Marqeta (MQ) Goldman Sachs Communacopia + Technology Conference 2026 summary

Business evolution and market trends

• Shift from serving primarily banks to enabling fintechs and enterprises to create personalized card experiences using APIs.

• Multinational issuing is now common, with 12 of the top 15 customers operating in multiple countries.

• Product offerings have expanded from simple debit/credit to a continuum including prepaid, secured, charge, and flexible credential cards.

• Enterprises are entering the space, seeking user engagement rather than direct monetization, and prefer comprehensive solutions.

• International volume grew over 40% this quarter, now representing about a fifth of total payment volume.

Financial performance and growth drivers

• Two large renewals and a Block contract pricing step-down are temporarily reducing gross profit growth by about six points this year.

• Growth is expected in the low double digits for the year, with mid to high teens anticipated after these impacts subside.

• Six of the top 10 customers are growing volume by more than 50%, and over 30 new programs were launched by top customers in 2024–2025.

• Larger deal sizes, driven by established enterprises, are improving profitability and efficiency.

• Buy now pay later and expense management categories are growing rapidly, fueled by both market expansion and increased share.

Customer relationships and diversification

• Most large customers have diversified processing, but the company remains the primary processor in each case.

• Block's new issuance is expected to move away by year-end, but contract structures are designed to avoid major renewal impacts.

• Diversification often strengthens relationships as customers appreciate the technology and service after trying alternatives.