Marqeta (MQ) investor relations material

Executive summary

• Q2 2026 saw TPV reach $120.4 billion, up 32% year-over-year, with net revenue of $176 million and gross profit of $122 million, both up 17%.

• Adjusted EBITDA rose 31% to $37 million (21% margin), and GAAP net income was $8 million, marking the second consecutive quarter of profitability.

• Growth was driven by platform expansion, multinational card issuing, stablecoin-backed cards, and larger enterprise deals.

• International expansion, especially in Europe, and new enterprise wins contributed significantly.

• Operating expenses rose 4–12% year-over-year, mainly due to technology and depreciation, partially offset by lower share-based compensation.

Financial highlights

• Net revenue for Q2 was $176 million, up 17% year-over-year, with gross profit at $122 million and gross margin steady at 69%.

• Adjusted EBITDA was $37 million (21% margin), up from $28.5 million (19% margin) in Q2 2025.

• GAAP net income margin improved to 4% in Q2 2026 from negative in Q2 2025.

• Cash, cash equivalents, and short-term investments totaled $700–$701 million at quarter end.

• Block net revenue concentration declined to 41%, down five points year-over-year.

Outlook and guidance

• Q3 2026 guidance: Net revenue growth of 6–8%, gross profit growth of 5–7%, adjusted EBITDA growth of 20–25%.

• FY 2026 guidance: Net revenue growth of 12–13%, gross profit growth of 11–12%, adjusted EBITDA growth in the low 30s percent, and GAAP net income in the high $20 million.

• Q3 adjusted operating expense expected to be nearly flat year-over-year.

• Management expects continued growth in TPV and net revenue, with investments in technology and marketing.