The Q2 guidance deceleration (14-16% growth vs 19% in Q1) is the key negative signal that may cap upside despite the GAAP profitability milestone. Monitor the earnings call for color on whether the deceleration is mix-driven (lower-margin processing volume growing faster) or demand-driven. The maintained full-year 2026 guidance of 12-14% revenue growth suggests management sees H2 improvement, but Q2 will be the proving ground.
Price Chart
Executive Summary
Marqeta reported Q1 2026 results with Net Revenue of $166M (+19% YoY) and Gross Profit of $118M (+19% YoY), achieving GAAP Net Income of $8M (vs a -$8M loss in Q1 2025). TPV grew 33% YoY to $112B. However, Q2 2026 guidance for Net Revenue growth of 14-16% and Gross Profit growth of 14-16% represents a deceleration from Q1's 19% growth, signaling a near-term growth slowdown.
Key Financial Metrics
Key Facts
- Q1 2026 Net Revenue $165.8M, +19% YoY from $139.1M
- Q1 2026 Gross Profit $117.6M, +19% YoY from $98.7M
- GAAP Net Income $7.8M vs Net Loss of $8.3M in Q1 2025 (first profitable quarter)
- TPV $112.4B, +33% YoY from $84.5B
- Adjusted EBITDA $33.3M, +66% YoY from $20.1M
- Q2 2026 guidance: Net Revenue growth 14-16%, Gross Profit growth 14-16% (deceleration from Q1's 19%)
- Full year 2026 guidance maintained: Net Revenue growth 12-14%, Gross Profit growth 10-12%
- Operating cash flow was -$3.4M in Q1 2026 vs +$10.0M in Q1 2025
Financial Impact
Q1 2026 Net Revenue $165.8M, GAAP Net Income $7.8M, Adjusted EBITDA $33.3M
Risk Factors
- Q2 2026 guidance implies meaningful growth deceleration from Q1's 19% to 14-16%
- Operating cash flow turned negative (-$3.4M) vs positive $10.0M a year ago
- Unfavorable mix shift toward lower-margin processing-only programs continues to pressure gross margin
- Full-year 2026 guidance of 12-14% revenue growth implies H2 must accelerate from Q2 levels to hit the full-year range
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001522540-26-000036 |
| Document: mq-20260505.htm | 0001522540-26-000036 |
| Document: 0001522540-26-000036-index-headers.html | 0001522540-26-000036 |
| Document: 0001522540-26-000036-index.html | 0001522540-26-000036 |
| Document: 0001522540-26-000036.txt | 0001522540-26-000036 |
| 8-K Data (Synthetic) | 0001522540-26-000036 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 8, 2026 19d ago | SC 13G/A | $17.44 | awaiting T+60 | — | $18.04 (+3.44%) |
Aug 25, 2026 9w ago | 8-K | $16.31 | awaiting T+60 | — | $18.04 (+10.61%) |
Aug 13, 2026 10w ago | 8-K | $16.34 | awaiting T+60 | — | $18.04 (+10.44%) |
Aug 4, 2026 12w ago | 8-K | $16.66 | awaiting T+60 | — | $18.04 (+8.28%) |
Jun 16, 2026 18w ago | Insider Cluster | $3.87 $4.15 | ▲ +7.11% | ▲ +4.42% | $18.04 (+366.15%) |
Jun 11, 2026 19w ago | 8-K | $3.83 $3.98 | ▲ +3.85% | ▲ +1.07% | $18.04 (+371.02%) |
May 18, 2026 23w ago | Insider Cluster | $15.84 $16.47 | ▲ +3.98% | ▼ −2.31% | $18.04 (+13.89%) |
May 8, 2026 24w ago | 8-K | $16.68 $17.94 | ▲ +7.55% | ▲ +2.71% | $18.04 (+8.15%) |
May 5, 2026 24w ago | 8-K | $16.54 $17.36 | ▲ +4.96% | ▲ +2.90% | $18.04 (+9.07%) |
Apr 21, 2026 26w ago | DEFA14A | $17.88 $17.49 | ▼ −2.18% | ▼ −6.96% | $18.04 (+0.89%) |
US Market Status
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