Filing Flows › Marqeta (MQ) › Q2 2026 › vs Q2 2025
Marqeta (MQ) Q2 2026 vs Q2 2025 (year over year)
Marqeta's revenue rose $25.6M (+17%) from $150M in Q2 2025 to $176M in Q2 2026. The biggest changes: Platform services revenue, net +$20.5M (+14%); Other services revenue +$5.1M (+70%). Gross margin 69.2% against 69.2% (+0.1 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 Q2 2025, the increases inside each band.
Margins
| Q2 2026 | Q2 2025 | Change | |
|---|---|---|---|
| Gross margin | 69.2% | 69.2% | +0.1 pts |
| Operating margin | 2.1% | -6.1% | +8.2 pts |
| Net margin | 4.3% | -0.4% | +4.7 pts |
| Free cash flow margin | 35.8% | 8.1% | +27.7 pts |
Every line
| Line | Q2 2026 | Q2 2025 | Change | % |
|---|---|---|---|---|
| Platform services revenue, net | $164M | $143M | $20.5M | +14% |
| Other services revenue | $12.3M | $7.3M | $5.1M | +70% |
| Revenue | $176M | $150M | $25.6M | +17% |
| Gross profit | $122M | $104M | $17.8M | +17% |
| Cost of revenue | $54.1M | $46.3M | $7.8M | +17% |
| Other income, net | $4.4M | $8.8M | −$4.4M | -50% |
| Operating profit | $3.6M | −$9.2M | $12.9M | — |
| Operating expenses | $118M | $113M | $4.9M | +4% |
| Pre-tax earnings | $8.1M | −$441K | $8.5M | — |
| Sales & marketing | $1.2M | $711K | $521K | +73% |
| Other operating costs | $117M | $113M | $4.4M | +4% |
| Net earnings | $7.6M | −$647K | $8.2M | — |
| Income tax | $505K | $206K | $299K | +145% |
| Depreciation & amortization | $9.7M | $6.7M | $3.0M | +46% |
| Share-based compensation | $22.4M | $27.1M | −$4.7M | -17% |
| Working capital & other | $23.6M | −$20.5M | $44.1M | — |
| Operating cash flow | $63.2M | $12.5M | $50.6M | +404% |
| Free cash flow (OCF − capex) | $63.0M | $12.2M | $50.8M | +416% |
| Capital expenditures | $211K | $335K | −$124K | -37% |
Questions
How much did Marqeta's revenue grow year over year in Q2 2026?
Marqeta's revenue rose $25.6M (+17%) from $150M in Q2 2025 to $176M in Q2 2026.
What drove Marqeta's revenue change in Q2 2026?
Platform services revenue, net +$20.5M (+14%); Other services revenue +$5.1M (+70%).