Marqeta — Third Quarter 2026 Earnings Summary

Financial Performance:

• Total Processing Volume (TPV) reached $126 billion, a 29% year-over-year increase from $98 billion in Q3 2025.
• Net Revenue was $176 million, an 8% year-over-year increase from $163 million.
• Gross Profit was $122 million, a 7% year-over-year increase from $115 million; Gross Margin was 69% (down 1 percentage point from 70% in Q3 2025).
• GAAP Net Income was $115 million, compared to a Net Loss of $4 million in Q3 2025; this includes a $107 million discrete non-cash income tax benefit from the release of valuation allowances on deferred tax assets.
• Net Income Margin was 66%, an increase of 68 percentage points versus the prior year period.
• Adjusted EBITDA was $39 million, a 28% year-over-year increase from $30 million; Adjusted EBITDA Margin was 22%, up 3 percentage points from 19% in Q3 2025.
• Total Operating Expenses were $116 million, a 7% decrease year-over-year from $125 million.
• For the nine months ended September 30, 2026, Net Revenue was $518 million (14% growth), Gross Profit was $362 million (14% growth), and Adjusted EBITDA was $110 million (39% growth).

Guidance and Future Outlook:

• Q4 2026 Net Revenue Growth guidance is 3-5%.
• Q4 2026 Gross Profit Growth guidance is 5-7%.
• Q4 2026 Adjusted EBITDA Growth guidance is mid-20s.
• Full Year 2026 Net Revenue Growth guidance is 11-12%.
• Full Year 2026 Gross Profit Growth guidance is 11-12%.
• Full Year 2026 Adjusted EBITDA Growth guidance is low-to-mid 30s.

Business Segments and Product Lines:

• Launched the Square Credit Card on the American Express Network, marking Marqeta's first program on the Amex network and consolidating Square's debit and credit programs on a single platform.
• Expanded collaboration with Google to launch Google Wallet for kids, enabling spend control and digital-first payments for minors without traditional bank accounts.
• Enabled Satispay, an Italian payments company with over 6.5 million users and 450,000 merchants, to launch a consumer debit card program for global in-store and online payments.
• Partnered with Coinbase to provide a single platform for payment offerings across fiat and digital asset markets, expanding stablecoin infrastructure partnerships to include zerohash and BVNK.
• TPV surpassed a $500 billion annualized run rate for the first time.

Market and Competitive Landscape:

• The company operates a modern card issuing platform certified to operate in more than 40 countries.
• Marqeta processed nearly $400 billion in annual payments volume in 2025.
• The platform supports diverse use cases including debit and credit offerings for consumer and commercial markets, credit services, accounts, money movement, and risk/fraud capabilities.

Risks and Challenges:

• Risks include the inability to maintain profitability, attract/retain customers, or drive profitable transactions.
• Potential risks involve consumer perception of credit card issuing, platform operational failures, cost structure deviations, and market acceptance of solutions.
• Regulatory landscape changes, competition reducing demand, and potential loss of relationships with Issuing Banks and Card Networks are cited as risks.
• Risks related to acquisitions, including integration and recognition of benefits, as well as general economic conditions, inflation, and geopolitical instability.
• Risks regarding income tax liabilities, including changes in foreign taxes and the realizability of deferred tax assets.

Management Commentary and Tone:

• CEO Mike Milotich stated that results demonstrate a "durable, differentiated business" and a focus on enhancing the trusted platform.
• Management highlighted the third consecutive quarter of GAAP profitability and a new high-water mark for Adjusted EBITDA margin.
• The tone emphasized the range, flexibility, and scale of the platform enabling leading companies to deliver innovative payment experiences.

Other Key Points:

• A one-for-four reverse stock split became effective on June 30, 2026; all historical share and per-share amounts have been retroactively adjusted.
• Net cash provided by operating activities for the nine months ended September 30, 2026, was $86 million.
• Net cash used in financing activities for the nine months ended September 30, 2026, was $174 million, primarily driven by $105 million in repurchases of common stock.
• Cash and cash equivalents were $697 million as of September 30, 2026, with total assets of $1.5 billion.
• The company hosted a live conference call on November 3, 2026, with webcast and dial-in options available.