Marqeta (MQ) investor relations material

Executive summary

• Q2 2026 delivered strong, profitable results with TPV of $120–$120.4 billion, up 32% year-over-year, and net revenue of $176 million, up 17%, driven by platform expansion, customer diversification, and international growth.

• Gross profit increased 17% to $121.9–$122 million, with a stable 69% margin, and adjusted EBITDA rose 31% to $37–$37.4 million, achieving a 21% margin.

• GAAP net income reached $7.6–$8 million, marking the second consecutive quarter of profitability and a 4% margin.

• Growth was supported by larger enterprise deals, multinational card issuing, stablecoin-backed card solutions, and enhanced fraud detection partnerships.

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

Financial highlights

• Net revenue for Q2 was $176 million, up 17% year-over-year, with gross profit of $121.9–$122 million and a gross margin of 69%.

• Adjusted EBITDA was $37–$37.4 million (21% margin), up 31% year-over-year.

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

• Cash and short-term investments totaled $691–$700.9 million at quarter end.

• Non-Block TPV grew more than 2x faster than Block TPV; international volume outside the U.S. grew over 40% year-over-year and now represents 20% of total TPV.

Outlook and guidance

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

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

• Guidance reflects tougher year-over-year comparisons, renewal timing, acquisition lapping, and customer-specific dynamics in BNPL and on-demand delivery.

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

• Macroeconomic uncertainty and global regulatory changes remain potential headwinds.