Marqeta (MQ) Q3 FY2026 earnings: revenue $176 million, up 7.9% on the year

Marqeta, Inc. (MQ) reported revenue of $176 million for Q3 FY2026, the quarter ended 30 September 2026, up 7.9% on the same quarter a year earlier. Net income was $115 million, and diluted earnings per share $1.09. The figures are the company's own, from the 10-Q it filed with the SEC on 3 November 2026.

Revenue

$176 million

+7.9% on the year · +0.1% on the quarter

Q4 FY2024Q3 FY2026

Operating margin

3.6%

-6.4% a year earlier

Q4 FY2024Q3 FY2026

Net income

$115 million

+1,425.6% on the quarter

Q4 FY2024Q3 FY2026

Diluted EPS

$1.09

+1,457.1% on the quarter

Q4 FY2024Q3 FY2026

this quarterthe same quarter a year earlierHover a bar for its figure.

What management said

Guidance figures: 1 raised, 1 lowered, 3 new, 1 kept.

Processing volume grew 29%: TPV reached $126.5 billion, up 29% from $98.0 billion in the third quarter of 2025; nine-month TPV was $359.3 billion, up 31%.
Net revenue rose 8%: Net revenue was $176.2 million, up $13 million or 8%, mainly from higher volumes; mix from programs with minimal or no program management partly offset that growth.
Full-year guidance changed: Full-year net revenue growth guidance was lowered and Adjusted EBITDA growth guidance raised; fourth-quarter guidance was given for the first time.

Read the earnings call summary

Income statement (profit and loss)

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Revenue	176	176	163	+0.1%	+7.9%
Cost of revenue	54.1	54.1	48.7	-0.1%	+10.9%
Gross profit	122	122	115	+0.2%	+6.6%
Gross margin	69.3%	69.2%	70.1%
Operating income	6.3	3.6	-10.4	+72.6%
Operating margin	3.6%	2.1%	-6.4%
Pre-tax income	11.0	8.1	-3.1	+36.9%
Income tax	-104	0.5	0.5
Effective tax rate	-944.8%	6.3%	n/a
Net income	115	7.6	-3.6	+1,425.6%
Net margin	65.5%	4.3%	-2.2%
Diluted EPS	$1.09	$0.07	-$0.04	+1,457.1%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Operating cash flow	26.3	63.2	86.8	-58.3%	-69.6%
Capital expenditure	0.3	0.2	0.4	+52.6%	-17.6%
Free cash flow	26.0	63.0	86.4	-58.7%	-69.9%
Free cash flow margin	14.8%	35.8%	52.9%
Cash from investing	0.0	19.2	183	-100.0%	-100.0%
Cash from financing	-15.4	-84.4	-27.8
Depreciation and amortisation	10.2	9.7	7.0	+5.7%	+46.0%
Share-based compensation	21.5	22.4	25.7	-4.0%	-16.5%
Buybacks	11.2	54.7	19.6	-79.4%	-42.5%
Diluted shares, weighted	106m	107m	112m	-1.0%	-5.7%
Shares outstanding at period end	104m	104m	110m	-0.3%	-5.6%

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet

$ million	Q3 FY2026	Q2 FY2026	Q3 FY2025	On the quarter	On the year
Shareholders' equity	837	716	839	+16.9%	-0.3%
Operating lease liabilities	3.5	4.1	4.8	-16.0%	-28.2%
Other liabilities	662	673	644	-1.6%	+2.7%
Total liabilities and equity	1,502	1,392	1,488	+7.9%	+0.9%
Fixed assets	69.6	67.1	56.5	+3.8%	+23.2%
Goodwill	154	154	154	-0.1%	-0.6%
Intangible assets	43.5	45.9	53.6	-5.3%	-19.0%
Investments	0.7	9.5	83.2	-92.5%	-99.1%
Cash and equivalents	697	691	747	+0.9%	-6.7%
Receivables	40.4	51.0	36.1	-20.6%	+11.9%
Other assets	497	374	357	+32.9%	+39.0%
Total assets	1,502	1,392	1,488	+7.9%	+0.9%

Questions

What was Marqeta's revenue in Q3 FY2026?

Marqeta (MQ) reported revenue of $176 million for Q3 FY2026, the quarter ended 30 September 2026, up 7.9% on the same quarter a year earlier.

How much did Marqeta earn in Q3 FY2026?

Net income for Q3 FY2026 was $115 million, and diluted earnings per share $1.09.

When did Marqeta report Q3 FY2026 results?

Marqeta filed its 10-Q for the quarter ended 30 September 2026 with the SEC on 3 November 2026.

Quarterly results, the last 20 quarters

	Q4 FY2021 *	Q1 FY2022	Q2 FY2022	Q3 FY2022	Q4 FY2022 *	Q1 FY2023	Q2 FY2023 †	Q3 FY2023 †	Q4 FY2023 *	Q1 FY2024 †	Q2 FY2024	Q3 FY2024	Q4 FY2024 * †	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026	Q3 FY2026
Revenue	155	166	187	192	204	217	231	109	119	118	125	128	136	139	150	163	172	166	176	176
Cost of revenue	79.6	91.4	109	112	117	128	147	36.4	35.6	33.8	45.9	37.8	37.6	40.4	46.3	48.7	52.1	48.2	54.1	54.1
Gross profit	75.8	74.7	78.0	80.1	87.1	89.2	84.6	72.5	83.2	84.2	79.4	90.1	98.2	98.7	104	115	120	118	122	122
Gross margin	49%	45%	42%	42%	43%	41%	37%	67%	70%	71%	63%	70%	72%	71%	69%	70%	70%	71%	69%	69%
Operating income	-37.7	-49.3	-46.7	-59.5	-54.3	-87.4	-69.4	-69.8	-56.3	-49.9	105	-42.2	-37.4	-18.5	-9.2	-10.4	-8.3	2.1	3.6	6.3
Operating margin	-24%	-30%	-25%	-31%	-27%	-40%	-30%	-64%	-47%	-42%	84%	-33%	-28%	-13%	-6%	-6%	-5%	1%	2%	4%
Pre-tax income	-37.6	-60.9	-44.9	-53.2	-25.9	-75.8	-58.7	-54.8	-41.4	-35.9	119	-28.5	-26.7	-8.0	-0.4	-3.1	-1.7	8.0	8.1	11.0
Tax rate	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	0%	n/a	n/a	n/a	n/a	n/a	n/a	2%	6%	-945%
Net income	-36.8	-60.6	-44.7	-53.2	-26.3	-68.8	-58.8	-55.0	-40.4	-36.1	119	-28.6	-27.1	-8.3	-0.6	-3.6	-1.4	7.8	7.6	115
Net margin	-24%	-36%	-24%	-28%	-13%	-32%	-25%	-51%	-34%	-31%	95%	-22%	-20%	-6%	-0%	-2%	-1%	5%	4%	66%
Diluted EPS	n/a	-$0.44	-$0.32	-$0.40	-$0.20	-$0.52	-$0.44	-$0.40	-$0.32	-$0.28	$0.92	-$0.24	-$0.20	-$0.08	$0.00	-$0.04	$0.00	$0.08	$0.07	$1.09
Operating cash flow	55.6	-46.8	22.8	-4.0	14.9	-10.5	-26.0	41.1	16.5	0.4	25.7	7.3	24.8	10.0	12.5	86.8	53.3	-3.4	63.2	26.3
Capital expenditure	0.5	0.6	0.3	0.8	0.6	0.6	0.1	0.1	0.0	1.2	1.0	0.2	0.0	1.3	0.3	0.4	n/a	1.3	0.2	0.3
Free cash flow	55.1	-47.4	22.6	-4.8	14.3	-11.1	-26.1	41.0	16.5	-0.8	24.7	7.1	24.7	8.7	12.2	86.4	n/a	-4.6	63.0	26.0
Buybacks	n/a	0.0	0.0	12.7	65.4	21.8	45.2	64.4	58.9	33.7	57.5	46.6	16.7	111	164	19.6	96.6	39.2	54.7	11.2
Shares outstanding	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	n/a	126m	117m	112m	110m	107m	106m	104m	104m
Filing	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS, and its diluted share count where shown, are from the company's results press release for that quarter, checked against the company's filed figures or a second data source. A blank figure marked on a quarter is one the filings do not give on their own: the quarters as filed do not add to the year the company filed, or the year and its quarters stand on different share counts. Each quarter's page says which. A quarter marked † is shown as the company last restated it in a later filing, so it compares with the quarters around it on one basis; rest on a figure for the one first filed. EPS is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

10-Q for the period ended 30 September 2026, filed 3 November 2026: the filing.