Mastercard surpassed Wall Street expectations for its second-quarter earnings on Thursday, fueled by continued strength in consumer spending on travel and leisure, despite inflation and trade-related economic pressures.

The payments giant reported an adjusted profit of $4.15 per share for the quarter ending June 30, topping analysts’ estimates of $4.03, according to LSEG data.

Net revenue climbed 17% to $8.1 billion, also beating the forecast of $7.97 billion. Shares rose 2% in morning trading.

A resilient American consumer continues to prop up spending activity, even amid rising interest rates and tariff uncertainties. Analysts note that while some households are scaling back on non-essential purchases, overall transaction volume remains strong across essential goods and services.

Mastercard’s gross dollar volume—the total value of transactions processed on its network—grew by 9% in the quarter. Cross-border volume, which reflects card usage outside a customer’s home country, surged by 15%, underlining robust demand for international travel and entertainment.

The company’s results capped a strong earnings season for major payments firms. Visa and American Express also posted better-than-expected results earlier this week, as credit card usage remained steady across categories.

While some analysts caution that sustained high interest rates and tariff-driven price increases could begin to weigh on consumer spending in the months ahead, that slowdown has yet to materialize.

Beyond traditional payments, Mastercard has been expanding into value-added services like fraud prevention and threat intelligence. Revenue from this segment rose 22% on a currency-neutral basis, contributing to the company’s overall growth strategy.

Despite economic headwinds, Mastercard’s performance signals that global consumers—especially in the U.S.—are still swiping confidently, with travel and leisure leading the charge.