MQ
Swipe, swipe, hooray
Marqeta spent the quarter doing what it’s built to do: moving a lot of card volume. Total Processing Volume hit $112 billion in Q1 2026, up 33% year over year, which is the kind of growth that makes payment nerds smile and shareholders lean in.
Not just growth theater
The more interesting part? The business didn’t just get bigger — it got healthier too. Net revenue rose 19% to $166 million, gross profit also climbed 19% to $118 million, and Marqeta posted $8 million in GAAP net income. Add in $33 million of adjusted EBITDA and you’ve got a company that’s trying to graduate from “promising platform” to “actually profitable platform.”
Why investors should care
Payments companies live and die by a simple question: can you process more money without lighting cash on fire? Marqeta’s latest quarter says yes, at least for now. If TPV keeps expanding and the margin math holds up, the market may be more willing to give MQ credit for scale instead of treating it like another fintech science project.
Big picture: Marqeta is still in the “prove it” phase, but this quarter gave investors a decent reason to keep watching.