Marqeta's third quarter revenue of $176M beat estimates by 25% amid 29% processing volume growth

Marqeta significantly exceeded revenue expectations in the third quarter of 2026, supported by robust Total Processing Volume (TPV) growth and its third consecutive quarter of GAAP profitability. While TPV reached a record annualized run rate of $500 billion, net revenue growth of 8% was partially constrained by an unfavorable mix shift toward lower-margin processing-only services. GAAP net income of $115 million was heavily influenced by a one-time non-cash income tax benefit.

Key Highlights

• TPV surged 29% year-over-year to $126 billion, driven by the expansion of existing core programs and new product launches.
• Adjusted EBITDA reached $39 million, a 28% year-over-year increase, representing a record company margin of 22%.
• GAAP profitability was maintained with $115 million in net income, though this included a $107 million discrete tax benefit from the release of valuation allowances.
• Strategic diversification momentum continued with the enabling of the Square Credit Card on the American Express network and a new Google Wallet offering for kids.