Marqeta (MQ) Morgan Stanley Technology, Media & Telecom Conference 2026 summary

Business model and growth strategy

• Platform business model with high fixed costs and low marginal costs enables scalable and profitable growth as volume increases.

• Ruthless prioritization of investments and disciplined build vs. partner decisions drive efficiency and focus.

• Gross profit grew 24% and adjusted EBITDA increased by more than 3.5x in 2025, reflecting scale benefits.

• Focus on flexibility and configurability allows support for diverse use cases across credit, debit, consumer, and commercial segments in 40 countries.

• Expertise in launching and scaling innovative card programs is a key differentiator, fostering deep customer engagement.

Key customer relationships and revenue concentration

• Largest customer, Block, accounted for 44% of net revenue in Q4, with a deep, evolving partnership and ongoing growth opportunities.

• Block's Cash App recently moved into a new pricing tier, resulting in a significant price step-down for 2026, impacting year-over-year comparisons.

• Block plans to diversify processing, a common practice among large customers, but the company aims to remain the primary partner.

• Dedicated teams maintain daily collaboration with Block to drive penetration and innovation.

Product innovation and vertical performance

• Buy now, pay later (BNPL) and lending verticals are major growth drivers, with BNPL representing high teens percentage of TPV and growing nearly 60% in Q4.

• Flexible Credential and wallet distribution are fueling BNPL growth in both the U.S. and Europe.

• Expense management is another strong vertical, growing over 40%, driven by disruptors and broad-based customer adoption.

• Financial services, including neobanking, comprise over 50% of TPV and grew over 30% in Q4 2025.

• New customer cohorts are expected to double their gross profit contribution in 2026, with 40 new logos onboarded since early 2024.