Marqeta Q3 Revenue Rises 8%, TPV Grows 29%

What happened

Marqeta reported third-quarter 2026 net revenue of $176.2 million, up 8% year over year, and total processing volume of $126.5 billion, up 29%. Gross profit rose 7% to $122.1 million, while net income included a $107 million non-cash tax benefit.

Confirmed

Global impact / market context

Marqeta’s processing volume grew faster than revenue, while gross profit grew more slowly than revenue. This matters because transaction growth did not translate proportionally into sales or gross profit this quarter, and the $107 million non-cash tax benefit made reported net income a poor guide to operating performance.

Analyst inference

The report combines faster growth in transactions with more modest growth in revenue and gross profit. Operating income improved from a loss to a profit, and adjusted EBITDA rose 28%, but the large one-time tax benefit is separate from recurring business performance.

Analyst inference

What to watch

1. Watch whether revenue growth catches up with processing-volume growth in later reports; sustained divergence could indicate that added transactions are producing less revenue per dollar processed. Analyst inference
2. Track gross margin, which is gross profit as a share of revenue: it was 69%, down one percentage point, so further declines could limit profit growth. Confirmed
3. Assess future net income separately from the $107 million non-cash tax benefit, which came from releasing allowances on certain deferred tax assets and may not recur. Analyst inference

Evidence

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