Marqeta J.P. Morgan TMC Conference Takeaways

研报英文原文证据摘录

Marqeta J.P. Morgan TMC Conference Takeaways

J P M O R G A N North America Equity Research

19 May 2026

Marqeta Overweight

MQ, MQ US

J.P. Morgan TMC Conference Takeaways Price (19 May 26):$3.96

Payments, Processors & IT Services

Connor Allen AC

(1-212) 270-2895

connor.allen@jpmorgan.com

Tien-tsin Huang, CFA

(1-212) 622-6632

tien-tsin.huang@jpmorgan.com

We hosted Marqeta’s CEO Mike Milotich at the J.P. Morgan TMC Conference in

Charles Pearce, CFA

Boston. Key topics included 1Q momentum and the FY26 outlook, drivers of

(1-212) 622-4368

sustained TPV growth, progress in Europe, credit/product continuum, and the charles.pearce@jpmchase.com

evolving opportunity with large financial institutions. Tone was constructive and J.P. Morgan Securities LLC

we left the conversation incrementally positive. Key takeaways below:

• 1Q Results and FY26 Guidance. Milotich characterized 1Q as a strong start

to the year, with TPV and revenue growth at the high end of expectations and

EBITDA materially better than expected. On FY26 guidance, Milotich said it

was too early to feel differently about the remaining three quarters of the year

(driving a reiterated full year gross profit outlook), though Marqeta did raise

EBITDA and net income given the magnitude of the 1Q upside.

• Growth Drivers. Milotich emphasized that growth remains broad-based

across use cases, with BNPL (near 60% growth) and expense management

(over 40% growth) as the standouts, with each now representing mid-teens

percent of TPV. He added helpful color on what’s driving the durability:

programs launched in the last two years represent ~10% of TPV and are

growing well over 100%; the ~40 new logos signed in that same period are also

growing ~100%. Within that cohort, 14 of the top 15 customers launched at