Marqeta (NASDAQ: MQ) turns Q1 2026 profit as TPV jumps 33% and EBITDA climbs
Filing Impact
Filing Sentiment
Form Type
8-K
Rhea-AI Filing Summary
Marqeta reported strong first-quarter 2026 results, turning profitable on solid growth. Total Processing Volume reached $112 billion, up 33% year-over-year, showing higher payment activity on its platform. Net Revenue rose 19% to $165.8 million, while Gross Profit also grew 19% to $117.6 million with a 71% gross margin.
The company delivered GAAP Net Income of $7.8 million, compared with an $8.3 million loss a year earlier, for a 5% net income margin. Adjusted EBITDA was $33.3 million, up 66%, with a 20% Adjusted EBITDA margin. Management highlighted new and expanded customer programs, including geographic expansion for Ramp, a virtual card launch for Sezzle in Canada, and new credit and secured card offerings with other partners.
For the second quarter of 2026, Marqeta guides to Net Revenue and Gross Profit growth of 14–16% and Adjusted EBITDA Growth of 10–12%. For full-year 2026, it expects Net Revenue growth of 12–14%, Gross Profit growth of 10–12%, and Adjusted EBITDA Growth in the mid-to-high 20s.
Positive
- None.
Negative
- None.
Insights
Marqeta’s Q1 2026 shows profitable scale with strong TPV and margin expansion.
Marqeta delivered Q1 2026 Net Revenue of $165.8 million, up 19%, on Total Processing Volume of $112 billion, up 33%. Gross Margin held at 71%, indicating the higher volume is translating efficiently into Gross Profit.
The company moved from a Net Loss of $8.3 million to Net Income of $7.8 million, while Adjusted EBITDA rose 66% to $33.3 million and margin improved to 20%. Operating expenses declined 1% year-over-year, with lower compensation and benefits offsetting higher technology and depreciation expenses.
Guidance calls for Q2 2026 Net Revenue and Gross Profit growth of 14–16%, and full-year 2026 Net Revenue growth of 12–14% with Adjusted EBITDA Growth in the “mid-to-high 20s.” Future filings covering Q2 2026 and full-year 2026 will show how well results track this outlook.
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Key Figures
Total Processing Volume: $112 billion
Net Revenue: $165.8 million
Gross Profit: $117.6 million
+5 more
8 metrics
Total Processing Volume
$112 billion
Q1 2026, up 33% year-over-year
Net Revenue
$165.8 million
Q1 2026, 19% year-over-year increase
Gross Profit
$117.6 million
Q1 2026, 19% year-over-year increase
Gross Margin
71%
Q1 2026 gross margin on Net Revenue
GAAP Net Income
$7.8 million
Q1 2026, versus $8.3 million loss in Q1 2025
Adjusted EBITDA
$33.3 million
Q1 2026, 66% year-over-year growth
Adjusted EBITDA Margin
20%
Q1 2026, as a percentage of Net Revenue
Cash, cash equivalents and restricted cash
$956.1 million
Balance at March 31, 2026
Key Terms
Total Processing Volume (TPV), Adjusted EBITDA, Adjusted operating expenses, Net Income (Loss) Margin, +1 more
5 terms
Total Processing Volume (TPV) financial
"The Company reported Total Processing Volume (TPV) of $112 billion, representing a year-over-year increase of 33%."
Total processing volume (TPV) is the combined dollar value of all transactions a payments platform or processor handles over a given period. Think of it like the total number of cars passing through a toll plaza: higher TPV shows larger customer usage and revenue opportunity because the company can earn fees on each payment, so investors watch TPV to gauge scale, growth trends, and potential fee-related income or risk exposure.
Adjusted EBITDA financial
"GAAP Net Income for the quarter was $8 million and Adjusted EBITDA was $33 million."
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Adjusted operating expenses financial
"Adjusted Operating Expenses 2 | $ | 84,254 | | | $ | 78,598 |"
Adjusted operating expenses are a company’s routine costs of running the business (like payroll, rent and supplies) after removing unusual, one‑time or nonrecurring items so investors can see the recurring spending level. Think of it like cleaning a household budget of a one‑off repair to understand typical monthly bills. It matters because it helps investors compare underlying performance across periods and companies, but the adjustments can vary by company.
Net Income (Loss) Margin financial
"Net Income (Loss) Margin | 5 | % | | (6 | %) | | 11 ppts"
Net income (loss) margin measures the final profit or loss a company keeps from each dollar of sales after paying all expenses, interest and taxes, expressed as a percentage. It tells investors how efficiently a business turns revenue into actual profit—think of it like the share of every dollar you earn that you get to keep after paying all your bills. A higher margin signals stronger profitability and lower risk; a negative margin indicates losses.
Card Network Incentives financial
"net of 1.5 percentage points of headwind due to the revised accounting policy for estimating and recognizing Card Network Incentives."
Card network incentives are payments, fee discounts or marketing support offered by payment networks to banks, merchants or processors to encourage use of their card brand or payment features. Think of it as a network paying stores or banks to promote a particular road so more drivers take it; for investors, these incentives affect how much merchants pay, how quickly a network grows transaction volume, and ultimately a company’s revenue and profit margins tied to card payments.
Earnings Snapshot
Net Revenue: $165.8 million · Guidance included
Q1 2026
Net Revenue
$165.8 million
+19% YoY
Gross Profit
$117.6 million
+19% YoY
GAAP Net Income
$7.8 million
improved from -$8.3 million YoY
Adjusted EBITDA
$33.3 million
+66% YoY
Total Processing Volume
$112 billion
+33% YoY
Guidance
For Q2 2026, Marqeta expects Net Revenue and Gross Profit growth of 14–16% and Adjusted EBITDA Growth of 10–12%. For full-year 2026, it projects Net Revenue growth of 12–14%, Gross Profit growth of 10–12%, and Adjusted EBITDA Growth in the mid-to-high 20s.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): May 5, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (510 ) 671-5437
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| (Nasdaq Global Select Market) | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On May 5, 2026 , Marqeta, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2026. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
99.1 | Press release issued by Marqeta, Inc., dated May 5, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARQETA, INC. | |||||
Date: | /s/ Patti Kangwankij | ||||
| Patti Kangwankij | |||||
| Chief Financial Officer | |||||
MARQETA REPORTS FIRST QUARTER 2026 FINANCIAL RESULTS
The global modern card issuer reported Total Processing Volume growth of 33%
and Gross Profit growth of 19% in the first quarter of 2026.
OAKLAND, Calif. – May 5, 2026 - Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the first quarter ended March 31, 2026.
The Company reported Total Processing Volume (TPV) of $112 billion, representing a year-over-year increase of 33%. Marqeta reported Net Revenue of $166 million and Gross Profit of $118 million, both growing 19% year-over-year. GAAP Net Income for the quarter was $8 million and Adjusted EBITDA was $33 million.
The Company reported Total Processing Volume (TPV) of $112 billion, representing a year-over-year increase of 33%. Marqeta reported Net Revenue of $166 million and Gross Profit of $118 million, both growing 19% year-over-year. GAAP Net Income for the quarter was $8 million and Adjusted EBITDA was $33 million.
“Our first quarter results demonstrate the power of our platform at scale as we delivered on our promise of achieving GAAP Net Income profitability, a testament to our strong growth and disciplined execution,” said Mike Milotich, CEO of Marqeta. “As a modern card issuer capable of delivering a continuum of products and innovative solutions across multiple use cases and geographies, Marqeta is uniquely positioned to enable growth and engagement for our customers.”
Marqeta highlighted several recent business updates that demonstrate its current business momentum, including:
•Long-standing expense management customer Ramp is utilizing Marqeta’s platform to expand its corporate solution into Australia, Japan, Singapore, Brazil and Mexico, with further geographic expansion planned for later in the year. Marqeta is enabling this rapid expansion through a single integration, allowing Ramp to issue virtual and physical cards with customized spend limits globally without the complexity of multiple localized systems.
•Marqeta enabled Sezzle's expansion of its offering by launching a virtual card in Canada. This expansion allows Sezzle’s Canadian consumers to access the same flexibility and smooth checkout experience available in the U.S. at any Canadian retailer accepting contactless payments.
•Marqeta signed a new customer that provides an automated financial assistant to help consumers manage their financial lives. This customer selected Marqeta to migrate its existing U.S. secured credit card portfolio, wanting a partner who is at the forefront of enabling innovation and could support its global expansion plans. This solution will be one of the early adopters of the issuer-managed Mastercard One Credential, allowing consumers to toggle between secured credit and installments on a single card for greater flexibility.
•Marqeta deepened its relationship with a rapidly growing embedded finance brand by launching a new credit builder card alongside their established debit program on Marqeta’s platform. This product is designed to help consumers establish and strengthen their credit profiles through daily spending, highlighting the option value for our customers delivering multiple products from a single platform.
1
Operating Highlights
| In thousands, except percentages and per share data, unless otherwise noted. % change is calculated over the comparable prior-year period (unaudited) | Three Months Ended March 31, | % Change | |||||||||||||||
| 2026 | 2025 | ||||||||||||||||
| Financial metrics: | |||||||||||||||||
Net Revenue | $ | 165,798 | $ | 139,073 | 19% | ||||||||||||
Gross Profit | $ | 117,592 | $ | 98,679 | 19% | ||||||||||||
Gross Margin | 71 | % | 71 | % | —% | ||||||||||||
Total Operating Expenses | $ | 115,498 | $ | 117,217 | (1%) | ||||||||||||
| Net Income (Loss) | $ | 7,834 | $ | (8,260) | nm | ||||||||||||
| Net Income (Loss) Margin | 5 | % | (6 | %) | 11 ppts | ||||||||||||
| Net Income (Loss) Per Share - Basic | $ | 0.02 | $ | (0.02) | nm | ||||||||||||
| Net Income (Loss) Per Share - Diluted | $ | 0.02 | $ | (0.02) | nm | ||||||||||||
| Key operating metric and Non-GAAP financial measures: | |||||||||||||||||
Total Processing Volume (TPV) (in millions) 1 | $ | 112,360 | $ | 84,472 | 33% | ||||||||||||
Adjusted EBITDA 2 | $ | 33,338 | $ | 20,081 | 66% | ||||||||||||
Adjusted EBITDA Margin 2 | 20 | % | 14 | % | 6 ppts | ||||||||||||
Adjusted Operating Expenses 2 | $ | 84,254 | $ | 78,598 | 7% | ||||||||||||
1 TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business.
2 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted operating expenses and the reconciliations of the net income (loss) to Adjusted EBITDA, and of the total operating expenses to Adjusted operating expenses.
nm - Not meaningful
First Quarter 2026 Financial Results:
Total Processing Volume increased by 33% year-over-year, from $84 billion in the first quarter of 2025 to $112 billion for the quarter ended March 31, 2026.
Net Revenue of $166 million increased by $27 million, or 19%, year-over-year, primarily driven by higher volumes, partially offset by unfavorable mix due to faster growth of card programs where we provide processing services with minimal or no program management.
Gross Profit increased by 19% year-over-year to $118 million from $99 million in the first quarter of 2025. The increase in Gross Profit was largely driven by our TPV growth, net of 1.5 percentage points of headwind due to the revised accounting policy for estimating and recognizing Card Network Incentives. Gross Margin was 71% in the first quarter of 2026.
Net Income of $8 million in the quarter, compared to a Net Loss of $8 million in the same period in the prior year, resulted in a year-over-year improvement of $16 million. Net income margin was 5% in the quarter, an increase of 11 percentage points versus last year.
Adjusted EBITDA was $33 million in the first quarter of 2026, an increase of $13 million year-over-year. Adjusted EBITDA margin was 20% in the first quarter of 2026, an increase of 6 percentage points versus last year.
2
Financial Guidance
The following summarizes Marqeta's guidance for the second quarter of 2026 and full year of 2026:
| Second Quarter 2026 | Fiscal Year 2026 | ||||||||||
| Net Revenue Growth | 14 - 16% | 12 - 14% | |||||||||
Gross Profit Growth | 14 - 16% | 10 - 12% | |||||||||
Adjusted EBITDA Growth (1) | 10 - 12% | Mid-to-high 20s | |||||||||
(1) Adjusted EBITDA Growth represents the year-over-year percentage change in Adjusted EBITDA. See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA Margin and for information regarding non-availability of a forward reconciliation. | |||||||||||
Conference Call
Marqeta will host a live conference call today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or direct at 1-201-689-8471. The conference call will also be available live via webcast online at http://investors.marqeta.com.
The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until May 19, 2026, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13759382.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s quarterly and annual guidance; statements regarding Marqeta’s profitability; statements regarding Marqeta’s customers, their growth, and their plans to onboard Marqeta's offerings; statements regarding Marqeta's new product introductions and product capabilities; statements regarding Marqeta's ability to enable growth for its customers; and statements made by Marqeta’s Chief Executive Officer. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the risk that Marqeta is unable to maintain profitability; the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased profitable transactions on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products, including credit card issuing; the risk that Marqeta's platform does not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solutions will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services, including credit card issuing; the risk that changes in the regulatory landscape could adversely affect Marqeta's operations and revenues; the risk that Marqeta may be unable to maintain relationships with Issuing Banks and Card Networks; the risk that Marqeta is not able to identify, close and recognize the anticipated benefits of any acquisition; the risk that Marqeta is unable to successfully integrate any acquisition, to businesses and related operations; the risk of general economic conditions in either domestic or international markets, including inflation and recessionary fears, conditions resulting from geopolitical uncertainty and instability or war; and the risk that Marqeta may be subject to additional risks due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition, and results of operations are included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com.
The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
3
Disclosure Information
Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services, and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta X feed (@Marqeta), the Marqeta Instagram page (@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta LinkedIn page. These social media channels may be updated from time to time.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".
About Marqeta, Inc.
Marqeta makes it possible for companies to build and embed financial services into their branded experience—and unlock new ways to grow their business and delight users. The Marqeta platform puts businesses in control of building financial solutions, enabling them to turn real-time data into personalized, optimized solutions for everything from consumer loyalty to capital efficiency. With compliance and security built-in, Marqeta’s platform has been proven at scale, processing nearly $400 billion in annual payments volume in 2025. Marqeta is certified to operate in more than 40 countries worldwide and counting. Visit www.marqeta.com to learn more.
Marqeta® is a registered trademark of Marqeta, Inc.
IR Contact: Marqeta Investor Relations, IR@marqeta.com
4
Marqeta, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
Net Revenue | $ | 165,798 | $ | 139,073 | |||||||
Costs of Revenue | 48,206 | 40,394 | |||||||||
Gross Profit | 117,592 | 98,679 | |||||||||
Operating Expenses: | |||||||||||
| Compensation and benefits | 78,018 | 86,050 | |||||||||
| Technology | 18,090 | 14,811 | |||||||||
| Depreciation and amortization | 8,854 | 5,331 | |||||||||
| Professional services | 4,631 | 5,695 | |||||||||
| Occupancy | 1,179 | 917 | |||||||||
| Marketing and advertising | 1,160 | 469 | |||||||||
| Other operating expenses | 3,566 | 3,944 | |||||||||
Total Operating Expenses | 115,498 | 117,217 | |||||||||
| Income (Loss) from operations | 2,094 | (18,538) | |||||||||
| Other income, net | 5,933 | 10,513 | |||||||||
| Income (Loss) before income tax expense | 8,027 | (8,025) | |||||||||
| Income tax expense | 193 | 235 | |||||||||
| Net Income (Loss) | $ | 7,834 | $ | (8,260) | |||||||
Net income (loss) per share attributable to Class A and Class B common stockholders | |||||||||||
Basic | $ | 0.02 | $ | (0.02) | |||||||
Diluted | $ | 0.02 | $ | (0.02) | |||||||
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders | |||||||||||
Basic | 428,602 | 501,222 | |||||||||
| Diluted | 433,571 | 501,222 | |||||||||
5
Marqeta, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
| March 31, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 674,790 | $ | 709,443 | |||||||
| Restricted cash | 280,398 | 307,593 | |||||||||
| Short-term investments | 37,267 | 62,483 | |||||||||
| Accounts receivable, net | 45,893 | 41,422 | |||||||||
| Network incentives receivable | 79,869 | 61,059 | |||||||||
| Settlements receivable, net | 32,455 | 18,037 | |||||||||
| Prepaid expenses and other current assets | 37,746 | 35,278 | |||||||||
| Total current assets | 1,188,418 | 1,235,315 | |||||||||
| Property and equipment, net | 63,919 | 59,910 | |||||||||
| Operating lease right-of-use assets, net | 7,506 | 8,275 | |||||||||
| Intangible assets, net | 48,406 | 51,388 | |||||||||
| Goodwill | 153,962 | 154,706 | |||||||||
| Other assets | 14,502 | 15,439 | |||||||||
| Total assets | $ | 1,476,713 | $ | 1,525,033 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 789 | $ | 1,847 | |||||||
| Revenue share payable | 260,144 | 224,526 | |||||||||
Funds payable and amounts due to customers | 280,298 | 306,891 | |||||||||
| Accrued expenses and other current liabilities | 179,905 | 215,793 | |||||||||
| Total current liabilities | 721,136 | 749,057 | |||||||||
| Operating lease liabilities, net of current portion | 4,803 | 5,535 | |||||||||
| Other liabilities | 8,492 | 8,484 | |||||||||
| Total liabilities | 734,431 | 763,076 | |||||||||
| Stockholders' equity: | |||||||||||
| Common stock | 43 | 43 | |||||||||
| Additional paid-in capital | 1,546,548 | 1,572,238 | |||||||||
Accumulated other comprehensive (loss) income | (310) | 1,509 | |||||||||
| Accumulated deficit | (803,999) | (811,833) | |||||||||
| Total stockholders’ equity | 742,282 | 761,957 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,476,713 | $ | 1,525,033 | |||||||
6
Marqeta, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 7,834 | $ | (8,260) | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||
| Depreciation and amortization | 8,854 | 5,331 | |||||||||
| Share-based compensation expense | 20,017 | 25,915 | |||||||||
| Non-cash operating leases expense | 769 | 535 | |||||||||
Accretion of discount on short-term investments | (34) | (396) | |||||||||
| Other | (671) | 364 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (4,631) | 1,312 | |||||||||
| Network incentives receivable | (18,810) | 1,836 | |||||||||
| Settlements receivable | (14,418) | 1,795 | |||||||||
| Prepaid expenses and other assets | (1,531) | (2,543) | |||||||||
| Accounts payable | (1,058) | 1,023 | |||||||||
| Revenue share payable | 35,618 | 16,016 | |||||||||
| Accrued expenses and other liabilities | (34,115) | (31,837) | |||||||||
| Operating lease liabilities | (1,191) | (1,104) | |||||||||
Net cash (used in) provided by operating activities | (3,367) | 9,987 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Maturities of short-term investments | 25,134 | 22,186 | |||||||||
| Capitalization of internal-use software | (7,798) | (6,059) | |||||||||
| Purchases of property and equipment | (1,279) | (1,266) | |||||||||
Net cash provided by investing activities | 16,057 | 14,861 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repurchase of common stock | (39,207) | (111,310) | |||||||||
Change in funds payable and amounts due to customers | (26,593) | — | |||||||||
| Taxes paid related to net share settlement of restricted stock units | (8,789) | (7,101) | |||||||||
| Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options | 51 | 1,444 | |||||||||
| Net cash used in financing activities | (74,538) | (116,967) | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (61,848) | (92,119) | |||||||||
| Cash, cash equivalents, and restricted cash- Beginning of period | 1,017,931 | 931,516 | |||||||||
| Cash, cash equivalents, and restricted cash - End of period | $ | 956,083 | $ | 839,397 | |||||||
7
Marqeta, Inc.
Financial and Operating Highlights
(in thousands, except per share data or as noted)
(unaudited)
| First Quarter 2026 | Fourth Quarter 2025 | Third Quarter 2025 | Second Quarter 2025 | First Quarter 2025 | Year over Year Change Q1'26 vs Q1'25 | |||||||||||||||||||||||||||||||||
| Operating performance: | ||||||||||||||||||||||||||||||||||||||
Net Revenue | $ | 165,798 | $ | 172,113 | $ | 163,306 | $ | 150,392 | $ | 139,073 | 19% | |||||||||||||||||||||||||||
Costs of Revenue | 48,206 | 52,138 | 48,749 | 46,331 | 40,394 | 19% | ||||||||||||||||||||||||||||||||
Gross Profit | 117,592 | 119,975 | 114,557 | 104,061 | 98,679 | 19% | ||||||||||||||||||||||||||||||||
Gross Margin | 71 | % | 70 | % | 70 | % | 69 | % | 71 | % | — ppts | |||||||||||||||||||||||||||
Operating Expenses: | ||||||||||||||||||||||||||||||||||||||
| Compensation and benefits | 78,018 | 88,089 | 84,871 | 81,409 | 86,050 | (9%) | ||||||||||||||||||||||||||||||||
| Technology | 18,090 | 17,150 | 16,942 | 16,102 | 14,811 | 22% | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 8,854 | 8,160 | 7,019 | 6,653 | 5,331 | 66% | ||||||||||||||||||||||||||||||||
| Professional services | 4,631 | 6,447 | 5,518 | 4,219 | 5,695 | (19%) | ||||||||||||||||||||||||||||||||
Occupancy | 1,179 | 948 | 1,058 | 843 | 917 | 29% | ||||||||||||||||||||||||||||||||
| Marketing and advertising | 1,160 | 2,998 | 895 | 711 | 469 | 147% | ||||||||||||||||||||||||||||||||
| Other operating expenses | 3,566 | 4,477 | 8,624 | 3,352 | 3,944 | (10%) | ||||||||||||||||||||||||||||||||
Total Operating Expenses | 115,498 | 128,269 | 124,927 | 113,289 | 117,217 | (1%) | ||||||||||||||||||||||||||||||||
| Income (loss) from Operations | 2,094 | (8,294) | (10,370) | (9,228) | (18,538) | 111% | ||||||||||||||||||||||||||||||||
| Other income, net | 5,933 | 6,557 | 7,244 | 8,787 | 10,513 | (44%) | ||||||||||||||||||||||||||||||||
| Income (Loss) before income tax expense | 8,027 | (1,737) | (3,126) | (441) | (8,025) | nm | ||||||||||||||||||||||||||||||||
Income tax expense | 193 | (343) | 498 | 206 | 235 | (18%) | ||||||||||||||||||||||||||||||||
| Net Income (Loss) | $ | 7,834 | $ | (1,394) | $ | (3,624) | $ | (647) | $ | (8,260) | nm | |||||||||||||||||||||||||||
| Income (Loss) per share - basic | $ | 0.02 | $ | 0.00 | $ | (0.01) | $ | 0.00 | $ | (0.02) | nm | |||||||||||||||||||||||||||
| Income (Loss) per share - diluted | $ | 0.02 | $ | 0.00 | $ | (0.01) | $ | 0.00 | $ | (0.02) | nm | |||||||||||||||||||||||||||
| TPV (in millions) | $ | 112,360 | $ | 108,694 | $ | 97,962 | $ | 91,386 | $ | 84,472 | 33% | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 33,338 | $ | 30,677 | $ | 30,310 | $ | 28,509 | $ | 20,081 | 66% | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 20 | % | 18 | % | 19 | % | 19 | % | 14 | % | 6 ppts | |||||||||||||||||||||||||||
| Financial condition: | ||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 674,790 | $ | 709,443 | $ | 747,248 | $ | 732,722 | $ | 830,897 | (19%) | |||||||||||||||||||||||||||
Restricted cash (1) | $ | 281,292 | $ | 308,488 | $ | 235,413 | $ | 8,500 | $ | 8,500 | nm | |||||||||||||||||||||||||||
| Short-term investments | $ | 37,267 | $ | 62,483 | $ | 83,212 | $ | 88,865 | $ | 157,540 | (76%) | |||||||||||||||||||||||||||
| Total assets | $ | 1,476,713 | $ | 1,525,033 | $ | 1,488,430 | $ | 1,214,590 | $ | 1,349,627 | 9% | |||||||||||||||||||||||||||
| Total liabilities | $ | 734,431 | $ | 763,076 | $ | 649,201 | $ | 371,157 | $ | 362,367 | 103% | |||||||||||||||||||||||||||
| Stockholders' equity | $ | 742,282 | $ | 761,957 | $ | 839,229 | $ | 843,433 | $ | 987,260 | (25%) | |||||||||||||||||||||||||||
(1) Restricted cash as of March 31, 2026, December 31, 2025 and September 30, 2025, consists primarily of customer funds held by TransactPay in segregated accounts in connection with its program management activities for card and e-money wallet programs amounting to $280.3 million, $306.9 million and $233.9 million, respectively.
ppts = percentage points
nm - not meaningful
8
Marqeta, Inc.
Reconciliation of GAAP to NON-GAAP Measures
(in thousands)
(unaudited)
Information Regarding Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA Growth, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (Loss) Margin based on Gross Profit, and Adjusted operating expenses as supplemental measures of the Company’s performance that are not required by, nor presented in accordance with GAAP.
We define Adjusted EBITDA as net income (loss) adjusted, as applicable, to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses; income tax expense (benefit); and other income (expense), net, which primarily consists of interest income from our short-term investments and cash deposits, and realized foreign currency gains and losses. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of our annual employee bonus plans and performance-based restricted stock units.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue. Adjusted EBITDA Margin based on Gross Profit is calculated as Adjusted EBITDA divided by Gross Profit, and Net Income (Loss) Margin based on Gross Profit is calculated as Net Income (Loss) divided by Gross Profit. Adjusted EBITDA growth represents the year-over-year percentage change in Adjusted EBITDA. These measures are used by management and our board of directors to evaluate our operating efficiency.
We define Adjusted operating expenses as total operating expenses adjusted, as applicable, to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; and acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses. We believe that Adjusted operating expenses is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period.
Adjusted EBITDA, Adjusted EBITDA Growth, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (Loss) Margin based on Gross Profit, and Adjusted operating expenses should not be considered in isolation, or construed as an alternative to net loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the Company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta’s financial results with those of other companies.
9
The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:
| Three Months Ended March 31, | |||||||||||
| 2026 | 2025 | ||||||||||
GAAP Net Revenue | $ | 165,798 | $ | 139,073 | |||||||
GAAP Gross Profit | $ | 117,592 | $ | 98,679 | |||||||
| GAAP Net Income (Loss) | $ | 7,834 | $ | (8,260) | |||||||
| GAAP Net Income (Loss) Margin - % of Net Revenue | 5 | % | (6) | % | |||||||
| GAAP Net Income (Loss) Margin - % of Gross Profit | 7 | % | (8) | % | |||||||
GAAP Total Operating Expenses | $ | 115,498 | $ | 117,217 | |||||||
| Net Income (Loss) | $ | 7,834 | $ | (8,260) | |||||||
Share-based compensation expense | 20,017 | 25,915 | |||||||||
| Depreciation and amortization expense | 8,854 | 5,331 | |||||||||
Restructuring and other one-time costs(1) | 841 | 2,358 | |||||||||
| Payroll tax expense related to share-based compensation | 820 | 777 | |||||||||
Acquisition-related expenses(2) | 712 | 4,238 | |||||||||
Other income, net | (5,933) | (10,513) | |||||||||
Income tax expense | 193 | 235 | |||||||||
| Adjusted EBITDA | $ | 33,338 | $ | 20,081 | |||||||
Adjusted EBITDA Margin - % of Net Revenue | 20 | % | 14 | % | |||||||
Adjusted EBITDA Margin - % of Gross Profit | 28 | % | 20 | % | |||||||
GAAP Total Operating Expenses | $ | 115,498 | $ | 117,217 | |||||||
Share-based compensation expense | (20,017) | (25,915) | |||||||||
| Depreciation and amortization expense | (8,854) | (5,331) | |||||||||
Restructuring and other one-time costs(1) | (841) | (2,358) | |||||||||
| Payroll tax expense related to share-based compensation | (820) | (777) | |||||||||
Acquisition-related expenses(2) | (712) | (4,238) | |||||||||
Adjusted Operating Expenses | $ | 84,254 | $ | 78,598 | |||||||
(1) Restructuring and other one-time costs include the costs related to the CEO transition and one-time retention bonuses provided to other key employees. These bonuses have service requirements and are expensed over the requisite service period.
(2) Acquisition-related expenses, including transaction costs, integration costs, and cash and non-cash postcombination compensation expenses, are excluded from Adjusted EBITDA. These expenses are specific to a discrete transaction and do not reflect our ongoing core operations or the recurring expenses required to sustain and operate our business.
A reconciliation of Adjusted EBITDA Growth to the comparable GAAP measure for the second quarter and full year of 2026 is not available due to the challenges and impracticability with estimating some of the items as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.
10
FAQ
How did Marqeta (MQ) perform financially in the first quarter of 2026?
Marqeta reported strong Q1 2026 results, with Net Revenue of $165.8 million, up 19% year-over-year, and Gross Profit of $117.6 million, also up 19%. The company achieved GAAP Net Income of $7.8 million, marking a shift from a loss in the prior-year quarter.
Did Marqeta (MQ) achieve profitability in Q1 2026?
Yes. Marqeta generated GAAP Net Income of $7.8 million in Q1 2026, compared with a GAAP Net Loss of $8.3 million in Q1 2025. Net Income margin improved to 5%, supported by stable 71% Gross Margin and disciplined operating expense management.
What was Marqeta’s Total Processing Volume (TPV) in Q1 2026?
Marqeta’s Total Processing Volume in Q1 2026 was $112 billion, a 33% year-over-year increase from $84 billion. TPV reflects the total dollar value of payments processed through its platform and indicates adoption and scale across customer programs.
How did Marqeta’s Adjusted EBITDA change in Q1 2026?
Adjusted EBITDA reached $33.3 million in Q1 2026, rising 66% from $20.1 million a year earlier. Adjusted EBITDA margin improved to 20% of Net Revenue, up from 14%, highlighting improved profitability after excluding share-based compensation and other adjustments.
What guidance did Marqeta (MQ) provide for Q2 and full-year 2026?
For Q2 2026, Marqeta expects Net Revenue and Gross Profit growth of 14–16% and Adjusted EBITDA Growth of 10–12%. For full-year 2026, it projects Net Revenue growth of 12–14%, Gross Profit growth of 10–12%, and Adjusted EBITDA Growth in the mid-to-high 20s.
What are key business highlights behind Marqeta’s Q1 2026 results?
Marqeta cited several customer developments, including Ramp expanding its corporate solution into new countries using Marqeta, Sezzle launching a virtual card in Canada, migration of a secured credit card portfolio, and a new credit builder card for an embedded finance brand, all on Marqeta’s platform.