Marqeta Reports Strong Second Quarter 2026 Results with 32% Processing Volume Growth and Continued Profitability
Marqeta, Inc. (NASDAQ: MQ) has announced strong financial results for the second quarter ended June 30, 2026, demonstrating continued momentum across its global card issuing platform. The company delivered robust growth in payment processing volume, revenue, gross profit, and adjusted earnings while achieving its second consecutive quarter of GAAP profitability, reflecting the strength of its modern card issuing infrastructure and expanding customer base.
The fintech company also highlighted several strategic milestones during the quarter, including the expansion of its multinational card issuing capabilities, new partnerships supporting stablecoin-powered payments, advancements in real-time fraud prevention technology, and the authorization of a new $150 million share repurchase program.
Strong Financial Performance Highlights Second Quarter
Marqeta continued to benefit from growing demand for its modern card issuing platform, which enables businesses to launch and manage payment cards across multiple industries and geographies.
For the second quarter of 2026, the company reported Total Processing Volume (TPV) of $120.4 billion, representing a 32% increase compared with $91.4 billion processed during the same period in 2025.
The significant rise in payment volume reflects continued expansion among existing customers, onboarding of new programs, and increased adoption of Marqeta’s flexible payment infrastructure across global markets.
Revenue growth also remained strong during the quarter.
Net revenue reached $176.0 million, increasing 17% year over year from $150.4 million reported in the second quarter of 2025.
Meanwhile, gross profit climbed to $121.9 million, also representing 17% annual growth, supported primarily by higher payment volumes processed through the company’s platform.
CEO Highlights Business Momentum
Mike Milotich, Chief Executive Officer of Marqeta, said the company’s second-quarter performance demonstrates growing demand for its technology platform and validates its long-term growth strategy.
According to Milotich, the combination of strong gross profit growth, continued GAAP profitability, and the quality of newly signed customer programs reflects the scalability, flexibility, and breadth of Marqeta’s card issuing platform.
He noted that businesses worldwide continue choosing Marqeta because its technology enables them to innovate quickly, expand internationally, and develop modern payment experiences tailored to their customers’ needs.
Management believes these strengths position the company well for continued expansion across both traditional financial services and emerging digital payments markets.
Processing Volume Continues Accelerating
Total Processing Volume remains one of Marqeta’s most important business metrics because it measures the total value of payments processed across its platform.
During the second quarter:
- TPV increased to $120.4 billion
- Up from $91.4 billion one year earlier
- Representing 32% year-over-year growth
For the first six months of 2026, TPV totaled $232.8 billion, compared with $175.9 billion during the same period of 2025.
The sustained growth demonstrates increasing customer activity and continued adoption of Marqeta’s payment technology across multiple industries.
Revenue Growth Driven by Higher Transaction Volumes
Net revenue reached $176 million during the quarter, increasing by approximately $26 million compared with the second quarter of last year.
Management attributed the revenue increase primarily to:
- Higher payment processing volumes.
- Continued customer expansion.
- Increased transaction activity across existing card programs.
The company noted that revenue growth was partially offset by changes in customer mix as certain high-volume programs requiring primarily processing services expanded faster than programs utilizing broader program management services.
Even with this shift in revenue mix, Marqeta continued delivering solid top-line growth while maintaining healthy profitability.
Gross Profit Expands with Stable Margins
Gross profit increased to $121.9 million, up from $104.1 million during the second quarter of 2025.
The increase reflects higher transaction volumes processed across the platform.
Gross margin remained stable at 69%, demonstrating Marqeta’s ability to scale efficiently while supporting increased customer activity.
For the first half of fiscal 2026:
- Gross profit totaled $239.5 million
- Compared with $202.7 million during the prior-year period
- Representing 18% year-over-year growth
Gross margin for the six-month period remained at 70%, illustrating continued operational consistency.
Second Consecutive Quarter of GAAP Profitability
One of the most notable achievements during the quarter was Marqeta’s continued GAAP profitability.
The company reported GAAP net income of $7.6 million, compared with a net loss of $647,000 during the second quarter of 2025.
Net income margin improved to 4%, representing a four-percentage-point improvement compared with the prior year.
Basic and diluted earnings per share both reached $0.07, compared with a loss of $0.01 per share during the same quarter last year.
For the first six months of 2026:
- Net income totaled $15.4 million
- Compared with a net loss of $8.9 million during the first half of 2025.
Net income margin improved to 5%, compared with a negative 3% one year earlier.
The results represent another milestone in Marqeta’s transition toward sustained profitability.
Adjusted EBITDA Continues Strong Growth
Adjusted EBITDA also showed significant improvement during the quarter.
Marqeta generated Adjusted EBITDA of $37.4 million, increasing 31% from $28.5 million reported during the second quarter of 2025.
Adjusted EBITDA margin expanded to 21%, compared with 19% one year earlier.
For the first six months of 2026:
- Adjusted EBITDA reached $70.8 million
- Compared with $48.6 million during the first half of 2025
- Representing an impressive 46% increase
Adjusted EBITDA margin improved to 21%, compared with 17% during the prior-year period.
The improvement highlights stronger operating leverage as revenue continues growing faster than adjusted operating expenses.
Operating Expenses Remain Well Controlled
Despite continued investment in technology, product innovation, and global expansion, Marqeta maintained disciplined expense management.
Total operating expenses increased modestly to $118.2 million, representing only 4% growth year over year.
Adjusted operating expenses increased to $84.5 million, compared with $75.6 million one year earlier.
For the first six months of 2026:
- Total operating expenses increased only 1%
- Adjusted operating expenses increased 9%
The relatively modest expense growth compared with revenue expansion contributed to higher profitability during the period.
Expanding Multinational Card Issuing Capabilities
Marqeta continued strengthening its international presence by expanding its multinational card issuing capabilities.
One notable milestone during the quarter involved Expensify, which leveraged Marqeta’s global issuing platform to launch its corporate card offering across Europe.
The expansion builds on the long-standing relationship between the two companies in the United States.
Through a single platform integration, European businesses can now access the same spend management capabilities that have contributed to Expensify’s rapid growth in the U.S. market.
Management believes multinational issuing represents an increasingly important growth opportunity as businesses seek unified payment infrastructure across multiple countries.
Stablecoin Partnerships Expand Product Portfolio
Marqeta also announced new partnerships designed to bridge traditional payment networks with digital assets.
The company has partnered with zerohash and BVNK to enable stablecoin-powered payment cards across global card networks.
The collaboration will allow businesses to launch multinational payment cards backed by stablecoins while continuing to utilize existing payment infrastructure.
Under the new solution:
- Stablecoins can be used for purchases anywhere traditional payment cards are accepted.
- Businesses avoid complex regulatory integrations.
- Existing card networks remain fully supported.
- Customers gain greater flexibility in managing digital assets.
Management believes these partnerships strengthen Marqeta’s position at the intersection of cryptocurrency and traditional financial services while opening new opportunities among fintech innovators.
Enhanced Fraud Detection Through Real-Time Decisioning
Marqeta also expanded its Real-Time Decisioning (RTD) platform during the quarter.
The company announced partnerships with leading payments and fraud prevention providers including:
- Adyen
- Riskified
- Signifyd
These partnerships allow Marqeta’s machine learning risk engine to access richer transaction information during card authorization.
Additional data available for fraud analysis includes:
- Device information.
- Customer location.
- Order characteristics.
- Account data.
- Merchant transaction details.
The enhanced intelligence enables issuers to:
- Improve fraud detection.
- Reduce fraudulent transactions.
- Increase payment authorization rates.
- Deliver better customer experiences.
Management believes real-time AI-powered risk decisioning represents an increasingly important differentiator for modern card issuing platforms.
Board Approves $150 Million Share Repurchase Program
Reflecting confidence in the company’s long-term financial outlook, Marqeta’s Board of Directors unanimously approved a new share repurchase authorization of up to $150 million.
The repurchase program allows the company to acquire Class A common shares through:
- Open market purchases.
- Privately negotiated transactions.
- Trading plans established under Rule 10b5-1.
- Other legally permitted methods.
The authorization has no fixed expiration date.
Management indicated that future repurchases will depend on:
- Market conditions.
- Business performance.
- Capital allocation priorities.
- Shareholder voting considerations.
The authorization demonstrates confidence in Marqeta’s financial position while providing flexibility to return capital to shareholders.
First-Half Performance Reflects Sustained Momentum
For the first six months of 2026, Marqeta continued building on its strong quarterly results.
Compared with the first half of 2025:
- Net revenue increased 18% to $341.8 million.
- Gross profit rose 18% to $239.5 million.
- Processing volume increased 32% to $232.8 billion.
- Net income improved from a loss of $8.9 million to positive earnings of $15.4 million.
- Adjusted EBITDA increased 46% to $70.8 million.
These results illustrate continued improvement across nearly every key operating and financial metric.
Platform Continues Supporting Global Payment Innovation
Marqeta has spent more than a decade building one of the world’s leading modern issuer processing platforms.
Its technology supports organizations across numerous industries, including:
- Financial technology.
- Expense management.
- Digital banking.
- Buy now, pay later.
- Commercial payments.
- Embedded finance.
- Cryptocurrency.
- Lending.
- Consumer payments.
The platform enables customers to rapidly launch customizable card programs while maintaining flexibility, security, and regulatory compliance.
Marqeta enters the second half of 2026 with strong operational momentum supported by accelerating payment volumes, expanding global partnerships, increasing profitability, and continued product innovation. The company’s second consecutive quarter of GAAP profitability, robust Adjusted EBITDA growth, and strategic investments in multinational issuing, stablecoin-enabled payments, and AI-powered fraud prevention reinforce its position as a leading provider of modern card issuing technology.
With payment volumes exceeding $120 billion during the quarter, growing enterprise customer activity, and continued investments in next-generation payment capabilities, Marqeta appears well positioned to capitalize on the ongoing global shift toward digital payments and embedded financial services while delivering sustainable long-term value for customers and shareholders.
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