Marqeta, Inc. (MQ) · Nov 3, 2026 · Earnings

Marqeta Q3 earnings beat, but 2026 revenue outlook steps down

Beat — Revenue $176.2M vs ~$175.4M consensus; EBITDA growth 28% vs 20–25% Q3 guide

Marqeta’s Q3 earnings modestly beat expectations as TPV and EBITDA grew sharply, but lower full-year revenue guidance exposes weaker mix.

Marqeta is scaling a modern card-issuing and processing platform across debit, credit, digital wallets and emerging stablecoin-linked cards, while trying to convert fast payment-volume growth into durable revenue and profitability. Its prior quarter already showed strong momentum and management had guided Q3 revenue growth to 6–8%, gross-profit growth to 5–7%, and adjusted EBITDA growth to 20–25%.

The quarter modestly beat the operating bar. Revenue reached $176.2 million, slightly above the published consensus of about $175.4 million, while TPV jumped 29% and adjusted EBITDA grew 28%—above the company’s prior 20–25% Q3 EBITDA-growth guide.

MetricQ3 2026Q3 2025Consensus / prior guide
Net revenue (Financial metrics)$176.2M (+8%)$163.3M~$175.4M consensus
TPV (Key operating metric)$126.5B (+29%)$98.0B
Adjusted EBITDA (Key operating metric)$38.8M (+28%)$30.3M20–25% Q3 growth guide
Adjusted EBITDA margin (Key operating metric)22% (+3 ppt)19%
Gross margin (Financial metrics)69% (-1 ppt)70%
FY 2026 revenue growth guide (Guidance)11–12%12–13% prior guide

The quality of profitability improved, but the headline GAAP profit is inflated. Adjusted EBITDA margin reached 22%, a new quarterly high, and operating expenses fell 7% year over year. However, the $115 million GAAP profit included a $107 million non-cash tax benefit from releasing deferred-tax valuation allowances, so the recurring operating signal is the $39 million adjusted EBITDA—not the reported EPS.

The main blemish is monetization and outlook, not demand. TPV growth remains far ahead of revenue growth, and management explicitly cited unfavorable mix from faster-growing programs that carry minimal or no program-management revenue. Gross margin slipped to 69%, while full-year revenue-growth guidance fell to 11–12% from the previous 12–13% range. That reduction says the business is processing more volume, but not all of it is translating into equally attractive economics. 〔0〕

The customer pipeline broadens the story, but remains execution-dependent. Square’s American Express credit-card launch, Google Wallet for kids, Satispay’s consumer debit card and the Coinbase partnership expand Marqeta beyond its traditional debit-processing base. The strategic direction is constructive, but the release gives no quantified revenue contribution from these programs, so they strengthen the platform narrative more than they change near-term estimates. 〔1〕

Bottom line: This was a modest operating beat with notably better margins and volume, but the lower full-year revenue outlook keeps it from being a clean reacceleration. The business is progressing, though mix is limiting how much of the TPV growth reaches revenue.

What to watch next

Q4 2026 earnings report

Original filing on SEC EDGAR

More Marqeta, Inc. news

Marqeta Q3 earnings beat, but 2026 revenue outlook steps down | MQ Stock News
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