10-Q · May 5, 2026
Marqeta, Inc. reported strong Q1 2026 results with net revenue of $165.8 million, surpassing estimates, along with a positive EPS of $0.02. The company achieved significant growth in total processing volume (TPV) by…
Earnings analysis · 10-Q
MQ earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
Marqeta delivered a strong Q2, with net revenue up 17% to $175.995 million, TPV up 32% to $120.423 billion, and GAAP net income of $7.567 million versus a $0.647 million loss a year earlier. Gross margin was unchanged…
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Marqeta delivered a strong Q2, with net revenue up 17% to $175.995 million, TPV up 32% to $120.423 billion, and GAAP net income of $7.567 million versus a $0.647 million loss a year earlier. Gross margin was unchanged at 69%, while operating profitability improved to $3.636 million and adjusted EBITDA margin expanded to 21%. The principal offsets are continued Block concentration at 41% of revenue, a mix shift that held platform-services growth to 14% versus 32% TPV growth, and lower interest income. The 10-Q contains no quantitative guidance, although liquidity remains substantial at $700.9 million and the board approved a new $150 million repurchase program.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.07
What stood out
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Revenue grew 17% and beat consensus
Q2 net revenue increased $25.603 million, or 17%, year over year to $175.995 million. This exceeded the earnings-row consensus estimate of $172.923 million by approximately $3.072 million.
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GAAP profitability turned positive
GAAP profitability improved to net income of $7.567 million from a $0.647 million net loss a year earlier. Income from operations was $3.636 million versus a $9.228 million operating loss, implying a 2.1% operating margin.
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TPV growth remained strong and broadened
TPV increased $29.037 billion, or 32%, to $120.423 billion, led by financial services, lending including BNPL, and expense-management use cases. TPV from customers outside the top five grew 49%, faster than the top five's 26% growth.
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Gross margin stable; EBITDA margin expanded
Gross profit rose $17.812 million, or 17%, to $121.873 million while gross margin held at 69%. Adjusted EBITDA increased $8.911 million to $37.420 million, and its margin expanded to 21% from 19%.
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Operating cash flow and liquidity strengthened
Six-month operating cash flow increased to $59.809 million from $22.534 million, driven by higher gross profit and favorable working-capital timing, particularly network-incentive receivables. Cash, cash equivalents, and short-term investments totaled $700.9 million at June 30, 2026.
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New $150 million repurchase authorization
The board authorized a new $150 million repurchase program on August 3, 2026 after the December 2025 authorization was fully completed. Q2 repurchases totaled 3.211 million shares, with only $1.376 million remaining under the prior authorization at June 30.
What to watch
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Customer concentration remains material
Revenue concentration remains high: Block represented 41% of Q2 net revenue, despite declining from 46% in the prior-year quarter. A material change in this relationship could disproportionately affect results.
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Mix limited monetization of TPV growth
Platform-services revenue increased 14% despite TPV growth of 32%, as management cited unfavorable card-program mix shifts toward processing arrangements with minimal or no program management. This indicates pressure on revenue monetization per dollar of TPV.
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Lower interest income and litigation exposure
Other income declined $4.351 million, or 50%, to $4.436 million because average investment balances and yields fell following repurchases. In addition, the company disclosed a $13.0 million in-principle settlement of securities litigation, subject to judicial approval, with a $5.0 million self-insured retention.
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No risk-factor updates; restricted cash limits access
The company stated there were no material changes to risk factors disclosed in its 2025 Annual Report and May 5, 2026 10-Q. Nonetheless, restricted cash was $262.6 million, including $260.4 million held by TransactPay for customer card and e-money wallet programs and unavailable for general corporate purposes.
Management's outlook
The 10-Q does not provide quantitative revenue or EPS guidance in MD&A; quantitative outlook was deferred to the earnings release/call.
Earlier filings 4
10-K · February 24, 2026
Marqeta, Inc. reported significant growth in 2025, with net revenue increasing by 23% to $624.9 million driven by a 31% rise in Total Processing Volume (TPV) to $382.5 billion. Despite this growth, the company…
10-Q · November 5, 2025
Marqeta reported a strong Q3 for fiscal 2025 with a 28% increase in net revenue year-over-year, reaching $163.3 million, and a notable improvement in gross profit despite a net loss of $3.6 million. Operating expenses…
10-Q · August 6, 2025
Marqeta, Inc. reported a strong Q2 2025 with revenues of $150.39 million, up 20% year-over-year and beating estimates. EPS remained at $0.00 while gross margin improved to 69% from 63%, marking an upward trend amid the…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.