MQ: TPV scaled to $126B as Adjusted EBITDA growth guidance rose to the low-to-mid 30s

What happened

Marqeta reported that total payment volume (TPV), the value of payments processed, grew 29% to $126B. Gross profit rose 7% and adjusted EBITDA, a measure of operating earnings, rose 28%; FY26 adjusted EBITDA growth guidance increased to the low-to-mid 30s. Net income included a $107M non-cash tax benefit.

Confirmed

Global impact / market context

Payment volume grew faster than gross profit, while adjusted EBITDA growth was close to payment-volume growth. If those trends continue, they could indicate improved operating efficiency, but the reported figures alone do not establish why growth rates differed. The tax benefit also means net income included a non-cash boost.

Analyst inference

The update combines strong growth in payment volume with slower growth in gross profit, and a higher outlook for adjusted EBITDA growth. For investors, the key question is whether the company can convert additional processed payments into gross profit and operating earnings without a widening gap in costs.

Analyst inference

What to watch

1. Watch subsequent results for whether gross profit growth accelerates toward payment-volume growth; continued divergence could limit how much added processing volume contributes to earnings. Analyst inference
2. Check whether FY26 adjusted EBITDA growth guidance remains in the low-to-mid 30s or changes in later company updates, since the outlook is a forecast rather than a reported result. Confirmed
3. Separate net income excluding the $107M non-cash tax benefit from reported net income, to judge whether earnings improvement reflects ongoing operations or a one-time accounting benefit. Analyst inference

Evidence

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