MARQETA REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
Marqeta, Inc. (MQ) filed an SEC Form 8-K — Results of Operations and Financial Condition. MARQETA REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS The global modern card issuer reported Total Processing Volume growth of 29% and Gross Profit growth of 7% in the third quarter of 2026. OAKLAND, Calif. – November 3, 2026 - Marqeta, Inc. (NASDAQ: MQ) , the global modern card i
How this was made
The 30-second read
Why it matters
The earnings release delivers fresh quantitative data and forward‑looking guidance, offering traders a clear basis for positioning.
Market read
The report provides material earnings data and guidance that can move MQ's price and influences sentiment toward fintech stocks.
What to watch
Potential headwinds from regulatory scrutiny of crypto‑backed cards and competition from other issuers.
Marqeta reports third-quarter 2026 net revenue growth of 8%, TPV growth of 29%, gross profit growth of 7%, and Adjusted EBITDA growth of 28%.
TPV rose 29%, net revenue rose 8%, and Adjusted EBITDA increased 28% to $38,772 thousand. Gross margin declined to 69% from 70%, while GAAP net income of $115,442 thousand included a $107 million discrete non-cash income tax benefit.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net Revenue, three months ended September 30, 2026GAAP | $176.2M | – | 8% |
| Costs of Revenue, three months ended September 30, 2026GAAP | 54,079 | – | 11% |
| Gross Profit, three months ended September 30, 2026GAAP | $122.1M | – | 7% |
| Gross Margin, three months ended September 30, 2026GAAP | 69 % | – | (1) ppt |
| Compensation and benefits, three months ended September 30, 2026GAAP | 77,316 | – | (9%) |
| Technology expense, three months ended September 30, 2026GAAP | 18,028 | – | 6% |
| Depreciation and amortization, three months ended September 30, 2026GAAP | 10,247 | – | 46% |
| Professional services, three months ended September 30, 2026GAAP | 4,124 | – | (25%) |
| Occupancy, three months ended September 30, 2026GAAP | 1,096 | – | 4% |
| Marketing and advertising, three months ended September 30, 2026GAAP | 972 | – | 9% |
| Other operating expenses, three months ended September 30, 2026GAAP | 4,042 | – | (53%) |
| Total Operating Expenses, three months ended September 30, 2026GAAP | $115.8M | – | (7%) |
| Income (loss) from operations, three months ended September 30, 2026GAAP | 6,275 | – | nm |
| Other income, net, three months ended September 30, 2026GAAP | 4,774 | – | (34%) |
| Income (loss) before income tax (benefit) expense, three months ended September 30, 2026GAAP | 11,049 | – | nm |
| Income tax (benefit) expense, three months ended September 30, 2026GAAP | (104,393) | – | nm |
| Net Income (Loss), three months ended September 30, 2026GAAP | $115.4M | – | nm |
| Net Income (Loss) Margin, three months ended September 30, 2026GAAP | 66 % | – | 68 ppts |
| Net Income (Loss) per share, basic, three months ended September 30, 2026GAAP | $ 1.11 | – | nm |
| Net Income (Loss) per share, diluted, three months ended September 30, 2026GAAP | $ 1.09 | – | nm |
| Weighted-average shares used in computing net income (loss) per share, basic, three months ended September 30, 2026GAAP | 104,240 | – | – |
| Weighted-average shares used in computing net income (loss) per share, diluted, three months ended September 30, 2026GAAP | 105,777 | – | – |
| Total Processing Volume (TPV) (in millions), three months ended September 30, 2026other | $126.5B | – | 29% |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $ 38,772 | – | 28% |
| Adjusted EBITDA Margin, three months ended September 30, 2026non-GAAP | 22 % | – | 3 ppts |
| Adjusted EBITDA Margin - % of Gross Profit, three months ended September 30, 2026non-GAAP | 32 % | – | – |
| Adjusted Operating Expenses, three months ended September 30, 2026non-GAAP | $ 83,328 | – | (1%) |
| Net Revenue, nine months ended September 30, 2026GAAP | $518.0M | – | 14% |
| Costs of revenue, nine months ended September 30, 2026GAAP | 156,407 | – | – |
| Gross Profit, nine months ended September 30, 2026GAAP | $361.6M | – | 14% |
| Gross Margin, nine months ended September 30, 2026GAAP | 70 % | – | — |
| Total Operating Expenses, nine months ended September 30, 2026GAAP | $349.6M | – | (2%) |
| Income (loss) from operations, nine months ended September 30, 2026GAAP | 12,005 | – | – |
| Other income, net, nine months ended September 30, 2026GAAP | 15,143 | – | – |
| Income (loss) before income tax (benefit) expense, nine months ended September 30, 2026GAAP | 27,148 | – | – |
| Income tax (benefit) expense, nine months ended September 30, 2026GAAP | (103,695) | – | – |
| Net Income (Loss), nine months ended September 30, 2026GAAP | $130.8M | – | nm |
| Net Income (Loss) Margin, nine months ended September 30, 2026GAAP | 25 % | – | 28 ppts |
| Net Income (Loss) per share, basic, nine months ended September 30, 2026GAAP | $ 1.24 | – | nm |
| Net Income (Loss) per share, diluted, nine months ended September 30, 2026GAAP | $ 1.22 | – | nm |
| Total Processing Volume (TPV) (in millions), nine months ended September 30, 2026other | $359.3B | – | 31% |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $109.5M | – | 39% |
| Adjusted EBITDA Margin, nine months ended September 30, 2026non-GAAP | 21 % | – | 4 ppts |
| Adjusted EBITDA Margin - % of Gross Profit, nine months ended September 30, 2026non-GAAP | 30 % | – | – |
| Adjusted Operating Expenses, nine months ended September 30, 2026non-GAAP | $252.0M | – | 6% |
Fourth Quarter 2026 and Fiscal Year 2026 outlook
- RevenueFourth Quarter 2026 Net Revenue Growth: 3 - 5%; Fiscal Year 2026 Net Revenue Growth: 11 - 12%
- NoteFourth Quarter 2026 Gross Profit Growth: 5 - 7%
- NoteFiscal Year 2026 Gross Profit Growth: 11 - 12%
- NoteFourth Quarter 2026 Adjusted EBITDA Growth: Mid 20s
- NoteFiscal Year 2026 Adjusted EBITDA Growth: Low-to-Mid 30s
Capital returns
- Repurchase of common stock: (105,123) for the nine months ended September 30, 2026.
- Repurchase of common stock: (294,788) for the nine months ended September 30, 2025.
What drove it
- Net Revenue increased by $13 million, or 8%, year-over-year, primarily driven by higher volumes.
- Total Processing Volume increased by 29% year-over-year, from $98 billion in the third quarter of 2025 to $126 billion for the quarter ended September 30, 2026.
- Gross Profit increased by 7% year-over-year to $122 million from $115 million, largely driven by TPV growth.
- Marqeta enabled the Square Credit Card on the American Express Network.
- Marqeta expanded its collaboration with Google to provide a Google Wallet offering for kids.
- Marqeta enabled Satispay to launch its consumer debit card program and is partnering with Coinbase on payment offerings across fiat and digital asset markets.
Concerns
- Revenue growth of 8% trailed TPV growth of 29%, with the company citing unfavorable mix from faster growth of card programs where it provides processing services with minimal or no program management.
- Gross margin was 69%, compared with 70% in the third quarter of 2025.
- GAAP net income included a $107 million discrete non-cash income tax benefit from the release of valuation allowances on certain deferred tax assets.
- Depreciation and amortization increased 46% year-over-year to 10,247.
- Other income, net declined 34% year-over-year to 4,774.
What to watch
- Fourth-quarter 2026 net revenue growth guidance of 3 - 5%.
- Fourth-quarter 2026 gross profit growth guidance of 5 - 7%.
- Fourth-quarter 2026 Adjusted EBITDA growth guidance of Mid 20s.
- Whether unfavorable mix from programs with minimal or no program management continues to affect revenue growth and gross margin.
- The contribution from Square Credit Card on the American Express Network, Google Wallet for kids, Satispay, and the Coinbase partnership.
Balance sheet and cash flow
- Cash and cash equivalents: $ 697,464 at September 30, 2026; $ 709,443 at December 31, 2025.
- Restricted cash: 265,445 at September 30, 2026; 307,593 at December 31, 2025.
- Short-term investments: 711 at September 30, 2026; 62,483 at December 31, 2025.
- Total assets: $ 1,501,842 at September 30, 2026; $ 1,525,033 at December 31, 2025.
- Total liabilities: 665,173 at September 30, 2026; 763,076 at December 31, 2025.
- Total stockholders’ equity: 836,669 at September 30, 2026; 761,957 at December 31, 2025.
- Net cash provided by operating activities: 86,156 for the nine months ended September 30, 2026; 109,301 for the nine months ended September 30, 2025.
- Capitalization of internal-use software: (24,586) for the nine months ended September 30, 2026; (21,470) for the nine months ended September 30, 2025.
- Purchases of property and equipment: (1,812) for the nine months ended September 30, 2026; (1,992) for the nine months ended September 30, 2025.
- Net cash provided by investing activities: 35,258 for the nine months ended September 30, 2026; 258,239 for the nine months ended September 30, 2025.
- Net cash used in financing activities: (174,341) for the nine months ended September 30, 2026; (316,394) for the nine months ended September 30, 2025.
- Net (decrease) increase in cash, cash equivalents, and restricted cash: (52,927) for the nine months ended September 30, 2026; 51,146 for the nine months ended September 30, 2025.
- Cash, cash equivalents, and restricted cash - End of period: $ 965,004 at September 30, 2026; $ 982,662 at September 30, 2025.
Analysis
Marqeta reported third-quarter net revenue of $176,179 thousand, up 8% year-over-year, while TPV increased 29% to $126,493 million. The company attributed revenue growth to higher volumes, but said faster growth in card programs for which it provides processing services with minimal or no program management created unfavorable mix. That mix dynamic left revenue growth below TPV growth and gross profit growth of 7%.
Gross profit was $122,100 thousand and gross margin was 69%, compared with $114,557 thousand and 70% in the prior-year quarter. Total operating expenses declined 7% to $115,825 thousand. Compensation and benefits fell 9%, professional services declined 25%, and other operating expenses declined 53%, partially offset by a 46% increase in depreciation and amortization and 6% higher technology expense.
GAAP net income was $115,442 thousand, compared with a net loss of $3,624 thousand a year earlier, but included a $107 million discrete non-cash income tax benefit. Income from operations was $6,275 thousand, compared with a loss from operations of $10,370 thousand. Adjusted EBITDA increased 28% to $38,772 thousand, and Adjusted EBITDA margin improved to 22% from 19%. For the nine-month period, net revenue rose 14% to $517,972 thousand, gross profit rose 14% to $361,565 thousand, and Adjusted EBITDA rose 39% to $109,531 thousand.
The company repurchased $105,123 thousand of common stock during the nine months ended September 30, 2026. Cash and cash equivalents were $697,464 thousand at September 30, 2026, while operating cash flow for the first nine months was $86,156 thousand. Fiscal fourth-quarter guidance calls for net revenue growth of 3 - 5%, gross profit growth of 5 - 7%, and Adjusted EBITDA growth in the Mid 20s. Full-year guidance calls for net revenue and gross profit growth of 11 - 12% and Adjusted EBITDA growth in the Low-to-Mid 30s.
Management, verbatim
Our third quarter results demonstrate the durable, differentiated business Marqeta is building, as well as our focus on enhancing the platform that customers trust to build and scale their payment programs.
Mike Milotich, CEO of Marqeta
TPV surpassed a $500 billion annualized run rate for the first time, Adjusted EBITDA margin set a new high-water mark, and we delivered our third consecutive quarter of GAAP profitability.
Mike Milotich, CEO of Marqeta
Not in the filing
stated, not guessed- Segment revenue and segment profitability were not reported.
- Debt balance was not reported.
- Free cash flow was not reported.
- Dividend amount or dividend policy was not reported.
- Non-GAAP earnings per share was not reported.
- Fourth-quarter and fiscal-year 2026 guidance was not provided as absolute net revenue, gross profit, Adjusted EBITDA, gross margin, operating-expense, or tax-rate figures.
- Prior-period outlook was not provided, so comparison of actual results with prior guidance is unavailable.
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Marqeta filed a Form 8‑K reporting its Q3 2026 financial results and providing guidance for the upcoming quarter and full year.
Ticker impact
Marqeta reported Q3 2026 results with 29% TPV growth, GAAP profit and issued guidance for Q4 and FY 2026.
likely support as investors price in solid TPV growth and modest revenue guidance
Strong TPV increase and GAAP profitability combined with issued guidance for modest revenue and profit growth typically buoy the stock.
Market effects
Positive for the modern payments and fintech sector as Marqeta's growth validates demand for card‑issuing platforms.
U.S. fintech market may see increased investor interest.
Highlights broader adoption of digital payment solutions worldwide.
Counterpoint
If the guidance growth ranges are seen as modest, the stock could be vulnerable to a pull‑back if expectations rise.
Key entities
- companyMarqeta, Inc.
Global modern card‑issuing platform.
- partnerSquare
Collaborating on a new credit card on the American Express network.
- partnerGoogle
Partnered for Google Wallet for kids offering.
