Marqeta (MQ) Q1 2026 earnings summary

Executive summary

• Achieved GAAP net income profitability in Q1 2026, with net income of $8 million, reversing a net loss in Q1 2025, driven by 19% net revenue and gross profit growth and 33% TPV growth.

• Adjusted EBITDA rose 66% year-over-year to $33.3 million (20% margin), reflecting improved operating leverage and cost controls.

• Platform innovation and flexibility drove customer expansion across geographies and product types, including stablecoin-backed cards, credit builder offerings, and new wins and migrations.

• Continued leadership in modern card issuing, supporting multinational issuers, integrated debit/credit products, and modernization for established banks.

Financial highlights

• Q1 net revenue: $166 million, up 19% year-over-year; gross profit: $118 million, up 19% year-over-year; gross margin stable at 71%.

• Q1 adjusted EBITDA: $33.3 million (20% margin on net revenue, 28% on gross profit), up 66% year-over-year.

• Q1 GAAP net income: $8 million; EPS: $0.02; net income margin: 5%.

• Q1 TPV: $112.4 billion, up 33% year-over-year; non-Block TPV growing over 2x faster than Block.

• Ended Q1 with $712 million in cash and short-term investments.

• Repurchased $39.1 million in shares in Q1; $52 million remains on buyback authorization.

Outlook and guidance

• Q2 2026 net revenue and gross profit expected to grow 14–16%; adjusted EBITDA growth expected at 10–12%.

• Full-year 2026 net revenue growth expected at 12–14%, gross profit growth at 10–12%, adjusted EBITDA growth in the mid-to-high 20% range, and GAAP net income guidance raised to $15 million.

• Guidance assumes consistent spending patterns and macroeconomic uncertainty, including geopolitical conflicts and regulatory changes.