Marqeta, Inc.

Q2 net revenue was $176 million, up 17% year over year, and gross profit was $122 million, also up 17% year over year. TPV was $120 billion, up 32% year over year, adjusted EBITDA was $37 million, up 31% year over year, and GAAP net income was about $8 million, or $0.07 per share. Gross profit take rate was approximately 10 basis points, down 1 basis point year over year. For Q3 2026, the company expects net revenue growth of 6% to 8% and gross profit growth of 5% to 7%, with adjusted EBITDA growth of 20% to 25% and low- to mid-single-digit millions of GAAP net income. For the full year, Marqeta now expects net revenue growth of 12% to 13%, gross profit growth of 11% to 12%, adjusted EBITDA growth in the low 30s, and GAAP net income in the high $20 millions.

Mike Milotich emphasized that Marqeta’s platform breadth, configurability, and international reach are driving growth across multinational issuing, new product categories, and larger enterprise customers. He highlighted stablecoin-backed card partnerships, more money movement options beyond card, and stronger fraud tooling as key platform expansions. His tone was confident and growth-oriented, but he was explicit that Block’s Cash App new issuance is stepping down and that second-half growth will slow for several specific reasons.

Patti Kangwankij focused on the operating leverage showing through in the quarter: net revenue and gross profit were both up 17%, adjusted EBITDA grew 31% to $37 million, and GAAP net income was about $8 million. She noted adjusted operating expenses were $84 million, up roughly 12%, aided by vendor renegotiations and cost discipline. She also said the company ended the quarter with $700 million in cash and short-term investments, repurchased 3.2 million shares at an average post-split adjusted price of $15.90, and had a new $150 million repurchase authorization approved on August 3. Her guidance commentary pointed to Q3 revenue and gross profit growth slowing materially, partly due to renewals, TransactPay comp, BNPL lapping, Cash App diversification, and a lower gross profit take rate in on-demand delivery.

Analysts focused on the mechanics and duration of the Cash App new issuance decline, with Mike saying the decline began in mid-June, stepped up in July, and should trend toward little to no new issuance by year-end, but that the relationship remains strong and diversified pricing tiers should soften the gross profit impact. Another theme was the large increase in average deal size, which management tied to a shift upmarket toward larger, more established enterprise and embedded finance customers. Questions also covered the stablecoin initiative, where management said demand is still early but real, and the renewal pipeline, where Patti said the last materially large post-fintech-boom renewals outside Block should come over the next couple of years and that regular renewals are business as usual.