MA insider ownership: who sold, why, and what they still hold

Who	Shares	Price	% of total stake	Total stake after	Trade date	Filed
Michael Miebach President & CEO, Director	530	$551.66	0.6%	93K	Oct 1, 2026	Oct 5, 2026
Sachin Mehra Chief Business Officer	207	$551.66	0.6%	36K	Oct 1, 2026	Oct 5, 2026
Jon Huntsman Jr. V Chair & Pres Strategic Grwth	178	$551.66	3.7%	4.7K	Oct 1, 2026	Oct 5, 2026
Edward McLaughlin President & CTO, MA Tech	99	$551.66	0.3%	39K	Oct 1, 2026	Oct 5, 2026
Ling Hai Chief Financial Officer	88	$551.66	0.2%	36K	Oct 1, 2026	Oct 5, 2026

What stands out

Five officers sold more than 25% of vested holdings: Michael Miebach (58% of holdings, $27.9M, all under a disclosed plan), Sachin Mehra (48% of holdings, $8.5M, all under a disclosed plan) and Ling Hai (35% of holdings, $4.5M, all under a disclosed plan), plus 2 more.Michael Miebach: largest sale, Aug 3, 2026 · Sachin Mehra: largest sale, Sep 2, 2026 · Ling Hai: largest sale, Feb 24, 2026

Selling rose in the last 90 days but the year remains well below the 5-year average: officers and directors sold 90K shares, against an average of 10K per 90 days earlier in the period. Most of it was Michael Miebach (49K shares in the last 90 days, 58% of holdings) and Edward McLaughlin (20K shares in the last 90 days); 100% of these sales were under disclosed plans.Michael Miebach: largest recent sale, Aug 3, 2026 · Edward McLaughlin: largest recent sale, Jul 15, 2026

Percentages cover 25 of 27 officers and directors. Left out: Edward McLaughlin (most of their shares vested during the period, so a percentage would mislead); Jill Kramer (held no vested shares at the start). Disclosed company stock is not an insider's whole wealth.

Who sold, and how much of their stake

Officers and directors, past 12 months. Each bar is the insider's vested stake at the start of the period (Oct 8, 2025). The gold part is what they sold.

SoldRest of starting stakeAdded during the period

Michael Miebach

President & CEO, Director

Sold 58%, but 26K shares were added (mostly vesting), so the stake grew

58% · $27.9MDisclosed plan

Edward McLaughlin

President & CTO, MA Tech

Sold 45% of the shares held or received (after tax withholding) during the period†. No bar against the starting stake: most of these shares arrived during the period.

$18.1MDisclosed plan

Sachin Mehra

Chief Business Officer

Sold 48%, but 7.4K shares were added (mostly vesting), so the stake grew

48% · $8.5MDisclosed plan

Ling Hai

Chief Financial Officer

Sold 35%, but 9K shares were added (mostly vesting), so the stake grew

35% · $4.5MDisclosed plan

Linda Kirkpatrick

Chief Services Officer

Sold 27%, but 4.3K shares were added (mostly vesting), so the stake grew

27% · $3.7MDisclosed plan

All 7 sellers

Selling by month

Officers and directors, Oct 2025 to Oct 2026. Each sale is counted once: under a disclosed plan, else to cover taxes, else no plan disclosed.

Disclosed planTo cover taxesNo plan disclosed

Common questions

Is the Mastercard CEO selling stock?

Yes. Michael Miebach sold 49K shares ($27.9M, 58% of starting holdings) in the past 12 months, all of it under a trading plan disclosed in the filings.

Why are Mastercard insiders selling?

Filings rarely give a reason, and we don't guess at one. What they show is how the sales were made: 100% of sales by value ran under 10b5-1 trading plans disclosed in the filings. A trading plan schedules sales in advance.

Are any Mastercard insiders buying?

No. Officers and directors reported no purchases in the past 12 months.

How much of their stake did Mastercard insiders sell?

About 23% overall. As a group they ended with more shares than they started with. The biggest individual seller, Michael Miebach, sold shares equal to 58% of starting holdings, but more vested, so the stake grew. That covers the 12 months to Oct 8, 2026 and counts vested shares reported on SEC Forms 3, 4 and 5, which is not an insider's whole wealth.

The evidence

Who sold7 officers and directors: amount, % of holdings, trading plan

Who sold	Amount	% of holdings	Trading plan
Michael Miebach President & CEO, Director	$27.9M 49K shares	58%	Disclosed plan
Edward McLaughlin President & CTO, MA Tech	$18.1M 34K shares	45%† i † Most of the shares Edward McLaughlin sold arrived during the period, so this is shares sold as a share of the 34K held at the start plus the 47K received, less 4.9K withheld by the company for taxes.	Disclosed plan
Sachin Mehra Chief Business Officer	$8.5M 15K shares	48%	Disclosed plan
Ling Hai Chief Financial Officer	$4.5M 9K shares	35%	Disclosed plan
Linda Kirkpatrick Chief Services Officer	$3.7M 6.4K shares	27%	Disclosed plan
Raj Seshadri Chief Commercial Pmts Officer	$3.6M 6.8K shares	54%	Disclosed plan
Sandra Arkell Controller	$402K 744 shares	12%	Disclosed plan

The full ownership picture27 of 27 insiders fully reconciled · 27 officers and directors

Vested shares across all share classes, held directly and through trusts, LLCs and family members, as reported on SEC Forms 3, 4 and 5. Unvested awards and options are never counted as owned shares.

Insider

Held Oct 8, 2025

Sold

Held Oct 8, 2026

Still held

Michael Miebach

President & CEO, Director

84K

−49K

93K

+10%

Vesting, gifts, unvested awards and holding lines for Michael Miebach

+26Kshares vested or exercised

0gifted (net of own trusts)

−23Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	84,473	93,163

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
28,241	$476.63	Mar 1, 2034	$3.0M
25,665	$576.31	Mar 1, 2035	$197K
35,856	$517.21	Mar 1, 2036	$2.4M

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Craig Vosburg

Includes unvested RSUs, amount not disclosed.

Chief Services Officer

58K

68K

no sales

Vesting, gifts, unvested awards and holding lines for Craig Vosburg

0shares vested or exercised

0gifted (net of own trusts)

−8.5Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	58,289	67,561

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
8,989	$476.63	Mar 1, 2034	$965K
1,758	$472.16	Apr 9, 2034	$197K
9,592	$576.31	Mar 1, 2035	$74K
12,155	$517.21	Mar 1, 2036	$812K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Edward McLaughlin

Includes unvested RSUs, amount not disclosed.

President & CTO, MA Tech

34K

−34K

39K

not meaningful

Vesting, gifts, unvested awards and holding lines for Edward McLaughlin

+34Kshares vested or exercised

−3.6Kgifted (net of own trusts)

−4.9Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	34,439	38,640

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
6,924	$476.63	Mar 1, 2034	$743K
6,222	$576.31	Mar 1, 2035	$48K
7,597	$517.21	Mar 1, 2036	$507K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Sachin Mehra

Minor difference of 40 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed.

Chief Business Officer

31K

−15K

36K

+18%

Vesting, gifts, unvested awards and holding lines for Sachin Mehra

Name on SEC filings: Mehra Sachin (SACHIN J. MEHRA).

+7.4Kshares vested or exercised

0gifted (net of own trusts)

−9.9Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	30,872	36,443

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
7,800	$344.48	Mar 1, 2032	$1.9M
11,782	$476.63	Mar 1, 2034	$1.3M
10,370	$576.31	Mar 1, 2035	$80K
5,783	$362.90	Mar 1, 2031	$1.3M
13,978	$517.21	Mar 1, 2036	$934K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Reconciliation: minor difference of 40 shares. Difference is under 0.5% of holdings.

Ling Hai

Minor difference of 27 shares. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed.

Chief Financial Officer

26K

−9K

36K

+39%

Vesting, gifts, unvested awards and holding lines for Ling Hai

Name on SEC filings: Hai Ling (Ling Hai).

+9Kshares vested or exercised

0gifted (net of own trusts)

−2.2Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	25,668	35,751

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,163	$476.63	Mar 1, 2034	$554K
5,911	$576.31	Mar 1, 2035	$45K
7,293	$517.21	Mar 1, 2036	$487K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Reconciliation: minor difference of 27 shares. Difference is under 0.5% of holdings.

Linda Kirkpatrick

Includes unvested RSUs, amount not disclosed.

Chief Services Officer

24K

−6.4K

29K

+23%

Vesting, gifts, unvested awards and holding lines for Linda Kirkpatrick

+4.3Kshares vested or exercised

0gifted (net of own trusts)

−5.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	23,624	29,065

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,770	$476.63	Mar 1, 2034	$620K
5,911	$576.31	Mar 1, 2035	$45K
7,293	$517.21	Mar 1, 2036	$487K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Rima Qureshi

Director

21K

20K

no sales

Vesting, gifts, unvested awards and holding lines for Rima Qureshi

0shares vested or exercised

0gifted (net of own trusts)

−1.6Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
a company solely-owned and controlled by the reporting person	Class A Common Stock	0	12,803
Direct	Class A Common Stock	21,272	6,828

Venkata Madabhushi

Chief Mktg & Comms Officer

20K

no sales

Vesting, gifts, unvested awards and holding lines for Venkata Madabhushi

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	19,559	19,559

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
1,353	$362.80	Mar 1, 2031	$299K
2,685	$344.48	Mar 1, 2032	$643K
4,600	$353.50	Mar 1, 2033	$1.1M
5,770	$476.63	Mar 1, 2034	$620K
1,227	$362.90	Mar 1, 2031	$271K
5,185	$576.31	Mar 1, 2035	$40K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Merit Janow

Director

14K

15K

no sales

Vesting, gifts, unvested awards and holding lines for Merit Janow

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	13,921	14,605

Raj Seshadri

Chief Commercial Pmts Officer

13K

−6.8K

16K

+29%

Vesting, gifts, unvested awards and holding lines for Raj Seshadri

+4Kshares vested or exercised

0gifted (net of own trusts)

−4.3Kwithheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	12,699	16,429

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,770	$476.63	Mar 1, 2034	$620K
1,256	$472.16	Apr 9, 2034	$140K
5,911	$576.31	Mar 1, 2035	$45K
7,172	$517.21	Mar 1, 2036	$479K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Jorn Lambert

Minor difference of 1 share. Difference is under 0.5% of holdings. Includes unvested RSUs, amount not disclosed.

Chief Product Officer

12K

16K

no sales

Vesting, gifts, unvested awards and holding lines for Jorn Lambert

0shares vested or exercised

0gifted (net of own trusts)

−2.5Kwithheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	11,712	16,184

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,440	$290.25	Mar 1, 2030	$717K
2,072	$362.90	Mar 1, 2031	$458K
3,682	$344.48	Mar 1, 2032	$882K
3,653	$353.50	Mar 1, 2033	$842K
3,280	$476.63	Mar 1, 2034	$352K
879	$472.16	Apr 9, 2034	$98K
4,408	$576.31	Mar 1, 2035	$34K
6,078	$517.21	Mar 1, 2036	$406K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Reconciliation: minor difference of 1 share. Difference is under 0.5% of holdings.

Richard Davis

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Director

11K

no sales

Vesting, gifts, unvested awards and holding lines for Richard Davis

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Additional holdings last reported more than 3 years ago are shown separately and excluded from totals.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	10,746	11,255

Additional holdings last reported Jun 26, 2018, not confirmed since: 993 shares. Not included in any total or percentage on this page.

Direct, Clas A Common Stock: 993 shares, last reported Jun 26, 2018

Julius Genachowski

Director

10K

11K

no sales

Vesting, gifts, unvested awards and holding lines for Julius Genachowski

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Trust 2	Class A Common Stock	0	45
Direct	Class A Common Stock	8,469	8,978
Trust 1	Class A Common Stock	1,790	1,745

Lance Uggla

Director

9.3K

9.8K

no sales

Vesting, gifts, unvested awards and holding lines for Lance Uggla

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	9,332	9,841

Oki Matsumoto

Director

8.2K

8.6K

no sales

Vesting, gifts, unvested awards and holding lines for Oki Matsumoto

0shares vested or exercised

0gifted (net of own trusts)

−98withheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	8,183	8,594

Sandra Arkell

Minor difference of 89 shares. Small increase from an employee stock purchase plan. Includes unvested RSUs, amount not disclosed. Small increase from an employee stock purchase plan.

Controller

6.3K

−744

6.2K

98%

Vesting, gifts, unvested awards and holding lines for Sandra Arkell

0shares vested or exercised

0gifted (net of own trusts)

−367withheld by the company for taxes

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Small increase from an employee stock purchase plan. Filing 1 Filing 2

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	2,877	2,778
Direct	Employee Stock Option (right to buy)	3,463	3,463

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
547	$476.63	Mar 1, 2034	$59K
467	$576.31	Mar 1, 2035	$4K
547	$517.21	Mar 1, 2036	$37K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Reconciliation: minor difference of 89 shares. Small increase from an employee stock purchase plan.

Choon Goh

Director

5.8K

6.3K

no sales

Vesting, gifts, unvested awards and holding lines for Choon Goh

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	5,801	6,310

Gabrielle Sulzberger

Director

5.3K

5.8K

no sales

Vesting, gifts, unvested awards and holding lines for Gabrielle Sulzberger

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	5,336	5,845

Susan Muigai

Chief People Officer

5.1K

5.8K

no sales

Vesting, gifts, unvested awards and holding lines for Susan Muigai

0shares vested or exercised

0gifted (net of own trusts)

−822withheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	5,126	5,773

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
2,831	$485.23	Apr 7, 2035	$280K
4,558	$517.21	Mar 1, 2036	$304K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Youngme Moon

Director

4.5K

5.1K

no sales

Vesting, gifts, unvested awards and holding lines for Youngme Moon

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	4,543	5,052

Jon Huntsman Jr.

V Chair & Pres Strategic Grwth

3.5K

4.7K

no sales

Vesting, gifts, unvested awards and holding lines for Jon Huntsman Jr.

0shares vested or exercised

0gifted (net of own trusts)

−830withheld by the company for taxes

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	3,499	4,666

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,816	$459.79	Apr 15, 2034	$722K
5,082	$576.31	Mar 1, 2035	$39K
6,199	$517.21	Mar 1, 2036	$414K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Candido Bracher

Director

2.9K

3.4K

no sales

Vesting, gifts, unvested awards and holding lines for Candido Bracher

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	2,883	3,392

Harit Talwar

Director

2.7K

3.2K

no sales

Vesting, gifts, unvested awards and holding lines for Harit Talwar

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	2,666	3,175

Christopher Mullett

Includes unvested RSUs, amount not disclosed. Started reporting during the period; starting holdings are from the Form 3.

Corporate Controller

1.7K

no sales

Vesting, gifts, unvested awards and holding lines for Christopher Mullett

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	1,715	1,715

Richard Verma

New Form 3 filed 2025-05-05; earlier filings set aside.

Chief Administrative Officer

1.7K

3.4K

no sales

Vesting, gifts, unvested awards and holding lines for Richard Verma

0shares vested or exercised

0gifted (net of own trusts)

−219withheld by the company for taxes

none reportedunvested awards, start → end

New Form 3 filed 2025-05-05; earlier filings set aside.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	1,664	3,403

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,006	$546.63	May 1, 2035	$187K
6,078	$517.21	Mar 1, 2036	$406K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Dimitrios Dosis

Includes unvested RSUs, amount not disclosed. Unvested RSUs stated in footnotes are excluded from owned shares. Started reporting during the period; starting holdings are from the Form 3.

Chief Commercial Pmts Officer

1.1K

14K

no sales

Vesting, gifts, unvested awards and holding lines for Dimitrios Dosis

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Includes unvested RSUs, amount not disclosed.
Unvested RSUs stated in footnotes are excluded from owned shares.
Started reporting during the period; starting holdings are from the Form 3.

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct includes unvested RSUs, amount not disclosed	Class A Common Stock	1,085	13,863

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
567	$476.63	Mar 1, 2034	$61K
1,660	$576.31	Mar 1, 2035	$13K
2,067	$517.21	Mar 1, 2036	$138K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

Jill Kramer

Chief Mktg & Comms Officer

11K

no sales

Vesting, gifts, unvested awards and holding lines for Jill Kramer

0shares vested or exercised

0gifted (net of own trusts)

none reportedunvested awards, start → end

Held through	Share class	Oct 8, 2025	Oct 8, 2026
Direct	Class A Common Stock	0	11,136

Stock options (not counted as shares):

Options held	Strike price	Expires	Intrinsic value (estimate)
5,774	$517.21	Mar 1, 2036	$386K

Estimate: options held × ($584.00 − strike price), using the most recent insider trade price on Form 4 (Sep 2, 2026), not a market close.

27 of 27 insiders fully reconciled: starting holdings plus reported transactions match ending holdings (23 exactly, 4 with a minor or footnoted difference). Percentages cover 25 of 27 officers and directors. Left out: Edward McLaughlin (most of their shares vested during the period, so a percentage would mislead); Jill Kramer (held no vested shares at the start). "Still held" compares ending with starting vested shares; a plus sign means the holding grew.

What explains the selling$66.6M of sales by plan status, purpose, seller and month

Officer and director open-market sales: $66.6M across 120,312 shares. Plan status and stated purpose are separate questions, and a sale can have both.

By plan status

Disclosed plan · $66.6M · 100%

Taxes

64,302 shares ($33.0M) were withheld by the company for taxes, which isn't a market sale.

Seller	Shares sold	Proceeds	Under a disclosed plan	Share of total	Sales dates
Michael Miebach President & CEO, Director	49K	$27.9M	100%	42%	Jul 31, 2026 to Aug 5, 2026
Edward McLaughlin President & CTO, MA Tech	34K	$18.1M	100%	27%	Jul 1, 2026 to Jul 15, 2026
Sachin Mehra Chief Business Officer	15K	$8.5M	100%	13%	Aug 5, 2026 to Sep 2, 2026
Ling Hai Chief Financial Officer	9K	$4.5M	100%	7%	Feb 23, 2026 to Feb 24, 2026
Linda Kirkpatrick Chief Services Officer	6.4K	$3.7M	100%	5%	Aug 4, 2026 to Aug 31, 2026
Raj Seshadri Chief Commercial Pmts Officer	6.8K	$3.6M	100%	5%	Jul 1, 2026 to Jul 2, 2026
Sandra Arkell Controller	744	$402K	100%	0.6%	Jul 6, 2026 to Jul 15, 2026

Sales by month

Month	Sale proceeds	Disclosed plan	To cover taxes	No plan disclosed
Oct 2025	$0	$0	$0	$0
Nov 2025	$0	$0	$0	$0
Dec 2025	$0	$0	$0	$0
Jan 2026	$0	$0	$0	$0
Feb 2026	$4.5M	$4.5M	$0	$0
Mar 2026	$0	$0	$0	$0
Apr 2026	$0	$0	$0	$0
May 2026	$0	$0	$0	$0
Jun 2026	$0	$0	$0	$0
Jul 2026	$31.5M	$31.5M	$0	$0
Aug 2026	$28.7M	$28.7M	$0	$0
Sep 2026	$1.9M	$1.9M	$0	$0
Oct 2026	$0	$0	$0	$0

Is this normal? Selling year by year5 earlier years to compare with

Less than usual: about half of the 5-year average. 7 insiders sold; the average is 10 a year.

12 months ending	Shares sold	Insiders who sold	Proceeds
Oct 8, 2026 Latest 12 months	120K	7	$66.6M
Oct 8, 2025 1 year earlier	199K	9	$111M
Oct 8, 2024 2 years earlier	253K	10	$116M
Oct 9, 2023 3 years earlier	209K	10	$80.4M
Oct 9, 2022 4 years earlier	61K	7	$22.3M
Oct 9, 2021 5 years earlier	368K	13	$139M

Open-market sales (Form 4 code S) by people who were officers or directors, in split-adjusted shares. Earlier years include people who have since left. A sale that an outside holder also reports (a family trust, a fund) is counted with outside holders in every year. Shares, not dollars, are compared, so a change in the stock price doesn't look like a change in selling. Years the filings don't fully cover are shown but left out of the average.

Known gaps and uncertaintyEvery officer and director reconciles

Every officer and director reconciles for this period.

Sachin Mehra: minor difference of 40 shares. Difference is under 0.5% of holdings.

Ling Hai: minor difference of 27 shares. Difference is under 0.5% of holdings.

Jorn Lambert: minor difference of 1 share. Difference is under 0.5% of holdings.

Sandra Arkell: minor difference of 89 shares. Small increase from an employee stock purchase plan.

Inferred rename: "Trust" is treated as the same holder as "Trust 1", because the old name was never reported again and the new one opened with the same balance (1,790 shares). Old name, new name

Inferred typo: the share class "Class A Common Stock par value $.0001" is treated as the same class as "Class A Common Stock, par value $.0001" on 1 holding line, because the two spellings are nearly identical and each balance carried over exactly. Example (Mastercard Foundation, 129,599,980 shares): old title, new title

External context: we only cite outside events when a documented connection exists. None is shown for this period.

Sources and methodology1,419 filings from SEC EDGAR, and how we read them

All 1,419 Forms 3, 4 and 5 filed for Mastercard (SEC CIK 1141391) from Jul 8, 2004 to Oct 5, 2026, retrieved from SEC EDGAR on Oct 8, 2026. Prices are the ones reported in each filing, often weighted averages.

Probable 10-for-1 stock split on or before Jan 22, 2014 (first filing that shows post-split balances). Splits aren't reported as transactions; 21 holding lines changed by exactly this ratio, so earlier share counts are restated.

Holdings. Each holding line (a share class plus an owner, such as a trust or LLC) carries its last reported balance forward. Entities first reported during the period start at zero, so transfers between an insider's own trusts don't count as selling. Lines not reported for three years or more are listed separately and left out of totals.

Sales. A sale counts as under a 10b5-1 plan if its footnote cites one or the filing's Rule 10b5-1 box is checked, and as tax-related if its footnote cites tax obligations or sell-to-cover. Shares withheld by the company for taxes are listed separately. Sales with neither attribute are labeled "no plan disclosed".

Full methodology

Former or inactive filers (47)No filing in 18 months; last reported balances, not in any total

Name	Last filed	Last reported balance
Timothy Murphy	Mar 4, 2025	40,176 shares, last reported balance as of Mar 1, 2025
Mastercard Foundation	Aug 23, 2024	564,074,808 shares, last reported balance as of Aug 22, 2024
Ajay Bhalla	Mar 5, 2024	133,221 shares, last reported balance as of Mar 1, 2024
Raghuvir Malhotra	May 19, 2023	9,465 shares, last reported balance as of May 18, 2023
Michael Froman	Mar 3, 2023	15,909 shares, last reported balance as of Mar 1, 2023
Jose Reyes	Jun 23, 2022	30,808 shares, last reported balance as of Jun 21, 2022
Jackson Tai	Jun 23, 2022	34,890 shares, last reported balance as of Jun 21, 2022
Michael Fraccaro	Apr 12, 2022	9,460 shares, last reported balance as of Apr 9, 2022
Gilberto Caldart	Mar 11, 2022	73,781 shares, last reported balance as of Mar 10, 2022
Kevin Stanton	Mar 3, 2022	14,457 shares, last reported balance as of Mar 1, 2022
Ann Cairns	Mar 2, 2022	113,824 shares, last reported balance as of Mar 1, 2022
Ajay Banga	Sep 3, 2021	402,456 shares, last reported balance as of Sep 1, 2021
Steven Freiberg	Jun 24, 2021	15,089 shares, last reported balance as of Jun 22, 2021
Richard Haythornthwaite	Jan 5, 2021	18,989 shares, last reported balance as of Dec 31, 2020
David Carlucci	Jun 27, 2019	55,266 shares, last reported balance as of Jun 25, 2019
Martina Hundmejean	Mar 4, 2019	78,212 shares, last reported balance as of Feb 28, 2019
Nancy Karch	Jun 28, 2018	33,604 shares, last reported balance as of Jun 26, 2018
Silvio Barzi	Jun 28, 2018	18,892 shares, last reported balance as of Jun 26, 2018
Gary Flood	Apr 25, 2017	37,060 shares, last reported balance as of Apr 24, 2017
Robert Reeg	Mar 2, 2017	45,963 shares, last reported balance as of Feb 28, 2017
Andrea Forster	Mar 2, 2017	11,623 shares, last reported balance as of Feb 28, 2017
Edward Tian	Jun 29, 2016	40,860 shares, last reported balance as of Jun 27, 2016
Ronald Garrow	Apr 19, 2016	8,602 shares, last reported balance as of Apr 15, 2016
Marc Olivie	Dec 4, 2015	45,814 shares, last reported balance as of Dec 4, 2015
Chris McWilton	May 6, 2015	40,750 shares, last reported balance as of May 4, 2015
Noah Hanft	Mar 4, 2014	46,524 shares, last reported balance as of Feb 28, 2014
Mark Schwartz	Jun 20, 2013	95,840 shares, last reported balance as of Jun 18, 2013
Stephanie Voquer	Mar 4, 2013	5,060 shares, last reported balance as of Feb 28, 2013
Walter Macnee	Apr 24, 2012	69,894 shares, last reported balance as of Feb 9, 2012
John Sulca	Jun 1, 2011	11,209 shares, last reported balance as of May 25, 2011
Melissa Ballenger	Mar 2, 2011	14,600 shares, last reported balance as of Mar 1, 2011
Robert Selander	Mar 5, 2010	801,000 shares, last reported balance as of Mar 3, 2010
Bernard Fung	Jun 11, 2009	41,820 shares, last reported balance as of Jun 9, 2009
Tara Maguire	Jan 5, 2009	52,470 shares, last reported balance as of Dec 31, 2008
Michael Michl	Jan 5, 2009	274,440 shares, last reported balance as of Dec 31, 2008
Alan Heuer	May 6, 2008	854,320 shares, last reported balance as of May 2, 2008
Webster Dunbar	Mar 5, 2008	472,210 shares, last reported balance as of Mar 3, 2008
Tan Hean	Jun 11, 2007	11,600 shares, last reported balance as of Jun 7, 2007
Christopher Thom	Jan 4, 2007	1,339,330 shares, last reported balance as of Dec 31, 2006
Manoel Amorim	Jul 19, 2006	25,650 shares, last reported balance as of Jul 18, 2006
Norman McLuskie	Jul 19, 2006	25,650 shares, last reported balance as of Jul 18, 2006
Bernd Fieseler		No balance on record
Michel Lucas		No balance on record
Iwao Iijima		No balance on record
Alexander Labak		No balance on record
Lisa Wagner		No balance on record
Siddharth Mehta		No balance on record

Mastercard insiders sold $66.6M in the past 12 months. How much of their stake is that?

What stands out

Who sold, and how much of their stake

Selling by month

Common questions

Is the Mastercard CEO selling stock?

Why are Mastercard insiders selling?

Are any Mastercard insiders buying?

How much of their stake did Mastercard insiders sell?

The evidence

Taxes

Sales by month