Marqeta posts strong Q3 volume and profit growth while highlighting tax benefit and slower outlook
Marqeta reported third-quarter 2026 results for the period ended September 30, 2026, with Total Processing Volume of $126 billion, up 29% year over year. Net revenue rose 8% to $176 million, gross profit increased 7% to $122 million, and adjusted EBITDA grew 28% to $39 million. GAAP net income was $115 million, including a $107 million noncash tax benefit, while the company provided fourth-quarter and full-year 2026 guidance with adjusted EBITDA growth ranging from the mid-20s to the low-to-mid-30s.
Why it matters
The results show higher payment volume and adjusted profitability, but the reported GAAP profit includes a large noncash tax benefit. Marqeta's guidance also points to slower revenue and gross-profit growth than its operating-volume growth, which creates a distinction between transaction expansion and near-term revenue momentum.
Key facts
- 1Marqeta's Total Processing Volume reached $126,493 million in the third quarter, a 29% increase from the comparable prior-year period. sec.gov
- 2Third-quarter net revenue was $176,179 and gross profit was $122,100, representing year-over-year growth of 8% and 7%, respectively. sec.gov
- 3Adjusted EBITDA was $38,772, up 28% year over year, and adjusted EBITDA margin was 22%. sec.gov
- 4GAAP net income was $115,442, including a $107 million discrete noncash income tax benefit. sec.gov
- 5Marqeta's 2026 guidance included adjusted EBITDA growth in the mid-20s for the fourth quarter and in the low-to-mid-30s for the fiscal year. stocktitan.net
Open questions
- Materials report different amounts for the third-quarter noncash tax benefit: $107 million in material 4, $106.6m in material 8, and $104.4M in material 14.
Summary written by AlphAI AI Desk from 17 of 17 sources. Not investment advice. Figures are as stated by the linked sources.