Marqeta Earnings Supplement
August 4, 2026
Q2 Financial Performance Highlights
TPV Growth
+32%
$120B
Fourth quarter in a row with growth over 30%
Gross Profit Growth
+17%
$122M
Exceeded the top end of guidance range
Adjusted EBITDA Growth
+31%
$37M
21% Margin (on Net Revenue)
Key Messages Strong Q2 results demonstrate profitable growth at scale, powered by a broadening platform and customer expansion
Strong, Profitable Q2
Gross Profit growth of 17% exceeded Q2 guidance range
Q2 Adjusted EBITDA of $37M (+31%) and Net Income of $8M showcase our scaled platform
TPV Growth at Scale -Increasingly Diversifying
TPV of $120B - Over 30% growth for the fourth straight quarter
Non-Block TPV growing 2x+ times faster than Block TPV
Broadening the Product Suite
New strategic partnerships with both zerohash and BVNK to enable stablecoin-backed cards
Enhancing risk/fraud product by adding merchant transaction data into the decisioning process
Narrowed 2026 Gross Profit Range; Raised Profitability Guidance
Narrowed 2026 Gross Profit growth guidance to 11% - 12%
Raised 2026 Adj. EBITDA growth expectations to low 30s and GAAP Net Income to high $20Ms
Multinational Momentum, led by Europe, Leveraging TransactPay
Expanded our bank partnership, account and money movement offering into 30 European countries with Banking Circle
Expensify expanding into the UK and EU
Enterprise Wins
in Embedded Finance
Traction with enterprises: Q2 average deal size growth over 90%
Added 2nd program with Fortune 500 company signed last year
Signed new customer for expense management migration
Key Takeaways
Total Processing Volume growth of 32% primarily driven by strong growth in Expense Management (over +50%) and Lending including BNPL (over +40%)
Net Revenue increased 17% year-over-year, primarily driven by the TPV growth
Gross Profit increased 17% year-over-year, above the high end of our guidance range
Net Income of $8M in the quarter was the result of strong Gross Profit growth, coupled with successful efficiency initiatives and lower Stock Based Compensation
$s in millions, unless otherwise noted | ||
Results | % YoY | |
Net Revenue | $176 | 17% |
Gross Profit | $122 | 17% |
Total Operating Expenses | $118 | 4% |
Net Income | $8 | nm |
Net Income Margin | 4% | nm |
Key Operating metrics and non-GAAP financial measures | Results | % YoY |
Total Processing Volume (in billions) | $120 | 32% |
Adjusted EBITDA | $37 | 31% |
Adjusted EBITDA Margin | 21% | 2ppt |
Adjusted Operating Expenses | $84 | 12% |
nm - not meaningful
Q2 TPV TPV growth of 32% shows continued growth at scale
TPV Growth
36%
33%
33%
29%
32%
Key Takeaways
Fourth consecutive quarter of growth above 30%
Growth led by Expense Management, up over 50%, and Lending/BNPL,
up over 40%
Non-Block TPV grew more than twice as fast as Block, reflecting ongoing diversification
International volume now represents 20% of total TPV
Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26
TPV ($B) $91 $98 $109 $112 $120
Q2 Gross Profit
Gross Profit grew 17% year-over-year driven by TPV growth
Gross Profit Growth
31%
27%
22%
19%
17%
Key Takeaways
Q2'26 Gross Profit growth above the high end of our guidance range
Gross Profit Take Rate declined 1 bp year-over-year, reflecting growth of our larger customers, the signing of larger new deals, and our rapid expansion in Europe
Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26
Gross Profit ($M) $104 $115 $120 $118 $122
Q2 Adjusted Operating Expenses Adjusted Operating Expense increased 12% year-over-year with continued focus on efficiency
Adjusted Operating Expense Growth
12%
7%
4%
4%
(7%)
Key Takeaways
Adjusted Operating Expense growth was below our expectations, reflecting disciplined management of third-party spend
Continued cost efficiencies and the increasing scale of our platform drove operating leverage
Q2 '25 Q3 '25 Q4 '25 Q1 '26 Q2 '26
Adj. Opex ($M) $76 $84 $89 $84 $84
Q2 Adjusted EBITDA Adjusted EBITDA achieved another all-time high in dollars and margin
Adjusted EBITDA
$29M $30M $31M
$33M
Key Takeaways
Adjusted EBITDA growth of 31% substantially exceeded our expectations
All-time high in both Adjusted EBITDA dollars and margin, reflecting the operating leverage of our scaled platform
$37M
Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | ||
Adj. EBITDA Growth YoY nm | nm | 142% | 66% | 31% | ||
Adj. EBITDA Margin (Net Revenue) 19% | 19% | 18% | 20% | 21% | ||
Adj. EBITDA Margin (Gross Profit) 27% | 26% | 26% | 28% | 31% | Marqeta Earnings Supplement | 9 |
nm - not meaningful
Q3 and 2026 Guidance: Increased 2026 Adjusted EBITDA Growth Expectations; Narrowed 2026 Gross Profit Growth Guide
Net Revenue Growth
Gross Profit Growth
Adj. EBITDA Growth
Third Quarter 2026
6 - 8%
5 - 7%
20 - 25%
Full Year 2026
12 - 13%
11 - 12%
Low 30s
Marqeta Earnings Supplement 10
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 earnings supplement 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) income 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, net, which consists primarily 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 to evaluate our operating efficiency.
We define Adjusted Operating Expenses as total operating expenses adjusted, if 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 expenses; 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.
A reconciliation of Adjusted EBITDA Growth to the comparable GAAP measure for the second quarter and full year of 2026 is not available due to the challenges and impracticability with estimating some of the items, as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of forward-looking Non-GAAP financial measures are not available without unreasonable effort.
Marqeta Earnings Supplement 11
(dollars in thousands) | June 30, 2025 | September 30, 2025 | December 31, 2025 | March 31, 2026 | June 30, 2026 | |||||||||
Net Revenue | $ 150,392 | $ 163,306 | $ 172,113 | $ 165,798 | $ 175,995 | |||||||||
Gross Profit | $ 104,062 | $ 114,557 | $ 119,975 | $ 117,592 | $ 121,873 | |||||||||
Net (Loss) Income | $ (647) | $ (3,624) | $ (1,394) | $ 7,834 | $ 7,567 | |||||||||
Net (Loss) Income Margin - % of Net Revenue | -% | (2%) | (1%) | 5% | 4% | |||||||||
Net (Loss) Income Margin - % of Gross Profit | (1%) | (3%) | (1%) | 7% | 6% | |||||||||
Total Operating Expenses | $ 113,289 | $ 124,927 | $ 128,269 | $ 115,498 | $ 118,237 | |||||||||
Net (Loss) Income | $ (647) | $ (3,624) | $ (1,394) | $ 7,834 | $ 7,567 | |||||||||
Share-based compensation expense | 27,070 | 25,704 | 26,099 | 20,017 | 22,356 | |||||||||
Depreciation and amortization expense | 6,653 | 7,019 | 8,160 | 8,854 | 9,696 | |||||||||
Restructuring and other one-time costs (1) | 1,974 | 1,251 | 2,259 | 841 | 708 | |||||||||
Acquisition-related expenses (2) | 1,249 | 1,828 | 2,120 | 712 | 380 | |||||||||
Payroll tax expense related to share-based compensation | 791 | 583 | 333 | 820 | 644 | |||||||||
Non-recurring litigation expense (3) | - | 4,297 | - | - | - | |||||||||
Other income, net | (8,787) | (7,246) | (6,557) | (5,933) | (4,436) | |||||||||
Income tax expense (benefit) | 206 | 498 | (343) | 193 | 505 | |||||||||
Adjusted EBITDA | $ | 28,509 | $ | 30,310 | $ | 30,677 | $ | 33,338 | $ | 37,420 | ||||
Adjusted EBITDA Margin - % of Net Revenue | 19% | 19% | 18% | 20% | 21% | |||||||||
Adjusted EBITDA Margin - % of Gross Profit | 27% | 26% | 26% | 28% | 31% | |||||||||
GAAP Total Operating Expenses | $ 113,289 | $ 124,927 | $ 128,269 | $ 115,498 | $ 118,237 | |||||||||
Share-based compensation expense | (27,070) | (25,704) | (26,099) | (20,017) | (22,356) | |||||||||
Depreciation and amortization expense | (6,653) | (7,019) | (8,160) | (8,854) | (9,696) | |||||||||
Restructuring and other one-time costs (1) | (1,974) | (1,251) | (2,259) | (841) | (708) | |||||||||
Acquisition-related expenses (2) | (1,249) | (1,828) | (2,120) | (712) | (380) | |||||||||
Payroll tax expense related to share-based compensation | (791) | (583) | (333) | (820) | (644) | |||||||||
Non-recurring litigation expense (3) | - | (4,297) | - | - | - | |||||||||
Adjusted Operating Expenses | $ | 75,552 | $ | 84,245 | $ | 89,298 | $ | 84,254 | $ | 84,453 | ||||
Restructuring and other one-time costs include the costs associated with the transition of our CEO and other one-time costs related to retention bonuses provided to other key employees. These bonuses have service requirements and are expensed over the requisite service period.
Acquisition-related expenses, including transaction costs, integration costs, and cash and non-cash postcombination compensation expenses, are excluded from Adjusted EBITDA. These expenses are specific to a discrete transaction and do not reflect our ongoing core operations or the recurring expenses required to sustain and operate our business.
Non-recurring litigation expense includes legal contingency expense recognized in Q3 2025 related to a class action securities litigation.
Marqeta Earnings Supplement 12
| Attention: This is an excerpt of the original content. To continue reading it, access the original document here. |