Marqeta (NASDAQ: MQ) delivers Q2 profit, $150M buyback and 2026 growth outlook
Rhea-AI Filing Summary
Marqeta, Inc. reported strong second quarter 2026 results, with Total Processing Volume of $120 billion, up 32% year-over-year. Net Revenue was $176 million and Gross Profit $122 million, both increasing 17%. GAAP Net Income reached $8 million, while Adjusted EBITDA was $37 million with a 21% margin, up from 19% a year earlier. The company also provided 2026 guidance, targeting Net Revenue Growth of 12–13%, Gross Profit Growth of 11–12%, and Adjusted EBITDA Growth in the low 30s.
The Board authorized a new share repurchase program of up to $150 million of Class A common stock with no set expiration, following completion of the December 2025 program. Director Najuma Atkinson, Chair of the Compensation Committee, will resign effective August 3, 2026; the company states her departure is not due to any disagreement regarding operations, policies, or practices.
Positive
- Returned to GAAP profitability with $8M Q2 2026 net income.
- Q2 TPV grew 32% to $120B, supporting 17% revenue growth.
- Q2 Adjusted EBITDA rose 31% to $37M, margin 21%.
- Authorized up to $150M in open-ended share repurchases.
Negative
- None.
Filing Explained
Marqeta’s one-for-four reverse stock split became effective on
8-K Event Classification
4 items: 2.02, 5.02, 8.01, 9.01
4 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 5.02
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers
Governance
Key personnel changes including departures, elections, or appointments of directors and executive officers.
Item 8.01
Other Events
Other
Voluntary disclosure of events the company deems important to shareholders but not covered by other items.
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 Q2 2026: $120 billion
Net Revenue Q2 2026: $176 million
Gross Profit Q2 2026: $122 million
+5 more
8 metrics
Total Processing Volume Q2 2026
$120 billion
Quarter ended June 30, 2026; 32% year-over-year increase
Net Revenue Q2 2026
$176 million
Increased 17% year-over-year from $150 million
Gross Profit Q2 2026
$122 million
Up 17% year-over-year; gross margin 69%
GAAP Net Income Q2 2026
$8 million
Compared with a $1 million net loss in prior-year quarter
Adjusted EBITDA Q2 2026
$37 million
31% year-over-year growth; 21% of Net Revenue
Share Repurchase Authorization
$150 million
August 2026 program for Class A common stock, no set expiration
FY 2026 Net Revenue Growth Guidance
12–13%
Company outlook for full-year 2026 Net Revenue Growth
FY 2026 Adjusted EBITDA Growth Guidance
Low 30s
Company outlook for full-year 2026 Adjusted EBITDA Growth
Key Terms
Total Processing Volume (TPV), Adjusted EBITDA, share repurchase program, Rule 10b5-1, +2 more
6 terms
Total Processing Volume (TPV) financial
"Total Processing Volume (TPV) of $120 billion, representing a year-over-year increase"
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 $37 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.
Rule 10b5-1 regulatory
"including through the use of trading plans intended to qualify under Rule 10b5-1"
Rule 10b5-1 is a regulation that allows company insiders to buy or sell their shares at predetermined times, even if they have access to non-public information. It acts like setting a schedule in advance for transactions, helping prevent accusations of unfair trading. This rule provides a way for insiders to plan trades transparently, giving investors confidence that these transactions are not based on hidden information.
reverse stock split financial
"Reflects the one-for-four reverse stock split that became effective on June 30, 2026"
A reverse stock split reduces a company's number of outstanding shares while raising the price per share proportionally, so the total value of each investor's holding is unchanged; a 1-for-10 split turns 100 shares worth $1 each into 10 shares worth $10 each. Companies often do this to regain compliance with an exchange's minimum price rule or to attract investors who avoid very low-priced stocks.
non-GAAP financial measures financial
"this press release contains certain non-GAAP financial measures"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
Earnings Snapshot
Net Revenue: $176 million · Guidance included
quarter ended June 30, 2026
Net Revenue
$176 million
up 17% year-over-year
Gross Profit
$122 million
up 17% year-over-year
Total Processing Volume
$120 billion
up 32% year-over-year
GAAP Net Income
$8 million
compared with a $1 million net loss a year earlier
Adjusted EBITDA
$37 million
up 31% year-over-year
Adjusted EBITDA Margin
21%
up 2 percentage points year-over-year
Guidance
For Q3 2026, the company targets Net Revenue Growth of 6–8%, Gross Profit Growth of 5–7%, and Adjusted EBITDA Growth of 20–25%. For full-year 2026, it targets Net Revenue Growth of 12–13%, Gross Profit Growth of 11–12%, and Adjusted EBITDA Growth in the low 30s.
AI-generated analysis. How Rhea-AI works. Not financial advice.
FAQ
What were Marqeta (MQ)'s key financial results for Q2 2026?
Marqeta reported Q2 2026 Total Processing Volume of $120 billion, up 32% year-over-year, Net Revenue of $176 million and Gross Profit of $122 million, both up 17%, GAAP Net Income of $8 million, and Adjusted EBITDA of $37 million with a 21% margin.
What earnings guidance did Marqeta (MQ) provide for Q3 and full-year 2026?
For Q3 2026, Marqeta guides Net Revenue Growth of 6–8%, Gross Profit Growth of 5–7%, and Adjusted EBITDA Growth of 20–25%. For full-year 2026, it targets Net Revenue Growth of 12–13%, Gross Profit Growth of 11–12%, and Adjusted EBITDA Growth in the low 30s.
Why is Najuma Atkinson resigning from Marqeta (MQ)'s board?
Najuma Atkinson notified Marqeta of her intent to resign from the Board effective August 3, 2026. She currently chairs the Compensation Committee and serves on the Nomination and Governance Committee. The company states her resignation is not due to any disagreement on operations, policies, or practices.
How profitable was Marqeta (MQ) on a GAAP and non-GAAP basis in Q2 2026?
Marqeta generated Q2 2026 GAAP Net Income of $8 million, compared with a $1 million net loss a year earlier. Adjusted EBITDA was $37 million, up 31% year-over-year, yielding an Adjusted EBITDA Margin of 21%, two percentage points higher than in Q2 2025.
What is Total Processing Volume (TPV) for Marqeta (MQ) and why does it matter?
Q2 2026 Total Processing Volume was $120 billion, up 32% year-over-year from $91 billion. Marqeta explains TPV measures the dollar amount of payments processed, net of returns and chargebacks, and is a key indicator of platform adoption, customer growth, and business scale.
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): July 31, 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 August 4, 2026, Marqeta, Inc. issued a press release announcing its financial results for the quarter ended June 30, 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 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers. Departure of Directors
On July 31, 2026, Najuma Atkinson notified the Board of Directors (the “Board”) of Marqeta, Inc. (the “Company”) of her intent to resign from the Board effective as of August 3, 2026. Ms. Atkinson serves as the Chair of the Board’s Compensation Committee and as a member of the Nomination and Governance Committee. Ms. Atkinson’s resignation as a director is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies, or practices. The Board and management thank Ms. Atkinson for her three and a half years of service and dedication to the Company.
Item 8.01 Other Events
On August 3, 2026, the Board of the Company approved an additional share repurchase program authorizing the Company to purchase up to an aggregate of $150 million of the Company's Class A common stock (the "August 2026 Share Repurchase Program"). This August 2026 Share Repurchase Program is distinct from the existing December 2025 Share Repurchase Program (as defined in the Company's Current Report on Form 8-K, filed with the Securities and Exchange Commission on December 8, 2025). The December 2025 Share Repurchase Program has been fully completed with no authorization remaining.
In making the determination that the August 2026 Share Repurchase Program is in the best interest of the Company and its stockholders, the Board considered a number of factors including, but not limited to, the Company's liquidity and capital allocation strategy, legal and regulatory compliance, the effect of any repurchases on concentration of ownership and voting power, and the effect of any repurchases on any of our periodically reported financial metrics. For the avoidance of doubt, the Board does not expect that the repurchases contemplated under the August 2026 Share Repurchase Program would result in any stockholder having a majority of voting power.
Under the August 2026 Share Repurchase Program, the Company may repurchase shares from time to time through open market purchases, in privately negotiated transactions or by other means, including through the use of trading plans intended to qualify under Rule 10b5-1 under the Exchange Act, in accordance with applicable securities laws and other restrictions, including Rule 10b-18 under the Exchange Act. The timing and total amount of any stock repurchases will be determined at management's discretion and depend upon business, economic and market conditions, corporate and regulatory requirements, prevailing stock prices and other considerations. The execution of the repurchase program will be consistent with the Company's capital allocation strategy, which prioritizes investments to grow the business. The share repurchase program has no termination date, and does not obligate Marqeta to acquire a specific number of shares of Class A common stock and may be canceled or suspended at any time without notice.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
99.1 | Press release issued by Marqeta, Inc., dated August 4, 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: August 4, 2026 | /s/ Patti Kangwankij | ||||
| Patti Kangwankij | |||||
| Chief Financial Officer | |||||
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 issuing platform, today reported financial results for the second quarter ended June 30, 2026.
The Company reported Total Processing Volume (TPV) of $120 billion, representing a year-over-year increase of 32%. Marqeta reported Net Revenue of $176 million and Gross Profit of $122 million, both growing 17% year-over-year. GAAP Net Income for the quarter was $8 million and Adjusted EBITDA was $37 million. Adjusted EBITDA growth was 31% year-over-year.
The Company reported Total Processing Volume (TPV) of $120 billion, representing a year-over-year increase of 32%. Marqeta reported Net Revenue of $176 million and Gross Profit of $122 million, both growing 17% year-over-year. GAAP Net Income for the quarter was $8 million and Adjusted EBITDA was $37 million. Adjusted EBITDA growth was 31% year-over-year.
“Our second quarter results reinforce the momentum behind our business and the increasing value our modern card issuing platform delivers for innovators worldwide,” said Mike Milotich, CEO of Marqeta. “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.”
Marqeta has been at the forefront of modern issuer processing for over a decade, enabling growth and innovation for customers across diverse use cases and geographies. Marqeta highlighted several recent updates that demonstrate its current business momentum, including:
Multi-national Card Issuing
•Building on their long-term relationship in the U.S., Expensify leveraged Marqeta’s comprehensive platform and multinational card issuing capabilities to deliver its corporate card offering to businesses across Europe. Expensify’s European customers can now access the same spend management capabilities that have driven the rapid growth of its card offering in the U.S., enabling them to scale into new markets through a single integration.
Broadening Product Suite
•Marqeta has partnered with zerohash and BVNK to enable stablecoin spending across global card networks. Through these partnerships, Marqeta will offer customers a comprehensive solution for launching multinational and stablecoin-backed card solutions that link directly to existing card rails, making it possible to use stablecoins for purchases anywhere a card is accepted without additional integrations or regulatory burdens. These collaborations further support Marqeta's leadership at the intersection of crypto and fiat payments, strengthening its ability to deliver flexible solutions to both crypto-native and non-crypto companies.
•Marqeta is enhancing its Real-Time Decisioning (RTD) offering by partnering with leading acquirers and fraud-prevention providers including Adyen, Riskified, and Signifyd to incorporate richer merchant transaction data into its ML Risk Score and fraud detection process. RTD is Marqeta's risk decisioning product that evaluates card authorization transactions in real time. This additional data, which can include device, location, order, and account information, helps customers reduce fraudulent transactions and increase authorization rates.
Share Repurchase Authorization
•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. Under the repurchase program, the Company is authorized to repurchase shares through open market purchases, in privately negotiated transactions or by other means, in accordance with applicable federal securities laws, including through trading plans under Rule 10b5-1 of the Exchange Act. The share
1
repurchase program has no set expiration date. The number of shares repurchased and the timing of purchases will be based on general business and market conditions, and other factors, including stockholder voting power considerations.
2
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 June 30, | % Change | Six Months Ended June 30, | % Change | |||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Financial metrics: | |||||||||||||||||||||||||||||||||||
Net Revenue | $ | 175,995 | $ | 150,392 | 17% | $ | 341,793 | $ | 289,465 | 18% | |||||||||||||||||||||||||
Gross Profit | $ | 121,873 | $ | 104,061 | 17% | $ | 239,465 | $ | 202,740 | 18% | |||||||||||||||||||||||||
Gross Margin | 69 | % | 69 | % | —% | 70 | % | 70 | % | —% | |||||||||||||||||||||||||
Total Operating Expenses | $ | 118,237 | $ | 113,289 | 4% | $233,735 | $230,506 | 1% | |||||||||||||||||||||||||||
| Net Income (Loss) | $ | 7,567 | $ | (647) | nm | $15,401 | ($8,907) | nm | |||||||||||||||||||||||||||
| Net Income (Loss) Margin | 4 | % | — | % | 4 ppts | 5 | % | (3 | %) | 8 ppts | |||||||||||||||||||||||||
| Net Income (Loss) Per Share - Basic | $ | 0.07 | $ | (0.01) | nm | $0.14 | ($0.07) | nm | |||||||||||||||||||||||||||
| Net Income (Loss) Per Share - Diluted | $ | 0.07 | $ | (0.01) | nm | $0.14 | ($0.07) | nm | |||||||||||||||||||||||||||
| Key operating metric and Non-GAAP financial measures: | |||||||||||||||||||||||||||||||||||
Total Processing Volume (TPV) (in millions) 1 | $ | 120,423 | $ | 91,386 | 32% | $ | 232,783 | $ | 175,857 | 32% | |||||||||||||||||||||||||
Adjusted EBITDA 2 | $ | 37,420 | $ | 28,509 | 31% | $70,757 | $48,590 | 46% | |||||||||||||||||||||||||||
Adjusted EBITDA Margin 2 | 21 | % | 19 | % | 2 ppts | 21 | % | 17 | % | 4 ppts | |||||||||||||||||||||||||
Adjusted Operating Expenses 2 | $ | 84,453 | $ | 75,552 | 12% | $ | 168,708 | $ | 154,150 | 9% | |||||||||||||||||||||||||
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
Second Quarter 2026 Financial Results:
Total Processing Volume increased by 32% year-over-year, from $91 billion in the second quarter of 2025 to $120 billion for the quarter ended June 30, 2026.
Net Revenue of $176 million increased by $26 million, or 17%, 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 17% year-over-year to $122 million from $104 million in the second quarter of 2025. The increase in Gross Profit was largely driven by our TPV growth. Gross Margin was 69% in the second quarter of 2026.
Net Income of $8 million in the quarter, compared to a Net Loss of $1 million in the same period in the prior year, resulted in a year-over-year improvement of $8 million. Net income margin was 4% in the quarter, an increase of 4 percentage points versus last year.
Adjusted EBITDA was $37 million in the second quarter of 2026, an increase of $9 million year-over-year, or 31%. Adjusted EBITDA margin was 21% in the second quarter of 2026, an increase of 2 percentage points versus last year.
3
Financial Guidance
The following summarizes Marqeta's guidance for the third quarter of 2026 and full year of 2026:
| Third Quarter 2026 | Fiscal Year 2026 | ||||||||||
| Net Revenue Growth | 6 - 8% | 12 - 13% | |||||||||
Gross Profit Growth | 5 - 7% | 11 - 12% | |||||||||
Adjusted EBITDA Growth (1) | 20 - 25% | Low 30s | |||||||||
(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 August 18, 2026, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13761390.
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, and the benefits those products or capabilities may have for consumers; 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.
4
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
5
Marqeta, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
Net Revenue | $ | 175,995 | $ | 150,392 | $ | 341,793 | $ | 289,465 | |||||||||||||||
Costs of Revenue | 54,122 | 46,331 | 102,328 | 86,725 | |||||||||||||||||||
Gross Profit | 121,873 | 104,061 | 239,465 | 202,740 | |||||||||||||||||||
Operating Expenses: | |||||||||||||||||||||||
| Compensation and benefits | 78,262 | 81,409 | 156,280 | 167,459 | |||||||||||||||||||
| Technology | 18,393 | 16,102 | 36,483 | 30,913 | |||||||||||||||||||
| Depreciation and amortization | 9,696 | 6,653 | 18,550 | 11,984 | |||||||||||||||||||
| Professional services | 5,620 | 4,219 | 10,251 | 9,914 | |||||||||||||||||||
| Marketing and advertising | 1,232 | 711 | 2,392 | 1,180 | |||||||||||||||||||
| Occupancy | 540 | 843 | 1,719 | 1,760 | |||||||||||||||||||
| Other operating expenses | 4,494 | 3,352 | 8,060 | 7,296 | |||||||||||||||||||
Total Operating Expenses | 118,237 | 113,289 | 233,735 | 230,506 | |||||||||||||||||||
| Income (Loss) from operations | 3,636 | (9,228) | 5,730 | (27,766) | |||||||||||||||||||
| Other income, net | 4,436 | 8,787 | 10,369 | 19,300 | |||||||||||||||||||
| Income (Loss) before income tax expense | 8,072 | (441) | 16,099 | (8,466) | |||||||||||||||||||
| Income tax expense | 505 | 206 | 698 | 441 | |||||||||||||||||||
| Net Income (Loss) | $ | 7,567 | $ | (647) | $ | 15,401 | $ | (8,907) | |||||||||||||||
Net income (loss) per share attributable to Class A and Class B common stockholders (1) | |||||||||||||||||||||||
Basic | $ | 0.07 | $ | (0.01) | $ | 0.14 | $ | (0.07) | |||||||||||||||
Diluted | $ | 0.07 | $ | (0.01) | $ | 0.14 | $ | (0.07) | |||||||||||||||
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders (1) | |||||||||||||||||||||||
Basic | 105,465 | 115,379 | 106,304 | 120,315 | |||||||||||||||||||
| Diluted | 106,797 | 115,379 | 107,591 | 120,315 | |||||||||||||||||||
(1) Reflects the one-for-four reverse stock split that became effective on June 30, 2026. All historical share and per-share amounts have been retroactively adjusted to reflect the reverse stock split. As a result, weighted-average shares outstanding decreased by a factor of four, and net income (loss) per share increased by a factor of four for all periods presented.
6
Marqeta, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
| June 30, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 691,418 | $ | 709,443 | |||||||
| Restricted cash | 260,553 | 307,593 | |||||||||
| Short-term investments | 9,478 | 62,483 | |||||||||
| Accounts receivable, net | 50,950 | 41,422 | |||||||||
| Network incentives receivable | 33,005 | 61,059 | |||||||||
| Settlements receivable, net | 18,311 | 18,037 | |||||||||
| Prepaid expenses and other current assets | 38,395 | 35,278 | |||||||||
| Total current assets | 1,102,110 | 1,235,315 | |||||||||
| Property and equipment, net | 67,056 | 59,910 | |||||||||
| Operating lease right-of-use assets, net | 6,812 | 8,275 | |||||||||
| Intangible assets, net | 45,915 | 51,388 | |||||||||
| Goodwill | 153,760 | 154,706 | |||||||||
| Other assets | 16,573 | 15,439 | |||||||||
| Total assets | $ | 1,392,226 | $ | 1,525,033 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,162 | $ | 1,847 | |||||||
| Revenue share payable | 222,257 | 224,526 | |||||||||
Funds payable and amounts due to customers | 260,353 | 306,891 | |||||||||
| Accrued expenses and other current liabilities | 178,526 | 215,793 | |||||||||
| Total current liabilities | 662,298 | 749,057 | |||||||||
| Operating lease liabilities, net of current portion | 4,142 | 5,535 | |||||||||
| Other liabilities | 10,229 | 8,484 | |||||||||
| Total liabilities | 676,669 | 763,076 | |||||||||
Stockholders' equity: (1) | |||||||||||
| Common stock | 10 | 11 | |||||||||
| Additional paid-in capital | 1,512,587 | 1,572,270 | |||||||||
Accumulated other comprehensive (loss) income | (608) | 1,509 | |||||||||
| Accumulated deficit | (796,432) | (811,833) | |||||||||
| Total stockholders’ equity | 715,557 | 761,957 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,392,226 | $ | 1,525,033 | |||||||
(1) Reflects the one-for-four reverse stock split that became effective on June 30, 2026, which has been applied retrospectively to all periods presented. The reverse stock split did not change the par value per share of the Company’s common stock. As a result, the aggregate par value of outstanding common stock was reduced proportionately, with a corresponding increase to additional paid-in capital. Total stockholders’ equity remained unchanged.
7
Marqeta, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Six Months Ended June 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 15,401 | $ | (8,907) | |||||||
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | |||||||||||
| Share-based compensation expense | 42,373 | 52,985 | |||||||||
| Depreciation and amortization | 18,550 | 11,984 | |||||||||
| Non-cash operating leases expense | 1,463 | 1,021 | |||||||||
Accretion of discount on short-term investments | (46) | (612) | |||||||||
| Other | 758 | 898 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (10,296) | (7,642) | |||||||||
| Network incentives receivable | 28,054 | (18,309) | |||||||||
| Settlements receivable | (274) | 1,230 | |||||||||
| Prepaid expenses and other assets | (3,051) | 4,278 | |||||||||
| Accounts payable | (685) | 2,913 | |||||||||
| Revenue share payable | (2,269) | 6,241 | |||||||||
| Accrued expenses and other liabilities | (28,317) | (21,323) | |||||||||
| Operating lease liabilities | (1,852) | (2,223) | |||||||||
| Net cash provided by operating activities | 59,809 | 22,534 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Maturities of short-term investments | 52,893 | 90,918 | |||||||||
| Capitalization of internal-use software | (16,151) | (13,598) | |||||||||
| Purchases of property and equipment | (1,490) | (1,601) | |||||||||
Net cash provided by investing activities | 35,252 | 75,719 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repurchase of common stock | (93,880) | (275,233) | |||||||||
Change in funds payable and amounts due to customers | (46,538) | — | |||||||||
| Taxes paid related to net share settlement of restricted stock units | (16,683) | (15,887) | |||||||||
| Payment of acquisition-related contingent consideration | (2,732) | — | |||||||||
| Proceeds from shares issued in connection with employee stock purchase plan | 855 | 994 | |||||||||
| Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options | 52 | 1,580 | |||||||||
| Net cash used in financing activities | (158,926) | (288,546) | |||||||||
Net decrease in cash, cash equivalents, and restricted cash | (63,865) | (190,293) | |||||||||
| Cash, cash equivalents, and restricted cash- Beginning of period | 1,017,931 | 931,516 | |||||||||
| Cash, cash equivalents, and restricted cash - End of period | $ | 954,066 | $ | 741,223 | |||||||
8
Marqeta, Inc.
Financial and Operating Highlights
(in thousands, except per share data or as noted)
(unaudited)
| Second Quarter 2026 | First Quarter 2026 | Fourth Quarter 2025 | Third Quarter 2025 | Second Quarter 2025 | Year over Year Change Q2'26 vs Q2'25 | |||||||||||||||||||||||||||||||||
| Operating performance: | ||||||||||||||||||||||||||||||||||||||
| Net Revenue | $ | 175,995 | $ | 165,798 | $ | 172,113 | $ | 163,306 | $ | 150,392 | 17% | |||||||||||||||||||||||||||
| Costs of Revenue | 54,122 | 48,206 | 52,138 | 48,749 | 46,331 | 17% | ||||||||||||||||||||||||||||||||
| Gross Profit | 121,873 | 117,592 | 119,975 | 114,557 | 104,061 | 17% | ||||||||||||||||||||||||||||||||
| Gross Margin | 69 | % | 71 | % | 70 | % | 70 | % | 69 | % | — ppts | |||||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||||||||
| Compensation and benefits | 78,262 | 78,018 | 88,089 | 84,871 | 81,409 | (4%) | ||||||||||||||||||||||||||||||||
| Technology | 18,393 | 18,090 | 17,150 | 16,942 | 16,102 | 14% | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 9,696 | 8,854 | 8,160 | 7,019 | 6,653 | 46% | ||||||||||||||||||||||||||||||||
| Professional services | 5,620 | 4,631 | 6,447 | 5,518 | 4,219 | 33% | ||||||||||||||||||||||||||||||||
| Marketing and advertising | 1,232 | 1,160 | 2,998 | 895 | 711 | 73% | ||||||||||||||||||||||||||||||||
| Occupancy | 540 | 1,179 | 948 | 1,058 | 843 | (36%) | ||||||||||||||||||||||||||||||||
| Other operating expenses | 4,494 | 3,566 | 4,477 | 8,624 | 3,352 | 34% | ||||||||||||||||||||||||||||||||
| Total Operating Expenses | 118,237 | 115,498 | 128,269 | 124,927 | 113,289 | 4% | ||||||||||||||||||||||||||||||||
| Income (loss) from Operations | 3,636 | 2,094 | (8,294) | (10,370) | (9,228) | nm | ||||||||||||||||||||||||||||||||
| Other income, net | 4,436 | 5,933 | 6,557 | 7,244 | 8,787 | (50%) | ||||||||||||||||||||||||||||||||
| Income (Loss) before income tax expense | 8,072 | 8,027 | (1,737) | (3,126) | (441) | nm | ||||||||||||||||||||||||||||||||
| Income tax expense (benefit) | 505 | 193 | (343) | 498 | 206 | nm | ||||||||||||||||||||||||||||||||
| Net Income (Loss) | $ | 7,567 | $ | 7,834 | $ | (1,394) | $ | (3,624) | $ | (647) | nm | |||||||||||||||||||||||||||
Income (Loss) per share - basic (2) | $ | 0.07 | $ | 0.07 | $ | (0.01) | $ | (0.03) | $ | (0.01) | nm | |||||||||||||||||||||||||||
Income (Loss) per share - diluted(2) | $ | 0.07 | $ | 0.07 | $ | (0.01) | $ | (0.03) | $ | (0.01) | nm | |||||||||||||||||||||||||||
| TPV (in millions) | $ | 120,423 | $ | 112,360 | $ | 108,694 | $ | 97,962 | $ | 91,386 | 32% | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 37,420 | $ | 33,338 | $ | 30,677 | $ | 30,310 | $ | 28,509 | 31% | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 21 | % | 20 | % | 18 | % | 19 | % | 19 | % | 2 ppts | |||||||||||||||||||||||||||
| Financial condition: | ||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 691,418 | $ | 674,790 | $ | 709,443 | $ | 747,248 | $ | 732,722 | (6%) | |||||||||||||||||||||||||||
Restricted cash (1) | $ | 262,648 | $ | 281,292 | $ | 308,488 | $ | 235,413 | $ | 8,500 | nm | |||||||||||||||||||||||||||
| Short-term investments | $ | 9,478 | $ | 37,267 | $ | 62,483 | $ | 83,212 | $ | 88,865 | (89%) | |||||||||||||||||||||||||||
| Total assets | $ | 1,392,226 | $ | 1,476,713 | $ | 1,525,033 | $ | 1,488,430 | $ | 1,214,590 | 15% | |||||||||||||||||||||||||||
| Total liabilities | $ | 676,669 | $ | 734,431 | $ | 763,076 | $ | 649,201 | $ | 371,157 | 82% | |||||||||||||||||||||||||||
| Stockholders' equity | $ | 715,557 | $ | 742,282 | $ | 761,957 | $ | 839,229 | $ | 843,433 | (15%) | |||||||||||||||||||||||||||
(1) Restricted cash as of June 30, 2026, March 31, 2026, and December 31, 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 $260.4 million, $280.3 million and $306.9 million, respectively.
(2) Reflects the one-for-four reverse stock split that was effective June 30, 2026, which has been applied retrospectively to all periods presented.
ppts = percentage points
nm - not meaningful
9
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.
10
The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| GAAP Net Revenue | $ | 175,995 | $ | 150,392 | $ | 341,793 | $ | 289,465 | |||||||||||||||
| GAAP Gross Profit | $ | 121,873 | $ | 104,061 | $ | 239,465 | $ | 202,740 | |||||||||||||||
| GAAP Net Income (Loss) | $ | 7,567 | $ | (647) | $ | 15,401 | $ | (8,907) | |||||||||||||||
| GAAP Net Income (Loss) Margin - % of Net Revenue | 4 | % | — | % | 5 | % | (3 | %) | |||||||||||||||
| GAAP Net Income (Loss) Margin - % of Gross Profit | 6 | % | (1) | % | 6 | % | (4 | %) | |||||||||||||||
| GAAP Total Operating Expenses | $ | 118,237 | $ | 113,289 | $ | 233,735 | $ | 230,506 | |||||||||||||||
| Net Income (Loss) | $ | 7,567 | $ | (647) | $ | 15,401 | $ | (8,907) | |||||||||||||||
| Share-based compensation expense | 22,356 | 27,070 | 42,373 | 52,985 | |||||||||||||||||||
| Depreciation and amortization expense | 9,696 | 6,653 | 18,550 | 11,984 | |||||||||||||||||||
Restructuring and other one-time costs(1) | 708 | 1,974 | 1,549 | 4,332 | |||||||||||||||||||
| Payroll tax expense related to share-based compensation | 644 | 791 | 1,464 | 1,567 | |||||||||||||||||||
Acquisition-related expenses(2) | 380 | 1,249 | 1,091 | 5,488 | |||||||||||||||||||
| Other income, net | (4,436) | (8,787) | (10,369) | (19,300) | |||||||||||||||||||
| Income tax expense | 505 | 206 | 698 | 441 | |||||||||||||||||||
| Adjusted EBITDA | $ | 37,420 | $ | 28,509 | $ | 70,757 | $ | 48,590 | |||||||||||||||
| Adjusted EBITDA Margin - % of Net Revenue | 21 | % | 19 | % | 21 | % | 17 | % | |||||||||||||||
| Adjusted EBITDA Margin - % of Gross Profit | 31 | % | 27 | % | 30 | % | 24 | % | |||||||||||||||
| GAAP Total Operating Expenses | $ | 118,237 | $ | 113,289 | $ | 233,735 | $ | 230,506 | |||||||||||||||
| Share-based compensation expense | (22,356) | (27,070) | (42,373) | (52,985) | |||||||||||||||||||
| Depreciation and amortization expense | (9,696) | (6,653) | (18,550) | (11,984) | |||||||||||||||||||
Restructuring and other one-time costs(1) | (708) | (1,974) | (1,549) | (4,332) | |||||||||||||||||||
| Payroll tax expense related to share-based compensation | (644) | (791) | (1,464) | (1,567) | |||||||||||||||||||
Acquisition-related expenses(2) | (380) | (1,249) | (1,091) | (5,488) | |||||||||||||||||||
| Adjusted Operating Expenses | $ | 84,453 | $ | 75,552 | $ | 168,708 | $ | 154,150 | |||||||||||||||
(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 third 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.
11