10-Q · August 4, 2026
Marqeta delivered a strong Q2, with net revenue up 17% to $175.995 million, TPV up 32% to $120.423 billion, and GAAP net income of $7.567 million versus a $0.647 million loss a year earlier. Gross margin was unchanged…
MQ earnings analysis
10-Q · Filed November 3, 2026 · Our reading of the company's report
The latest report
Marqeta delivered 8% year-over-year revenue growth to $176.179 million, strong 29% TPV growth, and a return to GAAP operating income of $6.275 million; Adjusted EBITDA margin also expanded to 22%. However, GAAP net…
Read full summary
Marqeta delivered 8% year-over-year revenue growth to $176.179 million, strong 29% TPV growth, and a return to GAAP operating income of $6.275 million; Adjusted EBITDA margin also expanded to 22%. However, GAAP net income of $115.442 million was dominated by a $106.6 million non-cash tax benefit, while gross margin slipped to 69% and nine-month operating cash flow declined to $86.156 million from $109.301 million. Liquidity of $698.2 million supports continued investment and repurchases, but customer concentration, mix pressure, and macroeconomic and litigation exposure temper the outlook.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $1.09
What stood out
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Revenue and gross profit grew
Net revenue increased 8% year over year to $176.179 million, while gross profit rose 7% to $122.100 million. Revenue was broadly flat sequentially versus $176 million in Q2 2026.
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GAAP operating profitability improved
Operating income improved to $6.275 million from a $10.370 million operating loss a year earlier, implying a 3.6% operating margin versus negative 6.3% in Q3 2025.
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TPV growth remained strong
TPV increased 29% year over year to $126.493 billion, supported by financial services, lending including buy-now-pay-later, and expense management. TPV from customers outside the top five grew 43%.
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Adjusted profitability expanded
Adjusted EBITDA increased to $38.772 million from $30.312 million, and Adjusted EBITDA margin expanded to 22% from 19%. Total operating expenses declined 7% to $115.825 million.
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Strong liquidity supports investment
Liquidity remained substantial at $698.2 million of cash, cash equivalents, and short-term investments. The company also had $140.3 million remaining under its August 2026 share-repurchase authorization.
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GAAP profit included tax benefit
Net income was $115.442 million versus a $3.624 million loss in Q3 2025, but the result included a $106.6 million non-cash deferred-tax valuation-allowance release.
What to watch
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Earnings quality depends on tax benefit
The $106.6 million non-cash tax benefit materially increased GAAP net income and EPS; the company stated that a sustained decline in profitability could require re-establishing a valuation allowance. A remaining $11.0 million valuation allowance applies to California R&D credits.
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Mix limited monetization and margin
Platform services revenue grew 6% despite TPV growth of 29%, because of unfavorable card-program mix, particularly programs with minimal or no program-management services. Gross margin declined to 69% from 70% year over year.
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Cash conversion weakened
Operating cash flow declined to $86.156 million for the first nine months from $109.301 million a year earlier, driven primarily by unfavorable working-capital timing. Cash used in financing was $174.341 million, including share repurchases and other customer-fund movements.
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Customer concentration and macro risk
Customer concentration remains material: Block generated 41% of quarterly net revenue and 42% of nine-month net revenue. The filing also identifies macroeconomic risks including lower consumer spending, insolvencies, credit losses, foreign-exchange movements, and business interruption.
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Litigation remains unresolved
The company funded its portion of a $13.0 million securities-litigation settlement, with a $5.0 million insurance self-insured retention; final approval was scheduled for January 2027. Separate derivative litigation remained subject to court approval of governance-reform terms.
Management's outlook
The 10-Q does not provide quantitative Q4 or full-year guidance. Quantitative outlook was provided in the November 3, 2026 earnings release rather than this filing.
Earlier filings 4
10-Q · May 5, 2026
Marqeta, Inc. reported strong Q1 2026 results with net revenue of $165.8 million, surpassing estimates, along with a positive EPS of $0.02. The company achieved significant growth in total processing volume (TPV) by…
10-K · February 24, 2026
Marqeta, Inc. reported significant growth in 2025, with net revenue increasing by 23% to $624.9 million driven by a 31% rise in Total Processing Volume (TPV) to $382.5 billion. Despite this growth, the company…
10-Q · November 5, 2025
Marqeta reported a strong Q3 for fiscal 2025 with a 28% increase in net revenue year-over-year, reaching $163.3 million, and a notable improvement in gross profit despite a net loss of $3.6 million. Operating expenses…
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