Marqeta Q3 profit includes $107M non-cash tax benefit
Quarterly GAAP net income included a $107 million non-cash tax benefit; nine-month operating cash flow was $86.156 million.
Sentiment and the balance of points
Rhea-AI Sentiment reads the wording of the document, how positive or negative its language is on a 1 to 5 scale. The balance of points shown with the takes weighs what the document actually discloses, so the two can disagree, for example when a trial that missed its main goal is described in upbeat language.
Form Type
8-K
Rhea-AI Filing Summary
Marqeta, Inc. (MQ) reported third-quarter 2026 total processing volume of $126 billion, up 29% year over year, and net revenue of $176 million, up 8%. Gross profit was $122 million, up 7%, and Adjusted EBITDA, a non-GAAP measure, was $39 million, up 28%; its 22% margin was 3 percentage points above the prior-year quarter. GAAP net income was $115 million, including a $107 million discrete non-cash tax benefit from the release of valuation allowances on certain deferred tax assets.
Nine-month operating cash flow was $86.156 million, versus $109.301 million in the prior-year period. Fourth-quarter 2026 guidance calls for net revenue growth of 3%–5%, gross profit growth of 5%–7%, and Adjusted EBITDA growth in the mid-20s; full-year guidance is 11%–12%, 11%–12%, and low-to-mid-30s, respectively. Business updates included enabling Square Credit Card on the American Express Network, expanding Google Wallet for kids, launching Satispay’s consumer debit card, and partnering with Coinbase on enterprise payment offerings across fiat and digital asset markets.
3 points · 0 major0 major · 1 point
How this balance works
Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.
It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.
Rhea-AI Sentiment measures something else, the tone of the wording.
Positive
- Moderate pointNet revenue increased 8% to $176 million.
- Moderate pointAdjusted EBITDA increased 28% to $39 million.
- Moderate pointTotal Processing Volume increased 29% to $126 billion.
Negative
- Moderate pointNine-month operating cash flow was $86.156 million, down from $109.301 million.
Filing Explained
The completed split left total stockholders’ equity unchanged; nine-month cash used for common-stock repurchases was $105,123 thousand.
The filing reports that the one-for-four reverse split became effective on
In general, a reverse split consolidates the share count and proportionally raises per-share price, without changing company value from the split itself.
For the nine months ended
8-K Event Classification
2 items: 2.02, 9.01
2 items
Item 2.02
Results of Operations and Financial Condition
Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01
Financial Statements and Exhibits
Exhibits
Financial statements, pro forma financial information, or exhibit attachments filed with this report.
Key Figures
Total Processing Volume: $126 billion
Net Revenue: $176 million
Gross Profit: $122 million
+5 more
8 metrics
Total Processing Volume
$126 billion
Third quarter 2026; up 29% year over year
Net Revenue
$176 million
Third quarter 2026; up 8% year over year
Gross Profit
$122 million
Third quarter 2026; up 7% year over year
Adjusted EBITDA
$39 million
Third quarter 2026; up 28% year over year
GAAP Net Income
$115 million
Third quarter 2026
Discrete non-cash income tax benefit
$107 million
Third quarter 2026
Operating cash flow
$86.156 million
Nine months ended September 30, 2026; $109.301 million in the comparable 2025 period
2026 guidance
Fourth quarter: net revenue growth 3%–5%, gross profit growth 5%–7%, Adjusted EBITDA growth Mid 20s; fiscal year: net revenue growth 11%–12%, gross profit growth 11%–12%, Adjusted EBITDA growth Low-to-Mid 30s
Fourth quarter and fiscal year 2026
Key Terms
Total Processing Volume (TPV), Adjusted EBITDA, valuation allowances, portfolio migration capabilities, +1 more
5 terms
Total Processing Volume (TPV) financial
"TPV represents the total dollar amount of payments processed through our platform"
Total processing volume (TPV) is the combined dollar value of all transactions a payments platform or processor handles over a given period. Think of it like the total number of cars passing through a toll plaza: higher TPV shows larger customer usage and revenue opportunity because the company can earn fees on each payment, so investors watch TPV to gauge scale, growth trends, and potential fee-related income or risk exposure.
Adjusted EBITDA financial
"We define Adjusted EBITDA as net income (loss) adjusted"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
valuation allowances financial
"release of valuation allowances on certain deferred tax assets"
A valuation allowance is an accounting reserve companies set against expected future tax benefits when they doubt those benefits will be realized. Think of it like discounting a coupon you might not be able to use: it reduces the reported value of future tax savings on the balance sheet. For investors, increases or decreases in this allowance signal management’s view of future profitability and can materially change reported earnings and equity.
portfolio migration capabilities technical
"Marqeta's portfolio migration capabilities allowed Square to move existing accounts"
tokenization technical
"Marqeta's tokenization and spend control capabilities"
Tokenization is the process of converting real-world assets or rights into digital tokens stored on a computer network. This allows assets, such as property or investments, to be divided into smaller parts, making them easier to buy, sell, or transfer electronically. For investors, tokenization can increase access to a wider range of investments and make transactions faster and more efficient.
Earnings Snapshot
Total Processing Volume: $126 billion · Guidance included
Third quarter 2026
Total Processing Volume
$126 billion
29% year over year
Net Revenue
$176 million
8% year over year
Gross Profit
$122 million
7% year over year
GAAP Net Income
$115 million
Compared with a $4 million net loss in the prior-year quarter
Adjusted EBITDA
$39 million
28% year over year
Guidance
Fourth-quarter 2026: net revenue growth of 3%–5%, gross profit growth of 5%–7%, and Adjusted EBITDA growth in the mid-20s. Fiscal 2026: net revenue growth of 11%–12%, gross profit growth of 11%–12%, and Adjusted EBITDA growth of low-to-mid-30s.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
How much revenue and processing volume did Marqeta (MQ) report for Q3 2026?
Marqeta reported $176 million in net revenue, up 8% year over year, and $126 billion in Total Processing Volume, up 29%, for the quarter ended September 30, 2026.
Why did Marqeta report $115 million in Q3 2026 net income?
GAAP net income of $115 million included a $107 million discrete non-cash income tax benefit from the release of valuation allowances on certain deferred tax assets.
What is Marqeta's 2026 financial guidance?
Fourth-quarter 2026 guidance is 3%–5% net revenue growth, 5%–7% gross profit growth, and Adjusted EBITDA growth in the mid-20s. For fiscal 2026, guidance is 11%–12%, 11%–12%, and low-to-mid-30s, respectively.
AI-generated analysis. How Rhea-AI works. Not financial advice.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): November 3, 2026
(Exact name of registrant as specified in its charter)
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
(Address of principal executive offices, including zip code)
Registrant’s telephone number, including area code: (510 ) 671-5437
N/A
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) | |||||
| Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) | |||||
| Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) | |||||
| Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) | |||||
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
| (Nasdaq Global Select Market) | ||||||||||||||
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Results of Operations and Financial Condition.
On November 3, 2026, Marqeta, Inc. issued a press release announcing its financial results for the quarter ended September 30, 2026. A copy of the press release is furnished as Exhibit 99.1 to this current report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit Number | Description | |||||||
99.1 | Press release issued by Marqeta, Inc., dated November 3, 2026. | |||||||
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document). | |||||||
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| MARQETA, INC. | |||||
Date: November 3, 2026 | /s/ Patti Kangwankij | ||||
| Patti Kangwankij | |||||
| Chief Financial Officer | |||||
MARQETA REPORTS THIRD QUARTER 2026 FINANCIAL RESULTS
The global modern card issuer reported Total Processing Volume growth of 29%
and Gross Profit growth of 7% in the third quarter of 2026.
OAKLAND, Calif. – November 3, 2026 - Marqeta, Inc. (NASDAQ: MQ), the global modern card issuing platform, today reported financial results for the third quarter ended September 30, 2026.
The Company reported Total Processing Volume (TPV) of $126 billion, representing a year-over-year increase of 29%. Marqeta reported Net Revenue of $176 million and Gross Profit of $122 million, growing 8% and 7% year-over-year, respectively. GAAP Net Income for the quarter was $115 million, which includes a $107 million discrete non-cash income tax benefit from the release of valuation allowances on certain deferred tax assets. Adjusted EBITDA was $39 million, growing 28% year-over-year.
The Company reported Total Processing Volume (TPV) of $126 billion, representing a year-over-year increase of 29%. Marqeta reported Net Revenue of $176 million and Gross Profit of $122 million, growing 8% and 7% year-over-year, respectively. GAAP Net Income for the quarter was $115 million, which includes a $107 million discrete non-cash income tax benefit from the release of valuation allowances on certain deferred tax assets. Adjusted EBITDA was $39 million, growing 28% year-over-year.
“Our third quarter results demonstrate the durable, differentiated business Marqeta is building, as well as our focus on enhancing the platform that customers trust to build and scale their payment programs,” said Mike Milotich, CEO of Marqeta. “TPV surpassed a $500 billion annualized run rate for the first time, Adjusted EBITDA margin set a new high-water mark, and we delivered our third consecutive quarter of GAAP profitability. From Square's credit card on the American Express Network to Google Wallet for kids, the programs we are launching show how the range, flexibility, and scale of our platform are helping leading companies deliver innovative payment experiences.”
Marqeta has been at the forefront of modern issuer processing for over a decade, enabling growth and innovation for customers across diverse use cases and geographies. Marqeta highlighted several recent updates that demonstrate its current business momentum, including:
•Marqeta now enables the Square Credit Card on the American Express Network, extending a relationship that already includes Square's debit card program. Marqeta's portfolio migration capabilities allowed Square to move existing accounts and card credentials onto Marqeta's platform without disruption to the cardholder experience, giving Square a single platform on which to build and iterate card products for sellers. This program is Marqeta's first on the American Express Network.
•Marqeta expanded its longstanding collaboration with Google to provide a new offering in Google Wallet for kids. Marqeta's tokenization and spend control capabilities enable a safer, digital-first way for kids and teens to receive and spend money without a traditional bank account, with parents able to set daily spending limits, monitor activity, and lock or unlock the balance.
•Marqeta enabled Satispay, a leading payments company in Italy with more than 6.5 million users and 450,000 merchants, to launch its consumer debit card program, allowing users to pay with Satispay anywhere in the world, in-store and online.
•Marqeta is partnering with Coinbase to give its enterprise customers a single platform for payment offerings across fiat and digital asset markets, expanding a relationship in which Marqeta already issues Coinbase’s crypto-backed cards. Coinbase’s infrastructure and global reach strengthen Marqeta’s ecosystem of stablecoin infrastructure partners, which also includes zerohash and BVNK. These partnerships give customers a comprehensive solution for launching multinational, stablecoin-backed cards that connect directly to existing card rails, so stablecoins can be used anywhere a card is accepted.
1
Operating Highlights
| In thousands, except percentages and per share data, unless otherwise noted. % change is calculated over the comparable prior-year period (unaudited) | Three Months Ended September 30, | % Change | Nine Months Ended September 30, | % Change | |||||||||||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||||||||||||||
| Financial metrics: | |||||||||||||||||||||||||||||||||||
Net Revenue | $ | 176,179 | $ | 163,306 | 8% | $ | 517,972 | $ | 452,771 | 14% | |||||||||||||||||||||||||
Gross Profit | $ | 122,100 | $ | 114,557 | 7% | $ | 361,565 | $ | 317,297 | 14% | |||||||||||||||||||||||||
Gross Margin | 69 | % | 70 | % | (1) ppt | 70 | % | 70 | % | — | |||||||||||||||||||||||||
Total Operating Expenses | $ | 115,825 | $ | 124,927 | (7%) | $ | 349,560 | $ | 355,433 | (2%) | |||||||||||||||||||||||||
| Net Income (Loss) | $ | 115,442 | $ | (3,624) | nm | $ | 130,843 | $ | (12,531) | nm | |||||||||||||||||||||||||
| Net Income (Loss) Margin | 66 | % | (2 | %) | 68 ppts | 25 | % | (3 | %) | 28 ppts | |||||||||||||||||||||||||
Net Income (Loss) Per Share - Basic 3 | $ | 1.11 | $ | (0.03) | nm | $ | 1.24 | $ | (0.11) | nm | |||||||||||||||||||||||||
Net Income (Loss) Per Share - Diluted 3 | $ | 1.09 | $ | (0.03) | nm | $ | 1.22 | $ | (0.11) | nm | |||||||||||||||||||||||||
| Key operating metric and Non-GAAP financial measures: | |||||||||||||||||||||||||||||||||||
Total Processing Volume (TPV) (in millions) 1 | $ | 126,493 | $ | 97,962 | 29% | $ | 359,276 | $ | 273,819 | 31% | |||||||||||||||||||||||||
Adjusted EBITDA 2 | $ | 38,772 | $ | 30,312 | 28% | $ | 109,531 | $ | 78,900 | 39% | |||||||||||||||||||||||||
Adjusted EBITDA Margin 2 | 22 | % | 19 | % | 3 ppts | 21 | % | 17 | % | 4 ppts | |||||||||||||||||||||||||
Adjusted Operating Expenses 2 | $ | 83,328 | $ | 84,245 | (1%) | $ | 252,034 | $ | 238,397 | 6% | |||||||||||||||||||||||||
1 TPV represents the total dollar amount of payments processed through our platform, net of returns and chargebacks. We believe that TPV is a key indicator of the market adoption of our platform, growth of our brand, growth of our customers' businesses and scale of our business.
2 See "Information Regarding Non-GAAP Measures" for definitions of Adjusted EBITDA, Adjusted EBITDA margin, and Adjusted operating expenses and the reconciliations of the net income (loss) to Adjusted EBITDA, and of the total operating expenses to Adjusted operating expenses.
3 Reflects the one-for-four reverse stock split that became effective on June 30, 2026. All historical share and per-share amounts have been retroactively adjusted to reflect the reverse stock split. As a result, weighted-average shares outstanding decreased by a factor of four, and net income (loss) per share increased by a factor of four for all prior periods presented.
nm - Not meaningful
ppt(s) = percentage point(s)
Third Quarter 2026 Financial Results:
Total Processing Volume increased by 29% year-over-year, from $98 billion in the third quarter of 2025 to $126 billion for the quarter ended September 30, 2026.
Net Revenue of $176 million increased by $13 million, or 8%, year-over-year, primarily driven by higher volumes, partially offset by unfavorable mix due to faster growth of card programs where we provide processing services with minimal or no program management.
Gross Profit increased by 7% year-over-year to $122 million from $115 million in the third quarter of 2025. The increase in Gross Profit was largely driven by our TPV growth. Gross Margin was 69% in the third quarter of 2026.
Net Income of $115 million in the quarter, compared to a Net Loss of $4 million in the same period in the prior year, a year-over-year improvement of $119 million. This includes a $107 million discrete non-cash income tax benefit from the release of valuation allowances on certain deferred tax assets. Net income margin in the quarter was 66%, an increase of 68 percentage points versus last year, which includes the impact of the discrete income tax benefit.
2
Adjusted EBITDA was $39 million in the third quarter of 2026, an increase of $8 million year-over-year, or 28%. Adjusted EBITDA margin was 22% in the third quarter of 2026, an increase of 3 percentage points versus last year.
Financial Guidance
The following summarizes Marqeta's guidance for the fourth quarter of 2026 and full year of 2026:
| Fourth Quarter 2026 | Fiscal Year 2026 | ||||||||||
| Net Revenue Growth | 3 - 5% | 11 - 12% | |||||||||
Gross Profit Growth | 5 - 7% | 11 - 12% | |||||||||
Adjusted EBITDA Growth (1) | Mid 20s | Low-to-Mid 30s | |||||||||
(1) Adjusted EBITDA Growth represents the year-over-year percentage change in Adjusted EBITDA. See "Information Regarding Non-GAAP Measures" for the definition of Adjusted EBITDA Margin and for information regarding non-availability of a forward reconciliation. | |||||||||||
Conference Call
Marqeta will host a live conference call today at 1:30 p.m. Pacific time (4:30 p.m. Eastern time). To join the call, please dial-in 10 minutes in advance: toll-free at 1-877-407-4018 or direct at 1-201-689-8471. The conference call will also be available live via webcast online at http://investors.marqeta.com.
The telephone replay dial-in numbers are 1-844-512-2921 and 1-412-317-6671 and will be available until November 17, 2026, 8:59 p.m. Pacific time (11:59 p.m. Eastern time). The confirmation code for the replay is 13762621.
Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements expressed or implied in this press release include, but are not limited to, statements relating to Marqeta’s quarterly and annual guidance; statements regarding Marqeta’s profitability; statements regarding Marqeta’s customers, their growth, and their plans to onboard Marqeta's offerings; statements regarding Marqeta's new collaborations, product introductions, and product capabilities, and the benefits those collaborations, products, or capabilities may have for customers; statements regarding Marqeta's ability to enable growth for its customers; statements regarding the impact of income tax benefits or liabilities; and statements made by Marqeta’s Chief Executive Officer. Actual results may differ materially from the expectations contained in these statements due to risks and uncertainties, including, but not limited to, the following: the risk that Marqeta is unable to maintain profitability; the risk that Marqeta is unable to further attract, retain, diversify, and expand its customer base; the risk that Marqeta is unable to drive increased profitable transactions on its platform; the risk that consumers and customers will not perceive the benefits of Marqeta’s products, including credit card issuing; the risk that Marqeta's platform does not operate as intended resulting in system outages; the risk that Marqeta will not be able to achieve the cost structure that Marqeta currently expects; the risk that Marqeta’s solutions will not achieve the expected market acceptance; the risk that competition could reduce expected demand for Marqeta’s services, including credit card issuing; the risk that changes in the regulatory landscape could adversely affect Marqeta's operations and revenues; the risk that Marqeta may be unable to maintain relationships with Issuing Banks and Card Networks; the risk that Marqeta is not able to identify, close and recognize the anticipated benefits of any acquisition; the risk that Marqeta is unable to successfully integrate any acquisition, to businesses and related operations; the risk of general economic conditions in either domestic or international markets, including inflation and recessionary fears, conditions resulting from geopolitical uncertainty and instability or war; the risk of changes to Marqeta's expectations regarding income tax liabilities, including any changes regarding foreign taxes, realizability of deferred tax assets, valuation allowances, and the adequacy of reserves; and the risk that Marqeta may be subject to additional risks due to its international business activities. Detailed information about these risks and other factors that could potentially affect Marqeta’s business, financial condition, and results of operations are included in the “Risk Factors” disclosed in Marqeta's Annual Report on Form 10-K for the year ended December 31, 2025 and subsequent Quarterly Reports, as such risk factors may be updated from time to time in Marqeta’s periodic filings with the SEC, available at www.sec.gov and Marqeta’s website at http://investors.marqeta.com.
3
The forward-looking statements in this press release are based on information available to Marqeta as of the date hereof. Marqeta disclaims any obligation to update any forward-looking statements, except as required by law.
Disclosure Information
Investors and others should note that Marqeta announces material financial information to its investors using its investor relations website, SEC filings, press releases, public conference calls and webcasts. Marqeta also uses social media to communicate with its customers and the public about Marqeta, its products and services, and other matters relating to its business and market. It is possible that the information Marqeta posts on social media could be deemed to be material information. Therefore, Marqeta encourages investors, the media, and others interested in Marqeta to review the information we post on social media channels including the Marqeta X feed (@Marqeta), the Marqeta Instagram page (@lifeatmarqeta), the Marqeta Facebook page, and the Marqeta LinkedIn page. These social media channels may be updated from time to time.
Use of Non-GAAP Financial Measures
Reconciliations of non-GAAP financial measures to the most directly comparable financial results as determined in accordance with GAAP are included at the end of this press release following the accompanying financial data. For a description of these non-GAAP financial measures, including the reasons management uses each measure, please see the section of the tables titled "Information Regarding Non-GAAP Financial Measures".
About Marqeta, Inc.
Marqeta (NASDAQ: MQ) enables payments innovation through its enterprise-grade modern card issuing platform. Spanning debit and credit offerings for both consumer and commercial, it provides card issuing and processing, credit services, accounts and money movement, risk and fraud, and user experience capabilities. The Company’s solutions and expertise provide customers with greater control and agility in issuing payment credentials and allow them to build and embed financial services into their branded experience. With compliance and security built-in, Marqeta’s end-to-end configurable platform is proven at scale, processing nearly $400 billion in annual payments volume in 2025 and certified to operate in more than 40 countries. To learn more, visit www.marqeta.com.
Marqeta® is a registered trademark of Marqeta, Inc.
IR Contact: Marqeta Investor Relations, IR@marqeta.com
4
Marqeta, Inc.
Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
(unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net revenue | $ | 176,179 | $ | 163,306 | $ | 517,972 | $ | 452,771 | |||||||||||||||
| Costs of revenue | 54,079 | 48,749 | 156,407 | 135,474 | |||||||||||||||||||
| Gross profit | 122,100 | 114,557 | 361,565 | 317,297 | |||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||
| Compensation and benefits | 77,316 | 84,871 | 233,596 | 252,330 | |||||||||||||||||||
| Technology | 18,028 | 16,942 | 54,511 | 47,855 | |||||||||||||||||||
| Depreciation and amortization | 10,247 | 7,019 | 28,797 | 19,003 | |||||||||||||||||||
| Professional services | 4,124 | 5,518 | 14,375 | 15,432 | |||||||||||||||||||
| Occupancy | 1,096 | 1,058 | 2,815 | 2,818 | |||||||||||||||||||
| Marketing and advertising | 972 | 895 | 3,364 | 2,075 | |||||||||||||||||||
| Other operating expenses | 4,042 | 8,624 | 12,102 | 15,920 | |||||||||||||||||||
| Total operating expenses | 115,825 | 124,927 | 349,560 | 355,433 | |||||||||||||||||||
Income (loss) from operations | 6,275 | (10,370) | 12,005 | (38,136) | |||||||||||||||||||
Other income, net | 4,774 | 7,244 | 15,143 | 26,544 | |||||||||||||||||||
| Income (loss) before income tax (benefit) expense | 11,049 | (3,126) | 27,148 | (11,592) | |||||||||||||||||||
| Income tax (benefit) expense | (104,393) | 498 | (103,695) | 939 | |||||||||||||||||||
Net income (loss) | $ | 115,442 | $ | (3,624) | $ | 130,843 | $ | (12,531) | |||||||||||||||
Net income (loss) per share attributable to Class A and Class B common stockholders (1) | |||||||||||||||||||||||
Basic | $ | 1.11 | $ | (0.03) | $ | 1.24 | $ | (0.11) | |||||||||||||||
Diluted | $ | 1.09 | $ | (0.03) | $ | 1.22 | $ | (0.11) | |||||||||||||||
Weighted-average shares used in computing net income (loss) per share attributable to Class A and Class B common stockholders (1) | |||||||||||||||||||||||
Basic | 104,240 | 112,179 | 105,608 | 117,573 | |||||||||||||||||||
| Diluted | 105,777 | 112,179 | 106,978 | 117,573 | |||||||||||||||||||
(1) Reflects the one-for-four reverse stock split that became effective on June 30, 2026. All historical share and per-share amounts have been retroactively adjusted to reflect the reverse stock split. As a result, weighted-average shares outstanding decreased by a factor of four, and net income (loss) per share increased by a factor of four for all prior periods presented.
5
Marqeta, Inc.
Condensed Consolidated Balance Sheets
(in thousands)
| September 30, 2026 | December 31, 2025 | ||||||||||
| (unaudited) | |||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 697,464 | $ | 709,443 | |||||||
| Restricted cash | 265,445 | 307,593 | |||||||||
| Short-term investments | 711 | 62,483 | |||||||||
| Accounts receivable, net | 40,432 | 41,422 | |||||||||
| Network incentives receivable | 49,947 | 61,059 | |||||||||
| Settlements receivable, net | 23,526 | 18,037 | |||||||||
| Prepaid expenses and other current assets | 30,664 | 35,278 | |||||||||
| Total current assets | 1,108,189 | 1,235,315 | |||||||||
| Property and equipment, net | 69,616 | 59,910 | |||||||||
| Operating lease right-of-use assets, net | 6,116 | 8,275 | |||||||||
| Intangible assets, net | 43,468 | 51,388 | |||||||||
| Goodwill | 153,602 | 154,706 | |||||||||
| Other assets | 120,851 | 15,439 | |||||||||
| Total assets | $ | 1,501,842 | $ | 1,525,033 | |||||||
| Liabilities and stockholders' equity | |||||||||||
| Current liabilities: | |||||||||||
| Accounts payable | $ | 1,233 | $ | 1,847 | |||||||
| Revenue share payable | 217,038 | 224,526 | |||||||||
Funds payable and amounts due to customers | 265,344 | 306,891 | |||||||||
| Accrued expenses and other current liabilities | 167,669 | 215,793 | |||||||||
| Total current liabilities | 651,284 | 749,057 | |||||||||
| Operating lease liabilities, net of current portion | 3,478 | 5,535 | |||||||||
| Other liabilities | 10,411 | 8,484 | |||||||||
| Total liabilities | 665,173 | 763,076 | |||||||||
Stockholders' equity: (1) | |||||||||||
| Common stock | 10 | 11 | |||||||||
| Additional paid-in capital | 1,518,704 | 1,572,270 | |||||||||
Accumulated other comprehensive (loss) income | (1,055) | 1,509 | |||||||||
| Accumulated deficit | (680,990) | (811,833) | |||||||||
| Total stockholders’ equity | 836,669 | 761,957 | |||||||||
| Total liabilities and stockholders' equity | $ | 1,501,842 | $ | 1,525,033 | |||||||
(1) Reflects the one-for-four reverse stock split that became effective on June 30, 2026, which has been applied retrospectively to all prior periods presented. The reverse stock split did not change the par value per share of the Company’s common stock. As a result, the aggregate par value of outstanding common stock was reduced proportionately, with a corresponding increase to additional paid-in capital. Total stockholders’ equity remained unchanged.
6
Marqeta, Inc.
Condensed Consolidated Statements of Cash Flows
(in thousands)
(unaudited)
| Nine Months Ended September 30, | |||||||||||
| 2026 | 2025 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income (loss) | $ | 130,843 | $ | (12,531) | |||||||
| Adjustments to reconcile net income (loss) to net cash provided by operating activities: | |||||||||||
| Benefit of deferred income taxes, net | (104,289) | — | |||||||||
| Share-based compensation expense | 63,839 | 78,689 | |||||||||
| Depreciation and amortization | 28,797 | 19,003 | |||||||||
| Non-cash operating leases expense | 2,159 | 1,727 | |||||||||
Accretion of discount on short-term investments | (46) | (691) | |||||||||
| Other | 1,530 | 5,365 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (342) | (3,834) | |||||||||
| Network incentives receivable | 11,112 | 18,011 | |||||||||
| Settlements receivable | (5,489) | 587 | |||||||||
| Prepaid expenses and other assets | 5,155 | (2,743) | |||||||||
| Accounts payable | 65 | (125) | |||||||||
| Revenue share payable | (7,488) | 11,575 | |||||||||
| Accrued expenses and other liabilities | (37,254) | (2,358) | |||||||||
| Operating lease liabilities | (2,436) | (3,374) | |||||||||
| Net cash provided by operating activities | 86,156 | 109,301 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Maturities of short-term investments | 61,656 | 100,160 | |||||||||
| Capitalization of internal-use software | (24,586) | (21,470) | |||||||||
| Purchases of property and equipment | (1,812) | (1,992) | |||||||||
Cash paid for business combination, net of cash acquired | — | (44,608) | |||||||||
Restricted cash acquired in business combination | — | 229,650 | |||||||||
| Purchases of short-term investments | — | (3,501) | |||||||||
Net cash provided by investing activities | 35,258 | 258,239 | |||||||||
| Cash flows from financing activities: | |||||||||||
| Repurchase of common stock | (105,123) | (294,788) | |||||||||
Change in funds payable and amounts due to customers | (41,547) | 4,263 | |||||||||
| Taxes paid related to net share settlement of restricted stock units | (23,605) | (28,493) | |||||||||
| Payment of acquisition-related contingent and holdback considerations | (4,972) | — | |||||||||
| Proceeds from shares issued in connection with employee stock purchase plan | 855 | 994 | |||||||||
| Proceeds from exercise of stock options, including early exercised stock options, net of repurchase of early exercised unvested options | 51 | 1,630 | |||||||||
| Net cash used in financing activities | (174,341) | (316,394) | |||||||||
| Net (decrease) increase in cash, cash equivalents, and restricted cash | (52,927) | 51,146 | |||||||||
| Cash, cash equivalents, and restricted cash- Beginning of period | 1,017,931 | 931,516 | |||||||||
| Cash, cash equivalents, and restricted cash - End of period | $ | 965,004 | $ | 982,662 | |||||||
7
Marqeta, Inc.
Financial and Operating Highlights
(in thousands, except per share data or as noted)
(unaudited)
| Third Quarter 2026 | Second Quarter 2026 | First Quarter 2026 | Fourth Quarter 2025 | Third Quarter 2025 | Year over Year Change Q3'26 vs Q3'25 | |||||||||||||||||||||||||||||||||
| Operating performance: | ||||||||||||||||||||||||||||||||||||||
| Net Revenue | $ | 176,179 | $ | 175,995 | $ | 165,798 | $ | 172,113 | $ | 163,306 | 8% | |||||||||||||||||||||||||||
| Costs of Revenue | 54,079 | 54,122 | 48,206 | 52,138 | 48,749 | 11% | ||||||||||||||||||||||||||||||||
| Gross Profit | 122,100 | 121,873 | 117,592 | 119,975 | 114,557 | 7% | ||||||||||||||||||||||||||||||||
| Gross Margin | 69 | % | 69 | % | 71 | % | 70 | % | 70 | % | (1) ppt | |||||||||||||||||||||||||||
| Operating Expenses: | ||||||||||||||||||||||||||||||||||||||
| Compensation and benefits | 77,316 | 78,262 | 78,018 | 88,089 | 84,871 | (9%) | ||||||||||||||||||||||||||||||||
| Technology | 18,028 | 18,393 | 18,090 | 17,150 | 16,942 | 6% | ||||||||||||||||||||||||||||||||
| Depreciation and amortization | 10,247 | 9,696 | 8,854 | 8,160 | 7,019 | 46% | ||||||||||||||||||||||||||||||||
| Professional services | 4,124 | 5,620 | 4,631 | 6,447 | 5,518 | (25%) | ||||||||||||||||||||||||||||||||
| Marketing and advertising | 972 | 1,232 | 1,160 | 2,998 | 895 | 9% | ||||||||||||||||||||||||||||||||
| Occupancy | 1,096 | 540 | 1,179 | 948 | 1,058 | 4% | ||||||||||||||||||||||||||||||||
| Other operating expenses | 4,042 | 4,494 | 3,566 | 4,477 | 8,624 | (53%) | ||||||||||||||||||||||||||||||||
| Total Operating Expenses | 115,825 | 118,237 | 115,498 | 128,269 | 124,927 | (7%) | ||||||||||||||||||||||||||||||||
| Income (loss) from Operations | 6,275 | 3,636 | 2,094 | (8,294) | (10,370) | nm | ||||||||||||||||||||||||||||||||
| Other income, net | 4,774 | 4,436 | 5,933 | 6,557 | 7,244 | (34%) | ||||||||||||||||||||||||||||||||
| Income (Loss) before income tax (benefit) expense | 11,049 | 8,072 | 8,027 | (1,737) | (3,126) | nm | ||||||||||||||||||||||||||||||||
| Income tax (benefit) expense | (104,393) | 505 | 193 | (343) | 498 | nm | ||||||||||||||||||||||||||||||||
| Net Income (Loss) | $ | 115,442 | $ | 7,567 | $ | 7,834 | $ | (1,394) | $ | (3,624) | nm | |||||||||||||||||||||||||||
Income (Loss) per share - basic (2) | $ | 1.11 | $ | 0.07 | $ | 0.07 | $ | (0.01) | $ | (0.03) | nm | |||||||||||||||||||||||||||
Income (Loss) per share - diluted(2) | $ | 1.09 | $ | 0.07 | $ | 0.07 | $ | (0.01) | $ | (0.03) | nm | |||||||||||||||||||||||||||
| TPV (in millions) | $ | 126,493 | $ | 120,423 | $ | 112,360 | $ | 108,694 | $ | 97,962 | 29% | |||||||||||||||||||||||||||
| Adjusted EBITDA | $ | 38,772 | $ | 37,420 | $ | 33,338 | $ | 30,677 | $ | 30,312 | 28% | |||||||||||||||||||||||||||
| Adjusted EBITDA margin | 22 | % | 21 | % | 20 | % | 18 | % | 19 | % | 3 ppts | |||||||||||||||||||||||||||
| Financial condition: | ||||||||||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 697,464 | $ | 691,418 | $ | 674,790 | $ | 709,443 | $ | 747,248 | (7%) | |||||||||||||||||||||||||||
Restricted cash (1) | $ | 267,540 | $ | 262,648 | $ | 281,292 | $ | 308,488 | $ | 235,413 | 14% | |||||||||||||||||||||||||||
| Short-term investments | $ | 711 | $ | 9,478 | $ | 37,267 | $ | 62,483 | $ | 83,212 | nm | |||||||||||||||||||||||||||
| Total assets | $ | 1,501,842 | $ | 1,392,226 | $ | 1,476,713 | $ | 1,525,033 | $ | 1,488,430 | 1% | |||||||||||||||||||||||||||
| Total liabilities | $ | 665,173 | $ | 676,669 | $ | 734,431 | $ | 763,076 | $ | 649,201 | 2% | |||||||||||||||||||||||||||
| Stockholders' equity | $ | 836,669 | $ | 715,557 | $ | 742,282 | $ | 761,957 | $ | 839,229 | —% | |||||||||||||||||||||||||||
(1) Restricted cash consists primarily of customer funds held by TransactPay in segregated accounts in connection with its program management activities for card and e-money wallet programs.
(2) Reflects the one-for-four reverse stock split that was effective June 30, 2026, which has been applied retrospectively to all prior periods presented.
ppt(s) = percentage point(s)
nm - not meaningful
8
Marqeta, Inc.
Reconciliation of GAAP to NON-GAAP Measures
(in thousands)
(unaudited)
Information Regarding Non-GAAP Measures
In addition to the financial measures prepared in accordance with generally accepted accounting principles in the United States (“GAAP”), this press release contains certain non-GAAP financial measures. Marqeta considers Adjusted EBITDA, Adjusted EBITDA Growth, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (Loss) Margin based on Gross Profit, and Adjusted operating expenses as supplemental measures of the Company’s performance that are not required by, nor presented in accordance with GAAP.
We define Adjusted EBITDA as net income (loss) adjusted, as applicable, to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses; income tax expense (benefit); and other income (expense), net, which primarily consists of interest income from our short-term investments and cash deposits, and realized foreign currency gains and losses. We believe that Adjusted EBITDA is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period. Additionally, we utilize Adjusted EBITDA as an input into our calculation of our annual employee bonus plans and performance-based restricted stock units.
Adjusted EBITDA Margin is calculated as Adjusted EBITDA divided by net revenue. Adjusted EBITDA Margin based on Gross Profit is calculated as Adjusted EBITDA divided by Gross Profit, and Net Income (Loss) Margin based on Gross Profit is calculated as Net Income (Loss) divided by Gross Profit. Adjusted EBITDA growth represents the year-over-year percentage change in Adjusted EBITDA. These measures are used by management and our board of directors to evaluate our operating efficiency.
We define Adjusted operating expenses as total operating expenses adjusted, as applicable, to exclude depreciation and amortization; share-based compensation expense; payroll tax related to share-based compensation; restructuring and other one-time costs; non-recurring litigation expense; and acquisition-related expenses which consist of due diligence costs, transaction costs and integration costs related to potential or successful acquisitions, and cash and non-cash postcombination compensation expenses. We believe that Adjusted operating expenses is an important measure of operating performance because it allows management and our board of directors to evaluate and compare our core operating results, including our operating efficiencies, from period to period.
Adjusted EBITDA, Adjusted EBITDA Growth, Adjusted EBITDA Margin, Adjusted EBITDA Margin based on Gross Profit, Net Income (Loss) Margin based on Gross Profit, and Adjusted operating expenses should not be considered in isolation, or construed as an alternative to net loss, or any other performance measures derived in accordance with GAAP, or as an alternative to cash flow from operating activities or as a measure of the Company's liquidity. In addition, other companies may calculate Adjusted EBITDA differently than Marqeta does, which limits its usefulness in comparing Marqeta’s financial results with those of other companies.
9
The following table shows Marqeta's GAAP results reconciled to non-GAAP results included in this release:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2026 | 2025 | 2026 | 2025 | ||||||||||||||||||||
| Net Revenue | $ | 176,179 | $ | 163,306 | $ | 517,972 | $ | 452,771 | |||||||||||||||
| Gross Profit | $ | 122,100 | $ | 114,557 | $ | 361,565 | $ | 317,297 | |||||||||||||||
| Net Income (Loss) | $ | 115,442 | $ | (3,624) | $ | 130,843 | $ | (12,531) | |||||||||||||||
| Net Income (Loss) Margin - % of Net Revenue | 66 | % | (2 | %) | 25 | % | (3 | %) | |||||||||||||||
| Net Income (Loss) Margin - % of Gross Profit | 95 | % | (3 | %) | 36 | % | (4 | %) | |||||||||||||||
| Total Operating Expenses | $ | 115,825 | $ | 124,927 | $ | 349,560 | $ | 355,433 | |||||||||||||||
| Net Income (Loss) | $ | 115,442 | $ | (3,624) | $ | 130,843 | $ | (12,531) | |||||||||||||||
| Share-based compensation expense | 21,465 | 25,704 | 63,839 | 78,689 | |||||||||||||||||||
| Depreciation and amortization expense | 10,247 | 7,019 | 28,797 | 19,003 | |||||||||||||||||||
| Payroll tax expense related to share-based compensation | 389 | 583 | 1,853 | 2,150 | |||||||||||||||||||
Acquisition-related expenses(1) | 317 | 1,828 | 1,409 | 7,315 | |||||||||||||||||||
Restructuring and other one-time costs(2) | 79 | 1,251 | 1,628 | 5,582 | |||||||||||||||||||
Non-recurring litigation expense(3) | — | 4,297 | — | 4,297 | |||||||||||||||||||
| Other income, net | (4,774) | (7,244) | (15,143) | (26,544) | |||||||||||||||||||
Income tax (benefit) expense(4) | (104,393) | 498 | (103,695) | 939 | |||||||||||||||||||
| Adjusted EBITDA | $ | 38,772 | $ | 30,312 | $ | 109,531 | $ | 78,900 | |||||||||||||||
| Adjusted EBITDA Margin - % of Net Revenue | 22 | % | 19 | % | 21 | % | 17 | % | |||||||||||||||
| Adjusted EBITDA Margin - % of Gross Profit | 32 | % | 26 | % | 30 | % | 25 | % | |||||||||||||||
| Total Operating Expenses | $ | 115,825 | $ | 124,927 | $ | 349,560 | $ | 355,433 | |||||||||||||||
| Share-based compensation expense | (21,465) | (25,704) | (63,839) | (78,689) | |||||||||||||||||||
| Depreciation and amortization expense | (10,247) | (7,019) | (28,797) | (19,003) | |||||||||||||||||||
| Payroll tax expense related to share-based compensation | (389) | (583) | (1,853) | (2,150) | |||||||||||||||||||
Acquisition-related expenses(1) | (317) | (1,828) | (1,409) | (7,315) | |||||||||||||||||||
Restructuring and other one-time costs(2) | (79) | (1,251) | (1,628) | (5,582) | |||||||||||||||||||
Non-recurring litigation expense(3) | — | (4,297) | — | (4,297) | |||||||||||||||||||
| Adjusted Operating Expenses | $ | 83,328 | $ | 84,245 | $ | 252,034 | $ | 238,397 | |||||||||||||||
(2) Restructuring and other one-time costs include the costs related to the CEO transition and one-time retention bonuses provided to other key employees. These bonuses have service requirements and are expensed over the requisite service period.
(3) Non-recurring litigation expense includes a legal contingency expense related to the Securities Actions recorded during the three and nine months ended September 30, 2025.
(4) The income tax benefit recorded during the three and nine months ended September 30, 2026 was primarily due to the release of valuation allowances related to U.S. federal and certain states' deferred tax assets, partially offset by the income tax expense from current period activity.
A reconciliation of Adjusted EBITDA Growth to the comparable GAAP measure for the fourth quarter and full year of 2026 is not available due to the challenges and impracticability with estimating some of the items as such items cannot be reasonably predicted and could be significant. Because of those challenges, reconciliations of such forward-looking non-GAAP financial measures are not available without unreasonable effort.
10