Marqeta Reports 19% Revenue Growth to $165.8 Million in Q1 2026

Marqeta, Inc. reported a significant increase in its financial performance for the first quarter of 2026, with net revenue reaching $165.8 million, up 19% from $139.1 million in the same period last year. The company achieved a gross profit of $117.6 million, reflecting a gross margin of 71%, consistent with the previous year. Notably, Marqeta recorded a net income of $7.8 million, a turnaround from a net loss of $8.3 million in the first quarter of 2025. This improvement in profitability is attributed to a 33% increase in Total Processing Volume (TPV), which reached $112.4 million, driven by strong performance across various sectors, including financial services and expense management.

In terms of operational metrics, Marqeta's platform services revenue, which constitutes the bulk of its income, increased by 18% to $156.2 million, while other services revenue rose by 33% to $9.6 million. The company noted that the growth in platform services revenue was partially offset by shifts in its card program mix, particularly the expansion of programs with minimal or no program management. The customer base also showed growth, with TPV from the top five customers increasing by 25%, while TPV from all other customers surged by 58%.

Marqeta's strategic developments included the completion of its acquisition of TransactPay in July 2025, which is expected to enhance its service offerings. The company continues to manage its operational costs effectively, with total operating expenses decreasing slightly to $115.5 million from $117.2 million year-over-year. This reduction was primarily due to lower compensation and benefits expenses, which fell by 9% as a result of decreased share-based compensation and capitalized salaries related to internal-use software development.

Looking ahead, Marqeta maintains a positive outlook, supported by its cash and cash equivalents totaling $674.8 million and short-term investments of $37.3 million as of March 31, 2026. The company believes these resources will be sufficient to fund operations for at least the next twelve months. Additionally, Marqeta has authorized a share repurchase program of up to $100 million, with $52.4 million remaining available for future repurchases. The company is also focused on expanding its international presence and enhancing its product offerings, including the scaling of its credit card platform.