Marqeta's Revenue Growth Slows to 8% After Two Faster Quarters

The Tip Desk · November 3, 2026 · 3 min read

Third-quarter net revenue was $176 million as Total Processing Volume rose 29% to $126 billion, with GAAP net income of $115 million including a $107 million tax benefit.

Marqeta, Inc. (MQ), the global modern card issuing platform, reported net revenue of $176 million for the third quarter ended September 30, 2026, up 8% from a year earlier, a slower year-over-year pace than the 17% growth recorded in the second quarter and 19% in the first quarter of 2026.

Total Processing Volume was $126 billion, up 29% from $98 billion in the third quarter of 2025. That year-over-year rate followed 32% growth in the second quarter and 33% in the first. Chief executive Mike Milotich said TPV surpassed a $500 billion annualized run rate for the first time.

The company said the revenue increase was primarily driven by higher volumes, partially offset by unfavorable mix due to faster growth of card programs where it provides processing services with minimal or no program management. Gross profit was $122 million, up 7% from $115 million a year earlier, after 17% growth in the second quarter and 19% in the first. Gross margin was 69%, down from 69% in the second quarter and 71% in the first.

GAAP net income was $115 million, or $1.09 a share on a diluted basis, compared with a net loss of $4 million, or $0.03 a share, in the year-ago quarter. The result included a $107 million discrete non-cash income tax benefit from the release of valuation allowances on certain deferred tax assets. Net income margin was 66%. The company said it delivered its third consecutive quarter of GAAP profitability. Income from operations was $6 million.

Adjusted EBITDA was $39 million, up 28% from $30 million a year earlier. Adjusted EBITDA margin was 22%, a record high-water mark, up from 21% in the second quarter and 20% in the first. Total operating expenses were $116 million. Compensation and benefits were $77 million. Depreciation and amortization was $10 million.

Marqeta highlighted several program launches. It now enables Square’s credit card on the American Express Network, its first program on that network, after already handling Square’s debit card program. It expanded a collaboration with Google to provide a new offering in Google Wallet for kids. It enabled Satispay, an Italian payments company with more than 6.5 million users and 450,000 merchants, to launch a consumer debit card. It is partnering with Coinbase to give enterprise customers a single platform for payment offerings across fiat and digital asset markets, extending a relationship in which Marqeta already issues Coinbase’s crypto-backed cards.

Cash and cash equivalents were $697 million at September 30, 2026. Stockholders’ equity was $837 million.

For the fourth quarter of 2026, Marqeta guided net revenue growth of 3% to 5% and gross profit growth of 5% to 7%, with Adjusted EBITDA growth in the mid-20s. For the full year, it guided net revenue and gross profit growth of 11% to 12% and Adjusted EBITDA growth in the low-to-mid 30s.