Business
Marqeta Reports First Quarter 2026 Financial Results
OAKLAND, Calif., May 05, 2026--Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the first quarter ended March 31, 2026.
About this update from Marqeta, Inc.
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: 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 qu...