MQ · Marqeta, Inc.

Marqeta’s Q1 2026 results represent a pivotal milestone: the company achieved its first-ever GAAP net income of $8 million, reversing a $8 million loss from the prior-year quarter. This inflection was underpinned by robust top-line growth — Total Processing Volume surged 33% year-over-year to $112 billion, while Net Revenue and Gross Profit each rose 19% to $166 million and $118 million, respectively. Gross margin remained stable at 71%, despite a 1.5-percentage-point headwind from revised accounting for Card Network Incentives, demonstrating pricing discipline and scale benefits. Operating leverage improved meaningfully: Adjusted EBITDA jumped 66% to $33 million, and Adjusted EBITDA margin expanded 600 basis points to 20%, reflecting disciplined cost management — Total Operating Expenses declined 1% year-over-year. Management attributed growth to geographic and product expansion, citing Ramp’s rollout across five new countries, Sezzle’s virtual card launch in Canada, and new customer wins including an automated financial assistant migrating its secured credit portfolio. The Q2 2026 guidance — calling for 14–16% Net Revenue growth and 10–12% Adjusted EBITDA growth — signals confidence in sustaining momentum. CEO Mike Milotich explicitly framed the quarter as validation of Marqeta’s path to 'GAAP Net Income profitability', emphasizing platform scalability and multi-product enablement as key differentiators. With no material balance sheet or cash flow disclosures included in this filing beyond the press release tables, the earnings event stands as a definitive operational and financial turning point for investors assessing long-term viability and margin trajectory.