MQ

Marqeta’s second quarter results reflected durable business performance, with management emphasizing the company’s ability to drive growth through both product breadth and customer diversification. CEO Mike Milotich attributed the quarter’s success to 32% growth in total payment volume and the rising scale of non-Block enterprise clients. He highlighted that expanding use cases and multinational capabilities, particularly in Europe, have differentiated Marqeta’s platform. Management also pointed to robust deal momentum, noting the average deal size in Q2 was up over 90% year-over-year, supported by growing embedded finance programs and new partnerships. Is now the time to buy MQ? Find out in our full research report (it’s free). Revenue: $176 million vs analyst estimates of $173.3 million (17% year-on-year growth, 1.5% beat) EPS (GAAP): $0.07 vs analyst estimates of $0.01 (significant beat) Adjusted EBITDA: $37.42 million vs analyst estimates of $31.78 million (21.3% margin, 17.8% beat) Revenue Guidance for Q3 CY2026 is $174.7 million at the midpoint, below analyst estimates of $179.5 million Operating Margin: 2.1%, up from -6.1% in the same quarter last year Market Capitalization: $1.62 billion While we enjoy listening to the management’s commentary, our favorite part of earnings calls is the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Timothy Chiodo (UBS) asked about the expected impact of declining Cash App new issuance on future growth. CEO Mike Milotich clarified that the decline began mid-June and will phase in through year-end, with the full effect realized in 2027 depending on how Block’s diversification stabilizes. Connor Allen (JPMorgan) asked about the composition of the 90% increase in average deal size and its impact on financials. Milotich explained this reflects a shift toward larger, established enterprise clients, which take longer to flow through revenue but offer more predictable growth. Craig Maurer (FT Partners) questioned whether stablecoin card development is driven by current or anticipated demand. Milotich responded that while some customers are actively seeking the capability, Marqeta also sees it as a strategic bet on emerging payment trends. Darrin Peller (Wolfe Research) inquired about balancing profitability with reinvestment. CFO Patti Kangwankij said cost discipline and operational leverage are enabling margin expansion, but the company remains committed to investing in growth and evaluating M&A opportunities. Andrew Schmidt (KeyBanc Capital Markets) asked about competitive positioning in credit and the renewal pipeline. Milotich emphasized Marqeta’s unified platform and personalized card solutions, while Kangwankij noted that most major contract renewals are now behind, reducing risk. Looking ahead, the StockStory team will be watching (1) the pace at which Marqeta’s new enterprise and international deals translate into revenue, (2) stabilization in revenue concentration as non-Block clients scale, and (3) adoption and monetization of new product offerings, particularly stablecoin-backed cards and value-added services. Execution on European expansion and credit solutions will also be critical signposts. Marqeta currently trades at $15.61, down from $17.94 just before the earnings. Is the company at an inflection point that warrants a buy or sell? The answer lies in our full research report (it’s free for active Edge members). ONE MORE THING: Top 5 Growth Stocks. The biggest stock winners almost always had one thing in common before they ran. Revenue growing like crazy. Meta. CrowdStrike. Broadcom. Our AI flagged all three. They returned 315%, 314%, and 455%, respectively. Find out which 5 stocks it’s flagging this month — FREE. Get Our Top 5 Growth Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,460% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Kadant (+214% between June 2020 and June 2025). Find your next big winner with StockStory today.

This article first appeared on GuruFocus. Total Processing Volume (TPV): $120 billion, up 32% year-over-year, marking the fourth consecutive quarter of growth above 30%. Net Revenue: $176 million, up 17% year-over-year. Gross Profit: $122 million, up 17% year-over-year, with a take rate of approximately 10 basis points. Adjusted EBITDA: $37 million, up 31% year-over-year, representing a 21% margin based on net revenue. GAAP Net Income: Approximately $8 million, the second consecutive quarter of GAAP profitability, with GAAP EPS of $0.07. Adjusted Operating Expenses: $84 million, up roughly 12% year-over-year. Block Net Revenue Concentration: 41% in Q2, down 1 point from last quarter and 5 points year-over-year. International Volume: Grew over 40% year-over-year, representing 20% of total TPV. Lending (including BNPL) Growth: Grew over 40% year-over-year. Expense Management Growth: Volume up over 50% year-over-year. Share Repurchases: Repurchased 3.2 million shares at an average post-split adjusted price of $15.90. Cash and Short-Term Investments: $700 million at quarter end. Warning! GuruFocus has detected 7 Warning Signs with MQ. Is MQ fairly valued? Test your thesis with our free DCF calculator. Release Date: August 04, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Marqeta Inc (NASDAQ:MQ) delivered strong Q2 2026 results with TPV growing 32% year-over-year to $120 billion, marking the fourth consecutive quarter of over 30% growth. The company achieved its second consecutive quarter of GAAP profitability, reporting $8 million in net income and a 31% increase in adjusted EBITDA, which exceeded guidance. Marqeta Inc (NASDAQ:MQ) is expanding its product suite with new stablecoin-backed card solutions through partnerships with Zero Hash and BVNK, positioning itself at the forefront of digital asset payments. The company is seeing strong momentum in its upmarket strategy, with the average deal size signed in Q2 up over 90% year-over-year, driven by wins with Fortune 500 and large enterprise customers. Marqeta Inc (NASDAQ:MQ) continues to diversify its revenue streams, with non-Block TPV growing more than two times faster than Block TPV, and international volume now representing 20% of total TPV, up over 40% year-over-year. The company is enhancing its fraud detection capabilities through partnerships with leading providers like Audien, Riskified, and Signified, which has driven over 80% gross profit growth in its real-time decisioning product in the first half of 2026. Marqeta Inc (NASDAQ:MQ) expects a significant deceleration in Q3 2026 gross profit growth to 5%-7%, down about 10 points from Q2, due to several headwinds including the last large renewal, lapping the TransactPay acquisition, and tougher comparisons. The company is experiencing a decline in Cash App new issuance from Block, which began in late Q2 and is expected to phase out to little to no new issuance by the end of 2026, impacting growth. A customer-specific dynamic within the BNPL use case is impacting single-use virtual card volume, as one customer is load-balancing TPV across multiple providers due to the success of Marqeta Inc (NASDAQ:MQ)'s flexible credential offering. The on-demand delivery customer mix is shifting toward segments with less favorable economics, which is weighing on the gross profit take rate within that use case. Marqeta Inc (NASDAQ:MQ) is facing a lower gross profit take rate, down 1 basis point year-over-year, due to rapid growth among large customers, a move upmarket into larger deals, and faster international growth. The company's full-year 2026 guidance for net revenue and gross profit growth has been narrowed, with second-half growth expected to be about 2 points lower than originally assumed in February. Q: How should we think about the potential early estimate of an impact in 2027 from the diversification of Cash App new issuance, and can you clarify the mechanics of the current decline?A: Mike Miletich (CEO) clarified that the decline in new issuance began in mid-June, estimating a roughly 10% reduction, which stepped up in July. He expects Marqeta to receive little to no new issuance by the end of the year. While the original 2026 impact was estimated at about 2 points of growth, the true run-rate impact for 2027 could be slightly higher if the trend continues. However, he emphasized that the relationship with Block remains strong, with ongoing work on new programs, and noted that pricing tiers are structured to protect gross profit, meaning the volume impact may not be one-to-one with gross profit. Q: Can you provide more detail on the second-half growth dynamics, specifically the BNPL virtual card load balancing and the on-demand delivery (ODD) mix shift?A: Mike Miletich (CEO) explained that the BNPL impact is idiosyncratic to one customer who is load-balancing single-use virtual card volume due to the success of Marqeta's flexible credential offering. Despite this, he stressed that Marqeta retains the stickier, faster-growing part of the business, and still expects lending/BNPL use case growth to exceed 30% in the second half on a significantly larger base. Patti Kangwankij (CFO) added that the ODD mix shift is driving a lower gross profit take rate as customers expand into segments with less favorable economics. Q: The average deal size was up over 90% year-over-year. Can you discuss the composition and how this will flow to the P&L?A: Mike Miletich (CEO) confirmed the 90% increase, attributing it to the successful shift upmarket over the past two years. Marqeta is now engaging with more Fortune 500 companies and established enterprises that are embedding financial services into existing user bases. He noted that while the number of deals may be fewer, the probability of success is higher because these customers already have a user base and don't need to build from scratch, leading to larger, better bets that should drive more reliable growth. Q: Is the stablecoin capability you're building out in response to actual demand or is it anticipatory?A: Mike Miletich (CEO) stated it is a bit of both. There are many exploratory discussions with prospects, particularly those with payout businesses or money movement needs, who are interested in the capability. Marqeta is building the solution to address this demand and to maintain its leadership position in innovation. By combining its proven scale and geographic reach with leading partners like Zero Hash and BVNK, Marqeta aims to be the top choice for customers as this use case emerges. Q: Given the strong profitability, what is your vision for reinvestment versus letting earnings flow to the bottom line, and what are the targets going forward?A: Patti Kangwankij (CFO) highlighted that the scale of the business (over $450 billion in volume) is driving strong operating leverage. Adjusted OpEx grew only 12% due to successful vendor contract renegotiations and headcount efficiency, without changing the pace of planned investments. She expects flattish OpEx growth in the second half. Mike Miletich (CEO) added that as a platform business with high fixed and low variable costs, Marqeta expects earnings growth to continue exceeding top-line growth for some time, while still investing in innovation and evaluating M&A. Q: What is the next big opportunity that could become the next "flex credential" type product to drive growth?A: Mike Miletich (CEO) identified three key growth vectors. First, credit: three distinct credit programs (consumer co-brand revolving, consumer secured credit building, and commercial charge card) are launching in the next couple of quarters. Second, Europe: despite existing growth, there is still significant opportunity, especially with adding program management to improve take rates. Third, value-added services: currently only 7% of gross profit, but with an increased focus and a shift to enterprise customers who prefer holistic solutions, the attach rate is expected to improve. Q: Can you walk us through the business process for stablecoin-backed cards, the use cases, and who is asking for them?A: Mike Miletich (CEO) explained that Marqeta already has experience with crypto-backed cards for Coinbase and Bitpanda. The new partnerships with Zero Hash and BVNK embed their APIs into Marqeta's platform, making it seamless for customers to offer stablecoin-backed products. The primary demand comes from businesses with payout operations needing to move money across geographies, and from multinational neobank or platform businesses embedding banking-like services. While it's still early with only a handful of live programs, he expects growing demand. Q: How does your credit offering stack up against Visa's push via DPS full-service credit, and where is the overlap?A: Mike Miletich (CEO) outlined Marqeta's competitive advantages: proven innovation at scale, the ability to truly embed offerings into user experiences, and a focus on personalized cards with dynamic rewards. He highlighted a key differentiator: traditional co-brand credit often declines two-thirds to three-quarters of applicants due to premium propositions. Marqeta's strategy is to offer a holistic suite of products (credit builder, BNPL, revolving credit) on a single stack, allowing customers to match the right product to each applicant and avoid turning people away, which is a unique value proposition in the market. Q: What does the renewal pipeline look like over the next 12 to 18 months?A: Patti Kangwankij (CFO) stated that the two significant renewals discussed are the last two material ones outside of Block, which were negotiated during the fintech boom. Regular renewals are ongoing and handled with disciplined pricing. She does not expect any other material step-downs in the near term, with the next major one being Block's contract, which comes up in 2028. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

Interested in Marqeta, Inc.? Here are five stocks we like better. Marqeta delivered strong second-quarter results: Total processing volume rose 32% year over year to $120 billion, while net revenue and gross profit each increased 17%. The company reported its second consecutive quarter of GAAP profitability, with $8 million in net income and adjusted EBITDA up 31%. Growth initiatives are expanding beyond traditional card issuance. Marqeta is developing stablecoin-backed cards, additional payment rails, fraud-detection tools and new credit products, while international TPV grew more than 40% and larger enterprise deals increased significantly. Management expects slower growth in the second half. The outlook reflects softer Cash App card issuance, tougher comparisons and customer volume shifts; full-year guidance calls for 12%–13% net revenue growth and 11%–12% gross profit growth, alongside a new $150 million share-repurchase authorization. Marqeta (NASDAQ:MQ) reported second-quarter 2026 results that included 32% growth in total processing volume, 17% growth in net revenue and gross profit, and its second consecutive quarter of GAAP profitability. Management also outlined product expansion initiatives in stablecoin-backed cards, non-card money movement, fraud detection and credit offerings, while forecasting slower top-line growth in the second half of the year. Total processing volume, or TPV, reached $120 billion in the quarter, up 32% from a year earlier. CEO Mike Milotich said this marked the company’s fourth consecutive quarter of TPV growth above 30%. Net revenue rose 17% to $176 million, while gross profit increased 17% to $122 million. → SpaceX’s First Earnings Report Could Decide Whether Shorts or Bulls Have Control Adjusted EBITDA grew 31% year over year to $37 million, representing a 21% margin on net revenue. Marqeta generated approximately $8 million in GAAP net income and reported GAAP earnings per share of $0.07, reflecting the company’s 1-for-4 reverse stock split that took effect June 30. CFO Patti Kangwankij said non-Block TPV continued to grow more than twice as fast as Block TPV. Block represented 41% of Marqeta’s net revenue during the quarter, down one percentage point sequentially and five percentage points from a year earlier. → Financials Hit Record Highs as the AI Trade Unravels—Can They Keep Leading? Management said it began to see a modest decline in new Cash App card issuance late in the quarter, an outcome it had incorporated into its outlook. Milotich said Marqeta began seeing the decline around mid-June and estimated that new issuance was roughly 10% lower than it otherwise would have been at that point. The company expects the shift to continue over the next several months, with Marqeta potentially receiving little to no new issuance by year-end. Milotich emphasized that Marqeta continues to onboard Cash App users for both the established card program and Cash App’s flexible credential offering. He also said Block remains a growing partner across Cash App, Square, Afterpay and other initiatives, while noting that provider diversification is a common practice among large customers. → Why Rare Earth Processing Could Be the Real 2027 Opportunity International volume grew more than 40% year over year and represented 20% of total TPV in the quarter, according to Kangwankij. Marqeta highlighted its European expansion following its 2025 acquisition of TransactPay, including a partnership with Banking Circle that extends account and money-movement capabilities into 30 additional European countries. Expensify also expanded its expense-management card offering from the U.S. into the U.K. and European Union using Marqeta’s TransactPay capabilities, Milotich said. Marqeta announced partnerships with zerohash and BVNK to support stablecoin-backed card programs. Under the arrangement, the partners will provide infrastructure including custody, compliance, liquidity and on-chain money movement, while Marqeta will provide card issuance and manage bank and card-network relationships. The company said the offerings are intended to allow users to make purchases using stablecoin balances through established card rails. Milotich said interest is coming from businesses with payout needs, companies moving money across geographies, and platforms considering multinational banking-like services. He characterized the market as early, noting that only a limited number of such programs are live today. Marqeta is also participating in Open USD, an open stablecoin standard. In addition, the company is expanding access to payment methods beyond cards, including ACH, real-time payments, push-to-card transactions and wires in the U.S., U.K. and European Union. Its Real-Time Decisioning fraud product delivered more than 80% gross profit growth in the first half, Milotich said. Marqeta is incorporating transaction information from partners including Adyen, Riskified and Signifyd, such as device, location, order and account data, into its fraud detection capabilities. Marqeta said the average size of deals signed in the second quarter increased more than 90% year over year. Milotich attributed the increase to the company’s move upmarket as larger enterprises seek to embed financial services into their established customer bases. The company cited a Fortune 500 customer that initially signed with Marqeta in the third quarter of 2025 and added a second program in the latest quarter. The new program is designed to provide stored-value accounts and linked debit cards for individuals in payroll programs serving small and medium-sized businesses. Marqeta also signed a customer that plans to migrate an existing program to the company’s platform. The customer serves film and television production companies with payments and expense-management tools. Looking ahead, Milotich said Marqeta expects three credit programs to launch over the next several quarters: a revolving consumer co-brand credit program, a secured consumer credit-building product combined with buy now, pay later functionality, and a commercial charge-card program. He also identified Europe and value-added services as additional long-term growth opportunities. For the third quarter, Marqeta expects net revenue growth of 6% to 8% and gross profit growth of 5% to 7%. The company expects adjusted EBITDA growth of 20% to 25%, with GAAP net income in the low- to mid-single-digit millions. Kangwankij said the anticipated gross-profit growth deceleration from the second quarter reflects several factors, including the timing of a large renewal, lapping the TransactPay acquisition, more difficult comparisons in lending and buy now, pay later, and the expected diversification of Cash App new issuance. Management also cited a customer-specific development in which a buy now, pay later customer is load balancing certain single-use virtual-card volume among providers while using Marqeta for flexible credentials. Marqeta still expects lending and buy now, pay later TPV to grow more than 30% in the second half, according to management. For the full year, Marqeta narrowed its outlook to 12% to 13% net revenue growth and 11% to 12% gross profit growth. The company raised its adjusted EBITDA outlook to growth in the low 30% range and now expects GAAP net income in the high-$20 million range. Marqeta ended the quarter with $700 million in cash and short-term investments and said its board approved a new $150 million share-repurchase authorization on Aug. 3. Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta's infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers. Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Marqeta Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for August 2026.

Payment technology company Marqeta (NASDAQ:MQ) beat Wall Street’s revenue expectations in Q2 CY2026, with sales up 17% year on year to $176 million. On the other hand, next quarter’s revenue guidance of $174.7 million was less impressive, coming in 2.6% below analysts’ estimates. Its GAAP profit of $0.07 per share was significantly above analysts’ consensus estimates. Is now the time to buy Marqeta? Find out in our full research report. Revenue: $176 million vs analyst estimates of $173.3 million (17% year-on-year growth, 1.5% beat) EPS (GAAP): $0.07 vs analyst estimates of $0.01 (significant beat) Adjusted EBITDA: $37.42 million vs analyst estimates of $31.78 million (21.3% margin, 17.8% beat) Revenue Guidance for Q3 CY2026 is $174.7 million at the midpoint, below analyst estimates of $179.5 million Operating Margin: 2.1%, up from -6.1% in the same quarter last year Free Cash Flow was $54.61 million, up from -$12.44 million in the previous quarter Market Capitalization: $1.89 billion Powering the cards behind innovative fintech services like Block's Cash App, Marqeta (NASDAQ:MQ) provides a cloud-based platform that allows businesses to create customized payment card programs and process card transactions. A company’s long-term sales performance is one signal of its overall quality. Even a bad business can shine for one or two quarters, but a top-tier one grows for years. Over the last five years, Marqeta grew its sales at a 11% annual rate. Though this growth is acceptable on an absolute basis, we need to see more than just topline growth for the software sector, which can display significant earnings volatility. This means our bar for the sector is particularly high, reflecting the non-essential and hit-driven nature of the products and services offered. Additionally, five-year CAGR starts around Covid, when revenue was depressed then rebounded. Long-term growth is the most important, but within software, a half-decade historical view may miss new innovations or demand cycles. Marqeta’s annualized revenue growth of 19.9% over the last two years is above its five-year trend, suggesting its demand recently accelerated. This quarter, Marqeta reported year-on-year revenue growth of 17%, and its $176 million of revenue exceeded Wall Street’s estimates by 1.5%. Company management is currently guiding for a 7% year-on-year increase in sales next quarter. Looking further ahead, sell-side analysts expect revenue to grow 12.4% over the next 12 months, a deceleration versus the last two years. This projection doesn’t excite us and suggests its products and services will see some demand headwinds. ALSO WORTH WATCHING: Nvidia’s Quiet Partner. Nvidia’s chips cost a hundred grand. The connectors that make them work cost even more. One company makes them all. Every AI server needs specialized infrastructure the chip companies don’t make. High-speed cables. Power connectors. Thermal sensors. This 90-year-old company built a monopoly on it. The AI boom just started. This stock is still flying under the radar. Claim The Stock Ticker Here for FREE. TPV, or total processing volume, is the aggregate dollar value of transactions flowing through Marqeta’s platform. This is the number from which the company will ultimately collect fees, and the higher it is, the more chances Marqeta has to upsell additional services (like banking). Marqeta’s TPV punched in at $120.4 billion in Q2, and over the last four quarters, its growth was fantastic as it averaged 33.3% year-on-year increases. This alternate topline metric grew faster than total sales, which could mean that take rates have declined. However, we can’t automatically assume the company is reducing its fees because take rates can also vary depending on the type of products sold on its platform. The customer acquisition cost (CAC) payback period represents the months required to recover the cost of acquiring a new customer. Essentially, it’s the break-even point for sales and marketing investments. A shorter CAC payback period is ideal, as it implies better returns on investment and business scalability. Marqeta’s recent customer acquisition efforts haven’t yielded returns as its CAC payback period was negative this quarter, meaning its incremental sales and marketing investments outpaced its revenue. The company’s inefficiency indicates it operates in a competitive market and must continue investing to grow. It was encouraging to see Marqeta beat analysts’ revenue expectations this quarter. On the other hand, its revenue guidance for next quarter missed. Overall, this was a mixed quarter. The stock traded up 3.3% to $18.55 immediately following the results. Should you buy the stock or not? If you’re making that decision, you should consider the bigger picture of valuation, business qualities, as well as the latest earnings. We cover that in our actionable full research report which you can read here, it’s free.

Marqeta’s first quarter results were met with a negative market reaction, despite the company delivering revenue and profit ahead of Wall Street expectations. Management pointed to continued momentum in top use cases, especially buy now, pay later (BNPL) and expense management, as primary drivers of growth. CEO Mike Milotich emphasized the company’s differentiated platform and “operating leverage,” which allowed Marqeta to achieve GAAP profitability. However, management acknowledged that business mix and slower growth in financial services affected gross profit margins, and noted that some key investment initiatives ramped more slowly than planned. Is now the time to buy MQ? Find out in our full research report (it’s free). Revenue: $165.8 million vs analyst estimates of $164.3 million (19.2% year-on-year growth, 0.9% beat) EPS (GAAP): $0.02 vs analyst estimates of $0 ($0.02 beat) Adjusted Operating Income: $24.48 million vs analyst estimates of -$11.33 million (14.8% margin, significant beat) Operating Margin: 1.3%, up from -13.3% in the same quarter last year Market Capitalization: $1.72 billion While we enjoy listening to the management's commentary, our favorite part of earnings calls are the analyst questions. Those are unscripted and can often highlight topics that management teams would rather avoid or topics where the answer is complicated. Here is what has caught our attention. Darrin Peller (Wolfe Research) asked about the sustainability of non-Block segment growth and whether Marqeta’s existing customers were driving market share gains. CFO Patti Kangwankij explained that most growth stemmed from current clients expanding usage, and CEO Mike Milotich credited Marqeta’s platform differentiation for enabling customers to outpace the broader market. Connor Allen (JPMorgan) questioned the breadth of demand for secured credit card programs and competitive threats in flexible credentials. Milotich responded that demand is expanding across the customer base, with market evolution favoring a continuum of card offerings. He noted that competition is rising but Marqeta retains a significant lead. Bryan Keane (Citi) asked about the drivers of EBITDA and net income outperformance and whether margin improvements would persist. Kangwankij attributed the Q1 margin upside to slower ramp of investments and lower stock-based compensation, cautioning that operating expenses are expected to rise in coming quarters. Timothy Chiodo (UBS) inquired about merchant routing changes under Regulation II and the impact on Marqeta’s unit economics. Milotich explained that most merchant routing changes have already occurred and that Marqeta’s contracts have shifted away from interchange, limiting exposure. Sanjay Sakhrani (KBW) sought details on future growth opportunities and potential risks, especially related to geopolitical events and competition from large financial institutions. Milotich highlighted ongoing momentum in BNPL and expense management, identified macroeconomic uncertainty as the primary risk, and described growing but steady competition from legacy issuers modernizing their technology stacks. Looking ahead, the StockStory team will monitor (1) adoption and scaling of new international programs, (2) the pace at which secured credit and stablecoin-linked card offerings gain traction, and (3) trends in BNPL and expense management growth as the market matures. Additional attention will be given to the impact of delayed investments on operating margins and the competitive response to Marqeta’s flexible credential platform. Marqeta currently trades at $4.06, down from $4.48 just before the earnings. Is the company at an inflection point that warrants a buy or sell? Find out in our full research report (it’s free for active Edge members). ONE MORE THING: Top 6 Stocks for This Week. This market is separating quality stocks from expensive ones fast. AI taking down whole sectors with no warning. In a rotation this fast, you need more than a list of good companies. Our AI system flagged Palantir before it ran 1,662%. AppLovin before it ran 753%. Nvidia before it ran 1,178%. Each week it produces 6 new names that pass the same tests. Get Our Top 6 Stocks for Free HERE. Stocks that have made our list include now familiar names such as Nvidia (+1,326% between June 2020 and June 2025) as well as under-the-radar businesses like the once-micro-cap company Tecnoglass (+1,754% five-year return). Find your next big winner with StockStory today.

Last week, you might have seen that Marqeta, Inc. (NASDAQ:MQ) released its first-quarter result to the market. The early response was not positive, with shares down 6.4% to US$4.14 in the past week. Although revenues of US$166m were in line with analyst expectations, Marqeta surprised on the earnings front, with an unexpected (statutory) profit of US$0.02 per share a nice improvement on the losses that the analystsforecast. Earnings are an important time for investors, as they can track a company's performance, look at what the analysts are forecasting for next year, and see if there's been a change in sentiment towards the company. Readers will be glad to know we've aggregated the latest statutory forecasts to see whether the analysts have changed their mind on Marqeta after the latest results. This technology could replace computers: discover the 20 stocks are working to make quantum computing a reality. Taking into account the latest results, the most recent consensus for Marqeta from 13 analysts is for revenues of US$708.9m in 2026. If met, it would imply a meaningful 8.8% increase on its revenue over the past 12 months. Statutory earnings per share are predicted to shoot up 383% to US$0.025. Before this earnings report, the analysts had been forecasting revenues of US$709.0m and earnings per share (EPS) of US$0.022 in 2026. Although the revenue estimates have not really changed, we can see there's been a substantial gain in earnings per share expectations, suggesting that the analysts have become more bullish after the latest result. See our latest analysis for Marqeta There's been no major changes to the consensus price target of US$5.19, suggesting that the improved earnings per share outlook is not enough to have a long-term positive impact on the stock's valuation. Fixating on a single price target can be unwise though, since the consensus target is effectively the average of analyst price targets. As a result, some investors like to look at the range of estimates to see if there are any diverging opinions on the company's valuation. There are some variant perceptions on Marqeta, with the most bullish analyst valuing it at US$7.00 and the most bearish at US$4.50 per share. This shows there is still a bit of diversity in estimates, but analysts don't appear to be totally split on the stock as though it might be a success or failure situation. Another way we can view these estimates is in the context of the bigger picture, such as how the forecasts stack up against past performance, and whether forecasts are more or less bullish relative to other companies in the industry. It's clear from the latest estimates that Marqeta's rate of growth is expected to accelerate meaningfully, with the forecast 12% annualised revenue growth to the end of 2026 noticeably faster than its historical growth of 2.8% p.a. over the past five years. By contrast, our data suggests that other companies (with analyst coverage) in a similar industry are forecast to grow their revenue at 4.2% per year. It seems obvious that, while the growth outlook is brighter than the recent past, the analysts also expect Marqeta to grow faster than the wider industry. The biggest takeaway for us is the consensus earnings per share upgrade, which suggests a clear improvement in sentiment around Marqeta's earnings potential next year. Happily, there were no major changes to revenue forecasts, with the business still expected to grow faster than the wider industry. The consensus price target held steady at US$5.19, with the latest estimates not enough to have an impact on their price targets. With that said, the long-term trajectory of the company's earnings is a lot more important than next year. We have estimates - from multiple Marqeta analysts - going out to 2028, and you can see them free on our platform here. Plus, you should also learn about the 2 warning signs we've spotted with Marqeta . Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com. This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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 05, 2026--(BUSINESS WIRE)--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. "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. Operating Highlights 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. Financial Guidance The following summarizes Marqeta's guidance for the second quarter of 2026 and full year of 2026: 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. 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. 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. The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release: View source version on businesswire.com: https://www.businesswire.com/news/home/20260505236054/en/ Contacts IR Contact: Marqeta Investor Relations, [email protected]