Information only, not financial, investment, legal or tax advice. We do not recommend any provider. Facts were checked against the sources listed at the end on the dates shown and may have changed since. Read our full disclaimer.
Marqeta processed $126.5 billion of card payments in the third quarter of 2026, up 29% from a year earlier, while net revenue grew 8% to $176.2 million. The card issuing platform reported the results on Tuesday 3 November and guided to net revenue growth of 3% to 5% for the fourth quarter.
Figures from Marqeta's third quarter 2026 earnings release of 3 November 2026, filed with the SEC on Form 8-K. All figures are for the quarter ended 30 September 2026, unaudited and company reported.
Key figures
| Metric | Q3 2026 | Q3 2025 | Change |
|---|---|---|---|
| Total processing volume | $126.5 billion | $98.0 billion | +29% |
| Net revenue | $176.2 million | $163.3 million | +8% |
| Gross profit | $122.1 million | $114.6 million | +7% |
| Gross margin | 69% | 70% | down 1 point |
| Net income (loss) | $115.4 million | ($3.6 million) | n/m |
| Income (loss) from operations | $6.3 million | ($10.4 million) | n/m |
| Adjusted EBITDA | $38.8 million | $30.3 million | +28% |
| Adjusted EBITDA margin | 22% | 19% | up 3 points |
Source: Marqeta Q3 2026 earnings release, 3 November 2026.
What the company said
Chief executive Mike Milotich said the quarter showed "the durable, differentiated business Marqeta is building". The headline profit includes a discrete noncash income tax benefit of $107 million, so income from operations is the cleaner read: it turned positive at $6.3 million.
Marqeta listed four commercial highlights for the quarter:
- The Square Credit Card, its first programme on the American Express network, which extends an existing debit relationship with Square.
- An expanded collaboration with Google on Google Wallet for kids, with spending limits and controls set by parents.
- A consumer debit card programme launched by Satispay in Italy.
- A partnership with Coinbase covering enterprise fiat and digital asset payments, with zerohash and BVNK named as stablecoin partners.
Guidance
| Measure | Q4 2026 | Full year 2026 |
|---|---|---|
| Net revenue growth | 3% to 5% | 11% to 12% |
| Gross profit growth | 5% to 7% | 11% to 12% |
| Adjusted EBITDA growth | mid 20s % | low to mid 30s % |
Source: Marqeta Q3 2026 earnings release, 3 November 2026.
Why it matters
Volume grew more than three times as fast as net revenue, so Marqeta earned less revenue per dollar processed than a year earlier. The Amex programme also shows issuer processors working across networks beyond Visa and Mastercard. For background on the parties in a card transaction, see how card payments work.
Information only, not financial or investment advice.
Sources
Primary sources we checked for this page. Trademarks belong to their owners. Links open the original.
- Marqeta, Inc. via SEC EDGAR: Marqeta Reports Third Quarter 2026 Financial Results (Form 8-K, Exhibit 99.1) (accessed 4 November 2026)
- Marqeta, Inc. via SEC EDGAR: Marqeta Form 10-Q for the quarter ended 30 September 2026 (accessed 4 November 2026)
- Marqeta, Inc.: Marqeta investor relations (accessed 4 November 2026)
Get the weekly brief
New profiles, comparisons and payments technology explainers, once a week.
Information only, not financial or investment advice. CFDs are complex instruments and carry a high risk of losing money rapidly due to leverage. Crypto-assets are high risk and largely unregulated in some markets.
Payments30 is an independent publication of Humainz, Inc. We are not affiliated with, endorsed by or sponsored by the companies named on this page unless a page is clearly labelled as sponsored. Editorial policy.
Spotted an error? Report a correction. Companies can request a right of reply under our corrections policy.
