Filing Flows › Marqeta (MQ) › Q1 2026
Marqeta (MQ) Q1 2026 earnings results (first quarter 2026)
10-Q filed May 5, 2026
Marqeta (MQ) reported revenue of $166M for the first quarter 2026 (Q1 2026), +19% from a year earlier and -4% from the quarter before. Operating margin was 1.3%, net earnings $7.8M (4.7% of revenue).
Marqeta, Q1 2026: revenue $166M (+19% year over year), operating margin 1.3%, net earnings $7.8M, operating cash flow −$3.4M. The chart follows the revenue to costs, profit and cash.
| Q1 2026 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $166M | -4% | +19% |
| Gross profit | $118M | -2% | +19% |
| Operating profit | $2.1M | — | — |
| Net earnings | $7.8M | — | — |
| Operating cash flow | −$3.4M | -106% | -134% |
What changed
Revenue was $165.8M in Q1 2026, up 19% year over year and down 4% from the previous quarter. Platform services revenue, net was the largest line at 94% of revenue. Platform services revenue, net added $24.4M year over year (up 18%), 91% of the total change.
Gross margin was 70.9%, unchanged from Q1 2025. Operating profit was $2.1M, a 1.3% margin (up 14.6 points year over year). Operating expenses fell 1% while revenue rose 19%. The fastest-growing cost line was Sales & marketing (+147%). Net earnings were $7.8M. The effective tax rate was 2.4%. Non-operating items added $5.9M, 74% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$3.4M. Non-cash charges added back $8.9M of depreciation and amortization and $20.0M of share-based compensation. Working capital and other items used $40.1M. Capital expenditures of $1.3M exceeded it, leaving free cash flow of −$4.6M.
Questions
What was Marqeta's revenue in the first quarter 2026?
Marqeta (MQ) reported revenue of $166M for the first quarter 2026 (Q1 2026), +19% from a year earlier and -4% from the quarter before.
Was Marqeta profitable in the first quarter 2026?
Operating profit was $2.1M (1.3% of revenue) and net earnings $7.8M.
Source: Marqeta 10-Q on SEC EDGAR.