Purchase, New York-based MasterCard reported net income of $608 million or $4.76 per share, up from $458 million, or $3.49 per share, a year earlier.
Analysts expected $4.23 per share, according to Thomson Reuters I/B/E/S.
Net revenue increased 22 percent to $1.7 billion as payment volumes and Mastercard's international business grew.
Total operating expenses increased at a slightly slower rate than revenue, rising 20 percent to $782 million.
Mastercard said the expense increase was due to higher personnel costs related to acquisitions.
(Reporting by Joe Rauch, editing by Gerald E. McCormick and John Wallace)