Marqeta grew processing volume 32% even as its biggest customer pulls back

Marqeta, the card-issuing and payments platform, reported second-quarter 2026 total processing volume of $120 billion, up 32% from a year earlier, alongside net revenue of $176 million and GAAP net income of approximately $8 million. The headline growth numbers look strong, but the more consequential disclosure was about Marqeta’s largest customer: Block, the parent of Cash App, whose share of Marqeta’s net revenue fell to 41%, down five percentage points year over year.

Marqeta has long carried customer-concentration risk tied to Block, and the company said that risk is now actively materializing — new Cash App card issuance began declining in mid-June 2026, and management expects the diversification of card-issuing providers at Block to continue, potentially leaving Marqeta with little to no new issuance volume from Block by the end of 2026. That is a specific, dated disclosure about an ongoing shift in the relationship with the customer that has anchored a large share of Marqeta’s business since its IPO.

What makes the quarter harder to read cleanly is that Marqeta simultaneously raised its full-year 2026 GAAP net income guidance to the high $20 million range. Growing processing volume 32%, raising profit guidance, and disclosing an accelerating decline in your largest customer relationship in the same earnings release is an unusual combination — it suggests other parts of Marqeta’s business, likely additional card programs and platform customers beyond Block, are growing enough to offset the Cash App pullback for now, at least on the metrics management is guiding to.

The strategic question for Marqeta going into the back half of 2026 is whether that offsetting growth is durable enough to continue absorbing a customer that could go from 41% of revenue toward a much smaller share within a matter of months. Marqeta has spent several years publicly working to diversify beyond Block, and this quarter’s results are the clearest evidence yet that the diversification is happening — the open question is whether it happens fast enough, and at high enough margins, to fully replace what Block has historically contributed.