Marqeta, Inc. (MQ): Results of Operations and Financial Condition
Marqeta, Inc. (MQ) filed an SEC Form 8-K — Results of Operations and Financial Condition. MARQETA REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS The global modern card issuer reported Total Processing Volume growth of 32% and Gross Profit growth of 17% in the second quarter of 2026. OAKLAND, Calif. – August 4, 2026 - Marqeta, Inc. (NASDAQ: MQ) , the global modern card
How this was made
The 30-second read
Why it matters
Traders can update models using the disclosed TPV, revenue, gross profit, GAAP net income, adjusted EBITDA, and the stated growth ranges for Q3 and FY 2026. The $150M authorization adds a capital return overhang/support narrative.
Market read
A primary earnings-style disclosure with explicit guidance and a buyback authorization, likely driving immediate repricing of growth and profitability expectations.
What to watch
Gross margin is flat at 69% YoY, and revenue growth is partially offset by unfavorable mix from faster-growing low or minimal program management card programs.
MARQETA REPORTS SECOND QUARTER 2026 FINANCIAL RESULTS
TPV grew 32%, while Net Revenue and Gross Profit each grew 17%, GAAP Net Income was positive for the second consecutive quarter, and Adjusted EBITDA grew 31%. The reported revenue growth rate trailed TPV growth because of unfavorable mix from faster growth in processing-only programs with minimal or no program management.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net Revenue, three months ended June 30, 2026GAAP | $ 175,995 (in thousands) | – | 17% |
| Gross Profit, three months ended June 30, 2026GAAP | $ 121,873 (in thousands) | – | 17% |
| Gross Margin, three months ended June 30, 2026GAAP | 69% | – | —% |
| Total Operating Expenses, three months ended June 30, 2026GAAP | $ 118,237 (in thousands) | – | 4% |
| Net Income (Loss), three months ended June 30, 2026GAAP | $ 7,567 (in thousands) | – | nm |
| Net Income (Loss) Margin, three months ended June 30, 2026GAAP | 4% | – | 4 ppts |
| Net Income (Loss) Per Share - Basic, three months ended June 30, 2026GAAP | $ 0.07 | – | nm |
| Net Income (Loss) Per Share - Diluted, three months ended June 30, 2026GAAP | $ 0.07 | – | nm |
| Total Processing Volume (TPV), three months ended June 30, 2026other | $ 120,423 (in millions) | – | 32% |
| Adjusted EBITDA, three months ended June 30, 2026non-GAAP | $ 37,420 (in thousands) | – | 31% |
| Adjusted EBITDA Margin, three months ended June 30, 2026non-GAAP | 21% | – | 2 ppts |
| Adjusted Operating Expenses, three months ended June 30, 2026non-GAAP | $ 84,453 (in thousands) | – | 12% |
| Net Revenue, six months ended June 30, 2026GAAP | $ 341,793 (in thousands) | – | 18% |
| Gross Profit, six months ended June 30, 2026GAAP | $ 239,465 (in thousands) | – | 18% |
| Gross Margin, six months ended June 30, 2026GAAP | 70% | – | —% |
| Total Operating Expenses, six months ended June 30, 2026GAAP | $233,735 (in thousands) | – | 1% |
| Net Income (Loss), six months ended June 30, 2026GAAP | $15,401 (in thousands) | – | nm |
| Net Income (Loss) Margin, six months ended June 30, 2026GAAP | 5% | – | 8 ppts |
| Net Income (Loss) Per Share - Basic, six months ended June 30, 2026GAAP | $0.14 | – | nm |
| Net Income (Loss) Per Share - Diluted, six months ended June 30, 2026GAAP | $0.14 | – | nm |
| Total Processing Volume (TPV), six months ended June 30, 2026other | $ 232,783 (in millions) | – | 32% |
| Adjusted EBITDA, six months ended June 30, 2026non-GAAP | $70,757 (in thousands) | – | 46% |
| Adjusted EBITDA Margin, six months ended June 30, 2026non-GAAP | 21% | – | 4 ppts |
| Adjusted Operating Expenses, six months ended June 30, 2026non-GAAP | $ 168,708 (in thousands) | – | 9% |
Third Quarter 2026 and Fiscal Year 2026 outlook
- RevenueThird Quarter 2026: 6 - 8%; Fiscal Year 2026: 12 - 13%
- NoteGross Profit Growth: Third Quarter 2026: 5 - 7%; Fiscal Year 2026: 11 - 12%
- NoteAdjusted EBITDA Growth: Third Quarter 2026: 20 - 25%; Fiscal Year 2026: Low 30s
Capital returns
- On August 3, 2026, the Company’s Board of Directors unanimously authorized a repurchase program of up to $150 million of the Company’s Class A common stock.
- The share repurchase program has no set expiration date.
What drove it
- Net Revenue growth was primarily driven by higher volumes.
- Gross Profit growth was largely driven by TPV growth.
- Expensify leveraged Marqeta’s comprehensive platform and multinational card issuing capabilities to deliver its corporate card offering to businesses across Europe.
- Marqeta partnered with zerohash and BVNK to enable stablecoin spending across global card networks.
- Marqeta is enhancing its Real-Time Decisioning offering through partnerships with Adyen, Riskified, and Signifyd.
Concerns
- Net Revenue was partially offset by unfavorable mix due to faster growth of card programs where Marqeta provides processing services with minimal or no program management.
- Third Quarter 2026 Net Revenue Growth guidance of 6 - 8% is below the reported second-quarter Net Revenue growth of 17%.
- The filing identifies risks including maintaining profitability, attracting and retaining customers, driving increased profitable transactions, competition, regulatory changes, and relationships with Issuing Banks and Card Networks.
What to watch
- Whether TPV growth continues to translate into Net Revenue and Gross Profit growth amid the disclosed program mix effect.
- Progress toward Third Quarter 2026 Net Revenue Growth of 6 - 8%, Gross Profit Growth of 5 - 7%, and Adjusted EBITDA Growth of 20 - 25%.
- Execution of the up to $150 million Class A common stock repurchase authorization.
- Customer onboarding and adoption of multinational card issuing, stablecoin-backed card solutions, and enhanced Real-Time Decisioning capabilities.
Analysis
Marqeta reported a solid second quarter marked by 32% growth in Total Processing Volume, 17% growth in Net Revenue, and 17% growth in Gross Profit. The filing attributes revenue growth primarily to higher volumes, while identifying faster growth in card programs with minimal or no program management as an unfavorable mix factor. This mix effect is important because TPV growth exceeded both Net Revenue and Gross Profit growth.
Gross Margin was 69%, unchanged from the comparable prior-year quarter. Total Operating Expenses increased 4%, substantially slower than Net Revenue growth, while Adjusted Operating Expenses increased 12%. The operating-cost profile supported Adjusted EBITDA growth of 31% and a 2 percentage point increase in Adjusted EBITDA Margin to 21%.
GAAP profitability continued, with Net Income of $ 7,567 (in thousands), compared with a Net Loss of $ (647) (in thousands) in the comparable prior-year period. The company described this as its second consecutive quarter of GAAP profitability. For the six months ended June 30, 2026, Net Income was $15,401 (in thousands), while Adjusted EBITDA increased 46% and Adjusted EBITDA Margin was 21%.
Guidance calls for lower growth in the third quarter than the second-quarter growth reported across Net Revenue and Gross Profit. Third Quarter 2026 guidance calls for Net Revenue Growth of 6 - 8%, Gross Profit Growth of 5 - 7%, and Adjusted EBITDA Growth of 20 - 25%. Fiscal Year 2026 guidance calls for Net Revenue Growth of 12 - 13%, Gross Profit Growth of 11 - 12%, and Adjusted EBITDA Growth in the Low 30s.
Capital allocation shifted toward shareholder returns through a repurchase program of up to $150 million of Class A common stock, authorized on August 3, 2026, with no set expiration date. Operationally, the company highlighted multinational issuance with Expensify, stablecoin-spending partnerships with zerohash and BVNK, and expanded fraud and risk-data partnerships for Real-Time Decisioning. These initiatives broaden product capabilities, while the reported mix pressure remains the central factor to monitor in translating processing-volume growth into revenue and gross profit.
Management, verbatim
Our second quarter results reinforce the momentum behind our business and the increasing value our modern card issuing platform delivers for innovators worldwide. Strong Gross Profit growth, our second consecutive quarter of GAAP profitability, and the quality programs we’re onboarding all reflect how the breadth, flexibility, and scale of our platform enable customers to expand and thrive.
Mike Milotich, CEO of Marqeta
Not in the filing
stated, not guessed- GAAP operating income
- Segment revenue and segment profitability
- Prior-quarter comparisons for reported financial metrics
- Cash balance
- Debt balance
- Operating cash flow
- Free cash flow
- Dividend information
- Share repurchases executed during the reported period
- Guidance for gross margin
- Guidance for operating expenses
- Guidance for tax rate
- Previous-release outlook needed for comparison with prior guidance
AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
This SEC 8-K (Item 2.02) reports Marqeta’s Q2 2026 results and provides Q3 2026 and full-year 2026 guidance, alongside a board-authorized share repurchase program.
Ticker impact
Marqeta reported Q2 2026 TPV of $120B (+32% YoY), net revenue $176M (+17% YoY), and GAAP profitability, plus Q3 and FY 2026 guidance.
Likely positive near-term bias as traders price in accelerating TPV and higher adjusted EBITDA growth guidance, with buyback support.
The filing includes specific quarterly results (TPV, revenue, gross profit, GAAP net income, adjusted EBITDA) and explicit Q3 and FY 2026 growth ranges, which are direct inputs to valuation and positioning.
Market effects
Reinforces demand for modern card issuing and real-time decisioning, potentially supporting sentiment toward payments infrastructure providers.
Limited direct regional read-through; customer examples span US and Europe.
Stablecoin and multinational card issuing partnerships highlight ongoing cross-border payments innovation.
Counterpoint
Guidance implies only mid-single-digit net revenue growth in Q3 (6% to 8%), which could temper enthusiasm versus the strong TPV growth.
Key entities
- companyMarqeta, Inc.
Modern card issuing platform reporting Q2 2026 results, issuing Q3 and FY 2026 guidance, and authorizing a $150M share repurchase program.
- governanceBoard of Directors
Authorized a repurchase program of up to $150 million of Class A common stock on Aug 3, 2026.
- customerExpensify
Used Marqeta’s multinational card issuing capabilities to expand its corporate card offering into Europe.
- partnerszerohash and BVNK
Partnerships enabling stablecoin spending across global card networks via Marqeta.
- partnersAdyen, Riskified, Signifyd
Acquirers and fraud-prevention providers partnering with Marqeta to enhance its Real-Time Decisioning offering.
