Filing Flows › Marqeta (MQ) › Q2 2026 › vs Q1 2026
Marqeta (MQ) Q2 2026 vs Q1 2026 (quarter over quarter)
Marqeta's revenue rose $10.2M (+6%) from $166M in Q1 2026 to $176M in Q2 2026. The biggest changes: Platform services revenue, net +$7.5M (+5%); Other services revenue +$2.7M (+29%). Gross margin 69.2% against 70.9% (-1.7 pts).
Marqeta, Q2 2026: revenue $176M (+17% year over year), operating margin 2.1%, net earnings $7.6M, operating cash flow $63.2M. The chart draws each line against Q1 2026, the increases inside each band.
Margins
| Q2 2026 | Q1 2026 | Change | |
|---|---|---|---|
| Gross margin | 69.2% | 70.9% | -1.7 pts |
| Operating margin | 2.1% | 1.3% | +0.8 pts |
| Net margin | 4.3% | 4.7% | -0.4 pts |
| Free cash flow margin | 35.8% | -2.8% | +38.6 pts |
Every line
| Line | Q2 2026 | Q1 2026 | Change | % |
|---|---|---|---|---|
| Platform services revenue, net | $164M | $156M | $7.5M | +5% |
| Other services revenue | $12.3M | $9.6M | $2.7M | +29% |
| Revenue | $176M | $166M | $10.2M | +6% |
| Gross profit | $122M | $118M | $4.3M | +4% |
| Cost of revenue | $54.1M | $48.2M | $5.9M | +12% |
| Other income, net | $4.4M | $5.9M | −$1.5M | -25% |
| Operating profit | $3.6M | $2.1M | $1.5M | +74% |
| Operating expenses | $118M | $115M | $2.7M | +2% |
| Pre-tax earnings | $8.1M | $8.0M | $45K | +0.6% |
| Sales & marketing | $1.2M | $1.2M | $72K | +6% |
| Other operating costs | $117M | $114M | $2.7M | +2% |
| Net earnings | $7.6M | $7.8M | −$267K | -3% |
| Income tax | $505K | $193K | $312K | +162% |
| Depreciation & amortization | $9.7M | $8.9M | $842K | +10% |
| Share-based compensation | $22.4M | $20.0M | $2.3M | +12% |
| Working capital & other | $23.6M | −$40.1M | $63.6M | — |
| Operating cash flow | $63.2M | −$3.4M | $66.5M | — |
| Free cash flow (OCF − capex) | $63.0M | −$4.6M | $67.6M | — |
| Capital expenditures | $211K | $1.3M | −$1.1M | -84% |
Questions
How much did Marqeta's revenue grow quarter over quarter in Q2 2026?
Marqeta's revenue rose $10.2M (+6%) from $166M in Q1 2026 to $176M in Q2 2026.
What drove Marqeta's revenue change in Q2 2026?
Platform services revenue, net +$7.5M (+5%); Other services revenue +$2.7M (+29%).