Marqeta (NASDAQ:MQ) reported second-quarter 2026 results that included 32% growth in total processing volume, 17% growth in net revenue and gross profit, and its second consecutive quarter of GAAP profitability. Management also outlined product expansion initiatives in stablecoin-backed cards, non-card money movement, fraud detection and credit offerings, while forecasting slower top-line growth in the second half of the year.
Total processing volume, or TPV, reached $120 billion in the quarter, up 32% from a year earlier. CEO Mike Milotich said this marked the company’s fourth consecutive quarter of TPV growth above 30%. Net revenue rose 17% to $176 million, while gross profit increased 17% to $122 million.
Customer Mix and International Expansion
CFO Patti Kangwankij said non-Block TPV continued to grow more than twice as fast as Block TPV. Block represented 41% of Marqeta’s net revenue during the quarter, down one percentage point sequentially and five percentage points from a year earlier.
Management said it began to see a modest decline in new Cash App card issuance late in the quarter, an outcome it had incorporated into its outlook. Milotich said Marqeta began seeing the decline around mid-June and estimated that new issuance was roughly 10% lower than it otherwise would have been at that point. The company expects the shift to continue over the next several months, with Marqeta potentially receiving little to no new issuance by year-end.
Milotich emphasized that Marqeta continues to onboard Cash App users for both the established card program and Cash App’s flexible credential offering. He also said Block remains a growing partner across Cash App, Square, Afterpay and other initiatives, while noting that provider diversification is a common practice among large customers.
International volume grew more than 40% year over year and represented 20% of total TPV in the quarter, according to Kangwankij. Marqeta highlighted its European expansion following its 2025 acquisition of TransactPay, including a partnership with Banking Circle that extends account and money-movement capabilities into 30 additional European countries.
Expensify also expanded its expense-management card offering from the U.S. into the U.K. and European Union using Marqeta’s TransactPay capabilities, Milotich said.
Product Expansion Includes Stablecoins and Additional Payment Rails
Marqeta announced partnerships with zerohash and BVNK to support stablecoin-backed card programs. Under the arrangement, the partners will provide infrastructure including custody, compliance, liquidity and on-chain money movement, while Marqeta will provide card issuance and manage bank and card-network relationships.
The company said the offerings are intended to allow users to make purchases using stablecoin balances through established card rails. Milotich said interest is coming from businesses with payout needs, companies moving money across geographies, and platforms considering multinational banking-like services. He characterized the market as early, noting that only a limited number of such programs are live today.
Marqeta is also participating in Open USD, an open stablecoin standard. In addition, the company is expanding access to payment methods beyond cards, including ACH, real-time payments, push-to-card transactions and wires in the U.S., U.K. and European Union.
Its Real-Time Decisioning fraud product delivered more than 80% gross profit growth in the first half, Milotich said. Marqeta is incorporating transaction information from partners including Adyen, Riskified and Signifyd, such as device, location, order and account data, into its fraud detection capabilities.
Large Enterprise Deals and New Credit Programs
Marqeta said the average size of deals signed in the second quarter increased more than 90% year over year. Milotich attributed the increase to the company’s move upmarket as larger enterprises seek to embed financial services into their established customer bases.
The company cited a Fortune 500 customer that initially signed with Marqeta in the third quarter of 2025 and added a second program in the latest quarter. The new program is designed to provide stored-value accounts and linked debit cards for individuals in payroll programs serving small and medium-sized businesses.
Marqeta also signed a customer that plans to migrate an existing program to the company’s platform. The customer serves film and television production companies with payments and expense-management tools.
Looking ahead, Milotich said Marqeta expects three credit programs to launch over the next several quarters: a revolving consumer co-brand credit program, a secured consumer credit-building product combined with buy now, pay later functionality, and a commercial charge-card program. He also identified Europe and value-added services as additional long-term growth opportunities.
Outlook Reflects Second-Half Headwinds
For the third quarter, Marqeta expects net revenue growth of 6% to 8% and gross profit growth of 5% to 7%. The company expects adjusted EBITDA growth of 20% to 25%, with GAAP net income in the low- to mid-single-digit millions.
Kangwankij said the anticipated gross-profit growth deceleration from the second quarter reflects several factors, including the timing of a large renewal, lapping the TransactPay acquisition, more difficult comparisons in lending and buy now, pay later, and the expected diversification of Cash App new issuance.
Management also cited a customer-specific development in which a buy now, pay later customer is load balancing certain single-use virtual-card volume among providers while using Marqeta for flexible credentials. Marqeta still expects lending and buy now, pay later TPV to grow more than 30% in the second half, according to management.
For the full year, Marqeta narrowed its outlook to 12% to 13% net revenue growth and 11% to 12% gross profit growth. The company raised its adjusted EBITDA outlook to growth in the low 30% range and now expects GAAP net income in the high-$20 million range. Marqeta ended the quarter with $700 million in cash and short-term investments and said its board approved a new $150 million share-repurchase authorization on Aug. 3.
About Marqeta (NASDAQ:MQ)
Marqeta is a modern card issuing and payment processing platform that enables businesses to design, launch and manage customized payment cards. The company offers a fully programmable open API that allows clients to create virtual, physical and tokenized payment cards with real-time transaction controls and dynamic spend limits. By leveraging Marqeta’s infrastructure, companies can streamline their payment operations, reduce time to market and deliver tailored payment experiences to end consumers.
Founded in 2010 and headquartered in Oakland, California, Marqeta was established by CEO Jason Gardner with the goal of transforming traditional card issuance through cloud-native technology.
