Q2 2026 Marqeta Inc Earnings Call Transcript
Key Points
- Marqeta Inc (MQ) delivered strong Q2 2026 results with TPV growing 32% year-over-year to $120 billion, marking the fourth consecutive quarter of over 30% growth.
- The company achieved its second consecutive quarter of GAAP profitability, reporting $8 million in net income and a 31% increase in adjusted EBITDA, which exceeded guidance.
- Marqeta Inc (MQ) is expanding its product suite with new stablecoin-backed card solutions through partnerships with Zero Hash and BVNK, positioning itself at the forefront of digital asset payments.
- The company is seeing strong momentum in its upmarket strategy, with the average deal size signed in Q2 up over 90% year-over-year, driven by wins with Fortune 500 and large enterprise customers.
- Marqeta Inc (MQ) continues to diversify its revenue streams, with non-Block TPV growing more than two times faster than Block TPV, and international volume now representing 20% of total TPV, up over 40% year-over-year.
- The company is enhancing its fraud detection capabilities through partnerships with leading providers like Audien, Riskified, and Signified, which has driven over 80% gross profit growth in its real-time decisioning product in the first half of 2026.
- Marqeta Inc (MQ) expects a significant deceleration in Q3 2026 gross profit growth to 5%-7%, down about 10 points from Q2, due to several headwinds including the last large renewal, lapping the TransactPay acquisition, and tougher comparisons.
- The company is experiencing a decline in Cash App new issuance from Block, which began in late Q2 and is expected to phase out to little to no new issuance by the end of 2026, impacting growth.
- A customer-specific dynamic within the BNPL use case is impacting single-use virtual card volume, as one customer is load-balancing TPV across multiple providers due to the success of Marqeta Inc (MQ)'s flexible credential offering.
- The on-demand delivery customer mix is shifting toward segments with less favorable economics, which is weighing on the gross profit take rate within that use case.
- Marqeta Inc (MQ) is facing a lower gross profit take rate, down 1 basis point year-over-year, due to rapid growth among large customers, a move upmarket into larger deals, and faster international growth.
- The company's full-year 2026 guidance for net revenue and gross profit growth has been narrowed, with second-half growth expected to be about 2 points lower than originally assumed in February.
Ladies and gentlemen, welcome to the Marqueta Inc. Second Quarter 2026 Earnings Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Sarah Barkema, Chief Accounting Officer and Head of Investor Relations. Please go ahead.
Thanks, operator. Good afternoon, everyone, and welcome to Marqueta's second-quarter 2026 earnings call.
Hosting today's call are Mike Miletich, Marqueta's CEO and Patti Konglonkage, Marqueta's CFO.
Before we begin, I would like to remind everyone that today's call may contain forward-looking statements.
These forward-looking statements are subject to numerous risks and uncertainties, including those set forth in our filings with the SEC, which are available on our Investor Relations website, including our annual report on Form 10-K and our subsequent
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