正如邁克爾所說，儘管面臨不確定的背景，我們在 2025 年在業務的各個方面都取得了非常強勁的業績。我們業務的基本面依然強勁。全球就業市場平衡，宏觀經濟環境依然良好，支撐著健康的消費者和企業支出。儘管如此，地緣政治和經濟方面的不確定性依然持續存在。我們堅持嚴謹的資本規劃方法，並在必要時採取應對措施。

But most importantly, we're focused on the execution of our strategy, positioning ourselves for long-term growth and remaining innovative, and differentiated. Coupled with our diversified business model, this creates resiliency, helps us navigate diverse environments, just as we have done in the past.

但最重要的是，我們專注於策略的執行，為長期成長做好準備，並保持創新和差異化。結合我們多元化的商業模式，這增強了我們的韌性，幫助我們應對各種不同的環境，就像我們過去所做的那樣。

We remain positive about the growth outlook and our base case for 2026 continues to reflect healthy consumer spending. As it relates to our expectations for the full year 2026, we expect net revenues to grow at the high end of a low double digits range on a currency neutral basis, excluding inorganic activity. We estimate a tailwind of approximately 1 ppt to 1.5 ppt from foreign exchange.

我們對成長前景依然保持樂觀，我們對 2026 年的基本預測仍然反映出健康的消費支出。就我們對 2026 年全年的預期而言，我們預計以固定匯率計算，不計非內生性活動，淨收入將實現低兩位數增長範圍的高端增長。我們預期外匯匯率將帶來約 1 個百分點至 1.5 個百分點的利好。

From a net revenue perspective, we expect currency neutral growth in the first half of the year to be lower than in the second half. This is driven by tougher comps in the first half, primarily due to elevated revenue growth from FX volatility in 2025.

從淨收入的角度來看，我們預計上半年以固定匯率計算的成長將低於下半年。這是由於上半年年比數據較為嚴峻，主要原因是 2025 年外匯波動導致營收成長加快。

From an operating expense standpoint, we expect growth to be at the low end a low double digits range versus a year ago on a currency neutral basis, excluding inorganic activity and special items. We expect a headwind of 0.5 ppt to 1 ppt from foreign exchange on a full year basis.

從營運費用角度來看，我們預計以固定匯率計算，不計非內生性活動和特殊項目，與去年同期相比，成長幅度將處於較低水平，為兩位數低段。我們預計全年外匯市場將產生 0.5 個百分點至 1 個百分點的不利影響。

Now turning to the 2026. Year over year net revenue growth is expected to be at the low end of a low double digits range on a currency neutral basis, excluding inorganic activity. Estimate a tailwind of approximately 3.5 ppt to 4 ppt foreign exchange for the quarter.

現在展望2026年。預計以固定匯率計算（不計非內生性成長），年比淨收入成長將處於兩位數低段的低水準。預計本季外匯市場將出現約 3.5 個百分點至 4 個百分點的順風。

From an operating expense standpoint, we expect Q1 growth to be in the high end of high single digit range versus a year ago, again, on a currency neutral basis, excluding inorganic activity and special items. Foreign exchange is forecasted to be a headwind of approximately 2.5 ppt for the quarter.

從營運支出角度來看，我們預期第一季成長率將達到個位數高段，與去年同期相比，同樣是在不考慮非內生性活動和特殊項目的情況下，以固定匯率計算。預計外匯波動將對本季業績造成約 2.5 個百分點的不利影響。

Separately, as Michael mentioned, based on the recent strategic review of our business, we expect to record a one-time restructuring charge in Q1 of approximately $200 million. This will be recorded as a special item and is excluded from our non-GAAP metrics.

另外，正如麥可所提到的，根據我們最近對業務的策略評估，我們預計將在第一季計入約 2 億美元的一次性重組費用。這將作為特殊項目記錄，並且不計入我們的非GAAP指標中。

These actions will impact approximately 4% of our full-time employees globally. We expect these actions will free up capacity to further invest in our strategic priorities and best position us to continue to execute on our growth algorithm.

這些舉措將影響我們全球約 4% 的全職員工。我們預計這些舉措將釋放出更多資源，以便進一步投資於我們的策略重點，並使我們更好地執行我們的成長策略。

Other items to keep in mind, on other income and expenses in Q1, we expect an expense of approximately $50 million including the benefit from the government grants previously discussed. This excludes gains and losses on our equity investments, which are excluded from our non-GAAP metrics.

需要注意的其他事項，關於第一季的其他收入和支出，我們預計支出約為 5000 萬美元，其中包括之前討論過的政府撥款帶來的收益。這不包括我們股權投資的收益和損失，這些收益和損失不計入我們的非GAAP指標。

Finally, we expect a non-GAAP tax rate in the range of 20% to 21% for the full year and approximately 19% to 20% for Q1. A lower forecasted tax rate for Q1 as compared to the balance of the year is consistent with prior years, due to expected discrete tax benefits related to share-based payments in the first quarter.

最後，我們預計全年非GAAP稅率在20%至21%之間，第一季約為19%至20%。由於預計第一季將有與股份支付相關的特殊稅收優惠，因此預計第一季的稅率將低於今年剩餘時間的稅率，這與往年一致。

And with that, will turn the call back over to Devin.

然後，我會把電話轉回德文。

Thank you, Sachin. Thank you, Michael. Suzi, you may now open the line for questions.

謝謝你，薩欽。謝謝你，麥可。蘇茜，現在可以開始接受提問了。

(Operator Instructions) Will Nance, Goldman Sachs.

（操作說明）威爾·南斯，高盛。

I wanted to start on the Capital One renegotiation. Congratulations on announcing that. Maybe if you could just provide a little bit more detail. I think Cap One has talked about wanting to move volumes over to the Discover Network over time, but at the same time, has talked about a lot of investments on the acceptance side.

我想開始與 Capital One 進行重新談判。恭喜你宣布這個消息。如果您能提供更多細節就好了。我認為 Capital One 曾表示希望逐步將交易量轉移到 Discover 網絡，但同時，也談到了在信用卡受理方面進行大量投資。

So can you talk about just negotiation as it relates to your existing Capital One cards outstanding. Are you expecting your share of Capital One credit volumes to remain stable as a function of the renegotiation? And if you could just maybe talk about how long the extension was for? I appreciate any details you can share.

那麼，您能否談談與您目前未償還的 Capital One 信用卡相關的談判事宜？您是否預期，隨著重新談判的進行，您在 Capital One 信貸業務量中所佔的份額將保持穩定？您能否透露一下延期持續了多久？非常感謝您能提供任何細節。

Yeah. Thanks for the question. So no surprise. We're excited about these recent news that we announced earlier. So extending our credit portfolio agreement with them is important, but also we should not overlook the aspect of Capital One as the great partner that they are to use more of our services across their whole business.

是的。謝謝你的提問。所以，這並不奇怪。我們對之前公佈的這些最新消息感到非常興奮。因此，延長與他們的信貸組合協議固然重要，但我們也不應忽視 Capital One 作為他們的重要合作夥伴，希望他們能在整個業務中使用更多我們的服務。

It's a strong signal in my view, at least at this -- the Mastercard network is valued. This is important to consider. We continue to invest in this network. We continue to invest in our acceptance. We know this is hard to build. And that is really what matters when it comes to affluent portfolios, when it comes to business portfolios and so forth. So the partnership will continue, but we will continue to invest to ensure that we have a truly differentiated proposition as a partner for Capital One.

在我看來，至少目前來看，這是一個強烈的訊號——萬事達卡網路得到了重視。這一點需要考慮。我們將繼續投資於該網路。我們將持續加大投入，提升我們的市場接受度。我們知道這很難實現。對於富裕人群的投資組合、企業投資組合等等而言，這才是真正重要的。因此，合作關係將繼續，但我們將繼續投資，以確保我們作為 Capital One 的合作夥伴，擁有真正差異化的方案。

Sanjay Sakhrani, KBW.

Sanjay Sakhrani，KBW。

I just have a question on the CCCA. It's obviously back in the news flow. I'm just curious how you guys are thinking about the implications to yourselves and the industry and sort of the probability that it may or may not get through.

我有一個關於CCCA的問題。顯然，這件事又重新成為新聞熱點了。我只是好奇你們如何看待這件事對你們自身和產業的影響，以及它最終能否通過的可能性。

And then just a quick clarification on the Capital One question. I'm just curious, it talks about sort of new account. Is there any volume migrating to Mastercard from Capital One? I just wanted some more clarity there.

最後，我想就 Capital One 的問題做個簡單澄清。我只是好奇，它好像在討論一個新帳戶。是否有大量用戶從 Capital One 遷移到 Mastercard？我只是想更清楚地了解一下情況。

Good. Let's start with the first topic. CCCA. Sanjay, as you said, it's back in the news and yeah, it's been back in the news. But yeah, it's been ongoing for a long time. So this was first introduced in 2023. And if you take it down to the facts, little progress has been made. A lot of discussions there around that, but also what clearly has emerged is that it's a very united opposition to this proposed bill as the benefits of the bill are yet to be proven while the risks are pretty clear.

好的。我們先從第一個話題開始。CCCA。Sanjay，正如你所說，這件事又上了新聞，是的，它確實又上了新聞。是的，這件事已經持續很久了。所以這項技術最初是在2023年推出的。而事實是，進展甚微。圍繞這個問題有很多討論，但很明顯的是，反對這項提案的呼聲非常一致，因為該提案的好處還有待證明，而風險卻很明顯。

That aspect is about taking consumer choice away from consumers, they can really take -- pay the way they want to pay, that choice moves to merchants. This has been discussed in the context of affordability, but there is no particular consideration in this bill to actually pass on any savings.

那方面其實是剝奪了消費者的選擇權，他們原本可以按照自己喜歡的方式付款，但這種選擇權轉移到了商家手中。雖然已經從可負擔性的角度討論過這個問題，但這項法案並沒有特別考慮如何真正將節省下來的費用轉嫁給民眾。

There's a big topic that is often overlooked, and that is the potential risk to cybersecurity. This is a race to the bottom for the cheapest network option, but not the safest. Those are all things that haven't really changed since 2023. But the opposition based on focused on these points has intensified. So the industry is very aligned. We're engaging with regulators at every point to educate and ensure that this is fully understood. So it's also important to understand that the payments ecosystem is highly competitive.

有一個經常被忽視的大問題，那就是網路安全的潛在風險。這是一場競相降低網路價格的競賽，而不是選擇最安全的網路方案。這些事情自 2023 年以來都沒有真正改變。但基於這些要點的反對聲浪愈演愈烈。所以整個產業非常協調一致。我們始終與監管機構保持溝通，進行宣傳教育，確保他們充分理解這一點。因此，了解支付生態系統競爭非常激烈也很重要。

Now this -- the Credit Card Competition Act isn't really about competition. It's about lowering cost without considering all the points I just said. So there is competition. It's working. It's a highly effective ecosystem.

現在，《信用卡競爭法》其實與競爭無關。這是在不考慮我剛才提到的所有因素的情況下降低成本。所以存在競爭。它奏效了。這是一個高效率的生態系統。

So that is our perspective on it. That hasn't changed.

這就是我們對此事的看法。這一點沒有改變。

On the probability of this going through, I mean, we shouldn't be speculating here. A few moves were made over the last couple of weeks, which haven't succeeded. And I think we attribute that to a continued discussion on the risk associated with this particular regulation.

至於這件事能否成功，我的意思是，我們不應該在這裡猜測。過去幾週採取了一些措施，但都沒有成功。我認為這要歸因於人們對這項特定法規相關風險的持續討論。

And then, Sanjay, your question around Capital One, it's like Michael said in his prepared remarks, right? We're really excited about the new agreement, which we struck with them as it relates to new credit issuance. And that's the extent of what we'll share with you publicly as it relates to the interactions.

還有，Sanjay，你關於 Capital One 的問題，就像 Michael 在他準備好的演講稿裡說的那樣，對吧？我們對他們就新信貸發行達成的新協議感到非常興奮。這就是我們將公開與大家分享的與互動相關的全部內容。

But suffice it to say, the reality is the customer sees real value with what Mastercard brings. That's the reason we are actually doing what we are doing in the nature of the credit agreement, and they're seeing that across the payment network as well as all value-added services and solutions.

但總而言之，現實情況是，客戶看到了萬事達卡帶來的真正價值。這就是我們制定信貸協議的真正原因，他們也在整個支付網路以及所有增值服務和解決方案中看到了這一點。

Adam Frisch, Evercore ISI.

Adam Frisch，Evercore ISI。

Thanks, guys, and thanks for restoring some order in the marketplace as it relates to your stock this morning. I want to address the -- go back to DC for a second. We wrote earlier this week that CCCA is all but dead for now at least. But would love your views on the topic around a 10% rate cap on credit, which seems like it's a back burner for now, but it's only a tweet away from being reignited. So would love your perspective on how you describe the conversations going on between the industry and the administration to address the affordability issue as it relates to our space?

謝謝各位，也感謝你們今天早上為你們的股市恢復了秩序。我想談談──先回到華盛頓特區一會兒。我們本週稍早曾撰文指出，CCCA 至少目前來看幾乎已經名存實亡。但我很想聽聽你對信用卡利率上限為 10% 這個話題的看法，雖然目前看來這個話題被擱置了，但可能很快就會被重新提起。所以，我很想聽聽您對目前產業與政府之間就解決我們領域內的價格承受能力問題進行的對話有何看法？

And then if you could also provide some insight around your conversations with issuers and other relevant players in the ecosystem about ways to address the President's concerns without creating a broader crisis in the industry.

此外，如果您還能就您與發行機構和生態系統中其他相關參與者就如何在不給行業帶來更大危機的情況下解決總統的擔憂進行一些對話，提供一些見解，那就太好了。

Good. Yeah. I appreciate your first comment actually on the order. So the rate cap that's -- it's a really important conversation around affordability. And we shared that, that should be addressed. But when you think about the rate cap in particular, here is a proposal that comes with a whole range of consequences as you think through how that would -- something like this would be impacted.

好的。是的。我非常感謝您對訂單的第一條評論。所以，利率上限——這是一個關於負擔能力的重要討論主題。我們也提到過，這個問題應該要解決。但當你特別考慮利率上限時，你會發現，當你思考利率上限會如何影響類似這樣的事情時，你會發現這項提議會帶來一系列後果。

And the consequence that comes to mind first is what does this mean to credit access for a lot of the most vulnerable people that may not have access to credit any longer should rate like this be passed. So this is an important topic to be understood to your question about our conversations with the banks, with the issuers, the card issuers.

首先想到的後果是，如果這樣的利率獲得通過，對於許多最弱勢群體來說，他們將無法再獲得信貸，這又意味著什麼？所以，對於您提出的關於我們與銀行、發卡機構、信用卡發行者的對話的問題來說，這是一個需要理解的重要主題。

We don't set rates, but obviously, we have a shared interest in making sure that the overall credit ecosystem does work and provides credit access. So we're sharing data. We're helping to compute what the impact must be. And then it is really understanding from our bank partners where they are going to go.

我們不制定利率，但顯然，我們有共同的利益，那就是確保整個信貸生態系統有效運作並提供信貸管道。所以我們正在共享數據。我們正在幫助計算其影響程度。然後，我們還需要真正了解我們的銀行合作夥伴將要採取什麼行動。

Is it going to be different products? What is there today? How does this is education? What kind of 0% introductory rates are out there today? Low interest rate products and so forth.

會是不同的產品嗎？今天這裡有什麼？這算哪門子教育？現在市面上有哪些0%的優惠利率？低利率產品等等。

So it's a broad conversation that's going on across the industry leaning in on the topic of affordability and options around that. So I think overall, a constructive dialogue that was sparked we have yet to see as said, it doesn't affect us directly as we don't set rates, but we're actively engaged as an industry custodian.

因此，整個產業正在就價格承受能力和相關選擇展開廣泛的討論。所以我認為總體而言，雖然已經引發了建設性的對話，但正如前面所說，我們還沒有看到它對我們產生直接影響，因為我們不制定利率，但我們作為行業託管人積極參與其中。

Do you see the administration and the industry having more constructive talks about feasible alternatives here as opposed to a blanket--?

你認為政府和業界會就可行的替代方案進行更具建設性的對話，而不是一概而論嗎？

There's a live. Yeah, there is a live dialogue here. I think everybody realizes an important topic.

有現場直播。是的，這裡有即時對話。我認為大家都意識到這是一個重要議題。

I think we need to move to the next question.

我認為我們需要進入下一個問題。

Ramsey El-Assal, Cantor Fitzgerald.

拉姆齊·艾爾-阿薩爾，坎托·菲茨杰拉德。

Michael, could you give us a view on the health of the consumer. It's a very noisy kind of media, political environment with a lot of mixed signals on the other hand, it seems like the underlying spend volumes are really hanging in quite solidly across the board. What are you guys seeing out there? Any changing patterns, anything interesting to call out?

邁克爾，你能否談談消費者的健康狀況？當前媒體和政治環境非常吵雜，充斥著各種混雜的訊號；另一方面，似乎整體而言，潛在的支出規模確實相當穩定。你們那邊都看到了什麼？是否有任何變化趨勢，或有什麼值得注意的地方？

Right. It's a great question. When you look back over 2025 over the whole year, and we just take a soft data like headline consumer confidence data that comes out. On one hand, consumers fill in surveys. At the same time, their spend behavior hasn't actually changed.

正確的。這是一個很好的問題。當我們回顧 2025 年全年的情況時，我們只採用一些軟性數據，例如公佈的消費者信心指數數據。一方面，消費者填寫問卷。同時，他們的消費行為其實並沒有改變。

So that's a pattern that just continues. We see just taking 2025, it hasn't changed quarter-on-quarter. We see a truly savvy and intentional consumer. So what the digital economy brings to consumers has come almost back to the affordability topic, is an ability to figure out what's the best deal. What do you want to spend on? Where can you use your rewards to avail something that otherwise you might not do at this time.

這種模式一直持續著。我們僅以 2025 年為例，發現它與上一季相比並沒有變化。我們看到的是一位真正精明且目標明確的消費者。因此，數位經濟為消費者帶來的，幾乎又回到了價格負擔能力的問題上，那就是能夠找到最划算的交易。你想把錢花在哪裡？您可以利用獎勵來購買一些您目前可能不會購買的東西。

So it's a savvy and intentional consumer. They're using their loyalty programs, their data to kind of spend on what they want to spend on anyway. So that has been a continuous trend. There is a question on how the consumer was affected or not by some of the tariff changes that we've seen last year. And that doesn't show up in our data either. So it's not coming through somewhere across the ecosystem between importers and big brands. It's all been adjusted in a way that it hasn't really affected consumer spending, at least we cannot tell that.

所以，他是一位精明且有目的的消費者。他們利用會員計畫和用戶數據，隨心所欲地花錢。所以這已經是一個持續的趨勢了。去年我們看到的一些關稅調整是否對消費者產生了影響，這是一個值得探討的問題。我們的數據中也沒有顯示這一點。所以問題不在於進口商和大品牌之間的整個生態系中某個環節的傳遞。一切都經過調整，並沒有真正影響消費者的支出，至少我們看不出來。

There's a conversation on how does the whole spend pattern change when you look across higher income bands and lower income bands and what we see across the board in the light of a job market that is supporting paychecks and people are spending those paychecks and there was effect on the other hand. So there are different types of supporting kind of factors around that support overall affluent spend as well as lower income spend. So that hasn't really changed.

大家正在討論，當我們觀察高收入群體和低收入群體時，整個消費模式會發生怎樣的變化，以及在就業市場支撐工資發放、人們用工資消費的情況下，我們看到的整體情況，另一方面，又會產生怎樣的影響。因此，有各種類型的支持因素既能促進富裕人口的消費，也能促進低收入者的消費。所以這一點其實並沒有改變。

And Sachin talked about it earlier, the first three weeks into January, we see this continue. Now if you zoom out and you look across the world, these patterns are different by region here and there, but the aggregate top line is that consumer spending remains healthy, is the same.

薩欽之前也談過這一點，一月份的前三週，我們看到這種情況仍在繼續。現在，如果你把視野放寬，放眼全球，這些模式在不同地區有所不同，但總體而言，消費者支出依然保持健康，與之前相同。

Craig Maurer, FT Partners.

Craig Maurer，FT Partners。

First, there's been quite a bit of FX volatility in the past week, which makes a nominal guide a bit of a moving target. Can you talk about the sensitivity of the overall business to FX rate moves these days? And when you set the FX rates for the guidance? And secondly, VASS grew regardless of how I look at it. VASS growth accelerated significantly in '25 versus the growth in the rest of the business.

首先，過去一周外匯市場波動較大，這使得名目匯率成為一個較不穩定的參考指標。您能否談談目前外匯匯率波動對整體業務的敏感度？那麼，您何時設定指導匯率呢？其次，無論從哪個角度來看，VASS 都實現了成長。與公司其他業務的成長相比，VASS 在 2025 年的成長速度顯著加快。

And so I'm curious if this is a trend that we should expect to continue in terms of the relationship between vast revenue growth and however we look at it, whether it's purchase volume or process transaction growth or whatever metric you prefer.

因此，我很好奇，就巨大的收入成長與我們看待它的方式（無論是購買量、交易量增長還是你喜歡的任何指標）之間的關係而言，這是否是一種我們應該預期會繼續下去的趨勢。

Sure, Craig. So let me just take both questions here, which is from an FX volatility standpoint, I'll be humble enough to tell you, I have no idea where FX volatility is going to be tomorrow as it's going to be in the remaining part of this year.

當然可以，克雷格。那麼，讓我來回答這兩個問題。從外匯波動性的角度來看，我謙虛地告訴你們，我不知道明天的外匯波動性會如何，也不知道今年剩餘時間的外匯波動性會如何。

So what we do is we take our best estimates of what we think it's going to be. We look at long-term averages, we kind of look at what the general environment is. And on the basis of that, we build in our best estimates. In quarters in which we see outsized benefit come from FX volatility. We call it out as we did in the first and second quarter of last year, right? And in other quarters where we see record low levels of FX volatility we'll call it out as well as I did today.

所以我們所做的，就是根據我們認為的結果做出最佳估計。我們著眼於長期平均值，我們大致了解整體環境。在此基礎上，我們做出最佳估算。在某些季度，外匯波動會帶來巨大的收益。我們像去年第一季和第二季一樣，再次指出了這一點，對吧？在其他一些季度，如果外匯波動性達到歷史低點，我們也會像今天這樣指出。

So look, I mean, the reality is super hard to predict, right? And the impact to our business, as you can see, is the fact that I'm calling it out means it does have an impact on our business. in particular, in the transaction processing assessments line, right? So that's kind of important for people to know where it kind of sits from an overall perspective.

所以你看，我的意思是，現實情況很難預測，對吧？正如你所看到的，我之所以指出這一點，就意味著它確實對我們的業務產生了影響。尤其是在交易處理評估方面，對吧？所以，從整體來看，讓人們了解它所處的位置還是很重要的。

The more important thing here, though, is Mastercard is actually delivering some incremental value to our customers, which is why we actually generate the revenue associated with whether it's good volatility or bad volatility. The reality is we're delivering currency conversion services, which means that our customers are seeing value in terms of what we're doing and allows us to actually participate in that volatility to the extent it's high or then the detrimental impact of that volatility to the extent it's low. So that's kind of point number one.

不過，更重要的是，萬事達卡實際上為我們的客戶帶來了一些增量價值，這就是為什麼無論市場波動是好是壞，我們都能獲得相應的收入。事實上，我們提供的是貨幣兌換服務，這意味著我們的客戶看到了我們所做工作的價值，也使我們能夠參與這種波動（如果波動較大），或承受這種波動帶來的不利影響（如果波動較小）。這是第一點。

On VASS growth, super pleased with the results. The company continues to be very focused. It's an important part of our various strategic pillars. You can see that the growth rates are healthy. I'll go back to what Michael said in his prepared remarks, right? Our business in terms of how we actually operate our VASS portfolio is very tightly intertwined with what's going on in the payment network. Let's stop there, right? The payment network brings volume into the system, it brings data enables the creation of our solutions, and that allows the virtual cycle to keep going.

VASS成長情況，我對結果非常滿意。公司依然保持著高度專注。它是我們各項戰略支柱的重要組成部分。你可以看出成長率是健康的。我還是回到麥可在準備好的演講稿裡說的內容吧？從我們實際經營 VASS 產品組合的角度來看，我們的業務與支付網路的運作方式緊密相連。我們就到此為止吧，好嗎？支付網路為系統帶來交易量，帶來數據，使我們能夠創建解決方案，並使虛擬循環得以繼續進行。

As it relates to the growth, we continue to remain very encouraged about the growth prospects from a VASS standpoint. We shared with you previously what the building blocks of that growth are. Let's start with the fact that if there's underlying growth in drivers driven by what we're doing in the payment network, there's an attach rate, which is related to that, which actually helps growth take place.

就成長而言，從 VASS 的角度來看，我們仍然對成長前景感到非常鼓舞。我們之前已經和大家分享過這種成長的基石是什麼。首先，如果支付網路中的驅動因素帶來了潛在的成長，那麼就會出現一個與之相關的附加率，而附加率實際上有助於成長的發生。

In our Investor Day, we talked about how 60% of our -- approximately 60% of our VASS revenues are network linked. So if you see the network, the payment network growing and the underlying drivers growing, you're going to see that the growth of that comes through.

在我們的投資者日上，我們談到了我們大約 60% 的 VASS 收入是如何與網路連接的。所以，如果你看到網路、支付網路以及背後的驅動因素在成長，你會看到這種成長最終會顯現出來。

Second, we are in the business of actually really increasing the attach rate to the extent there are new solutions we're putting out of the market. Doesn't mean that every new solution that we put into the market is necessarily network linked, but those which are allow us the opportunity to continue that growth algorithm. Third, we're increasing the penetration of these solutions with our customers globally.

其次，我們致力於隨著我們向市場推出新的解決方案，實際提高附加率。這並不意味著我們推向市場的每一個新解決方案都必然與網路連接，但那些與網路連接的解決方案讓我們有機會繼續保持這種成長模式。第三，我們正在提高這些解決方案在全球客戶中的普及率。

So the color I gave you in my prepared remarks today about the fact that our VASS growth is broad-based gives me confidence that this is not episodic in one particular region. We kind of talked about how across AP, EMEA and Americas, we're seeing good growth from a VASS standpoint.

因此，我今天在準備好的發言中向大家描述了我們的 VASS 成長是普遍的，這讓我相信這並非某個特定地區的偶發現象。我們大致討論了在亞太地區、歐洲、中東和非洲地區以及美洲地區，從增值服務角度來看，我們都看到了良好的成長。

As also across the various elements of our services portfolio, we're seeing good growth. So that's kind of pretty comforting to me to see that we are actually executing across that VASS growth algorithm in a meaningful manner.

此外，我們服務組合的各個方面也都實現了良好的成長。看到我們確實以有意義的方式執行了 VASS 成長演算法，這讓我感到非常欣慰。

And the last point I'll make is enabling this growth has been the constant look we do from an innovation standpoint organically, and we've done a bunch of new innovation, which we've announced, but also what we're doing to expand our addressable market. And examples of that would be things like Recorded Future, which takes us into new and different and fast-growing spaces like Card Intelligence.

最後我想說的是，這種成長的實現，在於我們不斷地從創新的角度進行有機成長，我們已經進行了許多新的創新，並宣布了這些創新，同時也努力擴大我們的目標市場。例如，Recorded Future 就帶領我們進入了卡片智慧等新興、不同且快速發展的領域。

So if I to bring all of this together for you, I'd say good solid growth in VASS in 2025, and we continue remain encouraged about the prospects from a growth standpoint, from a VASS standpoint going forward.

所以，如果我把所有這些因素綜合起來告訴你，我會說 VASS 在 2025 年將實現穩健增長，而且從增長的角度來看，我們對 VASS 未來的前景仍然充滿信心。

Yeah. I'm going to add a point here. This is -- what's really important here is the differentiation. Because when you look at the competitive landscape in services, there's specialist companies out there that focus on cybersecurity. There's loyalty companies out there.

是的。我還要補充一點。真正重要的是區分。因為當你審視服務業的競爭格局時，你會發現有一些專門從事網路安全的公司。市面上有一些會員忠誠度公司。

There's really not a company out there like us. So it puts us in a very differentiated position here. We have the payment data as Sachin laid out, and we can build a set of services that are truly unique. It's a very curated set of services. We keep getting the questions from you now and then what is actually in services.

市面上真的沒有一家公司像我們這樣。所以這使我們處於非常不同的地位。我們已經掌握了 Sachin 列出的支付數據，我們可以建立一套真正獨一無二的服務。這是一套精心挑選的服務。我們不時會收到你們的提問，詢問服務究竟包含哪些內容。

But if you think about it from the perspective of cybersecurity solutions, data insight solutions, those are all the types of services that ground it in fundamental growth drivers and needs of the growing digital economy.

但如果你從網路安全解決方案、數據洞察解決方案的角度來看，這些服務類型都與不斷發展的數位經濟的基本成長動力和需求息息相關。

So differentiated underlying growth drivers, everything that Sachin just said, and all of this is powered by a significantly changing distribution network that we're using by selling these services through many others other than our payment partners.

因此，Sachin剛才所說的所有差異化的潛在成長驅動因素，以及所有這一切都得益於我們正在透過支付合作夥伴以外的許多其他管道銷售這些服務的、正在發生顯著變化的分銷網絡。

Tien-Tsin Huang, JPMorgan.

黃天心，摩根大通。

Appreciate it. Great growth here. I wanted to ask about Capital One a little differently. You mentioned I think, Michael, you mentioned hundreds of issuing wins in '25. I'm curious for this year in '26, any updated call outs on timing and impact on, let's say, the KPIs from all these conversions or renewals in '26. How does the renewal pipeline in general look? And any call outs on pricing or competitive intensity, that kind of thing?

謝謝。這裡發展迅猛。我想換個角度來問關於 Capital One 的問題。我想，邁克爾，你提到了2025年數​​百次發行勝利。我很好奇 2026 年的情況，是否有關於所有這些轉化或續約在 2026 年對 KPI 的時間和影響的最新說明。續約管道整體狀況如何？有沒有提到價格或競爭激烈程度之類的問題？

Tien-Tsin, it's Sachin. I might take the question. Look, I mean, again, from a overall customer engagement standpoint and a deal pipeline standpoint, I'd say coming into 2026 is I'd put it in the realm of pretty normal for what we see at this time of the year compared to prior year. So active pipeline, lots of great engagement taking place with numerous customers. Nothing unusual to call out there in terms of the pipeline of deals.

田欽，是薩欽。我可能會回答這個問題。我的意思是，從整體客戶互動和交易管道的角度來看，我認為進入 2026 年，與往年相比，此時的情況相當正常。因此，銷售管道活躍，與眾多客戶進行了大量良好的互動。就交易流程而言，沒有什麼特別之處。

As it relates to the competitive environment, we're in a competitive space. There's no question about it. And what we're also very clear about is that in a competitive space, you've got to differentiate. And differentiation is going to be driven by what we can do at the payment network level through our digital capabilities, but also what we can bring in the nature of value-added services and solutions. So this virtuous cycle piece kind of comes into play again. And we're seeing ourselves actually be able to participate and actually grow in such an environment, which is very encouraging.

就競爭環境而言，我們身處在一個競爭激烈的領域。這點毋庸置疑。我們也非常清楚，在競爭激烈的市場中，你必須脫穎而出。差異化將取決於我們在支付網路層面透過我們的數位化能力所能做的事情，以及我們能夠提供的增值服務和解決方案的性質。所以這種良性循環又再次發揮作用了。我們看到自己能夠在這樣的環境中參與其中並真正成長，這非常令人鼓舞。

So I think it's a competitive environment. We have very, what I would call, formidable competitors out there, but I feel very good about our ability to compete given our suite of services and solutions as well as our payment network capabilities that are out there. So at net, here's what I shared with you, which is feel encouraged about the bustness of the pipeline, and we'll keep doing what we're supposed to do in terms of actually driving with our customers to deliver value to them.

所以我認為這裡競爭很激烈。我們面臨著非常強大的競爭對手，但我對我們的競爭力充滿信心，因為我們擁有完善的服務和解決方案，以及強大的支付網路能力。總之，我跟你們分享的是，請對目前的銷售管道充滿信心，我們將繼續做好我們應該做的事情，與客戶攜手合作，為他們創造價值。

The last point I'll make is I don't expect and I certainly hope that we don't win all deals. We want to win the right kind of deals. We've set this in the past, and we will be very focused on doing that, which is making sure that we want to win those deals which are fast growing, which are cross-border heavy, which are ones where we can bring our services to bear to actually drive incremental growth for the issuer.

最後我想說的是，我不期望，而且我當然希望我們不要贏得所有交易。我們想要達成合適的交易。我們過去就設定了這一目標，並且會非常專注於此，那就是確保我們贏得那些快速增長、跨境業務密集的交易，在這些交易中，我們可以運用我們的服務來真正推動發行人實現增量增長。

That's really important because if we can't drive incremental growth for the issuer, the whole idea of being able to take it -- take the deal from the other network is kind of redundant from an issuer standpoint. So we really got to push on that, which is the way we kind of go about doing what we do.

這非常重要，因為如果我們不能為發行人帶來增量成長，那麼從發行人的角度來看，從其他網路獲得交易的整個想法就有點多餘了。所以我們必須在這方面加大力度，這也是我們做事的方式。

It's a really important question, Tien-Tsin. So when you look across I was just looking back at my prepared remarks, 16 minutes, and you see all the wins in there. So the pipeline is healthy. But it sounds like maybe it's broad stroke. We are very focused based on what Sachin just said, the focus on affluent, for example, on cross-border and really high octane kind of partnerships that help our customers, but also us really important.

天心，這確實是個重要的問題。所以當你回頭看看我準備的發言稿時，你會發現裡面全是勝利的瞬間。所以管道運作狀況良好。但聽起來像是粗略概括。正如 Sachin 剛才所說，我們非常注重關注富裕人群，例如，關注跨國和真正高能量的合作夥伴關係，這不僅對我們的客戶有幫助，對我們自己也非常重要。

And then as I called it out, it's not just about share, it's about secular opportunities. So winds in the secular opportunity context are just as important when I think about small business, when I think about B2B and so forth. So full on, really full on. That's the plan for '26, but not for everything, as Sachin just said.

正如我之前所說，這不僅關乎股份，更關乎世俗的機會。所以，從長遠來看，風向對於小型企業、B2B 等產業來說，同樣重要。完全投入，真的完全投入。那是 2026 年的計劃，但並非所有事情都是如此，正如薩欽剛才所說。

Yeah. That's very good detail there. Just forgive me for asking one other clarification question. Just if you look similar to '25, can we infer that the rebate incentive outlook is also similar?

是的。這個細節非常到位。請容許我再問一個需要澄清的問題。如果情況與 2025 年類似，我們是否可以推論退稅激勵前景也類似？

Yeah. Here's what I'd share with you. I'm not going to give you a full year rebate guidance. But what I will share with you is that in Q1, we expect our Cloudfare as a percentage of payment network assessments to be flat to slightly down sequentially compared to Q4, very much in line with what you've seen in the past.

是的。我想和你們分享以下內容。我不會給你一整年的退稅指導。但我可以和大家分享的是，我們預計第一季 Cloudflare 在支付網路評估中所佔的百分比將與第四季度相比持平或略有下降，這與您過去看到的情況非常一致。

That's what he really wanted to know.

那才是他真正想知道的。

Darrin Peller, Wolfe Research.

Darrin Peller，Wolfe Research。

Just following up on guidance for a minute. When you look at the trajectory of it, obviously starting off, and then calling for maybe a slight acceleration of our progresses to the high end of low double digits from the low and low double digits.

再跟進一下指導意見。從它的軌跡來看，顯然是從低兩位數開始，然後可能需要稍微加快我們的進展，從低兩位數到高兩位數。

So maybe just give us -- just remind us the puts and takes as your progresses and then more importantly, just the inputs. What are you assuming the consumer does and spend volumes do both cross-border domestically? What are your thoughts on the potential for more stimulus is that embedded in your guide? Any more color on that would be great.

所以，或許你可以告訴我們──隨著你的進展，提醒我們你的投入和收穫，更重要的是，提醒我們你的投入。你假設消費者在跨國和國內消費的行為和消費量分別是什麼？您認為您的指南中是否蘊含著更多刺激因素？如果能提供更多細節就更好了。

Sure, Darrin. So our base case, which is the basis of the guidance that we've shared with you is that consumer and business spending remains healthy. That's kind of our going in position because that's what we've seen, right? And like Michael said earlier, there are different numbers as it relates to the soft data from a sentiment standpoint and then there's the hot data. And that's what we kind of see.

當然可以，達林。因此，我們的基本假設，也就是我們與大家分享的指導意見的基礎，是消費者和企業支出將保持健康。這就是我們目前的立場，因為我們看到的就是這樣，對吧？正如邁克爾之前所說，從情感角度來看，軟數據和熱數據是不同的數字。這就是我們所看到的。

We've kind of triangulated around the best we can. And it's our base case assumes a strong consumer. So that's kind of the starting point of where we are from a driver standpoint. That contemplates the dialogue around a fairly healthy tax refund season, et cetera, et cetera. All of that's taken into consideration, again, recognize there's the U.S., and then we're a global business as well. We've got 70% of our business roughly coming from overseas markets.

我們已經盡力進行各種嘗試了。我們的基本假設是消費者實力強勁。所以，從司機的角度來看，這就是我們目前的處境。這引發了關於相當健康的退稅季等等的討論。所有這些因素都已考慮在內，再次強調，我們不僅要考慮美國市場，還要認識到我們是一家全球性企業。我們大約 70% 的業務來自海外市場。

So I think it's important to kind of think about in that whole context. Now I think you're asking the question as it relates to the cadence between the first half and the second half, which is something I shared. The -- I've given you full year guidance, and I've kind of said that we expect the growth in the first half to be lower than in the second half, and that's primarily driven by the fact that you've got tougher comps from an FX volatility standpoint.

所以我認為，在這個整體背景下思考這個問題很重要。現在我認為你問的問題與上半場和下半場的節奏有關，而這正是我之前分享過的。我已經給了全年的業績指引，我說過，我們預計上半年的成長將低於下半年，這主要是因為從外匯波動性的角度來看，上半年的比較基數更大。

We called this out last year where we talked about first quarter, second quarter of last year, higher FX volatility. I called out how we're seeing lower FX volatility coming out of Q4 and into the first 3 weeks of January, something to keep in mind. And the reality is that's really what primarily explains the difference in cadence, which is there between the first half and the second half.

我們去年就指出了這一點，當時我們談到了去年第一季和第二季的外匯波動性加劇。我指出，從第四季開始到一月份的前三週，外匯波動性有所下降，這一點值得注意。而事實上，這正是前半段和後半段節奏差異的主要原因。

Trevor Williams, Jefferies.

特雷弗威廉斯，傑富瑞集團。

Sachin, I think you called out pricing as a driver across every revenue line this quarter. So just how should we think about the durability of what we're seeing come through across each of the line items on cross-border, which has been -- seen a nice pricing tailwind over the course of the year. And then in terms of magnitude, what you're building into the guide for '26 for pricing relative to '25.

Sachin，我認為你在本季已經指出價格是影響所有收入來源的關鍵因素。那麼，我們該如何看待跨境貿易各環節所呈現的這種趨勢的持久性呢？今年以來，跨境貿易一直受到物價上漲的提振。然後從規模上看，你在 2026 年的定價指南中相對於 2025 年的定價策略是怎樣的。

Yeah, I think it's a board to actually understand how we go about thinking about what we do and what we call pricing as well, right? It's kind of very much a function of what is the nature of products and solutions and services that we have delivered, whether they're brand new in nature and/or they are modifications or improvements in terms of delivering incremental value to our customers, which comes into play.

是的，我認為這是一個真正幫助我們理解我們如何思考我們所做的事情以及我們所謂的定價的委員會，對吧？這很大程度上取決於我們所提供產品、解決方案和服務的性質，無論是全新的產品、解決方案還是旨在為客戶帶來增量價值的改進或變更，這都會產生影響。

So there is the impact of what we've done last year. And not everything starts on January 1, so there's the lapping effect of that, which comes through in the following year. And then what do we see in the nature of pipeline of new capabilities that will deliver incremental value to our customer that we were priced for, that we built into our forecast.

所以，這就是我們去年所做事情的影響。而且並非所有事情都從 1 月 1 日開始，所以存在這種重疊效應，這種效應會在第二年顯現出來。那麼，在能夠為客戶帶來增量價值的新功能儲備中，我們看到了什麼？這些功能是我們當初定價時所預期的，也是我們預測中已經考慮到的。

Trevor, I'm not going to get more specific than that as it relates to how much of that there is, just because at the end of the day, a lot of this is a function of our ability to be able to deliver everything we've got in the nature of the pipeline in terms of new capabilities and new value, which will actually ultimately result in how much we generate in the nature of pricing.

特雷弗，關於這方面有多少，我不會再做更具體的說明了，因為歸根結底，這很大程度上取決於我們能否交付我們在產品線中所擁有的一切，包括新的能力和新的價值，而這最終將決定我們在定價方面能創造多少收益。

Harshita Rawat, Bernstein.

哈爾希塔·拉瓦特，伯恩斯坦。

I want to follow up on your recent announcements in agentic, including the suite you just announced. It's early in this area, lots of experimentation happening, but maybe help us frame the different thesis of the capabilities here. The identity trust layer and other platforms for custom AI agents.

我想跟進您最近在 agentic 上發布的公告，包括您剛剛發布的套件。這個領域還處於早期階段，有許多實驗正在進行，但或許可以幫助我們建立關於這裡各種能力的不同論點。身分信任層和其他用於客製化人工智慧代理的平台。

So there's so much fragmentation competing protocols. I know you're partnering with Google and OpenAI among others. So help us frame this and talk about why you believe the we'll see Mastercard not only growing in an agentic era, but also thriving with respect to the trust, governance, personalization and other services you can provide.

所以現在有很多相互競爭的協議，導致協議零碎化嚴重。我知道你們正在與Google和OpenAI等公司合作。所以，請幫助我們闡明這一點，並談談您為什麼相信萬事達卡不僅會在代理時代發展壯大，而且會在信任、治理、個性化以及您所能提供的其他服務方面蓬勃發展。

Thank you, Harshita. This is a great question. What an exciting space. It might be one of those use cases, AI-driven use cases that meet our reality much faster than other AI use cases out there. So I think agentic commerce is going to come fast. So this whole idea of a consumer using an agent to drive -- have a better commerce journey, I think that just resonates with people. You get better quality insights, you get better recommendations.

謝謝你，哈爾希塔。這是一個很好的問題。多麼令人興奮的地方！它可能是人工智慧驅動的應用案例之一，比其他人工智慧應用案例更快符合我們的實際情況。所以我認為智慧商務將會很快到來。所以，消費者透過代理人來推動——獲得更好的購物體驗——這種想法，我認為很容易引起人們的共鳴。您將獲得更高品質的洞察，獲得更好的推薦。

So from that perspective, that's just kind of the starting headline. And hence, when you then build out from that. We've been at this for over eight months now with Agent Pay launching that as our framework around recognizing agents, ensuring identity and then bringing all the protections of payments into the world of agentic commerce.

所以從這個角度來看，這只是一個開頭標題。因此，當你以此為基礎進行擴展時。我們已經為此努力了八個多月，推出了 Agent Pay，作為我們識別代理商、確保身份並將所有支付保護措施引入代理商業領域的框架。

So those are all consumer protections and user experience journeys that are understood by consumers. Also by our partners, take Google, for example. So this isn't new and which gives me great confidence because it's understood and it comes -- it can be delivered at scale. We are a really important partner in this whole journey.

以上這些都是消費者能夠理解的消費者保護措施和使用者體驗流程。我們的合作夥伴也是如此，例如Google。所以這並不是什麼新鮮事，這讓我很有信心，因為它已被人們理解，而且──它可以大規模地實現。我們是這段旅程中非常重要的合作夥伴。

So there's new entrants, LLM companies that haven't been really in the commerce space contrary to somebody like Google maybe. So yet again, that puts it on us to engage with these partners. From the outset, we ensured as we do in other emerging payment spaces that the standards are set, we put our protocols, other protocols.

所以現在出現了一些新的進入者，LLM 公司，它們之前並沒有真正涉足商業領域，這與像谷歌這樣的公司截然不同。所以，這就再次要求我們與這些合作夥伴溝通。從一開始，我們就確保像在其他新興支付領域一樣，制定標準，制定我們的協議和其他協議。

There's a question on how do these protocols all interact with each other. Well, it's the focus on consumer protection, safety, security and cyber and registering agents and making sure they're real and all of that, that is really driving this. And these protocols generally reinforce each other.

還有一個問題是，這些協議之間是如何相互作用的。嗯，真正推動這一趨勢的是專注於消費者保護、安全保障、網路安全以及註冊代理商並確保其真實性等等。而且這些協議通常會相互加強。

So from that perspective, we feel we are very centered here. The cards ecosystem brings a lot of value and that is understood and it will bring it into this space. So then you kind of ask yourself and say, well, from here on, what's different then? Well, new relationships are being built. And of course, we're stepping forward with a differentiated set of solutions that we can offer.

所以從這個角度來看，我們覺得我們在這裡處於非常中心的位置。信用卡生態系統帶來了許多價值，這一點已被人們所理解，它也會將這種價值帶入這個領域。所以你會問自己，從現在開始，有什麼不同呢？新的關係正在建立。當然，我們也正在推出一系列差異化的解決方案。

We just talked about services earlier that that's an opportunity. You can start to see that there is a transaction opportunity in all of this because a basket might be spread over many merchants. So that's another opportunity.

我們剛剛討論過服務業，那是一個機會。您可以開始看出，這一切中存在交易機會，因為一個購物籃可能涉及多個商家。所以，這又是一次機會。

You'd also see that certain application of services, for example, tokenization gets -- see a very different path than it might see without agentic commerce. So these are all aspects that make me very excited about this. We're leaning across the ecosystem. Everybody wants to talk about this. If we take a step back right now, it's also true, it's early days. But everything that I just said is true, and we're leaning for that. It's hard to predict on when and how this is going to scale to what degree, but the trade is leaving the station and we're right in front of it.

你也會發現，某些服務的應用，例如令牌化，會呈現與沒有代理商務時截然不同的路徑。以上這些方面都讓我感到非常興奮。我們正在向整個生態系統傾斜。每個人都想談論這件事。如果我們現在退一步來看，也確實還處於早期階段。但我剛才說的都是真的，我們也傾向於那樣做。很難預測這種趨勢何時以及如何發展到何種程度，但貿易正在蓬勃發展，而我們正處於其前沿。

Bryan Keane, Citi.

布萊恩‧基恩，花旗銀行。

Congrats on the solid results. Sachin, I was just going to ask, when there's geopolitical risks, investors are always trying to figure out what the impact would be to Mastercard and you talked about levers and mitigation efforts that you guys use. Could you just talk a little bit about some of the things that you could do or pull or things you've done in the past when political things have popped up to kind of mitigate downside the top line and bottom line?

恭喜取得如此優異的成績。Sachin，我正想問，當存在地緣政治風險時，投資者總是試圖弄清楚這對萬事達卡會有什麼影響，而你談到了你們使用的槓桿和緩解措施。能否請您談談，當政治事件發生時，您可以採取哪些措施或採取哪些行動來減輕對公司營收和利潤的負面影響？

Yeah. So it's a very important topic. We are probably one of the most global businesses in 20 countries and territories. So as I said in my prepared remarks, we're monitoring geopolitics all the time. We have, through the past years, and we're doing so today.

是的。所以這是一個非常重要的主題。我們可能是全球業務遍及20個國家和地區的最俱全球化程度的企業之一。正如我在準備好的演講稿中所說，我們一直在密切關注地緣政治局勢。過去幾年我們一直這樣做，今天我們也繼續這樣做。

It's really important for us to understand that this is not just about geopolitics. If you look at our business model, we're aligned in terms of our interest with banks around the world. We're aligned with merchants and companies around the world. We are -- our focus on driving an increase of digital economy aligns us with broader populations and NGOs and so forth.

我們必須明白，這不只是地緣政治問題。從我們的商業模式來看，我們在利益上與世界各地的銀行是一致的。我們與世界各地的商家和公司建立了合作關係。我們致力於推動數位經濟的成長，這使我們與更廣泛的人群、非政府組織等保持一致。

So it's not just about the politics when you look at the geopolitical landscape, and we're engaging with all partners. An important aspect of this si, we don't do the same thing everywhere. This is not an off-the-shelf kind of solution that Mastercard brings. We always strive to understand the local needs, the local considerations. Of course, it's very different in Africa, which is why we partnered with MTN.

所以，從地緣政治格局來看，這不僅關乎政治，我們正在與所有合作夥伴接觸。這一點很重要，因為我們不會在所有地方都做同樣的事情。這不是萬事達卡提供的現成解決方案。我們始終努力了解當地的需求和當地的情況。當然，非洲的情況截然不同，這也是我們與 MTN 合作的原因。

It's very different in the UAE versus Europe. We just announced in October last year that we're bringing three additional data centers into Europe, $250 million of investments on the ground to drive better resilience and competitiveness for Europe. So these are all aspects that we can do today because we've invested in our technology. We continue to invest in our technology.

阿聯酋的情況與歐洲截然不同。我們去年 10 月剛宣布，我們將在歐洲增設三個資料中心，投資 2.5 億美元，以提高歐洲的韌性和競爭力。所以，這些都是我們今天能夠做到的事情，因為我們已經在技術方面進行了投資。我們將繼續加大對科技的投入。

So some of the comments that Sachin earlier made about reprioritization and where we take charges because that is what we need to fuel that we have that flexibility to engage with the country on their path and be a true partner for that.

所以，薩欽之前的一些評論提到了重新調整優先事項以及我們應該在哪裡承擔責任，因為這正是我們需要的，這樣我們才能靈活地與國家攜手共進，成為他們真正的合作夥伴。

At the same time, we bring global best practice and global cybersecurity solutions, and that sets us apart to navigate that world very actively. This will only work with a strong public policy and engagement process and spending time with governments and understand where they want to go, and that is what we do because we're in offices with 125 offices around the world to really stay very close to the local needs.

同時，我們引進全球最佳實踐和全球網路安全解決方案，這使我們能夠積極主動地在這個領域中脫穎而出。只有透過強而有力的公共政策和參與流程，花時間與政府溝通並了解他們的發展方向，才能實現這一目標。而這正是我們所做的，因為我們在全球設有 125 個辦事處，以便真正貼近當地的需求。

Yeah. And I guess, Bryan, you asked what kind of levers do we have in uncertain environments to the extent we need to pull levers. I think the headline I would first say is that we will not do anything which will impair our ability to grow over the long term. I think that's super important. But all of that being said, there are several levers we've got.

是的。我想，布萊恩，你問的是，在不確定的環境中，如果我們需要採取行動，我們有哪些手段。我認為首先要強調的是，我們不會做任何會損害我們長期發展能力的事情。我認為這非常重要。但即便如此，我們還是有幾個可以利用的手段。

We've got levers which we executed in the past in terms of taking a look at where are we expanding our dollars? Are they in favor with our customers? Are there things which are going to deliver returns in the near term, medium term or long term, and we will pull those levers. This could be across all our expense line items. Everything from personnel to our A&M spend, to our T&E pro fees, you name it, right, at the end of the day.

我們過去曾採取過一些措施，例如審視我們的資金正在向哪些方面擴張？它們受我們顧客歡迎嗎？是否存在一些能在短期、中期或長期內帶來回報的事情，我們會採取相應的措施。這可能涉及我們所有的支出項目。從人員配備到我們的經費支出，再到我們的差旅費，等等等等，最終都會影響到我們的生活。

And also remember, we do have a component of our revenues, which come with cost of goods sold. And so if to the extent you're asking what kind of levers are there because revenues start to actually decline, revenues coming down has a natural effect of bringing cost of goods sold down as well.

另外，請記住，我們的收入包含銷售成本。因此，如果你問的是，當收入開始實際下降時，有哪些槓桿可以利用，那麼收入下降自然也會降低銷售成本。

So sufficient levers, we'll never be complacent around this, but I do want to leave you with one thought, which is we do care about investing for the long term, and that's something we will continue to do through up and down cycles because the set of opportunities in front of us is so big that we shouldn't lose sight of that.

所以，我們擁有足夠的槓桿，我們永遠不會對此掉以輕心，但我確實想留給大家一個想法，那就是我們確實關心長期投資，無論市場週期如何波動，我們都會繼續這樣做，因為我們面前的機會如此之多，我們不應該忽視這一點。

Thank you very much. Michael, any closing comments?

非常感謝。邁克爾，還有什麼要補充的嗎？

Yeah. So we just spent the past hour talking about our diversified global business and how we're winning in the market. None of this is possible, of course, with our colleagues around the world, the dedicated teams. I mentioned it twice earlier in my remarks and we're proud about the work that's being done for our customers. We're also grateful for your support. So thank you for the dialogue and the great questions. We're going to speak to you in a quarter from now. Thank you very much.

是的。所以我們剛剛花了一個小時討論我們多元化的全球業務以及我們如何在市場中取得成功。當然，如果沒有我們世界各地的同事和敬業的團隊，這一切都不可能實現。我之前在演講中提到過兩次，我們為能為客戶完成工作而感到自豪。我們也感謝你們的支持。感謝大家的對話和提出的精彩問題。我們將在一個季度後與您聯繫。非常感謝。

Thanks, everyone.

謝謝大家。

Thank you.

謝謝。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線了。